EIX U-3A-2 12/31/2002
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:
1
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. Unless otherwise indicated, its
subsidiaries have the same principal place of business as Southern California Edison Company:
02 CALIFORNIA ELECTRIC POWER COMPANY (inactive).
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 Edison Material Supply is a Delaware limited liability company that provides procurement, inventory and
warehousing services.
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 RME Holding Company (formerly Union Pacific Resources Group, Inc.) (50%) that is engaged
in reclamation of an integrated uranium mining and milling complex in Wyoming.
02 SCE CAPITAL COMPANY (inactive Delaware corporation).
02 SCE Funding LLC is a Delaware limited liability company that acts as a financing vehicle for rate
reduction bonds.
02 SCE Trust I is a Delaware business trust organized to act as a financing vehicle.
02 SCE Trust II is a Delaware business trust organized to act as a financing vehicle.
02 SCE UK Services Ltd. is a United Kingdom private limited company having its registered office at
Lansdowne House, Berkeley Square, London, England W1X 5DH, which provides auditing services for
affiliated companies.
02 SOUTHERN STATES REALTY is a California corporation engaged in holding real estate assets for SCE.
2
NONUTILITY SUBSIDIARIES
-----------------------
01 EDISON DRIVES ELECTRIC is an inactive California corporation having its principal place of business at
2244 Walnut Grove Avenue, Rosemead, California 91770, which was engaged in administering a vehicle lease
program for Edison International employees.
01 EDISON ENERGY (inactive)
01 EDISON INSURANCE SERVICES, INC., is a Hawaii corporation having its principal executive office at 745 Fort
Street, Suite 800, Honolulu, Hawaii 96813, which provides domestic and foreign property damage and
business interruption insurance to Edison International and its subsidiaries.
01 EDISON INTERNATIONAL POWER (inactive)
01 EDISON VENTURES is a California corporation having its principal place of business at 2244 Walnut Grove
Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of its nonutility
subsidiaries. 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 EIX Trust I is a Delaware business trust that acts as a financing vehicle.
01 EIX Trust II is a Delaware business trust that acts as a financing vehicle.
01 EIX Trust III is a Delaware business trust organized to act as a financing vehicle.
01 THE MISSION GROUP is a California corporation having its principal place of business at 2244 Walnut Grove
Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of nonutility
companies. The subsidiaries of The Mission Group are as follows:
02 EDISON ENTERPRISES is a California corporation having its principal place of business at 2244 Walnut
Grove Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of its
nonutility subsidiaries. The subsidiaries of Edison Enterprises are as follows:
03 EDISON SOURCE is a California corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 1700, Irvine, California 92612-1046, which owns the stock of its
subsidiaries. The majority of the assets of Edison Source were sold to its former management in
October 2001. It is engaged in the business of selling, installing and servicing rapid battery
charging products for the electric fork lift market.
04 Edison Source Norvik Company is a Canadian company having its principal place of business at
1959 Upper Water Street, Suite 800, Halifax, NS B3J 2X2. It is principally engaged in the
business of research and development, and manufacturing of rapid battery charging products for
the electric fork lift market.
04 G.H.V. REFRIGERATION, INC. is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770.
02 EDISON ENVIRONMENTAL SERVICES is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770.
02 EDISON O&M SERVICES is a California corporation having its principal place of business at 1321 South
State College Boulevard, Fullerton, California 92831, that provided generation operation and
maintenance services.
3
02 EDISON TECHNOLOGY SOLUTIONS ("ETS") is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770. The subsidiaries of Edison
Technology Solutions are as follows:
03 EDISON EV is an inactive California corporation having its principal place of business at 2244
Walnut Grove Avenue, Rosemead, California 91770.
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 commercialization of liquid membrane technologies for application in specific
industrial and chemical processes. ETS has a 10% ownership interest.
02 EDISON CAPITAL is a California corporation having its principal place of business at 18101 Von Karman
Avenue, Suite 1700, Irvine, California 92612-1046. It is engaged in the business of providing capital
and financial services in energy and infrastructure projects and affordable housing projects. 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.
03 BURLINGTON APARTMENTS, INC.
03 Edison Capital Europe Limited (UK corporation)
Address: Lansdowne House, Berkeley Square, London, England W1X 5DH
03 EDISON CAPITAL VENTURES (Dissolved)
03 EDISON FUNDING COMPANY
[directly owns 0.08% of Edison Funding Omicron Incorporated; see listing under Edison Housing
Consolidation Company)
04 EDISON CAPITAL HOUSING INVESTMENTS
[directly owns 0.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
[directly owns 35.52% of Edison Funding Omicron Incorporated; see listing under Edison Housing
Consolidation Co.]
05 1st Time Homebuyer Opportunities LP (Chester County Homes) 99%
05 1732 Champa LP (Buerger Brothers Lofts) 99%
05 18303 Kittridge Associates LP 99%
05 210 Washington Avenue Associates (Renaissance Plaza) (Connecticut partnership) 99%
05 2400 Locust Associates LP (Locust on the Park) 99%
05 3790 Wisconsin Street Partners LP (Wisconsin III) 99.9%
05 Argyle Redevelopment Partnership, Ltd. (Colorado partnership) 99%
05 Auburn Manor L.L.C. 50%
05 Bartlett Hill Associates LP 99%
05 CCS/Bellingham LP (Washington Grocery Building) 99%
05 Cincinnati Ravenwood Apartments LP 99%
05 Conejo Valley Community Housing Associates (Community House Apartments) 99%
05 EAST COAST CAPITAL, INC. (Massachusetts corporation) (Dissolved)
Address: 160 Federal Street, Boston, MA 02110-1776
05 EC ASSET SERVICES, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
05 EC PROPERTIES, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
06 Corporations for Affordable Housing LP 1%GP
07 Arbor Lane Associates Phase II LP (Timberwood) 99%
07 Arroyo Vista Associates LP 99%
07 Artloft Associates LP 35.6%
07 Caleb Affordable Housing Associates LP (Ledges/Pinebrook) 99%
07 The Carlin LP 99%
07 Diamond Phase III Venture LP 99%
07 Fairmont Hotel Urban Renewal Associates LP 99%
07 Mackenzie Park Associates LP 99%
4
07 Parkside Associates LP (Parkside Garden) 99%
07 Pines Housing LP 99%
07 Pines Housing II, LP 99%
07 Smyrna Gardens Associates LP 99%
07 Tioga Gardens LP 99%
07 Walden Pond, LP (Hamlet) 99%
06 Corporations for Affordable Housing LP II 1%GP
07 2601 North Broad Street Associates LP (Station House) 99%
07 Artloft Associates LP 53.39%
07 Brookline Housing Associates LLC (Bridgewater) 99%
07 EDA LP (Eagle's Nest) 99%
07 Edgewood Manor Associates II LP 99%
07 Gateway Housing LP (Gateway Townhomes) 99%
07 Homestead Village Associates LP 99%
07 Junction City Apartments LP (Green Park) 99%
07 Liberty House Associates LP 99%
07 Maple Ridge Development Associates LP 99%
07 Parsonage Cottage Senior Residence LP 99%
07 Rittenhouse School LP 99%
07 Silver City Housing LP 99%
07 South 55th Street, LP 99%
07 W. M. Housing Associates LP (Williamsport Manor) 99%
07 Winnsboro Apartments LP (Deer Wood) 99%
05 EC PROPERTIES III, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
06 Corporations for Affordable Housing LP III 1%GP
07 Piedmont Housing Associates 99%
07 Pines Housing III LP 99%
07 Salem Lafayette Urban Renewal Associates, LP 99%
07 Spring Valley Commons LP 99%
07 Stevenson Housing Associates (Park Vista) 99%
05 EC-SLP, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
05 ECHI-A COMPANY (Dissolved)
05 ECHI-B COMPANY (Dissolved)
05 ECHI Wyvernwood, Inc. (Dissolved)
05 ECH Investor Partners VI-A LP 1%GP
06 Edison Capital Housing Partners VI LP 61.82%LP
07 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07 Altamont Hotel Associates LP 99%
07 Bradley Manor Senior Apartments LP 99%
07 Double X Associates 1995 LP (Terrace Manor) 99%
07 Hamilton Place Apartments LP (Larkin Place) 99%
07 Hamilton Place Senior Living LP 99%
07 Hearthstone Group 3 LP (Evergreen Court) 99%
07 KDF Malabar LP 99%
07 LINC-Bristol Associates I, LP (City Gardens) 99%
07 MAS-WT, LP (Washington Terrace) 99%
07 Northwood Manor Associates LP 99%
07 Silver Lake Properties LP 99%
07 University Park Properties LP 99%
07 Upland Senior Housing LP (Coy D. Estes) 99%
07 Vista Properties LLC (Vista View) 99%
07 Vista Verde Townhomes II LLC 99%
05 ECH Investor Partners VI-B LP 1%GP
06 Edison Capital Housing Partners VI LP 37.18%LP
07 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07 Altamont Hotel Associates LP 99%
5
07 Bradley Manor Senior Apartments LP 99%
07 Double X Associates 1995 LP (Terrace Manor) 99%
07 Hamilton Place Apartments LP (Larkin Place) 99%
07 Hamilton Place Senior Living LP 99%
07 Hearthstone Group 3 LP (Evergreen Court) 99%
07 KDF Malabar LP 99%
07 LINC-Bristol Associates I, LP (City Gardens) 99%
07 MAS-WT, LP (Washington Terrace) 99%
07 Northwood Manor Associates LP 99%
07 Silver Lake Properties LP 99%
07 University Park Properties LP 99%
07 Upland Senior Housing LP (Coy D. Estes) 99%
07 Vista Properties LLC (Vista View) 99%
07 Vista Verde Townhomes II LLC 99%
05 ECH/HFC GP Partnership No. 1 34.9%GP
06 Edison Capital Housing Partners VII LP 19.4%GP
07 C-Court LP (Cawelti Court) 99%
07 Cottonwood Affordable Housing LP 99%
07 Fifth and Wilshire Apartments LP 99%
07 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
07 Huff Avenue Associates LP 99%
07 Mountain View Townhomes Associates LP 99%
07 Oak Forest Associates LP 99%
07 Paradise Road Partners LP (Gateway Village) 99%
07 Woodland Arms Apartments, Ltd. 99%
05 ECH/HFC GP Partnership No. 2 56.7%GP
06 Edison Capital Housing Partners VIII LP 18.54%GP
07 Catalonia Associates LP 99%
07 Ohlone Housing Associates LP 99%
05 ECHP INVESTMENT COMPANY
06 ECHP LLC 99.999%GP
07 Edison Capital Housing Partners XVI LP 0.01%GP
08 Bouquet Canyon Seniors LP 99%
08 Diamond Creek Apartments LP 99.9%
08 Eugene Hotel LP 99.9%
08 Hilltop Farms LP 99.9%
08 KDF Park Glenn LP (Park Glenn) 99%
08 KDF Park Glenn Seniors LP (Park Glenn II) 99.9%
08 King Road Associates LP 99.9%
08 LL Housing LP (Maryland partnership) (Laurel Lakes) 99%
08 Red Lake LP #1 99%
08 San Martin de Porres LP 99.9%
08 Southern Hotel LP 99.9%
08 Terra Cotta Housing Associates LP 99.9%
07 Edison Capital Housing Partners XVII LP 0.01%GP
08 Antelope Associates LP 99%
08 Baker Park Associates LP 99%
08 Fremont Building LP (Crescent Arms) 99%
08 Hercules Senior Housing Associates 99.9%
08 La Terraza Associates LP (Carlsbad Villas at Camino Real) 99%
08 Parkview Apartments Associates LP (Parkview/Sunburst) 99.9%
08 Quebec Arms Apartments LP 99.9%
08 Sky Parkway Housing Associates LP 99%
08 Sunset Creek Partners LP 99%
08 University Manor Apartments LP 99.9%
08 Vista Verde Housing Associates LP 99.9%
07 Edison Capital Housing Partners XVIII LP 0.01%GP
08 Aaron Michael Associates LP 99.9%
08 Bracher Associates LP 99%
08 Florin Woods Associates LP 99%
6
08 Lovejoy Station LP 99.9%
08 OL Hope LP (Olympic Hope) 99.9%
08 Palmer Heights, LLC 99.9%
08 Pinmore Associates LP 99%
08 SD Regency Centre LP 99.9%
07 Edison Capital Housing Partners XIX LP 0.01%GP
08 Cochrane Village Apartments LP 99%
08 CCS/Mount Vernon Housing LP (La Venture) 99%
08 Ontario Senior Housing LP (Ontario Plaza) 99%
08 Pecan Court Associates LP 99.9%
08 Pellettieri Homes Urban Renewal Associates, LP 99%
08 Rincon De Los Esteros Associates LP 99%
08 KDF Santa Paula LP (Santa Paula) 99%
08 Schoolhouse Court Housing Associates LP 99.9%
08 Virginia Lane LP 99.9%
08 Winfield Hill Associates LP 99%
05 EDISON CAPITAL AFFORDABLE HOUSING 97 V (Dissolved)
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VI (Dissolved)
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VII (Dissolved)
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VIII (Dissolved)
05 EDISON CAPITAL AFFORDABLE HOUSING 99A COMPANY (Dissolved)
05 Edison Capital Affordable Housing 99A G.P. 27.69%GP
06 Edison Capital Housing Partners IX LP 13.5533%GP
07 1010 SVN Associates LP 99.9%
07 2814 Fifth Street Associates LP (Land Park Woods) 99%
07 Alma Place Associates LP 99%
07 Knolls Community Associates LP 99.9%
07 Monterra Village Associates LP 99%
07 Pacific Terrace Associates LP 99.9%
07 PVA LP (Park Victoria) 99%
07 Sherman Glen, L.L.C. 99%
07 Strobridge Housing Associates LP 99%
07 Trolley Terrace Townhomes LP 99.9%
07 Walnut Avenue Partnership LP 99%
05 EDISON CAPITAL AFFORDABLE HOUSING 99B COMPANY 99.99% (Dissolved)
05 Edison Capital Affordable Housing 99B G.P. 99.99%GP
06 Edison Capital Housing Partners X LP 19.3952%GP
07 Beacon Manor Associates LP 99.9%
07 Boulder Creek Apartments LP 99.9%
07 Burlington Senior Housing LLC 99.9%
07 CCS/Renton Housing LP (Renton) 99.9%
07 Coolidge Station Apartments L.L.C. 99%
07 Lark Ellen LP 99%
07 Mercy Housing California IX LP (Sycamore) 99.9%
07 Morgan Hill Ranch Housing LP 99%
07 Pacifica Community Associates LP (Villa Pacifica) 99.9%
07 Persimmon Associates LP 99%
07 Providence-Brown Street Housing LP (Brown Street) 99.9%
07 San Juan Commons 1996 LP 99.9%
07 Timber Sound, Ltd. 99%
07 Timber Sound II, Ltd. 99%
07 Trinity Park Apartments LP 99.9%
07 Venbury Trail LP 99.9%
06 Edison Capital Housing Partners XI LP 18.62486%GP
07 1475 167th Avenue Associates LP (Bermuda Gardens) 99.9%
07 Auburn Manor Apartments LP 99.9%
07 Barnsdall Court LP (Villa Mariposa) 99%
07 Borregas Court LP 99%
07 Bryson Family Apartments LP 99.9%
07 Carson Housing LP 98%
7
07 Casa Rampart LP (Rampart Apartments) 98.9%
07 Davis MHA Twin Pines Community Associates LP (Northstar Apartments) 99.9%
07 Eastwood Homes LP 99%
07 Electra Arms Senior Associates LP 99%
07 Grace Housing LP 99%
07 Stony Point Apartment Investors LP (Panas Place) 99.9%
07 Wall Street Palmer House LP 99%
07 Wilmington Housing Associates LP (New Harbor Vista) 99.9%
06 Edison Capital Housing Partners XII LP 13.73759%GP
07 Cedarshores Limited Dividend Housing Association LP 99.99%
07 Heritage Partners LP 99%
07 Osage Terrace LP 99.89%
07 West Oaks Apartments LP 99.9%
07 Yale Street LP 99.9%
06 Edison Capital Housing Partners XIII LP 17.03513%GP
07 Alhambra Apartments LP 99.9%
07 Chamber Apartments LP 99%
07 Park Land Senior Apartments Investors LP (Banducci) 99.9%
07 President John Adams Manor Apartments LP 99.9%
07 Riverwalk Apartments, Ltd. (Colorado) 99%
07 Rosecreek Senior Living LP 99.9%
07 Twin Ponds Apartments LP 99.9%
07 Woodleaf Village LP 99.89%
07 Women's Westlake LP (Dorothy Day) 99%
06 Edison Capital Housing Partners XIV LP 7.61%GP
07 Apollo Development Associates LP (Apollo Hotel) 99.9%
07 Carson Terrace LP 99.9%
07 Don Avante Association II LP (Village Avante) 99.9%
07 Preservation Properties I 99.9%
07 Preservation Properties II 99.9%
07 Preservation Properties III 99.9%
07 Preservation Properties IV 99.9%
07 Preservation Properties V 99.9%
07 Rowland Heights Preservation LP 99.9%
07 Springdale Preservation LP (Springdale West) 99.9%
06 Edison Capital Housing Partners XV LP 9.567%GP
07 708 Pico LP (Wavecrest Apartments) 99.9%
07 Benton Green LP 99.9%
07 Don Avante Association I LP (Don de Dios) 99.9%
07 Emmanuel Grant Company LLC (Capitol Heights) 99.9%
07 Highland Village Partners LP 99.9%
07 I.G. Partners LP (Islands Gardens) 99.9%
07 Karen Partners LP 99.9%
07 Lilac Estates LP 99.9%
07 Mountainlands Housing Partners LP (Holiday Village Apartments) 99.9%
07 NAHF Brockton LP (Southfield Gardens) 99.9%
07 Northern Senior Housing LP (St. Johnsbury) 99.9%
07 Park Place 1998, LLC 99.9%
07 Park Williams Partners LP 99.9%
07 Patriots Pointe at Colonial Hills LP 99.9%
07 PlumTree Preservation LP 99.9%
07 Poinsettia Housing Associates 99.9%
07 Project Home I LLC 99.99%
07 Saratoga Vacaville LP (Saratoga Senior) 99.9%
07 Serena Sunbow LP (Villa Serena) 99.9%
07 St. Regis Park LP (Pear Tree) 99.9%
07 Vista Sonoma Senior Living LP 99.9%
07 Westfair LLC (Cedar Ridge) 99.9%
07 Windrush Apartments of Statesville LP 99.9%
07 Wingate LLC (Regency Park) 99.9%
8
05 Edison Capital Contributions VI Partners 91.77%GP
06 ECH Investor Partners VI-A LP 15.39%LP
07 Edison Capital Housing Partners VI LP 61.82%LP
08 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08 Altamont Hotel Associates LP 99%
08 Bradley Manor Senior Apartments LP 99%
08 Double X Associates 1995 LP (Terrace Manor) 99%
08 Hamilton Place Apartments LP (Larkin Place) 99%
08 Hamilton Place Senior Living LP 99%
08 Hearthstone Group 3 LP (Evergreen Court) 99%
08 KDF Malabar LP 99%
08 LINC-Bristol Associates I, LP (City Gardens) 99%
08 MAS-WT, LP (Washington Terrace) 99%
08 Northwood Manor Associates LP 99%
08 Silver Lake Properties LP 99%
08 University Park Properties LP 99%
08 Upland Senior Housing LP (Coy D. Estes) 99%
08 Vista Properties LLC (Vista View) 99%
08 Vista Verde Townhomes II LLC 99%
06 ECH Investor Partners VI-B LP 99%LP
07 Edison Capital Housing Partners VI LP 37.18%LP
08 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08 Altamont Hotel Associates LP 99%
08 Bradley Manor Senior Apartments LP 99%
08 Double X Associates 1995 LP (Terrace Manor) 99%
08 Hamilton Place Apartments LP (Larkin Place) 99%
08 Hamilton Place Senior Living LP 99%
08 Hearthstone Group 3 LP (Evergreen Court) 99%
08 KDF Malabar LP 99%
08 LINC-Bristol Associates I, LP (City Gardens) 99%
08 MAS-WT, LP (Washington Terrace) 99%
08 Northwood Manor Associates LP 99%
08 Silver Lake Properties LP 99%
08 University Park Properties LP 99%
08 Upland Senior Housing LP (Coy D. Estes) 99%
08 Vista Properties LLC (Vista View) 99%
08 Vista Verde Townhomes II LLC 99%
05 EDISON CAPITAL HOUSING DELAWARE, INC.
06 B.A.I. Edison Ravenwood LP (Ravenwood) 90%GP
07 Cincinnati Ravenwood Apartments LP 0.1%GP
05 Edison Capital Housing Partners V LP 16.18%GP
06 AMCAL Santa Barbara Fund XXXVI LP (Positano) 99%
06 Bodega Hills Investors LP 99%
06 Mercy Housing California IV LP (Vista Grande) 99%
06 Park Place Terrace LP 99%
06 River Walk Apartments Homes LP 99%
06 San Diego Golden Villa Partners LP (Golden Villa) 99%
06 Santa Alicia Gardens Townhomes LP (The Gardens) 99%
06 St. Hedwig's Gardens LP 99%
06 Sunshine Terrace LP 99%
06 Union Meadows Associates LLC 99%
05 Edison Capital Housing Partners VI LP 1%GP
06 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
06 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
06 Altamont Hotel Associates LP 99%
06 Bradley Manor Senior Apartments LP 99%
06 Double X Associates 1995 LP (Terrace Manor) 99%
06 Hamilton Place Apartments LP (Larkin Place) 99%
9
06 Hamilton Place Senior Living LP 99%
06 Hearthstone Group 3 LP (Evergreen Court) 99%
06 KDF Malabar LP 99%
06 LINC-Bristol Associates I, LP (City Gardens) 99%
06 MAS-WT, LP (Washington Terrace) 99%
06 Northwood Manor Associates LP 99%
06 Silver Lake Properties LP 99%
06 University Park Properties LP 99%
06 Upland Senior Housing LP (Coy D. Estes) 99%
06 Vista Properties LLC (Vista View) 99%
06 Vista Verde Townhomes II LLC 99%
05 EDISON CAPITAL HOUSING FLORIDA (Dissolved)
05 EDISON CAPITAL HOUSING MANAGEMENT
05 EDISON CAPITAL HOUSING NEW JERSEY
[owns 6.16% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 EDISON CAPITAL HOUSING NEW YORK (Dissolved)
06 WPA/Edison LLC (Pier A) 99% (Dissolved)
05 EDISON CAPITAL HOUSING PENNSYLVANIA
[owns 5.26% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP)
55.52% [also owned 0.08% by Edison Funding Company and 44.40% by Edison Housing Consolidation Co.]
06 EDISON FUNDING OLIVE COURT 100%GP
07 Olive Court Housing Associates LP 0.6%
05 EDISON HOUSING NORTH CAROLINA
06 Edison Capital Contributions VI Partners 4.03%GP
07 ECH Investor Partners VI-A LP 15.39%LP
08 Edison Capital Housing Partners VI LP 61.82%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
07 ECH Investor Partners VI-B LP 99%LP
08 Edison Capital Housing Partners VI LP 37.18%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
10
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
05 EDISON HOUSING OREGON, INC. (Dissolved)
05 EDISON HOUSING SOUTH CAROLINA
06 Edison Capital Contributions VI Partners 4.20%GP
07 ECH Investor Partners VI-A LP 15.39%LP
08 Edison Capital Housing Partners VI LP 61.82%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
07 ECH Investor Partners VI-B LP 99%LP
08 Edison Capital Housing Partners VI LP 37.18%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
05 EHI DEVELOPMENT COMPANY
05 EHI DEVELOPMENT FUND
05 Florence Apartments LLC 99%
05 Harry Clark Jr. Residential Center LLC 99%
05 Josephinum Associates LP, The (Washington partnership) 99%
05 Kennedy Lofts Associates LP (Massachusetts partnership) 99%
05 LL Housing L.L.C. 24.5%
05 Madison/Mollison LP (Park Mollison) 99%
05 Maplewood Housing Associates LP 99.9%
05 MH I LP 1%GP
06 California Park Apartments LP 99%
05 MH II LP 1%GP
06 5363 Dent Avenue Associates LP 99%
05 MH III LP 1%GP
06 DeRose Housing Associates LP 99%
11
05 MH IV LP 1%GP
06 MPT Apartments LP (MacArthur Park) 99%
05 MH V LP 1%GP
06 Centennial Place LP 99%
05 MHICAL 94 COMPANY
[owns 19.32% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MHICAL 94 LP (Delaware partnership) 1%GP
06 Mayacamas Village Associates LP 99%
06 West Capital Courtyard LP 99%
05 MHICAL 95 LP (Delaware partnership) 1%GP
06 Abby Associates LP (Windmere) 99%
06 Colina Vista LP 99%
06 Mercy Housing California VI LP (205 Jones) 99%
05 MHICAL 96 LP (Delaware partnership) 1%GP
06 Greenway Village Associates LP 99%
06 Kennedy Court Partners LP 99%
06 Klamath Associates LP 99%
06 Westgate Townhomes Associates LP 99%
05 MHICAL 95 COMPANY
06 ECH/HFC GP Partnership No. 2 43.3%GP
07 Edison Capital Housing Partners VIII LP 18.54%GP
08 Catalonia Associates LP 99%
08 Ohlone Housing Associates LP 99%
06 EDISON HOUSING CONSOLIDATION CO. (formerly Edison Housing Georgia) 29.90%
07 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron
GP) 44.40% [also owned 0.08% by Edison Funding Company and 55.52% by Edison Capital Housing
Investments]
08 16th and Church Street Associates LP 99%
08 1856 Wells Court Partners, LP (Wells Court) 99%
08 AE Associates LP (Avenida Espana) 99%
08 Agape Housing LP 99%
08 Anglo Edison Ravenwood L.L.C. 99%
08 Brantwood II Associates LP 99%
08 Brooks School Associates LP 99%
08 Bryn Mawr - Belle Shore LP (The) 99%
08 Bush Hotel LP 99%
08 Centertown Associates LP (Ravenwood) 99%
08 Centro Partners LP (El Centro) 99%
08 Coyote Springs Apartments Associates LP 99%
08 Cypress Cove Associates 99%
08 Del Carlo Court Associates LP 99%
08 Delta Plaza Apartments LP 99%
08 EAH Larkspur Creekside Associates LP 99%
08 East Cotati Avenue Partners LP 99%
08 EDISON FUNDING OLIVE COURT 100%GP
09 Olive Court Housing Associates LP 0.6%
08 Edmundson Associates LP (Willows) 99%
08 El Barrio Academy Urban Renewal Associates, LP (Academy Street) 99%
08 Elizabeth West and East LP 99%
08 Farm (The) Associates LP 99%
08 Gilroy Redwood Associates LP (Redwoods) 99%
08 Ginzton Associates LP 99%
08 Grossman Apartments Investors LP 99%
08 Heather Glen Associates LP 99%
08 HMB-Atlanta I LP (Spring Branch) 99%
08 Holy Family Associates LP 99%
08 Lackawana Housing Associates LLC (Goodwill Neighborhood Residences) 99%
08 Maplewood School Apartments LP 99%
08 Mar Associates LP (Frank Mar) 99%
08 McFarland Press Associates LP 99%
12
08 Mercantile Housing LLC (Mercantile Square) 99%
08 Merrill Road Associates LP 99%
08 MH I LP 99%
09 California Park Apartments LP 99%
08 MHICAL 94 LP (Delaware partnership) 99%LP
09 Mayacamas Village Associates LP 99%
09 West Capital Courtyard LP 99%
08 MHICAL 95 LP (Delaware partnership) 99%LP
09 Abby Associates LP (Windmere) 99%
09 Colina Vista LP 99%
09 Mercy Housing California VI LP (205 Jones) 99%
08 MHICAL 96 LP (Delaware partnership) 99%LP
09 Greenway Village Associates LP 99%
09 Kennedy Court Partners LP 99%
09 Klamath Associates LP 99%
09 Westgate Townhomes Associates LP 99%
08 Mid-Peninsula Century Village Associates LP (Century Village) 99%
08 Mission Capp LP 99%
08 Mission Housing Partnership 1996 LP (Delaware partnership) 99%LP
08 Neary Lagoon Partners LP 99%
08 North Park Village LLC 99%
08 Oceanside Gardens LP 99%
08 Omaha Amber Ridge LP (Amber Ridge) 99%
08 Open Door Associates LP (West Valley) 99%
08 Palmer House LP 99%
08 Richmond City Center Associates LP 99%
08 Riverside/Liebrandt Partners LP (La Playa) 99%
08 Roebling Village Inn Urban Renewal LP 99%
08 Rosebloom Associates LP (Oakshade) 99%
08 San Pablo Senior Housing Associates LP 99%
08 San Pedro Gardens Associates LP 99%
08 Santa Paulan Senior Apartments Associates LP (The Paulan) 99%
08 South Beach Housing Associates LP (Steamboat) 99%
08 South Winery Associates LP (The Winery Apartments) 99%
08 Stoney Creek Associates LP 99%
08 Studebaker Building LP 99%
08 Sultana Acres Associates LP 99%
08 Thomson Rental Housing, LP (Washington Place) 99%
08 Tuscany Associates LP (Tuscany Villa) 99%
08 Villa Maria Housing LP 99%
08 Washington Creek Associates LP 99%
08 Westport Village Homes Associates LP 99%
08 Wheeler Manor Associates LP 99%
08 YWCA Villa Nueva Partners LP 99%
05 MHICAL 96 COMPANY
[owns 8.96% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 ECH/HFC GP Partnership No. 1 50.4%GP
07 Edison Capital Housing Partners VII LP 19.4%GP
08 C-Court LP (Cawelti Court) 99%
08 Cottonwood Affordable Housing LP 99%
08 Fifth and Wilshire Apartments LP 99%
08 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08 Huff Avenue Associates LP 99%
08 Mountain View Townhomes Associates LP 99%
08 Oak Forest Associates LP 99%
08 Paradise Road Partners LP (Gateway Village) 99%
08 Woodland Arms Apartments, Ltd. 99%
06 Edison Capital Affordable Housing 99A G.P. 36.47%GP
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
13
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
05 MHICAL 97 COMPANY
06 ECH/HFC GP Partnership No. 1 14.7%GP
07 Edison Capital Housing Partners VII LP 19.4%GP
08 C-Court LP (Cawelti Court) 99%
08 Cottonwood Affordable Housing LP 99%
08 Fifth and Wilshire Apartments LP 99%
08 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08 Huff Avenue Associates LP 99%
08 Mountain View Townhomes Associates LP 99%
08 Oak Forest Associates LP 99%
08 Paradise Road Partners LP (Gateway Village) 99%
08 Woodland Arms Apartments, Ltd. 99%
06 Edison Capital Affordable Housing 99A G.P. 33.05%
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
06 MHICAL 97 LP 99%LP
07 Garnet Housing Associates LP 99%
05 MHICAL 97 LP 1%GP
06 Garnet Housing Associates LP 99%
05 MHIFED 94 COMPANY (Dissolved)
05 MHIFED 94 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 Berry Avenue Associates LP 99%
06 Carlton Way Apartments LP 99%
06 CDR Senior Housing Associates (Casa del Rio) 99%
06 Corona Ely/Ranch Associates LP 99%
06 Fairview Village Associates LP 99%
06 Fell Street Housing Associates LP 99%
06 Hope West Apartments LP 99%
06 Morrone Gardens Associates LP 99%
06 Pajaro Court Associates LP 99%
06 Tierra Linda Associates LP 99%
06 Tlaquepaque Housing Associates LP 99%
05 MHIFED 95 COMPANY (Dissolved)
05 MHIFED 95 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 1101 Howard Street Associates LP 99%
06 Avalon Courtyard LP (Carson Senior Housing) 99%
06 Hollywood El Centro LP 99%
06 La Brea/Franklin LP 99%
06 Larkin Pine LP 99%
06 Mercy Housing California III LP (3rd and Reed) 99%
14
06 Pinole Grove Associates LP 99%
06 Second Street Center LP (Santa Monica) 99%
06 Solinas Village Partners LP 99%
06 Three Oaks Housing LP 99%
05 MHIFED 96 COMPANY (Dissolved)
05 MHIFED 96 LP (Delaware partnership) 5%GP; 95%LP to Cargill
06 Lavell Village Associates LP 99%
06 North Town Housing Partners LP (Villa del Norte Village) 99%
06 Poco Way Associates LP 99%
06 Seasons Affordable Senior Housing LP 99%
05 MHIFED 96A COMPANY (Dissolved)
05 MHIFED 96A LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 Good Samaritan Associates LP 99%
06 Metro Senior Associates LP 99%
06 Oxnard Housing Associates LP 99%
06 Reseda Village LP 99%
06 Round Walk Village Apartments LP 99%
06 Santa Alicia Family Housing Associates 99%
06 Vine Street Court LP 99%
06 Vine Street Court LP II 99%
05 MHIFED 97 COMPANY (Dissolved)
06 MHIFED 97 LP 99%LP (Dissolved)
05 MHIFED 97 LP 1%GP (Dissolved)
05 Mid-Peninsula Sharmon Palms Associates LP (Sharmon Palms) 99%
05 MISSION HOUSING ALPHA
06 Quebec Arms Apartments LP 0.05% GP
06 University Manor Apartment LP 0.05% GP
05 MISSION HOUSING BETA
[owns 2.58% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING DELTA
[owns 1.07% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 MH II LP 99%
07 5363 Dent Avenue Associates LP 99%
06 MH III LP 99%
07 DeRose Housing Associates LP 99%
06 MH IV LP 99%
07 MPT Apartments LP (MacArthur Park) 99%
06 MH V LP 99%
07 Centennial Place LP 99%
05 MISSION HOUSING DENVER
[owns 5.67% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING EPSILON
[owns 0.54% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 Edison Capital Affordable Housing 99A G.P. 2.78%
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
06 Hotel Elkhart L.L.C. (The Cornerstone) 99%
05 MISSION HOUSING GAMMA
[owns 1.73% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
15
05 MISSION HOUSING HOLDINGS
[owns 13.10% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 Mission Housing Partnership 1996 LP (Delaware partnership) 1%GP
05 MISSION HOUSING THETA
06 MISSION FUNDING THETA
[owns 0.01% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
07 Edison Capital Affordable Housing 99A G.P. 0.01%
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
07 Edison Capital Affordable Housing 99B G.P. 0.01%
08 Edison Capital Housing Partners X LP 19.3952%GP
09 Beacon Manor Associates LP 99.9%
09 Boulder Creek Apartments LP 99.9%
09 Burlington Senior Housing LLC 99.9%
09 CCS/Renton Housing LP (Renton) 99.9%
09 Coolidge Station Apartments L.L.C. 99%
09 Lark Ellen LP 99%
09 Mercy Housing California IX LP (Sycamore) 99.9%
09 Morgan Hill Ranch Housing LP 99%
09 Pacifica Community Associates LP (Villa Pacifica) 99.9%
09 Persimmon Associates LP 99%
09 Providence-Brown Street Housing LP (Brown Street) 99.9%
09 San Juan Commons 1996 LP 99.9%
09 Timber Sound, Ltd. 99%
09 Timber Sound II, Ltd. 99%
09 Trinity Park Apartments LP 99.9%
09 Venbury Trail LP 99.9%
07 Oakdale Terrace Leased Housing Associates LP 0.01%
07 Westfield Condominium Investment LP 0.01%
07 Woodleaf Village LP 0.01%
06 Mission Housing Investors Partnership 5%GP; 95%LP to GECC
07 1028 Howard Street Associates LP 99%
07 Forest Winds Associates LP 99%
07 Glen Eden Associates LP (A Street) 99%
07 Gray's Meadows Investors LP 99%
07 Prince Bozzuto LP (Fairground Commons) (Maryland partnership) 99%
07 Rancho Park Associates LP 99%
07 Rustic Gardens Associates LP 99%
07 Sea Ranch Apartments LP 99%
07 Springdale Kresson Associates LP (Jewish Federation) (New Jersey partnership) 99%
05 MISSION HOUSING ZETA
[owns 5.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION SA COMPANY (Dissolved)
05 National Boston Lofts Associates LLLP (Boston Lofts) 99%
05 Oakdale Terrace Leased Housing Associates LP 98.99%
05 Olive Court Apartments LP 98.9%
05 Pacific Vista Las Flores LP (Vista Las Flores) 99.9%
05 Pilot Grove LP (Massachusetts partnership) 99%
05 Post Office Plaza LP (Ohio partnership) 99%
16
05 Tabor Grand LP (Colorado partnership) 99%
05 WGA INVESTORS COMPANY (Dissolved)
05 West Valley Hart LP (Hart and Alabama) 99.9%
05 Westfield Condominium Investment LP 98.99%
05 White Mountain Apache LP 99%
04 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP) 0.08%
[also owned 55.52% by Edison Capital Housing Investments and 44.40% by Edison Housing Consolidation Co.]
05 EDISON FUNDING OLIVE COURT 100%
06 Olive Court Housing Associates LP 0.6%
04 EDISON INTEGRATED ENERGY SERVICES (Dissolved)
04 MISSION FIRST ASSET INVESTMENT (Dissolved)
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)
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07 Trinidad and Tobago Methanol Company Limited (equity) 1.0%
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 8%
07 AIG Emerging Europe Infrastructure Fund LP 22.70%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
05 Edison Capital International (Bermuda) Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
06 Edison Capital International Transmission (Bermuda) Ltd. (Bermuda corporation) 100% (Dissolved)
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
08 Andes Energy XII Ltd. 100%
09 Paz Holdings Ltd. 43.22%
10 Compania Adminstradora de Empresas Bolivia S.A. (Cade) 12.55% (Bolivian service
company)
Address: Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La
Paz, Bolivia
10 Electricidad de La Paz S.A. (Electropaz) (equity) 10% (Bolivian foreign utility
company) [See 4.EC01]
Address: Avenida Illimani l973, Casilla 10511, La Paz, Bolivia
10 Empresa de Luz y Fuerza Electrica de Oruro S.A. (Elfeo) 12.55% (Bolivian foreign
utility company) [See 4.EC02]
Address: Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
10 Empresa de Servicios Edeser S.A. (Edeser) 12.55% (Bolivian
service company)
Address: Iturralde No. 1309, Miraflores, La Paz, Bolivia
07 AIG Emerging Europe Infrastructure Fund LP 22.7%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
06 Olmeca Cable Investments Ltd. (Mandeville Mexico, S.A.) 21.7%
06 Paz Holdings Ltd. 30.42%
07 Compania Adminstradora de Empresas Bolivia S.A. (Cade) 12.55% (Bolivian service company)
Address: Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La Paz,
Bolivia
17
07 Electricidad de La Paz S.A. (Electropaz) (equity) 10% (Bolivian foreign utility company) [See
4.EC01]
Address: Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia
07 Empresa de Luz y Fuerza Electrica de Oruro S.A. (Elfeo) 12.55% (Bolivian foreign utility
company) [See 4.EC02]
Address: Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
07 Empresa de Servicios Edeser S.A. (Edeser) 12.55% (Bolivian service
company)
Address: Iturralde No. 1309, Miraflores, La Paz, Bolivia
05 Edison Capital Latin American Investments Holding Company (Delaware corporation)
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
07 AIG Emerging Europe Infrastructure Fund LP 22.70%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
05 Edison Capital (Netherlands) Holdings B.V.
Address: Herengracht 548, 1017 CG Amsterdam, Netherlands
06 Edison Capital (Netherlands) Investments B.V.
Address: Herengracht 548, 1017 CG Amsterdam, Netherlands
05 MISSION FUNDING ALPHA
06 MISSION FUNDING MU
07 EPZ Mission Funding Mu Trust (equity interest in foreign utility company) [See 4.EC03]
Address: c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
Wilmington, Delaware 19890-0004
05 MISSION FUNDING DELTA
06 MISSION FUNDING NU
07 EPZ Mission Funding Nu Trust (equity interest in foreign utility company) [See 4.EC04]
Address: c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
Wilmington, Delaware 19890-0004
05 Mission Investments, Inc. (U.S. Virgin Islands corp.)
Address: ABN Trustcompany, Guardian Building, Havensight, 2nd Floor, St. Thomas, U.S. Virgin
Islands
05 Mission (Bermuda) Investments, Ltd. (Bermuda corp.)
Address: Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
04 MISSION FUNDING GAMMA
04 MISSION FUNDING KAPPA
05 ABB Funding Partners, LP 14.27%
04 MISSION FUNDING ZETA
05 Huntington LP (New York partnership) 50%
05 Lakota Ridge LLC 75% [See 4.EC05]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05 Shaokatan Hills LLC 75% [See 4.EC06]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05 Woodstock Hills LLC 75% [See 4.EC07]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
04 MISSION IOWA WIND COMPANY
05 Storm Lake Power Partners I LLC (99%) [See 4.EC08]
03 EDISON MORTGAGE COMPANY (Dissolved)
03 MISSION BARTLETT HILL COMPANY (Dissolved)
03 MISSION INTERNATIONAL CAPITAL, INC. (Dissolved)
03 RENEWABLE ENERGY CAPITAL COMPANY (Dissolved)
18
02 MISSION LAND COMPANY is a California corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 1700, 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 Centrelake Partners, LP (limited partnership) 98%LP (Inactive)
03 IRWINDALE LAND COMPANY (Inactive)
03 MISSION AIRPORT PARK DEVELOPMENT CO. (Inactive)
04 Centrelake Partners, LP (limited partnership) 2%GP (Inactive)
04 Mission Vacaville LP (limited partnership) 1%GP (Inactive)
03 MISSION INDUSTRIAL CONSTRUCTORS, INC. (Inactive)
03 Mission-Oceangate 75%GP
03 MISSION/ONTARIO, INC. (Inactive)
03 MISSION SOUTH BAY COMPANY (Inactive)
04 Mission-Oceangate 25%GP
03 MISSION TEXAS PROPERTY HOLDINGS, INC. (Inactive)
03 Mission Vacaville LP (limited partnership) 99%LP (Inactive)
02 MISSION POWER ENGINEERING COMPANY is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770. The subsidiary of Mission Power
Engineering Company is listed below.
03 ASSOCIATED SOUTHERN ENGINEERING COMPANY (Inactive)
02 MISSION ENERGY HOLDING COMPANY is a Delaware corporation having its principal place of business at 1321
South State College Boulevard, Fullerton, California 92831. Mission Energy Holding Company owns the
stock of Edison Mission Energy and also acts as a financing vehicle.
03 EDISON MISSION ENERGY is a Delaware 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, leasing 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:
04 AGUILA ENERGY COMPANY (LP)
05 American Bituminous Power Partners, LP (Delaware limited partnership) 49.5%; 50% with Pleasant Valley
Address: Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06 American Kiln Partners, LP (Delaware limited partnership) 49.5% of 53%
04 ANACAPA ENERGY COMPANY (GP)
05 Salinas River Cogeneration Company 50%
Address: Star Route 42, Sargents Road, San Ardo, CA 93450
04 ARROWHEAD ENERGY COMPANY (Inactive)
04 BALBOA ENERGY COMPANY (GP)
05 Smithtown Cogeneration, LP (Delaware partnership) 50%; 100% w/ Kingspark
19
04 BLUE RIDGE ENERGY COMPANY (GP)
05 Bretton Woods Cogeneration, LP (Delaware limited partnership) 50%; 100% w/ Bretton Woods
04 BRETTON WOODS ENERGY COMPANY (GP and LP)
05 Bretton Woods Cogeneration, LP (Delaware LP) 50%; 100% w/ Blue Ridge
04 CAMINO ENERGY COMPANY (GP)
05 Watson Cogeneration Company (general partnership) 49%
05 CPC Cogeneration LLC (Delaware LLC) 49% [To be dissolved in December 2002]
04 CAPISTRANO COGENERATION COMPANY (GP)
[This entity and its subsidiary were sold on January 11, 2002.]
05 James River Cogeneration Company (North Carolina partnership) 50%
04 CENTERPORT ENERGY COMPANY (GP and LP)
05 Riverhead Cogeneration I, LP (Delaware partnership) 50%; 100% w/ Ridgecrest
04 CHESAPEAKE BAY ENERGY COMPANY (GP)
05 Delaware Clean Energy Project (Delaware general partnership) 50%
04 CHESTER ENERGY COMPANY (no partners; option Chesapeake, VA)
04 CLAYVILLE ENERGY COMPANY
05 Oconee Energy, LP (Delaware LP) 50%; 100% w/Coronado
04 COLONIAL ENERGY COMPANY (Inactive)
04 CORONADO ENERGY COMPANY
05 Oconee Energy, LP (Delaware LP) 50%; 100% with Clayville
04 CRESCENT VALLEY ENERGY COMPANY (Inactive)
04 DEL MAR ENERGY COMPANY (GP)
05 Mid-Set Cogeneration Company 50%
Address: 13705 Shalae Road, Fellows, CA 93224
04 DELAWARE ENERGY CONSERVERS, INC. (Delaware corporation) (Inactive)
04 DESERT SUNRISE ENERGY COMPANY (Nevada corporation) (Inactive)
04 DEVEREAUX ENERGY COMPANY (LP)
04 EAST MAINE ENERGY COMPANY (Inactive)
04 EDISON ALABAMA GENERATING COMPANY
04 EDISON MISSION DEVELOPMENT, INC. (Delaware corporation) 100%
04 EDISON MISSION ENERGY FUEL
05 EDISON MISSION ENERGY OIL & GAS
06 Four Star Oil & Gas Company 37.196%
Address: 200 Westchester Avenue, White Plains, NY 10650
05 EDISON MISSION ENERGY PETROLEUM
05 POCONO FUELS COMPANY (Inactive)
05 SOUTHERN SIERRA GAS COMPANY
06 TM Star Fuel Company (general partnership) 50%
04 EDISON MISSION ENERGY FUNDING CORP. (Delaware corporation) 1%
04 Edison Mission Energy Interface Ltd. (British Columbia company)
Address: 2 Sheppard Ave. E. #200, North York, Ontario, Canada
05 The Mission Interface Partnership (Province of Ontario G.P.) 50%
04 EDISON MISSION ENERGY SERVICES, INC. [formerly Edison Mission
Energy Fuel Services, Inc.] [PowerGen project]
04 EDISON MISSION FUEL RESOURCES, INC. [Com Ed Project
04 EDISON MISSION FUEL TRANSPORTATION, INC. [Com Ed Project]
04 EDISON MISSION MARKETING & TRADING, INC. [Com Ed Project]
05 Midwest Generation Energy Services, LLC (Delaware LLC, formerly CP Power Sales Eighteen, L.L.C.) 100%
04 EDISON MISSION HOLDINGS CO. (formerly EME Homer City Holdings Co.)
05 CHESTNUT RIDGE ENERGY COMPANY 100%
06 EME HOMER CITY GENERATION LP (Pennsylvania) 99%LP [See 4.EME01]
Address: 1750 Power Plant Road, Homer City, PA 15748-8009
05 EDISON MISSION FINANCE CO. 100%
05 HOMER CITY PROPERTY HOLDINGS, INC. 100%
05 MISSION ENERGY WESTSIDE, INC. 100%
06 EME HOMER CITY GENERATION LP (Pennsylvania) 1%GP [See 4.EME01]
Address: 1750 Power Plant Road, Homer City, PA 15748-8009
20
04 EDISON MISSION OPERATION & MAINTENANCE, INC.
05 Mission Operations de Mexico, S.A. de C.V. (Inactive) 99%
Address: Bosques de Ciruelos No. 304 2 Piso, Colonia Bosques de las Lomas, 11700 Mexico Distrito
Federal
04 EDISON MISSION PROJECT CO. (formerly EME UK International, Inc.) (Delaware corporation) 100% [holds 100%
of the issued and outstanding Class D shares of MEC International B.V. (0.01%)--see INTERNATIONAL section]
04 EL DORADO ENERGY COMPANY (GP)
04 EME CP HOLDINGS CO.
05 Bretton Woods Funding I, L.L.C.
05 CP Power Sales Five, L.L.C. [This entity was sold on June 3, 2002.]
05 CP Power Sales Thirteen, L.L.C. [This entity was sold on June 3, 2002.]
05 CP Power Sales Fourteen, L.L.C. [This entity was sold on June 3, 2002.]
05 CP Power Sales Fifteen, L.L.C. [This entity was sold on June 3, 2002.]
05 CP Power Sales Seventeen, L.L.C.
05 CP Power Sales Nineteen, L.L.C.
05 CP Power Sales Twenty, L.L.C.
05 Sunapee Funding I, L.L.C.
04 EME EASTERN HOLDINGS CO.
05 Athens Funding, L.L.C.
05 Citizens Power Holdings One, LLC
06 CL Power Sales One, L.L.C. 25%
06 CL Power Sales Two, L.L.C. 25%
06 CL Power Sales Six, L.L.C. 25%
06 CL Power Sales Seven, L.L.C. 25%
06 CL Power Sales Eight, L.L.C. 25%
06 CL Power Sales Nine, L.L.C. 25%
06 CL Power Sales Ten, L.L.C. 25%
05 CP Power Sales Twelve, L.L.C.
04 EMOM SERVICES, INC.
04 EMP, INC. (Oregon corporation) (GP and LP) (Inactive)
04 FOUR COUNTIES GAS COMPANY (Inactive)
04 GLOBAL POWER INVESTORS, INC.
04 HANCOCK GENERATION LLC (Inactive)
04 HANOVER ENERGY COMPANY
[This entity and its subsidiary were sold on January 14, 2002.]
05 CHICKAHOMINY RIVER ENERGY CORPORATION (Virginia corporation) (GP and LP)
06 Commonwealth Atlantic LP (Delaware partnership) 50%
Address: 2837 South Military Highway, Chesapeake, VA 23323-0286
04 HOLTSVILLE ENERGY COMPANY (GP and LP)
05 Brookhaven Cogeneration, LP (Delaware partnership) 50%; 100% w/ Madera
04 INDIAN BAY ENERGY COMPANY (GP and LP)
05 Riverhead Cogeneration III, LP (Delaware partnership) 50%; 100% w/ Santa Ana
04 JEFFERSON ENERGY COMPANY (GP and LP) (Inactive)
04 KINGS CANYON ENERGY COMPANY (Inactive)
04 KINGSPARK ENERGY COMPANY (GP and LP)
05 Smithtown Cogeneration, LP (Delaware partnership) 50%; 100% w/ Balboa
04 LAGUNA ENERGY COMPANY (Inactive) (former interest in Ambit)
04 LA JOLLA ENERGY COMPANY (Inactive) (used for Belridge)
04 LAKEVIEW ENERGY COMPANY
05 Georgia Peaker, LP (Delaware LP) 50%; 100% w/ Silver Springs
04 LEHIGH RIVER ENERGY COMPANY (Inactive)
04 LONGVIEW COGENERATION COMPANY (held for Weyerhauser)
04 MADERA ENERGY COMPANY (GP)
05 Brookhaven Cogeneration, LP (Delaware partnership) 50%; 100% w/ Holtsville
04 MADISON ENERGY COMPANY (LP)
05 Gordonsville Energy, LP (Delaware partnership) 49%; 50% w/ Rapidan [See 4.EME02]
Address: 115 Red Hill Road, Gordonsville, VA 22942
21
04 Majestic Energy Limited (UK private limited company)
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 EME Royale (New Zealand private limited company)
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Edison Mission Energy Taupo Limited (New Zealand company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
04 MIDWEST GENERATION EME, LLC (Delaware LLC) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
05 COLLINS HOLDINGS EME, LLC
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
05 EDISON MISSION MIDWEST HOLDINGS CO. 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
06 EDISON MISSION ENERGY FUEL SERVICES, LLC
Address: One Financial Place, 440 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06 EDISON MISSION OVERSEAS CO. (Com Ed project) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
07 Edison Mission Overseas Ltd. (Com Ed project) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
06 MIDWEST GENERATION, LLC (Com Ed project) 100% [See 4.EME03]
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
Crawford Station, 3501 South Pulaski Road, Chicago, IL 60608
Collins Station, 4200 East Pine Bluff Road, Morris, IL 60623
Fisk Station, 1111 West Cermak Road, Chicago, IL 60608
Joliet Station, 1800 Channahon Road, Joliet, IL 60436
Powerton Station, 13082 East Manito Road, Pekin, IL 61554
Waukegon Station, 10 Greenwood Avenue, Waukegan, IL 60087
Will County Station, 529 East Romeo Road, Romeoville, IL 60441
04 MIDWEST PEAKER HOLDINGS, INC. (Delaware corporation) 100%
04 Mission Capital, LP (Delaware LP) 3%; MIPS partnership
04 MISSION DEL CIELO, INC. 100%
05 Mission Del Sol, LLC (Delaware LLC) 100%
06 SUNRISE POWER COMPANY, LLC 50% [EWG] [See 4.EME04]
Address: 12857 Sunrise Power Road, Fellows, CA 93224
07 Mission De Las Estrellas LLC 100%
04 MISSION/EAGLE ENERGY COMPANY (Inactive)
04 MISSION ENERGY CONSTRUCTION SERVICES, INC.
04 MISSION ENERGY GENERATION, INC. (Inactive)
04 MISSION ENERGY HOLDINGS, INC.
05 Mission Capital, LP (Delaware LP) 97%; MIPS partnership
04 MISSION ENERGY HOLDINGS INTERNATIONAL, INC. [holds 100% of the issued and outstanding Class A shares of
MEC International B.V. (99.97%)--see INTERNATIONAL section]
05 EME Investments, LLC (Delaware LLC) 100% [Contact Energy Acq.]
05 EME SOUTHWEST POWER CORPORATION (Delaware corporation) 100% [holds 100% of the issued and outstanding
Class C shares of MEC International B.V. (0.01%)--see INTERNATIONAL section]
05 EME UK International LLC (Delaware LLC) 100% [holds 100% of the issued and outstanding Class B stock of
MEC International B.V. (0.01%)--see INTERNATIONAL section]
04 MISSION ENERGY INDONESIA (Inactive)
04 MISSION ENERGY MEXICO (Inactive) formerly the branch office in Mexico (no partnership)
04 MISSION ENERGY NEW YORK, INC. (GP and LP)
05 Brooklyn Navy Yard Cogeneration Partners, LP (Delaware partnership) 50% [See 4.EME05]
Address: Flushing Avenue, Cumberland Street, Building 41, Brooklyn, NY 11205
22
04 MISSION ENERGY WALES COMPANY
05 Mission Hydro Limited Partnership 30%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 EME Generation Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Victoria Generation Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Energy Capital Partnership (Australia partnership 98%
09 Enerloy Pty Ltd. (Australia company) 100%
08 Mission Energy Development Australia Pty Ltd. 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Gippsland Power Pty Ltd 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Loy Yang B Joint Venture 49% [See 4.EME06]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
07 Energy Capital Partnership (Australia partnership) 1%LP
08 Enerloy Pty Ltd. (Australia company) 100%
07 First Hydro Holdings Company (Australia partnership) 99%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 First Hydro Company 99% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
08 First Hydro Finance plc 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 First Hydro Company 1% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
07 Loyvic Pty Ltd. (Australia company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Energy Capital Partnership (Australia partnership) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Enerloy Pty Ltd. (Australia company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
04 Mission Operations de Mexico, S.A. de C.V. (Inactive) 1%
Address: Bosques de Ciruelos No. 304 2 Piso, Colonia Bosques de las Lomas, 11700 Mexico Distrito Federal
04 MISSION TRIPLE CYCLE SYSTEMS COMPANY (GP)
05 Triple Cycle Partnership (Texas G.P.) 50%
04 NORTH JACKSON ENERGY COMPANY (Inactive)
04 NORTHERN SIERRA ENERGY COMPANY (GP)
05 Sobel Cogeneration Company (general partnership) 50%
04 ORTEGA ENERGY COMPANY
04 PANTHER TIMBER COMPANY (GP)
05 American Kiln Partners, LP (Delaware limited partnership) 2%
04 PARADISE ENERGY COMPANY (Inactive)
04 PLEASANT VALLEY ENERGY COMPANY (GP)
05 American Bituminous Power Partners, LP (Delaware limited partnership) 0.5%; 50% w/ Aguila
Address: Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06 American Kiln Partners, LP (Delaware Limited Partnership) 0.5% of 53%
04 QUARTZ PEAK ENERGY COMPANY (LP) (Inactive)
23
04 RAPIDAN ENERGY COMPANY (GP)
05 Gordonsville Energy, LP (Delaware partnership) 1%; 50% w/ Madison [See 4.EME02]
Address: 115 Red Hill Road, Gordonsville, VA 22942
04 REEVES BAY ENERGY COMPANY (GP and LP)
05 North Shore Energy LP (Delaware partnership) 50%; 100% w/ Santa Clara
06 Northville Energy Corporation (New York corp.) 100%
04 RIDGECREST ENERGY COMPANY (GP)
05 Riverhead Cogeneration I, LP (Delaware partnership) 50%; 100% w/ Centerport
04 RIO ESCONDIDO ENERGY COMPANY
04 RIVERPORT ENERGY COMPANY (GP and LP)
05 Riverhead Cogeneration II, LP (Delaware partnership) 50%; 100% w/ San Pedro
04 SAN GABRIEL ENERGY COMPANY (Inactive)
04 SAN JOAQUIN ENERGY COMPANY (GP)
05 Midway-Sunset Cogeneration Company, LP 50%
Address: 3466 West Crocker Springs Road, Fellows, CA 93224
04 SAN JUAN ENERGY COMPANY (GP)
05 March Point Cogeneration Company 50%
04 SAN PEDRO ENERGY COMPANY (GP)
05 Riverhead Cogeneration II, LP (Delaware partnership) 50%; 100% w/ Riverport
04 SANTA ANA ENERGY COMPANY (GP)
05 Riverhead Cogeneration III, LP (Delaware partnership) 50%; 100% w/ Indian Bay
04 SANTA CLARA ENERGY COMPANY (GP)
05 North Shore Energy, LP (Delaware partnership) 50%; 100% w/ Reeves Bay
06 Northville Energy Corporation (New York corporation) 100%
04 SILVERADO ENERGY COMPANY (GP)
05 Coalinga Cogeneration Company 50%
Address: 32812 West Gate Road, Bakersfield, CA 93210
04 SILVER SPRINGS ENERGY COMPANY
05 Georgia Peaker, LP (Delaware limited partnership) 50%; 100% w/ Lakeview
04 SONOMA GEOTHERMAL COMPANY (Inactive)
04 SOUTH COAST ENERGY COMPANY (GP)
05 Harbor Cogeneration Company 30%
Address: 420 Henry Ford Avenue, Wilmington, CA 93210
04 SOUTHERN SIERRA ENERGY COMPANY (GP)
05 Kern River Cogeneration Company (general partnership) 50%
Address: SW China Grade Loop, Bakersfield, CA 93308
04 THOROFARE ENERGY COMPANY (Inactive)
04 VIEJO ENERGY COMPANY (GP)
05 Sargent Canyon Cogeneration Company 50%
Address: Star Route 42, Sargents Road, San Ardo, CA 93450
04 VISTA ENERGY COMPANY (New Jersey corporation) (Inactive)
04 WESTERN SIERRA ENERGY COMPANY (GP)
05 Sycamore Cogeneration Company (general partnership) 50%
Address: SW China Grade Loop, Bakersfield, CA 93308
EDISON MISSION ENERGY INTERNATIONAL COMPANIES [all foreign corporation names bold]:
05 MEC International B.V. (Netherlands corporation) (Holding Company 99.99% owned by Mission Energy
Holdings International, Inc., a California corp. (owns 100% of Class A Shares) and 0.01% by EME UK
International LLC, a Delaware LLC (owns 100% of Class B shares)
Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
06 Adelaide Ventures Ltd. (Cayman Island company) 100% (Dissolved 01/14/2003)
Address: Walker House, Mary Street, P.O. Box 265GT, George Town, Grand Cayman, Cayman Islands
06 Beheer-en Beleggingsmaatschappij Jydeno B.V. 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Vindoor Investments (Mauritius) Limited 10%
Address: BAI Building, 5th Floor, Pope Hennessey Street, Port Luis, Mauritius
08 Coaltrade Services International Pte Ltd 100%
Address: 10 Anson Road, #18-12, International Plaza, Singapore 079903
24
06 Edison Mission Advantage B.V. 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Edison Mission LYB PEDS Pty Ltd (formerly Edison Mission De Laide Pty Ltd. (Australian company)
100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Ausone Pty Ltd. (Australian co.) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 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
07 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
07 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
07 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
07 P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 99%
Address: Jl. Gen. A Yani No. 54 Probolinggo, East Java, Indonesia
06 Edison Mission Energy International B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Edison Mission Energy Services B.V. (Netherlands co.) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Edison Mission Millennium B.V. (Netherlands company) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 EME Caliraya B.V. (formerly Beheer-en Beleggingsmaatschappij Trepo B.V. 75%
Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
08 CBK Power Company Ltd. (Philippine LP) 49%
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines [See 4.EME08]
07 EME Kayalaan B.V. (formerly Beheer-en Beleggingsmaatschappij Hagra B.V. 100%
Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
08 CBK Power Company Ltd. (Philippine LP) 1%
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines [See 4.EME08]
06 Edison Mission Operation & Maintenance Services B.V. (Netherlands company) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Edison Mission Operation & Maintenance (Thailand) Company Limited 100%
Address: 7th Fl. Bubhajit Bldg., 20 North Sathorn Road, Kwaeng Silom, Khet Bangrak, Bangkok,
Thailand
07 EME Philippines Services Corporation [formerly EME Philippines OandM Corporation (Philippines
co.) 100%
Address: Unit 1105, Tower One, Ayala Triangle, Ayala Avenue, Makati City, Philippines
07 Kalayaan Power Management Corporation 50% [EWG] [See 4.EME09]
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines
06 Edison Mission Retail Pty Ltd. (Australian co.) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Utilities Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
25
06 Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) 100%
Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
07 Italian Vento Power Corporation 4 S.r.l. (joint venture) 50% [See 4.EME10]
Address: Via Circumvallazione, 54/h, 83100 Avellino, Italy
06 Edison Mission Vendesi Pty Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 EME Atlantic Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Ascot Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 EME Buckingham Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Precision B.V. (Netherlands company) (formerly Beheer-en-Beleggingsmaatschappij Pylamo
B.V.) 100% [Contact Energy Project, 2nd Stage]
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
10 Mission Energy Universal Holdings [formerly EME Universal Holdings (New Zealand
company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH
England
11 Contact Energy Limited (New Zealand company) 0.624% [See 4.EME11]
Address: Level 1, Harbor City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand
11 Mission Contact Finance Limited (New Zealand company) 100%
Address: Bell Gully, IBM Centre, 171 Featherston Street, Wellington, New Zealand
11 Mission Energy Five Star (New Zealand company) 100%
Address: IBM Centre, 171 Featherston Street, Wellington, New
Zealand
11 Mission Energy Pacific Holdings [formerly EME Pacific Holdings (New Zealand
company) 100% [Contact Energy Project, 2nd Stage]
Address: IBM Centre, 171 Featherston Street, Wellington, New
Zealand
12 Contact Energy Limited (New Zealand company) 50.598%
[See 4.EME11]
06 EME Tri Gen B.V. 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Tri Energy Company Limited (Thai limited liability company) (Tri Energy Project) (EQUITY) 25%
[See 4.EME12]
Address: Grand, Amarin Tower, 16th Floor, New Petchburi Road, Ratchathewi, Bangkok 10320
Thailand
06 EME Victoria B.V. 100% (Inactive)
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 First Hydro Renewables Limited, a UK company 100%
Address: Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
07 Celtic Offshore Wind Limited 96%
Address: The Long Barn, Waen Farm, Nercwys Road, Mold, Flintshire, CH7 4ED, Wales
07 First Hydro Renewables (COWL) Limited 100%
Address: Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
06 Global Generation B.V. 100%
Address: Apollolaan 15, 1077 AB Amsterdam, The Netherlands
07 Caresale Services Limited (UK LLC) 49%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Edison First Power Limited (Guernsey LLC) 65%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison First Power Holdings II (UK LLC) 100% [PowerGen project]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Edison First Power Holdings I (UK LLC) 100% [PowerGen project]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
26
09 Caresale Services Limited (UK LLC) 51%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 Edison First Power Limited (Guernsey LLC) 65%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Edison Mission Marketing and Services Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Finance UK Limited (UK LLC) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 South Australian Holdings Ltd. 100% [Currently being liquidated]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 EME International Dragon Limited (UK) 100% [Currently being liquidated]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 EME Adelaide Energy Limited (UK company) 100% [Currently being liquidated]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 EME Monet Ltd. (UK company) 100% [Currently being liquidated]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Energy Generation Finance PLC (UK) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Maplekey Holdings Limited (UK LLC) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Maplekey UK Finance Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 Maplekey UK Limited (UK LLC) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 Edison First Power Limited (Guernsey LLC) 35%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Redbill Contracts Limited (UK LLC) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Hydro Energy B.V. (Netherlands LLC) 10%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Iberica de Energias, S.L. (Spain corporation) 96.65% [See 4.EME13]
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
08 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32% [See 4.EME14]
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
09 Monasterio de Rueda, S.L. (Spain) 100%
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
06 Iberian Hy-Power Amsterdam B.V. (Netherlands LLC) 100%
Address: Strawinskylaan 1725, Amsterdam, NOORD-HOLL 1077 XX
07 EME Desarrello Espana S.L. 100%
Address: Paseo de Gracia 18, 4o. Piso, 08007, Barcelona, Spain
07 Hydro Energy B.V. (Netherlands company) 90%
08 Iberica de Energias, S.L. (Spain corporation) 95.77% [See 4.EME13]
09 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32%
[See 4.EME14]
10 Monasterio de Rueda, S.L. (Spain) 100%
07 Iberica de Energias, S.L. (Spain corporation) 4.23% [See 4.EME13]
08 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32%
[See 4.EME14]
09 Monasterio de Rueda, S.L. (Spain) 100%
06 Latrobe Power Pty. Ltd. (Australian corporation) 99%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Mission Victoria Partnership (Australian partnership) 52.31% (100% w/ Traralgon PPL 46.69% and
MEVALP 1%)
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture 51% [See 4.EME06]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
27
06 Latrobe Valley B.V. [formerly Beheer-en Beleggingsmaatschappij Botara B.V.] (LYB Peakers Project)
100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Valley Power Pty Ltd. (proprietary limited Australia company; LYB Peakers Project)
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Loy Yang Holdings Pty Ltd (Australia corporation) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Edison Mission Energy Holdings Pty Ltd (Australian corporation) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Edison Mission Energy Australia Ltd. (Australian public company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Latrobe Power Partnership (Australian partnership) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Loy Yang B Joint Venture 51% [See 4.EME06]
08 Edison Mission Energy Australia Pilbara Power Ltd. (Australia company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
08 Edison Mission Operation & Maintenance Kwinana Pty Ltd. (Australia) 100% (Operator of Kwinana
Project)
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
08 Edison Mission Operation & Maintenance Loy Yang Pty Ltd. (Australian corporation) 100%
Address: P.O. Box 1792, Traralgon, Victoria 3844, Australia
08 Mission Energy Holdings Superannuation Fund Pty Ltd. (retirement fund required by Australia
law) 100%
08 Mission Energy (Kwinana) Pty Ltd. (Australia) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Kwinana Power Partnership (Australian G.P.) 1%
Address: Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
10 Perth Power Partnership 70% (Kwinana Project) [See 4.EME15]
Address: James Court, Kwinana Beach 6167, Western Australia
07 Latrobe Power Pty. Ltd. (Australian corporation) 1%
08 Mission Victoria Partnership (Australian partnership) 52.31%
09 Latrobe Power Partnership (Australian partnership) 99%
10 Loy Yang B Joint Venture 51% [See 4.EME06]
07 Mission Energy Ventures Australia Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Mission Victoria Partnership (Australian partnership) 1%
09 Latrobe Power Partnership (Australian partnership) 99%
10 Loy Yang B Joint Venture 51% [See 4.EME06]
07 Traralgon Power Pty. Ltd. (Australian corporation) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Mission Victoria Partnership (Australian partnership) 46.69%
09 Latrobe Power Partnership (Australian partnership) 99%
10 Loy Yang B Joint Venture 51% [See 4.EME06]
28
06 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish corp.) (Project company) 80% [See 4.EME16]
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07 Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation) (Heat company) 80%
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07 Doga Isletme ve Bakim Ticaret Ltd. Sirketi (Turkish corporation) (OandM company) 80%
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
06 MEC IES B.V. (Netherlands company) (ISAB Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 ISAB Energy Services s.r.l. 49% (services co ISAB Project)
Address: Ex S.S. 114km 146, 96100 Priolo G (SR), Sicily, Italy
06 MEC India B.V. (Netherlands company) (Jojobera Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Edison Mission Energy Power (Mauritius corporation) (Branch office in India)
Address: Louis Leconte Street, Curepipe, Mauritius
06 MEC Indo Coal B.V. (Netherlands co.) (Adaro Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 P. T. Adaro Indonesia (EQUITY) 8.17%
Address: Suite 704, World Trade Centre, Jl. Jend. Sudirman Kav. 31, Jakarta 12920 Indonesia
06 MEC Indonesia B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 P. T. Paiton Energy (Indonesia company) (EQUITY) (Paiton Project) 40% [See 4.EME17]
Address: Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java, Indonesia
06 MEC International Holdings B.V. (Netherlands corporation) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Edison Mission Energy International B.V. (Netherlands company) 1%
07 MEC Esenyurt B.V. (Netherlands co.) (Doga Project) 1%
08 Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish corp.) (Project company) 80% [See 4.EME16]
08 Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation) (Heat company) 80%
08 Doga Isletme ve Bakim Ticaret Ltd. Sirketi (Turkish corporation) (OandM company) 80%
07 MEC IES B.V. (Netherlands company) (ISAB Project) 1%
08 ISAB Energy Services s.r.l. 49%
07 MEC India B.V. (Netherlands company) 1%
08 Edison Mission Energy Power (Mauritius corporation)
07 MEC Indo Coal B.V. (Netherlands co.) (Adaro Project) 1%
08 P. T. Adaro Indonesia (EQUITY) 8.17%
07 MEC Indonesia B.V. (Netherlands company) 1%
08 P. T. Paiton Energy (Indonesia company) (EQUITY) (Paiton Project) 40% [See 4.EME17]
07 MEC Laguna Power B.V. (Netherlands company) (Thailand Project) 1%
08 Gulf Power Generation Co. Ltd. (Bangkok corp.) 40%
07 MEC Perth B.V. (Netherlands company) (Kwinana Project) 1%
08 Kwinana Power Partnership (Australian G.P.) 99%
09 Perth Power Partnership 70% (Kwinana Project) [See 4.EME15]
07 MEC Priolo B.V. (Netherlands company) (ISAB Project) 1%
08 ISAB Energy, s.r.l. (Italian J.V. company) (EQUITY) 1% of 49% (quota, not shares)
[See 4.EME18]
