UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
)
The AES Corporation ) File No. 70-9779
)
Certificate Pursuant to Rule 24 and Release No. 35-27363
Under the Public Utility Holding Company Act of 1935
On March 23, 2001, the Securities and Exchange Commission
("SEC") issued an order, Release No. 35-27363 in File No. 70-9779 ("Exemption
Order"), granting an exemption under Section 3(a) of the Public Utility Holding
Company Act of 1935, as amended, to The AES Corporation ("AES") in relation to
its proposed acquisition of IPALCO Enterprises, Inc. ("IPALCO"), which has a
public-utility subsidiary company, Indianapolis Power & Light Company ("IPL").
The Exemption Order required AES to file certain certificates (as described in
the Exemption Order) under Rule 24 within 60 days of the close of each calendar
quarter for a period of two years beginning March 31, 2001 and every six months
thereafter. A certificate complying with the Exemption Order is set forth below
(as an attachment) for the period ending December 31, 2001. AES is separately
filing a certificate in File No. 70-9465 as required by the Commission's order
in Release No. 35-27063 in connection with the AES acquisition of CILCORP Inc.
("CILCORP"), which has a public-utility subsidiary company, Central Illinois
Light Company ("CILCO").
Respectfully submitted,
----------------------------------
Earle H. O'Donnell
Andrew B. Young
Hugh E. Hilliard
Dewey Ballantine LLP
1775 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Dated: March 1, 2002
THE AES CORPORATION
SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER
QUARTER ENDED DECEMBER 31, 2001
ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED):
1) Pro Rata Statement of Income of The AES Corporation for the 12 months ended
December 31, 2001
2) Pro Rata Balance Sheet of The AES Corporation at December 31, 2001
3) Statement of Income of IPALCO for the 12 months ended December 31, 2001
4) Statement of Income of IPL for the 12 months ended December 31, 2001
5) Consolidated Balance Sheet of IPALCO at December 31, 2001
6) Consolidated Balance Sheet of IPL at December 31, 2001
7) Statement of Income of CILCORP for the 12 months ended December 31, 2001
8) Statement of Income of CILCO for the 12 months ended December 31, 2001
9) Consolidated Balance Sheet of CILCORP at December 31, 2001
10) Consolidated Balance Sheet of CILCO at December 31, 2001
2
THE AES CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(INCLUDES CILCORP AND IPALCO)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2001 - PRORATA BASIS
(UNAUDITED)
--------------------------------------------------------------------------------
YEAR
ENDED
($ in millions, except per share amounts) 12/31/01
--------------------------------------------------------------------------------
REVENUES:
Sales and services $ 10,486
OPERATING COSTS AND EXPENSES:
Cost of sales and services 7,851
Selling, general and administrative expenses 123
--------
TOTAL OPERATING COSTS AND EXPENSES 7,974
--------
OPERATING INCOME 2,512
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,484)
Other income 66
--------
INCOME BEFORE INCOME TAXES 1,094
Income tax provision 367
--------
NET INCOME $ 727
========
This schedule presents on a proforma basis, the results of operations of AES
excluding the aggregate (both subsidiaries and affiliates) Brazilian affiliates
foreign currency losses of approximately $139 million after income tax, mark to
market losses from FAS No. 133 of approximately $36 million after income tax and
nonrecurring items, including transaction and severance costs related to IPALCO
acquisition of $85 million after income tax. This schedule also excludes loss on
discontinued operations of $194 million consisting mainly of Termocandelaria, Ib
Valley, Power Direct and telecomunication businesses in Brazil and US.