07 MEC San Pascual B.V. (Netherlands company) 1%
08 San Pascual Cogeneration Company International B.V. 50%
09 San Pascual Cogeneration Company (Philippines) Ltd. (San Pascual Project) (EQUITY) 1%GP
and 74%LP
08 Morningstar Holdings B.V. (formerly Beheer-en Beleggingsmaatschappij Vestra B.V.) 50%
29
07 MEC Sidi Krir B.V. (Netherlands company) 1%
07 MEC Sumatra B.V. (Netherlands company) 1%
07 MEC Wales B.V. (Netherlands Company) 1%
08 Mission Hydro Limited Partnership (UK LP)
09 EME Generation Holdings Limited (UK Co.) 100%
10 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
10 EME Victoria Generation Limited (UK co.) 100%
11 Energy Capital Partnership (Australia partnership 98%
12 Enerloy Pty Ltd. (Australia company) 100%
11 Mission Energy Development Australia Pty Ltd.
12 Gippsland Power Pty Ltd 100%
13 Loy Yang B Joint Venture 49% [See 4.EME06]
10 Energy Capital Partnership (Australia partnership) 1%LP
11 Enerloy Pty Ltd. (Australia company) 100%
10 First Hydro Holdings Company (Australia partnership) 99%
11 First Hydro Company 99% [See 4.EME07]
11 First Hydro Finance plc 100%
12 First Hydro Company 1% [See 4.EME07]
10 Loyvic Pty Ltd. (Australia company) 100%
11 Energy Capital Partnership (Australia partnership) 1%
12 Enerloy Pty Ltd. (Australia co.) 100%
07 Mission Energy Italia s.r.l. 10% (Office in Italy)
Address: via Mar della Cina, 304, 00144 Rome, Italy
07 P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 1%
Address: Jl. Raya Surabaya Situbondo Km 141, P.O. Box
78, Paiton 67291, Probolinggo, East Java, Indonesia
06 MEC Laguna Power B.V. (Netherlands co) (Malaya Proj) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Gulf Power Generation Co. Ltd. (Bangkok corporation) 40%
Address: 888/101 Mahatun Plaza Tower, 10th Floor, Ploenchit, Lumphini, Patumwan, Bangkok 10330
06 MEC Perth B.V. (Netherlands co.) (Kwinana Project) 99%
07 Kwinana Power Partnership (Australian G.P.) 99%
Address: Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
08 Perth Power Partnership 70% (Kwinana Project) [See 4.EME15]
Address: James Court, Kwinana Beach 6167, Western Australia
06 MEC Priolo B.V. (Netherlands co.) (ISAB Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 ISAB Energy, s.r.l. (Italian J.V. company) (EQUITY) 99% of 49% (quota, not shares)
[See 4.EME18]
Address: Corso Gelone No. 103, Siracusa, Sicily, Italy
06 MEC San Pascual B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
07 San Pascual Cogeneration Company International B.V. 50%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
08 San Pascual Cogeneration Company (Philippines) Ltd (San Pascual Project) (EQUITY) 1%GP and
74%LP
Address: Unit 1610/1611, Tower One, Ayala Triangle, Ayala Ave, 1200 Makati City, Metro
Manila, Philippines
07 Morningstar Holdings B.V. (formerly Beheer-en Beleggingsmaatschappij Vestra B.V.) 50%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
06 MEC Sidi Krir B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 MEC Sumatra B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
30
06 MEC Wales B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
07 Mission Hydro Limited Partnership 69%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 EME Generation Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Victoria Generation Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 Energy Capital Partnership (Australia partnership 98%
11 Enerloy Pty Ltd. (Australia company) 100%
10 Mission Energy Development Australia Pty Ltd. 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
11 Gippsland Power Pty Ltd 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
3205 Victoria, Australia
12 Loy Yang B Joint Venture 49% [See 4.EME06]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
09 Energy Capital Partnership (Australia partnership) 1%LP
10 Enerloy Pty Ltd. (Australia company) 100%
09 First Hydro Holdings Company (Australia partnership) 99%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 First Hydro Company 99% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
10 First Hydro Finance plc 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 First Hydro Company 1% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
09 Loyvic Pty Ltd. (Australia company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Energy Capital Partnership (Australia partnership) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
11 Enerloy Pty Ltd. (Australia company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
3205 Victoria, Australia
06 Mission Energy Company (UK) Limited (United Kingdom private limited company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Derwent Cogeneration Limited (United Kingdom private limited liability company) (EQUITY) 33%
[See 4.EME19]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison Mission Energy Limited (UK private limited company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison Mission Services Limited (UK private limited company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Mission Hydro (UK) Limited 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 First Hydro Holdings Company 1%
09 First Hydro Company 99% [See 4.EME07]
09 First Hydro Finance plc 100%
10 First Hydro Company 1% [See 4.EME07]
31
08 Mission Hydro Limited Partnership 1%GP
09 EME Generation Holdings Limited (UK co.) 100%
10 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
10 EME Victoria Generation Limited (UK co.) 100%
11 Energy Capital Partnership (Australia partnership 98%
12 Enerloy Pty Ltd. (Australia co.) 100%
11 Mission Energy Development Australia Pty Ltd.
12 Gippsland Power Pty Ltd 100%
13 Loy Yang B Joint Venture 49% [See 4.EME06]
10 Energy Capital Partnership (Australia partnership) 1%LP
11 Enerloy Pty Ltd. (Australia company) 100%
10 First Hydro Holdings Company (Australia partnership) 99%
11 First Hydro Company 99% [See 4.EME07]
11 First Hydro Finance plc 99%
12 First Hydro Company 1% [See 4.EME07]
10 Loyvic Pty Ltd. (Australia company) 100%
11 Energy Capital Partnership (Australia partnership) 1%
12 Enerloy Pty Ltd. (Australia co.) 100%
07 Pride Hold Limited (United Kingdom corp.) 99%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Lakeland Power Ltd. (United Kingdom private limited liability company) 100%
[See 4.EME20]
Address: Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
08 Lakeland Power Development Company (UK corp.) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Rapid Energy Limited
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Mission Energy Italia s.r.l. 90% Rep Office in Italy
Address: Villa Brasini, Via Flaminia 497, 00191 Rome Italy
06 Mission NZ Operations B.V. 100% (Inactive)
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Pride Hold Limited (United Kingdom corporation) 1%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Lakeland Power Development Company (UK corp.) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Lakeland Power Ltd. (United Kingdom private limited liability company) 100% [See 4.EME20]
Address: Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
06 EcoElectrica S.a.r.l. (Luxemburg)
Address: 12-16, Avenue Monterey, L-2163 Luxembourg
07 EME del Caribe Holding GmbH (Austria)
Address: 4020 Linz, Landstrasse 12, Austria
08 EME del Caribe (Cayman Islands)
Address: First Floor, Caledonian House, Mary St, George Town, Grand Cayman, Cayman Islands
09 EcoElectrica Holdings, Ltd. (Cayman Islands) 50%
Address: 1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
10 EcoElectrica Ltd. (Cayman Islands) 100%
Address: 1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
11 EcoElectrica LP (Bermuda partnership) (EQUITY) 1% [See 4.EME21]
Address: Plaza Scotiabank, 273 Ponce de Leon Avenue, Suite 902, Hato Rey, Puerto
Rico 00918
10 EcoElectrica LP (Bermuda partnership) (EQUITY) 99% [See 4.EME21]
Address: Plaza Scotiabank, Suite 902, Avenida Ponce de Leon 273, Hato Rey, Puerto
Rico 00918
32
06 Southwestern Generation B.V. 100%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
06 Traralgon Power Pty. Ltd. (Australian corporation) 99%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Mission Victoria Partnership (Australian partnership) 46.69% (100% w/ Latrobe PPL 52.31% and
MEVALP 1%)
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture 51% [See 4.EME06]
33
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, 37hydroelectric plants (plus two fishwater generators
shown in the detail below) 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. 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 7,208.21 circuit miles of 33kV, 55kV, 66kV, 115kV and
161kV lines, 3,523.6 circuit miles of 220kV lines, and 1237.59 circuit miles of 500kV lines consisting of
1,000.14 miles in California, 125.4 miles in Nevada and 112.1 miles in Arizona. SCE's distribution facilities
consist of approximately 60,644.52 overhead circuit miles and 34,756.9 underground circuit miles, and 558
distribution substations, all of which are located in California.
34
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) 79,661,279,000 kwh of electric energy sold at retail.
(2) $8,613,847,531 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) 5,366,000 kwh of electric energy sold at wholesale outside of California or at the state line.
(2) $1,181,119 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) 1,528,888,721 kwh of electric energy purchased at wholesale outside of California or at the state line.
(2) $131,094,932 of total expenses from such purchases.
35
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO CLAIMANT AND EACH INTEREST IT HOLDS
DIRECTLY OR INDIRECTLY IN AN EWG OR A 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).
EDISON CAPITAL
4.EC01 ELECTRICIDAD DE LA PAZ S.A. [FUCO]
(a) Electricidad de la Paz S.A. ("Electropaz"), Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia.
Electropaz's facilities consists of substations and distribution lines serving approximately 316,000 retail
customers in La Paz and El Alto, Boliva. Electropaz does not own generation or transmission facilities.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding Epsilon; Mission
Funding Epsilon through its wholly owned subsidiary, Edison Capital International (Bermuda) Ltd. owns a 14%
interest in Electropaz. Iberdrola II Investimentos Ltda is the majority owner of Electropaz; Banco Santander
Central Hispanoamericano S.A. owns a 10% interest; and Paz Holdings Ltd. owns a 32.9% interest. The voting
securities of Paz Holdings Ltd, 30.42%, are held by Edison Capital International (Bermuda) Ltd., with 43.22% held
by Andes Energy XII Ltd. and 26.36% held by GE Capital Services Structured Finance Group, Inc. Andes Energy XII
is wholly-owned by AIG-GE Capital Latin American Infrastructure Fund L.P. in which Edison Capital Latin American
Investments (Bermuda) Ltd. holds an indirect 7.89% interest. Edison Capital Latin American Investments (Bermuda)
Ltd. is a wholly owned indirect subsidiary of Edison Capital.
(c) Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd., in the amount of $7.0 million.
(d) Capitalization or total equity for the period ending December 31, 2001 = $45,162,120
Net income after taxes for 2001 = $3,104,160
(e) There are no service, sales or construction contracts between Electropaz and any system company.
36
4.EC02 EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]
(a) Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo"), Calle Junin No. 710, Casilla 53, Oruro, Boliva.
Elfeo's facilities used for the generation, transmission, or distribution of electric energy for sale consist
primarily of substations and distribution lines serving approximately 43,300 retail customers in the cities of
Oruro and Huaruni. Elfeo does not own generation or transmission facilities.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding Epsilon; Mission
Funding Epsilon through its wholly owned subsidiary, Edison Capital International (Bermuda) Ltd. owns a 14%
interest in Elfeo. Iberdrola II Investimentos Ltda. is the majority owner of Elfeo with 60.52% interest, and Paz
Holdings Ltd. owns a 32.9% interest. The voting securities of Paz Holdings Ltd., 30.42%, are held by Edison
Capital International (Bermuda) Ltd., with 43.22% held by Andes Energy XII Ltd. and 26.36% held by GE Capital
Services Structured Finance Group, Inc. Andes Energy XII is wholly-owned by AIG-GE Capital Latin American
Infrastructure Fund L.P. in which Edison Capital Latin American Investments (Bermuda) Ltd. holds an indirect
7.89% interest. Edison Capital Latin American Investments (Bermuda) Ltd. is a wholly owned indirect subsidiary
of Edison Capital.
(c) Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd, in the amount of $0.4 million.
(d) Capitalization or total equity for the period ending December 31, 2001 = $5,159,240
Net income after taxes for 2001 = $235,180
(e) There are no service, sales or construction contracts between Elfeo and any system company.
4.EC03 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 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. 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, the
foreign utility company. Wilmington Trust Company is the trustee of the Trust.
37
(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 for the period ending December 31, 2002 = $24,081,532
Net income after taxes for 2002 = $215,146
(e) There are no contracts between EPZ and any system company.
4.EC04 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, the
foreign utility company. 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 for the period ending December 31, 2002 = $53,701,760
Net income after taxes for 2002 = $1,784,166
(e) There are no contracts between EPZ and any system company.
4.EC05 LAKOTA RIDGE LLC [EWG]
(a) Lakota Ridge, L.L.C. ("Lakota"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
38
Lakota is an 11.25 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 15 Micon M1800 750 kW wind turbines atop tubular-type towers.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned subsidiary,
Mission Funding Zeta, owns a 75% interest in Lakota and Heller Financial, Inc. owns a 24.9% interest. Northern
Alternative Energy owns 0.1%. The manager of the Facility is DanMar & Associates.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Funding Zeta, made a capital
contribution of $4,667,030.
(d) Capitalization or total equity for the period ending December 31, 2001 = $4,758,458
Net loss after taxes for 2001 = ($402,359)
(e) There are no service, sales or construction contracts between Lakota and any system company.
4.EC06 SHAOKATAN HILLS LLC [EWG]
(a) Shaokatan Hills L.L.C. ("Shaokatan"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Shaokatan is a 11.9 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 18 Vestas V-44 660 kW wind turbines atop tubular type towers.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned subsidiary,
Mission Funding Zeta, owns a 75% interest in Shaokatan and Heller Financial, Inc. owns a 24.9% interest.
Northern Alternative Energy owns 0.1%. The manager of the Facility is DanMar & Associates.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Funding Zeta, made a capital contribution of $5,161,500.
(d) Capitalization or total equity for the period ending December 31, 2001 = $5,486,088
Net loss after taxes for 2001 = ($401,726)
(e) There are no service, sales or construction contracts between Shaokatan and any system company.
4.EC07 WOODSTOCK HILLS LLC [EWG]
(a) Woodstock Hills L.L.C. ("Woodstock"), c/o DanMar and Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Woodstock is a 10.2 megawatt windpowered electric generation facility (the "Facility") located on the Buffalo
Ridge in Southwestern Minnesota, consisting of 17 Vestas V-44 600 kW wind turbines atop tubular-type towers.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned subsidiary,
Mission Funding Zeta, owns a 75% interest in Woodstock and Heller Financial, Inc. owns a 24.9% interest.
Woodstock owns a 0.1% interest and is the manager of the Facility.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Funding Zeta, made a capital contribution of $4,200,000.
39>
(d) Capitalization or total equity for the period ending December 31, 2001 = $4,725,058
Net loss after taxes for 2001 = ($366,551)
(e) There are no service, sales or construction contracts between Woodstock and any system company.
4.EC08 STORM LAKE PARTNERS I LLC [EWG]
(a) Storm Lake Power Partners I LLC ("Storm Lake"), 18101 Von Karman Avenue, Suite 1700, Irvine, CA 92612.
Storm Lake is a 112.5 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in northwestern Iowa, consisting of 150 Zond, Z-50 750 kW wind turbines atop lattice towers.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Edison Capital; Edison
Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned subsidiary,
Mission Iowa Wind Company, owns a 99% interest in Storm Lake and Enron Storm Lake I LLC owns 1.0% interest. The
Facility is operated and managed by EMOM Services, Inc.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Iowa Wind Company, made a capital contribution of $92,500,000.
(d) Capitalization or total equity for the period ending December 31, 2001 = $79,753,000
Net loss after taxes for 2001 = ($3,320,000)
(e) There are no service, sales or construction contracts between Storm Lake and any system company.
EDISON MISSION ENERGY
4.EME01 EME HOMER CITY GENERATION L.P. [EWG]
(a) EME Homer City Generation L.P. ("Homer City"), 1750 Power Plant Road, Homer City, PA 15748-8009
Homer City operates a 1,884 MW coal-fired generating station located in Indiana County, approximately 45 miles
northeast of Pittsburgh, Pennsylvania.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Edison Mission Holdings Co.; Edison Mission Holdings Co., through its wholly owned subsidiary Mission Energy
Westside, Inc., owns a 1% general partnership interest in Homer City and through its wholly owned subsidiary
Chestnut Ridge Energy Company, owns a 99% limited partnership interest in Homer City, the exempt wholesale
generator.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Holdings Co.
in the amount of $1,363,948,000.
Guarantees:
Pursuant to a Guaranty dated as of August 1, 1998 (the "EME Guaranty"), EME guaranteed all of the obligations
under the Asset Purchase Agreement pursuant to which it agreed to acquire Homer City. On March 18, 1999, Edison
Mission Holdings Co., a wholly owned subsidiary of EME ("EM Holdings"), closed a $1.1 billion financing and EME
closed a $700 million financing the proceeds of which, together with approximately $300 million of cash, were
used to finance the acquisition pursuant to the terms of the Asset Purchase Agreement. The EM Holdings financing
is structured on a limited recourse basis, in which the lenders look primarily to the cash revenues of Homer City
to repay the debt. In connection with the EM Holdings financing and the issuance of $830 million senior secured
bonds by EM Holdings in May 1999, EME entered into a Credit Support Guarantee under which EME agreed to guarantee
the payment and performance of the obligations of EM Holdings to the bond holders, banks and other secured
parties which
40
financed the acquisition of Homer City in an aggregate amount not to exceed approximately $42 million. In
addition, to satisfy the requirements under the EM Holdings financing to have a Debt Service Reserve Requirement
in an amount equal to six months' debt service projected to be due following the payment of a distribution, EME
entered into a Debt Service Reserve Guarantee in which EME agreed to guarantee the payment and performance of the
obligations of EM Holdings in the amount of approximately $35 million. As of April 2, 2001, the Debt Service
Reserve Guarantee by EME was replaced by a Letter of Credit in the amount of $35,350,600 for the account of EM
Holdings. As of March 18, 2001, EME provided a guarantee of EM Holdings' debt service obligations in the amount
of $9 million to the lenders involved in the bank financing (the "EM Holdings Guarantee").
In connection with the acquisition of Homer City, Homer City L.P. provided several surety bonds to the
Pennsylvania Department of Environmental Protection ("DEP"). The DEP requires operators of facilities in the
State of Pennsylvania to provide collateral bonds to the DEP for the purpose of guarantying reclamation
obligations in the event the site is abandoned. Safeco Insurance Company of America ("Safeco"), on behalf of
Homer City L.P., issued three surety bonds to the DEP in the aggregate amount of $6,860,913. On September 14,
1999, EME provided a general indemnity to Safeco to indemnify them against all loss and expenses incurred by
Safeco in connection with the surety bonds. In addition to the indemnification, Safeco demanded additional
collateral for the surety bonds. Therefore, on August 21, 2002, EME deposited $6,860,913 in an account
controlled by Safeco for additional collateral. Both the collateral and the indemnity will stay in place until
the surety bonds are replaced or another source of collateral is provided to the DEP.
On December 7, 2001, Homer City was sold to and leased back from eight special purpose vehicles. Under this
arrangement, the $830 million senior secured bonds were assumed by the eight special purpose vehicles. These
bonds will be serviced by a portion of the lease rental payments to be paid by Homer City L.P. to the new owners
of Homer City. In connection with the sale-leaseback, the Credit Support Guarantee, which was due to expire on
December 31, 2001, and the EM Holdings Guarantee, were terminated.
Pursuant to eight Special Tax Indemnity Agreements executed in connection with the sale-leaseback, each dated as
of December 7, 2001, with Homer City L.P. and General Electric Capital Corporation ("GECC"), EME agreed to
indemnify GECC against certain tax losses which might arise either (i) as a result of the existence of certain
provisions in the operative documents relating to the sale-leaseback transaction, or (ii) as a result of certain
actions by Homer City L.P. during the term of the lease.
(d) Capitalization or total equity = $738,997,000
Net income after taxes for 2002 = $22,258,000
(e) Edison Mission Energy Services, Inc. (formerly Edison Mission Energy Fuel Services, Inc.) provides services
to Homer City relating to arranging for the supply of fuel to the facility pursuant to the Fuel Services
Agreement (the "Agreement") between Edison Mission Energy Services, Inc. and Homer City. As of December 31,
2002, Edison Mission Energy Services, Inc. has received payment in the amount of $337,721 for services provided
pursuant to the Agreement.
Edison Mission Financial Marketing & Trading Co.("EMFM&T"), now Edison Mission Marketing & Trading, Inc. as
EMFM&T merged into Edison Mission Marketing & Trading, Inc. ("EMMT") on June 28, 2000, a wholly owned subsidiary
of Edison Mission Energy, entered into an NOx Allowance Sales Agreement with Homer City, wherein EMMT is to
purchase from and/or sell to Homer City, SO2 or NOx Allowances available to Homer City and as required for the
use in the operation and maintenance of the Homer City facility. As of December 31, 2002, Homer City paid $5.1
million to EMMT for Allowances.
EMMT entered into an Energy Sales Agreement with Homer City, wherein EMMT shall purchase Energy (defined as
electric energy, expressed in megawatt hours or capacity, of the character commonly known as three-phase, sixty
hertz electric energy that is delivered at the nominal voltage of the delivery point) from Homer City. As of
December 31, 2002, Homer City paid $337,121 to EMMT for energy provided pursuant to the Agreement.
41
4.EME02 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 an anticipated net capacity during the winter months of 290
megawatts and 220 megawatts during the summer months. The electricity generated by the facility is sold to
Virginia Electric & Power Company under two 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 owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy, through its
wholly owned subsidiary Madison Energy Company ("Madison") owns a 49% limited partnership interest in GELP and,
through its wholly owned subsidiary Rapidan Energy Company ("Rapidan"), owns a 1% general partnership interest in
GELP, the exempt wholesale generator.
(c) Capital contributions were made by Edison Mission Energy through its subsidiaries Madison in the amount of
$25,237,450 and Rapidan in the amount of $515,050, providing a total amount of $25,752,500. 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 guarantee 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 = $36,087,046
Net income after taxes for 2002 = $5,247,224
(e) Edison Mission Operation & Maintenance, Inc. ("EMOM") operates this facility. EMOM received $718,860 in
compensation as operator in 2002.
4.EME03 MIDWEST GENERATION, LLC. [EWG]
(a) Midwest Generation, LLC ("Midwest"), One Financial Place, 440 South LaSalle Street, Suite 3410, Chicago, IL
60605
Midwest owns and/or leases and operates 9,287 MW of generating capacity ("Facilities") acquired from Commonwealth
Edison Company and sells electric energy at wholesale. Facilities consist of:
(a.1) Six coal-fired plants located in Illinois totaling 5,645 MW:
542 MW Crawford plant in Chicago
326 MW Fisk plant in Chicago
789 MW Waukegan plant in Waukegan
1358 MW Joliet plant in Joliet
1092 MW Will County plant in Lockport
1538 MW Powerton plant in Pekins
(a.2) 2,698 MW dual-fueled Collins Station in Morris, Illinois
(a.3) 71 dual-fueled peaking units, totaling 944 MW, located at the Crawford, Fisk, Waukegan, Calumet, Joliet,
Bloom, Electric Junction, Sabrooke, and Lombard Stations.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Midwest Generation EME, LLC; Midwest Generation EME, LLC owns 100% of Edison Mission Midwest Holdings Co.
("Holdings") which owns 100% of Midwest, the exempt wholesale generator.
42
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Holdings in the amount of
$2,500,000,100.
Guarantees:
On March 22, 1999, EME entered into an Asset Sale Agreement to acquire 100% of the fossil-fuel generating assets
of Commonwealth Edison Co. ("Com Ed") totaling 9,722 MW for a purchase price of $4,813,121,000. This agreement
was assigned to Midwest Generation, LLC, a wholly owned subsidiary of EME, on December 15, 1999, at the closing
of the transaction. Midwest Generation, LLC operates the plants, which are all located in Illinois. Pursuant to
the Asset Sale Agreement, EME agreed to unconditionally and irrevocably guarantee to ComEd and all of its
successors and assigns, the due and punctual performance by any assignee of all covenants, agreements, terms,
conditions, undertakings, indemnities and other obligations to be performed and observed by such assignee under
the related agreements, including the transition power purchase agreements.
Pursuant to the Agency Agreement, dated as of December 15, 1999, between Commonwealth Edison Company, Edison
Mission Midwest Holdings Co. and Edison Mission Energy, relating to Coal Purchase Contract and Railcar Lease
Agreement, EME and its affiliates receive the benefits of and are responsible for the liabilities under the
agreements listed below (the "Unassigned Agreements") to which Commonwealth Edison Company is a party.
Commonwealth Edison Company acts as EME's agent with respect to the Unassigned Agreements and EME is responsible
for 78% of Commonwealth Edison Company's costs in managing the Unassigned Agreements. The Unassigned Agreements
include:
(a) Amended and Restated Coal Purchase Contract between Commonwealth Edison Company and Decker Coal Company
dated January 1, 1993, as further amended by Amendment No. 1 in 1993; Amendment No. 2 on June 16, 1994;
Amendment No. 3 on May 1, 1995; Amendment No.4 on January 1, 1996; Amendment No. 5 on February 1, 1997;
Amendment No. 6 on January 1, 1997; and Amendment No. 7 on February 1, 1999.
(b) Railcar Lease Agreement dated July 15, 1993 between Commonwealth Edison Company and Society National
Bank and related documents.
On June 10, 2000, Midwest Generation, LLC, ("Midwest Generation") completed an approximate $300 million synthetic
lease transaction of the "on-site" and "off-site" peaking units acquired from Commonwealth Edison Company in
December 1999. Together, the on-site peakers and off-site peakers transferred by Midwest Generation consist of
70 combustion turbines and related equipment. The proceeds from the transaction ($300 million) were loaned by
Midwest Generation to EME, and in exchange EME issued Midwest Generation an intercompany note in the same
amount. Simultaneously, the `lessor trust' leased the peaking units to Midwest Generation, as Lessee, for an
approximate five-year term. EME, as guarantor, agreed to unconditionally guaranty Midwest Generation's
obligations under the Synthetic Lease except for Midwest Generation's environmental obligations. On August 9,
2002, Midwest Generation exercised its option to purchase the on-site and off-site peaking units that were
subject to the Synthetic Lease. In order to effect the exercise of the purchase option, Midwest Generation
obtained repayment of its $300 million loan plus interest from EME and paid $300 million plus outstanding amounts
due under the lease to the owner-lessor.
On August 24, 2000, Midwest Generation entered into a sale-leaseback transaction with respect to the Powerton and
Joliet power facilities to third party lessors for an aggregate purchase price of $1.367 billion. Under the
terms of the leases (33.75 years for Powerton and 30 years for Joliet), Midwest Generation will make semi-annual
lease payments on each January 2 and July 2, beginning January 2, 2001. Recourse to Midwest Generation under the
leases is limited to amounts which would otherwise be distributable to Edison Mission Midwest Holdings Co. EME
guaranteed the payments under a Guarantee dated August 24, 2000.
43
Pursuant to four Tax Indemnity Agreements, each dated as of August 17, 2000, EME agreed to indemnify the lessors
against certain tax losses which might arise as a result of certain actions by Midwest during the term of the
lease.
(d) Capitalization or total equity = $2,644,795,846
Net income after taxes for 2002 = $94,738,000
(e)
Administrative services such as payroll, employee benefits programs and information technology, all performed by
Edison International or Edison Mission Energy, are shared among all affiliates of Edison International, and the
costs of these corporate support services are allocated to all affiliates, including Midwest. Costs are
allocated based on one of the following formulas: percentage of time worked, equity in investment and advances,
number of employees, or multi-factor, including operating revenues, operating expenses, total assets and number
of employees. In addition, Midwest sometimes directly requests services of Edison International or Edison
Mission Energy, and those services are performed for Midwest's benefit. Labor and expenses of these directly
requested services are specifically identified and billed at cost. Midwest made reimbursements for the costs of
these programs and other services, which amounted to $124.7 million for the year ended December 31, 2002.
Midwest entered into an agreement with Midwest Generation EME, LLC to provide support services, including
construction and construction management, operations and maintenance management, technical services and training,
environmental, health and safety services, administrative and IT support, and other managerial and technical
services needed to operate and maintain electric power facilities. Under the terms of the agreement, Midwest
reimburses Midwest Generation EME, LLC for actual costs incurred by functional area in providing support
services, or in the case of specific tasks Midwest requests, the amount negotiated for the task. Actual costs
billable under this agreement for the year ended December 31, 2002, were $6.8 million.
Midwest entered into an agreement with EMMT for the purchase and sale of energy and to provide services related
to purchasing, transportation and storage of natural gas. Under the terms of the agreement, EMMT pays Midwest
for the actual price of energy contracted with third parties, less $.02/megawatt-hour. Also under the terms of
the agreement, Midwest pays EMMT a service fee of $0.02 for each MMBtu of natural gas delivered to Midwest, plus
the actual cost of the gas. As of December 31, 2002, Midwest paid $1.2 million to EMMT pursuant to the agreement.
Midwest entered into an agreement with Edison Mission Energy Services, Inc. to provide fuel and transportation
services related to coal and fuel oil. Under the terms of the agreement, Midwest pays Edison
Mission Energy Services, Inc. a service fee of $0.06 for each ton of coal delivered to Midwest and $0.05 for each
barrel of fuel oil delivered to Midwest, plus the actual cost of the commodities. The amount billable under this
agreement for the year ended December 31, 2002, was $1.1 million.
44
4.EME04 SUNRISE POWER COMPANY LLC (EWG)
(a) Sunrise Power Company, LLC 50% [EWG], 12857 Sunrise Power Road, Fellows, CA 93224
Sunrise consists of a 320 MW simple-cycle peaking facility which became operational on June 27, 2001 ("Phase 1")
and Phase 2 which is to convert the peaking facility to a 560 MW combined-cycle operation is anticipated to
become operational in 2003.
Edison Mission Energy purchased Sunrise Power Company, a Delaware corporation through its subsidiary Mission Del
Sol LLC, a Delaware limited liability company on November 17, 2000.
Sunrise was originally to be developed as an enhanced oil recovery ("EOR") cogeneration project. By the summer
of 2000, Texaco Gasification and Power Holdings, Inc. ("Texaco") decided to abandon the project due to changes in
the oil field cogen economics. EME approached Texaco and suggested that the original EOR project be reconfigured
and developed in two phases. EME purchased the rights to the project, including two GE Fram 7FA gas turbines and
other major equipment that had already been procured. On May 29, 2001, Sunrise Power Company was converted to
Sunrise Power Company, LLC a Delaware limited liability company and Texaco exercised its option to buy back 50%
of Sunrise.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission del Cielo, Inc.; Mission del Cielo, Inc. owns 100% of Mission del Sol LLC; Mission del Sol LLC owns 50%
of Sunrise Power Company LLC
(c) Under the Sunrise partnership agreement, EME is obligated to provide 50% capital budget for the project. As
of December 31, 2002, EME has paid $122,130,179.
(d) Capitalization or total equity = $151,711,659
Net income after taxes for 2002 = $15,812,617
(e) Edison Mission Operation & Maintenance, Inc. and Sunrise have entered into that certain Amended and Restated
Operation and Maintenance Agreement, dated as of June 25, 2001. As of December 31, 2002, EMOM has received
$220,126 for providing O&M services to Sunrise.
EMMT, a wholly owned subsidiary of Edison Mission Energy entered into an Energy Services Agreement with Sunrise,
wherein EMMT provides fuel procurement and power management services to Sunrise. As of December 31, 2002,
Sunrise paid $4,381,011 to EMMT for services rendered under this agreement.
4.EME05 BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]
(a) Brooklyn Navy Yard Cogeneration Partners, L.P. ("BNY"), Flushing Avenue, Cumberland Street, Building 41,
Brooklyn, NY 11205
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 owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy, through its
wholly owned subsidiary Mission Energy New York, Inc., owns 50% of Brooklyn Navy Yard Cogeneration Partners,
L.P., the exempt wholesale generator.
(c) Capital contributions made by Edison Mission Energy through its subsidiary Mission Energy New York, Inc.,
were in the amount of $12,758,043. 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.
45
(d) Capitalization or total equity = ($55,073,066)
Net loss after taxes for 2002 = ($4,194,158)
(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.
4.EME06 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 nameplate ratings of 500,000 kW each, located in the
Latrobe Valley in the State of Victoria, Australia (the "Project"). Unit 1 began commercial operation on
September 30, 1993, and Unit 2 began commercial operation on September 30, 1996.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI, through wholly owned subsidiaries of Edison Mission Energy, collectively owns 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 a 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 LYBJV.
Gippsland is 100% owned by Mission Energy Development Australia Pty Ltd., which is 100% owned by EME Victoria
Generation Ltd., which is 100% owned by EME Generation Holdings Ltd., which is 100% owned by Mission Hydro
Limited Partnership, which is 69% owned by MEC Wales BV, 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) In May 1997, Edison Mission Energy, through its indirect and direct subsidiaries, closed financing (the
"Financing") for the purchase of the remaining 49% of LYBJV. The Financing was structured on a non-recourse
basis.
Advance Opinion Undertaking - In the Advance Opinion Undertaking, EME is obligated to Chase Securities (as
---------------------------
Security Agent under the Project Facility) to cause to make available to the Project funds in an amount
sufficient to pay income or capital gains taxes on assessments under the Australian income tax laws which
materially and adversely affect (a) the Project, (b) the operating cash flow of the Project or (c) the ability to
meet obligations to pay interest or repay principal or other amounts under the Project Facility (which result
from an assessment which directly conflicts with certain tax assumptions expressed in the Advance Opinion from
the Australian Tax Office).
In connection with the financing, EME issued, under its corporate revolver, a Letter of Credit in favor of JP
Morgan Australia Limited on behalf of Energy Capital Partnership, an indirect, wholly owned subsidiary of EME.
The Letter of Credit is currently for AUD $50,000,000, the equivalent of six months Debt Service Reserve.
46
LPP's and Gippsland's capital contribution = $78,412,225
(d) LPP's and Gippsland's Equity = ($2,925,747)
LPP's and Gippsland's Net Income after taxes for 2002 = $36,468,083
(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 & 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.EME07 FIRST HYDRO COMPANY [FUCO]
(a) First Hydro Company ("FHC"), Bala House, St. David's Park, Deeside, Flintshire, Wales CH5 3XJ
The principal assets of FHC are two pumped storage stations located in North Wales at Dinorwig and Ffestiniog
which have a combined registered capacity of 2,088 MW. 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 owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company 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 FHC; (ii) wholly owned Mission Energy Holdings International, Inc.
directly owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of
MECI through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B
shares of MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI;
Edison Mission Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison
Mission Project Co.; MECI 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 FHC; and (iii) the wholly owned subsidiary
Mission Energy Holdings International, Inc. owns 99.97% of MEC International B.V. (see above for remaining
0.03%), 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 1% and First Hydro Holdings Company owns
99% of FHC the foreign utility company.
(c) First Hydro Company ("FHC"), an indirect wholly owned subsidiary of EME, generates, markets and enters into
contracts for the purchase and sale of electricity. EME provides credit support to FHC in the form of guarantees
and letters of credit with respect to FHC's obligations arising out of these transactions. Following the
downgrade of EME on October 1, 2002, Edison Mission Operation & Maintenance Limited, an indirect wholly owned
subsidiary of EME ("EMOML") is providing credit support to FHC in the form of letters of credit, which replaced
the credit support provided by EME. Presently, EMOML is obligated to reimburse drawings under letters of credit
in an aggregate amount of US$22,372,050.
(d) Capitalization or total equity = $266,908,974
Net income after taxes for 2002 = $24,005,210
47
(e) There are no contracts between FHC and any system company.
4.EME08 CBK POWER COMPANY LTD. [FUCO]
(a) CBK Power Company Limited, a Philippine limited partnership ("CBK"), 1701 One Magnificent Mile Building, San
Miguel Avenue, Ortigas Center, Pasig City, Philippines
Upon completion of all rehabilitation and upgrading (of 3 hydroelectric power plants known as Caliraya, Botocan,
and Kalayaan I and related civil structures located in the province of Laguna, Republic of the Philippines) and
construction of a new 348.6 MW, two-unit hydroelectric power plant and a new spillway), the new and upgraded CBK
Complex will have a reliable power output of 728 MW.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of Edison Mission Millennium B.V. which owns 100% of EME Kalayaan B.V. and EME Caliraya B.V.; EME
Kalayaan B.V. owns 1% GP of CBK and EME Caliraya B.V. owns 49% LP of CBK.
(c) Capital invest as of December 31, 2002
Payment to IMPSA under General Engineering services = $20 million
Equity contribution = $21,918,342
Equity Guarantee - Under the Capital Contribution Guarantee, EME guarantees its equity contribution
obligation of $56 million (now $34 million). In the event EME should be down graded below investment grade, EME
would be required to provide a letter of credit to back up the uncontributed portion.
(d) Capitalization or total equity = $58,186,209
Net income after taxes for 2002 = $4,698,798
(e) (1) Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period. Total fee is US$1,575,000.
(2) Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia"). EME Asia provides offshore owner's representative services to CBK during the construction
period. Total fee is US$945,000.
(3) Management and Technical Services Contract - This is the O&M contract entered into between CBK and Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001. KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V. KPMC provides service to manage the maintenance,
repair and operation of CBK. The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services. The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus. There are no consequential damages.
4.EME09 KALAYAAN POWER MANAGEMENT CORPORATION (FUCO)
(a) Kalayaan Power Management Corporation, a Philippines Corporation, NPC Compound, Kalayaan, Province of
Laguna, Philippines
Kalayaan Power Management Corporation ("Kalayaan PMC"), Kalayaan PMC is to provide operation and services for CBK
Power Company Limited ("CBK") which is rehabilitating and upgrading four hydroelectric power plant projects in
the province of Laguna, Republic of the Philippines. Under the terms of a
48
management and technical services contract between CBK and this project. When this project is completed, the
total installed capacity of these four hydroelectric facilities will increase from 367.8 MW to approximately 728
MW, as follows: (1) the Kalayaan I facility, a pumped storage facility with two turbine pump units will be
upgraded such that both will be 168 MW, for a total of 336 MW; (2) the Kalayaan II facility, another pumped
storage facility, will be constructed to consist of two pump units of 174.3 MW each, for a total of 348.6 MW; (3)
the Caliraya hydroelectric facility will be upgraded to divert water into two 11.3 MW units, for a total of 22.6
MW; and (4) the Botocan facility will be upgraded to divert water into two 10 MW units, for a total of 20 MW.
Each power plant will include auxiliary equipment and interconnecting transmission facilities.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares). MECI owns 100% of Edison Mission Operation and Maintenance Services
B.V., which owns 50% of Kalayaan Power Management Corporation.
(c) Capital invest as of December 31, 2002 = $103,043
Equity Guarantee - Under the Capital Contribution Guarantee, EME guarantees its equity contribution obligation of
$56 million (now $34 million). In the event EME should be down graded below investment grade, EME would be
required to provide a letter of credit to back up the uncontributed portion.
(d) Capitalization or total equity = $258,341
Net income after taxes for 2002 = $232,017
(c) (1) Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period. Total fee is US$ 4.5165 million.
(2) Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia"). EME Asia provides offshore owner's representative services to CBK during the construction
period. Total fee is US$ 3.3835 million.
(3) Management and Technical Services Contract - This is the O&M contract entered into between CBK and Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001. KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V. KPMC provides service to manage the maintenance,
repair and operation of CBK. The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services. The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus. There are no consequential damages.
4.EME10 ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]
(a) Italian Vento Power Corporation 4 S.r.l. ("IVPC"), Via Circumvallazione, 54/h, 83100 Avellino, Italy
IVPC is developing 280.7 MW of wind-generated capacity in rural Italy in eleven projects, consisting of clusters
of 660 kW and 600kW turbines and associated equipment in the following comunes (townships): (1) 47 turbines
totaling 30 MW in Andretta and Bisaccia; (2) 60 turbines totaling 39.6 MW in Lacedonia and Monteverde; (3) 41
turbines totaling 27.06 MW in Monacilioni, Pielracatella, and Sant Elia; (4) 60 turbines totaling 39.6 MW in
Forenza and Maschito; (5) 25 turbines totaling 15 MW in Volturara and Motta Moniecorvino; (6) 30 turbines
totaling 18 MW in Roselo; (7) 47 turbines totaling 30.3 MW in Celle San Vito, Greci and Montaguto; (8) 30
turbines totaling 19.8 MW in Panni; (9) 45 turbines totaling 29.7 MW in Bortigiadas, Aggius and Vidalba; (10) 34
turbines totaling 22.44 MW in Avigliano; and (11) 14 turbines totaling 9.24 MW in Roseto. The projects include
transmission lines connecting the generating facilities to
49
the grid, ranging in length from less than 100 meters to a maximum of 9 kilometers. IVPC is also constructing,
but will not own, substations associated with the projects. IVPC also owns and is currently operating a 2.4 MW
project in Rocca San Felice consisting of four 600 kW turbines and associated equipment.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) ("EMWP"), which owns 50% of
IVPC, the foreign utility company.
(c) The capital contribution made by Edison Mission Energy through Edison Mission Wind Power was $47,802,609.
Under the terms of the Intercreditor Agreement dated March 3, 2000, to which EMWP is a party, any Junior Debt,
which is widely defined as, essentially, any liability owed by IVPC to EMWP, is subordinated to the obligations
of IVPC to the banks party thereto, in a manner in which any amount received or otherwise receivable by EMWP from
IVPC may be applied against IVPC's debts to such banks, save for certain excepted payments specified therein,
referred to as Permitted Distributions.
Under the terms of the Project Finance Facilities Syndicated Credit Agreement dated September 7, 2000, to which
IVPC, but not EMWP, is a party, there are restrictions imposed upon IVPC on amounts that IVPC may distribute or
otherwise pay to EMWP and in certain circumstances amounts otherwise so distributable or payable may be applied
against the amounts outstanding under that agreement from IVPC to the banks lending thereunder.
EMWP has also pledged its shares to the lenders under the Facilities Agreement referred to above and other
financial institutions as security for IVPC's obligations.
(c.1) (a) on March 3, 2000, EMWP and IVPC entered into a "Subordinated Loan Agreement" according to which EMWP
has undertaken to finance IVPC by way of subordinated loans in the amounts set forth therein; and (b) according
to the "Development Permits for Stages A and B" letter dated March 15, 2000, MECI has undertaken toward UPC
International Partnership CV II, inter alia, the obligation to procure that EMWP extends a loan to IVPC for up to
50% of the equity contribution required to be contributed to IVPC with respect to such Stage under the Senior
Loan, in the event that any Permit for Stages A and B has not been issued.
(d) Capitalization or total equity = ($7,223,063)
Net income after taxes for 2002 = $3,779,295
(e) There are no services contracts between IVPC and any system company.
4.EME11 CONTACT ENERGY LIMITED [FUCO]
(a) Contact Energy Limited ("Contact"), Level 1, Harbour City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand
In March 1999, Edison Mission Energy Taupo Ltd.("EME Taupo"), an indirect, wholly owned subsidiary of Edison
Mission Energy entered into agreements with the government of New Zealand to acquire 40% of Contact. Contact
owns and operates hydroelectric, geothermal and natural gas-fired power generating plants in New Zealand with a
total generating capacity of 2,449 MW. Contact also supplies gas and electricity to customers in New Zealand and
has a minority interest in a power project in Australia. The acquisition was conditioned on the New Zealand
government completing an initial public offering of the remaining 60% of Contact, which occurred in mid-May
1999. In December 2000, Edison Mission Energy's
50
ownership increased a total of 2.26% due to (i) Contact's buyback of shares from the open market and (ii) an
additional purchase of shares by Mission Energy Pacific Holdings (formerly EME Pacific Holdings ("Pacific").
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of EME Atlantic Holdings Limited, which owns 100% of EME Ascot Limited, which owns 100% of EME
Buckingham Limited, which owns 100% of EME Precision B.V., which owns 100% of Mission Energy Universal Holdings
[formerly EME Universal Holdings], which now owns 0.624% of Contact and 100% of Mission Energy Pacific Holdings
[formerly EME Pacific Holdings], which now owns 50.598% of Contact, the foreign utility company. EME, through
its subsidiaries, now owns 51.2% of Contact.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Project
Company, in the amount of $466,966,613.
In December 2000, EME Taupo transferred its 40% interest in Contact to Pacific as part of a global restructuring
of Edison Mission Energy's investment in Contact (the "Transfer"). In connection with the Transfer, Edison
Mission Energy entered into a Deed of Covenant in favor of the institutional subscriber of $160 million of the
preferred stock issued by EME Taupo in May 1999. This Deed of Covenant requires Edison Mission Energy to
compensate the institutional preferred stock subscriber in the event that a private binding ruling issued to it
by the New Zealand Inland Revenue Department ceases to apply as a direct result of the Transfer. The amount of
any compensation that may become payable by Edison Mission Energy under the further Deed of Covenant is limited
to that necessary to keep the preferred stock subscriber in the same position that it would have been in had the
private binding ruling continued to apply. Also in December 2000, Edison Mission Energy's ownership increased a
total of 2.26% due to (i) Contact's buyback of shares from the open market and (ii) an additional purchase of
shares by Pacific.
As noted above, the preferred stock has been redeemed and no further dividends are to be paid with respect to the
preferred stock. The Deed of Covenant continues for the benefit of the institutional subscriber protecting it
against the possibility that the binding ruling ceases to apply in respect of dividends already paid. EME has
obtained a legal opinion that confirms the "low risk" of any change to this taxation treatment.
The acquisition of further shares by Pacific and the funding required for the redemption of the EME Taupo
preferred stock was obtained through a refinancing with CSFB and other financial institutions and through a new
issue of preferred stock by Pacific. Pacific borrowed the US$ equivalent of N.Z.$135,000,000 to settle the
purchase of approximately 7.64% of Contact shares (excluding the shares held by Contact as treasury stock). This
borrowing was repaid with the proceeds of preferred stock issued to the public in New Zealand by a sister company
to Pacific, Mission Contact Finance Limited.
The redemption of the NZ$400 million preferred stock was funded by the issue of preferred stock through Mission
Contact Finance Limited and also by borrowings from CSFB for the US dollar equivalent of NZ$386,523,000.
(d) Capitalization or total equity = $417,094,498
Net income after taxes for 2002 = $29,507,893
(e) There are no service, sales or construction agreements between Contact and any system company.
51
4.EME12 TRI ENERGY COMPANY LIMITED [FUCO]
(a) Tri Energy Company Limited ("Tri Energy"), 16th Floor, Grand Amarin Tower, New Petchburi Road, Ratchathewi,
Bangkok 10320 Thailand
Tri Energy's facilities consist of a 700 MW 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 became operational on June 30,
2000.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of EME Tri Gen B.V., which owns 25% of Tri Energy Company Limited, the foreign utility company.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary EME Tri Gen B.V. in the
amount of $23,289,420.
(d) Capitalization or total equity = $17,332,324
Net income after taxes for 2002 = $3,265,348
(e) Edison Mission Energy Asia Pacific Pte Ltd. ("EME Asia") and Tri Energy have entered into 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 Tri Energy for a fixed annual fee of
$140,000. 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, 2002, EME Asia has received payment of
$0.
4.EME13 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 48.55 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
Sossis: 3.3MW facility in Pyrenees (Lerida)
Olvera: 2.4MW facility in south of Spain (Jaen)
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings
52
International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and
indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or
100% of the Class B shares of MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C
shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned
subsidiary Edison Mission Project Co. MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned
subsidiary Iberian Hy-Power Amsterdam B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns
95.77% of Iberica de Energias, the foreign utility company, and Iberian Hy-Power Amsterdam B.V. owns the
remaining 4.23%.
(c) The capital contribution made by Edison Mission Energy through its subsidiary Iberian Hy-Power Amsterdam
B.V. was $21,992,654. 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 Vivendi (formerly Compagne Generale des Eaux).
Subsequently, EH sold Iberica and Mediterranea to Hydro Energy B.V. Compagne Generale des Eaux is a French water
utility company. EH is a Spanish holding company which will develop water right concessions, but has no
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. During 1997, EH, Hidroelectrica de Sossis S.A. and Hidroelectrica de Olvera S.A. were merged into
Iberica.
In connection with the acquisition of EH, Vivendi provided to Iberica and Mediterranea a 10-year limited revenue
guaranty, which allowed Iberica and Mediterranea to secure non-recourse project financing. Consideration to
Vivendi for the acquisition of Iberica and Mediterranea included the assumption by Hydro Energy B.V. of an
existing loan with deferred payments to Vivendi beginning in 1999 and ending in 2003. Edison Mission Energy has
provided a guarantee 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 guarantee by Edison Mission Energy provides for no
rights of acceleration by Vivendi under any circumstances. At December 31, 2002, the present value of the
deferred payments will amount to $32.7 million ($35.7 million face value discounted at 11.5%).
(d) Capitalization or total equity = $15,344,054
Net income after taxes for 2002 = ($551,108)
(e) There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA). Iberica
provides administrative and financial services to EMESA. As of December 31 2002, EMESA has paid Iberica $464,900
for services rendered under this management fee arrangement.
4.EME14 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 owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned subsidiary Iberian Hy-Power Amsterdam
B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns 95.77% of Iberica de Energias and
Iberian Hy-Power Amsterdam B.V. owns the remaining 4.23%; Iberica de Energias owns 91.32% of EMESA, the foreign
utility company.
53
(c) The capital contribution made by MECI through Iberian Hy-Power Amsterdam B.V. was $63,266.
(d) Capitalization or total equity = $5,963,363
Net income after taxes for 2002 = $459,984
(e) There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA). Iberica
provides administrative and financial services to EMESA. As of December 31 2002, EMESA has paid Iberica $464,900
for services rendered under this management fee arrangement.
4.EME15 PERTH POWER PARTNERSHIP [FUCO] - SUCCESSOR OF INTEREST TO KWINANA POWER PARTNERSHIP ("KPP")
(a) Perth Power Partnership ("PPP") (formerly Kwinana Power Partnership), James Court, Kwinana Beach 6167,
Western Australia.
PPP'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 PPP's wholesale purchaser, Western Power Corporation. KPP commenced
operation in December 1996. On August 11, 2000, KPP sold 30% of the facilities and obligations related to the
facilities to SembCorp Energy (Kwinana) Pte Ltd. (SembCorp). KPP and SembCorp simultaneously formed PPP, a
partnership to directly own the facilities. SembCorp owns a 30% partnership interest in PPP, and KPP owns a 70%
partnership interest. The partners of KPP continue to be MEC Perth B.V. (99%) and Mission Energy (Kwinana) Pty
Ltd. (1%).
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI directly owns 99% of MEC Perth B.V. and through its wholly owned subsidiary MEC International Holdings B.V.
indirectly owns the remaining 1% of MEC Perth B.V.; MEC Perth B.V. owns 99% of KPP, which owns 70% of PPP, the
foreign utility company. MECI also directly owns 100% of Loy Yang Holdings Pty Ltd, which owns 100% of Edison
Mission Energy Holdings Pty Ltd, which owns 100% of Mission Energy (Kwinana) Pty Ltd, which owns the remaining 1%
of KPP, which owns 70% of PPP, the foreign utility company.
(c) The only outstanding guarantee by Edison Mission Energy or a subsidiary in relation to PPP is the Guarantee
and Indemnity dated March 21, 1995, between KPP and Edison Mission Operation & Maintenance, Inc. ("MOMI
Guarantee") (assigned to PPP on August 11, 2000). The MOMI Guarantee is given to Edison Mission Operation &
Maintenance, Inc. to guarantee the operations of Edison Mission Operations (Kwinana) Pty Ltd under the Kwinana
Operation and Maintenance Agreement dated March 21, 1995.
(d) Capitalization or total equity = $24,837,783
Net income after taxes for 2002 = $2,375,370
(e) The Administrative Support Agreement dated March 21, 1995, between Edison Mission Energy Holdings Pty Ltd
and KPP (assigned to PPP pursuant to Assumption Deed dated August 8, 2000). Under the Administrative Support
Agreement, Edison Mission Energy Holdings Pty Ltd agrees to provide personnel and administrative support, (e.g.,
accounting, banking and tax, business promotion) to KPP to assist KPP in fulfilling its obligations under the
Syndicated Project Facility Agreement dated March 21, 1995.
The Operation and Maintenance Agreement ("OMA") between Mission Operations (Kwinana) Pty Limited and KPP dated
March 21, 1995 (amended and restated pursuant to Deed of Amendment and Restatement dated August 7, 2000, and
assigned to PPP on August 11, 2000.) The OMA appoints an indirect, wholly
54
owned subsidiary of MECI, Edison Mission Operation & Maintenance Kwinana Pty Ltd ("EMOK") to operate and maintain
the Kwinana cogeneration plant and equipment. EMOK received $335,655 in compensation as operator in 2002.
Under the Professional and Administrative Services Agreement ("PASA") between EMOK and Edison Mission Energy
Holdings Pty Ltd. ("EMEH") dated March 17, 1995, EMEH agrees to provide professional and administrative services
(e.g., accounting, banking and tax, business promotion) and staff to EMOK to assist EMOK in fulfilling its
obligations under the OMA. EMEH received $0 in compensation under the PASA in 2002.
Under the Technical Support Agreement ("TSA") between Edison Mission Operation and Maintenance, Inc ("EMOMI") and
Edison Mission Operation & Maintenance Pty Ltd dated March 17, 1995, EMOMI provides technical support, (i.e.,
personnel and knowledge) to EMOK to enable EMOK to comply with its obligations under the OMA. EMOMI received $0
in compensation under the TSA in 2002.
4.EME16 DOGA ENERJI URETIM SANAYI VE TICARET L.S. [FUCO]
(a) Doga Enerji Uretim Sanayi ve Ticaret L.S. ("Doga"), Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt,
Istanbul, Turkey
Doga's facility used for the generation, transmission, or distribution of electric energy for sale consists of a
180 MW combined cycle turbine cogeneration plant in Istanbul, Turkey. Doga became operational in May 1999.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 99% of MEC Esenyurt B.V. and through its wholly owned subsidiary MEC International Holdings B.V.
indirectly owns the remaining 1% of MEC Esenyurt B.V.; MEC Esenyurt B.V. owns 80% of Doga, the foreign utility
company.
(c) In connection with the financing of Doga, Edison Mission Operation & Maintenance, Inc. ("EMOMI"), pursuant
to a guarantee ("EMOMI Guarantee"), has guaranteed (for the benefit of Doga and the Banks) the financial
obligations of Doga Isletme ve Bakim Ticaret L.S. (as operator) to Doga under the Operation and Maintenance
Agreement for the operation and maintenance of the power plant. The maximum amount payable by EMOMI under the
EMOMI Guarantee is capped at the base fee paid in any given year (no more than $1 million per year.)
The capital contribution made by Edison Mission Energy through MEC Esenyurt B.V. was $34,849,343.
(d) Capitalization or total equity = $48,101,536
Net income after taxes for 2002 = $9,844,807
(e) There are no contracts between Doga and any system company.
4.EME17 PT. PAITON ENERGY [FUCO]
(a) PT. Paiton Energy ("Paiton"), Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java,
Indonesia
Paiton's facilities consist of two coal-fired electric generating units in Paiton, Indonesia, on the northeast
Java coast, both of which achieved commercial operation during 1999. Each unit has a nominal net design capacity
of 605 MW and is comprised of a boiler and steam turbine generator with ancillary facilities. The two units
share a control room.
55
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI 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 PT. Paiton Energy,
the foreign utility company.
(c) Capital contribution made by Edison Mission Energy through its subsidiary MEC Indonesia B.V. was in the
amount of $125,694,200. Edison Mission Energy and its wholly owned affiliates, MEC Indonesia B.V., MEC
International B.V., and MEC International Holdings B.V. ("Mission Affiliates") have undertaken the following
obligations:
The project is financed by multiple credit facilities (the "Credit Facilities"), of varying terms and tenor,
provided by the Export-Import Bank of the United States, the Japan Bank for International Cooperation, Overseas
Private Investment Corporation and commercial banks. The project also contains financing indirectly provided by
the proceeds of $180,000,000 of bonds issued in reliance upon Rule 144A.
The following is a listing of the various obligations of EME with respect to the Paiton Project:
Guarantees Related to Equity Infusion. EME and its wholly-owned affiliates (MEC International, B.V.,
--------------------------------------
MEC International Holdings, B.V. and MEC Indonesia (the "Mission Affiliates")) have undertaken the following
obligations:
Equity Support Guarantee. EME and the Mission Affiliates have guaranteed payment of 47.06% of PE's
-------------------------
obligations to contribute base equity, overrun equity and contingent overrun equity to the Paiton
Project. EME and the Mission Affiliates' obligations are $320,008,000 for base equity (as of
December 31, 1999 these obligations had been fully funded), $82,355,000 for overrun equity (as of
September 30, 2000, this amount had been fully funded), and $58,825,000 for contingent overrun equity
(as of December 31, 2002, $5,283,667.58 remains outstanding). The total EME/Mission Affiliates'
commitment is $461,188,000. On February 2, 2001, the outstanding amount for contingent overrun equity
was reduced by an equity contribution made by EME in the amount of $22,907,876. This contribution arose
as a result of Edison International's credit downgrade and discharged EME's guarantee of an initial
38.24% of PE's equity obligations pursuant to EME's Equity Support Agreement.
(a) Overrun Equity. Overrun Equity in the amount of $82,355,000 (EME/Mission Affiliates' portion)
---------------
is for costs incurred by the Paiton Project that were not included in the project budget and
not otherwise covered by third parties such as insurers or the construction contractor.
(b) Contingent Overrun Equity. Contingent Overrun Equity in the amount of $58,825,000 (EME/Mission
--------------------------
Affiliates' portion) will be utilized on the same basis as Overrun Equity once the Overrun
Equity has been fully utilized.
(c) BHP Loans. EME has agreed to lend 47.06% of the equity amount required to be contributed by
----------
P.T. Batu Hitam Perkasa, an Indonesian limited liability company, and 15% shareholder in PE
(the "BHP Loans"). The BHP Loans are to be repaid out of PE dividends, carry an interest rate
of Libor plus 2.25%, a term of 20 years. The BHP Loan obligation is included in EME's Equity
Support Agreement commitment and accounts for $21,459,360 of that obligation. This obligation
has been fully funded.
(d) Capitalization or total equity = $120,245,399
Net loss after taxes for 2002 = $19,795,099
56
(e) Edison Mission Energy Asia Pte Ltd., a wholly owned subsidiary of MEC International B.V., has entered into
an Operation and Maintenance Agreement with Paiton 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 ("PTEMO&M"), another indirect subsidiary of Edison Mission Energy. PTEMO&M has received $8,151,046 in
fees from Paiton in 2002.
4.EME18 ISAB ENERGY, s.r.l. [FUCO]
(a) ISAB Energy, s.r.l. ("ISAB"), Corso Gelone No. 103, Siracusa, Sicily, Italy
ISAB's facilities consist of a 512 MW integrated gasification and combined cycle power plant, located in Priolo
Gargallo, 8 kilometers from Siracusa, Sicily. ISAB became operational in April 2000.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI 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, the foreign utility
company.
(c) In connection with the refinancing of ISAB in June 2000, (i) the partners agreed to reduce the equity and
subordinated debt required from 25% of project costs to 10%, and (ii) Edison Mission Energy 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 $45,133,150. In connection with the financing of ISAB, Edison
Mission Operation & Maintenance, Inc. ("EMOMI") pursuant to a guarantee (the "EMOMI Guarantee") has guaranteed
(for the benefit of ISAB and the banks financing the construction of the ISAB power plant) ISAB Energy Services'
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 EMOMI under the EMOMI Guarantee is capped at the
mobilization fee or base fee paid in any given year (anywhere from $3-5 million per year). Deasphalter O&M
(capped at base or mobilization fee - less than $1 million per year).
(d) Capitalization or total equity = $63,258,171
Net income after taxes for 2002 = $26,848,516
(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 $0 for 2002.
Mission Energy Italia s.r.l. ("MEI") and ISAB have entered into a Secondment Agreement effective January 1, 1997
(amended October 1, 2000), 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 $179,985 for the year ended December 31, 2002.
EMEL entered into a Sponsor Support Agreement with ISAB effective January 1, 1997 (amended October 1, 2000),
wherein EMEL provides activities to ISAB in the areas which include the following: 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 2002, EMEL has received $163,267under this Sponsor Support Agreement.
57
4.EME19 DERWENT COGENERATION LIMITED [FUCO]
(a) Derwent Cogeneration Limited ("Derwent"), Lansdowne House, Berkeley Square, London W1X 5DH 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 Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of Mission Energy Company (UK) Limited which owns 33% of Derwent, the foreign utility company.
(c) Total capital contribution = $2,468,719
(d) Capitalization or total equity = $2,487,305
Net income after taxes for 2002 = $2,994,850
(e) Edison Mission Services Limited (formerly Mission Energy Services Limited) ("EMSL") provided construction
management services to Derwent throughout the construction phase of the project and is now the operator of the
facility. EMSL is to receive a fee of $3,266,808 per year for operation and maintenance services as well as
reimbursement from Derwent for expenditures incurred for operation and maintenance services. EMSL received
$3,123,744 in fees in 2002.
4.EME20 LAKELAND POWER LTD. [FUCO]
(a) Lakeland Power Ltd. ("Lakeland"), Roosecote Power Station, Barrow-in-Furness, Cumbria, England LA13 OPQ
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 Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 1% of Pride Hold Limited and 100% of Mission Energy Company (UK) Limited; Mission Energy Company (UK)
Limited owns 99% of Pride Hold Limited. Pride Hold Limited owns 100% of Lakeland Power Ltd., the foreign utility
company.
(c) The capital contribution made by Edison Mission Energy through its subsidiary Pride Hold Limited was
$6,021,299.
(d) Capitalization or total equity = ($3,674,971)
Net income after taxes for 2002 = ($38,824,661)
(e) There are no contracts between Lakeland and any system company.
58
4.EME21 ECOELECTRICA LP [FUCO]
(a) EcoElectrica L.P. ("EcoElectric"), a Bermuda limited partnership ("EcoElectrica") Plaza Scotiabank, Suite
902, Avenida Ponce de Leon 273, Hato Rey, Puerto Rico 00918
EcoElectrica owns and operates a liquefied natural gas marine unloading facility, two 1,000,000-barrel LNG
storage tanks, LNG vaporization equipment, an approximately 461 MW cogeneration power plant facility with two
natural gas turbines and one steam turbine, and a desalination plant, located in Penuelas, Puerto Rico.
EcoElectrica also owns and operates: a 2.3 mile, 230 kV transmission line connecting the power plant substation
to an existing Puerto Rico Electric Power Authority ("PREPA") substation, a 1.2 mile, 24 inch diameter natural
gas accumulator pipeline, a 3.5 mile, 10 inch diameter pipeline to supply liquefied petroleum gas ("LPG") to the
facility, and a 1.1 mile, 6 to 8 inch diameter pipeline connecting the natural gas accumulator and PREPA's Costa
Sur Power Plant. EcoElectrica became operational in March 2000.
(b) Edison International owns 100% of The Mission Group; The Mission Group owns 100% of Mission Energy Holding
Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy owns 100% of
Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly owns 99.97%
(100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI through its
wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and
EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy
owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
MECI owns 100% of EcoElectrica S.a.r.l; EcoElectrica S.a.r.l. owns 100% of EME del Caribe Holding GmbH; EME del
Caribe Holding GmbH owns 100% of EME del Caribe; EME del Caribe owns 50% of EcoElectrica Holdings, Ltd.;
EcoElectrica Holdings, Ltd. owns 100% of EcoElectrica Ltd. and 99%LP of EcoElectrica; EcoElectrica Ltd. owns 1%GP
of EcoElectrica, the foreign utility company.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary EcoElectrica S.a.r.l. in
the amount of $256,376,254.
The following is a listing of the various obligations of Edison Mission Energy with respect to EcoElectrica:
EcoElectrica entered into an Option to Purchase Agreement with Union Carbide Caribe Inc. ("UCCI") under which
EcoElectrica agreed to indemnify UCCI with respect to certain post-closing activities (property damage or
personal injury) and environmental contamination on the plant site. This indemnity obligation was guaranteed by
Enron Power Corp. and Kenetech Energy Systems Inc., ("KES") pursuant to a Guaranty dated November 25, 1997 (the
"UCCI Guaranty").
Edison Mission Energy was required to execute a Guarantee Assumption Agreement under which Edison Mission Energy
agreed to assume all of the obligations of KES under the UCCI Guaranty.
(d) Capitalization or total equity = $11,601,500
Net income after taxes for 2002 = $5,914,704
(e) Assignment and Assumption Agreement: On October 31, 1997, KES Bermuda, Inc. and EcoElectrica entered into
that certain Administrative Services Agreement pursuant to which KES Bermuda, Inc. receives a fee, plus expense
reimbursement in return for providing advisory services to EcoElectrica. As of December 23, 1998, KES Bermuda,
Inc. assigned its rights, title and interests under said agreement to EME del Caribe. As of December 31, 2002,
EME del Caribe has received $710,689 for providing services to EcoElectrica.
59
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.
Consolidating statements of income and surplus for the year ended December 31, 2002, and consolidating
balance sheets as of December 31, 2002, for the claimant and its subsidiary companies.
EXHIBIT B
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 28th day of February, 2003.
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)
60
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
61
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
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 - 44% (359,964)
----------------
Owned by SCE - 56% 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
62
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
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 31,200
----------------- ----------------
TOTAL PLANT 88,350
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 #4 Dam 7 Fresno & Madera 350
(fishwater generator)
Big Creek #8 Fresno 1 08/16/1921 30,000
2 06/08/1929 45,000
----------------- ----------------
TOTAL PLANT 75,000
Mammoth Pool Madera 1 03/28/1960 95,000
2 03/28/1960 95,000
----------------- ----------------
TOTAL PLANT 190,000
63
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
NORTHERN REGION HYDROELECTRIC PLANTS
(continued)
Mammoth Pool - Res. Madera 937
(fishwater generator)
Portal Fresno 1 12/22/1956 10,800
John S. Eastwood Fresno 1 12/01/1987 199,800
TOTAL NORTHERN REGION HYDRO
PLANTS 1,016,187
================
EASTERN REGION HYDROELECTRIC PLANTS:
Fontana San Bernardino 1 12/22/1917 1,475
2 12/22/1917 1,475
----------------- ----------------
TOTAL PLANT 2,950
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
Kern River #1 Kern 1 05/19/1907 6,570
2 06/07/1907 6,570
3 07/29/1907 6,570
4 06/27/1907 6,570
----------------- ----------------
TOTAL PLANT 26,280
Kern River #3 Kern 1 05/13/1921 20,500
2 03/22/1921 19,675
----------------- ----------------
TOTAL PLANT 40,175
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
64
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
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
4 01/10/1899 800
----------------- ----------------
TOTAL PLANT 3,200
Santa Ana #3 San Bernardino 1 11/16/1999 3,100
[Santa Ana #2 replaced by new Santa Ana #3 plant]
Sierra Los Angeles 1 01/12/1922 240
2 02/16/1922 240
----------------- ----------------
TOTAL PLANT 480
Tule River Tulare 1 09/14/1909 1,260
2 09/14/1909 1,260
----------------- ----------------
TOTAL PLANT 2,520
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 2,750
----------------- ----------------
TOTAL PLANT 7,840
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
65
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
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
Rush Creek Mono 1 10/17/1916 4,400
2 12/11/1917 4,000
----------------- ----------------
TOTAL PLANT 8,400
TOTAL EASTERN REGION HYDRO
PLANTS 159,360
================
TOTAL HYDRO PLANTS 1,175,547
================
TOTAL SCE OWNED RESOURCES (MAIN SYSTEM)
5,233,895
================
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
================
66
EXHIBIT A
CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
CONSOLIDATING BALANCE SHEETS
67
EXHIBIT A
CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
CONSOLIDATING BALANCE SHEETS
Attached hereto as Exhibit A are the following financial statements
dated as of December 31, 2002, or for the year then ended:
PAGES
Consolidating Balance Sheet and Consolidating Statements
of Income and Retained Earnings, unless otherwise noted:
-------------------------------Part 2------------------------------
Edison International and Subsidiaries 81-92
Southern California Edison Company and Subsidiaries 93-108
Southern California Edison Company and Subsidiaries
Equity Investments 109
Edison Ventures and Subsidiaries 110-115
The Mission Group and Subsidiaries 116-127
Edison Enterprises and Subsidiaries 128-133
Edison Source and Subsidiaries 134-139
Edison Technology Solutions and Subsidiaries 140-145
Edison Technology Solutions and Subsidiaries
Equity Investments 146
Mission Energy Holding Company and Subsidiaries 147-152
-------------------------------Part 3------------------------------
Edison Capital and Subsidiaries
Consolidating Balance Sheet 153-216
Consolidating Statements of Income and Retained Earnings 217-248
-------------------------------Part 4 -----------------------------
Edison Capital and Subsidiaries
Equity Investments in Real Estate Limited Partnerships
[Based on financial statements as of December 31, 2001] 249-317
Mission Land Company and Subsidiaries 318-332
Mission Power Engineering Company and Subsidiaries 333-338
-------------------------------Part 5 -----------------------------
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet 339-406
Consolidating Statements of Income and Retained Earnings 407-440
Equity Investments 441-447
-------------------------------Part 6------------------------------
Edison Mission Energy Fuel and Subsidiaries 448-456
Edison Mission Holdings Co. and Subsidiaries 457-465
EME CP Holdings Co. and Subsidiaries 466-477
EME Eastern Holdings Co. and Subsidiaries 478-483
Hanover Energy Company and Subsidiaries 484-489
Majestic Energy Limited and Subsidiaries 490-495
Midwest Generation EME, LLC and Subsidiaries 496-504
Mission Del Cielo, Inc. and Subsidiaries 505-510
Mission Energy Holdings International, Inc. and Subsidiaries 511-519
Mission Energy Wales Company and Subsidiaries 420-552
68
PAGES
-------------------------------Part 7 ------------------------------
MEC International B.V. and Subsidiaries 553-609
MECI, Edison Mission Energy Asia Pte Ltd and Subsidiaries 610-618
MECI, Edison Mission Millennium B.V. and Subsidiaries 619-627
MECI, Edison Mission Operation & Maintenance Services B.V. and Subsidiaries 628-633
MECI, EME Atlantic Holdings Limited and Subsidiaries 634-642
MECI, EMEA, Mission Energy Universal Holdings and Subsidiaries 643-651
MECI, Global Generation B.V. and Subsidiaries 652-657
MECI, GGBV, Edison First Power Holdings II and Subsidiaries 658-663
-------------------------------Part 8 ------------------------------
MECI, GGBV, EFPHII, Edison First Power Holdings I and Subsidiaries 664-672
MECI, GGBV, EFPHII, EFPHI, South Australian Holdings Ltd. and Subsidiaries 673-678
MECI, GGBV, EFPHII, EFPHI, SAHL, EME International Dragon Limited 679-684
MECI, GGBV, EFPHII, EFPHI, Maplekey Holdings Limited and Subsidiaries 685-690
MECI, Hydro Energy B.V. and Subsidiaries 691-696
MECI, Iberian Hy-Power Amsterdam B.V. and Subsidiaries 697-708
MECI, Latrobe Power Pty Ltd and Subsidiaries 709-714
MECI, Latrobe Valley B.V. and Subsidiaries 715-720
MECI, Loy Yang Holdings Pty Ltd and Subsidiaries 721-729
MECI, Loy Yang, Edison Mission Energy Holdings Pty Ltd and Subsidiaries 730-744
MECI, Loy Yang, Latrobe Power Pty Ltd and Subsidiaries 745-750
MECI, Loy Yang, Mission Energy Ventures Australia Pty Ltd and Subsidiaries 751-756
MECI, Loy Yang, Traralgon Power Pty. Ltd. and Subsidiaries 757-762
-------------------------------Part 9 ------------------------------
MECI, MEC Esenyurt B.V. and Subsidiaries 763-768
MECI, MEC International Holdings B.V. and Subsidiaries 769-789
MECI, MECI Holdings, MEC Esenyurt B.V. and Subsidiaries 790-795
MECI, MECI Holdings, MEC Perth B.V. and Subsidiaries 796-801
MECI, MECI Holdings, MEC San Pascual B.V. and Subsidiaries 802-807
MECI, MECI Holdings, MEC Wales B.V. and Subsidiaries 808-813
MECI, MECI Holdings, MEC Wales, Mission Hydro Limited
Partnership and Subsidiaries 814-819
MECI, MECI Holdings, MEC Wales, MHLP, EME Generation
Holdings Limited and Subsidiaries 820-840
MECI, MEC Perth B.V. and Subsidiaries 841-846
MECI, MEC San Pascual B.V. and Subsidiaries 847-852
-------------------------------Part 10------------------------------
MECI, MEC Wales B.V. and Subsidiaries 853-858
MECI, MEC Wales, Mission Hydro Limited Partnership and Subsidiaries 859-864
MECI, MEC Wales, MHLP, EME Generation Holdings Limited and Subsidiaries 865-885
MECI, Mission Energy Company (U.K.) Limited and Subsidiaries 886-894
MECI, MEC(UK), Mission Hydro (UK) Limited and Subsidiaries 895-900
MECI, MEC(UK), MH(UK), First Hydro Holdings Co. and Subsidiaries 901-906
MECI, MEC(UK), MH(UK), Mission Hydro Limited Partnership and Subsidiaries 907-912
MECI, MEC(UK), MH(UK), MHLP, EME Generation Holdings Limited and Subsidiaries 913-933
MECI, MEC(UK), Pride Hold Limited and Subsidiaries 934-939
MECI, Pride Hold Limited and Subsidiaries 940-945
MECI, EcoElectrica S.a.r.l. and Subsidiaries 946-954
MECI, Traralgon Power Pty. Ltd. and Subsidiaries 955-960
MEC International B.V. and Subsidiaries Equity Investments 961-962
69
EXHIBIT B
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
70
EXHIBIT B
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
EDISON CAPITAL
--------------
4.EC01 ELECTRICIDAD DE LA PAZ S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Edison Capital International (Bermuda) Ltd.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
07 AIG-GE Capital Latin American Infrastructure Fund LP
08 Andes Energy XII Ltd.
09 Paz Holdings Ltd.
10 Electricidad de La Paz S.A.
4.EC02 EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Edison Capital International (Bermuda) Ltd.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
07 AIG-GE Capital Latin American Infrastructure Fund LP
08 Andes Energy XII Ltd.
09 Paz Holdings Ltd.
10 Empresa de Luz y Fuerza Electrica de Oruro S.A.
4.EC03 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.EC04 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
71
4.EC05 LAKOTA RIDGE LLC [EWG]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Lakota Ridge LLC 75%
4.EC06 SHAOKATAN HILLS LLC [EWG]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Shaokatan Hills LLC 75%
4.EC07 WOODSTOCK HILLS LLC [EWG]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Woodstock Hills LLC 75%
4.EC08 STORM LAKE PARTNERS I LLC [EWG]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Iowa Wind Company
05 Storm Lake Partners I LLC 99%
EDISON MISSION ENERGY
---------------------
4.EME01 EME HOMER CITY GENERATION L.P. [EWG]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Edison Mission Holdings Co.
05 Chestnut Ridge Energy Company
06 EME Homer City Generation L.P. (99%LP)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Edison Mission Holdings Co.
05 Mission Energy Westside, Inc.
06 EME Homer City Generation L.P. (1%GP)
72
4.EME02 GORDONSVILLE ENERGY, LP [EWG]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Madison Energy Company
05 Gordonsville Energy, LP (49%)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Rapidan Energy Company
05 Gordonsville Energy, LP (1%)
4.EME03 MIDWEST GENERATION, LLC [EWG]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Midwest Generation EME, LLC
05 Edison Mission Midwest Holdings Co.
06 Midwest Generation, LLC
4.EME04 SUNRISE POWER COMPANY LLC [EWG]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Del Cielo, Inc.
05 Mission Del Sol, LLC
06 Sunrise Power Company, LLC (50%)
4.EME05 BROOKLYN NAVY YARD COGENERATION PARTNERS, LP [EWG]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy New York, Inc.
05 Brooklyn Navy Yard Cogeneration Partners, LP (1% GP & 49%LP)
4.EME06 LOY YANG B JOINT VENTURE [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
---
06A Latrobe Power Pty Ltd (99%)
07A Mission Victoria Partnership (52.31%)
08A Latrobe Power Partnership (99%)
09A Loy Yang B Joint Venture (51%)
---
73
06B Loy Yang Holdings Pty Ltd
07B Edison Mission Energy Holdings Pty Ltd
08B Edison Mission Energy Australia Ltd
09B Latrobe Power Partnership (1%)
10B Loy Yang B Joint Venture (51%)
---
06C Loy Yang Holdings Pty Ltd
07C Latrobe Power Pty Ltd (1%)
08C Mission Victoria Partnership (52.31%)
09C Latrobe Power Partnership (99%)
10C Loy Yang B Joint Venture (51%)
---
06D Loy Yang Holdings Pty Ltd
07D Mission Energy Ventures Australia Pty Ltd
08D Mission Victoria Partnership (1%)
09D Latrobe Power Partnership (99%)
10D Loy Yang B Joint Venture (51%)
---
06E Loy Yang Holdings Pty Ltd
07E Traralgon Power Pty Ltd (1%)
08E Mission Victoria Partnership (46.69%)
09E Latrobe Power Partnership (99%)
10E Loy Yang B Joint Venture (51%)
---
06F Traralgon Power Pty Ltd (99%)
07F Mission Victoria Partnership (46.69%)
08F Latrobe Power Partnership (99%)
09F Loy Yang B Joint Venture (51%)
---
06G Mission Energy Company (UK) Limited
07G Mission Hydro (UK) Ltd
08G Mission Hydro Limited Partnership (1%)
09G EME Generation Holdings Ltd
10G EME Victoria Generation Ltd
11G Mission Energy Development Australia Pty Ltd
12G Gippsland Power Pty Ltd
13G Loy Yang B Joint Venture (49%)
---
06H MEC Wales B.V. (99%)
07H Mission Hydro Limited Partnership (69%)
08H EME Generation Holdings Ltd
09H EME Victoria Generation Ltd
10H Mission Energy Development Australia Pty Ltd
11H Gippsland Power Pty Ltd
12H Loy Yang B Joint Venture (49%)
---
06I MEC International Holdings B.V.
07I MEC Wales B.V. (1%)
08I Mission Hydro Limited Partnership (69%)
09I EME Generation Holdings Ltd
10I EME Victoria Generation Ltd
11I Mission Energy Development Australia Pty Ltd
12I Gippsland Power Pty Ltd
13I Loy Yang B Joint Venture (49%)
74
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Wales Company
05 Mission Hydro Limited Partnership (30%)
06 EME Generation Holdings Ltd
07 EME Victoria Generation Ltd
08 Mission Energy Development Australia Pty Ltd
09 Gippsland Power Pty Ltd
10 Loy Yang B Joint Venture (49%)
4.EME07 FIRST HYDRO COMPANY [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
---
06J Mission Energy Company (UK) Limited
07J Mission Hydro (UK) Ltd
08J Mission Hydro Limited Partnership (1%)
09J EME Generation Holdings Ltd
10J First Hydro Holdings Company (99%)
11J First Hydro Company (99%)
---
06K Mission Energy Company (UK) Limited
07K Mission Hydro (UK) Ltd
08K Mission Hydro Limited Partnership (1%)
09K EME Generation Holdings Ltd
10K First Hydro Holdings Company (99%)
11K First Hydro Finance plc
12K First Hydro Company (1%)
---
06L MEC Wales B.V. (99%)
07L Mission Hydro Limited Partnership (69%)
08L EME Generation Holdings Ltd
09L First Hydro Holdings Company (99%)
10L First Hydro Company (99%)
---
06M MEC Wales B.V. (99%)
07M Mission Hydro Limited Partnership (69%)
08M EME Generation Holdings Ltd
09M First Hydro Holdings Company (99%)
10M First Hydro Finance plc
11M First Hydro Company (1%)
---
06N MEC International Holdings B.V.
07N MEC Wales B.V. (1%)
08N Mission Hydro Limited Partnership (69%)
09N EME Generation Holdings Ltd
10N First Hydro Holdings Company (99%)
11N First Hydro Company (99%)
---
75
06O MEC International Holdings B.V.
07O MEC Wales B.V. (1%)
08O Mission Hydro Limited Partnership (69%)
09O EME Generation Holdings Ltd
10O First Hydro Holdings Company (99%)
11O First Hydro Finance plc
12O First Hydro Company (1%)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Wales Company
05 Mission Hydro Limited Partnership (30%)
06 EME Generation Holdings Ltd
07 First Hydro Holdings Company (99%)
---
08 First Hydro Company (99%)
---
08 First Hydro Finance plc
09 First Hydro Company (1%)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Mission Hydro (UK) Ltd
08 First Hydro Holdings Company (1%)
09 First Hydro Company (99%)
---
09 First Hydro Finance plc
10 First Hydro Company (1%)
4.EME08 CBK POWER COMPANY LTD. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Millennium B.V.
07 EME Caliraya B.V. (75%)
08 CBK Power Company Ltd. (49%)
---
07 EME Kayalaan B.V.
08 CBK Power Company Ltd. (1%)
76
4.EME09 KALAYAAN POWER MANAGEMENT CORPORATION [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Operation and Maintenance Services B.V.
07 Kalayaan Power Management Corporation (50%)
4.EME10 ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Wind Power Italy B.V.
07 Italian Vento Power Corporation 4 S.r.l. (50%)
4.EME11 CONTACT ENERGY LIMITED [EWG]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EME Atlantic Holdings Limited
07 EME Ascot Limited
08 EME Buckingham Limited
09 EME Precision B.V.
10 Mission Energy Universal Holdings
11 Mission Energy Pacific Holdings
12 Contact Energy Limited (50.598%)
---
10 Mission Energy Universal Holdings
11 Contact Energy Limited (0.624%)
4.EME12 TRI ENERGY COMPANY LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EME Tri Gen B.V.
07 Tri Energy Company Limited (25%)
77
4.EME13 IBERICA DE ENERGIAS, S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Hydro Energy B.V. (10%)
07 Iberica de Energias, S.A. (96.65%)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Iberian Hy-Power Amsterdam B.V.
07 Hydro Energy B.V. (90%)
08 Iberica de Energias, S.A. (96.65%)
---
07 Iberica de Energias (3.35%)
4.EME14 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Hydro Energy B.V. (10%)
07 Iberica de Energias, S.A. (96.65%)
08 Electrometalurgica del Ebro, S.A. (91.32%)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Iberian Hy-Power Amsterdam B.V.
07 Hydro Energy B.V. (90%)
08 Iberica de Energias, S.A. (96.65%)
09 Electrometalurgica del Ebro, S.A. (91.32%)
--
07 Iberica de Energias, S.A. (3.35%)
08 Electrometalurgica del Ebro, S.A. (91.32%)
4.EME15 PERTH POWER PARTNERSHIP [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Perth B.V. (99%)
07 Kwinana Power Partnership (99%)
08 Perth Power Partnership (70%)
---
78
06 MEC International Holdings B.V.
07 MEC Perth B.V. (1%)
08 Kwinana Power Partnership (99%)
09 Perth Power Partnership (70%)
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Loy Yang Holdings Pty Ltd.
07 Edison Mission Energy Holdings Pty Ltd.
08 Mission Energy (Kwinana) Pty Ltd.
09 Kwinana Power Partnership (1%)
10 Perth Power Partnership (70%)
4.EME16 DOGA ENERJI URETIM SANAYI VE TICARET L.S. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Esenyurt B.V. (99%)
07 Doya Enerji Uretim Sanayi ve Ticaret L.S. (80%)
---
06 MEC International Holdings B.V.
07 MEC Esenyurt B.V. (1%)
08 Doya Enerji Uretim Sanayi ve Ticaret Anonim Sirketi (80%)
4.EME17 PT. PAITON ENERGY COMPANY [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Indonesia B.V. (99%)
07 P. T. Paiton Energy Company (40%)
---
06 MEC International Holdings B.V.
07 MEC Indonesia B.V. (1%)
08 P. T. Paiton Energy Company (40%)
4.EME18 ISAB ENERGY, S.R.L. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Priolo B.V. (99%)
07 ISAB Energy, s.r.l. (49%)
---
79
06 MEC International Holdings B.V.
07 MEC Priolo B.V. (1%)
08 ISAB Energy, s.r.l. (49%)
4.EME19 DERWENT COGENERATION LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Derwent Cogeneration Limited (33%)
4.EME20 LAKELAND POWER LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Pride Hold Limited (99%)
08 Lakeland Power Limited
---
06 Pride Hold Limited (1%)
07 Lakeland Power Limited
4.EME21 ECOELECTRICA L.P. [FUCO]
00 Edison International
01 The Mission Group
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EcoElectrica S.a.r.l.
07 EME del Caribe Holding GmbH
08 EME del Caribe
09 EcoElectrica Holdings, Ltd. 50%
10 EcoElectrica Ltd.
11 Ecoelectrica LP (1%)
---
10 Ecoelectrica LP (99%)
* Mission Energy Holdings International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC
International B.V. ("MECI") and indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK
International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and EME Southwest Power Corporation,
which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D
shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
80
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Southern The Mission Group Edison Ventures
California Edison Consolidated Consolidated
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,038,827 $1,230,044
Receivables - net 767,483 374,301 $3
Accrued unbilled revenue 437,211
Fuel inventory 11,998 111,555
Materials and supplies, at average cost 159,295 65,469
Accumulated deferred income taxes - net 41,736 3
Trading and price risk management assets 33,742
Regulatory assets - net 509,964
Prepayments and other current assets 55,258 445,147
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,021,772 2,260,258 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 154,011 6,768,013
Nuclear decommissioning trusts 2,210,216
Investments in partnerships
and unconsolidated subsidiaries 2,010,763
Investments in leveraged leases 2,312,751
Other investments 214,147 2,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,578,374 11,091,527 2,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,201,640
Generation 1,771,468
Accumulated provision for depreciation
and decommissioning (8,347,244)
Construction work in progress 528,963
Nuclear fuel, at amortized cost 153,043
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 660,959
Regulatory assets - net 3,706,555
Other deferred charges 626,371 1,657,565
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,332,926 2,318,524
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 75,492
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18,240,942 $15,745,801 $2,412
============================================================= ==================== ==================== ====================
81
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Insurance Edison Drives Edison
Services, Inc. Electric International
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
$63 $251,940
Cash and equivalents 7,979 1,251,797
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets 1,759
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8,042 1,505,496
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,680
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 18,363 7,025,535
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 18,363 7,027,215
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 5,529 1,891
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,529 1,891
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $31,934 $8,534,602
============================================================= ==================== ==================== ====================
82
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EIX Trust I EIX Trust II EIX Trust III
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $79,103 $56,468
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 79,103 56,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 515,464 335,052
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 515,464 335,052
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $594,567 $391,520
============================================================= ==================== ==================== ====================
83
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison
Adjustments International
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,520,874
Receivables - net ($1,425,946) 1,111,188
Accrued unbilled revenue 437,211
Fuel inventory 123,553
Materials and supplies, at average cost 224,764
Accumulated deferred income taxes - net 41,739
Trading and price risk management assets 33,742
Regulatory assets - net 509,964
Prepayments and other current assets (276,012) 226,152
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1,701,958) 5,229,187
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6,923,704
Nuclear decommissioning trusts 2,210,216
Investments in partnerships
and unconsolidated subsidiaries 2,010,763
Investments in leveraged leases 2,312,751
Other investments (7,876,051) 234,916
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (7,876,051) 13,692,350
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,201,640
Generation 1,771,468
Accumulated provision for depreciation
and decommissioning (8,347,244)
Construction work in progress 528,963
Nuclear fuel, at amortized cost 153,043
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 660,959
Regulatory assets - net 3,706,555
Other deferred charges (967,936) 1,323,420
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,690,934
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations (14,558) 60,934
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($10,560,503) $32,981,276
============================================================= ==================== ==================== ====================
84
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Southern The Mission Group Edison Ventures
California Edison Consolidated Consolidated
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year $1,671,300 1,089,918
Preferred stock to be redeemed within one year 8,750
Accounts payable 745,488 174,595 $22
Accrued taxes 699,145 36,249
Trading and price risk management liabilities 45,495
Other current liabilities 1,437,914 450,295
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,562,597 1,874,103 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,503,697 6,458,659
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,662,091 3,344,117
Accumulated deferred investment tax credits 147,924 18,866
Customer advances and other deferred credits 963,814 877,393
Power-purchase contracts 239,529
Accumulated provision for pension and benefits 344,167 43,294
Other long-term liabilities 151,667
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4,509,192 4,283,670
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 72,490
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 393 424,707
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 128,755
Subject to mandatory redemption 146,950
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 150,000
Other preferred securities 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 275,705 281,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,508,763 3,310,365 2,406
Accumulated other comprehensive income (loss) (11,053) (225,782)
Retained earnings 1,891,649 (733,636) (16)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,389,359 2,350,947 2,390
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18,240,943 $15,745,801 $2,412
============================================================= ==================== ==================== ====================
85
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Insurance Edison Drives Edison
Services, Inc. Electric International
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $6,393 $8 $1,491,306
Accrued taxes (264,758)
Trading and price risk management liabilities
Other current liabilities 210 153,570
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 6,603 8 1,380,118
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,414,652
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (3,817) 3,851
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 51,392
Other long-term liabilities 9,345
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,528 55,243
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,730 31 1,973,342
Accumulated other comprehensive income (loss) 113
Retained earnings 17,960 (39) 2,711,247
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19,803 ($8) 4,684,589
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $31,934 $8,534,602
============================================================= ==================== ==================== ====================
86
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EIX Trust I EIX Trust II EIX Trust III
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $16,576 $10,634
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 76,871 54,883
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 93,447 65,517
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 485,321 315,483
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 485,321 315,483
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 15,464 10,052
Accumulated other comprehensive income (loss)
Retained earnings 335 468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 15,799 10,520
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $594,567 $391,520
============================================================= ==================== ==================== ====================
87
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison
Adjustments International
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 2,761,218
Preferred stock to be redeemed within one year 8,750
Accounts payable ($1,579,708) 865,314
Accrued taxes 159,400 630,036
Trading and price risk management liabilities 45,495
Other current liabilities (135,599) 2,038,144
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,555,907) 6,426,508
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (1,819,664) 11,557,344
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (159,400) 5,846,842
Accumulated deferred investment tax credits 166,790
Customer advances and other deferred credits 1,841,207
Power-purchase contracts 239,529
Accumulated provision for pension and benefits 438,853
Other long-term liabilities 161,012
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (159,400) 8,694,233
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 72,490
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 425,100
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 128,755
Subject to mandatory redemption 146,950
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 950,804
Other preferred securities 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 1,357,734
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (5,848,811) 1,973,342
Accumulated other comprehensive income (loss) (236,722)
Retained earnings (1,176,721) 2,711,247
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (7,025,532) 4,447,867
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($10,449,503) $32,981,276
============================================================= ==================== ==================== ====================
88
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Southern The Mission Group Edison Ventures
California Edison Consolidated Consolidated
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $8,705,949
Nonutility power generation $3,032,655
Financial services and other 32,353
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8,705,949 3,065,008
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 242,540 943,639
Purchased power 2,015,869
Provisions for regulatory adjustment clauses - net 1,501,821
Other operation and maintenance 1,926,223 1,314,493 ($1)
Depreciation, decommissioning and amortization 780,248 249,034
Property and other taxes 117,425 27,959
Net gain on sale of utility plant (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6,579,333 2,535,125 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,126,616 529,883 1
Interest and dividend income 261,894 30,927
Other nonoperating income 82,343 (51,304)
Interest expense - net of amounts capitalized (584,448) (647,193)
Other nonoperating deductions 2,272 (27,159)
Dividends on preferred securities (21,176)
Dividends on utility preferred stock 19,224
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,869,453 (186,022) 1
Income taxes (benefit) 641,784 (186,974) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,227,669 952
Loss from discontinued operations (74,382)
Income taxes (benefit) on discontinued operations 15,905
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,227,669 (57,525)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 664,040 (675,782)
Dividends declared on common stock (329)
Dividends declared on preferred stock
Stock option appreciation (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,891,649 ($733,636)
=============================================================== ==================== ==================== ====================
89
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Catalina Edison Insurance Edison Drives
Services, Inc. Electric
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $17,190
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 17,190
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 19,728 ($16)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 19,728 (16)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2,538) 16
Interest and dividend income 422
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2,116) 16
Income taxes (benefit) (1,069) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1,047) 10
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1,047) 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19,008 (48)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $17,961 ($38)
=============================================================== ==================== ==================== ====================
90
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EIX Trust I EIX Trust II EIX Trust III
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $44,494 $31,850
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities 43,829 31,337
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 665 513
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 665 513
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 665 513
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (330) (44)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($335) ($469)
=============================================================== ==================== ==================== ====================
91
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Consolidating Edison
International Adjustments International
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $8,705,949
Nonutility power generation 3,032,655
Financial services and other $76,026 ($93,677) 31,892
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 76,026 (93,677) 11,771,496
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1,186,179
Purchased power 2,015,869
Provisions for regulatory adjustment clauses - net 1,501,821
Other operation and maintenance 97,721 (115,894) 3,242,256
Depreciation, decommissioning and amortization 269 1,029,551
Property and other taxes 145,384
Net gain on sale of utility plant (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 97,990 (115,894) 9,116,267
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (21,964) 1,251 2,655,229
Interest and dividend income 1,874 (84,986) 286,475
Other nonoperating income (62,365) 93,404
Interest expense - net of amounts capitalized (136,069) (1,283,204)
Other nonoperating deductions (85,436) (110,323)
Dividends on preferred securities (96,342)
Dividends on utility preferred stock (19,224)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (156,159) 1,526,349
Income taxes (benefit) (63,256) 390,490
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (92,903) 1,135,859
Loss from discontinued operations (74,382)
Income taxes (benefit) on discontinued operations (15,905)
Equity on earnings of subsidiaries 1,170,285
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,077,382 (1,170,285) 1,077,382
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,634,213 1,634,213
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation (348) (348)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2,711,247 ($1,176,740) $2,711,247
=============================================================== ==================== ==================== ====================
92
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
California Conservation Edison ESI
Electric Power Financing
Company Corporation
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,692
Receivables - net 1,951
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 52
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets 3,423
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8,118
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 8
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges $151,000 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 151,000 3
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $151,000 $8,129
============================================================= ==================== ==================== ====================
93
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Material Mono Power Company SCE Capital Company
Supply LLC (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $807
Receivables - net $36,511 $10
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 89,186
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 125,697 807 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $125,697 $807 $10
============================================================= ==================== ==================== ====================
94
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
SCE Funding LLC SCE Trust I SCE Trust II
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $48,706
Receivables - net 22
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 48,728
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 1,278,316
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,278,316
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,327,044
============================================================= ==================== ==================== ====================
95
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
SCE UK Services Southern States Southern
Limited Realty California Edison
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8 $986,614
Receivables - net $42 19 816,441
Accrued unbilled revenue 437,211
Fuel inventory 11,998
Materials and supplies, at average cost 81,297
Accumulated deferred income taxes - net 41,684
Trading and price risk management assets
Regulatory assets - net 523,905
Prepayments and other current assets 51,835
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 42 27 2,950,985
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 69 153,934
Nuclear decommissioning trusts 2,210,216
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 430,013
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 69 2,794,163
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost: 14,201,640
Transmission and distribution 1,771,468
Generation
Accumulated provision for depreciation
and decommissioning (8,347,244)
Construction work in progress 528,963
Nuclear fuel, at amortized cost 153,043
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net 3,706,555
Other deferred charges 529,059
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,235,614
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $42 $96 $18,288,632
============================================================= ==================== ==================== ====================
96
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Southern
Adjustments California Edison
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,038,827
Receivables - net ($87,513) 767,483
Accrued unbilled revenue 437,211
Fuel inventory 11,998
Materials and supplies, at average cost (11,188) 159,295
Accumulated deferred income taxes - net 41,736
Trading and price risk management assets
Regulatory assets - net (13,941) 509,964
Prepayments and other current assets 55,258
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (112,642) 3,021,772
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 154,011
Nuclear decommissioning trusts 2,210,216
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments (215,866) 214,147
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (215,866) 2,578,374
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,201,640
Generation 1,771,468
Accumulated provision for depreciation
and decommissioning (8,347,244)
Construction work in progress 528,963
Nuclear fuel, at amortized cost 153,043
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 8,307,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net 3,706,555
Other deferred charges (1,332,007) 626,371
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (1,332,007) 4,332,926
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,660,515) $18,240,942
============================================================= ==================== ==================== ====================
97
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
California Conservation Edison ESI
Electric Power Financing
Company (Inactive) Corporation
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $682 $786
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 682 786
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (47,732) 1,050
Accumulated deferred investment tax credits 53,384
Customer advances and other deferred credits 57,155 1,025
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 62,807 2,075
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 393
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 63,003 100
Accumulated other comprehensive income (loss)
Retained earnings 24,115 5,168
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 87,118 5,268
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $151,000 $8,129
============================================================= ==================== ==================== ====================
98
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Material Mono Power Company SCE Capital Company
Supply LLC (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $53,974 $107 $2,097
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 20,465
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 74,439 107 2,097
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 50,000 2,749 120
Accumulated other comprehensive income (loss)
Retained earnings 1,258 (2,049) (2,207)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 51,258 700 (2,087)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $125,697 $807 $10
============================================================= ==================== ==================== ====================
99
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
SCE Funding LLC SCE Trust I SCE Trust II
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $246,300
Preferred stock to be redeemed within one year
Accounts payable 21,310
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 1,091
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 268,701
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 984,859
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 85,944
Accumulated other comprehensive income (loss)
Retained earnings (12,460)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 73,484
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,327,044
============================================================= ==================== ==================== ====================
100
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
SCE UK Services Southern States Southern
Limited Realty California Edison
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $1,425,000
Preferred stock to be redeemed within one year 8,750
Accounts payable 757,804
Accrued taxes 699,145
Trading and price risk management liabilities
Other current liabilities $14 1,431,514
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 14 4,322,213
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,797,461
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($2) 2,708,775
Accumulated deferred investment tax credits 147,924
Customer advances and other deferred credits 905,634
Power-purchase contracts 239,529
Accumulated provision for pension and benefits 344,167
Other long-term liabilities 157,867
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 4,503,896
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 128,755
Subject to mandatory redemption 146,950
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 275,705
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,508,763
Accumulated other comprehensive income (loss) 1 (11,054)
Retained earnings 27 98 1,891,649
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 28 98 4,389,358
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $42 $96 $18,288,633
============================================================= ==================== ==================== ====================
101
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Southern
Adjustments California Edison
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $1,671,300
Preferred stock to be redeemed within one year 8,750
Accounts payable ($91,272) 745,488
Accrued taxes 699,145
Trading and price risk management liabilities
Other current liabilities (15,170) 1,437,914
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (106,442) 4,562,597
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (1,278,623) 4,503,697
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,662,091
Accumulated deferred investment tax credits (53,384) 147,924
Customer advances and other deferred credits 963,814
Power-purchase contracts 239,529
Accumulated provision for pension and benefits 344,167
Other long-term liabilities (6,200) 151,667
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (59,584) 4,509,192
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 393
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 128,755
Subject to mandatory redemption 146,950
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 275,705
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (201,916) 2,508,763
Accumulated other comprehensive income (loss) (11,053)
Retained earnings (13,950) 1,891,649
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (215,866) 4,389,359
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,660,515) $18,240,943
============================================================= ==================== ==================== ====================
102
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
California Conservation Edison ESI
Electric Power Financing
Company (Inactive) Corporation
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $19,065
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue $19,065
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net 1,305
Other operation and maintenance $32 15,695
Depreciation, decommissioning and amortization 7
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 32 17,007
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (32) 2,058
Interest and dividend income 4,389 135
Other nonoperating income
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions 12
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4,344 2,193
Income taxes (benefit) 1,727 972
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,617 1,221
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,617 1,221
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 21,499 3,947
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $24,115 $5,168
=============================================================== ==================== ==================== ====================
103
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Material Mono Power Company SCE Capital Company
Supply LLC (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $398,361
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 398,725 ($121) $4
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 398,725 (121) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (364) 121 (4)
Interest and dividend income 1,497
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,133 121 (4)
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,133 121 (3)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,133 121 (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 125 (2,170) (2,205)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,258 ($2,049) ($2,208)
=============================================================== ==================== ==================== ====================
104
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
SCE Funding LLC SCE Trust I SCE Trust II
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $91,081
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 91,081
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3,616
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3,616
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 87,465
Interest and dividend income 1,200
Other nonoperating income
Interest expense - net of amounts capitalized (90,449)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1,784)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1,784)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1,784)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (10,675)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($12,459)
=============================================================== ==================== ==================== ====================
105
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
SCE UK Services Southern States ENvestSCE
Limited Realty
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $20 $3
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 20 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net $846
Other operation and maintenance 20 5 48
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 20 5 894
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2) (894)
Interest and dividend income 27
Other nonoperating income
Interest expense - net of amounts capitalized (27)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2) (894)
Income taxes (benefit) (2) (5) (363)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 3 (531)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 3 ($531)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 25 95
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $27 $98
=============================================================== ==================== ==================== ====================
106
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Pipeline Edison Carrier Southern
and Terminal Solutions California Edison
Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $35,418 $27,836 $8,622,590
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 35,418 27,836 8,622,590
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 470 242,070
Purchased power 2,015,869
Provisions for regulatory adjustment clauses - net 3,609 1,448,361
Other operation and maintenance 9,745 12,949 1,886,419
Depreciation, decommissioning and amortization 3,196 777,045
Property and other taxes 303 69 117,053
Net gain on sale of utility plant (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 17,323 13,018 6,482,024
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 18,095 14,818 2,140,566
Interest and dividend income 246,144
Other nonoperating income 86,003
Interest expense - net of amounts capitalized (586,545)
Other nonoperating deductions (2,284)
Dividends on preferred securities
Dividends on utility preferred stock (19,224)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 18,095 14,818 1,865,568
Income taxes (benefit) 5,810 1,733 632,174
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 12,285 13,085 1,233,394
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) $12,285 $13,085 1,233,394
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 664,040
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,891,649
=============================================================== ==================== ==================== ====================
107
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Southern
Adjustments California Edison
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility ($488,425) $8,705,949
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (488,425) 8,705,949
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 242,540
Purchased power 2,015,869
Provisions for regulatory adjustment clauses - net 47,700 1,501,821
Other operation and maintenance (400,914) 1,926,223
Depreciation, decommissioning and amortization 780,248
Property and other taxes 117,425
Net gain on sale of utility plant (4,793)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (353,214) 6,579,333
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (135,211) 2,126,616
Interest and dividend income 8,502 261,894
Other nonoperating income (3,660) 82,343
Interest expense - net of amounts capitalized 92,574 (584,448)
Other nonoperating deductions 2,272
Dividends on preferred securities
Dividends on utility preferred stock 19,224
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (34,135) 1,869,453
Income taxes (benefit) 261 641,784
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (33,874) 1,227,669
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (33,874) 1,227,669
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (10,641) 664,040
Dividends declared on common stock
Dividends declared on preferred stock
Stock option appreciation (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($13,950) $1,891,649
=============================================================== ==================== ==================== ====================
108
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries
Equity Investments
December 31, 2002
(In thousands)
Bear Creek Uranium
Name of Entity: Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
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
109
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Ventures Edison TransEnergy Consolidating
Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 3
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 2,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,412
============================================================= ==================== ==================== ====================
110
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Ventures
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 3
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 2,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,412
============================================================= ==================== ==================== ====================
111
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Ventures Edison TransEnergy Consolidating
Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $22
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,406
Accumulated other comprehensive income (loss)
Retained earnings (16)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,390
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,412
============================================================= ==================== ==================== ====================
112
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Ventures
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $22
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,406
Accumulated other comprehensive income (loss)
Retained earnings (16)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,390
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,412
============================================================= ==================== ==================== ====================
113
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Ventures Edison TransEnergy Consolidating
Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($1)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1
Income taxes (benefit) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
114
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Ventures
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($1)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1
Income taxes (benefit) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
115
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
The Mission Group Edison Capital Edison Enterprises
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $858 $488,129 $1,401
Receivables - net 9,394 60,874 408
Fuel inventory
Materials and supplies, at average cost 587
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 15 237,341 7,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10,267 786,344 9,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,567 229
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 363,650
Investments in leveraged leases 2,312,751
Other investments 1,795,929
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,795,929 2,683,968 229
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 684 438
Regulatory assets - net
Other deferred charges 822,836 7,680 947
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 822,836 8,364 1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 65,219
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,629,032 $3,478,676 $76,300
============================================================= ==================== ==================== ====================
116
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Edison OandM Edison Technology
Environmental Services Solutions
Services Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,225 $959
Receivables - net 3,084 500
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1,171 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8,480 1,486
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 346
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 346
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 4,496 1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,496 1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $13,322 $2,555
============================================================= ==================== ==================== ====================
117
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Land Mission Power
Holding Company Company Engineering
Consolidated Consolidated Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $734,374 $98
Receivables - net 309,287 12,457
Fuel inventory 111,555
Materials and supplies, at average cost 64,882
Accumulated deferred income taxes - net
Trading and price risk management assets 33,742
Prepayments and other current assets 197,696 1,766 $60
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,451,536 14,321 60
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6,761,731 (1,860)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,645,253 1,860
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,406,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 659,837
Regulatory assets - net
Other deferred charges 837,871 $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,497,708 5
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 10,273
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,366,501 $14,321 $65
============================================================= ==================== ==================== ====================
118
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating The Mission Group
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,230,044
Receivables - net ($21,703) 374,301
Fuel inventory 111,555
Materials and supplies, at average cost 65,469
Accumulated deferred income taxes - net
Trading and price risk management assets 33,742
Prepayments and other current assets 445,147
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (21,703) 2,260,258
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6,768,013
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,010,763
Investments in leveraged leases 2,312,751
Other investments (1,795,929)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,795,929) 11,091,527
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 660,959
Regulatory assets - net
Other deferred charges (17,339) 1,657,565
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (17,339) 2,318,524
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 75,492
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,834,971) $15,745,801
============================================================= ==================== ==================== ====================
119
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
The Mission Group Edison Capital Edison Enterprises
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $11,550
Preferred stock to be redeemed within one year
Accounts payable $14 1,112 $165
Accrued taxes 3 573
Trading and price risk management liabilities
Other current liabilities 227 33,740 145
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 244 46,402 883
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 424,883
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,180,898 5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits 912 33,121
Power-purchase contracts
Accumulated provision for pension and benefits 11,261
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 912 2,225,280 5,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 69,466
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 863
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,310,365 81,546 306,226
Accumulated other comprehensive income (loss) (8,859) 23
Retained earnings (682,489) 708,561 (305,550)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,627,876 781,248 699
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,629,032 $3,478,676 $76,300
============================================================= ==================== ==================== ====================
120
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Edison OandM Edison Technology
Environmental Services Solutions
Services Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $789 $1,413
Accrued taxes 12 (2)
Trading and price risk management liabilities
Other current liabilities 10,502 113
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 11,303 1,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,173
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,173
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,813
Accumulated other comprehensive income (loss)
Retained earnings (13,987) (4,955)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,019 (142)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $13,322 $2,555
============================================================= ==================== ==================== ====================
121
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Land Mission Power
Holding Company Company Engineering
Consolidated Consolidated Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 1,089,918
Preferred stock to be redeemed within one year
Accounts payable 181,207 $38
Accrued taxes 35,396 267
Trading and price risk management liabilities 45,494
Other current liabilities 405,153 426
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,834,719 731
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 6,033,775 $8,913
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,162,034 3,188
Accumulated deferred investment tax credits 18,866
Customer advances and other deferred credits 843,360
Power-purchase contracts
Accumulated provision for pension and benefits 29,486 2,547
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,053,746 5,735
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 3,024
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 423,844
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 150,000
Other preferred securities 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 281,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,218,285 8,016 3,000
Accumulated other comprehensive income (loss) (216,946)
Retained earnings (1,265,171) (161) (11,848)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 736,168 7,855 (8,848)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,366,501 $14,321 $65
============================================================= ==================== ==================== ====================
122
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating The Mission Group
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year ($11,550) 1,089,918
Preferred stock to be redeemed within one year
Accounts payable (10,143) 174,595
Accrued taxes 36,249
Trading and price risk management liabilities 1 45,495
Other current liabilities (11) 450,295
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (21,703) 1,874,103
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (8,912) 6,458,659
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8,428) 3,344,117
Accumulated deferred investment tax credits 18,866
Customer advances and other deferred credits 877,393
Power-purchase contracts
Accumulated provision for pension and benefits 43,294
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (8,428) 4,283,670
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 72,490
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 424,707
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 150,000
Other preferred securities 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 281,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (2,637,892) 3,310,365
Accumulated other comprehensive income (loss) (225,782)
Retained earnings 841,964 (733,636)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (1,795,928) 2,350,947
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,834,971) $15,745,801
============================================================= ==================== ==================== ====================
123
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
The Mission Group Edison Capital Edison Enterprises
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $6,933 $4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 6,933 4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $384 47,885 4,128
Depreciation, decommissioning and amortization (203) 283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 384 47,682 4,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (384) (40,749) (287)
Interest and dividend income (1,413) (2)
Other nonoperating income (10,000) (34,955) (5,297)
Interest expense - net of amounts capitalized (35,808)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (10,384) (112,925) (5,586)
Income taxes (benefit) (4,006) (146,210) (2,190)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (6,378) 33,285 (3,396)
Loss from discontinued operations 250
Income taxes (benefit) on discontinued operations (1,398)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (6,378) 33,285 (4,544)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 543,113 675,319 (301,004)
Dividends declared on common stock (1,219,224) (43) (2)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($682,489) $708,561 ($305,550)
=============================================================== ==================== ==================== ====================
124
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Edison OandM Edison Technology
Environmental Services Solutions
Services Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $10,809
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 10,809
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 24,451 $22
Depreciation, decommissioning and amortization 1,468
Property and other taxes 2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 25,919 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (15,110) (24)
Interest and dividend income 795 8
Other nonoperating income (9,300) (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (23,615) (18)
Income taxes (benefit) (9,057) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (14,558) (11)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (14,558) (11)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 571 (4,944)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year (13,987) ($4,955)
=============================================================== ==================== ==================== ====================
125
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Mission Land Mission Power
Holding Company Company Engineering
Consolidated Consolidated Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,032,655
Financial services and other $10,487
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,032,655 10,487
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,224,053 4,586 $58
Depreciation, decommissioning and amortization 247,486
Property and other taxes 27,951 6
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,443,129 4,592 58
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 589,526 5,895 (58)
Interest and dividend income 31,435 240
Other nonoperating income (1,010) 334
Interest expense - net of amounts capitalized (611,521)
Other nonoperating deductions (27,159)
Dividends on preferred securities (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (39,905) 6,469 (58)
Income taxes (benefit) (28,993) 3,553 (64)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (10,912) 2,916 6
Loss from discontinued operations (74,632)
Income taxes (benefit) on discontinued operations 17,303
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (68,241) 2,916 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,196,644) (1,054) (11,854)
Dividends declared on common stock (286) (2,023)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,265,171) ($161) ($11,848)
=============================================================== ==================== ==================== ====================
126
THE MISSION GROUP and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating The Mission Group
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,032,655
Financial services and other 32,353
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,065,008
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,314,493
Depreciation, decommissioning and amortization 249,034
Property and other taxes 27,959
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,535,125
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 529,883
Interest and dividend income ($136) 30,927
Other nonoperating income (51,304)
Interest expense - net of amounts capitalized 136 (647,193)
Other nonoperating deductions (27,159)
Dividends on preferred securities (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (186,022)
Income taxes (benefit) (186,974)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 952
Loss from discontinued operations (74,382)
Income taxes (benefit) on discontinued operations 15,905
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (57,525)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (379,285) (675,782)
Dividends declared on common stock 1,221,249 (329)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $841,964 ($733,636)
=============================================================== ==================== ==================== ====================
127
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,401
Receivables - net 408
Fuel inventory
Materials and supplies, at average cost 587
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 7,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 229
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 21,997 (21,997)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 21,997 229 (21,997)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 438
Regulatory assets - net
Other deferred charges 947
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations $46,495 18,724
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $68,492 $29,805 ($21,997)
============================================================= ==================== ==================== ====================
128
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Enterprises
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,401
Receivables - net 408
Fuel inventory
Materials and supplies, at average cost 587
Accumulated deferred income taxes - net
Trading and risk management assets
Prepayments and other current assets 7,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 229
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 229
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 438
Regulatory assets - net
Other deferred charges 947
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 65,219
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $76,300
============================================================= ==================== ==================== ====================
129
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $84 $82
Accrued taxes 573
Trading and price risk management liabilities
Other current liabilities 145
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 84 800
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 67,732 1,734
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 306,226 106,998 ($106,998)
Accumulated other comprehensive income (loss) 23
Retained earnings (305,550) (85,002) 85,002
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 676 22,019 (21,997)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $68,492 $29,805 ($21,997)
============================================================= ==================== ==================== ====================
130
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Enterprises
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $165
Accrued taxes 573
Trading and price risk management liabilities
Other current liabilities 145
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 883
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 69,466
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 306,226
Accumulated other comprehensive income (loss) 23
Retained earnings (305,550)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 699
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $76,300
============================================================= ==================== ==================== ====================
131
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
--------------------------------------------------------------- ------------------- --------------------- ---------------------
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Electric utility
Nonutility power generation
Financial services and other $4,124
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Total operating revenue 4,124
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($368) 4,496
Depreciation, decommissioning and amortization 283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Total operating expenses (368) 4,779
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Operating income (loss) 368 (655)
Interest and dividend income (2)
Other nonoperating income (5,322) 25
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Income (loss) from continuing operations before taxes (4,954) (632)
Income taxes (benefit) (1,953) (237)
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Income (loss) from continuing operations (3,001) (395)
Loss from discontinued operations (1,454) 1,704
Income taxes (benefit) on discontinued operations (1,486) 88
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Net income (loss) (5,941) 1,397
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Retained earnings - beginning of year (300,915) (89)
Dividends declared on common stock (1) (1)
Dividends declared on preferred stock
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Retained earnings - end of year ($306,857) $1,307
=============================================================== =================== ===================== =====================
132
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Enterprises
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,128
Depreciation, decommissioning and amortization 283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (287)
Interest and dividend income (2)
Other nonoperating income (5,297)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (5,586)
Income taxes (benefit) (2,190)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3,396)
Loss from discontinued operations 250
Income taxes (benefit) on discontinued operations (1,398)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (4,544)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (301,004)
Dividends declared on common stock (2)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($305,550)
=============================================================== ==================== ==================== ====================
133
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,314 $87
Receivables - net 408
Fuel inventory
Materials and supplies, at average cost 54 533
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 6,810 261
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8,586 881
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 185 44
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 185 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 438
Regulatory assets - net
Other deferred charges 947
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 947 438
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 18,724
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $28,442 $1,363
============================================================= ==================== ==================== ====================
134
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Source
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,401
Receivables - net 408
Fuel inventory
Materials and supplies, at average cost 587
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 7,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 229
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 229
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 438
Regulatory assets - net
Other deferred charges 947
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,385
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 18,724
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $29,805
============================================================= ==================== ==================== ====================
135
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $66 $16
Accrued taxes 573
Trading and price risk management liabilities
Other current liabilities 82 1,666 ($10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 721 1,682 (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1,734
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 106,998 10
Accumulated other comprehensive income (loss) 23
Retained earnings (84,660) (342)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 22,338 (319) $10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $30,045 $1,363
============================================================= ==================== ==================== ====================
136
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Source
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $82
Accrued taxes 573
Trading and price risk management liabilities
Other current liabilities ($1,593) 145
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,593) 800
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,252
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1,734
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (10) 106,998
Accumulated other comprehensive income (loss) 23
Retained earnings (85,002)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (10) 22,019
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,603) $29,805
============================================================= ==================== ==================== ====================
137
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1,700 $2,424
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,700 2,424
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,934 2,562
Depreciation, decommissioning and amortization 260 23
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,194 2,585
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (494) (161)
Interest and dividend income (2)
Other nonoperating income 25
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (469) (163)
Income taxes (benefit) (177) (60)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (292) (103)
Loss from discontinued operations 1,704
Income taxes (benefit) on discontinued operations 88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1500 (103)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (86) (3)
Dividends declared on common stock (1)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,413 ($106)
=============================================================== ==================== ==================== ====================
138
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Edison Source
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,496
Depreciation, decommissioning and amortization 283
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4,779
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (655)
Interest and dividend income (2)
Other nonoperating income 25
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (632)
Income taxes (benefit) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (395)
Loss from discontinued operations 1,704
Income taxes (benefit) on discontinued operations 88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,397
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (89)
Dividends declared on common stock (1)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,307
=============================================================== ==================== ==================== ====================
139
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Technology Edison EV Consolidating
Solutions Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $570 $389
Receivables - net 277 223
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets (47) 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 800 686
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $800 $1,755
============================================================= ==================== ==================== ====================
140
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Technology
Solutions
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $959
Receivables - net 500
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,486
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,069
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,555
============================================================= ==================== ==================== ====================
141
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Technology Edison EV Consolidating
Solutions Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $715 $689
Accrued taxes (2)
Trading and price risk management liabilities
Other current liabilities 2 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 715 809
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,117 56
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,117 56
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,467 1,346
Accumulated other comprehensive income (loss)
Retained earnings (4,499) (456)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (1,032) 890
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $800 $1,755
============================================================= ==================== ==================== ====================
142
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Technology
Solutions
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1,413
Accrued taxes (2)
Trading and price risk management liabilities
Other current liabilities 113
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,173
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,173
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,813
Accumulated other comprehensive income (loss) (4,955)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (142)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,555
============================================================= ==================== ==================== ====================
143
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Technology Edison EV Consolidating
Solutions Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $23 ($1)
Depreciation, decommissioning and amortization
Property and other taxes 2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 23 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (23) (1)
Interest and dividend income 4 4
Other nonoperating income (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (19) 1
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (12) 1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (12) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,499) (456)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,499) ($456)
=============================================================== ==================== ==================== ====================
144
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Technology
Solutions
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $22
Depreciation, decommissioning and amortization
Property and other taxes 2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (24)
Interest and dividend income 8
Other nonoperating income (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (18)
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (11)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (11)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,944)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,955
=============================================================== ==================== ==================== ====================
145
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: Facilichem, Inc.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: Research, development and
commercialization of
liquid membrane
technologies
Ownership Interest(s): 10% by Edison Technology
Solutions
146
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $647,164 $87,210
Receivables - net 309,248 44 ($5)
Fuel inventory 111,555
Materials and supplies, at average cost 64,882
Accumulated deferred income taxes - net
Trading and price risk management assets 33,742
Prepayments and other current assets 195,663 2,033
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,362,254 89,287 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6,761,731
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,645,253
Investments in leveraged leases
Other investments 1,879,762 (1,879,762)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,406,984 1,879,762 (1,879,762)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 659,837
Regulatory assets - net
Other deferred charges 652,974 184,899 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,312,811 184,899 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 10,273
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,092,322 $2,153,948 ($1,879,769)
============================================================= ==================== ==================== ====================
147
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Holding Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $734,374
Receivables - net 309,287
Fuel inventory 111,555
Materials and supplies, at average cost 64,882
Accumulated deferred income taxes - net
Trading and price risk management assets 33,742
Prepayments and other current assets 197,696
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,451,536
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6,761,731
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,645,253
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,406,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 659,837
Regulatory assets - net
Other deferred charges 837,871
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,497,708
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 10,273
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,366,501
============================================================= ==================== ==================== ====================
148
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 1,089,918
Preferred stock to be redeemed within one year
Accounts payable 181,155 $56 ($4)
Accrued taxes 34,684 712
Trading and price risk management liabilities 44,538 957 (1)
Other current liabilities 344,712 60,441
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,772,558 62,166 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,872,012 1,161,764 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,161,657 377
Accumulated deferred investment tax credits 18,866
Customer advances and other deferred credits 836,625 6,735
Power-purchase contracts
Accumulated provision for pension and benefits 29,486
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,046,634 7,112
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 3,024
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 423,844
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 150,000
Other preferred securities 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 281,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,697,016 2,554,681 (3,033,412)
Accumulated other comprehensive income (loss) (212,221) (4,725)
Retained earnings (791,770) (1,627,050) 1,153,649
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,693,025 922,906 (1,879,763)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,092,322 $2,153,948 ($1,879,769)
============================================================= ==================== ==================== ====================
149
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Holding Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 1,089,918
Preferred stock to be redeemed within one year
Accounts payable 181,207
Accrued taxes 35,396
Trading and price risk management liabilities 45,494
Other current liabilities 405,153
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,834,719
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 6,033,775
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,162,034
Accumulated deferred investment tax credits 18,866
Customer advances and other deferred credits 843,360
Power-purchase contracts
Accumulated provision for pension and benefits 29,486
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,053,746
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 3,024
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 423,844
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 150,000
Other preferred securities 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 281,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,218,285
Accumulated other comprehensive income (loss) (216,946)
Retained earnings (1,265,171)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 736,168
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,366,501
============================================================= ==================== ==================== ====================
150
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,032,655
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,032,655
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,223,588 $465
Depreciation, decommissioning and amortization 247,486
Property and other taxes 27,951
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,442,664 465
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 589,991 (465)
Interest and dividend income 23,766 7,669
Other nonoperating income (1,010)
Interest expense - net of amounts capitalized (452,022) (159,499)
Other nonoperating deductions (27,159)
Dividends on preferred securities (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 112,390 (152,295)
Income taxes (benefit) 29,577 (58,570)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 82,813 (93,725)
Loss from discontinued operations (74,632)
Income taxes (benefit) on discontinued operations (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 25,484 (93,725)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (816,968) (412,176) $32,500
Dividends declared on common stock (286) (1,121,149) 1,121,149
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($791,770) ($1,627,050) $1,153,649
=============================================================== ==================== ==================== ====================
151
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy
Holding Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,032,655
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,032,655
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,224,053
Depreciation, decommissioning and amortization 247,486
Property and other taxes 27,951
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,443,129
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 589,526
Interest and dividend income 31,435
Other nonoperating income (1,010)
Interest expense - net of amounts capitalized (611,521)
Other nonoperating deductions (27,159)
Dividends on preferred securities (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (39,905)
Income taxes (benefit) (28,993)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (10,912)
Loss from discontinued operations (74,632)
Income taxes (benefit) on discontinued operations (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (68,241)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,196,644)
Dividends declared on common stock (286)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,265,171)
=============================================================== ==================== ==================== ====================
152
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Burlington Edison Capital Edison Capital
Apartments, Inc. Europe Limited Ventures Dissolved
in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $34
Receivables - net 384
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($220) 47
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (220) 465
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($220) $465
============================================================= ==================== ==================== ====================
153
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Funding Edison Mortgage Mission Bartlett
Company Company Dissolved Hill Company
Consolidated in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $488,039
Receivables - net 57,733
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 231,857
Trading and price risk management assets
Prepayments and other current assets 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 777,679
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,215
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 262,879
Investments in leveraged leases 2,312,751
Other investments 100,772
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,683,617
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 8,106
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8,106
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,469,402
============================================================= ==================== ==================== ====================
154
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Renewable Energy Edison Capital
International Capital Company
Capital, Inc. Dissolved in `02
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $56
Receivables - net 3,157
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 5,412
Trading and price risk management assets
Prepayments and other current assets 250
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8,875
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 352
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 127,166
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 127,518
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 257
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $136,650
============================================================= ==================== ==================== ====================
155
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Capital
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $488,129
Receivables - net ($401) 60,874
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (55) 237,042
Trading and price risk management assets
Prepayments and other current assets 299
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (456) 786,344
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,567
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (127,166) 262,879
Investments in leveraged leases 2,312,751
Other investments 100,772
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (127,166) 2,683,969
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 8,363
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8,363
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($127,622) $3,478,676
============================================================= ==================== ==================== ====================
156
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Integrated Mission First
Housing Energy Services Asset Investment
Investments Dissolved in `02 Dissolved in `02
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,066
Receivables - net 22,578
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 186,922
Trading and price risk management assets
Prepayments and other current assets 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 210,616
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,215
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 226,367
Investments in leveraged leases
Other investments 100,403
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 333,985
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 2,820
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2,820
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $547,421
============================================================= ==================== ==================== ====================
157
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Funding Mission Funding Mission Funding
Beta Epsilon Gamma
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $29 $126,845
Receivables - net 7,380 33,799
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (3,223) 2,192 $3,220
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,186 162,836 3,220
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 502,783
Investments in leveraged leases 568,246 981,741 280,157
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 568,246 1,484,524 280,157
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 17
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $572,432 $1,647,377 $283,377
============================================================= ==================== ==================== ====================
158
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Funding Mission Funding Mission Iowa Wind
Kappa Zeta Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $6
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $18,594 2,904 $13,003
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 18,594 2,910 13,003
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 29,862 81,928
Investments in leveraged leases 482,607
Other investments 369
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 482,607 30,231 81,928
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $501,201 $33,141 $94,931
============================================================= ==================== ==================== ====================
159
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Funding Consolidating Edison Funding
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $360,093 $488,039
Receivables - net 580 ($6,604) 57,733
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 8,245 231,857
Trading and price risk management assets
Prepayments and other current assets 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 368,918 (6,604) 777,679
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,215
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,359,815 (1,937,876) 262,879
Investments in leveraged leases 2,312,751
Other investments 100,772
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,359,815 (1,937,876) 2,683,617
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 5,269 8,106
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,269 8,106
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,734,002 ($1,944,480) $3,469,402
============================================================= ==================== ==================== ====================
160
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
East Coast EC Asset Services, EC Properties, Inc.