3
THE AES CORPORATION
PRO RATA CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
DECEMBER 31, 2001
($ in millions, unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,299
Short-term investments 177
Accounts receivable, net 1,901
Inventory 602
Receivable from affiliates 4
Deferred income taxes 82
Prepaid expenses and other current assets 901
Current assets of discontinued operations 46
--------
TOTAL CURRENT ASSETS 5,012
PROPERTY, PLANT AND EQUIPMENT
Land 719
Electric generation and distribution assets 23,250
Accumulated depreciation and amortization (3,747)
Construction in progress 4,544
--------
PROPERTY, PLANT AND EQUIPMENT, NET 24,766
OTHER ASSETS
Deferred financing costs, net 431
Project development costs 72
Investments in and advances to affiliates 1,284
Debt service reserves and other deposits 813
Excess of Cost over Net Assets Acquired 2,831
LT assets of discontinued operations 207
Other assets 1,243
--------
TOTAL OTHER ASSETS 6,881
TOTAL $ 36,659
========
4
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 955
Accrued interest 344
Accrued and other liabilities 1,396
Current liabilities of of discontinued operations 70
Recourse Debt-current 487
Other notes payable - current portion 412
Project financing debt - current portion 1,747
--------
TOTAL CURRENT LIABILITIES 5,411
LONG-TERM LIABILITIES
Recourse Debt-LT 4,912
Project Financing Debt-LT 14,550
Other notes payable-LT 702
Deferred Tax Liability 1,977
Long term liabilities of discontinued operations 125
Other long-term liabilities 2,036
--------
TOTAL LONG-TERM LIABILITIES 24,302
Redeemable Securities 978
Preferred Stock 101
STOCKHOLDERS' EQUITY
Common Stock 5
Contributed capital / Additional paid in capital 5,791
Retained earnings 2,884
Accumulated other comprehensive loss (2,813)
--------
TOTAL STOCKHOLDERS' EQUITY 5,867
TOTAL $ 36,659
========
5
IPALCO ENTERPRISES, INC.
STATEMENT OF CONSOLIDATED INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2001
(UNAUDITED)
OPERATING REVENUES:
Electric 828,046,342
------------
Gross Operating Revenues 828,046,342
------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 182,471,237
Production - Other 92,905,588
Power Purchased 16,932,265
------------
Total 292,309,090
Transmission 5,606,667
Distribution - Electric 29,057,342
Customer and Distribution - Steam 8,747
Customer Accounts 17,138,153
Customer Service and Informational 7,527,264
Administrative and General 142,708,489
------------
Total 494,355,752
Depreciation 109,717,093
Amortization of Regulatory Deferrals 1,054,471
Income Taxes - Net 59,003,661
Taxes Other than Income Taxes 36,374,939
Disposition of Allowances - Net (3,100,584)
------------
Total Operating Expenses and Taxes 697,405,332
------------
OPERATING INCOME 130,641,010
------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Funds During Construction 1,337,281
Carrying Charges on Regulatory Assets 3,522
IPL Miscellaneous Income & Deductions-Net (4,367,638)
IPL Income Taxes - Net 4,134,728
IPALCO Enterprises, Inc. - Parent Co. (9,870,829)
Mid-America Capital Resources, Inc. 245,657
Mid-America Energy Resources, Inc. (14,686)
------------
Total Other Income and Deductions (8,531,965)
------------
TOTAL INCOME 122,109,045
------------
INTEREST CHARGES:
Interest on Long-Term Debt 38,948,999
Allowance for Funds During Const-Credit (624,888)
Deferred Return on Regulatory Assets (8,567)
Other Interest Charges 544,445
Amortization - Debt Discount & Expense 2,088,365
Preferred Stock Transactions 3,213,311
------------
Total Interest and Other Charges-Net 44,161,665
------------
CUM. ACCOUNTING CHANGE - Net of Taxes 0
------------
NET INCOME 77,947,380
============
6
INDIANAPOLIS POWER & LIGHT COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2001
(UNAUDITED)
OPERATING REVENUES:
Electric 828,046,342
------------
Gross Operating Revenues 828,046,342
------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 182,471,237
Production - Other 92,905,588
Power Purchased 16,932,265
------------
Total 292,309,090
Transmission 5,606,667
Distribution - Electric 29,057,342
Customer and Distribution - Steam 8,747
Customer Accounts 17,138,153
Customer Service and Informational 7,527,264
Administrative and General 142,708,489
------------