Capital, Inc. Inc.
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $114 $575
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (66) 513
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 48 1,088
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $48 $1,088
============================================================= ==================== ==================== ====================
161
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EC Properties III, EC-SLP, Inc. ECHI-A Company
Inc. Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3 $62
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 102 (6)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 105 56
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $105 $56
============================================================= ==================== ==================== ====================
162
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
ECHI-B Company ECHI Wyvernwood, ECHP Investment
Dissolved in `02 Inc. Dissolved in Company
`02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
163
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 V Dissolved in 97 VI Dissolved in 97 VII Dissolved
`02 `02 in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
164
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 VIII Dissolved 99A Company 99B Company
in `02 Dissolved in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
165
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Housing Delaware Housing Florida Housing Management
Inc. Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5
Receivables - net 39
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 90 ($1,421)
Trading and price risk management assets
Prepayments and other current assets 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 160 (1,421)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,429
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,429
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 387
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,976 ($1,421)
============================================================= ==================== ==================== ====================
166
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Housing New Jersey Housing New York Housing
Dissolved in `02 Pennsylvania
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($391) ($2,682)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (391) (2,682)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,709 4,036
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,709 4,036
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,318 $1,354
============================================================= ==================== ==================== ====================
167
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Housing Edison Housing Edison Housing
North Carolina Oregon, Inc. South Carolina
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $110 $288
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 110 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 2,068 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,068 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,178 $1,002
============================================================= ==================== ==================== ====================
168
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EHI Development EHI Development MHICAL 94 Company
Company Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $84 $18
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (2) ($111) (1,375)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (82) (111) (1,357)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,572)
Investments in leveraged leases
Other investments 1,062 325
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,062 (1,247)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($82) $951 ($2,604)
============================================================= ==================== ==================== ====================
169
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MHICAL 95 Company Edison Housing MHICAL 96 Company
Consolidation Co.
(6)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $2,958
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($1,436) $771
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1,436) 2,958 771
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (2,315) 14,587 1,012
Investments in leveraged leases
Other investments 539 1,321
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,776) 14,587 2,333
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($3,212) $17,545 $3,104
============================================================= ==================== ==================== ====================
170
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MHICAL 97 Company MHIFED 94 Company MHIFED 95 Company
Dissolved in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $2,941
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,941
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 1,402
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,402
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,343
============================================================= ==================== ==================== ====================
171
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MHIFED 96 Company MHIFED 96A Company MHIFED 97 Company
Dissolved in `02 Dissolved in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
172
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Housing
Alpha Beta Delta
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $25
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (826) ($211) $981
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (801) (211) 981
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 148 367
Investments in leveraged leases
Other investments (1,637)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 148 (1,270)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($801) ($63) ($289)
============================================================= ==================== ==================== ====================
173
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Housing
Denver Epsilon Gamma
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($136) $20 ($159)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (136) 20 (159)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 484 9 335
Investments in leveraged leases
Other investments 106
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 484 115 335
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $348 $135 $176
============================================================= ==================== ==================== ====================
174
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Funding
Holdings Theta Theta [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($934) $593 ($1)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (934) 593 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,952 26 (8)
Investments in leveraged leases
Other investments 126 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,952 152 (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,018 $745 ($8)
============================================================= ==================== ==================== ====================
175
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission SA Company Edison Funding
Zeta Dissolved in `02 Omicron Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($552) $128,703
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (552) 128,703
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 4,045
Investments in leveraged leases
Other investments 70,973
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,045 70,973
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,493 $199,676
============================================================= ==================== ==================== ====================
176
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Funding Edison Capital Consolidating
Olive Court [6] Housing Investments Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $161 $19
Receivables - net 2 22,537
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 148 59,013
Trading and price risk management assets
Prepayments and other current assets 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 335 81,569
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,786
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 198,552
Investments in leveraged leases
Other investments 23,403
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,786 221,955
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 166 2,267
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 166 2,267
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,287 $305,791
============================================================= ==================== ==================== ====================
177
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital
Housing
Investments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,066
Receivables - net 22,578
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 186,922
Trading and price risk management assets
Prepayments and other current assets 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 210,616
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,215
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 226,367
Investments in leveraged leases
Other investments 100,403
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 333,985
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 2,820
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2,820
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $547,421
============================================================= ==================== ==================== ====================
178
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
55 (Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $126,157
Receivables - net 403
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 2,357
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 128,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (4,459)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (4,459)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $124,458
============================================================= ==================== ==================== ====================
179
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
International International Latin American
(Bermuda) Ltd. Transmission Investments
(Bermuda) Ltd. [6] Holding Company
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $65 $589
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (543) (3,984)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (478) (3,395)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 34,111 121,435
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 34,111 121,435
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $33,640 $118,040
============================================================= ==================== ==================== ====================
180
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Mission Funding
(Netherlands) (Netherlands) Alpha
Holdings Company Investments B.V.
B.V. 110 [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Receivables - net 12 $6,278 $13,780
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (16) (143) 3,293
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (2) 6,135 17,073
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 4,781
Investments in leveraged leases 687,832
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,781 687,832
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,779 $6,135 $704,905
============================================================= ==================== ==================== ====================
181
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Funding Mu Mission Funding Mission Funding Nu
[6] Delta [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $376 $87 ($733)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 376 87 (733)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases 24,955 58,463
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 24,955 58,463
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $25,331 $87 $57,730
============================================================= ==================== ==================== ====================
182
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Mission (Bermuda) Mission Funding
Investments, Inc. Investments, Ltd. Epsilon
28
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $10 $22
Receivables - net $13,326
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 75 (4) 1,427
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 85 18 14,753
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 346,915
Investments in leveraged leases 210,491
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 557,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 10
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $85 $18 $572,169
============================================================= ==================== ==================== ====================
183
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Mission Funding
Adjustments Epsilon
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $126,845
Receivables - net 33,799
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 2,192
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 162,836
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 502,783
Investments in leveraged leases 981,741
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,484,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 17
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,647,377
============================================================= ==================== ==================== ====================
184
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Burlington Edison Capital Edison Capital
Apartments, Inc. Europe Limited Ventures Dissolved
in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($36) $16
Accrued taxes 56
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (36) 72
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 10 27
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 10 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (22)
Retained earnings (194) 388
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (194) 366
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($220) $465
============================================================= ==================== ==================== ====================
185
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Funding Edison Mortgage Mission Bartlett
Company Company Dissolved Hill Company
Consolidated in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($120,036)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 17,609
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (102,427)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 424,883
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,175,821
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 9,943
Other long-term liabilities 25,473
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,211,237
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 863
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 127,166
Accumulated other comprehensive income (loss) (8,835)
Retained earnings 816,515
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 934,846
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,469,402
============================================================= ==================== ==================== ====================
186
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Renewable Energy Edison Capital
International Capital Company
Capital, Inc. Dissolved in `02
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $11,550
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $16 ($115) $121,564
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 9,171
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 16 (115) 142,285
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,042
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 15,926
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 20,968
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3 81,545
Accumulated other comprehensive income (loss)
Retained earnings (16) 113 (108,148)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($16) 116 (26,603)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $136,650
============================================================= ==================== ==================== ====================
187
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Capital
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $11,550
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($400) 1,108
Accrued taxes (56)
Trading and price risk management liabilities
Other current liabilities 26,780
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (456) 39,438
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 424,883
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,180,900
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 9,943
Other long-term liabilities 41,399
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,232,242
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 863
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (127,166) 81,545
Accumulated other comprehensive income (loss) (8,857)
Retained earnings 708,561
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (127,166) 781,249
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($127,622) $3,478,675
============================================================= ==================== ==================== ====================
188
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Integrated Mission First
Housing Energy Services Asset Investment
Investments Dissolved in `02 Dissolved in `02
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $137,954
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 21,086
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 159,040
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 41,750
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 11,432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 53,182
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47,308
Accumulated other comprehensive income (loss)
Retained earnings 46,261
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 93,569
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $305,791
============================================================= ==================== ==================== ====================
189
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Funding Mission Funding Mission Funding
Beta Epsilon Gamma
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($164,725) ($721,485) ($98,196)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (164,725) (721,485) (98,196)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 579,700 987,860 277,307
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 579,700 987,860 277,307
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 115,372 1,225,214 75,295
Accumulated other comprehensive income (loss) (8,835)
Retained earnings 42,085 164,623 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 157,457 1,381,002 104,266
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $572,432 $1,647,377 $283,377
============================================================= ==================== ==================== ====================
190
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Funding Mission Funding Mission Iowa Wind
Kappa Zeta Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $83,050 ($52,301) ($53,576)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 83,050 (52,301) (53,576)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 194,449 32,406 38,144
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 194,449 32,406 38,144
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 115,508 40,365 92,500
Accumulated other comprehensive income (loss)
Retained earnings 108,194 12,671 17,863
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 223,702 53,036 110,363
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $501,201 $33,141 $94,931
============================================================= ==================== ==================== ====================
191
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Funding Consolidating Edison Funding
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $950,665 ($6,604) ($120,036)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 5,484 17,609
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 956,149 (6,604) (102,427)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 417,550 424,883
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 13,017 2,175,821
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 9,943
Other long-term liabilities 14,041 25,473
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 27,058 2,211,237
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 863
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 127,166 (1,937,876) 127,166
Accumulated other comprehensive income (loss) (8,835)
Retained earnings 206,079 816,515
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 333,245 (1,937,876) 934,846
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,734,002 ($1,944,480) $3,469,402
============================================================= ==================== ==================== ====================
192
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
East Coast EC Asset Services, EC Properties, Inc.
Capital, Inc. Inc.
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($737) ($196)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (737) (196)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 33 44
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 33 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 58 31
Accumulated other comprehensive income (loss)
Retained earnings 694 1,209
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 752 1,240
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $48 $1,088
============================================================= ==================== ==================== ====================
193
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EC Properties III, EC-SLP, Inc. ECHI-A Company
Inc. Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($12) $43
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (12) 43
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 11 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 11 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2
Accumulated other comprehensive income (loss)
Retained earnings 104 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 106 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $105 $56
============================================================= ==================== ==================== ====================
194
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
ECHIB Company ECHI Wyvernwood, ECHP Investment
Dissolved in `02 Inc. Dissolved in Company
`02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
195
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 V Dissolved in 97 VI Dissolved in 97 VII Dissolved
`02 `02 in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
196
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 VIII Dissolved 99A Company 99B Company
in `02 Dissolved in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
197
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Housing Delaware Housing Florida Housing Management
Inc. Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $98 ($4,986)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 187
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 285 (4,986)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,826
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (1,836)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (1,836)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2 3,772
Accumulated other comprehensive income (loss)
Retained earnings (133) 1,629
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (131) 5,401
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,976 ($1,421)
============================================================= ==================== ==================== ====================
198
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Housing New Jersey Housing New York Housing
Dissolved in `02 Pennsylvania
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($5,576) ($7,392)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (5,576) (7,392)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (145) 189
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (145) 189
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9,248 9,325
Accumulated other comprehensive income (loss)
Retained earnings (209) (768)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9,039 8,557
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,318 $1,354
============================================================= ==================== ==================== ====================
199
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Housing Edison Housing Edison Housing
North Carolina Oregon, Inc. South Carolina
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,070) ($1,708)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,070) (1,708)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 188 182
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 188 182
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,145 2,066
Accumulated other comprehensive income (loss)
Retained earnings 915 462
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,060 2,528
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,178 $1,002
============================================================= ==================== ==================== ====================
200
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EHI Development EHI Development MHICAL 94 Company
Company Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,004) ($3,306) ($42,799)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,004) (3,306) (42,799)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,749) (443)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1,749) (443)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,002 5,000 30,581
Accumulated other comprehensive income (loss)
Retained earnings 84 1,006 10,057
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,086 6,006 40,638
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $82 $951 ($2,604)
============================================================= ==================== ==================== ====================
201
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MHICAL 95 Company Edison Housing MHICAL 96 Company
Consolidation Co.
(6)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($57,203) ($4,948) ($35,763)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (57,203) (4,948) (35,763)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (601) 1,243
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (601) 1,243
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 44,132 14,578 25,926
Accumulated other comprehensive income (loss)
Retained earnings 10,460 7,915 11,698
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 54,592 22,493 37,624
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($3,212) $17,545 $3,104
============================================================= ==================== ==================== ====================
202
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MHICAL 97 Company MHIFED 94 Company MHIFED 95 Company
Dissolved in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($8,764)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,764)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,182
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,182
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,906
Accumulated other comprehensive income (loss)
Retained earnings 8,019
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 11,925
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,343
============================================================= ==================== ==================== ====================
203
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MHIFED 96 Company MHIFED 96A Company MHIFED 97 Company
Dissolved in `02 Dissolved in `02 Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
204
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Housing
Alpha Beta Delta
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($4,828) ($7,072) ($15,936)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4,828) (7,072) (15,936)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 29 145 224
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 29 145 224
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,264 4,459 10,110
Accumulated other comprehensive income (loss)
Retained earnings 734 2,405 5,313
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,998 6,864 15,423
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($801) ($63) ($289)
============================================================= ==================== ==================== ====================
205
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Housing
Denver Epsilon Gamma
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($10,234) ($1,227) ($4,947)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (10,234) (1,227) (4,947)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (94) (51) (34)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (94) (51) (34)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 7,925 1,161 3,340
Accumulated other comprehensive income (loss)
Retained earnings 2,751 252 1,817
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 10,676 1,413 5,157
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $348 $135 $176
============================================================= ==================== ==================== ====================
206
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Funding
Holdings Theta Theta [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($18,618) ($1,761) ($8)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (18,618) (1,761) (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (462) (143)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (462) (143)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 17,570 1,207 26
Accumulated other comprehensive income (loss)
Retained earnings 3,528 1,442 (26)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 21,098 2,649
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,018 $745 ($8)
============================================================= ==================== ==================== ====================
207
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Housing Mission SA Company Edison Funding
Zeta Dissolved in `02 Omicron Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($9,607) $54,842
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 330
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,607) 55,172
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (123) 13,400
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (123) 13,400
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 12,754 12,724
Accumulated other comprehensive income (loss)
Retained earnings 469 118,380
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13,223 131,104
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,493 $199,676
============================================================= ==================== ==================== ====================
208
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Funding Edison Capital Consolidating
Olive Court [6] Housing Investments Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($99) $137,954
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 465 21,086 ($9,943)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 366 159,040 (9,943)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,507
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 41,750
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 9,943
Other long-term liabilities 11,432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 53,182 $9,943
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 865
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47,308
Accumulated other comprehensive income (loss)
Retained earnings (451) 46,261
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (451) 93,569
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,287 $305,791
============================================================= ==================== ==================== ====================
209
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital
Housing
Investments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($56,864)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 12,125
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (44,739)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 7,333
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 52,938
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 9,943
Other long-term liabilities 11,432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 74,313
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 863
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 273,622
Accumulated other comprehensive income (loss)
Retained earnings 236,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 509,651
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $547,421
============================================================= ==================== ==================== ====================
210
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $127,408
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 127,408
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,384
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,384
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 6,723
Accumulated other comprehensive income (loss) (6,854)
Retained earnings (5,203)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (5,334)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $124,458
============================================================= ==================== ==================== ====================
211
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
International International Latin American
(Bermuda) Ltd. Transmission Investments
(Bermuda) Ltd. [6] Holding Company
Dissolved in `02
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2,404 $4,687
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,404 4,687
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 24 (7,232)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 24 (7,232)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 29,384 124,425
Accumulated other comprehensive income (loss) (2,111)
Retained earnings 1,828 (1,729)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 31,212 120,585
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $33,640 $118,040
============================================================= ==================== ==================== ====================
212
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Capital Edison Capital Mission Funding
(Netherlands) (Netherlands) Alpha
Holdings Company Investments B.V.
B.V. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $305 $21 ($195,918)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 305 21 (195,918)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (15) (100) 688,682
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (15) (100) 688,682
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,781 4,781 157,652
Accumulated other comprehensive income (loss) 130
Retained earnings (292) 1,303 54,489
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,489 6,214 212,141
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,779 $6,135 $704,905
============================================================= ==================== ==================== ====================
213
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Funding Mu Mission Funding Mission Funding Nu
[6] Delta [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($16,569) ($19,913) ($36,356)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (16,569) (19,913) (36,356)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 17,818 40,384
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 17,818 40,384
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 14,750 13,880 33,188
Accumulated other comprehensive income (loss)
Retained earnings 9,332 6,120 20,514
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 24,082 20,000 53,702
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $25,331 $87 $57,730
============================================================= ==================== ==================== ====================
214
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Mission (Bermuda) Mission Funding
Investments, Inc. Investments, Ltd. Epsilon
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($80) ($1,598) ($585,876)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (80) (1,598) (585,876)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (150) (246) 246,311
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (150) (246) 246,311
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 25 1,174 834,451
Accumulated other comprehensive income (loss)
Retained earnings 290 688 77,283
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 315 1,862 911,734
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $85 $18 $572,169
============================================================= ==================== ==================== ====================
215
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Mission Funding
Adjustments Epsilon
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($721,485)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (721,485)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 987,860
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 987,860
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,225,214
Accumulated other comprehensive income (loss) (8,835)
Retained earnings 164,623
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,381,002
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,647,377
============================================================= ==================== ==================== ====================
216
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Burlington Edison Capital Edison Capital
Apartments, Inc. Europe Limited Ventures Dissolved
in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $19
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 19
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (19)
Interest and dividend income 1
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (19)
Income taxes (benefit) (23)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($194) 384
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($194) $388
=============================================================== ==================== ==================== ====================
217
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Funding Edison Mortgage Mission Bartlett
Company Company Dissolved Hill Company
Consolidated in `02 Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 27,204 $3
Depreciation, decommissioning and amortization 8,760
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 35,964 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (30,286) (3)
Interest and dividend income (1,416)
Other nonoperating income (33,698)
Interest expense - net of amounts capitalized 35,671
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (101,071) (3)
Income taxes (benefit) (137,047) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 35,976 (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
Net income (loss) 35,976 (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 793,626 $2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $829,602
=============================================================== ==================== ==================== ====================
218
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Renewable Energy Edison Capital
International Capital Company
Capital, Inc. Dissolved in `02
Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2 20,659
Depreciation, decommissioning and amortization (8,963)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 11,696
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2) (11,698)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized 137
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2) (11,835)
Income taxes (benefit) (1) (9,140)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (2,695)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (2,695)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1 (105,453)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($108,148)
=============================================================== ==================== ==================== ====================
219
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Consolidating Edison Capital
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $5,676
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 5,676
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $42 47,929
Depreciation, decommissioning and amortization (203)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 42 47,726
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (42) (42,050)
Interest and dividend income (1,415)
Other nonoperating income 6 (33,693)
Interest expense - net of amounts capitalized 35,808
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 10 (112,966)
Income taxes (benefit) 4 (146,208)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 6 33,242
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 6 33,242
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6) 675,319
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $708,561
=============================================================== ==================== ==================== ====================
220
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Integrated Mission First
Housing Energy Services Asset Investment
Investments Dissolved in `02 Dissolved in `02
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (194) $2 $2
Depreciation, decommissioning and amortization 6,343
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6,149 2 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 346 (2) (2)
Interest and dividend income 281
Other nonoperating income (20,489)
Interest expense - net of amounts capitalized 2
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (19,864) (2) (2)
Income taxes (benefit) (44,338) (1) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 24,474 (1) (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 24,474 (1) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 211,554 $1 $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $236,029
=============================================================== ==================== ==================== ====================
221
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Funding Mission Funding Mission Funding
Beta Epsilon Gamma
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($23,522) ($25,723) ($7,519)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (23,522) (25,723) (7,519)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3 33,918 3
Depreciation, decommissioning and amortization 1,243
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 35,161 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (23,525) (60,884) (7,522)
Interest and dividend income (3,286)
Other nonoperating income (2,272)
Interest expense - net of amounts capitalized 15
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (23,540) (66,442) (7,522)
Income taxes (benefit) (20,046) (44,279) (9,698)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3,494) (22,163) 2,176
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3,494) (22,163) 2,176
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 45,579 186,787 26,795
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $42,085 $164,623 $28,971
=============================================================== ==================== ==================== ====================
222
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Funding Mission Funding Mission Iowa Wind
Kappa Zeta Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $55,946
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 55,946
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3 $8 $3
Depreciation, decommissioning and amortization 893 280
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 901 283
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 55,943 (901) (283)
Interest and dividend income
Other nonoperating income 1,649 (2,684)
Interest expense - net of amounts capitalized 59
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 55,943 689 (2,967)
Income taxes (benefit) 15,327 3,571 (8,777)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 40,616 (2,882) 5,810
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 40,616 (2,882) 5,810
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 67,578 15,553 12,053
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $108,194 $12,671 $17,863
=============================================================== ==================== ==================== ====================
223
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Funding Consolidating Edison Funding
Company Adjustments Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1 $5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 5,678
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6,544 27,204
Depreciation, decommissioning and amortization 1 8,760
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6,545 35,964
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (6,544) (30,286)
Interest and dividend income 1,589 (1,416)
Other nonoperating income (9,902) (33,698)
Interest expense - net of amounts capitalized 35,595 35,671
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (50,451) (101,071)
Income taxes (benefit) (28,805) (137,047)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (21,646) 35,976
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (21,645) 35,976
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 227,724 793,625
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $206,079 $829,601
=============================================================== ==================== ==================== ====================
224
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
East Coast EC Asset Services, EC Properties, Inc.
Capital, Inc. Inc.
Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $208 $575
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 208 575
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 208 575
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 208 575
Income taxes (benefit) 82 96
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 126 479
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 126 479
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 568 730
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $694 $1,209
=============================================================== ==================== ==================== ====================
225
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
EC Properties III, EC-SLP, Inc. ECHI-A Company
Inc. Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $37
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 37
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income 1
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 38
Income taxes (benefit) ($26) 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 26 28
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 26 28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 78 (16)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $104 $12
=============================================================== ==================== ==================== ====================
226
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
ECHI-B Company ECHI Wyvernwood, ECHP Investment
Dissolved in `02 Inc. Dissolved in Company
`02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
227
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 V Dissolved in 97 VI Dissolved in 97 VII Dissolved
`02 `02 in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
228
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 VIII Dissolved 99A Company 99B Company
in `02 Dissolved in `02 Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
229
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
Housing Delaware Housing Florida Housing Management
Inc. Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue $829
--------------------------------------------------------------- -------------------- -------------------- --------------------
829
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 845 $2 $3
Depreciation, decommissioning and amortization 185
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,030 2 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (201) (2) (3)
Interest and dividend income
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (200) (2) (3)
Income taxes (benefit) (81) (1) 151
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (119) (1) (154)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (119) (1) (154)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (14) $1 1,783
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($133) $1,629
=============================================================== ==================== ==================== ====================
230
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Housing
Housing New Jersey Housing New York Pennsylvania
Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 $2 $3
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 2 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3) (2) (3)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) (2) (3)
Income taxes (benefit) (1) (98)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3) (1) 95
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3) (1) 95
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (206) $1 (863)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($209) ($768)
=============================================================== ==================== ==================== ====================
231
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Housing Edison Housing Edison Housing
North Carolina Oregon, Inc. South Carolina
Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 $2 $3
Depreciation, decommissioning and amortization 37 39
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 40 2 42
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (40) (2) (42)
Interest and dividend income
Other nonoperating income (33) (35)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (73) (2) (77)
Income taxes (benefit) (228) (1) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 155 (1) 160
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 155 (1) 160
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 760 $1 302
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $915 $462
=============================================================== ==================== ==================== ====================
232
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
EHI Development EHI Development MHICAL 94 Company
Company Fund
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 888 $3
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 888 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3) (886) (3)
Interest and dividend income 126 18
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) (760) 16
Income taxes (benefit) (293) 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3) (467) 9
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3) (467) 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 87 1,473 10,048
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $84 $1,006 $10,057
=============================================================== ==================== ==================== ====================
233
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
MHICAL 95 Company Edison Housing MHICAL 96 Company
Consolidation Co.
[6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 $3 $3
Depreciation, decommissioning and amortization 39 (85)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 42 3 (82)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (42) (3) 82
Interest and dividend income
Other nonoperating income (53) (198)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (95) (3) (116)
Income taxes (benefit) (191) 503
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 96 (3) 387
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 96 (3) 387
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 10,364 7,918 11,311
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $10,460 $7,915 $11,698
=============================================================== ==================== ==================== ====================
234
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
MHICAL 97 Company MHIFED 94 Company MHIFED 95 Company
Dissolved in `02 Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3
Depreciation, decommissioning and amortization 43
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (46)
Interest and dividend income
Other nonoperating income (175)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (221)
Income taxes (benefit) (593)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 372
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 372
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 7,647
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $8,019
=============================================================== ==================== ==================== ====================
235
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
MHIFED 96 Company MHIFED 96A Company MHIFED 97 Company
Dissolved in `02 Dissolved in `02 Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) $1 ($1) $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1 (1) 1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1 (1) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) 1,292 ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,291
=============================================================== ==================== ==================== ====================
236
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Housing
Alpha Beta Delta
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1,265
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,265
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3 $3 $3
Depreciation, decommissioning and amortization 34
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 3 37
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1,262 (3) (37)
Interest and dividend income
Other nonoperating income (213) 432
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,049 (3) 395
Income taxes (benefit) 525 380
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 524 (3) 15
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 524 (3) 15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 210 2,408 5,298
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $734 $2,405 $5,313
=============================================================== ==================== ==================== ====================
237
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Housing
Denver Epsilon Gamma
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 $3 $3
Depreciation, decommissioning and amortization 7
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 10 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3) (10) (3)
Interest and dividend income
Other nonoperating income (5)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) (15) (3)
Income taxes (benefit) (1) (31)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2) 16 (3)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2) 16 (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2,753 236 1,820
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2,751 $252 $1,817
=============================================================== ==================== ==================== ====================
238
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Housing Mission Housing Mission Funding
Holdings Theta Theta [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 $2 $3
Depreciation, decommissioning and amortization 29
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 31 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3) (31) (3)
Interest and dividend income
Other nonoperating income (22)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) (53) (3)
Income taxes (benefit) (249) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3) 196 (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3) 196 (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 3,531 1,246 (24)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,528 $1,442 ($26)
=============================================================== ==================== ==================== ====================
239
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Housing Mission SA Company Edison Funding
Zeta Dissolved in `02 Omicron Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 $2 $267
Depreciation, decommissioning and amortization 3,707
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 2 3,974
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3) (2) (3,974)
Interest and dividend income 3
Other nonoperating income (12,703)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) (2) (16,674)
Income taxes (benefit) (1) (28,664)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3) (1) 11,990
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3) (1) 11,990
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 472 $1 106,390
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $469 $118,380
=============================================================== ==================== ==================== ====================
240
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Funding Edison Capital Consolidating
Olive Court [6] Housing Investments Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($156) $3,735
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (156) 3,735
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $450 (2,714)
Depreciation, decommissioning and amortization 116 2,192
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 566 (522)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (722) 4,257
Interest and dividend income 133
Other nonoperating income (7,485)
Interest expense - net of amounts capitalized 2
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (722) (3,097)
Income taxes (benefit) (292) (14,095)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (430) 10,998
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (430) 10,998
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (21) 35,263
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($451) $42,261
=============================================================== ==================== ==================== ====================
241
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital
Housing
Investments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 6,495
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (194)
Depreciation, decommissioning and amortization 6,343
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6,149
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 346
Interest and dividend income 281
Other nonoperating income (20,489)
Interest expense - net of amounts capitalized 2
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (19,864)
Income taxes (benefit) (44,338)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 24,474
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 24,474
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 211,554
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $236,029
=============================================================== ==================== ==================== ====================
242
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($139)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (139)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (4,265)
Depreciation, decommissioning and amortization 633
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (3,632)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3,493
Interest and dividend income 1,537
Other nonoperating income 3,687
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 8,717
Income taxes (benefit) 6,583
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,134
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,134
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (7,337)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5,203)
=============================================================== ==================== ==================== ====================
243
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital Edison Capital
International International Latin American
(Bermuda) Ltd. Transmission Investments
(Bermuda) Ltd. Holding Company
Dissolved in `02
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2 ($7,110)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2 (7,110)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6 (7,726)
Depreciation, decommissioning and amortization 1 609
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7 (7,117)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (5) 7
Interest and dividend income 24 (4,847)
Other nonoperating income (5,910)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 19 (10,750)
Income taxes (benefit) 49 (6,486)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (30) (4,264)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (30) (4,264)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,858 2,535
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,828 ($1,729)
=============================================================== ==================== ==================== ====================
244
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Edison Capital Edison Capital Mission Funding
(Netherlands) (Netherlands) Alpha
Holdings Company Investments B.V.
B.V. [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($18,689)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (18,689)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $64 $25 4
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 64 25 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (64) (25) (18,693)
Interest and dividend income
Other nonoperating income 6,229
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (64) 6,204 (18,693)
Income taxes (benefit) 63 2,332 (21,292)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (127) 3,871 2,599
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (127) 3,871 2,599
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (165) (2,568) 51,890
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($292) $1,303 $51,489
=============================================================== ==================== ==================== ====================
245
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Funding Mu Mission Funding Mission Funding Nu
[6] Delta [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $263 $56
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 263 56
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3 $3 3
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 3 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 260 (3) 53
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 260 (3) 53
Income taxes (benefit) 475 (39) (1,731)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (215) 36 1,784
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (215) 36 1,784
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 9,547 6,084 18,730
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9,332 $6,120 $20,514
=============================================================== ==================== ==================== ====================
246
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Mission Mission (Bermuda) Mission Funding
Investments, Inc. Investments, Ltd. Epsilon
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2,526 $4,307 ($107)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2,526 4,307 (107)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9 14 52,611
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9 14 52,611
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,517 4,293 (52,718)
Interest and dividend income
Other nonoperating income (6,278)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,517 4,293 (58,996)
Income taxes (benefit) 1,813 2,136 (28,182)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 704 2,157 (30,814)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 704 2,157 (30,814)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (414) (1,469) 108,097
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $290 $688 $77,283
=============================================================== ==================== ==================== ====================
247
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2002
(In thousands)
Consolidating Mission Funding
Adjustments Epsilon
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($6,833) $25,723
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (6,833) 25,723
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (6,833) 33,918
Depreciation, decommissioning and amortization 1,243
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses ($6,833) 35,161
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (60,884)
Interest and dividend income (3,286)
Other nonoperating income (2,272)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (66,442)
Income taxes (benefit) (44,279)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (22,163)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (22,163)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 186,787
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $164,623
=============================================================== ==================== ==================== ====================
248
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: 1st Time Homebuyer 1010 SVN Assoc LP 1028 Howard St Assoc LP
Opportunities LP (Chester
County Homes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,540 $993 $192
Revenues $152 $43 $12
Net Income (Loss) $1 ($19) ($14)
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Mission Housing
Housing Investments Housing Partners IX LP Investors Partnership
Name of Entity: 1101 Howard St Assoc LP 1475 167th Ave Assoc LP 16th and Church St Assoc
(Bermuda Gardens Apts) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $52 $1,077 $1,971
Revenues $3 $111 $150
Net Income (Loss) ($2) ($47) ($221)
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XI LP Omicron Inc.
249
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: 1732 Champa LP (Buerger 18303 Kittridge Assoc-39 1856 Wells Court Partners
Brothers Lofts) LP (Kittridge) LP (Wells Court)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6,432 $1,683 $2,495
Revenues $666 $282 $396
Net Income (Loss) ($111) ($9) ($117)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Investments Housing Investments Omicron Inc.
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)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,723 $22,243 $68
Revenues $548 $3,134 $5
Net Income (Loss) ($499) ($145) ($3)
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
250
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: 2814 Fifth St Assoc LP 3790 Wisconsin Street 5363 Dent Ave Assoc LP
(Land Park Woods) Partners LP (Wisconsin
III)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $777 $0 $1,073
Revenues $55 $0 $189
Net Income (Loss) ($29) $0 ($39)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by MH II LP
Housing Partners IX LP Housing Investments
Name of Entity: 708 Pico LP (Wavecrest Aaron Michael Assoc LP Abby Assoc LP (Windmere)
Housing)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $368 $0 $4,659
Revenues $12 $0 $335
Net Income (Loss) ($6) $0 ($78)
Ownership Interest(s): 99.9% by Edison Capital 99.9% by Edison Capital 99.00% by MHICAL 95 LP
Housing Partners XV LP Housing Partners XVIII LP
251
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Admiralty Heights Assoc AE Assoc LP (Avenida Affordable/Citrus Glenn
II 1995 LP (Kent Manor) Espana) Phase II, Ltd (Citrus
Glenn Apts Phase II)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,680 $7,247 $2,732
Revenues $98 $572 $364
Net Income (Loss) ($79) ($248) ($86)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Partners VI LP Omicron Inc. Housing Partners VI LP
Name of Entity: Agape Housing LP Alhambra Apts LP Alma Place Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $722 $2,485 $1,031
Revenues $46 $290 $80
Net Income (Loss) ($19) ($30) ($32)
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XIII LP Housing Partners IX LP
252
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Altamont Hotel Assoc LP AMCAL Santa Barbara Fund Anglo Edison Ravenwood LLC
XXXVI LP (Positano)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,805 $1,540 $0
Revenues $339 $119 $0
Net Income (Loss) ($68) ($35) $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners VI LP Housing Partners V LP Omicron Inc.
Name of Entity: Antelope Assoc LP Apollo Development Assoc Arbor Lane Assoc Phase II
LP (Apollo Hotel) LP (Timberwood)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $536 $10
Revenues $0 $44 $2
Net Income (Loss) $0 ($17) $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Corporations
Housing Partners XVII LP Housing Partners XIV LP for Affordable Housing LP
253
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Argyle Redevelopment Arroyo Vista Assoc LP Artloft Assoc LP
Partnership LP (The
Argyle)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,591 $135 $45
Revenues $3,654 $16 $3
Net Income (Loss) ($621) ($4) ($32)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 35.60% by Corporations
Housing Investments for Affordable Housing LP for Affordable Housing LP
53.39% by Corporations
for Affordable Housing LP
II
Name of Entity: Auburn Manor Apts LP Auburn Manor LLC Avalon Courtyard LP
(Carson Senior Housing)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,644 ($10) $81
Revenues $396 $0 $7
Net Income (Loss) ($59) ($3) ($3)
Ownership Interest(s): 99.90% by Edison Capital 50.00% by Edison Capital 99.00% by MHIFED 95 LP
Housing Partners XI LP Housing Investments
254
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: B.A.I. Edison Ravenwood Baker Park Assoc LP Barnsdall Court LP (Villa
LP (Ravenwood) Mariposa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets ($12) $1 $1,006
Revenues $0 $0 $56
Net Income (Loss) ($2) $0 ($27)
Ownership Interest(s): 90.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Delaware, Inc. Housing Partners XVII LP Housing Partners XI LP
Name of Entity: Bartlett Hill Assoc LP Beacon Manor Assoc LP Benton Green LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4,809 $705 $603
Revenues $459 $50 $18
Net Income (Loss) ($523) ($15) ($18)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Investments Housing Partners X LP Housing Partners XV LP
255
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Berry Ave Assoc LP Bodega Hills Investors LP Borregas Court LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $74 $531 $2,016
Revenues $4 $33 $286
Net Income (Loss) ($3) ($12) ($53)
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Partners XI LP
Name of Entity: Boulder Creek Apartments Bouquet Canyon Seniors LP Bracher Assoc LP
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4,621 $2 $1
Revenues $364 $0 $0
Net Income (Loss) ($214) $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners X LP Housing Partners XVI LP Housing Partners XVIII LP
256
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Bradley Manor Senior Apts Brantwood II Assoc LP Brookline Housing Assoc
LP LLC (Bridgewater)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,437 $2,570 $91
Revenues $181 $80 $12
Net Income (Loss) ($45) ($67) ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Corporations
Housing Partners VI LP Omicron Inc. for Affordable Housing LP
II
Name of Entity: Brooks School Assoc LP Bryn Mawr - Belle Shore Bryson Family Apts LP
LP (The)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,744 $22,676 $2,267
Revenues $140 $2,333 $84
Net Income (Loss) ($139) ($791) ($73)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.90% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XI LP
257
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Burlington Senior Housing Bush Hotel LP Caleb Affordable Housing
LLC Assoc LP
(Ledges/Pinebrook)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $587 $10,609 $75
Revenues $60 $614 $12
Net Income (Loss) ($14) ($1,565) ($3)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by Corporations
Housing Partners X LP Omicron Inc. for Affordable Housing LP
Name of Entity: California Park Apts LP Carlin LP (The) Carlton Way Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,044 $143 $36
Revenues $464 $15 $2
Net Income (Loss) ($85) ($6) ($1)
Ownership Interest(s): 99.00% by MH I LP 99.00% by Corporations 99.00% by MHIFED 94 LP
for Affordable Housing LP
258
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Carson Housing LP (Carson Carson Terrace LP Casa Rampart LP (Rampart
Street) Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,801 $623 $860
Revenues $100 $31 $52
Net Income (Loss) ($93) $19 ($25)
Ownership Interest(s): 98.00% by Edison Capital 99.90% by Edison Capital 98.90% by Edison Capital
Housing Partners XI LP Housing Partners XIV LP Housing Partners XI LP
Name of Entity: C-Court LP (Cawelti Court) CCS/Bellingham LP CCS/Mount Vernon Housing
(Washington Grocery LP (La Venture)
Building)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $572 $4,039 $0
Revenues $24 $281 $0
Net Income (Loss) ($12) ($58) $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Investments Housing Partners XIX LP
259
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: CCS/Renton Housing LP CDR Senior Housing Assoc Catalonia Assoc LP
(Renton) LP (Casa del Rio)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $616 $62 $1,874
Revenues $38 $4 $106
Net Income (Loss) ($13) ($2) ($48)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHIFED 94 LP 99.00% by Edison Capital
Housing Partners X LP Housing Partners VIII LP
Name of Entity: Cedarshores Limited Centennial Place LP Centertown Assoc LP
Dividend Housing
Association LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,263 $7,745 $6,399
Revenues $128 $563 $441
Net Income (Loss) ($11) ($423) ($256)
Ownership Interest(s): 99.99% by Edison Capital 99.00% by MH V LP 99.00% by Edison Funding
Housing Partners XII LP Omicron Inc.
0.01% by Mission Funding
Theta LP
Syndicated in `02
260
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Centro Partners LP (El Cincinnati Ravenwood Apts Chamber Apts LP (The
Centro) LP (Ravenwood) Chamber Bldg)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4,887 $4,987 $1,326
Revenues $285 $979 $93
Net Income (Loss) ($271) ($172) ($52)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XIII LP
1.00% by B.A.I. Edison
Ravenwood LP (Ravenwood)
Name of Entity: Cochrane Village Apts LP Colina Vista LP Conejo Valley Community
Housing Assoc (Community
House Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $5,336 $1,684
Revenues $0 $247 $66
Net Income (Loss) $0 ($203) ($54)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 95 LP 99.00% by Edison Capital
Housing Partners XIX LP Housing Investments
261
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Coolidge Station Apts LLC Corporations for Corporations for
Affordable Housing LP Affordable Housing LP II
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $307 $256 $245
Revenues $19 $3 $4
Net Income (Loss) ($13) ($38) ($27)
Ownership Interest(s): 99.00% by Edison Capital 1.00% by EC Properties, 1.00% by EC Properties,
Housing Partners X LP Inc. Inc.
Name of Entity: Corporations for Corona Ely/Ranch Assoc LP Cottonwood Affordable
Affordable Housing LP III Housing LP (Verde Vista)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $12,684 $86 $867
Revenues $64 $6 $76
Net Income (Loss) ($1,393) ($2) ($40)
Ownership Interest(s): 1.00% by EC Properties 99.00% by MHIFED 94 LP 99.00% by Edison Capital
III, Inc. Housing Partners VII LP
262
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Coyote Springs Apts Assoc Cypress Cove Assoc Davis MHA Twin Pines
LP Community Assoc LP
(Northstar Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $10,410 $2,557 $688
Revenues $683 $189 $44
Net Income (Loss) ($420) ($125) ($16)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.90% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XI LP
Name of Entity: Del Carlo Court Assoc LP Delta Plaza Apts LP DeRose Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4,737 $1,963 $4,053
Revenues $219 $91 $594
Net Income (Loss) ($172) ($81) ($412)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by MH III LP
Omicron Inc. Omicron Inc.
263
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Diamond Creek Apts LP Diamond Phase III Venture Don Avante Assoc I LP
LP (Don de Dios)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $46 $660
Revenues $0 $2 $76
Net Income (Loss) $0 ($1) ($19)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.90% by Edison Capital
Housing Partners XVI LP for Affordable Housing LP Housing Partners XV LP
Name of Entity: Don Avante Assoc II LP Double X Assoc 1995 LP EAH Larkspur Creekside
(Village Avante) (Terrace Manor) Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,218 $1,684 $2,289
Revenues $239 $133 $249
Net Income (Loss) ($52) ($37) ($134)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners XIV LP Housing Partners VI LP Omicron Inc.
264
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: East Cotati Ave Partners Eastwood Homes LP ECH/HFC GP Partnership
LP No. 1
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,016 $1,871 $15,604
Revenues $347 $97 $8
Net Income (Loss) ($173) ($99) ($296)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 34.90% by Edison Capital
Omicron Inc. Housing Partners XI LP Housing Investments
50.40% by GP MHICAL 96
Company
14.70% by GP MHICAL 97
Company
Name of Entity: ECH/HFC GP Partnership ECH Investor Partners ECH Investor Partners
No. 2 VI-A LP VI-B LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,417 $4,178 $2
Revenues $1 $11 $0
Net Income (Loss) ($22) ($186) ($0
Ownership Interest(s): 56.70% by Edison Capital 15.39% by Edison Capital 99% by Edison Capital
Housing Investments Contributions VI Partners Contributions VI Partners
43.30% GP by MHICAL 95 1% GP by Edison Capital 1% GP by Edison Capital
Company Housing Investments Housing Investments
265
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: ECHP LLC EDA LP (Eagle's Nest) Edison Capital Affordable
Housing 99A G.P.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $20,790 $88 $3,768
Revenues $0 $24 $14
Net Income (Loss) ($1) ($2) ($368)
Ownership Interest(s): 99.999% by ECHP 99.00% by Corporations 27.69% by Edison Capital
Investment Company for Affordable Housing LP Housing Investments
II
36.47% GP by MHICAL 96
Company
33.05% by MHICAL 97
Company
2.78% by Mission Housing
Epsilon
0.01% by Mission Funding
Theta
Name of Entity: Edison Capital Affordable Edison Capital Housing Edison Capital Housing
Housing 99B G.P. Partners V LP Partners VI LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,775 $298 $7,846
Revenues $5 $1 $23
Net Income (Loss) ($127) ($16) ($381)
Ownership Interest(s): 99.99% by Edison Capital 16.18% by Edison Capital 61.82% by ECH Investor
Housing Investments Housing Investments Partners VI-A LP
0.01% by Mission Funding 37.18% by ECH Investor
Theta Partners VI-B LP
1% GP by Edison Capital
Housing Investments
266
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners VII LP Partners VIII LP Partners IX LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,200 $1,690 $7,832
Revenues $8 $2 $18
Net Income (Loss) ($296) ($103) ($491)
Ownership Interest(s): 19.40% GP by ECH/HFC GP 18.54% by ECH/HFC GP 13.5533% GP by Edison
Partnership No. 1 Partnership No. 2 Capital Affordable
Housing 99A G.P.
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners X LP Partners XI LP Partners XII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $9,964 $5,204 $4,579
Revenues $29 $13 $20
Net Income (Loss) ($753) ($641) ($208)
Ownership Interest(s): 19.3952% by Edison 18.62486% by Edison 13.73759% by Edison
Capital Affordable Capital Affordable Capital Affordable
Housing 99B GP Housing 99B GP Housing 99B GP
267
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XIII LP Partners XIV LP Partners XV LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,291 $1,861 $7
Revenues $4 $15 $0
Net Income (Loss) ($153) ($96) ($1)
Ownership Interest(s): 17.03513% by Edison 7.61% by Edison Capital 9.567% by Edison Capital
Capital Affordable Affordable Housing 99B GP Affordable Housing 99B GP
Housing 99B GP
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XVI LP Partners XVII LP Partners XVIII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $6 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 0.01% by ECHP LLC 0.01% by ECHP LLC 0.01% by ECHP LLC
268
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Edison Capital Housing Edison Capital Edgewood Manor Assoc II LP
Partners XIX LP Contributions VI Partners
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $25,232 $20,468 $48
Revenues $52 $49 $4
Net Income (Loss) ($836) ($806) ($2)
Ownership Interest(s): 0.01% by ECHP LLC 91.77% by Edison Capital 99.00% by Corporations
Housing Investments for Affordable Housing LP
II
4.03% GP by Edison
Housing North Carolina
4.20% GP by Edison
Housing South Carolina
Name of Entity: Edmundson Assoc LP (The El Barrio Academy Urban Electra Arms Senior Assoc
Willows) Renewal Assoc LP (Academy LP
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,031 $5,534 $2,702
Revenues $179 $194 $202
Net Income (Loss) ($134) ($163) ($112)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XI LP
269
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Elizabeth West and East LP Emanuel Grant Company LLC Eugene Hotel LP
(Capitol Heights)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,748 $1,978 $0
Revenues $169 $143 $0
Net Income (Loss) ($96) ($107) $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.90% by Edison Capital
Omicron Inc. Housing Partners XV LP Housing Partners XVI LP
Name of Entity: Fairmont Hotel Urban Fairview Village Assoc LP Farm (The) Assoc LP
Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $68 $6 $6,149
Revenues $3 $0 $367
Net Income (Loss) ($5) $0 ($98)
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 94 LP 99.00% by Edison Funding
for Affordable Housing LP Omicron Inc.
270
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Fell St Housing Assoc LP Fifth and Wilshire Apts LP Flagstaff Affordable
Housing II LP (Forest
View Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $129 $1,148 $982
Revenues $6 $37 $89
Net Income (Loss) ($4) ($26) ($55)
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners VII LP
Name of Entity: Florence Apts LLC Florin Woods Assoc LP Forest Winds Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,526 $1 $259
Revenues $127 $0 $16
Net Income (Loss) ($111) $0 ($9)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Mission Housing
Housing Investments Housing Partners XVIII LP Investors Partnership
271
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Fremont Building LP Garnet Housing Assoc LP Gateway Housing LP
(Crescent Arms) (Garnet Lane Apts) (Gateway Plaza)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2,112 $73
Revenues $0 $140 $13
Net Income (Loss) $0 ($94) $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 97 LP 99.00% by Corporations
Housing Partners XVII LP for Affordable Housing LP
II
Name of Entity: Gilroy Redwood Assoc LP Ginzton Assoc LP Glen Eden Assoc LP (A
(Redwoods) Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,833 $8,766 $294
Revenues $196 $966 $15
Net Income (Loss) ($119) ($82) ($12)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by Mission Housing
Omicron Inc. Omicron Inc. Investors Partnership
272
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Good Samaritan Assoc LP Grace Housing LP (Grace Gray's Meadows Investors
Street) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $47 $2,482 $241
Revenues $2 $127 $18
Net Income (Loss) ($1) ($97) ($14)
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.00% by Edison Capital 99.00% by Mission Housing
Housing Partners XI LP Investors Partnership
Name of Entity: Greenway Village Assoc LP Grossman Apts Investors LP Hamilton Place Apts LP
(Larkin Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,394 $1,009 $3,605
Revenues $261 $111 $389
Net Income (Loss) ($163) ($38) ($59)
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.00% by Edison Funding 99.00% by Edison Capital
Omicron Inc. Housing Partners VI LP
273
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Hamilton Place Senior Harry Clark Jr. Hearthstone Group 3 LP
Living LP Residential Center LLC (Evergreen Court)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,944 $1,706 $1,048
Revenues $269 $50 $89
Net Income (Loss) $1 ($120) ($45)
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
Name of Entity: Heather Glen Assoc LP Hercules Senior Housing Heritage Partners LP
Assoc LP (Heritage Villas)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4,537 $1 $1,972
Revenues $388 $0 $165
Net Income (Loss) ($204) $0 ($63)
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XVII LP Housing Partners XII LP
274
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Highland Village Partners Hilltop Farms LP HMB-Atlanta I LP (Spring
LP Branch)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,198 $0 $4,933
Revenues $41 $0 $924
Net Income (Loss) $43 $0 ($109)
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XV LP Housing Partners XVI LP Omicron Inc.
Name of Entity: Hollywood El Centro LP Holy Family Assoc LP Homestead Village Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $106 $8,683 $52
Revenues $6 $655 $7
Net Income (Loss) ($4) ($336) ($1)
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.00% by Edison Funding 99.00% by Corporations
Omicron Inc. for Affordable Housing LP
II
275
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Hope West Apts LP Hotel Elkhart LLC (The Huff Ave Assoc LP
Cornerstone)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $26 $110 $1,896
Revenues $1 $18 $163
Net Income (Loss) ($1) ($1) ($27)
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Mission Housing 99.00% by Edison Capital
Epsilon Housing Partners VII LP
Name of Entity: I.G. Partners LP (Island Josephinum Assoc LP (The) Junction City Apts LP
Gardens) (Green Park)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $867 $7,346 $37
Revenues $87 $1,266 $8
Net Income (Loss) ($22) ($859) $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners XV LP Housing Investments for Affordable Housing LP
II
276
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Karen Partners LP KDF Malabar LP (Malabar KDF Park Glenn LP (Park
Apts) Glenn Apartments)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,069 $4,621 $1
Revenues $102 $683 $0
Net Income (Loss) ($17) ($10) $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Partners VI LP Housing Partners XVI LP
Name of Entity: KDF Park Glenn Seniors LP KDF Santa Paula LP (Santa Kennedy Court Partners LP
(Park Glenn Senior Apts Paula)
II)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $3,122
Revenues $0 $0 $214
Net Income (Loss) $0 $0 ($149)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by MHICAL 96 LP
Housing Partners XVI LP Housing Partners XIX LP
277
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Kennedy Lofts Assoc LP King Road Assoc LP Klamath Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $12,275 $0 $2,621
Revenues $3,198 $0 $208
Net Income (Loss) ($197) $0 ($73)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by MHICAL 96 LP
Housing Investments Housing Partners XVI LP
Name of Entity: Knolls Community Assoc LP La Brea/Franklin LP Lackawana Housing Assoc
(The Knolls) (Goodwill)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,136 $53 $4,446
Revenues $50 $3 $154
Net Income (Loss) ($36) ($3) ($144)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHIFED 95 LP 99.00% by Edison Funding
Housing Partners IX LP Omicron Inc.
278
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Lark Ellen LP Larkin Pine LP La Terraza Assoc LP
(Villa Loma)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,519 $73 $3
Revenues $166 $3 $0
Net Income (Loss) ($57) ($3) $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHIFED 95 LP 99.00% by Edison Capital
Housing Partners X LP Housing Partners XVII LP
Name of Entity: Lavell Village Assoc LP LL Housing LP (Laurel LL Housing LLC
Lakes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $262 $1 $52
Revenues $17 $0 $0
Net Income (Loss) ($9) $0 ($1)
Ownership Interest(s): 99.00% by MHIFED 96 LP 99.00% by Edison Capital 24.50% by Edison Capital
Housing Partners XVI LP Housing Investments
279
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Lee Park Investors LP Liberty House Assoc LP Lilac Estates LP
Sold in 2002
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $25,383 $41 $377
Revenues $6,024 $3 $20
Net Income (Loss) $157 ($1) ($5)
Ownership Interest(s): 99.00% by Mission Housing 99.00% by Corporations 99.90% by Edison Capital
Alpha for Affordable Housing LP Housing Partners XV LP
II
Name of Entity: LINC-Bristol Assoc I, LP Lovejoy Station LP
(City Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7,042 $2
Revenues $1,249 $0
Net Income (Loss) $101 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners VI LP Housing Partners XVIII LP
280
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Mackenzie Park Assoc LP Madison/Mollison LP (Park Maple Ridge Development
Mollison) Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $13 $6,399 $20
Revenues $1 $1,046 $2
Net Income (Loss) ($1) ($26) ($1)
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
II
Name of Entity: Maplewood Housing Maplewood School Apts LP Mar Assoc LP (Frank Mar)
Associates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,659 $4,901 $9,742
Revenues $527 $220 $772
Net Income (Loss) ($266) ($184) ($594)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Funding
Housing Investments Omicron Inc. Omicron Inc.
281
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: MAS-WT LP (Washington Mayacamas Village Assoc LP McFarland Press Assoc LP
Terrace)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,837 $5,842 $6,161
Revenues $704 $358 $236
Net Income (Loss) ($110) ($187) ($227)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 94 LP 99.00% by Edison Funding
Housing Partners VI LP Omicron Inc.
Name of Entity: Mercantile Housing LLC Mercy Housing California Mercy Housing California
(Mercantile Square) III LP (3rd and Reed) IV LP (Vista Grande)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $17,930 $60 $673
Revenues $2,032 $4 $40
Net Income (Loss) ($369) ($3) ($20)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 95 LP 99.00% by Edison Capital
Omicron Inc. Housing Partners V LP
282
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Mercy Housing California Mercy Housing California Merrill Road Assoc LP
VI LP (205 Jones) IX LP (Sycamore)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,306 $1,895 $3,610
Revenues $282 $109 $96
Net Income (Loss) ($164) ($59) ($90)
Ownership Interest(s): 99.00% by MHICAL 95 LP 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners X LP Omicron Inc.
Name of Entity: Metro Senior Assoc LP MH I LP MH II LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $68 $501 $2
Revenues $4 $10 $2
Net Income (Loss) ($3) ($116) ($60)
Ownership Interest(s): 99.00% by MHIFED 96A LP 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments
99.00% by Edison Funding 99.00% by Mission Housing
Omicron Inc. Delta
283
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: MH III LP MH IV LP MH V LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $671 $749 $2
Revenues $8 $9 $0
Net Income (Loss) ($359) ($351) ($3)
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
Name of Entity: MHIFED 94 LP MHICAL 94 LP MHIFED 95 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $31,531 $33 $28,041
Revenues $108 $1 $93
Net Income (Loss) ($1,954) ($12) ($1,816)
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 Edison Funding
Omicron Inc.
284
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: MHICAL 95 LP MHIFED 96 LP MHIFED 96A LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $172 $197 $26,058
Revenues $3 $0 $57
Net Income (Loss) ($44) ($13) ($1,299)
Ownership Interest(s): 1.00% by Edison Capital 5.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Edison Funding
Omicron Inc.
Name of Entity: MHICAL 96 LP MHIFED 97 LP MHICAL 97 LP
Dissolved in `02
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets ($686) $0 $16
Revenues $19 $0 $0
Net Income (Loss) ($665) $0 ($5)
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 Edison Funding 99.00% by MHIFED 97 99.00% by MHICAL 97
Omicron Inc. Company Company
285
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Mid-Peninsula Century Mid-Peninsula Sharmon Mission Capp LP
Village Assoc LP (Century Palms Assoc LP (Sharmon
Village) Palms)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6,725 $2,681 $4,559
Revenues $837 $253 $431
Net Income (Loss) ($120) ($88) ($167)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Investments Omicron Inc.
Name of Entity: Mission Housing Investors Mission Housing Monterra Village Assoc LP
Partnership Partnership 1996 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $20,406 $0 $636
Revenues $67 $0 $28
Net Income (Loss) ($1,841) ($3) ($16)
Ownership Interest(s): 5.00% by Mission Housing 1.00% by Edison Capital 99.00% by Edison Capital
Theta Housing Investments Housing Partners IX LP
99.00% by Edison Funding
Omicron Inc.
286
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Morgan Hill Ranch Housing Morrone Gardens Assoc LP Mountainlands Housing
LP Partners LP (Holiday
Village Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,058 $69 $732
Revenues $143 $7 $66
Net Income (Loss) ($58) ($3) ($15)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHIFED 94 LP 99.90% by Edison Capital
Housing Partners X LP Housing Partners XV LP
Name of Entity: Mountain View Townhomes MPT Apts LP (MacArthur NAHF Brockton LP
Assoc LP Park) (Southfield Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $831 $5,638 $1,151
Revenues $42 $994 $187
Net Income (Loss) ($25) ($341) ($21)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MH IV LP 99.90% by Edison Capital
Housing Partners VII LP Housing Partners XV LP
287
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: National Boston Lofts Neary Lagoon Partners LP Northern Senior Housing
Assoc LLLP (Boston Lofts) LP (St. Johnsbury)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $20,646 $8,515 $297
Revenues $2,290 $566 $13
Net Income (Loss) ($31) ($317) ($6)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.9% by Edison Capital
Housing Investments Omicron Inc. Housing Partners XV LP
Name of Entity: North Park Village LLC North Town Housing Northwood Manor Assoc LP
Partners LP (Villa del
Norte Village)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,956 $645 $1,757
Revenues $143 $24 $157
Net Income (Loss) ($86) ($23) ($22)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 96 LP 99.00% by Edison Capital
Omicron Inc. Housing Partners VI LP
288
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Oak Forest Assoc LP Oakdale Terrace Leased Oceanside Gardens LP
Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $523 $1,542 $1,701
Revenues $22 $194 $95
Net Income (Loss) ($23) ($19) ($54)
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 99.00% by Edison Funding
Housing Partners VII LP Housing Investments Omicron Inc.
0.01% by Mission Funding
Theta
Name of Entity: Ohlone Housing Assoc LP Olive Court Apts LP OL Hope LP (Olympic Hope)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,450 $3,238 $1
Revenues $223 $484 $0
Net Income (Loss) ($75) ($110) $0
Ownership Interest(s): 99.00% by Edison Capital 98.90% by Edison Capital 99.90% by Edison Capital
Housing Partners VIII LP Housing Investments Housing Partners XVIII LP
0.60% by Edison Funding
Olive Court
289
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Omaha Amber Ridge LP Ontario Senior Housing LP Open Door Assoc LP
(Amber Ridge) (Ontario Plaza)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7,336 $1 $7,591
Revenues $1,066 $0 $547
Net Income (Loss) ($20) $0 ($156)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Partners XIX LP Omicron Inc.
Name of Entity: Osage Terrace LP Oxnard Housing Assoc LP Pacific Terrace Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $510 $35 $717
Revenues $23 $3 $29
Net Income (Loss) ($13) ($1) ($17)
Ownership Interest(s): 99.89% by Edison Capital 99.00% by MHIFED 96A LP 99.90% by Edison Capital
Housing Partners XII LP Housing Partners IX LP
290
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Pacifica Community Assoc Pacific Vista Las Flores Pajaro Court Assoc LP
LP (Villa Pacifica) LP (Vista Las Flores)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,403 $5,765 $15
Revenues $190 $7 $1
Net Income (Loss) ($59) $28 ($1)
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by MHIFED 94 LP
Housing Partners X LP Housing Investments
Name of Entity: Palmer Heights, LLC Palmer House LP Paradise Road Partners LP
(Gateway Village)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1,538 $829
Revenues $0 $207 $47
Net Income (Loss) $0 ($55) ($26)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Partners XVIII LP Omicron Inc. Housing Partners VII LP
291
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Park Land Senior Apts Park Place Terrace LP Park Place 1998, LLC
Investors LP (Banducci)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $445 $1,394 $507
Revenues $19 $49 $26
Net Income (Loss) ($20) ($41) ($14)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners XIII LP Housing Partners V LP Housing Partners XV LP
Name of Entity: Park Williams Partners LP Parkside Assoc LP Parkview Apts Assoc LP
(Parkside Senior) (Parkview/Sunburst)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $372 $62 $1
Revenues $20 $3 $0
Net Income (Loss) ($10) ($2) $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.90% by Edison Capital
Housing Partners XV LP for Affordable Housing LP Housing Partners XVII LP
292
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Parsonage Cottage Senior Patriots Pointe at Pecan Court Assoc LP
Residence LP Colonial Hills LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $43 $534 $0
Revenues $14 $45 $0
Net Income (Loss) ($2) ($31) $0
Ownership Interest(s): 99.00% by Corporations 99.9% by Edison Capital 99.90% by Edison Capital
for Affordable Housing LP Housing Partners XV LP Housing Partners XIX LP
II
Name of Entity: Pellettieri Homes Urban Persimmon Assoc LP Piedmont Housing Assoc
Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $903 $127
Revenues $0 $84 $22
Net Income (Loss) $0 ($29) ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners XIX LP Housing Partners X LP for Affordable Housing LP
III
293
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Pilot Grove LP Pines Housing LP Pines Housing II LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5,374 $34 $21
Revenues $835 $4 $3
Net Income (Loss) ($573) $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Corporations
Housing Investments for Affordable Housing LP for Affordable Housing LP
Name of Entity: Pines Housing III LP Pinmore Assoc LP Pinole Grove Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $23 $1 $51
Revenues $3 $0 $4
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by MHIFED 95 LP
for Affordable Housing LP Housing Partners XVIII LP
III
294
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: PlumTree Preservation LP Poco Way Assoc LP Poinsettia Housing
Associates
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $725 $894 $1,208
Revenues $79 $49 $69
Net Income (Loss) ($2) ($17) ($28)
Ownership Interest(s): 99.9% by Edison Capital 99.00% by MHIFED 96 LP 99.9% by Edison Capital
Housing Partners XV LP Housing Partners XV LP
Name of Entity: Post Office Plaza LP Preservation Properties I Preservation Properties
LP II LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $51,650 $271 $229
Revenues $5,723 $50 $55
Net Income (Loss) ($3,744) ($4) ($4)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Investments Housing Partners XIV LP Housing Partners XIV LP
295
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Preservation Properties Preservation Properties Preservation Properties V
III LP IV LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $129 $62 $369
Revenues $29 $15 $58
Net Income (Loss) ($2) ($1) ($12)
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XIV LP Housing Partners XIV LP Housing Partners XIV LP
Name of Entity: President John Adams Prince Bozzuto LP Project Home I LLC
Manor Apts LP (Fairground Commons)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,135 $396 $279
Revenues $362 $72 $27
Net Income (Loss) ($30) ($19) ($18)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Mission Housing 99.99% by Edison Capital
Housing Partners XIII LP Investors Partnership Housing Partners XV LP
296
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Providence-Brown St PVA LP (Park Victoria) Quebec Arms Apartments LP
Housing LP (Brown St)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $284 $743 $14
Revenues $14 $106 $1
Net Income (Loss) ($12) ($33) $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.9% by Edison Capital
Housing Partners X LP Housing Partners IX LP Housing Partners XVII LP
0.05% by Mission Housing
Alpha
Name of Entity: Rancho Park Assoc LP Red Lake LP #1 Reseda Village LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $343 $0 $37
Revenues $19 $0 $3
Net Income (Loss) ($8) $0 ($1)
Ownership Interest(s): 99.00% by Mission Housing 99.00% by Edison Capital 99.00% by MHIFED 96A LP
Investors Partnership Housing Partners XVI LP
297
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Richmond City Center Rincon De Los Esteros Rittenhouse School LP
Assoc LP Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6,209 $3 $52
Revenues $436 $0 $4
Net Income (Loss) ($242) $0 ($1)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Corporations
Omicron Inc. Housing Partners XIX LP for Affordable Housing LP
II
Name of Entity: Riverside/ Liebrandt River Walk Apts Homes LP Riverwalk Apts, Ltd
Partners LP (La Playa) (Colorado)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,331 $483 $1,677
Revenues $82 $43 $199
Net Income (Loss) ($102) ($12) ($33)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners V LP Housing Partners XIII LP
298
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Roebling Village Inn Rosebloom Assoc LP Rosecreek Senior Living LP
Urban Renewal LP (Oakshade)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,204 $2,567 $1,130
Revenues $66 $196 $106
Net Income (Loss) ($64) ($138) ($26)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.90% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XIII LP
Name of Entity: Round Walk Village Apts LP Rowland Heights Rustic Gardens Assoc LP
Preservation LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $128 $969 $130
Revenues $10 $121 $7
Net Income (Loss) ($3) $21 $4
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.9% by Edison Capital 99.00% by Mission Housing
Housing Partners XIV LP Investors Partnership
299
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Salem Lafayette Urban San Diego Golden Villa San Juan Commons 1996 LP
Renewal Assoc LP Partners LP (Golden Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $89 $464 $550
Revenues $8 $27 $40
Net Income (Loss) ($3) ($19) ($23)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.90% by Edison Capital
for Affordable Housing LP Housing Partners V LP Housing Partners X LP
III
Name of Entity: San Martin de Porres LP San Pablo Senior Housing San Pedro Gardens Assoc LP
Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $3,435 $2,420
Revenues $1 $356 $130
Net Income (Loss) $0 ($134) ($145)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Funding
Housing Partners XVI LP Omicron Inc. Omicron Inc.
300
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Santa Alicia Family Santa Alicia Gardens Santa Paulan Senior Apts
Housing Assoc Townhomes LP (Gardens Assoc LP (The Paulan)
Townhomes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $73 $375 $7,918
Revenues $8 $27 $898
Net Income (Loss) ($1) ($12) ($73)
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners V LP Omicron Inc.
Name of Entity: Saratoga Vacaville LP Schoolhouse Court Housing SD Regency Centre LP
(Saratoga Senior) Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $848 $0 $1
Revenues $72 $0 $0
Net Income (Loss) ($22) $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XV LP Housing Partners XIX LP Housing Partners XVIII LP
301
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Sea Ranch Apts LP Seasons Affordable Senior Second St Center LP
Housing LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $111 $275 $45
Revenues $10 $23 $3
Net Income (Loss) ($6) ($13) ($2)
Ownership Interest(s): 99.00% by Mission Housing 99.00% by MHIFED 96 LP 99.00% by MHIFED 95 LP
Investors Partnership
Name of Entity: Serena Sunbow LP (Villa Sherman Glen, LLC Silver City Housing LP
Serena)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $903 $778 $56
Revenues $84 $94 $14
Net Income (Loss) ($29) ($15) $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners XV LP Housing Partners IX LP for Affordable Housing LP
II
302
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Silver Lake Properties LP Sky Parkway Housing Assoc Smyrna Gardens Assoc LP
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,209 $1 $33
Revenues $109 $0 $3
Net Income (Loss) ($23) $0 ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners VI LP Housing Partners XVII LP for Affordable Housing LP
Name of Entity: Solinas Village Partners South 55th St LP South Beach Housing Assoc
LP LP (Steamboat Point)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $41 $26 $11,628
Revenues $2 $2 $735
Net Income (Loss) ($1) ($0) ($252)
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.00% by Corporations 99.00% by Edison Funding
for Affordable Housing LP Omicron Inc.
II
303
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: South Winery Assoc LP Southern Hotel LP Springdale Kresson Assoc
(The Winery Apts) LP (Jewish Federation)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6,875 $0 $327
Revenues $937 $0 $32
Net Income (Loss) ($357) $0 ($14)
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Mission Housing
Omicron Inc. Housing Partners XVI LP Investors Partnership
Name of Entity: Springdale Preservation Spring Valley Commons Stevenson Housing Assoc
LP (Springdale West) (Park Vista)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,893 $78 $61
Revenues $345 $5 $6
Net Income (Loss) $9 ($3) ($3)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.00% by Corporations
Housing Partners XIV LP for Affordable Housing LP for Affordable Housing LP
III III
304
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: St. Hedwig's Gardens St. Regis Park LP (Pear Stoney Creek Assoc LP
Tree)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $572 $944 $8,328
Revenues $36 $91 $469
Net Income (Loss) ($11) ($33) ($439)
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Edison Funding
Housing Partners V LP Housing Partners XV LP Omicron Inc.
Name of Entity: Stony Point Apt Investors Strobridge Housing Assoc Studebaker Building LP
LP (Panas Place) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,911 $1,524 $2,542
Revenues $114 $88 $281
Net Income (Loss) ($60) ($36) ($119)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners XI LP Housing Partners IX LP Omicron Inc.
305
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Sultana Acres Assoc LP Sunset Creek Partners LP Sunshine Terrace LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,165 $1 $1,254
Revenues $131 $0 $52
Net Income (Loss) ($165) $0 ($35)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XVII LP Housing Partners V LP
Name of Entity: Tabor Grand LP Terra Cotta Housing Assoc Thomson Rental Housing LP
LP (Washington Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,750 $2 $1,941
Revenues $276 $0 $190
Net Income (Loss) ($136) $0 ($67)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Investments Housing Partners XVI LP Omicron Inc.
306
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Three Oaks Housing LP Tierra Linda Assoc LP Timber Sound, Ltd
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $42 $27 $953
Revenues $3 $1 $117
Net Income (Loss) ($5) ($1) ($29)
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.00% by MHIFED 94 LP 99.00% by Edison Capital
Housing Partners X LP
Name of Entity: Timber Sound II, Ltd Tioga Gardens LP Tlaquepaque Housing Assoc
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2,024 $40 $57
Revenues $233 $2 $4
Net Income (Loss) ($21) ($2) ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by MHIFED 94 LP
Housing Partners X LP for Affordable Housing LP
307
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Trinity Park Apts LP Trolley Terrace Townhomes Tuscany Assoc LP (Tuscany
LP Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $481 $366 $3,514
Revenues $26 $14 $242
Net Income (Loss) ($16) ($17) ($170)
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners X LP Housing Partners IX LP Omicron Inc.
Name of Entity: Twin Ponds Apts LP Union Meadows Apts University Manor
Apartments LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,734 $778 $5,767
Revenues $179 $38 $96
Net Income (Loss) ($78) ($42) ($3)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.9% by Edison Capital
Housing Partners XIII LP Housing Partners V LP Housing Partners XVII LP
0.05% by Mission Housing
Alpha
308
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: University Park Upland Senior Housing LP Venbury Trail LP
Properties LP (Coy D. Estes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,557 $3,652 $1,003
Revenues $28 $343 $129
Net Income (Loss) ($40) ($66) ($15)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners VI LP Housing Partners VI LP Housing Partners X LP
Name of Entity: Villa Maria Housing Vine St Court LP Vine St Court LP II
Partnership
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4,667 $31 $9
Revenues $177 $2 $1
Net Income (Loss) ($139) ($1) ($0)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 96A LP 99.00% by MHIFED 96A LP
Omicron Inc.
309
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Virginia Lane LP Vista Properties LLC Vista Sonoma Senior
(Vista View) Living LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2,280 $1,837
Revenues $0 $239 $111
Net Income (Loss) $0 ($27) ($72)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners XIX LP Housing Partners VI LP Housing Partners XV LP
Name of Entity: Vista Verde Housing Vista Verde Townhomes II W.M. Housing Assoc LP
Associates LP (California) LLC (Colorado) (Williamsport Manor)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1,231 $53
Revenues $0 $66 $8
Net Income (Loss) $0 ($35) ($0)
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners XVII LP Housing Partners VI LP for Affordable Housing LP
II
310
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Walden Pond Ltd LP Wall Street Palmer House Walnut Ave Partnership LP
(Hamlet) LP (Palmer Hotel)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $183 $819 $646
Revenues $21 $76 $49
Net Income (Loss) ($6) ($4) ($11)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners XI LP Housing Partners IX LP
Name of Entity: Washington Creek Assoc LP West Capital Courtyard LP Westfair LLC (Cedar Ridge)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3,295 $5,763 $474
Revenues $243 $342 $45
Net Income (Loss) ($158) $218 ($16)
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHICAL 94 LP 99.90% by Edison Capital
Omicron Inc. Housing Partners XV LP
311
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Westfield Condominium Westgate Townhomes Assoc West Oaks Apts LP
Investment LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,449 $4,151 $1,158
Revenues $309 $229 $65
Net Income (Loss) ($16) ($170) ($44)
Ownership Interest(s): 98.99% by Edison Capital 99.00% by MHICAL 96 LP 99.90% by Edison Capital
Housing Investments Housing Partners XII LP
0.01% by Mission Funding
Theta
Name of Entity: Westport Village Homes West Valley Hart LP (Hart Wheeler Manor Assoc LP
Assoc LP and Alabama)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,070 $1,865 $10,340
Revenues $104 $114 $645
Net Income (Loss) ($84) ($182) ($367)
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Investments Omicron Inc.
312
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: White Mountain Apache Wilmington Housing Assoc Windrush Apartments of
Housing LP (New Harbor Vista) Statesville LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1,844 $2,290 $522
Revenues $56 $150 $37
Net Income (Loss) ($45) ($65) ($33)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.9% by Edison Capital
Housing Investments Housing Partners XI LP Housing Partners XV LP
Name of Entity: Winfield Hill Assoc LP Wingate LLC (Regency Park) Winnsboro Apts LP (Deer
Wood)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1,598 $36
Revenues $0 $142 $3
Net Income (Loss) $0 ($43) ($1)
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Corporations
Housing Partners XIX LP Housing Partners XV LP for Affordable Housing LP
II
313
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: Women's Westlake LP Woodland Arms Apts, Ltd Woodleaf Village LP
(Dorothy Day) (Willow Creek)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $750 $1,661 $837
Revenues $40 $201 $49
Net Income (Loss) ($23) ($94) ($41)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.89% by Edison Capital
Housing Partners XIII LP Housing Partners VII LP Housing Partners XIII LP
0.01% by Mission Funding
Theta
Name of Entity: WPA/Edison LLC (Pier A) Yale Street LP YWCA Villa Nueva Partners
Dissolved in `02
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $827 $7,445
Revenues $0 $47 $352
Net Income (Loss) $0 ($27) ($290)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing New York Housing Partners XII LP Omicron Inc.
314
EDISON CAPITAL
Equity Investments
December 31, 2002 - Based on financial statements as of December 31, 2001
(In thousands)
Name of Entity: AIG Asian Infrastructure AIG Emerging Europe AIG Emerging Europe
Fund II LP Infrastructure Fund LP Infrastructure Management
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $53,678 $8,544 $158
Revenues $1,668 $18 $2,638
Net Income (Loss) ($7,192) ($1,541) ($26)
Ownership Interest(s): 5.80% by Edison Capital 22.70% by Edison Capital 18.05% by Edison Capital
Latin American Latin American Latin American
Investments (Bermuda) Ltd. Investments (Bermuda) Ltd. Investments (Bermuda) Ltd.
Name of Entity: AIG-GE Capital Latin Compania Adminstradora de Electricidad de La Paz,
American Infrastructure Empresas Bolivia SA (Cade) S.A. (Electropaz)
Fund LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $48,518 $832 $10,299
Revenues $539 $596 $2,615
Net Income (Loss) ($992) $248 $700
Ownership Interest(s): 8.00% by Edison Capital 12.55% by Edison Capital 10% by Edison Capital
Latin American International (Bermuda) International (Bermuda)
Investments (Bermuda) Ltd. Ltd. Ltd.
315
EDISON CAPITAL
Equity Investments
December 31, 2002 - Based on financial statements as of December 31, 2000
(In thousands)
Name of Entity: Empresa de Servicios Empresa de Luz y Fuerza Huntington LP
Edeser S.A. (Edesar) Electrica de Oruro SA
(Elfeo)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $419 $1,736 $80,309
Revenues $484 $1,469 $11,253
Net Income (Loss) $103 $29 $3,579
Ownership Interest(s): 12.55% by Edison Capital 12.55% by Edison Capital 37.707% by Mission
International (Bermuda) International (Bermuda) Funding Zeta
Ltd. Ltd.
Name of Equity Lakota Ridge LLC Olmeca Cable Investments Shaokatan Hills LLC
Ltd.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $10,607 $17,907 $12,251
Revenues $743 $18 $890
Net Income (Loss) ($302) ($434) ($302)
Ownership Interest(s): 75.00% by Mission Funding 21.7% by Edison Capital 75.00% by Mission Funding
Zeta International (Bermuda) Zeta
Ltd.
316
EDISON CAPITAL
Equity Investments
December 31, 2002 - Based on financial statements as of December 31, 2000
(In thousands)
Name of Entity: Storm Lake Power Partners Trinidad and Tobago Woodstock Hills LLC
Methanol Company Limited
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $173,103 $3,512 $8,618
Revenues $11,265 $1,372 $694
Net Income (Loss) ($3,287) $201 ($275)
Ownership Interest(s): 99.00% by Mission Iowa 1.0% by Edison Capital 75.00% by Mission Funding
Wind Company LAI (Bermuda) Ltd. Zeta
317
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (Inactive) (Inactive)
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
318
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Centrelake Irwindale Land Mission Airport
Partners LP Company (Inactive) Park Development
(Inactive) Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
319
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (Inactive) Inc. (Inactive)
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
320
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission South Bay Mission Texas Mission Vacaville
Company (Inactive) Property Holdings, LP (Inactive)
Inc. (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
321
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $98 $98
Receivables - net 14,222 14,222
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 14,320 14,320
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (1,860) (1,860)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 1,860 1,860
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 0 0
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $14,320 $14,320
============================================================= ==================== ==================== ====================
322
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (Inactive) (Inactive)
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
323
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Centrelake Irwindale Land Mission Airport
Partners LP Company (Inactive) Park Development
(Inactive) Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
324
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (Inactive) Inc. (Inactive)
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
325
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission South Bay Mission Texas Mission Vacaville
Company (Inactive) Property Holdings, LP (Inactive)
Inc. (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt as due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
326
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $38 $38
Accrued taxes 267
Trading and price risk management liabilities 267
Other current liabilities 425 425
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 730 730
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3,188 3,188
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 2,547 2,547
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,735 5,735
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 7,855 7,855
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7,855 7,855
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $14,320 $14,320
============================================================= ==================== ==================== ====================
327
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (Inactive) (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $4,482 ($2,174) $5,724
Dividends declared on common stock
Dividends declared on preferred stock ($4,482) $2,174 ($5,724)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
328
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Centrelake Irwindale Land Mission Airport
Partners LP Company (Inactive) Park Development
(Inactive) Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($2,040) $6,794 ($3,681)
Dividends declared on common stock
Dividends declared on preferred stock $2,040 ($6,794) $3,681
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
329
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. Inc. (Inactive)
(Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) $24,462 $8,187
Dividends declared on common stock
Dividends declared on preferred stock $1 ($24,462) ($8,187)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
330
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission South Bay Mission Texas Mission Vacaville
Company (Inactive) Property Holdings, LP (Inactive)
Inc. (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $92 ($745) $29,279
Dividends declared on common stock
Dividends declared on preferred stock ($92) $745 ($29,279)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
331
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $10,487 $10,487
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 10,487 10,487
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,585 4,585
Depreciation, decommissioning and amortization
Property and other taxes 6 6
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4,591 4,591
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 5,896 5,896
Interest and dividend income 239 239
Other nonoperating income 334 334
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 6,469 6,469
Income taxes (benefit) 3,553 3,553
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,916 2,916
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,916 2,916
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 167 167
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,083 $3,083
=============================================================== ==================== ==================== ====================
332
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (Inactive)
Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $60
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 60
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $65
============================================================= ==================== ==================== ====================
333
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Power
Engineering
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $60
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 60
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $65
============================================================= ==================== ==================== ====================
334
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (Inactive)
Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities ($8,913)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (8,913)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($4) (3,000) $4
Accumulated other comprehensive income (loss)
Retained earnings $4 11,848 ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 8,848
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($65)
============================================================= ==================== ==================== ====================
335
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Power
Engineering
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities ($8,913)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (8,913)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (3,000)
Accumulated other comprehensive income (loss)
Retained earnings 11,848
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 8,848
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($65)
============================================================= ==================== ==================== ====================
336
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (Inactive)
Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $58
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 58
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (58)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (58)
Income taxes (benefit) (64)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 6
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($3) (11,854) $3
Dividends declared on common stock
Dividends declared on preferred stock (1) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4) ($11,848) $4
=============================================================== ==================== ==================== ====================
337
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Power
Engineering
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $58
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 58
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (58)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (58)
Income taxes (benefit) (64)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 6
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (11,854)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($11,848)
=============================================================== ==================== ==================== ====================
338
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets $50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 16,940
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 16,940
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16,990
============================================================= ==================== ==================== ====================
339
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Balboa Energy Blue Ridge Energy Bretton Woods
Company Company Energy Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
340
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Camino Energy Capistrano Centerport Energy
Company Cogeneration Company
Company
Sold 01/11/2002
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $329
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 393
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 722
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 96,833
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 96,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 224
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 224
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $97,779
============================================================= ==================== ==================== ====================
341
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Chesapeake Bay Chester Energy Clayville Energy
Energy Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
342
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Colonial Energy Coronado Energy Crescent Valley
Company (Inactive) Company Energy Company
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
343
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Del Mar Energy Delaware Energy Desert Sunrise
Company Conservers, Inc. Energy Company
(Inactive) (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets $41
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 41
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 8,867
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,867
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $8,908
============================================================= ==================== ==================== ====================
344
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Devereaux Energy East Maine Energy Edison Alabama
Company Company (Inactive) Generating Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
345
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Development, Inc. Energy Fuel Energy Funding
Consolidated Corp.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $26
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $111,435
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 111,435
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges $33,065
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 33,065
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26 $111,435 $33,065
============================================================= ==================== ==================== ====================
346
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Interface Energy Services, Fuel Resources,
Ltd. Inc. Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $408
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 408
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 339
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $366
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 366 339
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $366 $747
============================================================= ==================== ==================== ====================
347
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Midwest Generation
Fuel Marketing and Energy Services,
Transportation, Trading, Inc. LLC [5]
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $11,222
Receivables - net 58,463
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 29,017
Prepayments and other current assets 1,663
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 100,365
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,702
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,702
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 2,000
Regulatory assets - net
Other deferred charges 14,569
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 16,569
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $121,636
============================================================= ==================== ==================== ====================
348
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Holdings Co. Operation and Project Co.
Consolidated Maintenance, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $59,177 $787
Receivables - net 1,295 6,880
Fuel inventory 27,257
Materials and supplies, at average cost 24,159
Accumulated deferred income taxes - net
Trading and price risk management assets (291)
Prepayments and other current assets 70,314
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 181,911 7,667
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 429,047
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $563,374
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 429,047 563,374
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 159,536 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 159,536 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $770,494 $7,718 $563,374
============================================================= ==================== ==================== ====================
349
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
El Dorado Energy EME CP Holdings EME Eastern
Company Co. Consolidated Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,356
Receivables - net 903
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 901
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,160
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $14,431
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 14,431
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 98,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 98,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $101,408 $14,431
============================================================= ==================== ==================== ====================
350
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EMOM Services, Inc. EMP Inc. (Inactive) Four Counties Gas
Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
351
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Global Power Hancock Generation Hanover Energy
Investors, Inc. LLC Company
Consolidated
Sold in Jan 2002
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
352
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Holtsville Energy Indian Bay Energy Jefferson Energy
Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
353
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Kings Canyon Kingspark Energy Laguna Energy
Energy Company Company Company (Inactive)
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
354
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
La Jolla Energy Lakeview Energy Lehigh River
Company (Inactive) Company Energy Company
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
355
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Longview Madera Energy Madison Energy
Cogeneration Company Company
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $30,808
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 30,808
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $30,808
============================================================= ==================== ==================== ====================
356
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Majestic Energy Midwest Generation Midwest Peaker
Limited EME, LLC Holdings, Inc.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $320,214
Receivables - net 1 62,038
Fuel inventory 79,293
Materials and supplies, at average cost 18,636
Accumulated deferred income taxes - net
Trading and price risk management assets 2,311
Prepayments and other current assets 27,094
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3 509,586
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,031,224
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,031,224
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 62,009
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 62,009
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3 $4,602,819
============================================================= ==================== ==================== ====================
357
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Capital LP Mission Del Cielo Mission/Eagle
Inc. Consolidated Energy Company
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $83
Receivables - net 143
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 235
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 23,990
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 23,990
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $24,225
============================================================= ==================== ==================== ====================
358
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $1,070
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,070
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,946 ($1)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,946 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 4,824
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,824
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,016 $4,823
============================================================= ==================== ==================== ====================
359
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (Inactive)
International Inc. (Inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $206,578
Receivables - net 178,367
Fuel inventory 5,006
Materials and supplies, at average cost 22,086
Accumulated deferred income taxes - net
Trading and price risk management assets 9,775
Prepayments and other current assets 27,751
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 449,563
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,528,044
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,297,837
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,825,881
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 669,995
Regulatory assets - net
Other deferred charges 70,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 740,728
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6,016,172
============================================================= ==================== ==================== ====================
360
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy New Mission Energy Mission Operations
York, Inc. Wales Company de Mexico, S.A. de
Consolidated C.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $45
Receivables - net 3,159
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 76,119 $228,629
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 76,119 228,629
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $79,323 $228,629
============================================================= ==================== ==================== ====================
361
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Triple North Jackson Northern Sierra
Cycle Systems Energy Company Energy Company
Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
362
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Ortega Energy Panther Timber Paradise Energy
Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
363
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Pleasant Valley Prince George Quartz Peak Energy
Energy Company Energy Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
364
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $10
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 654
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 654
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $664
============================================================= ==================== ==================== ====================
365
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net ($96)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (96)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($96)
============================================================= ==================== ==================== ====================
366
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $134
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 177 $143
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 311 143
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 51,238 49,025
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 51,238 49,025
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 76
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 76
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $51,625 $49,168
============================================================= ==================== ==================== ====================
367
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets $51
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 15,579
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 15,579
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15,630
============================================================= ==================== ==================== ====================
368
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
369
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (Inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 279 $50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 287 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 46,119 17,203
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 46,119 17,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 126
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 126
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $46,532 $17,253
============================================================= ==================== ==================== ====================
370
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Vista Energy Western Sierra Edison Mission
Company (Inactive) Energy Company Energy
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $47,777
Receivables - net $8 54,685
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 309 2,840
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 317 105,302
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 35,044
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 61,435 6,389,538
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 61,435 6,424,582
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 164 27,961
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 164 27,961
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,916 $6,557,845
============================================================= ==================== ==================== ====================
371
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Mission
Adjustments Energy Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($87) $647,164
Receivables - net (58,573) 309,248
Fuel inventory (1) 111,555
Materials and supplies, at average cost 1 64,882
Accumulated deferred income taxes - net
Trading and price risk management assets (7,971) 33,742
Prepayments and other current assets 64,499 195,663
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (2,132) 1,362,254
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (1,266,669) 6,761,731
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (7,459,112) 1,645,253
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (8,725,781) 8,406,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill (74,167) 659,837
Regulatory assets - net
Other deferred charges 243,397 652,974
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 169,230 1,312,811
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 10,273 10,273
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($8,548,410) $11,092,322
============================================================= ==================== ==================== ====================
372
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($33,653) $1,056
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (33,653) 1,056
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 34,639 3,746 ($53)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 34,639 3,746 (53)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 7,867 10,123 41
Accumulated other comprehensive income (loss)
Retained earnings (8,853) 2,065 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($986) 12,188 $53
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16,990
============================================================= ==================== ==================== ====================
373
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Balboa Energy Blue Ridge Energy Bretton Woods
Company Company Energy Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($52)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (52)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($4) ($5) 52
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4) (5) $52
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 14 14
Accumulated other comprehensive income (loss)
Retained earnings (10) (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $4 $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
374
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Camino Energy Capistrano Centerport Energy
Company Cogeneration Company
Company
Sold 01/11/2002
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($804) ($44)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (804) (44)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 19,355 44
Accumulated deferred investment tax credits 7,140
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 26,495 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 48,506
Accumulated other comprehensive income (loss)
Retained earnings 23,582
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 72,088
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $97,779
============================================================= ==================== ==================== ====================
375
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Chesapeake Bay Chester Energy Clayville Energy
Energy Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,518 $142 $6
Accumulated other comprehensive income (loss)
Retained earnings ($1,518) ($142) ($6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
376
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Colonial Energy Coronado Energy Crescent Valley
Company (Inactive) Company Energy Company
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $41
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 41
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (38)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (38)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $4 $6 814
Accumulated other comprehensive income (loss)
Retained earnings ($4) ($6) (817)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
377
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Del Mar Energy Delaware Energy Desert Sunrise
Company Conservers, Inc. Energy Company
(Inactive) (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($120)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (120)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,971 ($9)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,971 (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,738 $2 4
Accumulated other comprehensive income (loss)
Retained earnings 2,319 ($2) 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6,057 $9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $8,908
============================================================= ==================== ==================== ====================
378
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Devereaux Energy East Maine Energy Edison Alabama
Company Company (Inactive) Generating Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2,421
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,421
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 4,004
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4,004
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $8
Accumulated other comprehensive income (loss)
Retained earnings (6,425) ($8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($6,425)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
379
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Development, Inc. Energy Fuel Energy Funding
Consolidated Corp.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($10,333) $46,669
Preferred stock to be redeemed within one year
Accounts payable ($70,849) (208,053)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities (248) 645 5,045
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (71,097) (9,688) (156,339)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 189,404
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 53 16,837
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 53 16,837
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 83,793 86,468
Accumulated other comprehensive income (loss)
Retained earnings (12,723) 17,818
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71,070 104,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $26 $111,435 $33,065
============================================================= ==================== ==================== ====================
380
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Interface Energy Services, Fuel Resources,
Ltd. Inc. Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $62 $449
Accrued taxes (2)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 60 449
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 315 401
Accumulated other comprehensive income (loss) (76)
Retained earnings 67 (102)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 306 299
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $366 $747
============================================================= ==================== ==================== ====================
381
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Midwest Generation
Fuel Transpor Marketing and Energy Services,
tation, Inc. Trading, Inc. LLC [5]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $38,176
Accrued taxes 746
Trading and price risk management liabilities 30,668
Other current liabilities 2,085
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 71,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (15,913)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 16,089
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 60,912
Accumulated other comprehensive income (loss)
Retained earnings (11,127)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 49,785
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $121,636
============================================================= ==================== ==================== ====================
382
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Holdings Co. Operation and Project Co.
Consolidated Maintenance, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $206
Preferred stock to be redeemed within one year
Accounts payable (28,580) ($20,149)
Accrued taxes (1,705)
Trading and price risk management liabilities 9,293
Other current liabilities 17,341 12,766
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,445) (7,383)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 324
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 15,359 (3,115)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 19,259
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 34,618 (3,115)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 648,938 13,946 $563,374
Accumulated other comprehensive income (loss) (4,415)
Retained earnings 94,474 4,270
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 738,997 18,216 563,374
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $770,494 $7,718 $563,374
============================================================= ==================== ==================== ====================
383
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
El Dorado Energy EME CP Holdings EME Eastern
Company Co. Consolidated Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $821
Preferred stock to be redeemed within one year
Accounts payable $272 (1,229) ($115)
Accrued taxes
Trading and price risk management liabilities 3,795
Other current liabilities 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 272 3,405 (115)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 82,729 100
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,542) 8,213 (806)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 122
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1,542) 8,335 (806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9,217 15,190
Accumulated other comprehensive income (loss)
Retained earnings (7,947) 6,939 62
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,270 6,939 15,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $101,408 $14,431
============================================================= ==================== ==================== ====================
384
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EMOM Services, Inc. EMP, Inc. Four Counties Gas
(Inactive) Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($8,230)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,230)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9,280 $6
Accumulated other comprehensive income (loss)
Retained earnings (1,050) ($6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $8,230
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
385
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Global Power Hancock Generation Hanover Energy
Investors, Inc. LLC Company
Consolidated
Sold in Jan 2002
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $622
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 622
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 10,622
Accumulated other comprehensive income (loss)
Retained earnings (11,244)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($622)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
386
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Holtsville Energy Indian Bay Energy Jefferson Energy
Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($169) ($38) ($23)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (169) (38) (23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 169 38 23
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 169 $38 $23
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 896
Accumulated other comprehensive income (loss)
Retained earnings ($896)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
387
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Kings Canyon Kingspark Energy Laguna Energy
Energy Company Company Company (Inactive)
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,259) ($628)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,259) (628)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,259 687
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities $1,259 687
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $6 1,695
Accumulated other comprehensive income (loss)
Retained earnings ($6) (1,754)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
388
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
La Jolla Energy Lakeview Energy Lehigh River
Company (Inactive) Company Energy Company
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $5
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,674)
Accumulated deferred investment tax credits 6
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1,668)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $6 $6 10,227
Accumulated other comprehensive income (loss)
Retained earnings ($6) ($6) (8,564)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,663
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
389
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Longview Madera Energy Madison Energy
Cogeneration Company Company
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1,618
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,618
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($5) 5,183
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (5) 5,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $6 14 21,920
Accumulated other comprehensive income (loss) (2,670)
Retained earnings ($6) (9) 4,757
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $5 24,007
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $30,808
============================================================= ==================== ==================== ====================
390
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Majestic Energy Midwest Generation Midwest Peaker
Limited EME, LLC Holdings, Inc.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $911,000
Preferred stock to be redeemed within one year
Accounts payable $1,706 (1,398,091) ($253,443)
Accrued taxes 2,478 57
Trading and price risk management liabilities 2,959
Other current liabilities 145 166,422
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,329 (317,653) (253,443)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,127,955
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 67 110,973 (86)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 118,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 67 229,629 (86)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 304,894 2,456,513 249,033
Accumulated other comprehensive income (loss) (482) (989)
Retained earnings (308,805) 107,364 4,496
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (4,393) 2,562,888 $253,529
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3 $4,602,819
============================================================= ==================== ==================== ====================
391
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($154,639) $5,770
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (154,639) 5,771
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,483 $1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,483 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities 150,000
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 150,000
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,640 (2,915) 2
Accumulated other comprehensive income (loss)
Retained earnings (1) 18,886 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $4,639 15,971 ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $24,225
============================================================= ==================== ==================== ====================
392
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($195) ($256)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (195) (256)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 702 286
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 702 286
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,842 6,267
Accumulated other comprehensive income (loss)
Retained earnings (333) (1,474)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,509 4,793
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,016 $4,823
============================================================= ==================== ==================== ====================
393
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (Inactive)
International Inc. (Inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 131,222
Preferred stock to be redeemed within one year
Accounts payable 150,516
Accrued taxes 24,518
Trading and price risk management liabilities 5,795
Other current liabilities 87,959
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 477,561
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,116,083
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 387,790 $5
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 479,144
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 866,934 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 579,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 131,225
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,508,221 $6 1,138
Accumulated other comprehensive income (loss) (210,002)
Retained earnings (1,453,506) ($6) (1,143)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,844,713 ($5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6,016,172
============================================================= ==================== ==================== ====================
394
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy New Mission Energy Mission Operations
York, Inc. Wales Company de Mexico, S.A. de
Consolidated C.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $117,055 ($164,595)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 431
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 117,486 (164,595)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 36,171 285,464
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 36,171 285,464
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 920
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 27,502 69,272
Accumulated other comprehensive income (loss)
Retained earnings (101,836) 37,568
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (74,334) 106,840
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $79,323 $228,629
============================================================= ==================== ==================== ====================
395
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Triple North Jackson Northern Sierra
Cycle Systems Energy Company Energy Company
Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($175)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (175)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 176 $3
Accumulated other comprehensive income (loss)
Retained earnings (1) ($3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $175
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
396
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Ortega Energy Panther Timber Paradise Energy
Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3,923)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,923)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($473) 3,982
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (473) 3,982
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $7 473
Accumulated other comprehensive income (loss)
Retained earnings ($7) (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $473 ($59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
397
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Pleasant Valley Prince George Quartz Peak Energy
Energy Company Energy Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2,741) ($174)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,741) (174)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 983
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 983
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,221 8,638
Accumulated other comprehensive income (loss)
Retained earnings (1,463) (8,464)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,758 $174
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
398>
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $32
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,186) ($5)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1,186) (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,947 $672 14
Accumulated other comprehensive income (loss) (54)
Retained earnings (2,075) ($672) (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,818 $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $664
============================================================= ==================== ==================== ====================
399
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company Company (Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($116) ($52) ($5,968)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (116) (52) (5,968)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 116 52 2
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities $116 $52 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,220
Accumulated other comprehensive income (loss)
Retained earnings 3,650
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 5,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($96)
============================================================= ==================== ==================== ====================
400
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $18,892 $5,576
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 18,892 5,576
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8,982 7,577 ($5)
Accumulated deferred investment tax credits 2,453
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 11,435 7,577 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 10,188 5,455 14
Accumulated other comprehensive income (loss) 4,484
Retained earnings 11,110 26,076 (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 21,298 36,015 $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $51,625 $49,168
============================================================= ==================== ==================== ====================
401
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $890
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 890
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($4) 3,160
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4) 3,160
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 13 $7 9,173
Accumulated other comprehensive income (loss)
Retained earnings (9) ($7) 2,407
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $4 11,580
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15,630
============================================================= ==================== ==================== ====================
402
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $118 $204
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 118 204
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (319) (204)
Accumulated deferred investment tax credits 22
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (297) ($204)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $6 3,445
Accumulated other comprehensive income (loss)
Retained earnings ($6) (3,266)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $179
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
403
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (Inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($23,728) ($23) $1,210
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (23,728) (23) 1,210
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,533 26 3,720
Accumulated deferred investment tax credits 3,239
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8,772 26 3,720
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 44,190 10,041
Accumulated other comprehensive income (loss)
Retained earnings 17,298 (3) 2,282
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 61,488 ($3) 12,323
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $46,532 $17,253
============================================================= ==================== ==================== ====================
404
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Vista Energy Western Sierra Edison Mission
Company (Inactive) Energy Company Energy
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,452) ($20,673) $2,251,658
Accrued taxes 6,882
Trading and price risk management liabilities
Other current liabilities 97,609
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,452) (20,673) 2,356,149
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,675,063
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,035 11,228 143,948
Accumulated deferred investment tax credits 3,493 2,514
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 29,486
Other long-term liabilities 57,082
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,035 14,721 233,030
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,097 51,314 2,704,518
Accumulated other comprehensive income (loss) 107,983
Retained earnings (680) 16,554 (518,898)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $417 67,868 2,293,603
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $61,916 $6,557,845
============================================================= ==================== ==================== ====================
405
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Mission
Adjustments Energy Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year $10,333 1,089,918
Preferred stock to be redeemed within one year
Accounts payable (13,129) 181,155
Accrued taxes 1,710 34,684
Trading and price risk management liabilities (7,972) 44,538
Other current liabilities (45,507) 344,712
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (54,565) 1,772,558
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (1,319,646) 4,872,012
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 60,360 1,161,657
Accumulated deferred investment tax credits (1) 18,866
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 29,486
Other long-term liabilities 146,273 836,625
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 206,632 2,046,634
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 3,024 3,024
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (156,732) 423,844
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 131,225
Other preferred securities 150,000
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 281,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (8,401,276) 2,697,016
Accumulated other comprehensive income (loss) (106,000) (212,221)
Retained earnings 1,280,153 (791,770)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (7,227,123) 1,693,025
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($8,548,410) $11,092,322
============================================================= ==================== ==================== ====================
406
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company
(Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $7,163
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7,163
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 76
Depreciation, decommissioning and amortization 68
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 144
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7,019
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 7,019
Income (taxes) benefit 2,707
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4,312
Loss from discontinued operations
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4,312
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($8,853) 3,559 $12
Dividends declared on common stock (5,806)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8,853) $2,065 $12
=============================================================== ==================== ==================== ====================
407
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Balboa Energy Blue Ridge Energy Bretton Woods
Company Company Energy Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($10) ($9)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($10) ($9)
=============================================================== ==================== ==================== ====================
408
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Camino Energy Capistrano Centerport Energy
Company Cogeneration Company
Company
Sold 01/11/2002
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $42,613
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 42,613
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 590
Depreciation, decommissioning and amortization 575
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,165
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 41,448
Interest and dividend income (2,270)
Other nonoperating income (36) ($4)
Interest expense - net of amounts capitalized (113)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 39,029 (4)
Income (taxes) benefit (15,051) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 23,978 (2)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 23,978 (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 874 (14,951)
Dividends declared on common stock (1,270) $14,953
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $23,582
=============================================================== ==================== ==================== ====================
409
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Chesapeake Bay Chester Energy Clayville Energy
Energy Company Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1,518) ($142) ($6)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,518) ($142) ($6)
=============================================================== ==================== ==================== ====================
410
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Colonial Energy Coronado Energy Crescent Valley
Company (Inactive) Company Energy Company
(Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($4) ($6) ($817)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4) ($6) ($817)
=============================================================== ==================== ==================== ====================
411
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Del Mar Energy Delaware Energy Desert Sunrise
Company Conservers, Inc. Energy Company
(Inactive) (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $7,985
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7,985
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 61
Depreciation, decommissioning and amortization 15
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 76
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7,909
Interest and dividend income
Other nonoperating income (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 7,908
Income (taxes) benefit (3,049)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4,859
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4,859
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2,055 ($2) $5
Dividends declared on common stock (4,595)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2,319 ($2) $5
=============================================================== ==================== ==================== ====================
412
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Devereaux Energy East Maine Energy Edison Alabama
Company Company (Inactive) Generating Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6,425) ($8)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6,425) ($8)
=============================================================== ==================== ==================== ====================
413
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Development, Inc. Energy Fuel Energy Funding
Consolidated Corp.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $19,848
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 19,848
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization 1,124
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 18,724
Interest and dividend income $1,389 633 $19,075
Other nonoperating income
Interest expense - net of amounts capitalized ($19,075)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,389 19,357
Income (taxes) benefit (536) (2,570)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 853 16,787
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 853 16,787
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (13,576) 19,668
Dividends declared on common stock (18,637)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($12,723) $17,818
=============================================================== ==================== ==================== ====================
414
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Interface Energy Services, Fuel Resources,
Ltd Inc. Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $12
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 $276
Depreciation, decommissioning and amortization (247)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 29
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 10 (29)
Interest and dividend income (1)
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 10 (30)
Income (taxes) benefit (6) 12
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4 (18)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 63 (120)
Dividends declared on common stock 36
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $67 ($102)
=============================================================== ==================== ==================== ====================
415
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Midwest Generation
Fuel Transpor Marketing and Energy Services,
tation, Inc. Trading, Inc. LLC [5]
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $19,740
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 19,740
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 44,228
Depreciation, decommissioning and amortization 2,282
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 46,510
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (26,770)
Interest and dividend income 1,317
Other nonoperating income 106
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (25,347)
Income (taxes) benefit 9,340
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (16,007)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (16,007)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 4,880
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($11,127)
=============================================================== ==================== ==================== ====================
416
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Holdings Co. Operation and Project Co.
Consolidated Maintenance, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $387,490 $22,118
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 387,490 22,118
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 147,927
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 189,074 21,975
Depreciation, decommissioning and amortization 14,629
Property and other taxes 366
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 351,996 21,975
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 35,494 143
Interest and dividend income (46,767) 152
Other nonoperating income 48,870 32
Interest expense - net of amounts capitalized (826)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 36,771 327
Income (taxes) benefit (14,513) (132)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 22,258 195
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 22,258 195
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 72,212 5,975
Dividends declared on common stock 4 (1,900)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $94,474 $4,270
=============================================================== ==================== ==================== ====================
417
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
El Dorado Energy EME CP Holdings EME Eastern
Company Co. Consolidated Holdings Co.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $22,471 $953
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 22,471 953
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 69
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 69
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 22,402 953
Interest and dividend income 28 1
Other nonoperating income (2)
Interest expense - net of amounts capitalized (5,734)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 16,694 954
Income (taxes) benefit (6,438) (368)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 10,256 586
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 10,256 586
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($7,947) (903) 1,401
Dividends declared on common stock (2,414) (1,925)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7,947) $6,939 $62
=============================================================== ==================== ==================== ====================
418
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EMOM Services, Inc. EMP, Inc. Four Counties Gas
(Inactive) Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1,050) ($6)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,050) ($6)
=============================================================== ==================== ==================== ====================
419
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Global Power Hancock Generation Hanover Energy
Investors, Inc. LLC Company
Consolidated
Sold in Jan 2002
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income ($94)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (94)
Income (taxes) benefit 36
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (58)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (58)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (598)
Dividends declared on common stock (10,588)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($11,244)
=============================================================== ==================== ==================== ====================
420
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Holtsville Energy Indian Bay Energy Jefferson Energy
Company Company Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($896) ($1)
Dividends declared on common stock $1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($896)
=============================================================== ==================== ==================== ====================
421
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Kings Canyon Kingspark Energy Laguna Energy
Energy Company Company Company (Inactive)
(Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized ($3)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3)
Income (taxes) benefit 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6) (1,752)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6) ($1,754)
=============================================================== ==================== ==================== ====================
422
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
La Jolla Energy Lakeview Energy Lehigh River
Company (Inactive) Company Energy Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6) ($6) ($8,564)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6) ($6) ($8,564)
=============================================================== ==================== ==================== ====================
423
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Longview Madera Energy Madison Energy
Cogeneration Company Company
Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $5,142
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 5,142
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization 132
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 132
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 5,010
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5,010
Income (taxes) benefit (1,932)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3,078
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3,078
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6) ($9) 2,260
Dividends declared on common stock (581)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6) ($9) $4,757
=============================================================== ==================== ==================== ====================
424
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Majestic Energy Midwest Generation Midwest Peaker
Limited EME, LLC Holdings, Inc.
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,148,676
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,148,676
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 396,345
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $73 382,441
Depreciation, decommissioning and amortization 153,593
Property and other taxes 16,672
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 73 949,051
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (73) 199,625
Interest and dividend income 1 120,614 $4,465
Other nonoperating income 171 (272)
Interest expense - net of amounts capitalized (165,169)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 99 154,798 4,465
Income (taxes) benefit (59) (60,060) (1,722)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 40 94,738 2,743
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 40 94,738 2,743
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (308,845) 12,625 2,989
Dividends declared on common stock 1 (1,236)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($308,805) $107,364 $4,496
=============================================================== ==================== ==================== ====================
425
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18,394
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18,394
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 25
Depreciation, decommissioning and amortization 89
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 114
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 18,280
Interest and dividend income $13,953
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities (13,953)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 18,280
Income (taxes) benefit (7,049)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 11,231
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 11,231
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1) 8,393 ($3)
Dividends declared on common stock (738)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) $18,886 ($3)
=============================================================== ==================== ==================== ====================
426
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization $521
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 521
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (521)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities ($218)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (521) (218)
Income (taxes) benefit 201 84
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (320) (134)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (320) (134)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (13) (1,340)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($333) ($1,474)
=============================================================== ==================== ==================== ====================
427
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (Inactive)
International Inc. (Inactive)
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,309,295
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,309,295
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 426,747
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 484,097
Depreciation, decommissioning and amortization 114,772
Property and other taxes 12,600
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,038,216
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 271,079
Interest and dividend income 11,097
Other nonoperating income 21,455
Interest expense - net of amounts capitalized (183,693)
Other nonoperating deductions (33,829)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 79,104
Income (taxes) benefit (59,698)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 19,406
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 19,406
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,501,920) ($6) ($1,143)
Dividends declared on common stock 29,008
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,453,506) ($6) ($1,143)
=============================================================== ==================== ==================== ====================
428
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy New Mission Energy Mission Operations
York, Inc. Wales Company de Mexico, S.A. de
Consolidated C.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($4,534) $7,590
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (4,534) 7,590
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,148
Depreciation, decommissioning and amortization 1,271
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,419
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (6,953) 7,590
Interest and dividend income (20,105) 4,710
Other nonoperating income 15 (8)
Interest expense - net of amounts capitalized
Other nonoperating deductions (920)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (27,043) 11,372
Income (taxes) benefit 8,760 (5,682)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (18,283) 5,690
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (18,283) 5,690
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (83,553) 31,878
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($101,836) $37,568
=============================================================== ==================== ==================== ====================
429
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Triple North Jackson Northern Sierra
Cycle Systems Energy Company Energy Company
Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) ($3) ($1)
Dividends declared on common stock $1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) ($3)
=============================================================== ==================== ==================== ====================
430
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Ortega Energy Panther Timber Paradise Energy
Company Company Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $1
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1
Income (taxes) benefit ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($7) ($59)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7) ($59)
=============================================================== ==================== ==================== ====================
431
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Pleasant Valley Prince George Quartz Peak Energy
Energy Company Energy Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $129
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 129
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (129)
Interest and dividend income
Other nonoperating income 2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (127)
Income (taxes) benefit 49
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (78)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (78)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,385) ($8,464)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,463) ($8,464)
=============================================================== ==================== ==================== ====================
432
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $105
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 105
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 101
Interest and dividend income
Other nonoperating income 21
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 122
Income (taxes) benefit (47)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 75
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 75
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2,150) ($672) ($9)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,075) ($672) ($9)
=============================================================== ==================== ==================== ====================
433
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company Company (Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($114)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (114)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (114)
Interest and dividend income $4
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4 (114)
Income (taxes) benefit (2) 44
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 (70)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 (70)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (3) 3,720
Dividends declared on common stock $1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,650
=============================================================== ==================== ==================== ====================
434
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $16,167 $18,713
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 16,167 18,713
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 311 214
Depreciation, decommissioning and amortization 30 90
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 341 304
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 15,826 18,409
Interest and dividend income (671)
Other nonoperating income 4 (4)
Interest expense - net of amounts capitalized (38)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 15,121 18,405
Income (taxes) benefit (5,742) (7,097)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 9,379 11,308
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 9,379 11,308
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2,122 16,828 ($9)
Dividends declared on common stock (391) (2,060)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $11,110 $26,076 ($9)
=============================================================== ==================== ==================== ====================
435
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $6,610
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 6,610
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 70
Depreciation, decommissioning and amortization 50
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 120
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 6,490
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 6,490
Income (taxes) benefit (2,503)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3,987
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3,987
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($9) ($7) 4,292
Dividends declared on common stock (5,872)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($9) ($7) $2,407
=============================================================== ==================== ==================== ====================
436
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income (taxes) benefit
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6) ($3,266) $11,548
Dividends declared on common stock ($11,548)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6) ($3,266)
=============================================================== ==================== ==================== ====================
437
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (Inactive) Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $29,070 $7,617
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 29,070 7,617
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 427 75
Depreciation, decommissioning and amortization 58 65
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 485 140
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 28,585 7,477
Interest and dividend income (1,931)
Other nonoperating income 109
Interest expense - net of amounts capitalized (63)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 26,700 7,477
Income (taxes) benefit (10,146) (2,883)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 16,554 4,594
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 16,554 4,594
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,140 ($3) 3,937
Dividends declared on common stock (396) (6,249)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $17,298 ($3) $2,282
=============================================================== ==================== ==================== ====================
438
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Vista Energy Western Sierra Edison Mission
Company (Inactive) Energy Company Energy
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $27,629 $1,517
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 27,629 1,517
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 592 143,330
Depreciation, decommissioning and amortization 37 9,330
Property and other taxes 141
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 629 152,801
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 27,000 (151,284)
Interest and dividend income (886) (129,315)
Other nonoperating income $680 (27) (19,640)
Interest expense - net of amounts capitalized (82) (168,034)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 680 26,005 (468,273)
Income (taxes) benefit (262) (9,895) 202,146
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 418 16,110 (266,127)
Loss from discontinued operations
(including loss on disposal of $1,309, net of tax)
Income (taxes) benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 418 16,110 (266,127)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,098) 1,075 (252,771)
Dividends declared on common stock (631)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($680) $16,554 ($518,898)
=============================================================== ==================== ==================== ====================
439
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Edison Mission
Adjustments Energy Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($89,615) $3,032,655
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (89,615) 3,032,655
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (27,380) 943,639
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (45,695) 1,223,588
Depreciation, decommissioning and amortization (51,002) 247,486
Property and other taxes (1,828) 27,951
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (125,905) 2,442,664
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 36,290 589,991
Interest and dividend income 48,272 23,766
Other nonoperating income (52,287) (1,010)
Interest expense - net of amounts capitalized 90,808 (452,022)
Other nonoperating deductions 7,590 (27,159)
Dividends on preferred securities (21,176)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 130,573 112,390
Income (taxes) benefit (30,102) (29,577)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 110,471 82,813
Loss from discontinued operations (74,632) (74,632)
Income (taxes) benefit on discontinued operations (17,303) 17,303
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 43,142 25,484
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,204,465 (816,968)
Dividends declared on common stock 32,546 (286)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,280,153 ($791,770)
=============================================================== ==================== ==================== ====================
440
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: American Bituminous Power American Kiln Partners, LP Bretton Woods
Partners, LP Cogeneration, LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $65,479
Revenues $10,396
Net Income (Loss) ($2,551)
Nature/Purpose of Business: To own an 80MW Currently inactive. To own and operate power
cogeneration facility in production facilities.
Grant Town, WV.
Ownership Interest(s): 49.5% by Aguila Energy 2% by Panther Timber 50% by Blue Ridge Energy
Company Company Company
0.5% by Pleasant Valley 49.5% of 53% by Aguila 50% by Bretton Woods
Energy Co. Energy Company Energy Company
0.5% of 53% by Pleasant
Valley Energy Company
Name of Entity: Brookhaven Cogeneration LP Brooklyn Navy Yard CL Power Sales One,
Cogeneration Partners, LP L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $226,019 $15,537
Revenues $70,109
Net Income (Loss) ($14,289) $65
Nature/Purpose of Business: To own and operate power To own and operate a To own and operate power
production facilities. 286MW power production production facilities.
facility near the
Brooklyn Bridge, NY.
Ownership Interest(s): 50% by Holtsville Energy 50% by Mission Energy New 25% by Citizens Power
Company York, Inc. Holdings One, LLC
50% by Madera Energy
Company
441
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: CL Power Sales Two, CL Power Sales Six, CL Power Sales Seven,
L.L.C. [6] L.L.C. [6] L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $23,777 $13,928
Revenues
Net Income (Loss) $61 ($15) $211
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 25% by Citizens Power 25% by Citizens Power 25% by Citizens Power
Holdings One, LLC Holdings One, LLC Holdings One, LLC
Name of Entity: CL Power Sales Eight, CL Power Sales Nine, CL Power Sales Ten,
L.L.C. [6] L.L.C. [6] L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $46,337 $2,717 $16,814
Revenues
Net Income (Loss) ($1,046) $17 ($305)
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 25% by Citizens Power 25% by Citizens Power 25% by Citizens Power
Holdings One, LLC Holdings One, LLC Holdings One, LLC
442
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: Coalinga Cogeneration Commonwealth Atlantic LP CPC Cogeneration LLC
Company Sold 01/14/2002 Dissolved in 12/2002
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $18,169
Revenues $14,353
Net Income (Loss) $6,613
Nature/Purpose of Business: To own and operate a 38MW To own a 340MW power To act as an intermediary
cogeneration facility in production facility in between Watson
Fresno County, CA. Chesapeake, VA. Cogeneration Company and
Arco
Ownership Interest(s): 50% by Silverado Energy 50% by Chickahominy River 49% by Camino Energy
Company Energy Corp. Company
Name of Entity: Delaware Clean Energy Four Star Oil and Gas Georgia Peaker, LP
Project Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $124,607
Revenues $84,719
Net Income (Loss) $25,371
Nature/Purpose of Business: To own and operate power To own an interest in To own and operate power
production facilities. common stock of domestic production facilities.
oil and gas exploration
and production co.
Ownership Interest(s): 50% by Chesapeake Bay 37.196% by Edison Mission 50% by Lakeview Energy
Energy Company Energy Oil and Gas Company
50% by Silver Springs
Energy Company
443
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: Gordonsville Energy, LP Harbor Cogeneration James River Cogeneration
Company SOLD Company
Sold 01/11/2002
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest: SOLD
Assets $84,187
Revenues $20,149
Net Income (Loss) $4,978
Nature/Purpose of Business: To own and operate a To own and operate a 80MW To own and operate the
240MW cogeneration cogeneration facility at 110MW cogeneration
facility in Gordonsville, Wilmington Oil Field in facility in Hopewell,
VA. LA, CA. Chester County, VA.
Ownership Interest(s): 49% by Madison Energy 30% by South Coast Energy 50% by Capistrano
Company Company Cogeneration Company
1% by Rapidan Energy
Company
Name of Entity: Kern River Cogeneration March Point Cogeneration Mid-Set Cogeneration
Company Company Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $58,477 $68,823 $10,593
Revenues $96,093 $40,389 $14,852
Net Income (Loss) $29,254 $17,896 $8,007
Nature/Purpose of Business: To own and operate a To own and operate a To own and operate a 38MW
300MW Kern River (Omar 140MW cogeneration cogeneration facility in
Hill) cogeneration facility in Anacortes, WA. Kern Co., CA
facility at Texaco's Kern
River Oil Field near
Bakersfield, CA.
Ownership Interest(s): 50% by Southern Sierra 50% by San Juan Energy 50% by Del Mar Energy
Energy Company Company Company
444
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: Midway-Sunset Mission Interface North Shore Energy, LP
Cogeneration Company Partnership
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $76,808 $367
Revenues $66,021
Net Income (Loss) $14,405
Nature/Purpose of Business: To own and operate a To own and operate power To own and operate power
225MW cogeneration production facilities. production facilities.
facility near Taft in
Kern County, CA.
Ownership Interest(s): 50% by San Joaquin Energy 50% by Edison Mission 50% by Reeves Bay Energy
Company Energy Interface, Ltd Company
50% by Santa Clara Energy
Company
Name of Entity: Northville Energy Oconee Energy, LP Riverhead Cogeneration I,
Corporation LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 100% by North Shore 50% by Clayville Energy 50% by Centerport Energy
Energy LP Company Company
50% by Coronado Energy 50% by Ridgecrest Energy
Company Company
445
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: Riverhead Cogeneration Riverhead Cogeneration Sunrise Power Company, LLC
II, LP III, LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $154,381
Revenues $24,242
Net Income (Loss) $15,100
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate a
production facilities. production facilities. 320MW power production
facility in Fellows, CA.
Ownership Interest(s): 50% by Riverport Energy 50% by Indian Bay Energy 50% by Anacapa Energy
Company Company Company
50% by San Pedro Energy 50% by Santa Ana Energy
Company Company
Name of Entity: Salinas River Sargent Canyon Smithtown Cogeneration, LP
Cogeneration Company Cogeneration Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $19,776 $19,859
Revenues $13,365 $13,731
Net Income (Loss) $7,235 $7,767
Nature/Purpose of Business: To own and operate a 38MW To own and operate a 38MW To own and operate power
cogeneration facility in cogeneration facility in production facilities.
Monterey Co., CA. Monterey Co, CA
Ownership Interest(s): 50% by Anacapa Energy 50% by Viejo Energy 50% by Balboa Energy
Company Company Company
50% by Kingspark Energy
Company
446
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: Sobel Cogeneration Company Sycamore Cogeneration TM Star Fuel Company
Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $75,938 $55,231
Revenues $100,936 $10,673
Net Income (Loss) $27,253 ($1,298)
Nature/Purpose of Business: Currently is inactive. To own and operate a To own a 50% interest in
300MW cogeneration a domestic oil and gas
facility at Texaco's Kern exploration and
River Oil Field near production company.
Bakersfield, CA.
Ownership Interest(s): 50% by Northern Sierra 50% by Western Sierra 50% by Southern Sierra
Energy Company Energy Co. Gas Company
Name of Entity: Triple Cycle Partnership Watson Cogeneration
Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $102,269
Revenues $114,956
Net Income (Loss) $32,627
Nature/Purpose of Business: To own 25% interest in To own and operate a
partnership that has 385MW cogeneration
rights to a proprietary facility at ARCO's LA
technology. Refinery in Carson, CA
Ownership Interest(s): 50% by Mission Triple 49% by Camino Energy
Cycle Systems Company Company
447
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $24,204 $30,209
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 24,204 30,209
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $24,204 $30,209
============================================================= ==================== ==================== ====================
448
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Pocono Fuels Southern Sierra Consolidating
Company (Inactive) Gas Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($1,148) $58,170
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,148) 58,170
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,148) $58,170
============================================================= ==================== ==================== ====================
449
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Energy Fuel
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $111,435
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 111,435
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $111,435
============================================================= ==================== ==================== ====================
450
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($9,251)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 645
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,606)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net $2,291 13,960 $5
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,291 13,960 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 5,127 16,057 1
Accumulated other comprehensive income (loss)
Retained earnings 16,786 8,798 (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 21,913 24,855 ($5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $24,204 $30,209
============================================================= ==================== ==================== ====================
451
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Pocono Fuels Southern Sierra Consolidating
Company (Inactive) Gas Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($562) ($520)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (562) (520)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 563 18
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 563 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 341 $64,942
Accumulated other comprehensive income (loss)
Retained earnings (1) (987) (6,772)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($1) (646) 58,170
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,148) $58,170
============================================================= ==================== ==================== ====================
452
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Energy Fuel
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($10,333)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 645
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,688)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 16,837
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 16,837
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 86,468
Accumulated other comprehensive income (loss)
Retained earnings 17,818
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 104,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $111,435
============================================================= ==================== ==================== ====================
453
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $21,096
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 21,096
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization 1,124
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 19,972
Interest and dividend income 633
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 20,605
Income taxes (benefit) (3,051)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 17,554
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 17,554
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $18,636 2,460 ($6)
Dividends declared on common stock (1,850) (11,216)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $16,786 $8,798 ($6)
=============================================================== ==================== ==================== ====================
454
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Pocono Fuels Southern Sierra Consolidating
Company (Inactive) Gas Company Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($1,248)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (1,248)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1,248)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1,248)
Income taxes (benefit) 481
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (767)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (767)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) (220) ($1,201)
Dividends declared on common stock (5,571)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) ($987) ($6,772)
=============================================================== ==================== ==================== ====================
455
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission
Energy Fuel
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $19,848
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 19,848
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization 1,124
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,124
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 18,724
Interest and dividend income 633
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 19,357
Income taxes (benefit) (2,570)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 16,787
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 16,787
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19,668
Dividends declared on common stock (18,637)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $17,818
=============================================================== ==================== ==================== ====================
456
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Chestnut Ridge Homer City Mission Energy
Energy Company Property Holdings, Westside, Inc.
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 385
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $46,962 $857
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 46,962 385 857
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $46,962 $388 $857
============================================================= ==================== ==================== ====================
457
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Homer City Edison Mission Edison Mission
Generation LP [6] Finance Co. Holdings Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $59,174
Receivables - net 1,295
Fuel inventory 27,257
Materials and supplies, at average cost 24,159
Accumulated deferred income taxes - net
Trading and price risk management assets (291)
Prepayments and other current assets 70,314
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 181,908
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,969,605
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $705,833
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,969,605 705,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 77,910
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 77,910
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,229,423 $705,833
============================================================= ==================== ==================== ====================
458
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Mission
Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $59,177
Receivables - net 1,295
Fuel inventory 27,257
Materials and supplies, at average cost 24,159
Accumulated deferred income taxes - net
Trading and price risk management assets (291)
Prepayments and other current assets 70,314
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 181,911
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($1,540,943) 429,047
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (753,652)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (2,294,595) 429,047
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 81,626 159,536
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 81,626 159,536
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2,212,969) $770,494
============================================================= ==================== ==================== ====================
459
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Chestnut Ridge Homer City Mission Energy
Energy Company Property Holdings, Westside, Inc.