Total 494,355,752
Depreciation 109,717,093
Amortization of Regulatory Deferrals 1,054,471
Income Taxes - Net 59,003,661
Taxes Other than Income Taxes 36,374,939
Disposition of Allowances - Net (3,100,584)
------------
Total Operating Expenses and Taxes 697,405,332
------------
OPERATING INCOME 130,641,010
------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Other Funds During Construction 1,337,281
Carrying Charges on Regulatory Assets 3,522
Miscellaneous Income and Deductions - Net (4,367,638)
Income Taxes - Net 4,134,728
------------
Total Other Income and Deductions 1,107,893
------------
TOTAL INCOME 131,748,903
------------
INTEREST CHARGES:
Interest on Long-Term Debt 38,948,999
Allowance for Borrowed Funds Used During Const (624,888)
Deferred Return on Regulatory Assets-Borrowed (8,567)
Other Interest Charges 544,446
Amortization - Debt Discount & Expense 2,088,365
------------
Total Interest and Other Charges-Net 40,948,355
------------
INCOME BEFORE EXTRAORDINARY ITEMS
AND CUMULATIVE ACCOUNTING CHANGE 90,800,548
Less Preferred Stock Transactions 3,213,311
------------
INCOME APPLICABLE TO COMMON STOCK 87,587,237
============
7
IPALCO ENTERPRISES, INC. AND SUBSIDIARIES
BALANCE SHEET
(UNAUDITED)
DECEMBER 31, 2001
ASSETS:
PROPERTY, PLANT AND EQUIPMENT
Utility Plant, at Original Cost 3,109,452,649
Less: Accum. Prov. for Deprec. & Amort 1,443,735,909
--------------
Total Utility Plant - Net 1,665,716,740
--------------
OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS:
Nonutility Property 2,474,502
Less Accumulated Provision for Depreciation 732,151
--------------
Total Nonutility Property - Net 1,742,351
Other Investments 52,904,618
--------------
Total 54,646,969
--------------
CURRENT ASSETS:
Cash 5,085,699
Working Funds 86,970
Temporary Cash Investments 23,702,125
Accounts Receivable:
Customers 39,492,704
Miscellaneous 9,603,122
Less: Reserve for Uncollectible Accounts (1,094,572)
Interest Receivable 58,627
Fuel 28,969,567
Materials and Supplies - Net 48,375,571
Other Current Assets 1,282,697
Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr
--------------
Total Current Assets 155,562,510
--------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 Carrying Charges 16,610,276
Unamort. Def. Return-Pete Unit 4 Carrying Chgs 9,400,000
Unamort. Reacquisition Premium on Debt 19,665,907
Other Regulatory Assets 52,133,168
Miscellaneous 7,937,740
Unamortized Debt Expense 14,257,125
--------------
Total Deferred Debits 120,004,216
--------------
TOTAL ASSETS 1,995,930,435
==============
8
LIABILITIES
CAPITALIZATION:
Common Shareholder's Equity:
Premium and Net Gain on Preferred Stock 648,700
Retained Earnings 15,048,816
Accumulated Other Comprehensive Income (11,469,387)
--------------
Total 4,228,129
--------------
Non-Redeemable Cumulative Preferred Stock 59,135,300
--------------
Long-Term Debt 1,372,650,000
Unamort. Premium on LT Debt - Net (719,572)
--------------
Total Long-Term Debt 1,371,930,428
--------------
Total Capitalization 1,435,293,857
--------------
CURRENT LIABILITIES:
Accounts Payable 66,363,132
Dividends Payable 910,152
Customer Deposits 8,590,263
Accrued Liabilities:
Interest on Long-Term Debt 20,321,877
Interest on Customer Deposits, etc 1,569,732
Taxes:
Federal Taxes on Income (16,785,993)
State Taxes on Income 3,653,501
Real Estate and Personal Property 19,426,326
Miscellaneous 3,144,476
Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr 299,831
Deferred Fuel Expense 8,566,397
Miscellaneous 160,500
--------------
Total 116,220,194
Current Maturity of Long Term Debt 300,000
--------------
Total Current Liabilities 116,520,194
--------------
DEFERRED CREDITS:
FAS109 Net Deferred Income Tax-Credit 52,032,960
Accumulated Deferred Income Tax-Net 219,161,959
Unamortized Investment Tax Credit 33,690,437
Accrued Postretirement Benefits 9,504,088
Accrued Pension Benefits 125,548,899
Miscellaneous 4,178,041
--------------
Total Deferred Credits 444,116,384
--------------
TOTAL LIABILITIES 1,995,930,435
==============
9
INDIANAPOLIS POWER & LIGHT COMPANY
BALANCE SHEET
(UNAUDITED)
DECEMBER 31, 2001
ASSETS:
PROPERTY, PLANT AND EQUIPMENT
Utility Plant, at Original Cost 3,109,452,649
Less: Accum. Prov. for Deprec. & Amort 1,443,735,909