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($939) ($92) ($74)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (939) (92) (74)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,639 1 27
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,639 1 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 63,897 584 805
Accumulated other comprehensive income (loss)
Retained earnings (18,635) (105) 99
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 45,262 479 904
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $46,962 $388 $857
============================================================= ==================== ==================== ====================
460
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Homer City Edison Mission Edison Mission
Generation LP [6] Finance Co. Holdings Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $59,723
Preferred stock to be redeemed within one year
Accounts payable 630,730 ($658,235) $30
Accrued taxes (1,705)
Trading and price risk management liabilities 9,293
Other current liabilities 59,082
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 757,123 (658,235) 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,426,961
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (17,324) (952)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 19,259
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,935 (952)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 62,801 626,124 648,935
Accumulated other comprehensive income (loss) (4,415)
Retained earnings (14,982) 33,063 56,868
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 43,404 $659,187 705,803
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,229,423 $705,833
============================================================= ==================== ==================== ====================
461
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Edison Mission
Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($59,517) $206
Preferred stock to be redeemed within one year
Accounts payable (28,580)
Accrued taxes (1,705)
Trading and price risk management liabilities 9,293
Other current liabilities (41,741) 17,341
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (101,258) (3,445)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (1,426,637) 324
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 30,968 15,359
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 19,259
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 30,968 34,618
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (754,208) 648,938
Accumulated other comprehensive income (loss) (4,415)
Retained earnings 38,166 94,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (716,042) 738,997
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($2,212,969) $770,494
============================================================= ==================== ==================== ====================
462
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Chestnut Ridge Homer City Mission Energy
Energy Company Property Holdings, Westside, Inc.
Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization $4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (4)
Interest and dividend income
Other nonoperating income $161 6 ($3)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 161 2 (3)
Income taxes (benefit) (62) (1) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 99 1 (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 99 1 (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 24,765 (106) 141
Dividends declared on common stock (43,499) (40)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($18,635) ($105) $99
=============================================================== ==================== ==================== ====================
463
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Homer City Edison Mission Edison Mission
Generation LP [6] Finance Co. Holdings Co.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $387,490
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 387,490
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 147,927
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 86,788 $73 $5
Depreciation, decommissioning and amortization 61,892
Property and other taxes 366
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 296,973 73 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 90,517 (73) (5)
Interest and dividend income (46,767)
Other nonoperating income (1,009) 49,715
Interest expense - net of amounts capitalized (119,845)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (77,104) 49,642 (5)
Income taxes (benefit) 33,561 (19,143) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (43,543) 30,499 (3)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (43,543) 30,499 (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 28,561 2,564 69,813
Dividends declared on common stock (12,942)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($14,982) $33,063 $56,868
=============================================================== ==================== ==================== ====================
464
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Edison Mission
Adjustments Holdings Co.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $387,490
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 387,490
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 147,927
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $102,208 189,074
Depreciation, decommissioning and amortization (47,267) 14,629
Property and other taxes 366
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 54,941 351,996
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (54,941) 35,494
Interest and dividend income (46,767)
Other nonoperating income 48,870
Interest expense - net of amounts capitalized 119,019 (826)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 64,078 36,771
Income taxes (benefit) (28,871) (14,513)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 35,207 22,258
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 35,207 22,258
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (53,526) 72,212
Dividends declared on common stock 56,485 4
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $38,166 $94,474
=============================================================== ==================== ==================== ====================
465
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Bretton Woods CP Power Sales CP Power Sales
Funding I, L.L.C. Five, L.L.C. Thirteen, L.L.C.
Cancelled Cancelled
06/03/2002 06/03/2002
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
466
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
CP Power Sales CP Power Sales CP Power Sales
Fourteen, L.L.C. Fifteen, L.L.C. Seventeen, L.L.C.
Cancelled Cancelled
06/03/2002 06/03/2002
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,356
Receivables - net 903
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 901
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,160
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 98,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 98,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $101,408
============================================================= ==================== ==================== ====================
467
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
CP Power Sales CP Power Sales Sunapee Funding I,
Nineteen, L.L.C. Twenty, L.L.C. L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
468
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME CP Holdings Co. Consolidating EME CP Holdings
Adjustments Co. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,356
Receivables - net 903
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets 901
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,160
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $16,105 ($16,105)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 16,105 (16,105)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 98,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 98,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16,105 ($16,105) $101,408
============================================================= ==================== ==================== ====================
469
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Bretton Woods CP Power Sales CP Power Sales
Funding I, L.L.C. Five, L.L.C. Thirteen, L.L.C.
Cancelled Cancelled
06/03/2002 06/03/2002
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
470
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
CP Power Sales CP Power Sales CP Power Sales
Fourteen, L.L.C. Fifteen, L.L.C. Seventeen, L.L.C.
Cancelled Cancelled
06/03/2002 06/03/2002
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $821
Preferred stock to be redeemed within one year
Accounts payable 234
Accrued taxes
Trading and price risk management liabilities 3,795
Other current liabilities 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,868
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 82,729
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 122
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 122
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 13,689
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13,689
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $101,408
============================================================= ==================== ==================== ====================
471
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
CP Power Sales CP Power Sales Sunapee Funding I,
Nineteen, L.L.C. Twenty, L.L.C. L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
472
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME CP Holdings Co. Consolidating EME CP Holdings
Adjustments Co. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $821
Preferred stock to be redeemed within one year
Accounts payable ($1,463) (1,229)
Accrued taxes
Trading and price risk management liabilities 3,795
Other current liabilities 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,463) 3,405
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 82,729
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8,213 8,213
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 122
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8,213 8,335
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 9,355 ($16,105) 6,939
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9,355 (16,105) 6,939
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16,105 ($16,105) $101,408
============================================================= ==================== ==================== ====================
473
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Bretton Woods CP Power Sales CP Power Sales
Funding I, L.L.C. Five, L.L.C. Thirteen, L.L.C.
Cancelled Cancelled
06/03/2002 06/03/2002
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
474
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
CP Power Sales CP Power Sales CP Power Sales
Fourteen, L.L.C. Fifteen, L.L.C. Seventeen, L.L.C.
Cancelled Cancelled
06/03/2002 06/03/2002
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $22,471
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 22,471
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 69
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 69
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 22,402
Interest and dividend income 28
Other nonoperating income (2)
Interest expense - net of amounts capitalized (5,734)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 16,694
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 16,694
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 16,694
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (3,005)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $13,689
=============================================================== ==================== ==================== ====================
475
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
CP Power Sales CP Power Sales Sunapee Funding I,
Nineteen, L.L.C. Twenty, L.L.C. L.L.C.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
476
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME CP Holdings Co. Consolidating EME CP Holdings
Adjustments Co. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $22,471
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 22,471
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 69
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 69
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 22,402
Interest and dividend income 28
Other nonoperating income (2)
Interest expense - net of amounts capitalized (5,734)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 16,694
Income taxes (benefit) $6,438 6,438
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (6,438) 10,256
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (6,438) 10,256
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 15,793 ($16,105) (3,317)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9,355 ($16,105) $6,939
=============================================================== ==================== ==================== ====================
477
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC Twelve, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5,836
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,836
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,836
============================================================= ==================== ==================== ====================
478
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $6,818 $1,777 $14,431
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 6,818 1,777 14,431
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6,818 $1,777 $14,431
============================================================= ==================== ==================== ====================
479
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC Twelve, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt within one year
Preferred stock to be redeemed within one year
Accounts payable $371
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 371
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (806)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 7,047
Accumulated other comprehensive income (loss)
Retained earnings (776)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6,271
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,836
============================================================= ==================== ==================== ====================
480
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($486) ($115)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (486) (115)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 100 100
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (806)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 6,697 $1,446 15,190
Accumulated other comprehensive income (loss)
Retained earnings 507 331 62
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7,204 1,777 15,252
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6,818 $1,777 $14,431
============================================================= ==================== ==================== ====================
481
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC Twelve, L.L.C.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $953
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 953
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 953
Interest and dividend income
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 954
Income taxes (benefit) (368)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 586
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 586
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 278
Dividends declared on common stock (1,640)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($776)
=============================================================== ==================== ==================== ====================
482
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $953
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 953
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 953
Interest and dividend income
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 954
Income taxes (benefit) (368)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 586
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 586
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1,846 ($723) 1,401
Dividends declared on common stock (1,339) 1,054 (1,925)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $507 $331 $62
=============================================================== ==================== ==================== ====================
483
HANOVER ENERGY COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
This entity and its subsidiary were sold in January 2002.
Chickahominy River Hanover Energy Consolidating
Energy Corp. Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $9,656 ($9,656)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 9,656 (9,656)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $9,656 ($9,656)
============================================================= ==================== ==================== ====================
484
HANOVER ENERGY COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
This entity and its subsidiary were sold in January 2002.
Hanover Energy
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
485
HANOVER ENERGY COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
This entity and its subsidiary were sold in January 2002.
Chickahominy River Hanover Energy Consolidating
Energy Corp. Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt within one year
Preferred stock to be redeemed within one year
Accounts payable $622
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 622
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 10,622 $10,120 ($10,120)
Accumulated other comprehensive income (loss)
Retained earnings (11,244) (464) 464
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($622) 9,656 (9,656)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $9,656 ($9,656)
============================================================= ==================== ==================== ====================
486
HANOVER ENERGY COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
This entity and its subsidiary were sold in January 2002.
Hanover Energy
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt within one year
Preferred stock to be redeemed within one year
Accounts payable $622
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 622
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 10,622
Accumulated other comprehensive income (loss)
Retained earnings (11,244)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($622)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
487
HANOVER ENERGY COMPANY and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
This entity and its subsidiary were sold in January 2002.
Chickahominy River Hanover Energy Consolidating
Energy Corp. Company Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income ($94)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (94)
Income taxes (benefit) 36
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (58)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (58)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (908) ($407) $717
Dividends declared on common stock (10,278) (57) (253)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($11,244) ($464) $464
=============================================================== ==================== ==================== ====================
488
HANOVER ENERGY COMPANY and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
This entity and its subsidiary were sold in January 2002.
Hanover Energy
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income ($94)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (94)
Income taxes (benefit) 36
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (58)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (58)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (598)
Dividends declared on common stock (10,588)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($11,244)
=============================================================== ==================== ==================== ====================
489
MAJESTIC ENERGY LIMITED and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Majestic Energy EME Royale Limited Edison Mission
Limited Energy Taupo
Limited [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $281,241 $55,040
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 281,241 55,040
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $281,241 $55,040 $3
============================================================= ==================== ==================== ====================
490
MAJESTIC ENERGY LIMITED and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Majestic Energy
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($336,281)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (336,281)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($336,281) $3
============================================================= ==================== ==================== ====================
491
MAJESTIC ENERGY LIMITED and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Majestic Energy EME Royale Limited Edison Mission
Limited Energy Taupo
Limited [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $151 $1,555
Accrued taxes (527)
Trading and price risk management liabilities
Other current liabilities 105 14 $26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 256 1,042 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 67
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 304,894 304,894 302,818
Accumulated other comprehensive income (loss) (2,438) (43,058) (784)
Retained earnings (21,471) (207,905) (302,057)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 280,985 53,931 (23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $281,241 $55,040 $3
============================================================= ==================== ==================== ====================
492
MAJESTIC ENERGY LIMITED and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Majestic Energy
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1,706
Accrued taxes (527)
Trading and price risk management liabilities
Other current liabilities 145
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,324
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 67
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($607,712) 304,894
Accumulated other comprehensive income (loss) 45,880 (400)
Retained earnings 225,551 (305,882)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (336,281) (1,388)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($336,281) $3
============================================================= ==================== ==================== ====================
493
MAJESTIC ENERGY LIMITED and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Majestic Energy EME Royale Limited Edison Mission
Limited Energy Taupo
Limited [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $42 $16 $15
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 42 16 15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (42) (16) (15)
Interest and dividend income 1
Other nonoperating income (11) 182
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (53) 166 (14)
Income taxes (benefit) (65) 2,928
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (53) 101 2,914
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (53) 101 2,914
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (21,418) (208,007) (304,971)
Dividends declared on common stock 1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($21,471) ($207,905) ($302,057)
=============================================================== ==================== ==================== ====================
494
MAJESTIC ENERGY LIMITED and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Majestic Energy
Adjustments Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $73
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 73
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (73)
Interest and dividend income 1
Other nonoperating income 171
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 99
Income taxes (benefit) 2,863
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,962
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,962
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $225,551 (308,845)
Dividends declared on common stock 1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $225,551 ($305,882)
=============================================================== ==================== ==================== ====================
495
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $425 $245,129
Receivables - net 52 264
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 63
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 540 245,393
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 8,505
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,507,077 3,806,495
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,515,582 3,806,495
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 58,854
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 58,854
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,516,122 $4,110,742
============================================================= ==================== ==================== ====================
496
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4 $4
Receivables - net 632
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 187
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4 823
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 9
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 176
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 176 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $180 $832
============================================================= ==================== ==================== ====================
497
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Midwest Generation Consolidating Midwest Generation
LLC [6] Adjustments EME, LLC
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $74,652 $320,214
Receivables - net 61,090 62,038
Fuel inventory 79,293 79,293
Materials and supplies, at average cost 18,636 18,636
Accumulated deferred income taxes - net
Trading and price risk management assets 2,311 2,311
Prepayments and other current assets 26,844 27,094
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 262,826 509,586
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,805,137 ($782,427) 4,031,224
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (6,313,748)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,805,137 (7,096,175) 4,031,224
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,155 62,009
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,155 62,009
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,071,118 ($7,096,175) $4,602,819
============================================================= ==================== ==================== ====================
498
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $911,000
Preferred stock to be redeemed within one year
Accounts payable $10,808 $3 (125,968)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities (249) 8,868
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 10,559 3 793,900
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 808,308
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 413 1,453
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 413 1,453
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,456,512 2,425,000
Accumulated other comprehensive income (loss)
Retained earnings 48,638 (3) 82,081
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,505,150 ($3) 2,507,081
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,516,122 $4,110,742
============================================================= ==================== ==================== ====================
499
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3,343,669) $323
Accrued taxes 57
Trading and price risk management liabilities
Other current liabilities 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,343,669) 420
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4,356)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 226
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4,356) 226
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,312,110 66
Accumulated other comprehensive income (loss) 10
Retained earnings 36,095 110
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,348,205 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $180 $832
============================================================= ==================== ==================== ====================
500
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Midwest Generation Consolidating Midwest Generation
LLC [6] Adjustments EME, LLC
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $9,792 ($9,792) $911,000
Preferred stock to be redeemed within one year
Accounts payable 2,060,412 (1,398,091)
Accrued taxes 57
Trading and price risk management liabilities 2,959 2,959
Other current liabilities 179,026 (21,263) 166,422
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,252,189 (31,055) (317,653)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,169,855 (850,208) 2,127,955
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 73,354 40,109 110,973
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 118,430 118,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 191,784 40,109 229,629
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 650,000 (6,387,175) 2,456,513
Accumulated other comprehensive income (loss) (999) (989)
Retained earnings (191,711) 132,154 107,364
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 457,290 (6,255,021) 2,562,888
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,071,118 ($7,096,175) $4,602,819
============================================================= ==================== ==================== ====================
501
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $17,325 $26,223 $27
Depreciation, decommissioning and amortization 3,412
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 20,737 26,223 27
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (20,737) (26,223) (27)
Interest and dividend income (845) 1,665
Other nonoperating income (2) 26,223 (60)
Interest expense - net of amounts capitalized (77,330)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (21,584) (75,752)
Income taxes (benefit) (8,323) (29,212)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (13,261) (46,540)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (13,261) (46,540)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (25,944) (3) (5,761)
Dividends declared on common stock 87,843 134,382
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $48,638 ($3) $82,081
=============================================================== ==================== ==================== ====================
502
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1,073
Depreciation, decommissioning and amortization 12
Property and other taxes 10
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,095
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1,095)
Interest and dividend income $227,066 2
Other nonoperating income 1,212
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 227,066 119
Income taxes (benefit) 87,563 (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 139,503 121
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 139,503 121
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 35,908 (11)
Dividends declared on common stock (139,316)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $36,095 $110
=============================================================== ==================== ==================== ====================
503
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Midwest Generation Consolidating Midwest Generation
LLC [6] Adjustments EME, LLC
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,148,676 $1,148,676
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,148,676 1,148,676
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 396,345 396,345
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 340,520 ($2,727) 382,441
Depreciation, decommissioning and amortization 175,631 (25,462) 153,593
Property and other taxes 16,662 16,672
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 929,158 (28,189) 949,051
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 219,518 28,189 199,625
Interest and dividend income (107,274) 120,614
Other nonoperating income (1,422) (26,223) (272)
Interest expense - net of amounts capitalized (118,940) 31,101 (165,169)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (8,118) 33,067 154,798
Income taxes (benefit) (2,875) 12,909 60,060
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (5,243) 20,158 94,738
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (5,243) 20,158 94,738
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (186,467) 194,903 12,625
Dividends declared on common stock (1) (82,907) 1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($191,711) $132,154 $107,364
=============================================================== ==================== ==================== ====================
504
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Del Cielo Mission Del Sol LLC Sunrise Power
Inc. Company, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $83 $197
Receivables - net 143
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 235 197
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 84,314
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $180,471 188,490
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 180,471 188,490 84,314
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $180,471 $188,725 $84,511
============================================================= ==================== ==================== ====================
505
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission De Las Consolidating Mission Del Cielo
Estrellas LLC [7] Adjustments Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $30 ($227) $83
Receivables - net 143
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 30 (227) 235
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (30) (84,284)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (344,971) 23,990
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets ($30) (429,255) 23,990
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($429,482) $24,225
============================================================= ==================== ==================== ====================
506
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Del Cielo Mission Del Sol LLC Sunrise Power
Inc. Company, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $5,770 ($79,989)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5,771 (79,989)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,483
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,483
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $161,585 161,585 164,500
Accumulated other comprehensive income (loss)
Retained earnings 18,886 18,886
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 180,471 180,471 164,500
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $180,471 $188,725 $84,511
============================================================= ==================== ==================== ====================
507
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission De Las Consolidating Mission Del Cielo,
Estrellas, LLC [7] Adjustments Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $79,989 $5,770
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 79,989 5,771
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,483
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,483
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (490,585) (2,915)
Accumulated other comprehensive income (loss)
Retained earnings (18,886) 18,886
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (509,471) 15,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($429,482) $24,225
============================================================= ==================== ==================== ====================
508
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Del Cielo Mission Del Sol LLC Sunrise Power
Inc. Company, LLC [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18,394
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18,394
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 25
Depreciation, decommissioning and amortization 89
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 114
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 18,280
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 18,280
Income taxes (benefit) 7,049
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 11,231
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 11,231
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $8,393 8,393
Dividends declared on common stock 10,493 (738)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $18,886 $18,886
=============================================================== ==================== ==================== ====================
509
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission De Las Consolidating Mission Del Cielo
Estrellas, LLC [7] Adjustments Inc. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18,394
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18,394
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 25
Depreciation, decommissioning and amortization 89
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 114
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 18,280
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 18,280
Income taxes (benefit) 7,049
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 11,231
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 11,231
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($8,393) 8,393
Dividends declared on common stock (10,493) (738)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($18,886) $18,886
=============================================================== ==================== ==================== ====================
510
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Investments, EME Southwest EME UK
LLC Power Corporation International LLC
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $386,764 $348,366
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 386,764 348,366
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $386,764 $348,366
============================================================= ==================== ==================== ====================
511
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
International, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $206,578
Receivables - net 178,367
Fuel inventory 5,006
Materials and supplies, at average cost 22,086
Accumulated deferred income taxes - net
Trading and price risk management assets 9,775
Prepayments and other current assets 27,751
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 449,563
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,528,044
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 769,221 $804,022 ($1,001,341)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,297,265 804,022 (1,001,341)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Goodwill 669,995
Other deferred charges 70,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 740,728
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,487,556 $804,022 ($1,001,341)
============================================================= ==================== ==================== ====================
512
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Holdings
International,
Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $206,578
Receivables - net 178,367
Fuel inventory 5,006
Materials and supplies, at average cost 22,086
Accumulated deferred income taxes - net
Trading and price risk management assets 9,775
Prepayments and other current assets 27,751
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 449,563
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,528,044
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,307,032
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,835,076
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Goodwill 669,995
Other deferred charges 70,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 740,728
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6,025,367
============================================================= ==================== ==================== ====================
513
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Investments, EME Southwest EME UK
LLC Power Corporation International LLC
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $809 ($97,780)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 809 (97,780)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (37) (90)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (37) (90)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 384,756 443,344
Accumulated other comprehensive income (loss)
Retained earnings 1,236 2,892
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 385,992 446,236
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $386,764 $348,366
============================================================= ==================== ==================== ====================
514
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002 (In thousands)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
International, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 131,222
Preferred stock to be redeemed within one year
Accounts payable 413,245 ($165,757)
Accrued taxes 16,886
Trading and price risk management liabilities 5,795
Other current liabilities 87,957
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 732,656 (165,757)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,116,083
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 388,318 1,692
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 479,144
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 867,462 1,692
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 579,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 131,225
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,850,773 1,709,312 ($879,964)
Accumulated other comprehensive income (loss) (209,848)
Retained earnings (580,451) (741,225) (121,377)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,060,474 968,087 (1,001,341)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,487,556 $804,022 ($1,001,341)
============================================================= ==================== ==================== ====================
515
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002 (In thousands)
Mission Energy
Holdings Intern'l,
Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 131,222
Preferred stock to be redeemed within one year
Accounts payable 150,517
Accrued taxes 16,886
Trading and price risk management liabilities 5,795
Other current liabilities 87,957
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 469,928
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,116,083
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 389,883
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 479,144
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 869,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 579,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 131,225
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,508,221
Accumulated other comprehensive income (loss) (209,848)
Retained earnings (1,438,925)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,859,448
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6,025,367
============================================================= ==================== ==================== ====================
516
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Investments, EME Southwest EME UK
LLC Power Corporation International LLC
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $4,630
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4,630
Income taxes (benefit) 1,785
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,845
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,845
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1,236 47
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,236 $2,892
=============================================================== ==================== ==================== ====================
517
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
International, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,302,740
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,302,740
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 426,747
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 475,638
Depreciation, decommissioning and amortization 114,772
Property and other taxes 12,600
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,029,757
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 272,983
Interest and dividend income (3,190) $9,657
Other nonoperating income 21,455
Interest expense - net of amounts capitalized (183,693)
Other nonoperating deductions (33,829)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 66,721 9,657
Income taxes (benefit) 33,263 19,264
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 33,458 (9,607)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 33,458 (9,607)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (613,909) (731,618) ($121,377)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($580,451) ($741,225) ($121,377)
=============================================================== ==================== ==================== ====================
518
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy
Holdings
International,
Inc. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,302,740
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,302,740
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 426,747
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 475,638
Depreciation, decommissioning and amortization 114,772
Property and other taxes 12,600
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,029,757
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 272,983
Interest and dividend income 11,097
Other nonoperating income 21,455
Interest expense - net of amounts capitalized (183,693)
Other nonoperating deductions (33,829)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 81,008
Income taxes (benefit) 54,312
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 26,696
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 26,696
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,465,619)
Dividends declared on common stock (2)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,438,925)
=============================================================== ==================== ==================== ====================
519
MISSION ENERGY WALES COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390 ($88,390)
Receivables - net 43,862 (43,862)
Fuel inventory
Materials and supplies, at average cost 6,119 (6,119)
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630 (8,630)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001 (147,001)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243 (1,227,243)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026 $228,169 (2,962,566)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269 228,169 (4,189,809)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204 (64,204)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204 (64,204)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474 $228,169 ($4,401,014)
============================================================= ==================== ==================== ====================
520
MISSION ENERGY WALES COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Wales Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $228,629
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 228,629
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $228,629
============================================================= ==================== ==================== ====================
521
MISSION ENERGY WALES COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471 ($48,471)
Preferred stock to be redeemed within one year
Accounts payable (140,396) ($164,595) 140,396
Accrued taxes 9,069 (9,069)
Trading and price risk management liabilities
Other current liabilities 68,935 (68,935)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,921) (164,595) 13,921
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322 (953,322)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550 285,464 (56,550)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917 (116,917)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467 285,464 (173,467)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622 460 (63,162)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409 69,272 (4,138,409)
Accumulated other comprehensive income (loss) (387,440) 387,440
Retained earnings (525,985) 37,568 525,985
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984 106,840 (3,224,984)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474 $228,169 ($4,401,014)
============================================================= ==================== ==================== ====================
522
MISSION ENERGY WALES COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Wales Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year ($164,595)
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (164,595)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285,464
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285,464
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 920
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 69,272
Accumulated other comprehensive income (loss)
Retained earnings 37,568
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 106,840
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $228,629
============================================================= ==================== ==================== ====================
523
MISSION ENERGY WALES COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411 $7,130 ($392,951)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411 7,130 (392,951)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349 (175,349)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430 (62,430)
Depreciation, decommissioning and amortization 21,462 (21,462)
Property and other taxes 13,265 (13,265)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506 (272,506)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905 7,130 (120,445)
Interest and dividend income 131,262 4,710 (131,262)
Other nonoperating income (4,155) (8) 4,155
Interest expense - net of amounts capitalized (198,766) 198,766
Other nonoperating deductions (460) (460)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246 11,372 (49,246)
Income taxes (benefit) 6,377 5,682 (6,377)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869 5,690 (42,869)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869 5,690 (42,869)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854) 31,878 568,854
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985) $37,568 $525,985
=============================================================== ==================== ==================== ====================
524
MISSION ENERGY WALES COMPANY and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Wales Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $7,590
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7,590
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7,590
Interest and dividend income 4,710
Other nonoperating income (8)
Interest expense - net of amounts capitalized
Other nonoperating deductions (920)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 11,372
Income taxes (benefit) 5,682
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 5,690
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 5,690
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31,878
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $37,568
=============================================================== ==================== ==================== ====================
525
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397 ($263,371)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640 (263,371)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
526
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474
============================================================= ==================== ==================== ====================
527
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103) ($27,293)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,372 (27,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514 (49,192)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809 213,601
Accumulated other comprehensive income (loss) (387,133) (307)
Retained earnings (125,806) (400,179)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870 (186,885)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845 ($263,370)
============================================================= ==================== ==================== ====================
528
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (140,396)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,921)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409
Accumulated other comprehensive income (loss) (387,440)
Retained earnings (525,985)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474
============================================================= ==================== ==================== ====================
529
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066 $3,196
Other nonoperating income 573 (4,728)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778 (1,532)
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401 (1,532)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401 (1,532)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207) (398,647)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806) ($400,179)
=============================================================== ==================== ==================== ====================
530
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 131,262
Other nonoperating income (4,155)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985)
=============================================================== ==================== ==================== ====================
531
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [8]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $44
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 102
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27,570 $706,816
============================================================= ==================== ==================== ====================
532
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd [9] Mission Energy Gippsland Power
Development Pty Ltd [9]
Australia Pty Ltd.
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21,555
Receivables - net 5,762
Fuel inventory
Materials and supplies, at average cost 4,314
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 3,970
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,601
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 481,235
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($5,632)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (5,632) 481,235
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($5,632) $524,569
============================================================= ==================== ==================== ====================
533
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd [8]
Venture [10] Partnership
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
534
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [8] Finance plc [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,838 $61,622 $331
Receivables - net 4 37,632 464
Fuel inventory
Materials and supplies, at average cost 1,805
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,602
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,842 105,661 795
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 21,676 724,113 219
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 852,247 10,202
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 873,923 724,113 10,421
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
535
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [9] Partnership [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
536
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd [9] EME Generation Consolidating
Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($218,583) $467,715
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (218,583) 467,715
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($218,583) $467,715
============================================================= ==================== ==================== ====================
537
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845
============================================================= ==================== ==================== ====================
538
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [8]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $565 $749 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 37 96 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 602 845 353,685
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 27,361 22,148 651,416
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (8) (21,890) 25,424
Retained earnings (385) (1,103) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (393) ($22,993) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $27,570 $706,816
============================================================= ==================== ==================== ====================
539
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd [9] Mission Energy Gippsland Power
Development Pty Ltd [9]
Australia Pty Ltd.
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) ($5,927) ($78,327)
Accrued taxes 291
Trading and price risk management liabilities
Other current liabilities 8,814
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) (5,927) (69,222)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) 309,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) 56,965
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,246
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 173,211
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 38,034
Accumulated other comprehensive income (loss) (150,048) 14 (15,738)
Retained earnings 323,708 281 88,763
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 295 111,059
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($5,632) $524,569
============================================================= ==================== ==================== ====================
540
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd [8]
Venture [10] Partnership
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable 335,494 ($353,681)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 353,685 (353,681)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,416 (651,415)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438
Accumulated other comprehensive income (loss) 25,424 (150,048)
Retained earnings (323,707) 323,708
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (298,283) $1,005,098
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
541
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [8] Finance plc [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971
Preferred stock to be redeemed within one year
Accounts payable $677,214 $11,973 (664,933)
Accrued taxes 8,778
Trading and price risk management liabilities
Other current liabilities 44 2 24,669
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 677,258 20,753 (611,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (402)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 269
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 181,987 626,655 19
Accumulated other comprehensive income (loss) 18,116 5,599 187
Retained earnings 1,404 176,530 7,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 201,507 808,784 7,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
542
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [9] Partnership [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $5 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 353,685
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 25,424
Retained earnings (3) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($3) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
543
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd [9] EME Generation Consolidating
Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) $139
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 199
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) 338
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) (317)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest $63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 180,167 403,633
Accumulated other comprehensive income (loss) (150,048) (1) 460
Retained earnings 323,708 (398,770)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 (218,604) 404,093
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($218,583) $467,715
============================================================= ==================== ==================== ====================
544
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,934
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,371
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,515
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809
Accumulated other comprehensive income (loss) (387,133)
Retained earnings (125,806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845
============================================================= ==================== ==================== ====================
545
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [8]
Maintenance Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $194 $33
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 194 33
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (194) (33)
Interest and dividend income (222) 91 $883
Other nonoperating income 2
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (416) 60 (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (416) 60 (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (416) 60 (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31 (1,163) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($385) ($1,103) ($323,707)
=============================================================== ==================== ==================== ====================
546
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd [9] Mission Energy Gippsland Power
Development Pty Ltd [9]
Australia Pty Ltd.
[8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $71,951
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 71,951
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 8,788
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 12,157
Depreciation, decommissioning and amortization 10,740
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31,685
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 40,266
Interest and dividend income $46,744 $303 (18,492)
Other nonoperating income 11
Interest expense - net of amounts capitalized (427)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 303 21,358
Income taxes (benefit) 14,546 91 6,548
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 212 14,810
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 212 14,810
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 69 73,953
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 $281 $88,763
=============================================================== ==================== ==================== ====================
547
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd [8]
Venture [10] Partnership
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883 $46,744
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741) 46,744
Income taxes (benefit) (14,545) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196) 32,198
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196) 32,198
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (291,511) 291,510
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($323,707) $323,708
=============================================================== ==================== ==================== ====================
548
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [8] Finance plc [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $321,460
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 321,460
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $88 49,684 $20
Depreciation, decommissioning and amortization 86 10,635 1
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 174 240,145 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (174) 81,315 (21)
Interest and dividend income (54,050) 2,106 55,185
Other nonoperating income 604 (8) 22
Interest expense - net of amounts capitalized (73) (55,394)
Other nonoperating deductions
Dividends on preferred securities 54,260 (54,808) 548
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 567 28,605 340
Income taxes (benefit) (308) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 567 28,913 297
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 567 28,913 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 837 147,617 7,177
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,404 $176,530 $7,474
=============================================================== ==================== ==================== ====================
549
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [9] Partnership [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($3) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($323,707)
=============================================================== ==================== ==================== ====================
550
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd [9] EME Generation Consolidating
Holdings Limited Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $254
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 254
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (254)
Interest and dividend income $46,744 264
Other nonoperating income (58)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 (48)
Income taxes (benefit) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 (48)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 (48)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 (398,722)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 ($398,770)
=============================================================== ==================== ==================== ====================
551
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066
Other nonoperating income 573
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806)
=============================================================== ==================== ==================== ====================
552
MEC INTERNATIONAL B.V. and Subsidiaries [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Adelaide Ventures Beheer-en Vindoor
Ltd. Dissolved BeleggingsmaatschappiInvestments
01/14/2003 Jydeno B.V. Mauritius Limited
[7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $9
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,139)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,139)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,130)
============================================================= ==================== ==================== ====================
553
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Coaltrade Services Edison Mission Edison Mission LYB
International Pte Advantage B.V. PEDS Pty Ltd [7]
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $8
============================================================= ==================== ==================== ====================
554
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Ausone Pty Ltd. Energy Asia Pte Energy
Ltd. Consolidated International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,772 $92
Receivables - net 16,714 8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 531
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 20,017 100
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 251 25
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 340,333
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 340,584 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 2,142
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2,142
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $362,743 $125
============================================================= ==================== ==================== ====================
555
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Services Millennium B.V. Operation and
B.V. Consolidated Maintenance
Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $9 $145
Receivables - net 133
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 272
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9 550
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 33
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 29,406 208
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 29,406 241
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $29,415 $793
============================================================= ==================== ==================== ====================
556
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Retail Pty Ltd. Utilities Pty Ltd. Wind Power Italy
B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (8,169)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (8,169)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
GOODWILL
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($8,167)
============================================================= ==================== ==================== ====================
557
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $32,873
Receivables - net 79,585
Fuel inventory 78
Materials and supplies, at average cost 7,034
Accumulated deferred income taxes - net
Trading and price risk management assets (9,652)
Prepayments and other current assets 7,295
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 117,213
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,125,330
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 159,627
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,284,957
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
GOODWILL 396,153
Other deferred charges 96,377
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 492,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,894,700
============================================================= ==================== ==================== ====================
558
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Tri Gen B.V. EME Victoria B.V. First Hydro
[Inactive] Renewables Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1 $106
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 106
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 18,323
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 18,323
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18,324 $106
============================================================= ==================== ==================== ====================
559
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Global Generation Hydro Energy B.V
Renewables B.V. Consolidated Consolidated
(COWL) Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $6,820 $269
Receivables - net 8,585
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (6,255)
Prepayments and other current assets 340 458
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7,160 3,057
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 8,438 85,441
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 27,961
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,438 113,402
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 6,621 4,732
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,621 4,732
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $22,219 $121,191
============================================================= ==================== ==================== ====================
560
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Iberian Latrobe Power Pty. Latrobe Valley B.V.
Hy-Power Amsterdam Ltd. Consolidated
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $617 $7,072 $1
Receivables - net 13,657 25,866 5
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets (12,510)
Prepayments and other current assets 677 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,441 44,524 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 165,722 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,090
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 168,812 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 6,394 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,394 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $177,647 $1,174,177 $6
============================================================= ==================== ==================== ====================
561
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Valley Power Pty Loy Yang Holdings MEC Esenyurt B.V.
Ltd. [7] Pty Ltd. Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $29,198 $24,470
Receivables - net 83,563 16,953
Fuel inventory 4,928
Materials and supplies, at average cost 26,852 944
Accumulated deferred income taxes - net
Trading and price risk management assets 40
Prepayments and other current assets 16,657 1,195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 156,270 48,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,984,388 132,373
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 48,758
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,033,146 132,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 12,967 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 12,967 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,202,383 $217,299
============================================================= ==================== ==================== ====================
562
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC IES ISAB Energy MEC India B.V.
B.V. Services s.r.l. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $8
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,299
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,301 $8
============================================================= ==================== ==================== ====================
563
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission MEC Indo Coal B.V. MEC Indonesia B.V.
Energy Power [7]
------------------------------------------------------------- --------------------- --------------------- --------------------
ASSETS
------------------------------------------------------------- --------------------- --------------------- --------------------
Cash and equivalents $222 $1
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- --------------------- --------------------- --------------------
Total current assets 222 1
------------------------------------------------------------- --------------------- --------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 16,974 118,021
Investments in leveraged leases
Other investments
------------------------------------------------------------- --------------------- --------------------- --------------------
Total investment and other assets 16,974 118,021
------------------------------------------------------------- --------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- --------------------- --------------------- --------------------
Total utility plant
------------------------------------------------------------- --------------------- --------------------- --------------------
Regulatory assets - net
Other deferred charges 851
------------------------------------------------------------- --------------------- --------------------- --------------------
Total deferred charges 851
------------------------------------------------------------- --------------------- --------------------- --------------------
Total assets $17,196 $118,873
============================================================= ===================== ===================== ====================
564
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International MEC Laguna Power Gulf Power
Holdings B.V. B.V. Generation Co.
Consolidated Ltd. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $120,245
Receivables - net 66,337
Fuel inventory 4,928
Materials and supplies, at average cost 9,996
Accumulated deferred income taxes - net
Trading and price risk management assets 40
Prepayments and other current assets 10,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 211,729
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,417,240
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,167,179
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,584,419
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 100,712
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 100,712
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,896,860
============================================================= ==================== ==================== ====================
565
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Perth B.V. MEC Priolo B.V. MEC San Pascual
Consolidated B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,657 $5
Receivables - net 3,384 $1
Fuel inventory
Materials and supplies, at average cost 2,933
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,262 5 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 57,447
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 49,880
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 57,447 49,880
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges (2,544) 83
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (2,544) 83
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $66,165 $49,968 $1
============================================================= ==================== ==================== ====================
566
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Sidi Krir B.V. MEC Sumatra B.V. MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7 $5 $88,590
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7 5 147,201
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,980,005
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,207,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
GOODWILL
Other deferred charges 65,902
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 65,902
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7 $5 $4,420,351
============================================================= ==================== ==================== ====================
567
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission NZ
Company (UK) Italia s.r.l. Operations B.V.
Limited (Inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $162,998 $150 $8
Receivables - net 83,898 45
Fuel inventory
Materials and supplies, at average cost 7,924
Accumulated deferred income taxes - net
Trading and price risk management assets 25,642
Prepayments and other current assets 13,653 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 294,115 209 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,213,003 152
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,818,742
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,031,745 152
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 273,840
Regulatory assets - net
Other deferred charges 93,207 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 367,047 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,692,907 $385 $8
============================================================= ==================== ==================== ====================
568
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Pride Hold Limited EcoElectrica Southwestern
Consolidated S.a.r.l. Generation B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $25 $339 $4
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25 339 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 218,593
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 218,593
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $25 $218,932 $4
============================================================= ==================== ==================== ====================
569
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,072 $14,342 ($296,566)
Receivables - net 5,795 19 (270,043)
Fuel inventory (4,928)
Materials and supplies, at average cost 4,490 (51,660)
Accumulated deferred income taxes - net
Trading and price risk management assets 12,470
Prepayments and other current assets 4,132 36 (40,742)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21,489 14,397 (651,469)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 598,001 28 (8,613,495)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,519) 1,829,775 (11,049,126)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 596,482 1,829,803 (19,662,621)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
GOODWILL 2
Other deferred charges 3,229 (359,591)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229 (359,589)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $621,200 $1,844,200 ($20,673,679)
============================================================= ==================== ==================== ====================
570
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International
B.V. Consolidated
------------------------------------------------------------ -------------------- --------------------- --------------------
ASSETS
------------------------------------------------------------ -------------------- --------------------- --------------------
Cash and equivalents $206,578
Receivables - net 178,367
Fuel inventory 5,006
Materials and supplies, at average cost 22,086
Accumulated deferred income taxes - net
Trading and price risk management assets 9,775
Prepayments and other current assets 27,751
------------------------------------------------------------ -------------------- --------------------- --------------------
Total current assets 449,563
------------------------------------------------------------ -------------------- --------------------- --------------------
Nonutility property - net 3,528,044
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 769,221
Investments in leveraged leases
Other investments
------------------------------------------------------------ -------------------- --------------------- --------------------
Total investment and other assets 4,297,265
------------------------------------------------------------ -------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------ -------------------- --------------------- --------------------
Total utility plant
------------------------------------------------------------ -------------------- --------------------- --------------------
GOODWILL 669,995
Other deferred charges 70,733
------------------------------------------------------------ -------------------- --------------------- --------------------
Total deferred charges 740,728
------------------------------------------------------------ -------------------- --------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------ -------------------- --------------------- --------------------
------------------------------------------------------------ -------------------- --------------------- --------------------
Total assets $5,487,556
============================================================ ==================== ===================== ====================
571
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Adelaide Ventures Beheer-en Vindoor
Ltd. Dissolved BeleggingsmaatschappiInvestments
01/14/2003 Jydeno B.V. (Mauritius)
Limited [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes ($1,155)
Trading and price risk management liabilities (2)
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,157)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 37
Accumulated other comprehensive income (loss)
Retained earnings (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,130)
============================================================= ==================== ==================== ====================
572
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Coaltrade Services Edison Mission Edison Mission LYB
International Pte Advantage B.V. PEDS Pty Ltd. [7]
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes $10
Trading and price risk management liabilities (3)
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 17
Accumulated other comprehensive income (loss)
Retained earnings (16)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $8
============================================================= ==================== ==================== ====================
573
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Ausone Pty Ltd. Energy Asia Pte Energy
Ltd Consolidated International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($9,888) $1,553
Accrued taxes 22 351
Trading and price risk management liabilities 2
Other current liabilities 1,575 87
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,289) 1,991
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,096
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,107
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 338,641 235
Accumulated other comprehensive income (loss) (747)
Retained earnings 32,031 (2,101)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 369,925 (1,866)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $362,743 $125
============================================================= ==================== ==================== ====================
574
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Services Millennium B.V. Operation and
B.V. Consolidated Maintenance
Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $9 $150 $492
Accrued taxes (9) (39) 21
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 111 513
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 19 42,084 431
Accumulated other comprehensive income (loss) (17,210)
Retained earnings ($19) 4,430 (151)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 29,304 280
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $29,415 $793
============================================================= ==================== ==================== ====================
575
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Retail Pty Ltd. Utilities Pty Ltd. Wind Power Italy
B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($12,466)
Accrued taxes (383)
Trading and price risk management liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (12,848)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 27
Accumulated other comprehensive income (loss)
Retained earnings 4,654
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,681
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($8,167)
============================================================= ==================== ==================== ====================
576
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 36,743
Preferred stock to be redeemed within one year
Accounts payable (88,481)
Accrued taxes 10,108
Trading and price risk management liabilities 844
Other current liabilities 6,152
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 42,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 417,333
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 120,459
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 126,642
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 408,272
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding 131,225
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 745,938
Accumulated other comprehensive income (loss) 19,362
Retained earnings 3,011
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 768,311
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,894,700
============================================================= ==================== ==================== ====================
577
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Tri Gen B.V. EME Victoria B.V. First Hydro
[Inactive] Renewables Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2 $28 $4
Accrued taxes (10) (16)
Trading and price risk management liabilities
Other current liabilities (278)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8) 12 (274)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 437
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 437
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 24,438 21
Accumulated other comprehensive income (loss) (8,079) 10
Retained earnings 1,973 (33) (99)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 18,332 ($12) (89)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18,324 $106
============================================================= ==================== ==================== ====================
578
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Global Generation Hydro Energy B.V.
Renewables (COWL) B.V. Consolidated Consolidated
Limited [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146 $38,878
Preferred stock to be redeemed within one year
Accounts payable 528,094 (7)
Accrued taxes (4,891) (200)
Trading and price risk management liabilities
Other current liabilities 3,792 289
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 717,141 38,960
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552 57,789
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2,530)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 2,713
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 183
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,005,865 25,029
Accumulated other comprehensive income (loss) (13,022) (9,723)
Retained earnings (1,869,317) 8,953
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (876,474) 24,259
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $22,219 $121,191
============================================================= ==================== ==================== ====================
579
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Iberian Latrobe Power Pty. Latrobe Valley B.V.
HyPower Amsterdam Ltd. Consolidated
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $70,948
Preferred stock to be redeemed within one year
Accounts payable 17,175 ($16,277) $21
Accrued taxes (1,633) 303 (2)
Trading and price risk management liabilities
Other current liabilities 422 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 86,912 607,229 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 76,223 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4,720) 3,744
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 3,720 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1,000) 257,773
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 518 11,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 17,796 18
Accumulated other comprehensive income (loss) (18,464) (9,436)
Retained earnings 15,662 (40,200) (31)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 14,994 (49,636) (13)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $177,647 $1,174,177 $6
============================================================= ==================== ==================== ====================
580
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Valley Power Pty Loy Yang Holdings MEC Esenyurt B.V.
Ltd. [7] Pty Ltd. Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $85 $11,281
Preferred stock to be redeemed within one year
Accounts payable (75,224) (14,003)
Accrued taxes 1,146 9,176
Trading and price risk management liabilities
Other current liabilities 1,880,716 5,268
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,806,723 11,722
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,390,289 84,607
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7,105 (11,273)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 1,016,178 57,455
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,023,283 46,182
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 24,198 12,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (241,459) 37,118
Accumulated other comprehensive income (loss) (228,492) 26
Retained earnings 427,841 25,617
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (42,110) 62,761
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,202,383 $217,299
============================================================= ==================== ==================== ====================
581
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC IES B.V. ISAB Energy MEC India B.V.
Services s.r.l. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $344 $32
Accrued taxes (97) (15)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 247 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 117 23
Accumulated other comprehensive income (loss)
Retained earnings 1,937 (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,054 (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,301 $8
============================================================= ==================== ==================== ====================
582
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission MEC Indo Coal B.V. MEC Indonesia B.V.
Energy Power [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2 $386
Accrued taxes 365 (948)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 367 (562)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,827
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 6,827
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 15,845 126,870
Accumulated other comprehensive income (loss) (27,523)
Retained earnings 984 13,261
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 16,829 112,608
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $17,196 $118,873
============================================================= ==================== ==================== ====================
583
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International MEC Laguna Power Gulf Power
Holdings B.V. B.V. Generation Co.
Consolidated Ltd. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $63,667
Preferred stock to be redeemed within one year
Accounts payable (524,578) $90
Accrued taxes 23,353 (14)
Trading and price risk management liabilities
Other current liabilities 78,745
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (358,813) 76
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,081,134
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 40,957
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 194,210
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 235,167
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 78,948
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,587,217 6,095
Accumulated other comprehensive income (loss) (383,179)
Retained earnings (343,614) (6,171)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,860,424 ($76)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,896,860
============================================================= ==================== ==================== ====================
584
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Perth B.V. MEC Priolo B.V. MEC San Pascual
Consolidated B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3,915
Preferred stock to be redeemed within one year
Accounts payable (21,992) $1,236 $98
Accrued taxes 233 (110) (16)
Trading and price risk management liabilities
Other current liabilities 4,327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,517) 1,126 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 43,205
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4,067)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 12,407
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8,340
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 3,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 23 31,354 4,793
Accumulated other comprehensive income (loss) (3,799) 187
Retained earnings 28,614 17,301 (4,874)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 24,838 48,842 (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $66,165 $49,968 $1
============================================================= ==================== ==================== ====================
585
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Sidi Krir B.V. MEC Sumatra B.V. MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable $24 $24 (492,853)
Accrued taxes (12) (13) 14,194
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 12 11 (361,253)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 26 26 4,363,133
Accumulated other comprehensive income (loss) (352,087)
Retained earnings (31) (32) (419,853)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (5) (6) 3,591,193
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7 $5 $4,420,351
============================================================= ==================== ==================== ====================
586
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission NZ
Company (UK) Italia s.r.l. Operations B.V.
Limited (Inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt within one year $77,442
Preferred stock to be redeemed within one year
Accounts payable (128,309) ($99)
Accrued taxes 18,271 (178) ($2)
Trading and price risk management liabilities
Other current liabilities 96,117 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 63,521 (181) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,597,122
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 324,279 (250)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 135,781 604
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 460,060 354
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,358,809 13 17
Accumulated other comprehensive income (loss) (384,240) 17
Retained earnings (465,987) 182 (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,508,582 212 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,692,907 $385 $8
============================================================= ==================== ==================== ====================
587
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Pride Hold Limited EcoElectrica Southwestern
Consolidated S.a.r.l. Generation B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $12 ($1,281) $5
Accrued taxes 142 (7)
Trading and price risk management liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 27 (1,139) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 161 258,508 21
Accumulated other comprehensive income (loss) 13,335 (37,890)
Retained earnings (17,173) (547) (15)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (3,677) 220,071 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $25 $218,932 $4
============================================================= ==================== ==================== ====================
588
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power MEC International Consolidating
Pty. Ltd B.V. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $68 ($410,422)
Preferred stock to be redeemed within one year
Accounts payable ($17,395) 284,483 981,834
Accrued taxes 303 (17,252) (34,110)
Trading and price risk management liabilities 4,954
Other current liabilities 8,939 180 (2,690,624)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,153) 267,479 (2,148,368)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525 (4,461,543)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3,023 (55) (146,000)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029 (1,586,032)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 257,052 (55) (1,732,032)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 11,286 (97,454)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,575,021 (15,473,554)
Accumulated other comprehensive income (loss) (5,720) 34,477 1,222,349
Retained earnings 19,210 (32,722) 2,016,923
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13,490 1,576,776 (12,234,282)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $621,200 $1,844,200 ($20,673,679)
============================================================= ==================== ==================== ====================
589
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 131,222
Preferred stock to be redeemed within one year
Accounts payable 413,245
Accrued taxes 16,886
Trading and price risk management liabilities 5,795
Other current liabilities 87,957
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 732,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,116,083
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 388,318
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 479,144
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 867,462
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 579,656
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 131,225
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,850,773
Accumulated other comprehensive income (loss) (209,848)
Retained earnings (580,451)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,060,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,487,556
============================================================= ==================== ==================== ====================
590
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Adelaide Ventures Beheer-en Vindoor
Ltd. Dissolved BeleggingsmaatschappiInvestments
01/14/2003 Jydeno B.V. (Mauritius)
Limited [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2)
Interest and dividend income 1
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (10)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($10)
=============================================================== ==================== ==================== ====================
591
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Coaltrade Services Edison Mission Edison Mission LYB
International Pte Advantage B.V. PEDS Pty Ltd [7]
Ltd [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $12
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (12)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (12)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (12)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (12)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($16)
=============================================================== ==================== ==================== ====================
592
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Ausone Pty Ltd. Energy Asia Pte Energy
Ltd. Consolidated International B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $8,151
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8,151
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9,678 $233
Depreciation, decommissioning and amortization 371 26
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10,049 259
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1,898) (259)
Interest and dividend income (742) 5
Other nonoperating income 5,256 (259)
Interest expense - net of amounts capitalized (3)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,613 (513)
Income taxes (benefit) 1,429 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,184 (527)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,184 (527)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 30,847 (1,574)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $32,031 ($2,101)
=============================================================== ==================== ==================== ====================
593
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Services Millennium B.V. Operation and
B.V. Consolidated Maintenance
Services B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $4,699 $1,733
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,699 1,733
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2 33 1,985
Depreciation, decommissioning and amortization (18) 20
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 28 2,005
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2) 4,671 (272)
Interest and dividend income 2
Other nonoperating income (1) (2) (18)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) 4,669 (288)
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3) 4,669 (290)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3) 4,669 (290)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (16) (239) 139
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($19) $4,430 ($151)
=============================================================== ==================== ==================== ====================
594
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Retail Pty Ltd. Utilities Pty Ltd. Wind Power Italy
B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,779
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,779
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 191
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 191
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3,588
Interest and dividend income 115
Other nonoperating income (1,787)
Interest expense - net of amounts capitalized (23)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,893
Income taxes (benefit) (351)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,244
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,244
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2,410
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,654
=============================================================== ==================== ==================== ====================
595
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $505,733
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 505,733
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 128,691
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 236,258
Depreciation, decommissioning and amortization 39,641
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 404,590
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 101,143
Interest and dividend income 10,308
Other nonoperating income 178
Interest expense - net of amounts capitalized (37,850)
Other nonoperating deductions (23,767)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 43,007
Income taxes (benefit) 35,289
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 7,718
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 7,718
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,707)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,011
=============================================================== ==================== ==================== ====================
596
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Tri Gen B.V. EME Victoria B.V. First Hydro
(Inactive) Renewables Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,265
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,265
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 10 $2 $55
Depreciation, decommissioning and amortization 274
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 289 2 55
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,976 (2) (55)
Interest and dividend income (2)
Other nonoperating income (1) (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,973 (3) (55)
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,974 (3) (55)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,974 (3) (55)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,001) (30) (44)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,973 ($33) ($99)
=============================================================== ==================== ==================== ====================
597
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Global Generation Hydro Energy B.V.
Renewables (COWL) B.V. Consolidated Consolidated
Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43) $15,295
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43) 15,295
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6,901 3,789
Depreciation, decommissioning and amortization 3,398 3,383
Property and other taxes (2,924) 115
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7,586 7,287
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (7,629) 8,008
Interest and dividend income (30,402) 400
Other nonoperating income 2,827 (191)
Interest expense - net of amounts capitalized (11,654) (9,834)
Other nonoperating deductions 49
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,858) (1,568)
Income taxes (benefit) (155) (682)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (46,703) (886)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (46,703) (886)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,822,614) 9,839
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,869,317) $8,953
=============================================================== ==================== ==================== ====================
598
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Iberian Latrobe Power Pty. Latrobe Valley B.V.
Hy-Power Amsterdam Ltd. Consolidated
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $9,262 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 9,262 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2,880 11,873 $20
Depreciation, decommissioning and amortization 910 13,298
Property and other taxes 68
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3,858 34,318 20
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 5,404 50,326 (20)
Interest and dividend income 360 (23,732)
Other nonoperating income (921) 12
Interest expense - net of amounts capitalized (7,001) (55)
Other nonoperating deductions 49 (13,483)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2,109) 13,068 (20)
Income taxes (benefit) 858 3,665
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2,967) 9,403 (20)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2,967) 9,403 (20)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 18,629 (49,603) (11)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $15,662 ($40,200) ($31)
=============================================================== ==================== ==================== ====================
599
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Valley Power Pty Loy Yang Holdings MEC Esenyurt B.V.
Ltd. [7] Pty. Ltd. Consolidated
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $403,312 $111,378
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 403,312 111,378
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 36,588 67,757
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,259 10,651
Depreciation, decommissioning and amortization 53,952 7,545
Property and other taxes 182
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 152,799 86,135
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 250,513 25,243
Interest and dividend income (95,142) 1,781
Other nonoperating income 6,800 1,392
Interest expense - net of amounts capitalized (237) (11,835)
Other nonoperating deductions (26,686) (2,461)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 135,248 14,120
Income taxes (benefit) 6,660 6,081
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 128,588 8,039
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 128,588 8,039
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 299,253 17,578
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $427,841 $25,617
=============================================================== ==================== ==================== ====================
600
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC IES B.V. ISAB Energy MEC India B.V.
Services s.r.l. [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $917
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 917
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 53 $2
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 53 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 864 (2)
Interest and dividend income 4
Other nonoperating income 14 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 882 (1)
Income taxes (benefit) 6 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 876 (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 876 (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,061 (30)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,937 ($32)
=============================================================== ==================== ==================== ====================
601
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission MEC Indo Coal B.V. MEC Indonesia B.V.
Energy Power [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $21,158
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 21,158
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $10 378
Depreciation, decommissioning and amortization 153 42
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 163 420
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (163) 20,738
Interest and dividend income
Other nonoperating income 259 (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 96 20,737
Income taxes (benefit) 171 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (75) 20,738
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (75) 20,738
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,059 (7,477)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $984 $13,261
=============================================================== ==================== ==================== ====================
602
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC International MEC Laguna Power Gulf Power
Holdings B.V. B.V. Generation Co.
Consolidated Ltd. [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $596,672
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 596,672
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 260,154
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 85,156 $71
Depreciation, decommissioning and amortization 33,682
Property and other taxes 45
Net gain on sale of utility plant 13,640
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 392,632 116
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 204,040 (116)
Interest and dividend income 140,044
Other nonoperating income (2,357) (1)
Interest expense - net of amounts capitalized (215,723)
Other nonoperating deductions (3,394)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 122,610 (117)
Income taxes (benefit) 14,416
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 108,194 (117)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 108,194 (117)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (451,808) (6,054)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($343,614) ($6,171)
=============================================================== ==================== ==================== ====================
603
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Perth B.V. MEC Priolo B.V. MEC San Pascual
Consolidated B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $32,755 $28,815
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 32,755 28,815
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 17,048
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,169 392 $30
Depreciation, decommissioning and amortization 3,786 559
Property and other taxes 102 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 25,003 1,053 75
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7,752 27,762 (75)
Interest and dividend income 1,572
Other nonoperating income 9 (809) 2
Interest expense - net of amounts capitalized (5,122)
Other nonoperating deductions (933)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3,278 26,953 (73)
Income taxes (benefit) 904 (195) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,374 27,148 (74)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,374 27,148 (74)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 26,240 (9,847) (4,800)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $28,614 $17,301 ($4,874)
=============================================================== ==================== ==================== ====================
604
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Sidi Krir B.V. MEC Sumatra B.V. MEC Wales B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,422
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,422
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2 $2 62,440
Depreciation, decommissioning and amortization 21,513
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 2 272,567
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2) (2) 120,855
Interest and dividend income 136,661
Other nonoperating income 1 1 (4,124)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (1) 54,626
Income taxes (benefit) 1 6,418
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2) (1) 48,208
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2) (1) 48,208
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (29) (31) (468,061)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($31) ($32) ($419,853)
=============================================================== ==================== ==================== ====================
605
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Mission Energy Mission NZ
Company (UK) Italia s.r.l. Operations B.V.
Limited (Inactive)
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $786,159 $76
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 786,159 76
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 369,084
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 242,216 956 $2
Depreciation, decommissioning and amortization 46,097 58
Property and other taxes 28,668
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 686,065 1,015 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 100,094 (939) (2)
Interest and dividend income 135,584 4
Other nonoperating income 15,947 1,136
Interest expense - net of amounts capitalized (257,432)
Other nonoperating deductions 328
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (5,479) 201 (2)
Income taxes (benefit) (17,895) 212
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 12,416 (11) (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 12,416 (11) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (478,403) 193 (5)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($465,987) $182 ($7)
=============================================================== ==================== ==================== ====================
606
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Pride Hold Limited EcoElectrica Southwestern
Consolidated S.a.r.l. Generation B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $73,771 $5,915
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 73,771 5,915
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 27,174
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 89,284 106 $2
Depreciation, decommissioning and amortization 7,612 6,414
Property and other taxes 1,827
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 125,897 6,520 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (52,126) (605) (2)
Interest and dividend income 1,000 135
Other nonoperating income 8 1
Interest expense - net of amounts capitalized (3,199)
Other nonoperating deductions 78
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (54,247) (462) (1)
Income taxes (benefit) (17,303) 23
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (36,944) (485) (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (36,944) (485) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19,771 (62) (14)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($17,173) ($547) ($15)
=============================================================== ==================== ==================== ====================
607
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $83,088 ($1,871,216)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 83,088 (1,871,216)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147 (673,603)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,784 $4,440 (372,710)
Depreciation, decommissioning and amortization 13,298 2,735 (143,977)
Property and other taxes (28,793)
Net gain on sale of utility plant (13,640)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 34,229 7,175 (1,232,723)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 48,859 (7,175) (638,493)
Interest and dividend income (23,912) 1,399 (258,633)
Other nonoperating income 12 2,166 (4,095)
Interest expense - net of amounts capitalized (55) (5,490) 580,586
Other nonoperating deductions (13,483) (328) 50,202
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 11,421 (9,428) (270,433)
Income taxes (benefit) 3,200 (193) (9,312)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 8,221 (9,235) (261,121)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 8,221 (9,235) (261,121)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 10,989 (23,487) 2,278,044
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $19,210 ($32,722) $2,016,923
=============================================================== ==================== ==================== ====================
608
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC International
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,302,740
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,302,740
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 426,747
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 475,638
Depreciation, decommissioning and amortization 114,772
Property and other taxes 12,600
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,029,757
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 272,983
Interest and dividend income (3,190)
Other nonoperating income 21,455
Interest expense - net of amounts capitalized (183,693)
Other nonoperating deductions (33,829)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 66,721
Income taxes (benefit) 33,263
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 33,458
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 33,458
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (613,909)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($580,451)
=============================================================== ==================== ==================== ====================
609
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte Ltd. Company Pte Ltd. Maintenance
Services Pte Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $9 $25
Receivables - net 30 14,255
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 54 14,280
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $57 $14,280
============================================================= ==================== ==================== ====================
610
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------------- -------------------- -------------------- ----------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- ----------------------
Cash and equivalents $2,014 $724
Receivables - net 2,084 252 $93
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 56 460
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total current assets 4,154 1,436 93
------------------------------------------------------------- -------------------- -------------------- ----------------------
Nonutility property - net 248
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 338,509 1,824
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total investment and other assets 338,757 1,824
------------------------------------------------------------- -------------------- -------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- ----------------------
Regulatory assets - net
Other deferred charges 2,142
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total deferred charges 2,142
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total assets $4,154 $342,335 $1,917
============================================================= ==================== ==================== ======================
611
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Energy Asia Pte
Ltd Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,772
Receivables - net 16,714
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 531
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 20,017
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 251
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 340,333
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 340,584
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 2,142
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2,142
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $362,743
============================================================= ==================== ==================== ====================
612
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte Ltd. Company Pte Ltd. Maintenance
Services Pte Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1,319 $12,417
Accrued taxes (723)
Trading and price risk management liabilities 2
Other current liabilities 163
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,482 11,696
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 432
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 432
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 39 45
Retained earnings (1,464) 2,107
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (1,425) 2,152
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $57 $14,280
============================================================= ==================== ==================== ====================
613
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $627 ($24,251)
Accrued taxes 451 294
Trading and price risk management liabilities
Other current liabilities 32 1,380
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,110 (22,577)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (3) 667
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (3) 678
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,500 338,626 ($1,485)
Accumulated other comprehensive income (loss) (833) 2
Retained earnings 1,547 26,441 3,400
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,047 364,234 1,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,154 $342,335 $1,917
============================================================= ==================== ==================== ====================
614
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Energy Asia Pte
Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($9,888)
Accrued taxes 22
Trading and price risk management liabilities 2
Other current liabilities 1,575
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,289)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,096
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,107
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 338,641
Accumulated other comprehensive income (loss) (747)
Retained earnings 32,031
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 369,925
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $362,743
============================================================= ==================== ==================== ====================
615
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operations and
Pacific Pte Ltd Company Pte Ltd. Maintenance
Services Pte Ltd.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $649 ($616)
Depreciation, decommissioning and amortization 9
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 658 (616)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (658) 616
Interest and dividend income
Other nonoperating income 160 976
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (498) 1,592
Income taxes (benefit) 9 547
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (507) 1,045
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (507) 1,045
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (957) 1,062
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,464) $2,107
=============================================================== ==================== ==================== ====================
616
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte Adjustments
and Maintenance Ltd.
Indonesia
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $8,151
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8,151
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 5,764 $7,885 ($4,004)
Depreciation, decommissioning and amortization 362
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 5,764 8,247 (4,004)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,387 (8,247) 4,004
Interest and dividend income 17 (759)
Other nonoperating income 24 8,009 (3,913)
Interest expense - net of amounts capitalized (3)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,428 (1,000) 91
Income taxes (benefit) 803 70
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,625 (1,070) 91
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,625 (1,070) 91
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (78) 27,511 3,309
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,547 $26,441 $3,400
=============================================================== ==================== ==================== ====================
617
MEC INTERNATIONAL B.V.
EDISON MISSION ENERGY ASIA PTE LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission
Energy Asia Pte
Ltd. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $8,151
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8,151
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9,678
Depreciation, decommissioning and amortization 371
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10,049
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1,898)
Interest and dividend income (742)
Other nonoperating income 5,256
Interest expense - net of amounts capitalized (3)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,613
Income taxes (benefit) 1,429
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,184
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,184
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 30,847
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $32,031
=============================================================== ==================== ==================== ====================
618
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Caliraya B.V. CBK Power Company EME Kayalaan B.V.