--------------
Total Utility Plant - Net 1,665,716,740
--------------
OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS:
Nonutility Property 2,474,502
Less Accumulated Provision for Depreciation 732,151
--------------
Total Nonutility Property - Net 1,742,351
Other Investments 3,987,479
--------------
Total 5,729,830
--------------
CURRENT ASSETS:
Cash 5,029,025
Working Funds 86,970
Temporary Cash Investments 4,097,520
Accounts Receivable - Associated Companies 1,350,656
Accounts Receivable:
Customers 39,468,187
Miscellaneous 9,377,276
Less: Reserve for Uncollectible Accounts (1,064,647)
Interest Receivable (9,590)
Fuel 28,969,569
Materials and Supplies - Net 48,380,923
Other Current Assets 1,282,697
Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr
Tax Refund Receivable 39,794
--------------
Total Current Assets 137,008,380
--------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 Carrying Charges 16,610,276
Unamort. Def. Return-Pete Unit 4 Carrying Chgs 9,400,000
Unamort. Reacquisition Premium on Debt 19,665,907
Other Regulatory Assets 52,133,168
Miscellaneous 7,634,685
Unamortized Debt Expense 5,372,748
--------------
Total Deferred Debits 110,816,784
--------------
TOTAL ASSETS 1,919,271,734
==============
10
LIABILITIES
CAPITALIZATION:
Common Shareholder's Equity:
Common Stock 324,536,675
Premium and Net Gain on Preferred Stock 2,642,134
Retained Earnings 363,083,365
Accumulated Other Comprehensive Income (11,469,532)
--------------
Total 678,792,642
--------------
Non-Redeemable Cumulative Preferred Stock 59,135,300
--------------
Long-Term Debt 622,650,000
Unamort. Premium on LT Debt - Net (719,572)
--------------
Total Long-Term Debt 621,930,428
--------------
Total Capitalization 1,359,858,370
--------------
CURRENT LIABILITIES:
Accounts Payable 65,151,851
Dividends Payable 804,954
Customer Deposits 8,590,263
Accrued Liabilities:
Interest on Long-Term Debt 12,944,377
Interest on Customer Deposits, etc 1,569,732
Taxes:
Federal Taxes on Income (7,900,001)
State Taxes on Income 2,715,808
Real Estate and Personal Property 19,421,301
Miscellaneous 3,136,098
Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr 299,831
Deferred Fuel Expense 8,566,397
Miscellaneous 160,500
--------------
Total Current Liabilities 115,461,111
--------------
DEFERRED CREDITS:
FAS109 Net Deferred Income Tax-Credit 52,032,960
Accumulated Deferred Income Tax-Net 218,997,842
Unamortized Investment Tax Credit 33,690,437
Accrued Postretirement Benefits 9,504,088
Accrued Pension Benefits 125,548,899
Miscellaneous 4,178,027
--------------
Total Deferred Credits 443,952,253
--------------
TOTAL LIABILITIES 1,919,271,734
==============
11
CILCORP Inc. and Subsidiaries
Consolidated Statements of Operations
Twelve Months Ended December 31, 2001
(Unaudited)
2001
(In thousands)
Revenue:
CILCO Electric $ 391,811
CILCO Gas 271,434
CILCO Other 96,820
Other Businesses 54,805
---------
Total 814,870
---------
Operating Expenses:
Fuel for Generation and Purchased Power 210,952
Gas Purchased for Resale 232,347
Other Operations and Maintenance 120,222
Depreciation and Amortization 86,013
State and Local Revenue Taxes 28,181
Other Taxes 11,431
---------
Total 689,146
---------
Fixed Charges and Other:
Interest Expense 69,784
Preferred Stock Dividends of Subsidiary 2,159
Allowance for Funds Used During Construction (18)
Other 1,354
---------
Total 73,279
---------
Income (Loss) from Continuing
Operations Before Income Taxes 52,445
Income Taxes 24,100
---------
Net Income (Loss) from Continuing Operations 28,345
Loss from Operations of Discontinued Businesses, Net of
Tax of $(2,880) (4,380)
---------
Net Income (Loss) $ 23,965
Other Comprehensive Income (13,576)
---------
Comprehensive Income (Loss) $ 10,389
=========
12
Central Illinois Light Company
Consolidated Statements of Income
(Unaudited)
Twelve Months Ended December 31, 2001
(In thousands)
Operating Revenues:
Electric $ 391,811
Gas 271,434
---------
Total Operating Revenues 663,245
---------
Operating Expenses:
Cost of Fuel 165,232
Cost of Gas 190,348
Purchased Power 44,441
Other Operations and Maintenance 114,741
Depreciation and Amortization 69,133
Income Taxes 6,987
State and Local Taxes on Revenue 28,181
Other Taxes 11,206
---------