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 28,574 $832
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 28,574 832
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $28,575 $832
============================================================= ==================== ==================== ====================
619
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
CBK Power Company Edison Mission Consolidating
Ltd. [8] Millennium B.V. Adjustments
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
ASSETS
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Cash and equivalents $8
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total current assets 8
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 42,067 ($42,067)
Investments in leveraged leases
Other investments
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total investment and other assets 42,067 (42,067)
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total utility plant
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total deferred charges
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total assets $42,075 ($42,067)
============================================================= ====================== ====================== ======================
620
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Millennium B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $9
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 29,406
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 29,406
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $29,415
============================================================= ==================== ==================== ====================
621
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Caliraya B.V. CBK Power Company EME Kayalaan B.V.
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $168 ($18)
Accrued taxes (9) (28)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 159 (46)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 41,203 864
Accumulated other comprehensive income (loss) (17,210)
Retained earnings 4,423 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 28,416 878
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $28,575 $832
============================================================= ==================== ==================== ====================
622
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 6]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
CBK Power Company Edison Mission Consolidating
Ltd. [8] Millennium B.V. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes ($2)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 42,084 ($42,067)
Accumulated other comprehensive income (loss)
Retained earnings (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 42,077 (42,067)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $42,075 ($42,067)
============================================================= ==================== ==================== ====================
623
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Millennium B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $150
Accrued taxes (39)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 42,084
Accumulated other comprehensive income (loss) (17,210)
Retained earnings 4,430
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 29,304
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $29,415
============================================================= ==================== ==================== ====================
624
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Caliraya B.V. CBK Power Company EME Kayalaan B.V.
Ltd. [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $4,605 $94
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,605 94
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 42 2
Depreciation, decommissioning and amortization (18)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 24 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4,581 92
Interest and dividend income
Other nonoperating income (1) (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4,580 91
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4,580 91
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4,580 91
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (157) (77)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,423 $14
=============================================================== ==================== ==================== ====================
625
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
CBK Power Company Edison Mission Consolidating
Ltd. [8] Millennium B.V. Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7)
=============================================================== ==================== ==================== ====================
626
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. and Subsidiaries[Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission
Millennium B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $4,699
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,699
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 33
Depreciation, decommissioning and amortization (18)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4,671
Interest and dividend income
Other nonoperating income (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4,669
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4,669
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4,669
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (239)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,430
=============================================================== ==================== ==================== ====================
627
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Philippines Kalayaan Power
Operation and Services Management
Maintenance Corporation Corporation
(Thailand) Company
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $103 $41
Receivables - net 133
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 272
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 103 446
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 33
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $103 $481
============================================================= ==================== ==================== ====================
628
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Consolidating Edison Mission
Operation and Adjustments Operation and
Maintenance Maintenance
Services, B.V. Services B.V.
Consolidated
------------------------------------------------------------- --------------------- --------------------- --------------------
ASSETS
------------------------------------------------------------- --------------------- --------------------- --------------------
Cash and equivalents $1 $145
Receivables - net 133
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 272
------------------------------------------------------------- --------------------- --------------------- --------------------
Total current assets 1 550
------------------------------------------------------------- --------------------- --------------------- --------------------
Nonutility property - net 33
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 517 ($309) 208
Investments in leveraged leases
Other investments
------------------------------------------------------------- --------------------- --------------------- --------------------
Total investment and other assets 517 (309) 241
------------------------------------------------------------- --------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- --------------------- --------------------- --------------------
Total utility plant
------------------------------------------------------------- --------------------- --------------------- --------------------
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- --------------------- --------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- --------------------- --------------------- --------------------
Total assets $518 ($309) $793
============================================================= ===================== ===================== ====================
629
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Philippines Kalayaan Power
Operation and Services Management
Maintenance Corporation Corporation
(Thailand) Company
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 $606
Accrued taxes 30
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 636
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 103 206
Accumulated other comprehensive income (loss)
Retained earnings (1) (361)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 102 (155)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $103 $481
============================================================= ==================== ==================== ====================
630
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. and Subsidiaries[Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Consolidating Edison Mission
Operation and Adjustments Operation and
Maintenance Maintenance
Services, B.V. Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($115) $492
Accrued taxes (9) 21
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (124) 513
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 431 ($309) 431
Accumulated other comprehensive income (loss)
Retained earnings 211 (151)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 642 (309) 280
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $518 ($309) $793
============================================================= ==================== ==================== ====================
631
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. and Subsidiaries[Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission EME Philippines Kalayaan Power
Operation and Services Management
Maintenance Corporation Corporation
(Thailand) Company
Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,501
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,501
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,983
Depreciation, decommissioning and amortization 20
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,003
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (502)
Interest and dividend income 2
Other nonoperating income (17)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (517)
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (519)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (519)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) 158
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) ($361)
=============================================================== ==================== ==================== ====================
632
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. and Subsidiaries[Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Consolidating Edison Mission
Operation and Adjustments Operation and
Maintenance Maintenance
Services, B.V. Services B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $232 $1,733
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 232 1,733
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 1,985
Depreciation, decommissioning and amortization 20
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 2,005
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 230 (272)
Interest and dividend income 2
Other nonoperating income (1) (18)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 229 (288)
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 229 (290)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 229 (290)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (18) 139
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $211 ($151)
=============================================================== ==================== ==================== ====================
633
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Ascot Limited EME Buckingham EME Precision B.V.
Limited [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $25
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $297,622 $297,622 161,016
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 297,622 297,622 161,016
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $297,622 $297,622 $161,041
============================================================= ==================== ==================== ====================
634
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy EME Atlantic Consolidating
Universal Holdings Holdings Limited Adjustments
Consolidated [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $32,848
Receivables - net 79,585
Fuel inventory 78
Materials and supplies, at average cost 7,034
Accumulated deferred income taxes - net
Trading and price risk management assets (9,652)
Prepayments and other current assets 7,295
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 117,188
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,125,330
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,389) $297,622 ($892,866)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,123,941 297,622 (892,866)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
GOODWILL 396,153
Other deferred charges 96,377
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 492,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,733,659 $297,622 ($892,866)
============================================================= ==================== ==================== ====================
635
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Atlantic
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $32,873
Receivables - net 79,585
Fuel inventory 78
Materials and supplies, at average cost 7,034
Accumulated deferred income taxes - net
Trading and price risk management assets (9,652)
Prepayments and other current assets 7,295
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 117,213
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,125,330
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 159,627
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,284,957
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
GOODWILL 396,153
Other deferred charges 96,377
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 492,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,894,700
============================================================= ==================== ==================== ====================
636
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Ascot Limited EME Buckingham EME Precision B.V.
Limited [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $31 $23 ($168,421)
Accrued taxes 342
Trading and price risk management liabilities
Other current liabilities 31 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 62 55 (168,079)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 297,622 297,622 297,643
Accumulated other comprehensive income (loss) (10) (9) 18,202
Retained earnings (52) (46) 13,275
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 297,560 297,567 329,120
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $297,622 $297,622 $161,041
============================================================= ==================== ==================== ====================
637
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy EME Atlantic Consolidating
Universal Holdings Holdings Limited Adjustments
Consolidated [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 36,743
Preferred stock to be redeemed within one year
Accounts payable 79,633 $253
Accrued taxes 9,766
Trading and price risk management liabilities 844
Other current liabilities 6,012 77
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 210,549 330
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 417,333
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 120,459
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 126,642
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 408,272
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding 131,225
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 448,295 297,622 ($892,866)
Accumulated other comprehensive income (loss) 1,226 (47)
Retained earnings (9,883) (283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 439,638 297,292 (892,866)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,733,659 $297,622 ($892,866)
============================================================= ==================== ==================== ====================
638
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Atlantic
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 36,743
Preferred stock to be redeemed within one year
Accounts payable (88,481)
Accrued taxes 10,108
Trading and price risk management liabilities 844
Other current liabilities 6,152
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 42,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 417,333
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 120,459
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 126,642
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 408,272
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding 131,225
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 745,938
Accumulated other comprehensive income (loss) 19,362
Retained earnings 3,011
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 768,311
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,894,700
============================================================= ==================== ==================== ====================
639
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Ascot Limited EME Buckingham EME Precision B.V.
Limited [8] [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $12 $12 $111
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12 12 111
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (12) (12) (111)
Interest and dividend income 7,345
Other nonoperating income 170
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (12) (12) 7,404
Income taxes (benefit) 64
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (12) (12) 7,340
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (12) (12) 7,340
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (40) (34) 5,935
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) ($46) $13,275
=============================================================== ==================== ==================== ====================
640
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy EME Atlantic Consolidating
Universal Holdings Holdings Limited Adjustments
Consolidated [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $505,733
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 505,733
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 128,691
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 235,968 $155
Depreciation, decommissioning and amortization 39,641
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 404,300 155
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 101,433 (155)
Interest and dividend income 2,963
Other nonoperating income 8
Interest expense - net of amounts capitalized (37,850)
Other nonoperating deductions (23,767)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 35,782 (155)
Income taxes (benefit) 35,225
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 557 (155)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 557 (155)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (10,440) (128)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($9,883) ($283)
=============================================================== ==================== ==================== ====================
641
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED and Subsidiaries[Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Atlantic
Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $505,733
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 505,733
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 128,691
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 236,258
Depreciation, decommissioning and amortization 39,641
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 404,590
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 101,143
Interest and dividend income 10,308
Other nonoperating income 178
Interest expense - net of amounts capitalized (37,850)
Other nonoperating deductions (23,767)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 43,007
Income taxes (benefit) 35,289
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 7,718
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 7,718
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,707)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,011
=============================================================== ==================== ==================== ====================
642
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Contact Mission Energy Mission Energy
Finance Limited Five Star Pacific Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $43 $79 $21,950
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 43 79 21,950
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 131,225 431,326
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 131,225 431,326
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 6,547
Regulatory assets - net
Other deferred charges 4,331
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 10,878
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $131,268 $79 $464,154
============================================================= ==================== ==================== ====================
643
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Contact Energy Mission Energy Consolidating
Limited Universal Holdings Adjustments
------------------------------------------------------------- ---------------------- ---------------------- --------------------
ASSETS
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Cash and equivalents $8,856 $1,920
Receivables - net 76,084 $3,501
Fuel inventory 78
Materials and supplies, at average cost 7,034
Accumulated deferred income taxes - net
Trading and price risk management assets (9,652)
Prepayments and other current assets 7,295
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Total current assets 99,347 1,920 (6,151)
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Nonutility property - net 1,567,724 (442,394)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,703 146,015 (711,658)
Investments in leveraged leases
Other investments
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Total investment and other assets 1,569,427 146,015 (1,154,052)
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Total utility plant
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Goodwill 92,306 297,300
Regulatory assets - net
Other deferred charges 92,046
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Total deferred charges 92,306 389,346
------------------------------------------------------------- ---------------------- ---------------------- --------------------
Total assets $1,761,080 $147,935 ($770,857)
============================================================= ====================== ====================== ====================
644
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Universal Holdings
Consolidated
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
ASSETS
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Cash and equivalents $32,848
Receivables - net 79,585
Fuel inventory 78
Materials and supplies, at average cost 7,034
Accumulated deferred income taxes - net
Trading and price risk management assets (9,652)
Prepayments and other current assets 7,295
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total current assets 117,188
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Nonutility property - net 1,125,330
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,389)
Investments in leveraged leases
Other investments
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total investment and other assets 1,123,941
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total utility plant
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Goodwill 396,153
Regulatory assets - net
Other deferred charges 96,377
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total deferred charges 492,530
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total assets $1,733,659
============================================================= ====================== ====================== ======================
645
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Contact Mission Energy Mission Energy
Finance Limited Five Star Pacific Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $40 $1,957 $20,804
Accrued taxes 1 (1) 8,904
Trading and price risk management liabilities
Other current liabilities 3,849
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 41 1,956 33,557
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 149,596
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2,092)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2,092)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption 131,225 131,225
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 153,132
Accumulated other comprehensive income (loss) (379) 44,433
Retained earnings 2 (1,498) (45,697)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2 (1,877) 151,868
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $131,268 $79 $464,154
============================================================= ==================== ==================== ====================
646
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Contact Energy Mission Energy Consolidating
Limited Universal Holdings Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 36,743
Preferred stock to be redeemed within one year
Accounts payable 75,404 ($18,572)
Accrued taxes (1,515) 354 $2,023
Trading and price risk management liabilities 844
Other current liabilities 2,163
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 190,346 (18,218) 2,867
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 289,725 (21,988)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 122,551
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 6,183 122,551
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 408,272
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption (131,225)
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries (131,225)
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 348,178 172,543 (225,558)
Accumulated other comprehensive income (loss) 886,534 3,762 (933,124)
Retained earnings 40,114 (10,152) 7,348
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,274,826 166,153 (1,151,334)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,761,080 $147,935 ($770,857)
============================================================= ==================== ==================== ====================
647
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy
Universal Holdings
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $77,551
Long-term debt due within one year 36,743
Preferred stock to be redeemed within one year
Accounts payable 79,633
Accrued taxes 9,766
Trading and price risk management liabilities 844
Other current liabilities 6,012
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 210,549
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 417,333
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 120,459
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 126,642
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 408,272
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption 131,225
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 131,225
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 448,295
Accumulated other comprehensive income (loss) 1,226
Retained earnings (9,883)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 439,638
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,733,659
============================================================= ==================== ==================== ====================
648
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Contact Mission Energy Mission Energy
Finance Limited Five Star Pacific Holdings
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 $11 $2,268
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 11 2,268
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) (11) (2,268)
Interest and dividend income 2 4 341
Other nonoperating income 5 46
Interest expense - net of amounts capitalized (11,262)
Other nonoperating deductions
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 (2) (20,148)
Income taxes (benefit) 1 (1) 4,260
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (24,408)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (24,408)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2 (1,497) (21,289)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2 ($1,498) ($45,697)
=============================================================== ==================== ==================== ====================
649
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Contact Energy Mission Energy Consolidating
Limited Universal Holdings Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $506,840 $711 ($1,818)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 506,840 711 (1,818)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 129,302 (611)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 233,183 50 455
Depreciation, decommissioning and amortization 39,408 233
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 401,893 50 77
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 104,947 661 (1,895)
Interest and dividend income 2,480 136
Other nonoperating income 1 (44)
Interest expense - net of amounts capitalized (26,588)
Other nonoperating deductions (23,767)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 80,839 798 (25,706)
Income taxes (benefit) 27,261 105 3,599
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 53,578 693 (29,305)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 53,578 693 (29,305)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (13,464) (10,845) 36,653
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $40,114 ($10,152) ($7,348)
=============================================================== ==================== ==================== ====================
650
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS and Subsidiaries[Tier 11, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy
Universal Holdings
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $505,733
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 505,733
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 128,691
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 235,968
Depreciation, decommissioning and amortization 39,641
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 404,300
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 101,433
Interest and dividend income 2,963
Other nonoperating income 8
Interest expense - net of amounts capitalized (37,850)
Other nonoperating deductions (23,767)
Dividends on preferred securities (7,005)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 35,782
Income taxes (benefit) 35,225
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 557
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 557
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (10,440)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($9,883)
=============================================================== ==================== ==================== ====================
651
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Caresale Services Edison First Power Redbill Contracts
Limited Holdings II Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $70 $6,624
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 340
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 70 6,964
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 8,438
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,438
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS OF DISCONTINUED OPERATIONS
Other deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $70 $22,023
============================================================= ==================== ==================== ====================
652
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Global Generation Consolidating Global Generation
B.V. Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- ---------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- ---------------------- --------------------
Cash and equivalents $126 $6,820
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 340
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total current assets 126 7,160
------------------------------------------------------------- -------------------- ---------------------- --------------------
Nonutility property - net 8,438
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,046,456 ($1,046,456)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total investment and other assets 1,046,456 (1,046,456) 8,438
------------------------------------------------------------- -------------------- ---------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- ---------------------- --------------------
ASSETS OF DISCONTINUED OPERATIONS
Other deferred charges 6,621
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total assets $1,046,582 ($1,046,456) $22,219
============================================================= ==================== ====================== ====================
653
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Caresale Services Edison First Power Redbill Contracts
Limited Holdings II Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable $2 (174,569)
Accrued taxes (2) (641)
Trading and price risk management liabilities
Other current liabilities 10 3,744 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 10 18,680 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
LIABILITIES OF DISCONTINUED OPERATIONS
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 559,652 1,046,418
Accumulated other comprehensive income (loss) 1,124 (14,298)
Retained earnings (560,716) (1,210,329) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 60 (178,209) ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $70 $22,023
============================================================= ==================== ==================== ====================
654
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Global Generation Consolidating Global Generation
B.V. Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable $702,661 528,094
Accrued taxes (4,246) (4,889)
Trading and price risk management liabilities
Other current liabilities 35 3,792
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 698,450 717,141
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
LIABILITIES FROM DISCONTINUED OPERATIONS
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 446,251 ($1,046,456) 1,005,865
Accumulated other comprehensive income (loss) 152 (13,022)
Retained earnings (98,271) (1,869,317)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 348,132 (1,046,456) (876,474)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,046,582 ($1,046,456) $22,219
============================================================= ==================== ==================== ====================
655
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Caresale Services Edison First Power Redbill Contracts
Limited Holdings II Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 6,862 $1
Depreciation, decommissioning and amortization 3,398
Property and other taxes (2,943)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 7,528 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) (7,571) (1)
Interest and dividend income 935
Other nonoperating income 2,817
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (15,473) (1)
Income taxes (benefit) (159)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (15,314) (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (15,314) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (560,715) (1,195,015)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($560,716) ($1,210,329) ($1)
=============================================================== ==================== ==================== ====================
656
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Global Generation Consolidating Global Generation
B.V. Adjustments B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $37 6,901
Depreciation, decommissioning and amortization 3,398
Property and other taxes 19 (2,924)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 56 7,586
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (56) (7,629)
Interest and dividend income (31,337) (30,402)
Other nonoperating income 10 2,827
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (31,383) (46,858)
Income taxes (benefit) 4 (155)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (31,387) (46,703)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (31,387) (46,703)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (66,884) (1,822,614)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($98,271) ($1,869,317)
=============================================================== ==================== ==================== ====================
657
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II and Subsidiaries
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison First Power Edison First Power Consolidating
I Holdings II Holdings Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- ----------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- ----------------------
Cash and equivalents $6,624
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 340
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total current assets 6,964
------------------------------------------------------------- -------------------- -------------------- ----------------------
Nonutility property - net 8,438
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $20 ($20)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total investment and other assets 8,438 20 (20)
------------------------------------------------------------- -------------------- -------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- ----------------------
ASSETS OF DISCONTINUED OPERATIONS
Other deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total assets $22,023 $20 ($20)
============================================================= ==================== ==================== ======================
658
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II and Subsidiaries
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison First Power
II Holdings
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $6,624
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 340
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6,964
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 8,438
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,438
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS OF DISCONTINUED OPERATIONS
Other deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $22,023
============================================================= ==================== ==================== ====================
659
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II and Subsidiaries
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison First Power Edison First Power Consolidating
I Holdings II Holdings Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable (174,569)
Accrued taxes (641)
Trading and price risk management liabilities
Other current liabilities 3,721 $23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 18,657 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552 (265,953) $265,953
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
LIABILITIES OF DISCONTINUED OPERATIONS
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,094,688 772,064 (1,820,334)
Accumulated other comprehensive income (loss) (12,203) 26,709 (28,804)
Retained earnings (2,260,671) (532,823) 1,583,165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (178,186) 265,950 (265,973)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $22,023 $20 ($20)
============================================================= ==================== ==================== ====================
660
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II and Subsidiaries
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison First Power
II Holdings
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable (174,569)
Accrued taxes (641)
Trading and price risk management liabilities
Other current liabilities 3,744
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 18,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
LIABILITIES OF DISCONTINUED OPERATIONS
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,046,418
Accumulated other comprehensive income (loss) (14,298)
Retained earnings (1,210,329)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (178,209)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $22,023
============================================================= ==================== ==================== ====================
661
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison First Power Edison First Power Consolidating
I Holdings II Holdings Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net 6,862
Other operation and maintenance 3,376 $22
Depreciation, decommissioning and amortization
Property and other taxes (2,943)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7,506 22
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (7,549) (22)
Interest and dividend income 935
Other nonoperating income 2,817
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (15,451) (22)
Income taxes (benefit) (159)
--------------------------------------------------------------- -------------------- -------------------- --------------------
(15,292)
Income (loss) from continuing operations (22)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (15,292) (22)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2,245,379) (532,801) $1,583,165
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,260,671) ($532,823) $1,583,165
=============================================================== ==================== ==================== ====================
662
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II and Subsidiaries
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison First Power
II Holdings
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6,862
Depreciation, decommissioning and amortization 3,398
Property and other taxes (2,943)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7,528
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (7,571)
Interest and dividend income 935
Other nonoperating income 2,817
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (15,473)
Income taxes (benefit) (159)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (15,314)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (15,314)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,195,015)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,210,329)
=============================================================== ==================== ==================== ====================
663
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Caresale Services Edison Mission EME Finance UK
Limited Marketing and Limited
Services Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $70 $2,186
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 107
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 70 2,293
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 8,438
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,438
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $70 $10,731
============================================================= ==================== ==================== ====================
664
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
South Australian Energy Generation Maplekey Holdings
Holdings Ltd. Finance PLC Limited
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,362
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 233
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,595
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,216
============================================================= ==================== ==================== ====================
665
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison First Power Consolidating Edison First Power
Holdings I Adjustments Holdings I
Consolidated
------------------------------------------------------------- -------------------- ---------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- ---------------------- --------------------
Cash and equivalents $6 $6,624
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 340
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total current assets 6 6,964
------------------------------------------------------------- -------------------- ---------------------- --------------------
Nonutility property - net 8,438
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 12,929 ($12,929)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total investment and other assets 12,929 (12,929) 8,438
------------------------------------------------------------- -------------------- ---------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- ---------------------- --------------------
Regulatory assets - net
Other deferred charges 6,621
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- ---------------------- --------------------
------------------------------------------------------------- -------------------- ---------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total assets $12,935 ($12,929) $22,023
============================================================= ==================== ====================== ====================
666
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Caresale Services Edison Mission EME Finance UK
Limited Marketing and Limited
Services Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2 $6,739 ($181,552)
Accrued taxes (3) (15)
Trading and price risk management liabilities
Other current liabilities 11 548 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 10 7,272 (181,547)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 559,652 11,589 18
Accumulated other comprehensive income (loss) 1,124 649
Retained earnings (560,716) (8,779) (23)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 60 3,459 ($5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $70 $10,731
============================================================= ==================== ==================== ====================
667
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
South Australian Energy Generation Maplekey Holdings
Holdings Ltd. Finance PLC Limited
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable (14)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities $2 3,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2 193,228
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 20 2,453,854
Accumulated other comprehensive income (loss) (12,150)
Retained earnings (22) (2,623,716)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($2) (182,012)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,216
============================================================= ==================== ==================== ====================
668
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison First Power Consolidating Edison First Power
Holdings I Adjustments Holdings I
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable $256 (174,569)
Accrued taxes (623) (641)
Trading and price risk management liabilities
Other current liabilities 59 3,721
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (308) 18,657
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 181,552
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 772,064 ($1,702,509) 2,094,688
Accumulated other comprehensive income (loss) 2,799 (4,625) (12,203)
Retained earnings (761,620) 1,694,205 (2,260,671)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13,243 (12,929) (178,186)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,935 ($12,929) $22,023
============================================================= ==================== ==================== ====================
669
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Caresale Services Edison Mission EME Finance UK
Limited Marketing and Limited
Services Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($1) $5,365 $8,866
Depreciation, decommissioning and amortization 3,376
Property and other taxes 56
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1) 8,797 8,866
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1 (8,797) (8,866)
Interest and dividend income 15
Other nonoperating income (232) 8,865
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 (9,014) (1)
Income taxes (benefit) (159)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1 (8,855) (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1 (8,855) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (560,717) 76 (22)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($560,716) ($8,779) ($23)
=============================================================== ==================== ==================== ====================
670
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
South Australian Energy Generation Maplekey Holdings
Holdings Ltd. Finance PLC Limited
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 205
Depreciation, decommissioning and amortization
Property and other taxes (2,999)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 (2,583)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 2,540
Interest and dividend income 920
Other nonoperating income 1,841
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (6,353)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (6,353)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (6,353)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (21) (2,617,363)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($22) ($2,623,716)
=============================================================== ==================== ==================== ====================
671
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison First Power Consolidating Edison First Power
Holdings I Adjustments Holdings I
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net 6,862
Other operation and maintenance $82 ($7,656) 3,376
Depreciation, decommissioning and amortization
Property and other taxes (2,943)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 82 (7,656) 7,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (82) 7,656 (7,549)
Interest and dividend income 935
Other nonoperating income (7,657) 2,817
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (82) (1) (15,451)
Income taxes (benefit) (159)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (82) (1) (15,292)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (82) (1) (15,292)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (761,538) 1,694,206 (2,245,379)
Ddends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($761,620) $1,694,205 ($2,260,671)
=============================================================== ==================== ==================== ====================
672
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD. and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME International South Australian Consolidating
Dragon Limited Holdings Ltd. Adjustments
Consolidated
Being Liquidated
------------------------------------------------------------- ---------------------- --------------------- ---------------------
ASSETS
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Total current assets
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Total investment and other assets
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Total utility plant
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Total deferred charges
------------------------------------------------------------- ---------------------- --------------------- ---------------------
Total assets
============================================================= ====================== ===================== =====================
673
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD. and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
South Australian
Holdings Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
674
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD. and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME International South Australian Consolidating
Dragon Limited Holdings Ltd. Adjustments
Consolidated
Being Liquidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
675
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD. and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
South Australian
Holdings Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
676
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD. and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME International South Australian Consolidating
Dragon Limited Holdings Ltd. Adjustments
Consolidated
Being Liquidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
677
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD. and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
South Australian
Holdings Ltd.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
678
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD.
EME INTERNATIONAL DRAGON LIMITED and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Adelaide EME Monet Ltd. EME International
Energy Ltd. Being Liquidated Dragon Limited
Being Liquidated Being Liquidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
679
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD.
EME INTERNATIONAL DRAGON LIMITED and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating EME International
Adjustments Dragon Limited
Consolidated
------------------------------------------------------------- --------------------- --------------------- ---------------------
ASSETS
------------------------------------------------------------- --------------------- --------------------- ---------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- --------------------- --------------------- ---------------------
Total current assets
------------------------------------------------------------- --------------------- --------------------- ---------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- --------------------- --------------------- ---------------------
Total investment and other assets
------------------------------------------------------------- --------------------- --------------------- ---------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- --------------------- --------------------- ---------------------
Total utility plant
------------------------------------------------------------- --------------------- --------------------- ---------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- --------------------- --------------------- ---------------------
Total deferred charges
------------------------------------------------------------- --------------------- --------------------- ---------------------
Total assets
============================================================= ===================== ===================== =====================
680
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD.
EME INTERNATIONAL DRAGON LIMITED and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Adelaide EME Monet Ltd. EME International
Energy Ltd. Being Liquidated Dragon Limited
Being Liquidated Being Liquidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
681
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD.
EME INTERNATIONAL DRAGON LIMITED and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating EME International
Adjustments Dragon Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
682
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD.
EME INTERNATIONAL DRAGON LIMITED and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Adelaide EME Monet Ltd. EME International
Energy Ltd. Being Liquidated Dragon Limited
Being Liquidated Being Liquidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
683
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
SOUTH AUSTRALIAN HOLDINGS LTD.
EME INTERNATIONAL DRAGON LIMITED and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating EME International
Adjustments Dragon Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
684
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED and Subsidiaries [Tier 9. et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [10] Limited [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $4,362
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 233
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,595
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,216
============================================================= ==================== ==================== ====================
685
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED and Subsidiaries [Tier 9. et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- ---------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- ---------------------- --------------------
Cash and equivalents $4,362
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 233
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total current assets 4,595
------------------------------------------------------------- -------------------- ---------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- ---------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- ---------------------- --------------------
Regulatory assets - net
Other deferred charges 6,621
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total deferred charges 6,621
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total assets $11,216
============================================================= ==================== ====================== ====================
686
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED and Subsidiaries [Tier 9. et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [10] Limited [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $190,146
Accrued taxes (14)
Trading and price risk management liabilities
Other current liabilities $5 $5 3,081
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 5 193,213
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 423,075 423,075 1,184,629
Accumulated other comprehensive income (loss) 846 846 (14,688)
Retained earnings (423,926) (423,926) (1,351,938)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($5) ($5) (181,997)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,216
============================================================= ==================== ==================== ====================
687
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED and Subsidiaries [Tier 9. et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $190,146
Preferred stock to be redeemed within one year
Accounts payable (14)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities $5 3,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 193,228
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 423,075 2,453,854
Accumulated other comprehensive income (loss) 846 (12,150)
Retained earnings (423,926) (2,623,716)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($5) (182,012)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $11,216
============================================================= ==================== ==================== ====================
688
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED and Subsidiaries [Tier 9. et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [10] Limited [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 $1 202
Depreciation, decommissioning and amortization
Property and other taxes (2,999)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 1 (2,586)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) (1) 2,543
Interest and dividend income 920
Other nonoperating income 1,841
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (1) (6,350)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (1) (6,350)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (1) (6,350)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (423,925) (423,925) (1,345,588)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($423,926) ($423,926) ($1,351,938)
=============================================================== ==================== ==================== ====================
689
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED and Subsidiaries [Tier 9. et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($43)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 211
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 205
Depreciation, decommissioning and amortization
Property and other taxes (2,999)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 (2,583)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 2,540
Interest and dividend income 920
Other nonoperating income 1,841
Interest expense - net of amounts capitalized (11,654)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (6,353)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (6,353)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (6,353)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (423,925) (2,617,363)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($423,926) ($2,623,716)
=============================================================== ==================== ==================== ====================
690
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Iberica de Electro Monasterio de
Energias S.L. Metalurgica del Rueda, S.L. [9]
Ebro, S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $239 $30
Receivables - net 5,072 3,513
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 219 239
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5,530 3,782
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 46,631 50,731
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,090
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 49,721 50,731
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 1,661 3,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,661 3,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $56,912 $57,584
============================================================= ==================== ==================== ====================
691
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V.and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Hydro Energy B.V Consolidating Hydro Energy B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- ---------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- ---------------------- --------------------
Cash and equivalents $269
Receivables - net 8,585
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets ($6,255) (6,255)
Prepayments and other current assets 458
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total current assets (6,255) 3,057
------------------------------------------------------------- -------------------- ---------------------- --------------------
Nonutility property - net ($11,921) 85,441
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 24,871 27,961
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total investment and other assets 12,950 113,402
------------------------------------------------------------- -------------------- ---------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- ---------------------- --------------------
Regulatory assets - net
Other deferred charges 4,732
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total deferred charges 4,732
------------------------------------------------------------- -------------------- ---------------------- --------------------
Total assets $12,950 ($6,255) $121,191
============================================================= ==================== ====================== ====================
692
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V.and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Iberica de Electro Monasterio de
Energias S.L. Metalurgica del Rueda, S.L. [9]
Ebro, S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2,566 $6,808
Preferred stock to be redeemed within one year
Accounts payable (6,505) 3,605
Accrued taxes 14 (104)
Trading and price risk management liabilities
Other current liabilities 133 156
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,792) 10,465
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 18,432 39,357
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (341)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 1,001 1,712
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,001 1,371
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 24,932 72
Accumulated other comprehensive income (loss) (4,321) (997)
Retained earnings 20,660 7,316
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 41,271 6,391
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $56,912 $57,584
============================================================= ==================== ==================== ====================
693
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Hydro Energy B.V Consolidating Hydro Energy B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $29,504 $38,878
Preferred stock to be redeemed within one year
Accounts payable 2,893 (7)
Accrued taxes (110) (200)
Trading and price risk management liabilities
Other current liabilities 289
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 32,287 38,960
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 57,789
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($2,189) (2,530)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 2,713
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2,189) 183
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 25 25,029
Accumulated other comprehensive income (loss) 340 (4,745) (9,723)
Retained earnings (19,702) 679 8,953
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (19,337) (4,066) 24,259
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,950 ($6,255) $121,191
============================================================= ==================== ==================== ====================
694
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Iberica de Electro Monasterio de
Energias S.L. Metalurgica del Rueda, S.L. [9]
Ebro, S.L. [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $9,262 $6,033
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 9,262 6,033
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3,106 1,500
Depreciation, decommissioning and amortization 1,477 2,531
Property and other taxes 68 47
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4,651 4,078
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4,611 1,955
Interest and dividend income 446 85
Other nonoperating income 540 4
Interest expense - net of amounts capitalized (4,522) (2,977)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,075 (933)
Income taxes (benefit) 8 (577)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,067 (356)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,067 (356)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19,593 7,672
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $20,660 $7,316
=============================================================== ==================== ==================== ====================
695
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, 2002
(In thousands)
Hydro Energy B.V Consolidating Hydro Energy B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $15,295
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 15,295
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($6) ($811) 3,789
Depreciation, decommissioning and amortization (625) 3,383
Property and other taxes 115
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (631) (811) 7,287
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 631 811 8,008
Interest and dividend income (131) 400
Other nonoperating income (133) (602) (191)
Interest expense - net of amounts capitalized (2,335) (9,834)
Other nonoperating deductions 49 49
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1,968) 258 (1,568)
Income taxes (benefit) (113) (682)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1,855) 258 (886)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1,855) 258 (886)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (17,847) 421 9,839
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($19,702) $679 $8,953
=============================================================== ==================== ==================== ====================
696
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Desarrello Hydro Energy B.V. Iberica de
Espana S.L. Energias S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $373
Receivables - net 8,585
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (6,255)
Prepayments and other current assets 458
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,161
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 106,762 ($11,921)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 24,871
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 106,762 12,950
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 4,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $114,656 $12,950
============================================================= ==================== ==================== ====================
697
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Electro Monasterio de Iberica de
Metalurgica del Rueda, S.L. [10] Energias S.L.
Ebro, S.L. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $239
Receivables - net 5,072
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 219
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 46,631
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,090
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 49,721
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 1,661
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,661
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $56,912
============================================================= ==================== ==================== ====================
698
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Electro Monasterio de Iberian
Metalurgica del Rueda, S.L. [9] Hy-Power Amsterdam
Ebro, S.L. [8] B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,471
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,966
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,437
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,442
============================================================= ==================== ==================== ====================
699
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Iberian
Adjustments Hy-Power Amsterdam
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $617
Receivables - net 13,657
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets ($6,255) (12,510)
Prepayments and other current assets 677
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (6,255) 2,441
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 22,779 165,722
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (26,837) 3,090
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (4,058) 168,812
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 6,394
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,394
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($10,313) $177,647
============================================================= ==================== ==================== ====================
700
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Desarrello Hydro Energy B.V. Iberica de
Espana S.L. Energias S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $38,878 $29,504
Preferred stock to be redeemed within one year
Accounts payable 10,529 2,893
Accrued taxes (892) (110)
Trading and price risk management liabilities
Other current liabilities 289
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 48,804 32,287
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 57,791
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2,531)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 2,719
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 188
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 518
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9,211 25
Accumulated other comprehensive income (loss) (9,653) 340
Retained earnings 7,797 (19,702)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7,355 (19,337)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $114,656 $12,950
============================================================= ==================== ==================== ====================
701
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Electro Monasterio de Iberica de
Metalurgica del Rueda, S.L. [10] Energias S.L.
Ebro, S.L. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2,566
Preferred stock to be redeemed within one year
Accounts payable (6,505)
Accrued taxes 14
Trading and price risk management liabilities
Other current liabilities 133
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,792)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 18,432
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 1,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 24,932
Accumulated other comprehensive income (loss) (4,321)
Retained earnings 20,660
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 41,271
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $56,912
============================================================= ==================== ==================== ====================
702
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Electro Monasterio de Iberian
Metalurgica del Rueda, S.L. [9] Hy-Power Amsterdam
Ebro, S.L. [8] B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $10,258
Accrued taxes (645)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 9,613
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,151
Accumulated other comprehensive income (loss) (85)
Retained earnings (8,237)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6,171)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,442
============================================================= ==================== ==================== ====================
703
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Iberian
Adjustments Hy-Power Amsterdam
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $70,948
Preferred stock to be redeemed within one year
Accounts payable 17,175
Accrued taxes (1,633)
Trading and price risk management liabilities
Other current liabilities 422
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 86,912
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 76,223
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($2,189) (4,720)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 3,720
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2,189) (1,000)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 518
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (18,523) 17,796
Accumulated other comprehensive income (loss) (4,745) (18,464)
Retained earnings 15,144 15,662
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (8,124) 14,994
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($10,313) $177,647
============================================================= ==================== ==================== ====================
704
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Desarrello Hydro Energy B.V. Iberica de
Espana S.L. Energias S.L. [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $444 ($6)
Depreciation, decommissioning and amortization (625)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 444 (631)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (444) 631
Interest and dividend income (131)
Other nonoperating income (3) (133)
Interest expense - net of amounts capitalized (2,335)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (447) (1,968)
Income taxes (benefit) 1,064 (113)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1,511) (1,855)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1,511) (1,855)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 9,308 (17,847)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7,797 ($19,702)
=============================================================== ==================== ==================== ====================
705
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Electro Monasterio de Iberica de
Metalurgica del Rueda, S.L. [10] Energias S.L.
Ebro, S.L. [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $9,262
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 9,262
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3,106
Depreciation, decommissioning and amortization 1,477
Property and other taxes 68
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4,651
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4,611
Interest and dividend income 446
Other nonoperating income 540
Interest expense - net of amounts capitalized (4,522)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1,075
Income taxes (benefit) 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1,067
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1,067
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19,593
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $20,660
=============================================================== ==================== ==================== ====================
706
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Electro Monasterio de Iberian
Metalurgica del Rueda, S.L. [9] Hy-Power Amsterdam
Ebro, S.L. [8] B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $147
Depreciation, decommissioning and amortization 58
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 205
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (205)
Interest and dividend income 45
Other nonoperating income (723)
Interest expense - net of amounts capitalized (144)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1,027)
Income taxes (benefit) (101)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (926)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (926)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (7,311)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8,237)
=============================================================== ==================== ==================== ====================
707
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. and Subsidiaries [Tier 7, et seq.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Iberian
Adjustments Hy-Power Amsterdam
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $9,262
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 9,262
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($811) 2,880
Depreciation, decommissioning and amortization 910
Property and other taxes 68
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (811) 3,858
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 811 5,404
Interest and dividend income 360
Other nonoperating income (602) (921)
Interest expense - net of amounts capitalized (7,001)
Other nonoperating deductions 49 49
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 258 (2,109)
Income taxes (benefit) 858
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 258 (2,967)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 258 (2,967)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 14,886 18,629
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $15,144 $15,662
=============================================================== ==================== ==================== ====================
708
MEC INTERNATIONAL B.V.
LATROBE POWER PTY LTD and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $55 $7,017
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 55 44,469
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 25,953
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 25,953 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26,008 $1,174,122
============================================================= ==================== ==================== ====================
709
MEC INTERNATIONAL B.V.
LATROBE POWER PTY LTD and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,072
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 44,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $14,139 ($40,092)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 14,139 (40,092) 1,126424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $14,139 ($40,092) $1,174,177
============================================================= ==================== ==================== ====================
710
MEC INTERNATIONAL B.V.
LATROBE POWER PTY LTD and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,781) ($12,525)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,781) 610,981
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (9) 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (9) 254,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,223) (60,412)
Accumulated other comprehensive income (loss) (49,754) (53,901)
Retained earnings 137,775 75,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27,798 (38,480)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $26,008 $1,174,122
============================================================= ==================== ==================== ====================
711
MEC INTERNATIONAL B.V.
LATROBE POWER PTY LTD and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,971) ($16,277)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,971) 607,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3,686 3,744
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,686 257,773
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest $11,286 11,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 120,635
Accumulated other comprehensive income (loss) (7,107) 101,326 (9,436)
Retained earnings 19,531 (273,339) (40,200)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 12,424 (51,378) (49,636)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $14,139 ($40,092) $1,174,177
============================================================= ==================== ==================== ====================
712
MEC INTERNATIONAL B.V.
LATROBE POWER PTY LTD and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $27,683 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 27,683 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,049
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 33,494
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 27,683 51,150
Interest and dividend income 2 (23,995)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,685 27,112
Income taxes (benefit) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,685 27,349
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,685 27,349
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 110,090 48,484
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $137,775 $75,833
=============================================================== ==================== ==================== ====================
713
MEC INTERNATIONAL B.V.
LATROBE POWER PTY LTD and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $14,482 ($42,165) $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 14,482 (42,165)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 824 11,873
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 824 34,318
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13,658 (42,165) 50,326
Interest and dividend income 261 (23,732)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions (13,483) (13,483)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 13,919 (55,648) 13,068
Income taxes (benefit) 3,902 3,665
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 10,017 (55,648) 9,403
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 10,017 (55,648) 9,403
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 9,514 (217,691) (49,603)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $19,531 ($273,339) ($40,200)
=============================================================== ==================== ==================== ====================
714
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $18,997 $1
Receivables - net 443 5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 36
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,476 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 55,714
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 55,174
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 967 ($1,111)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 967 (1,111)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $76,157 $6 ($1,111)
============================================================= ==================== ==================== ====================
715
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Latrobe Valley
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $18,998
Receivables - net 448
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 36
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,482
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 55,714
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 55,714
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges (144)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (144)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $75,052
============================================================= ==================== ==================== ====================
716
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4,780
Preferred stock to be redeemed within one year
Accounts payable 40,927 $21
Accrued taxes (188) (3)
Trading and price risk management liabilities
Other current liabilities 6,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 52,040 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 30,667
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (3,837) ($333)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (3,837) (333)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (4,771)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (2,576) 19
Accumulated other comprehensive income (loss) 37 (778)
Retained earnings 4,597 (31)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,058 (12) (778)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $76,157 $6 ($1,111)
============================================================= ==================== ==================== ====================
717
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Latrobe Valley
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4,780
Preferred stock to be redeemed within one year
Accounts payable 40,948
Accrued taxes (191)
Trading and price risk management liabilities
Other current liabilities 6,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 52,058
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 30,667
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4,170)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4,170)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (4,771)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (2,557)
Accumulated other comprehensive income (loss) (741)
Retained earnings 4,566
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,268
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $75,052
============================================================= ==================== ==================== ====================
718
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $13,303
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 13,303
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 388 $20
Depreciation, decommissioning and amortization 1,446
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,834 20
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 11,469 (20)
Interest and dividend income (410)
Other nonoperating income 1
Interest expense - net of amounts capitalized (2,545)
Other nonoperating deductions (3,444)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5,071 (20)
Income taxes (benefit) 474
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4,597 (20)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4,597 (20)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (11)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,597 ($31)
=============================================================== ==================== ==================== ====================
719
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Latrobe Valley
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $13,303
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 13,303
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 408
Depreciation, decommissioning and amortization 1,446
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,854
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 11,449
Interest and dividend income (410)
Other nonoperating income 1
Interest expense - net of amounts capitalized (2,545)
Other nonoperating deductions (3,444)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5,501
Income taxes (benefit) 474
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4,577
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4,577
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (11)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,566
=============================================================== ==================== ==================== ====================
720
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Latrobe Power Pty Mission Energy
Energy Holdings Ltd Consolidated Ventures Australia
Pty Ltd Pty Ltd
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,982 $7,072 $7,072
Receivables - net 26,036 25,866 25,866
Fuel inventory
Materials and supplies, at average cost 7,454 7,454 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,261 4,132 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 45,733 44,524 44,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,133,539 1,126,424 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,323) 25,953 26,223
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,132,216 1,152,377 1,152,647
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,280 3,229 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,280 3,229 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,181,229 $1,200,130 $1,200,400
============================================================= ==================== ==================== ====================
721
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power Loy Yang Holdings Consolidating
Pty Ltd Pty Ltd Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,702
Receivables - net 5,795
Fuel inventory
Materials and supplies, at average cost 4,490
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21,489
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 598,001
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,519) ($1,157) $581
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 596,482 ($1,157) 581
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $621,200 ($1,157) $581
============================================================= ==================== ==================== ====================
722
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang Holdings
Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $29,198
Receivables - net 83,563
Fuel inventory
Materials and supplies, at average cost 26,852
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 16,657
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 156,270
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,984,388
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 48,758
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,033,146
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 12,967
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 12,967
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,202,383
============================================================= ==================== ==================== ====================
723
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Latrobe Power Pty Mission Energy
Energy Holdings Ltd Consolidated Ventures Australia
Pty Ltd Pty Ltd
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $85
Preferred stock to be redeemed within one year
Accounts payable (27,251) ($16,277) ($14,301)
Accrued taxes 302 303 238
Trading and price risk management liabilities
Other current liabilities 625,371 623,203 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 598,507 607,229 609,140
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,714 347,525 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 221 3,744 119
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,091 254,029 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 254,312 257,773 254,148
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 12,912
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,412) (60,412) (120,635)
Accumulated other comprehensive income (loss) (58,663) (60,258) (103,813)
Retained earnings 99,771 95,361 214,035
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (19,304) (25,309) (10,413)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,181,229 $1,200,130 $1,200,400
============================================================= ==================== ==================== ====================
724
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power Loy Yang Holdings Consolidating
Pty Ltd Pty Ltd Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($17,395)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 8,939
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8,153)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3,023 ($2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 257,052 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 11,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (5,720) ($75) 37
Retained earnings 19,210 (1,082) 546
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13,490 (1,157) 583
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $621,200 ($1,157) $581
============================================================= ==================== ==================== ====================
725
MEC INTERNATIONAL B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousand s)
Loy Yang Holdings
Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $85
Preferred stock to be redeemed within one year
Accounts payable (75,224)
Accrued taxes 1,146
Trading and price risk management liabilities
Other current liabilities 1,880,716
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,806,723
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,390,289
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7,105
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 1,016,178
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,023,283
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 24,198
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (241,459)
Accumulated other comprehensive income (loss) (228,492)
Retained earnings 427,841
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (42,110)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,202,383
============================================================= ==================== ==================== ====================
726
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Latrobe Power Pty Mission Energy
Energy Holdings Ltd Consolidated Ventures Australia
Pty Ltd Pty Ltd
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $95,293 $112,327 $112,604
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 95,293 112,327 112,604
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147 9,147 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 27,553 11,873 11,065
Depreciation, decommissioning and amortization 14,058 13,298 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 50,758 34,318 33,510
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 44,535 78,009 79,094
Interest and dividend income (23,511) (23,732) (23,987)
Other nonoperating income 6,780 12 12
Interest expense - net of amounts capitalized (72) (55) (55)
Other nonoperating deductions (13,203)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,732 41,031 55,064
Income taxes (benefit) (43) 3,665 (162)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,775 37,366 55,226
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,775 37,366 55,226
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 71,996 57,995 158,809
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $99,771 $95,361 $214,035
=============================================================== ==================== ==================== ====================
727
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Traralgon Power Loy Yang Holdings Consolidating
Pty Ltd Pty Ltd Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $83,088
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 83,088
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,784 ($16)
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 34,229 (16)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 48,859 16
Interest and dividend income (23,912)
Other nonoperating income 12 (16)
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions (13,483)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 11,421
Income taxes (benefit) 3,200
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 8,221
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 8,221
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 10,989 ($1,082) 546
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $19,210 ($1,082) $546
=============================================================== ==================== ==================== ====================
728
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Loy Yang Holdings
Pty Ltd
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $403,312
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 403,312
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 36,588
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,259
Depreciation, decommissioning and amortization 53,952
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 152,799
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 250,513
Interest and dividend income (95,142)
Other nonoperating income 6,800
Interest expense - net of amounts capitalized (237)
Other nonoperating deductions (26,686)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 135,248
Income taxes (benefit) 6,660
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 128,588
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 128,588
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 299,253
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $427,841
=============================================================== ==================== ==================== ====================
729
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21 $7,017
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21 44,469
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,627)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,627) 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,606) $1,174,122
============================================================= ==================== ==================== ====================
730
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty Maintenance Maintenance Loy
Ltd. Kwinana Pty Ltd Yang Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
731
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty Ltd Partnership [9]
Superannuation
Fund Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $304
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 304
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $304
============================================================= ==================== ==================== ====================
732
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $944
Receivables - net 170
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 129
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,243
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,231 $5,884
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,231 5,884
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,525 $5,884
============================================================= ==================== ==================== ====================
733
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Energy Holdings
Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,982
Receivables - net 26,036
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,261
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 45,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,133,539
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,323)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,132,216
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,280
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,280
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,181,229
============================================================= ==================== ==================== ====================
734
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($757) ($12,525)
Accrued taxes (8) 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (765) 610,981
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 329 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 329 254,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,412)
Accumulated other comprehensive income (loss) (2,093) (53,901)
Retained earnings 923 75,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (1,170) (38,480)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,606) $1,174,122
============================================================= ==================== ==================== ====================
735
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty Maintenance Maintenance Loy
Ltd. Kwinana Pty Ltd Yang Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,872)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,872)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 104
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (197) ($1,159)
Retained earnings 1,965 $1,159
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,768
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
736
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty Ltd Partnership [9]
Superannuation
Fund Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $55
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 6
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (29)
Retained earnings 272
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 243
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $304
============================================================= ==================== ==================== ====================
737
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $85
Preferred stock to be redeemed within one year
Accounts payable (12,152)
Accrued taxes 7
Trading and price risk management liabilities
Other current liabilities 2,168
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,892)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 85
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,946) $1,765
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 62
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1,884) 1,765
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 105 (1,389)
Retained earnings 14,111 5,508
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 14,216 4,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,525 $5,884
============================================================= ==================== ==================== ====================
738
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission
Energy Holdings
Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $85
Preferred stock to be redeemed within one year
Accounts payable (27,251)
Accrued taxes 302
Trading and price risk management liabilities
Other current liabilities 625,371
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 598,507
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 221
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,091
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 254,312
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,412)
Accumulated other comprehensive income (loss) (58,663)
Retained earnings 99,771
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (19,304)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,181,229
============================================================= ==================== ==================== ====================
739
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Ltd.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $280 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 280 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 994 11,049
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 994 33,494
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (714) 51,150
Interest and dividend income 5 (23,995)
Other nonoperating income 981 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 272 27,112
Income taxes (benefit) 76 (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 196 27,349
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 196 27,349
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 727 48,484
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $923 $75,833
=============================================================== ==================== ==================== ====================
740
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty Maintenance Maintenance Loy
Ltd. Kwinana Pty Ltd Yang Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,728 $8,600
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,728 8,600
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,393 8,600
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,393 8,600
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 335
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 335
Income taxes (benefit) (101)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 234
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 234
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,731 1,159
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,965 $1,159
=============================================================== ==================== ==================== ====================
741
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty Ltd Partnership [9]
Superannuation
Fund Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $41
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 41
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 32
Interest and dividend income 3
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 35
Income taxes (benefit) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 29
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 29
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 243
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $272
=============================================================== ==================== ==================== ====================
742
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $6,511 ($1,003)
Depreciation, decommissioning and amortization 632 128
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7,143 (875)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (7,143) 875
Interest and dividend income 476
Other nonoperating income 6,790 (1,003)
Interest expense - net of amounts capitalized (17)
Other nonoperating deductions
Dividends on preferred securities 19,313 (19,313)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 19,419 (19,441)
Income taxes (benefit) 36 (25)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 19,383 (19,416)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 19,383 (19,416)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (5,272) 24,924
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $14,111 $5,508
=============================================================== ==================== ==================== ====================
743
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
EDISON MISSION ENERGY HOLDINGS PTY LTD and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission
Energy Holdings
Pty Ltd
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $95,293
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 95,293
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 27,553
Depreciation, decommissioning and amortization 14,058
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 50,758
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 44,535
Interest and dividend income (23,511)
Other nonoperating income 6,780
Interest expense - net of amounts capitalized (72)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,732
Income taxes (benefit) (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,775
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,775
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 71,996
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $99,771
=============================================================== ==================== ==================== ====================
744
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
LATROBE POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $55 $7,017
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 55 44,469
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 25,953
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 25,953 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26,008 $1,174,122
============================================================= ==================== ==================== ====================
745
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
LATROBE POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd. Adjustments Ltd Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,072
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 44,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $14,139 ($40,092)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 14,139 (40,092) 1,126424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $14,139 ($40,092) $1,174,177
============================================================= ==================== ==================== ====================
746
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
LATROBE POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,781) ($12,525)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,781) 610,981
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (9) 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (9) 254,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,223) (60,412)
Accumulated other comprehensive income (loss) (49,754) (53,901)
Retained earnings 137,775 75,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27,798 (38,480)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $26,008 $1,174,122
============================================================= ==================== ==================== ====================
747
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
LATROBE POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd. Adjustments Ltd Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,971) ($16,277)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,971) 607,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3,686 3,744
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,686 257,773
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest $11,286 11,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 120,635
Accumulated other comprehensive income (loss) (7,107) 101,326 (9,436)
Retained earnings 19,531 (273,339) (40,200)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 12,424 (51,378) (49,636)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $14,139 ($40,092) $1,174,177
============================================================= ==================== ==================== ====================
748
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
LATROBE POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $27,683 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 27,683 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,049
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 33,494
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 27,683 51,150
Interest and dividend income 2 (23,995)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,685 27,112
Income taxes (benefit) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,685 27,349
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,685 27,349
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 110,090 48,484
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $137,775 $75,833
=============================================================== ==================== ==================== ====================
749
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
LATROBE POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd. Adjustments Ltd Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $14,482 ($42,165) $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 14,482 (42,165)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 824 11,873
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 824 34,318
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13,658 (42,165) 50,326
Interest and dividend income 261 (23,732)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions (13,483) (13,483)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 13,919 (55,648) 13,068
Income taxes (benefit) 3,902 3,665
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 10,017 (55,648) 9,403
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 10,017 (55,648) 9,403
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 9,514 (217,691) (49,603)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $19,531 ($273,339) ($40,200)
=============================================================== ==================== ==================== ====================
750
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
MISSION ENERGY VENTURES AUSTRALIA PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $55 $7,017
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 55 44,469
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 25,953
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 25,953 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26,008 $1,174,122
============================================================= ==================== ==================== ====================
751
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
MISSION ENERGY VENTURES AUSTRALIA PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty Ltd Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,072
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 44,524
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $270 26,223
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 270 1,152,647
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $270 $1,200,400
============================================================= ==================== ==================== ====================
752
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
MISSION ENERGY VENTURES AUSTRALIA PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,781) ($12,525)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,781) 610,981
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (9) 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (9) 254,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,223) (60,412)
Accumulated other comprehensive income (loss) (49,754) (53,901)
Retained earnings 137,775 75,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27,798 (38,480)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $26,008 $1,174,122
============================================================= ==================== ==================== ====================
753
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
MISSION ENERGY VENTURES AUSTRALIA PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty Ltd Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $5 ($14,301)
Accrued taxes (65) 238
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (60) 609,140
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 61 119
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 61 254,148
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (120,635)
Accumulated other comprehensive income (loss) (158) (103,813)
Retained earnings 427 214,035
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 269 (10,413)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $270 $1,200,400
============================================================= ==================== ==================== ====================
754
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
MISSION ENERGY VENTURES AUSTRALIA PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $27,683 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 27,683 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,049
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 33,494
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 27,683 51,150
Interest and dividend income 2 (23,995)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,685 27,112
Income taxes (benefit) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,685 27,349
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,685 27,349
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 110,090 48,484
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $137,775 $75,833
=============================================================== ==================== ==================== ====================
755
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
MISSION ENERGY VENTURES AUSTRALIA PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty Ltd Pty Ltd
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $277 $112,604
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 277 112,604
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 16 11,065
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 16 33,510
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 261 79,094
Interest and dividend income 6 (23,987)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 267 55,064
Income taxes (benefit) 75 (162)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 192 55,226
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 192 55,226
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 235 158,809
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $427 $214,035
=============================================================== ==================== ==================== ====================
756
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
TRARALGON POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $55 $7,017
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 55 44,469
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 25,953
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 25,953 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26,008 $1,174,122
============================================================= ==================== ==================== ====================
757
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
TRARALGON POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,072
Receivables - net ($20,071) 5,795
Fuel inventory
Materials and supplies, at average cost (2,964) 4,490
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (23,035) 21,489
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (528,423) 598,001
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $12,620 (40,092) (1,519)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 12,620 (568,515) 596,482
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,620 ($591,550) $621,200
============================================================= ==================== ==================== ====================
758
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
TRARALGON POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,781) ($12,525)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,781) 610,981
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (9) 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (9) 254,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,223) (60,412)
Accumulated other comprehensive income (loss) (49,754) (53,901)
Retained earnings 137,775 75,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27,798 (38,480)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $26,008 $1,174,122
============================================================= ==================== ==================== ====================
759
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
TRARALGON POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3,089) ($17,395)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities ($614,264) 8,939
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,089) (614,264) (8,153)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,965 3,023
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,965 257,052
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 11,286 11,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 120,635
Accumulated other comprehensive income (loss) (7,079) 105,104 (5,720)
Retained earnings 19,823 (214,221) 19,210
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 12,744 11,428 13,490
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,620 ($591,550) $621,200
============================================================= ==================== ==================== ====================
760
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
TRARALGON POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $27,683 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 27,683 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,049
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 33,494
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 27,683 51,150
Interest and dividend income 2 (23,995)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,685 27,112
Income taxes (benefit) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,685 27,349
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,685 27,349
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 110,090 48,484
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $137,775 $75,833
=============================================================== ==================== ==================== ====================
761
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY LTD
TRARALGON POWER PTY LTD and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $12,926 ($42,165) $83,088
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12,926 (42,165) 83,088
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 735 11,784
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 735 34,229
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 12,191 (42,165) 48,859
Interest and dividend income 81 (23,912)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions (13,483) (13,483)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 12,272 (55,648) 11,421
Income taxes (benefit) 3,437 3,200
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 8,835 (55,648) 8,221
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 8,835 (55,648) 8,221
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 10,988 (158,573) 10,989
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $19,823 ($214,221) $19,210
=============================================================== ==================== ==================== ====================
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret Ltd.
L.S. Ticaret L.S. Sirketi
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $40,548 $628 $9
Receivables - net 16,821 379 756
Fuel inventory 6,651
Materials and supplies, at average cost 950
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 3,230 47 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 68,200 1,054 840
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 12,643 59 28
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 12,643 59 28
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 173,528 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 173,528 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $254,371 $1,113 $874
============================================================= ==================== ==================== ====================
762
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14 ($16,729) $24,470
Receivables - net (1,003) 16,953
Fuel inventory (1,723) 4,928
Materials and supplies, at average cost (6) 944
Accumulated deferred income taxes - net
Trading and price risk management assets 40 40
Prepayments and other current assets (2,157) 1,195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 14 (21,578) 48,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 11,123 108,520 132,373
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 21,687 (21,687)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 32,810 86,833 132,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 309 (137,447) 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 309 (137,447) 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $33,133 ($72,192) $217,299
============================================================= ==================== ==================== ====================
763
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret Ltd.
L.S. Ticaret L.S. Sirketi
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($4,333)
Preferred stock to be redeemed within one year
Accounts payable 11,219 $140 $1
Accrued taxes 904 3 73
Trading and price risk management liabilities
Other current liabilities 772 907 412
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8,562 1,050 486
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 100,291
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 58 6 159
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 58 6 159
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 36,111 59 59
Accumulated other comprehensive income (loss)
Retained earnings 109,349 (2) 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 145,460 57 229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $254,371 $1,113 $874
============================================================= ==================== ==================== ====================
764
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $15,614 $11,281
Preferred stock to be redeemed within one year
Accounts payable ($771) (24,592) (14,003)
Accrued taxes 236 7,960 9,176
Trading and price risk management liabilities
Other current liabilities 3,177 5,268
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (535) 2,159 11,722
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (15,684) 84,607
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (11,273) (11,273)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 630 56,602 57,455
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 630 45,329 46,182
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 12,027 12,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 37,118 (36,229) 37,118
Accumulated other comprehensive income (loss) 26 26
Retained earnings (4,080) (79,820) 25,617
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 33,038 (116,023) 62,761
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $33,133 ($72,192) $217,299
============================================================= ==================== ==================== ====================
765
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret Ltd.
L.S. Ticaret L.S. Sirketi
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $130,634 $829
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 130,634 829
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 68,068 829
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 22,551 72 $1,440
Depreciation, decommissioning and amortization 3,720 119 1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 94,339 1,020 1,441
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 36,295 (191) (1,441)
Interest and dividend income (2,920) 8
Other nonoperating income 6,084 (56) 1,940
Interest expense - net of amounts capitalized (10,451)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 29,008 (239) 499
Income taxes (benefit) 1,018 7 42
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,990 (246) 457
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,990 (246) 457
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 81,359 244 (287)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $109,349 ($2) $170
=============================================================== ==================== ==================== ====================
766
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($20,085) $111,378
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (20,085) 111,378
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (1,140) 67,757
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $810 (14,222) 10,651
Depreciation, decommissioning and amortization 81 3,624 7,545
Property and other taxes 182 182
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,073 (11,738) 86,135
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1,073) (8,347) 25,243
Interest and dividend income 117 4,576 1,781
Other nonoperating income (175) (6,401) 1,392
Interest expense - net of amounts capitalized (1,384) (11,835)
Other nonoperating deductions (2,461) (2,461)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1,131) (14,017) 14,120
Income taxes (benefit) 714 4,300 6,081
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1,845) (18,317) 8,039
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1,845) (18,317) 8,039
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2,235) (61,503) 17,578
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,080) ($79,820) $25,617
=============================================================== ==================== ==================== ====================
767
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission MEC Esenyurt B.V. MEC IES B.V.
Energy Consolidated
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $92 $24,470 $2
Receivables - net 8 16,953
Fuel inventory 4,928
Materials and supplies, at average cost 944
Accumulated deferred income taxes - net
Trading and price risk management assets 40
Prepayments and other current assets 1,195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 100 48,530 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 25 132,373
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,299
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 25 132,373 2,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $125 $217,299 $2,301
============================================================= ==================== ==================== ====================
768
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
ISAB Energy MEC India B.V. Edison Mission
Services s.r.l. [8] Energy Power [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $8
============================================================= ==================== ==================== ====================
769
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Indo Coal B.V. MEC Indonesia B.V. MEC Laguna Power
B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $222 $1
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 222 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 16,974 118,021
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 16,974 118,021
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 851
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 851
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $17,196 $118,873
============================================================= ==================== ==================== ====================
770
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,657 $5
Receivables - net 3,384
Fuel inventory
Materials and supplies, at average cost 2,933
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,262 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 57,447
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 49,880
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 57,447 49,880
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges (2,544) 83
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (2,544) 83
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $66,165 $49,968
============================================================= ==================== ==================== ====================
771
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7 $5
Receivables - net $1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 7 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $7 $5
============================================================= ==================== ==================== ====================
772
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Wales B.V. Mission Energy P.T. Edison
Consolidated Italia s.r.l. Mission Operation
and Maintenance
Indonesia
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,590 $150 $2,014
Receivables - net 43,862 45 2,084
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630 14 56
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,201 209 4,154
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243 152
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,980,005
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,207,248 152
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 65,902 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 65,902 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,420,351 $385 $4,154
============================================================= ==================== ==================== ====================
773
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $22 $120,245
Receivables - net 66,337
Fuel inventory 4,928
Materials and supplies, at average cost 9,996
Accumulated deferred income taxes - net
Trading and price risk management assets 40
Prepayments and other current assets 10,183
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 22 211,729
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,417,240
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 5,460 ($5,460) 3,167,179
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,460 (5,460) 4,584,419
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 100,712
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 100,712
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,482 ($5,460) $4,896,860
============================================================= ==================== ==================== ====================
774
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission MEC Esenyurt B.V. MEC IES B.V.
Energy Consolidated
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $11,281
Preferred stock to be redeemed within one year
Accounts payable $1,553 (14,003) $344
Accrued taxes 351 9,176 (97)
Trading and price risk management liabilities
Other current liabilities 87 5,268
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,991 11,722 247
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 84,607
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (11,273)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 57,455
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 46,182
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 12,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 235 37,118 117
Accumulated other comprehensive income (loss) 26
Retained earnings (2,101) 25,617 1,937
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (1,866) 62,761 2,054
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $125 $217,299 $2,301
============================================================= ==================== ==================== ====================
775
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
ISAB Energy MEC India B.V. Edison Mission
Services s.r.l. [8] Energy Power [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $32
Accrued taxes (15)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 23
Accumulated other comprehensive income (loss)
Retained earnings (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $8
============================================================= ==================== ==================== ====================
776
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Indo Coal B.V. MEC Indonesia B.V. MEC Laguna Power
B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2 $386 $90
Accrued taxes 365 (948) (14)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 367 (562) 76
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,827
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 6,827
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 15,845 126,870 6,095
Accumulated other comprehensive income (loss) (27,523)
Retained earnings 984 13,261 (6,171)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 16,829 112,608 ($76)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $17,196 $118,873
============================================================= ==================== ==================== ====================
777
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3,915
Preferred stock to be redeemed within one year
Accounts payable (21,992) $1,236
Accrued taxes 233 (100)
Trading and price risk management liabilities
Other current liabilities 4,327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,517) 1,136
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 43,205
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4,067)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 12,407
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 8,340
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 3,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 23 31,344
Accumulated other comprehensive income (loss) (3,799) 187
Retained earnings 28,614 17,301
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 24,838 48,832
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $66,165 $49,968
============================================================= ==================== ==================== ====================
778
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $98 $24 $24
Accrued taxes (16) (12) (13)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 82 12 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,793 26 26
Accumulated other comprehensive income (loss)
Retained earnings (4,874) (31) (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (81) (5) (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $7 $5
============================================================= ==================== ==================== ====================
779
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Wales B.V. Mission Energy P.T. Edison
Consolidated Italia s.r.l. Mission Operation
and Maintenance
Indonesia
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (492,853) ($99) $627
Accrued taxes 14,194 (178) 451
Trading and price risk management liabilities
Other current liabilities 68,935 96 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (361,253) (181) 1,110
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550 (250) (3)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917 604
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467 354 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,363,133 13 1,500
Accumulated other comprehensive income (loss) (352,087) 17
Retained earnings (419,853) 182 1,547
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,591,193 212 3,047
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,420,351 $385 $4,154
============================================================= ==================== ==================== ====================
780
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $63,667
Preferred stock to be redeemed within one year
Accounts payable ($47) (524,578)
Accrued taxes (24) 23,353
Trading and price risk management liabilities
Other current liabilities 78,745
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (71) (358,813)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,081,134
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 40,957
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 194,210
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 235,167
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 78,948
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 5,064 ($5,008) 4,587,217
Accumulated other comprehensive income (loss) (383,179)
Retained earnings 489 (452) (343,614)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 5,553 (5,460) 3,860,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,482 ($5,460) $4,896,860
============================================================= ==================== ==================== ====================
781
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission MEC Esenyurt B.V. MEC IES B.V.
Energy Consolidated
International B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $111,378 $917
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 111,378 917
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 67,757
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $233 10,651 53
Depreciation, decommissioning and amortization 26 7,545
Property and other taxes 182
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 259 86,135 53
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (259) 25,243 864
Interest and dividend income 5 1,781 4
Other nonoperating income (259) 1,392 14
Interest expense - net of amounts capitalized (11,835)
Other nonoperating deductions (2,461)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (513) 14,120 882
Income taxes (benefit) 14 6,081 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (527) 8,039 876
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (527) 8,039 876
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,574) 17,578 1,061
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,101) $25,617 $1,937
=============================================================== ==================== ==================== ====================
782
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
ISAB Energy MEC India B.V. Edison Mission
Services s.r.l. [8] Energy Power [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2)
Interest and dividend income
Other nonoperating income 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (30)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($32)
=============================================================== ==================== ==================== ====================
783
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Indo Coal B.V. MEC Indonesia B.V. MEC Laguna Power
B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $21,158
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 21,158
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $10 378 $71
Depreciation, decommissioning and amortization 153 42
Property and other taxes 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 163 420 116
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (163) 20,738 (116)
Interest and dividend income
Other nonoperating income 259 (1) (1)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 96 20,737 (117)
Income taxes (benefit) 171 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (75) 20,738 (117)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (75) 20,738 (117)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,059 (7,477) (6,054)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $984 $13,261 ($6,171)
=============================================================== ==================== ==================== ====================
784
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $32,755 $28,815
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 32,755 28,815
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 17,048
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,169 392
Depreciation, decommissioning and amortization 3,786 559
Property and other taxes 102
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 25,003 1,053
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7,752 27,762
Interest and dividend income 1,572
Other nonoperating income 9 (809)
Interest expense - net of amounts capitalized (5,122)
Other nonoperating deductions (933)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3,278 26,953
Income taxes (benefit) 904 (195)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,374 27,148
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,374 27,148
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 26,240 (9,847)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $28,614 $17,301
=============================================================== ==================== ==================== ====================
785
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $30 $2 $2
Depreciation, decommissioning and amortization
Property and other taxes 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 75 2 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (75) (2) (2)
Interest and dividend income
Other nonoperating income 2 1 1
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (73) (1) (1)
Income taxes (benefit) 1 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (74) (2) (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (74) (2) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,800) (29) (31)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,874) ($31) ($32)
=============================================================== ==================== ==================== ====================
786
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Wales B.V. Mission Energy P.T. Edison
Consolidated Italia s.r.l. Mission Operation
and Maintenance
Indonesia
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,422 $76 $8,151
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,422 76 8,151
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,440 956 5,764
Depreciation, decommissioning and amortization 21,513 58
Property and other taxes 13,265 1
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,567 1,015 5,764
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,855 (939) 2,387
Interest and dividend income 136,661 4 17
Other nonoperating income (4,124) 1,136 24
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54,626 201 2,428
Income taxes (benefit) 6,418 212 803
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 48,208 (11) 1,625
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 48,208 (11) 1,625
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (468,061) 193 (78)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($419,853) $182 $1,547
=============================================================== ==================== ==================== ====================
787
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $596,672
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 596,672
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 260,154
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3 85,156
Depreciation, decommissioning and amortization 33,682
Property and other taxes
Net gain on sale of utility plant 13,640
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 392,632
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3) 204,040
Interest and dividend income 140,044
Other nonoperating income (2) (2,357)
Interest expense - net of amounts capitalized (215,723)
Other nonoperating deductions (3,394)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (5) 122,610
Income taxes (benefit) 14,416
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (5) 108,194
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (5) 108,194
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 494 ($452) (451,808)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $489 ($452) ($343,614)
=============================================================== ==================== ==================== ====================
789
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret Ltd.
L.S. Ticaret L.S. Sirketi
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $40,548 $628 $9
Receivables - net 16,821 379 756
Fuel inventory 6,651
Materials and supplies, at average cost 950
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 3,230 47 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 68,200 1,054 840
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 12,643 59 28
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 12,643 59 28
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 173,528 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 173,528 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $254,371 $1,113 $874
============================================================= ==================== ==================== ====================
790
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14 ($16,729) $24,470
Receivables - net (1,003) 16,953
Fuel inventory (1,723) 4,928
Materials and supplies, at average cost (6) 944
Accumulated deferred income taxes - net
Trading and price risk management assets 40 40
Prepayments and other current assets (2,157) 1,195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 14 (21,578) 48,530
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 11,123 108,520 132,373
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 21,687 (21,687)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 32,810 86,833 132,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 309 (137,447) 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 309 (137,447) 36,396
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $33,133 ($72,192) $217,299
============================================================= ==================== ==================== ====================
791
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret Ltd.
L.S. Ticaret L.S. Sirketi
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($4,333)
Preferred stock to be redeemed within one year
Accounts payable 11,219 $140 $1
Accrued taxes 904 3 73
Trading and price risk management liabilities
Other current liabilities 772 412
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8,562 1,050 486
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 100,291
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 58 6 159
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 58 6 159
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 36,111 59 59
Accumulated other comprehensive income (loss)
Retained earnings 109,349 (2) 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 145,460 57 229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $254,371 $1,113 $874
============================================================= ==================== ==================== ====================
792
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $15,614 $11,281
Preferred stock to be redeemed within one year
Accounts payable ($771) (24,592) (14,003)
Accrued taxes 236 7,960 9,176
Trading and price risk management liabilities
Other current liabilities 3,177 5,268
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (535) 2,159 11,722
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (15,684) 84,607
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (11,273) (11,273)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 630 56,602 57,455
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 630 45,329 46,182
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 12,027 12,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 37,118 (36,229) 37,118
Accumulated other comprehensive income (loss) 26 26
Retained earnings (4,080) (79,820) 25,617
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 33,038 (116,023) 62,761
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $33,133 ($72,192) $217,299
============================================================= ==================== ==================== ====================
793
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret Ltd.
L.S. Ticaret L.S. Sirketi
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $130,634 $829
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 130,634 829
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 68,068 829
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 22,551 72 $1,440
Depreciation, decommissioning and amortization 3,720 119 1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 94,339 1,020 1,441
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 36,295 (191) (1,441)
Interest and dividend income (2,920) 8
Other nonoperating income 6,084 (56) 1,940
Interest expense - net of amounts capitalized (10,451)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 29,008 (239) 499
Income taxes (benefit) 1,018 7 42
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,990 (246) 457
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,990 (246) 457
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 81,359 244 (287)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $109,349 ($2) $170
=============================================================== ==================== ==================== ====================
794
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC ESENYURT B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($20,085) $111,378
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (20,085) 111,378
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (1,140) 67,757
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $810 (14,222) 10,651
Depreciation, decommissioning and amortization 81 3,624 7,545
Property and other taxes 182 182
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,073 (11,738) 86,135
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1,073) (8,347) 25,243
Interest and dividend income 117 4,576 1,781
Other nonoperating income (175) (6,401) 1,392
Interest expense - net of amounts capitalized (1,384) (11,835)
Other nonoperating deductions (2,461) (2,461)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1,131) (14,017) 14,120
Income taxes (benefit) 714 4,300 6,081
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1,845) (18,317) 8,039
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1,845) (18,317) 8,039
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2,235) (61,503) 17,578
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,080) ($79,820) $25,617
=============================================================== ==================== ==================== ====================
795
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC PERTH B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,657
Receivables - net 3,384
Fuel inventory
Materials and supplies, at average cost 2,933
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,262
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 73,593
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $18,008 $30,483
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 18,008 73,593 30,483
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 1,690
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,690
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18,008 $86,545 $30,483
============================================================= ==================== ==================== ====================
796
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC PERTH B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,657
Receivables - net 3,384
Fuel inventory
Materials and supplies, at average cost 2,933
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,262
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($16,146) 57,447
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (48,491)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (64,637) 57,447
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges (4,234) (2,544)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (4,234) (2,544)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($68,871) $66,165
============================================================= ==================== ==================== ====================
797
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC PERTH B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3,915
Preferred stock to be redeemed within one year
Accounts payable ($28,277) 338 $5,947
Accrued taxes 233
Trading and price risk management liabilities
Other current liabilities 8 4,319
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (28,269) 8,805 5,947
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 43,205
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 587
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,330 6,077
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 6,330 6,077 587
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 43,054 23
Accumulated other comprehensive income (loss) (3,054) (3,301) (1,670)
Retained earnings 43,001 (11,295) 25,596
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 39,947 28,458 23,949
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18,008 $86,545 $30,483
============================================================= ==================== ==================== ====================
798
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC PERTH B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3,915
Preferred stock to be redeemed within one year
Accounts payable (21,992)
Accrued taxes 233
Trading and price risk management liabilities
Other current liabilities 4,327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,517)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 43,205
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($4,654) (4,067)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 12,407
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4,654) 8,340
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 3,299 3,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (43,054) 23
Accumulated other comprehensive income (loss) 4,226 (3,799)
Retained earnings (28,688) 28,614
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (67,516) 24,838
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($68,871) $66,165
============================================================= ==================== ==================== ====================
799
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC PERTH B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,419 $32,755 $4,056
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,419 32,755 4,056
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 17,048
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (748) 4,042 875
Depreciation, decommissioning and amortization 4,857
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (748) 25,947 875
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,167 6,808 3,181
Interest and dividend income 1,102 171 299
Other nonoperating income 9
Interest expense - net of amounts capitalized (5,122)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3,269 1,866 3,480
Income taxes (benefit) 764
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3,269 1,866 2,716
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3,269 1,866 2,716
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 39,732 (13,161) 22,880
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $43,001 ($11,295) $25,596
=============================================================== ==================== ==================== ====================
800
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC PERTH B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating MEC Perth B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($5,475) $32,755
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (5,475) 32,755
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 17,048
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,169
Depreciation, decommissioning and amortization (1,071) 3,786
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1,071) 25,003
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (4,404) 7,752
Interest and dividend income 1,572
Other nonoperating income 9
Interest expense - net of amounts capitalized (5,122)
Other nonoperating deductions (933) (933)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (5,337) 3,278
Income taxes (benefit) 140 904
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (5,477) 2,374
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (5,477) 2,374
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (23,211) 26,240
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($28,688) $28,614
=============================================================== ==================== ==================== ====================
801
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
802
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
803
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $98
Accrued taxes (16)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,793
Accumulated other comprehensive income (loss)
Retained earnings (4,874)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
804
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $98
Accrued taxes (16)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,793
Accumulated other comprehensive income (loss)
Retained earnings (4,874)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
805
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $30
Depreciation, decommissioning and amortization
Property and other taxes 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 75
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (75)
Interest and dividend income
Other nonoperating income 2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (73)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (74)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (74)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,800)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,874)
=============================================================== ==================== ==================== ====================
806
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $30
Depreciation, decommissioning and amortization
Property and other taxes 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 75
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (75)
Interest and dividend income
Other nonoperating income 2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (73)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (74)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (74)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,800)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,874)
=============================================================== ==================== ==================== ====================
807
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V.
MEC WALES B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390 $200
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001 200
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026 16,979
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269 16,979
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204 1,698
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204 1,698
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474 $18,877
============================================================= ==================== ==================== ====================
808
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V.
MEC WALES B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,590
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,201
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,980,005
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,207,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 65,902
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 65,902
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,420,351
============================================================= ==================== ==================== ====================
809
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V.
MEC WALES B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (140,396) ($352,457)
Accrued taxes 9,069 5,125
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,921) (347,332)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409 224,724
Accumulated other comprehensive income (loss) (387,440) 35,353
Retained earnings (525,985) 106,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984 366,209
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474 $18,877
============================================================= ==================== ==================== ====================
810
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V.
MEC WALES B.V. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (492,853)
Accrued taxes 14,194
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (361,253)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,363,133
Accumulated other comprehensive income (loss) (352,087)
Retained earnings (419,853)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,591,193
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,420,351
============================================================= ==================== ==================== ====================
811
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V.
MEC WALES B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411 $11
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411 11
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430 10
Depreciation, decommissioning and amortization 21,462 51
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506 61
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905 (50)
Interest and dividend income 131,262 5,399
Other nonoperating income (4,155) 31
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246 5,380
Income taxes (benefit) 6,377 41
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869 5,339
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869 5,339
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854) 100,793
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985) $106,132
=============================================================== ==================== ==================== ====================
812
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V.
MEC WALES B.V. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Wales B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,422
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,422
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,440
Depreciation, decommissioning and amortization 21,513
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,567
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,855
Interest and dividend income 136,661
Other nonoperating income (4,124)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54,626
Income taxes (benefit) 6,418
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 48,208
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 48,208
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (468,061)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($419,853)
=============================================================== ==================== ==================== ====================
813
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397 ($263,371)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640 (263,371)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
814
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474
============================================================= ==================== ==================== ====================
815
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103) ($27,293)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,372 (27,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514 (49,192)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809 213,601
Accumulated other comprehensive income (loss) (387,133) (307)
Retained earnings (125,806) (400,179)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870 (186,866)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
816
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (140,396)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,921)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409
Accumulated other comprehensive income (loss) (387,440)
Retained earnings (525,985)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474
============================================================= ==================== ==================== ====================
817
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066 $3,196
Other nonoperating income 573 (4,728)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778 (1,532)
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401 (1,532)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401 (1,532)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207) (398,647)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806) ($400,179)
=============================================================== ==================== ==================== ====================
818
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 131,262
Other nonoperating income (4,155)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985)
=============================================================== ==================== ==================== ====================
819
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [11]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $44
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 102
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27,570 $706,816
============================================================= ==================== ==================== ====================
820
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[12] Development Pty Ltd [11]
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21,555
Receivables - net 5,762
Fuel inventory
Materials and supplies, at average cost 4,314
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 3,970
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,601
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 481,235
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($5,632)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (5,632) 481,235
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($5,632) $524,469
============================================================= ==================== ==================== ====================
821
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
822
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,838 $61,622 $331
Receivables - net 4 37,632 464
Fuel inventory
Materials and supplies, at average cost 1,587 1,805
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,602
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,842 105,611 795
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 21,676 724,113 219
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 852,247 10,202
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 873,923 724,113 10,421
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
823
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
824
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[12] Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($218,583) $467,715
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (218,583) 467,715
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($218,583) $467,715
============================================================= ==================== ==================== ====================
825
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,937
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845
============================================================= ==================== ==================== ====================
826
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [11]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $565 $759 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 37 96 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 602 845 353,686
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 27,361 22,148 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (8) (21,890) 25,424
Retained earnings (385) (1,103) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (393) ($22,993) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $27,570 $706,816
============================================================= ==================== ==================== ====================
827
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[12] Development Pty Ltd [11]
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) ($5,927) ($78,327)
Accrued taxes 291
Trading and price risk management liabilities
Other current liabilities 8,814
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) (5,927) (69,222)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) 309,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) 56,965
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,246
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 173,211
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 38,034
Accumulated other comprehensive income (loss) (150,048) 14 (52,518)
Retained earnings 323,708 281 88,763
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 295 111,059
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($5,632) $524,569
============================================================= ==================== ==================== ====================
828
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable 335,494 ($353,681)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 353,685 (353,681)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,416
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438
Accumulated other comprehensive income (loss) 25,424 (150,048)
Retained earnings (323,707) 323,708
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (298,283) $1,005,098
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
829
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971
Preferred stock to be redeemed within one year
Accounts payable $677,214 $11,973 (664,933)
Accrued taxes 8,778
Trading and price risk management liabilities
Other current liabilities 44 2 24,669
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 677,258 20,753 (611,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (402)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 269
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 181,987 626,655 19
Accumulated other comprehensive income (loss) 18,116 5,599 187
Retained earnings 1,404 176,530 7,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 201,507 808,784 7,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
830
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $5 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 353,685
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 25,424
Retained earnings (3) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($3) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
831
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[12] Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) $139
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 199
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681 338
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) (317)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest $63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 180,167 403,633
Accumulated other comprehensive income (loss) (150,048) (1) 460
Retained earnings 323,708 (398,770)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 (218,604) 404,093
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($218,583) $467,715
============================================================= ==================== ==================== ====================
832
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,372
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809
Accumulated other comprehensive income (loss) (387,133)
Retained earnings (125,806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845
============================================================= ==================== ==================== ====================
833
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [11]
Maintenance Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $194 $33
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 194 33
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (194) (33)
Interest and dividend income (222) 91 $883
Other nonoperating income 2
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (416) 60 (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (416) 60 (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (416) 60 (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31 (1,163) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($385) ($1,103) ($323,707)
=============================================================== ==================== ==================== ====================
834
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[12] Development Pty Ltd [11]
Australia Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $71,951
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 71,951
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 8,788
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 12,157
Depreciation, decommissioning and amortization 10,740
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31,685
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 40,266
Interest and dividend income $46,744 $303 (18,492)
Other nonoperating income 11
Interest expense - net of amounts capitalized (427)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 303 21,358
Income taxes (benefit) 14,546 91 6,548
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 212 14,810
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 212 14,810
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 69 73,953
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,718 $281 $88,763
=============================================================== ==================== ==================== ====================
835
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883 $46,744
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741) 46,744
Income taxes (benefit) (14,545) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196) 32,198
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196) 32,198
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (291,511) 291,510
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($323,707) $323,708
=============================================================== ==================== ==================== ====================
836
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $321,460
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 321,460
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $88 49,684 $20
Depreciation, decommissioning and amortization 86 10,635 1
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 174 240,145 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (174) 81,315 (21)
Interest and dividend income (54,050) 2,106 55,185
Other nonoperating income 604 (8) 22
Interest expense - net of amounts capitalized (73) (55,394)
Other nonoperating deductions
Dividends on preferred securities 54,260 (54,808) 548
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 567 28,605 340
Income taxes (benefit) (308) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 567 28,913 297
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 567 28,913 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 837 147,617 7,177
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,404 $176,530 $7,474
=============================================================== ==================== ==================== ====================
837
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [12] Partnership [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($3) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($323,707)
=============================================================== ==================== ==================== ====================
838
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[12] Holdings Limited Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $251
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 254
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (254)
Interest and dividend income $46,744 264
Other nonoperating income (58)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 (48)
Income taxes (benefit) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 (48)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 (48)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 (398,722)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 ($398,770)
=============================================================== ==================== ==================== ====================
839
MEC INTERNATIONAL B.V., MEC INTERNATIONAL HOLDINGS B.V.,
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066
Other nonoperating income 573
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806)
=============================================================== ==================== ==================== ====================
840
MEC INTERNATIONAL B.V.
MEC PERTH B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,657
Receivables - net 3,384
Fuel inventory
Materials and supplies, at average cost 2,933
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,262
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 73,593
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $18,008 $30,483
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 18,008 73,593 30,483
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 1,690
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,690
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18,008 $86,545 $30,483
============================================================= ==================== ==================== ====================
841
MEC INTERNATIONAL B.V.
MEC PERTH B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,657
Receivables - net 3,384
Fuel inventory
Materials and supplies, at average cost 2,933
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,262
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($16,146) 57,447
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (48,491)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (64,637) 57,447
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges (4,234) (2,544)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (4,234) (2,544)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($68,871) $66,165
============================================================= ==================== ==================== ====================
842
MEC INTERNATIONAL B.V.
MEC PERTH B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3,915
Preferred stock to be redeemed within one year
Accounts payable ($28,277) 338 $5,947
Accrued taxes 233
Trading and price risk management liabilities
Other current liabilities 8 4,319
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (28,269) 8,805 5,947
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 43,205
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 587
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 6,330 6,077
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 6,330 6,077 587
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 43,054 23
Accumulated other comprehensive income (loss) (3,054) (3,301) (1,670)
Retained earnings 43,001 (11,295) 25,596
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 39,947 28,458 23,949
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18,008 $86,545 $30,483
============================================================= ==================== ==================== ====================
843
MEC INTERNATIONAL B.V.
MEC PERTH B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3,915
Preferred stock to be redeemed within one year
Accounts payable (21,992)
Accrued taxes 233
Trading and price risk management liabilities
Other current liabilities 4,327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,517)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 43,205
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($4,654) (4,067)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 12,407
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4,654) 8,340
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 3,299 3,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (43,054) 23
Accumulated other comprehensive income (loss) 4,226 (3,799)
Retained earnings (28,688) 28,614
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (67,516) 24,838
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($68,871) $66,165
============================================================= ==================== ==================== ====================
844
MEC INTERNATIONAL B.V.
MEC PERTH B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,419 $32,755 $4,056
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,419 32,755 4,056
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 17,048
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (748) 4,042 875
Depreciation, decommissioning and amortization 4,857
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (748) 25,947 875
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,167 6,808 3,181
Interest and dividend income 1,102 171 299
Other nonoperating income 9
Interest expense - net of amounts capitalized (5,122)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3,269 1,866 3,480
Income taxes (benefit) 764
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3,269 1,866 2,716
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3,269 1,866 2,716
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 39,732 (13,161) 22,880
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $43,001 ($11,295) $25,596
=============================================================== ==================== ==================== ====================
845
MEC INTERNATIONAL B.V.
MEC PERTH B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating MEC Perth B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($5,475) $32,755
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (5,475) 32,755
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 17,048
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4,169
Depreciation, decommissioning and amortization (1,071) 3,786
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1,071) 25,003
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (4,404) 7,752
Interest and dividend income 1,572
Other nonoperating income 9
Interest expense - net of amounts capitalized (5,122)
Other nonoperating deductions (933) (933)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (5,337) 3,278
Income taxes (benefit) 140 904
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (5,477) 2,374
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (5,477) 2,374
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (23,211) 26,240
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($28,688) $28,614
=============================================================== ==================== ==================== ====================
846
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net $1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
847
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
848
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $98
Accrued taxes (16)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,793
Accumulated other comprehensive income (loss)
Retained earnings (4,874)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
849
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $98
Accrued taxes (16)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,793
Accumulated other comprehensive income (loss)
Retained earnings (4,874)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (81)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
850
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $30
Depreciation, decommissioning and amortization
Property and other taxes 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 75
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (75)
Interest and dividend income
Other nonoperating income 2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (73)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (74)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (74)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,800)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,874)
=============================================================== ==================== ==================== ====================
851
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $30
Depreciation, decommissioning and amortization
Property and other taxes 45
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 75
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (75)
Interest and dividend income
Other nonoperating income 2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (73)
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (74)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (74)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,800)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4,874)
=============================================================== ==================== ==================== ====================
852
MEC INTERNATIONAL B.V.
MEC WALES B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390 $200
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001 200
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026 16,979
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269 16,979
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 64,204 1,698
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204 1,698
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474 $18,877
============================================================= ==================== ==================== ====================
853
MEC INTERNATIONAL B.V.
MEC WALES B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,590
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,201
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,980,005
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,207,248
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 65,902
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 65,902
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,420,351
============================================================= ==================== ==================== ====================
854
MEC INTERNATIONAL B.V.
MEC WALES B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (140,396) ($352,457)
Accrued taxes 9,069 5,125
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,921) (347,332)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409 224,724
Accumulated other comprehensive income (loss) (387,440) 35,353
Retained earnings (525,985) 106,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984 366,209
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474 $18,877
============================================================= ==================== ==================== ====================
855
MEC INTERNATIONAL B.V.
MEC WALES B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (492,853)
Accrued taxes 14,194
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (361,253)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,363,133
Accumulated other comprehensive income (loss) (352,087)
Retained earnings (419,853)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,591,193
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,420,351
============================================================= ==================== ==================== ====================
856
MEC INTERNATIONAL B.V.
MEC WALES B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411 $11
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411 11
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430 10
Depreciation, decommissioning and amortization 21,462 51
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506 61
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905 (50)
Interest and dividend income 131,262 5,399
Other nonoperating income (4,155) 31
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246 5,380
Income taxes (benefit) 6,377 41
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869 5,339
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869 5,339
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854) 100,793
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985) $106,132
=============================================================== ==================== ==================== ====================
857
MEC INTERNATIONAL B.V.
MEC WALES B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
MEC Wales B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,422
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,422
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,440
Depreciation, decommissioning and amortization 21,513
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,567
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,855
Interest and dividend income 136,661
Other nonoperating income (4,124)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54,626
Income taxes (benefit) 6,418
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 48,208
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 48,208
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (468,061)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($419,853)
=============================================================== ==================== ==================== ====================
858
MEC INTERNATIONAL B.V.
MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397 ($263,371)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640 (263,371)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
859
MEC INTERNATIONAL B.V.
MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474
============================================================= ==================== ==================== ====================
860
MEC INTERNATIONAL B.V.
MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103) ($27,293)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,372) (27,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514 (49,192)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809 213,601
Accumulated other comprehensive income (loss) (387,133) (307)
Retained earnings (125,806) (400,179)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870 (186,886)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
861
MEC INTERNATIONAL B.V.
MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (140,396)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,921
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409
Accumulated other comprehensive income (loss) (387,440)
Retained earnings (525,985)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474
============================================================= ==================== ==================== ====================
862
MEC INTERNATIONAL 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, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066 $3,196
Other nonoperating income 573 (4,728)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778 (1,532)
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401 (1,532)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401 (1,532)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207) (398,647)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806) ($400,179)
=============================================================== ==================== ==================== ====================
863
MEC INTERNATIONAL 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, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 131,262
Other nonoperating income (4,155)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985)
=============================================================== ==================== ==================== ====================
864
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [10]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $44
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 102
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27,570 $706,816
============================================================= ==================== ==================== ====================
706,816
865
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[11] Development Pty Ltd [11]
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21,555
Receivables - net 5,762
Fuel inventory
Materials and supplies, at average cost 4,314
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 3,970
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,601
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 481,235
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($5,632)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (5,632) 481,235
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($5,632) $524,569
============================================================= ==================== ==================== ====================
866
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
867
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,838 $61,622 $331
Receivables - net 4 37,632 464
Fuel inventory
Materials and supplies, at average cost 1,587 1,805
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,602
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,842 105,661 795
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 21,676 724,113 219
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 852,247 10,202
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 873,923 724,113 10,421
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
868
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [11] Partnership [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
869
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[11] Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($218,583) $467,715
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (218,583) 467,715
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($218,583) $467,715
============================================================= ==================== ==================== ====================
870
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845
============================================================= ==================== ==================== ====================
871
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [10]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $565 $759 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 37 96 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 602 845 353,686
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 27,361 22,148 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (8) (21,890) 25,424
Retained earnings (385) (1,103) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (393) ($22,993) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $27,570 $706,816
============================================================= ==================== ==================== ====================
872
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[11] Development Pty Ltd [11]
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) ($5,927) ($78,327)
Accrued taxes 291
Trading and price risk management liabilities
Other current liabilities 8,814
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) (5,927) (69,222)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) 309,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) 56,965
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,246
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 173,211
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 38,034
Accumulated other comprehensive income (loss) (150,048) 14 (52,518)
Retained earnings 323,708 281 88,763
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 295 111,059
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($5,632) $524,569
============================================================= ==================== ==================== ====================
873
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable 335,494 ($353,681)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 353,685 (353,681)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,416 (651,415)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438
Accumulated other comprehensive income (loss) 25,424 (150,048)
Retained earnings (323,707) 323,708
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (298,283) $1,005,098
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
874
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971
Preferred stock to be redeemed within one year
Accounts payable $677,214 $11,973 (664,933)
Accrued taxes 8,778
Trading and price risk management liabilities
Other current liabilities 44 2 24,669
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 677,258 20,753 (611,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (402)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 269
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 181,987 626,665 19
Accumulated other comprehensive income (loss) 18,116 5,599 187
Retained earnings 1,404 176,530 7,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 201,507 808,784 7,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
875
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [11] Partnership [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $5 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 353,685
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 25,424
Retained earnings (3) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($3) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
876
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[11] Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) $139
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 199
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) 338
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) (317)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest $63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 180,167 403,633
Accumulated other comprehensive income (loss) (150,048) (1) 460
Retained earnings 323,708 (398,770)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 (218,604) 404,093
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($218,583) $467,715
============================================================= ==================== ==================== ====================
877
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,372
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809
Accumulated other comprehensive income (loss) (387,133)
Retained earnings (125,806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845
============================================================= ==================== ==================== ====================
878
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [10]
Maintenance Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $194 $33
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 194 33
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (194) (33)
Interest and dividend income (222) 91 $883
Other nonoperating income 2
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (416) 60 (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (416) 60 (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (416) 60 (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31 (1,163) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($385) ($1,103) ($323,707)
=============================================================== ==================== ==================== ====================
879
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[11] Development Pty Ltd [11]
Australia Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $71,951
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 71,951
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 8,788
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 12,157
Depreciation, decommissioning and amortization 10,740
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31,685
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 40,266
Interest and dividend income $46,744 $303 (18,492)
Other nonoperating income 11
Interest expense - net of amounts capitalized (427)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 303 21,358
Income taxes (benefit) 14,546 91 6,548
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 212 14,810
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 212 14,810
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 69 73,953
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 $281 $88,763
=============================================================== ==================== ==================== ====================
880
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883 $46,744
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741) 46,744
Income taxes (benefit) (14,545) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196) 32,198
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196) 32,198
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (291,511) 291,510
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($323,707) $323,708
=============================================================== ==================== ==================== ====================
881
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $321,460
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 321,460
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $88 49,684 $20
Depreciation, decommissioning and amortization 86 10,635 1
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 174 240,145 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (174) 81,315 (21)
Interest and dividend income (54,050) 2,106 55,185
Other nonoperating income 604 (8) 22
Interest expense - net of amounts capitalized (73) (55,394)
Other nonoperating deductions
Dividends on preferred securities 54,260 (54,808) 548
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 567 28,605 340
Income taxes (benefit) (308) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 567 28,913 297
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 567 28,913 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 837 147,617 7,177
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,404 $176,530 $7,474
=============================================================== ==================== ==================== ====================
882
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [11] Partnership [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($3) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($323,707)
=============================================================== ==================== ==================== ====================
883
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[11] Holdings Limited Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $254
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 254
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (254)
Interest and dividend income $46,744 264
Other nonoperating income (58)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 (48)
Income taxes (benefit) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 (48)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 (48)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 (398,722)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 ($398,770)
=============================================================== ==================== ==================== ====================
884
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066
Other nonoperating income 573
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806)
=============================================================== ==================== ==================== ====================
885
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Celtic Offshore Edison Mission Edison Mission
Wind Limited Energy Limited Services Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5,311 $1,387 $547
Receivables - net 563 919 349
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 51 370
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5,925 2,676 896
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,983
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,983
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,925 $4,659 $896
============================================================= ==================== ==================== ====================
886
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro (UK) Pride Hold Limited Rapid Energy
Limited Consolidated Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $155,189 $25
Receivables - net 81,962
Fuel inventory
Materials and supplies, at average cost 7,924
Accumulated deferred income taxes - net
Trading and price risk management assets 25,642
Prepayments and other current assets 13,232
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 283,949 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,211,020
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,813,249
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,024,269
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 273,840
Regulatory assets - net
Other deferred charges 93,207
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 367,047
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,675,265 $25
============================================================= ==================== ==================== ====================
887
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $539 $162,998
Receivables - net $105 83,898
Fuel inventory
Materials and supplies, at average cost 7,924
Accumulated deferred income taxes - net
Trading and price risk management assets 25,642
Prepayments and other current assets 13,653
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 539 105 294,115
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,213,003
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 8,387 (2,894) 2,818,742
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 8,387 (2,894) 5,031,745
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 273,840
Regulatory assets - net
Other deferred charges 93,207
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 367,047
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $8,926 ($2,789) $5,692,907
============================================================= ==================== ==================== ====================
888
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Celtic Offshore Edison Mission Edison Mission
Wind Limited Energy Limited Services Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $4,667 ($2,921) $218
Accrued taxes (67) 363 78
Trading and price risk management liabilities
Other current liabilities 540 1,777 35
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5,140 (781) 331
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (285) 729 (8)
Retained earnings 1,070 4,711 573
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 785 5,440 565
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,925 $4,659 $896
============================================================= ==================== ==================== ====================
889
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro (UK) Pride Hold Limited Rapid Energy
Limited Consolidated Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $77,442
Preferred stock to be redeemed within one year
Accounts payable (125,454) $12
Accrued taxes 17,897
Trading and price risk management liabilities
Other current liabilities 93,666 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 63,551 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,597,122
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 324,279
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 117,588 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 441,867 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,329,285 161
Accumulated other comprehensive income (loss) (373,361) 13,335
Retained earnings (446,821) (17,173)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,509,103 (3,677)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,675,265 $25
============================================================= ==================== ==================== ====================
890
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $77,442
Preferred stock to be redeemed within one year
Accounts payable ($4,874) $43 (128,309)
Accrued taxes 18,271
Trading and price risk management liabilities
Other current liabilities 84 96,117
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4,790) 43 63,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,597,122
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 324,279
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 14,518 135,781
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 14,518 460,060
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 38,412 (9,049) 4,358,809
Accumulated other comprehensive income (loss) (3,619) (21,031) (384,240)
Retained earnings (21,077) 12,730 (465,987)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13,716 (17,350) 3,508,582
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $8,926 ($2,789) $5,692,907
============================================================= ==================== ==================== ====================
891
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Celtic Offshore Edison Mission Edison Mission
Wind Limited Energy Limited Services Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $170 $3,117
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 170 3,117
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $55 19,973 2,782
Depreciation, decommissioning and amortization 1,381
Property and other taxes 311
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 55 21,665 2,782
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (55) (21,495) 335
Interest and dividend income 39 28
Other nonoperating income 20,375
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities (1,245)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (55) (1,081) (882)
Income taxes (benefit) 159 (123)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (55) (1,240) (759)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (55) (1,240) (759)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,125 5,951 1,332
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,070 $4,711 $573
=============================================================== ==================== ==================== ====================
892
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Hydro (UK) Pride Hold Limited Rapid Energy
Limited Consolidated Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $706,106 73,771
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 706,106 73,771
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 341,910 27,174
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 112,214 89,284
Depreciation, decommissioning and amortization 35,969 7,612
Property and other taxes 26,530 1,827
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 516,623 125,897
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 189,483 (52,126)
Interest and dividend income 134,511 1,000
Other nonoperating income (3,559)
Interest expense - net of amounts capitalized (254,233) (3,199)
Other nonoperating deductions 78
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 66,202 (54,247)
Income taxes (benefit) (628) (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 66,830 (36,944)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 66,830 (36,944)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (513,651) 19,771
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($446,821) ($17,173)
=============================================================== ==================== ==================== ====================
893
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $2,995 $786,159
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2,995 786,159
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 369,084
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $18,574 (666) 242,216
Depreciation, decommissioning and amortization 1,133 2 46,097
Property and other taxes 28,668
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 19,707 (664) 686,065
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (19,707) 3,659 100,094
Interest and dividend income 6 135,584
Other nonoperating income (811) (58) 15,947
Interest expense - net of amounts capitalized (257,432)
Other nonoperating deductions 250 328
Dividends on preferred securities 3,823 (2,578)
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (16,689) 1,273 (5,479)
Income taxes (benefit) (17,895)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (16,689) 1,273 12,416
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (16,689) 1,273 12,416
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (4,388) 11,457 (478,403)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($21,077) $12,730 ($465,987)
=============================================================== ==================== ==================== ====================
894
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Mission Hydro Mission Hydro (UK)
Holdings Company Limited Limited
Consolidated Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $66,791 $88,390 $8
Receivables - net 38,100 43,862
Fuel inventory
Materials and supplies, at average cost 1,805 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets 25,642
Prepayments and other current assets 4,602 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136,940 147,001 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 983,777 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (157,731) 2,963,026 7,954
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 826,046 4,190,269 7,954
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 273,840
Regulatory assets - net
Other deferred charges 29,003 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 302,843 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,265,829 $4,401,474 $7,962
============================================================= ==================== ==================== ====================
895
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $155,189
Receivables - net 81,962
Fuel inventory
Materials and supplies, at average cost 7,924
Accumulated deferred income taxes - net
Trading and price risk management assets 25,642
Prepayments and other current assets 13,232
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 283,949
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,211,020
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,813,249
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,024,269
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 273,840
Regulatory assets - net
Other deferred charges 93,207
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 367,047
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,675,265
============================================================= ==================== ==================== ====================
896
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Mission Hydro Mission Hydro (UK)
Holdings Company Limited Limited
Consolidated Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971 $48,471
Preferred stock to be redeemed within one year
Accounts payable 24,254 (140,396) ($9,312)
Accrued taxes 8,778 9,069 50
Trading and price risk management liabilities
Other current liabilities 24,715 68,935 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 86,718 (13,921) (9,246)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 267,729 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 268,400 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 181,987 4,138,409 8,889
Accumulated other comprehensive income (loss) 14,178 (387,440) (99)
Retained earnings 70,746 (525,985) 8,418
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 266,911 3,224,984 17,208
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,265,829 $4,401,474 $7,962
============================================================= ==================== ==================== ====================
897
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $77,442
Preferred stock to be redeemed within one year
Accounts payable (125,454)
Accrued taxes 17,897
Trading and price risk management liabilities
Other current liabilities 93,666
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 63,551
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,597,122
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 324,279
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 117,588
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 441,867
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,329,285
Accumulated other comprehensive income (loss) (373,361)
Retained earnings (446,821)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,509,103
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5,675,265
============================================================= ==================== ==================== ====================
898
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Mission Hydro Mission Hydro (UK)
Holdings Company Limited Limited
Consolidated Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $312,695 $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 312,695 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 49,770 62,430 $14
Depreciation, decommissioning and amortization 14,507 21,462
Property and other taxes 13,265 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 244,103 272,506 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 68,592 120,905 (14)
Interest and dividend income 3,241 131,262 8
Other nonoperating income 596 (4,155)
Interest expense - net of amounts capitalized (55,467) (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 16,962 49,246 (6)
Income taxes (benefit) (7,043) 6,377 38
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 24,005 42,869 (44)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 24,005 42,869 (44)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 46,741 (568,854) 8,462
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $70,746 ($525,985) $8,418
=============================================================== ==================== ==================== ====================
899
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED and Subsidiaries [Tier 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $706,106
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 706,106
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 341,910
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 112,214
Depreciation, decommissioning and amortization 35,969
Property and other taxes 26,530
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 516,623
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 189,483
Interest and dividend income 134,511
Other nonoperating income (3,559)
Interest expense - net of amounts capitalized (254,233)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 66,202
Income taxes (benefit) (628)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 66,830
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 66,830
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (513,651)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($446,821)
=============================================================== ==================== ==================== ====================
900
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FIRST HYDRO HOLDINGS COMPANY and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Company First Hydro First Hydro
Finance plc Company [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $61,622 $331
Receivables - net 37,632 464
Fuel inventory
Materials and supplies, at average cost 1,805
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,602
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 105,661 795
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 724,113 219
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 10,202
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 724,113 10,421
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $829,806 $40,187
============================================================= ==================== ==================== ====================
901
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FIRST HYDRO HOLDINGS COMPANY and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Consolidating First Hydro
Holdings Company Adjustments Holdings Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,838 $66,791
Receivables - net 4 38,100
Fuel inventory
Materials and supplies, at average cost 1,805
Accumulated deferred income taxes - net
Trading and price risk management assets $25,642 25,642
Prepayments and other current assets 4,602
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,842 25,642 136,940
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 21,676 237,769 983,777
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 852,247 (1,020,180) (157,731)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 873,923 (782,411) 826,046
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 273,840 273,840
Regulatory assets - net
Other deferred charges 29,003
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 27,3840 302,843
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $878,765 ($482,929) $1,265,829
============================================================= ==================== ==================== ====================
902
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FIRST HYDRO HOLDINGS COMPANY and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Company First Hydro First Hydro
Finance plc Company [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971
Preferred stock to be redeemed within one year
Accounts payable $11,973 (664,933)
Accrued taxes 8,778
Trading and price risk management liabilities
Other current liabilities 2 24,669
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 20,753 (611,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (402)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 269
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 626,655 19
Accumulated other comprehensive income (loss) 5,599 187
Retained earnings 176,530 7,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 808,784 7,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $829,806 $40,187
============================================================= ==================== ==================== ====================
903
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FIRST HYDRO HOLDINGS COMPANY and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Consolidating First Hydro
Holdings Company Adjustments Holdings Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971
Preferred stock to be redeemed within one year
Accounts payable $677,214 24,254
Accrued taxes 8,778
Trading and price risk management liabilities
Other current liabilities 44 24,715
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 677,258 86,718
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net $268,131 267,729
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 268,131 268,400
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 181,987 (626,674) 181,987
Accumulated other comprehensive income (loss) 18,116 (9,724) 14,178
Retained earnings 1,404 (114,662) 70,746
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 201,507 (751,060) 266,911
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $878,765 ($482,929) $1,265,829
============================================================= ==================== ==================== ====================
904
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FIRST HYDRO HOLDINGS COMPANY and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Company First Hydro First Hydro
Finance plc Company [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $321,460
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 321,460
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 49,684 $20
Depreciation, decommissioning and amortization 10,635 1
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 240,145 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 81,315 (21)
Interest and dividend income 2,106 55,185
Other nonoperating income (8) 22
Interest expense - net of amounts capitalized (55,394)
Other nonoperating deductions
Dividends on preferred securities (54,808) 548
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 28,605 340
Income taxes (benefit) (308) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 28,913 297
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 28,913 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 147,617 7,177
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $176,530 $7,474
=============================================================== ==================== ==================== ====================
905
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FIRST HYDRO HOLDINGS COMPANY and Subsidiaries [Tier 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Consolidating First Hydro
Holdings Company Adjustments Holdings Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($8,765) $312,695
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (8,765) 312,695
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $88 (22) 49,770
Depreciation, decommissioning and amortization 86 3,785 14,507
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 174 3,763 244,103
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (174) (12,528) 68,592
Interest and dividend income (54,050) 3,241
Other nonoperating income 604 (22) 596
Interest expense - net of amounts capitalized (73) (55,467)
Other nonoperating deductions
Dividends on preferred securities 54,260
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 567 (12,550) 16,962
Income taxes (benefit) (6,778) (7,043)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 567 (5,772) 24,005
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 567 (5,772) 24,005
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 837 (108,890) 46,741
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,404 ($114,662) $70,746
=============================================================== ==================== ==================== ====================
906
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397 ($263,371)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640 (263,371)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
907
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,963,026
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,190,269
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,401,474
============================================================= ==================== ==================== ====================
908
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103) ($27,293)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,372 (27,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514 (49,192)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809 213,600
Accumulated other comprehensive income (loss) (387,133) (307)
Retained earnings (125,806) (400,179)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870 (186,886)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845 ($263,371)
============================================================= ==================== ==================== ====================
909
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (140,396)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13,921)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 953,322
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4,138,409
Accumulated other comprehensive income (loss) (387,440)
Retained earnings (525,985)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,224,984
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,401,474
============================================================= ==================== ==================== ====================
910
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066 $3,196
Other nonoperating income 573 (4,728)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778 (1,532)
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401 (1,532)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401 (1,532)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207) (398,647)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806) ($400,179)
=============================================================== ==================== ==================== ====================
911
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 131,262
Other nonoperating income (4,155)
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49,246
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 42,869
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 42,869
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (568,854)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($525,985)
=============================================================== ==================== ==================== ====================
912
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [11]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $44
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 102
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 27,468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27,570 $706,816
============================================================= ==================== ==================== ====================
913
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[12] Development Pty Ltd [11]
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21,555
Receivables - net 5,762
Fuel inventory
Materials and supplies, at average cost 4,314
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 3,970
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,601
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 481,235
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($5,632)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (5,632) 481,235
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7,733
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($5,632) $524,569
============================================================= ==================== ==================== ====================
914
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
915
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4,838 $61,622 $331
Receivables - net 4 37,632 464
Fuel inventory
Materials and supplies, at average cost 1,805
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,602
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,842 105,661 795
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 21,676 724,113 219
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 852,247 10,202
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 873,923 724,113 10,421
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32 28,971
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
916
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $706,816
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 706,816
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $706,816
============================================================= ==================== ==================== ====================
917
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[12] Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($218,583) $467,715
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (218,583) 467,715
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($218,583) $467,715
============================================================= ==================== ==================== ====================
918
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $88,390
Receivables - net 43,862
Fuel inventory
Materials and supplies, at average cost 6,119
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 8,630
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 147,001
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,227,243
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3,226,397
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4,453,640
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Regulatory assets - net
Other deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 64,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,664,845
============================================================= ==================== ==================== ====================
919
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [11]
Maintenance Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $565 $749 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 37 96 11,692
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 602 845 353,686
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 27,361 22,148 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) (8) (21,890) 25,424
Retained earnings (385) (1,103) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (393) ($22,993) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $27,570 $706,816
============================================================= ==================== ==================== ====================
920
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[12] Development Pty Ltd [11]
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) ($5,927) ($78,327)
Accrued taxes 291
Trading and price risk management liabilities
Other current liabilities 8,814
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) (5,927) (69,222)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) 309,521
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) 56,965
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,246
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 173,211
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 38,034
Accumulated other comprehensive income (loss) (150,048) 14 (15,738)
Retained earnings 323,708 281 88,763
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 295 111,059
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($5,632) $524,569
============================================================= ==================== ==================== ====================
921
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable 335,494 ($353,681)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 353,685 (353,681)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,416 (651,415)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438
Accumulated other comprehensive income (loss) 25,424 (150,048)
Retained earnings (323,707) 323,708
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (298,283) $1,005,098
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
922
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28,971
Preferred stock to be redeemed within one year
Accounts payable $677,214 $11,973 (664,933)
Accrued taxes 8,778
Trading and price risk management liabilities
Other current liabilities 44 2 24,669
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 677,258 20,753 (611,293)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 643,800
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (402)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 671
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 269
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 181,987 626,655 19
Accumulated other comprehensive income (loss) 18,116 5,599 187
Retained earnings 1,404 176,530 7,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 201,507 808,784 7,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $878,765 $829,806 $40,187
============================================================= ==================== ==================== ====================
923
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [12] Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $6,500
Preferred stock to be redeemed within one year
Accounts payable $5 335,494
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11,691
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 353,685
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 651,415
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 25,424
Retained earnings (3) (323,707)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($3) (298,283)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $706,816
============================================================= ==================== ==================== ====================
924
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[12] Holdings Limited Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($353,681) $139
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 199
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (353,681) 338
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (651,415) (317)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest $63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831,438 180,167 403,633
Accumulated other comprehensive income (loss) (150,048) (1) 460
Retained earnings 323,708 (398,770)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1,005,098 (218,604) 404,093
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($218,583) $467,715
============================================================= ==================== ==================== ====================
925
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $48,471
Preferred stock to be redeemed within one year
Accounts payable (113,103)
Accrued taxes 9,069
Trading and price risk management liabilities
Other current liabilities 68,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13,372
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,002,514
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 56,550
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 116,917
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 173,467
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 63,622
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,924,809
Accumulated other comprehensive income (loss) (387,133)
Retained earnings (125,806)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,411,870
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4,664,845
============================================================= ==================== ==================== ====================
926
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership [11]
Maintenance Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $194 $33
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 194 33
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (194) (33)
Interest and dividend income (222) 91 $883
Other nonoperating income 2
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (416) 60 (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (416) 60 (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (416) 60 (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31 (1,163) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($385) ($1,103) ($323,707)
=============================================================== ==================== ==================== ====================
927
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd Mission Energy Gippsland Power
[12] Development Pty Ltd [11]
Australia Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $71,951
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 71,951
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 8,788
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 12,157
Depreciation, decommissioning and amortization 10,740
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31,685
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 40,266
Interest and dividend income $46,744 $303 (18,492)
Other nonoperating income 11
Interest expense - net of amounts capitalized (427)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 303 21,358
Income taxes (benefit) 14,546 91 6,548
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 212 14,810
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 212 14,810
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 69 73,953
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 $281 $88,763
=============================================================== ==================== ==================== ====================
928
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Loy Yang B Joint Energy Capital Enerloy Pty Ltd
Venture [12] Partnership [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883 $46,744
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741) 46,744
Income taxes (benefit) (14,545) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196) 32,198
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196) 32,198
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (291,511) 291,510
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($323,707) $323,708
=============================================================== ==================== ==================== ====================
929
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $321,460
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 321,460
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 166,561
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $88 49,684 $20
Depreciation, decommissioning and amortization 86 10,635 1
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 174 240,145 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (174) 81,315 (21)
Interest and dividend income (54,050) 2,106 55,185
Other nonoperating income 604 (8) 22
Interest expense - net of amounts capitalized (73) (55,394)
Other nonoperating deductions
Dividends on preferred securities 54,260 (54,808) 548
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 567 28,605 340
Income taxes (benefit) (308) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 567 28,913 297
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 567 28,913 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 837 147,617 7,177
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,404 $176,530 $7,474
=============================================================== ==================== ==================== ====================
930
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
First Hydro Loyvic Pty Ltd Energy Capital
Company [12] Partnership [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $883
Other nonoperating income
Interest expense - net of amounts capitalized (47,624)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (46,741)
Income taxes (benefit) (14,545)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32,196)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32,196)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($3) (291,511)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($323,707)
=============================================================== ==================== ==================== ====================
931
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Enerloy Pty Ltd EME Generation Consolidating
[12] Holdings Limited Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $254
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 254
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (254)
Interest and dividend income $46,744 264
Other nonoperating income (58)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 46,744 (48)
Income taxes (benefit) 14,546
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32,198 (48)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32,198 (48)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 291,510 (398,722)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $323,708 ($398,770)
=============================================================== ==================== ==================== ====================
932
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED and Subsidiaries [Tier 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME Generation
Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $393,411
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 393,411
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 175,349
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 62,430
Depreciation, decommissioning and amortization 21,462
Property and other taxes 13,265
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 272,506
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 120,905
Interest and dividend income 128,066
Other nonoperating income 573
Interest expense - net of amounts capitalized (198,766)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50,778
Income taxes (benefit) 6,377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 44,401
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 44,401
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (170,207)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($125,806)
=============================================================== ==================== ==================== ====================
933
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Lakeland Power Lakeland Power Ltd Pride Hold Limited
Development Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $23
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (3,027)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (3,027)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2 ($3,004)
============================================================= ==================== ==================== ====================
934
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $25
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3,027
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,027 $25
============================================================= ==================== ==================== ====================
935
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Lakeland Power Lakeland Power Ltd Pride Hold Limited
Development Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($180) $192
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (180) 207
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities $3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2 161
Accumulated other comprehensive income (loss) 2 3,989 (797)
Retained earnings 180 (7,666) (2,575)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 182 ($3,675) (3,211)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2 ($3,004)
============================================================= ==================== ==================== ====================
936
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $12
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($2) 161
Accumulated other comprehensive income (loss) 10,141 13,335
Retained earnings (7,112) (17,173)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,027 (3,677)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,027 $25
============================================================= ==================== ==================== ====================
937
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Lakeland Power Lakeland Power Ltd Pride Hold Limited
Development Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $73,771
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 73,771
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 27,174
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 91,691 $1,071
Depreciation, decommissioning and amortization 6,746
Property and other taxes 1,827
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 127,438 1,071
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (53,667) (1,071)
Interest and dividend income 1,000
Other nonoperating income
Interest expense - net of amounts capitalized (3,199)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (55,866) (1,071)
Income taxes (benefit) 17,224
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (38,642) (1,071)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (38,642) (1,071)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $180 30,976 (1,504)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $180 ($7,666) ($2,575)
=============================================================== ==================== ==================== ====================
938
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Pride Hold Limited
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $73,771
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 73,771
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 27,174
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($3,478) 89,284
Depreciation, decommissioning and amortization 866 7,612
Property and other taxes 1,827
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2,612) 125,897
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,612 (52,126)
Interest and dividend income 1,000
Other nonoperating income
Interest expense - net of amounts capitalized (3,199)
Other nonoperating deductions 78 78
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,690 (54,247)
Income taxes (benefit) (79) (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,769 (36,944)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,769 (36,944)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (9,881) 19,771
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7,112) ($17,173)
=============================================================== ==================== ==================== ====================
939
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Lakeland Power Lakeland Power Ltd Pride Hold Limited
Development Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $23
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (3,027)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (3,027)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2 ($3,004)
============================================================= ==================== ==================== ====================
940
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $25
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3,027
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,027
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,027 $25
============================================================= ==================== ==================== ====================
941
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Lakeland Power Lakeland Power Ltd Pride Hold Limited
Development Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($180) $192
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (180) 207
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities $3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2 161
Accumulated other comprehensive income (loss) 2 3,989 (797)
Retained earnings 180 (7,666) (2,575)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 182 ($3,675) (3,211)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2 ($3,004)
============================================================= ==================== ==================== ====================
942
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $12
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($2) 161
Accumulated other comprehensive income (loss) 10,141 13,335
Retained earnings (7,112) (17,173)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3,027 (3,677)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,027 $25
============================================================= ==================== ==================== ====================
943
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Lakeland Power Lakeland Power Ltd Pride Hold Limited
Development Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $73,771
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 73,771
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 27,174
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 91,691 $1,071
Depreciation, decommissioning and amortization 6,746
Property and other taxes 1,827
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 127,438 1,071
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (53,667) (1,071)
Interest and dividend income 1,000
Other nonoperating income
Interest expense - net of amounts capitalized (3,199)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (55,866) (1,071)
Income taxes (benefit) (17,224)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (38,642) (1,071)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (38,642) (1,071)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $180 30,976 (1,504)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $180 ($7,666) ($2,575)
=============================================================== ==================== ==================== ====================
944
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Consolidating Pride Hold Limited
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $73,771
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 73,771
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 27,174
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($3,478) 89,284
Depreciation, decommissioning and amortization 866 7,612
Property and other taxes 1,827
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2,612) 125,897
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2,612 (52,126)
Interest and dividend income 1,000
Other nonoperating income
Interest expense - net of amounts capitalized (3,199)
Other nonoperating deductions 78 78
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2,690 (54,247)
Income taxes (benefit) (79) (17,303)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2,769 (36,944)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2,769 (36,944)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (9,881) 19,771
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7,112) ($17,173)
=============================================================== ==================== ==================== ====================
945
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $325
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 325
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 257,037 $218,013
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 257,037 218,013
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $257,362 $218,013
============================================================= ==================== ==================== ====================
946
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 224,993 ($481,450)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 224,993 (481,450)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $225,007 ($481,450)
============================================================= ==================== ==================== ====================
947
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EcoElectrica
S.a.r.l.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $339
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 339
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 218,593
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 218,593
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $218,932
============================================================= ==================== ==================== ====================
948
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,428) $110
Accrued taxes 30 119
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,398) 229
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 258,493 256,457
Accumulated other comprehensive income (loss) (37,890)
Retained earnings 267 (783)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 258,760 217,784
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $257,362 $218,013
============================================================= ==================== ==================== ====================
949
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $37
Accrued taxes (7)
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 225,008 ($481,450)
Accumulated other comprehensive income (loss)
Retained earnings (31)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 224,977 (481,450)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $225,007 ($481,450)
============================================================= ==================== ==================== ====================
950
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
EcoElectrica
S.a.r.l.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,281)
Accrued taxes 142
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,139)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 258,508
Accumulated other comprehensive income (loss) (37,890)
Retained earnings (547)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 220,071
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $218,932
============================================================= ==================== ==================== ====================
951
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $5,915
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 5,915
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $43 63
Depreciation, decommissioning and amortization 30 6,384
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 73 6,447
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (73) (532)
Interest and dividend income 135
Other nonoperating income 6
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 68 (532)
Income taxes (benefit) 23
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 45 (532)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 45 (532)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 222 (251)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $267 ($783)
=============================================================== ==================== ==================== ====================
952
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income $2
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (33)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($31)
=============================================================== ==================== ==================== ====================
953
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. and Subsidiaries [Tier 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
EcoElectrica
S.a.r.l.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $5,915
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 5,915
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 106
Depreciation, decommissioning and amortization 6,414
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6,520
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (605)
Interest and dividend income 135
Other nonoperating income 8
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (462)
Income taxes (benefit) 23
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (485)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (485)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (62)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($547)
=============================================================== ==================== ==================== ====================
954
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $55 $7,017
Receivables - net 25,866
Fuel inventory
Materials and supplies, at average cost 7,454
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 55 44,469
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,126,424
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 25,953
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 25,953 1,126,424
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26,008 $1,174,122
============================================================= ==================== ==================== ====================
955
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7,072
Receivables - net ($20,071) 5,795
Fuel inventory
Materials and supplies, at average cost (2,964) 4,490
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (23,035) 21,489
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (528,423) 598,001
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $12,620 (40,092) (1,519)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 12,620 (568,515) 596,482
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory assets - net
Other deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,620 ($591,550) $621,200
============================================================= ==================== ==================== ====================
956
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1,781) ($12,525)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities 623,203
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,781) 610,981
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 347,525
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (9) 67
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (9) 254,096
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (60,223) (60,412)
Accumulated other comprehensive income (loss) (49,754) (53,901)
Retained earnings 137,775 75,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27,798 (38,480)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $26,008 $1,174,122
============================================================= ==================== ==================== ====================
957
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY LTD and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 2002
(In thousands)
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3,089) ($17,395)
Accrued taxes 303
Trading and price risk management liabilities
Other current liabilities ($614,264) 8,939
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,089) (614,264) (8,153)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,965 3,023
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 254,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,965 257,052
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 11,286 11,286
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 120,635
Accumulated other comprehensive income (loss) (7,079) 105,014 (5,720)
Retained earnings 19,823 (214,221) 19,210
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 12,744 11,428 13,490
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,620 ($591,550) $621,200
============================================================= ==================== ==================== ====================
958
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $27,683 $84,644
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 27,683 84,644
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11,049
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 33,494
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 27,683 51,150
Interest and dividend income 2 (23,995)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 27,685 27,112
Income taxes (benefit) (237)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 27,685 27,349
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 27,685 27,349
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 110,090 48,484
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $137,775 $75,833
=============================================================== ==================== ==================== ====================
959
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY LTD and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2002
(In thousands)
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $12,926 ($42,165) $83,088
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12,926 (42,165) 83,088
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 9,147
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 735 11,784
Depreciation, decommissioning and amortization 13,298
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 735 34,229
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 12,191 (42,165) 48,859
Interest and dividend income 81 (23,912)
Other nonoperating income 12
Interest expense - net of amounts capitalized (55)
Other nonoperating deductions (13,483) (13,483)
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 12,272 (55,648) 11,421
Income taxes (benefit) 3,437 3,200
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 8,835 (55,648) 8,221
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 8,835 (55,648) 8,221
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 10,988 (158,573) 10,989
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $19,823 ($214,221) $19,210
=============================================================== ==================== ==================== ====================
960
MEC INTERNATIONAL B.V.
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: CBK Power Company Derwent Cogeneration EcoElectrica, L.P.
Lt. Limited
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $234,343 $24,564 $398,194
Revenues $25,664 $13,884 $122,216
Net Income (Loss) $18,408 $1,372 $5,915
Nature/Purpose of Business: To own and operate To own and operate a 214 To own and operate a 540
a 728 MW hydroelectric MW gas-fired, combined MW gas-fired, combined
power plant in the cycle cogeneration cycle cogeneration
Philippines facility in the United facility in Puerto Rico
Kingdom.
Ownership Interest(s) 49% LP by EME Caliraya 33% by Mission Energy 99.0% of 50% by
B.V. Company (UK) Limited EcoElectrica Holdings,
Ltd.
1% GP by EME Kayalaan 1.0% of 50% by
B.V. EcoElectrica Ltd., which
is owned by EcoElectrica
Holdings, Ltd.
Name of Entity: ISAB Energy s.r.l. P.T. Adaro Indonesia P.T. Paiton Energy
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $495,946 $1,226,069
Revenues $197,005 $180,469
Net Income (Loss) $39,963 $28,572
Nature/Purpose of Business: To own and operate a 518 Fuel supplier for P.T. To own and operate a
MW cogeneration facility Paiton Energy Company 1,230 MW cogeneration
located in Sicily, Italy located in Indonesia facility located in
Indonesia.
Ownership Interest(s) 49% by MEC Priolo B.V. 8.17% MEC Indo Coal B.V. 40% by MEC Indonesia B.V.
961
MEC INTERNATIONAL B.V.
Equity Investments
December 31, 2002
(In thousands)
Name of Entity: San Pascual Cogeneration Tri Energy Company Limited I.V.P.C. 4 S.r.1
Company (Philippines) Ltd.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $100,152 $207,099
Revenues $46,485 $31,299
Net Income (Loss) $6,2938 $4,577
Nature/Purpose of Business: To own and operate a 700 To own and operate
MW combined cycle facilites which use wind
cogeneration facility to generate electricity.
located in Thailand.
Ownership Interest(s) 25% by EME Tri Gen B.V. 50% by Edison Mission
Wind Power Italy B.V.
962