Total Operating Expenses 630,269
---------
Operating Income 32,976
---------
Other Income and Deductions:
Company-owned Life Insurance, Net (1,354)
Other, Net 6,698
---------
Total Other Income and (Deductions) 5,344
---------
Income Before Interest Expenses 38,320
---------
Interest Expenses:
Interest on Long-term Debt 17,678
Cost of Borrowed Funds Capitalized (18)
Other 5,820
---------
Total Interest Expenses 23,480
---------
Net Income Before Preferred Dividends 14,840
Dividends on Preferred Stock 2,159
---------
Net Income Available for Common Stock $ 12,681
Other Comprehensive Income (4,830)
---------
Comprehensive Income $ 7,851
=========
13
CILCORP Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
As of December 31, 2001
(In thousands)
Assets
Current Assets:
Cash and Temporary Cash Investments $ 18,312
Receivables, Less Reserves of $1,800 47,610
Accrued Unbilled Revenue 40,265
Fuel, at Average Cost 18,068
Materials and Supplies, at Average Cost 17,273
Gas in Underground Storage, at Average Cost 27,067
FAC Underrecoveries 1,255
PGA Underrecoveries 3,236
Prepayments and Other 7,627
----------
Total Current Assets 180,713
----------
Investments and Other Property:
Investment in Leveraged Leases 135,504
Other Investments 19,285
----------
Total Investments and Other Property 154,789
----------
Property, Plant and Equipment:
Utility Plant, at Original Cost
Electric 716,857
Gas 233,278
----------
950,135
Less-Accumulated Provision for Depreciation 126,502
----------
823,633
Construction Work in Progress 34,340
Other, Net of Depreciation 14
----------
Total Property, Plant and Equipment 857,987
----------
Other Assets:
Goodwill, Net of Accumulated Amortization of $33,753 579,211
Other 38,998
----------
Total Other Assets 618,209
----------
Total Assets $1,811,698
==========
14
CILCORP Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
As of December 31, 2001
(In thousands)
Liabilities and Stockholder's Equity
Current Liabilities:
Current Portion of Long-Term Debt $ 1,400
Notes Payable 63,000
Accounts Payable 75,644
Accrued Taxes 14,879
Accrued Interest 18,392
Other 18,281
-----------
Total Current Liabilities 191,596
-----------
Long-Term Debt 717,730
-----------
Deferred Credits and Other Liabilities:
Deferred Income Taxes 202,822
Regulatory Liability of Regulated Subsidiary 45,377
Deferred Investment Tax Credit 14,553
Provision for Out-of-Market Contract --
Other 83,388
-----------
Total Deferred Credits 346,140
-----------
Preferred Stock of Subsidiary without
Mandatory Redemption 19,120
Preferred Stock of Subsidiary with
Mandatory Redemption 22,000
-----------
Total Preferred Stock of Subsidiary 41,120
-----------
Stockholder's Equity:
Common Stock, no par value; Authorized 10,000
Outstanding 1,000 --
Additional Paid-in Capital 518,833
Retained Earnings 10,305
Accumulated Other Comprehensive Income (14,026)
-----------
Total Stockholder's Equity 515,112
-----------
Total Liabilities and Stockholder's Equity $ 1,811,698
===========
15
Central Illinois Light Company
Consolidated Balance Sheets
(Unaudited)
As of December 31, 2001
(In thousands)
Assets
Utility Plant, At Original Cost:
Electric $1,326,231
Gas 457,165
----------
1,783,396
Less-Accumulated Provision for Depreciation 985,045
----------
798,351
Construction Work in Progress 34,340
----------
Total Utility Plant 832,691
----------
Other Property and Investments:
Cash Surrender Value of Company-owned Life
Insurance (Net of Related Policy Loans of
$65,314 in 2001) 3,920
Other 1,133
----------
Total Other Property and Investments 5,053
----------
Current Assets:
Cash and Temporary Cash Investments 12,584
Receivables, Less Reserves of $1,800 49,375
Accrued Unbilled Revenue 34,067
Fuel, at Average Cost 18,068
Materials and Supplies, at Average Cost 15,849
Gas in Underground Storage, at Average Cost 27,067
Prepaid Taxes 9,007
FAC Underrecoveries 1,255
PGA Underrecoveries 3,236
Other 7,569
----------
Total Current Assets 178,077
----------
Deferred Debits:
Unamortized Loss on Reacquired Debt 2,448
Unamortized Debt Expense 1,305
Prepaid Pension Cost 168
Other 21,971
----------
Total Deferred Debits 25,892
----------
Total Assets $1,041,713
==========
16
Central Illinois Light Company
Consolidated Balance Sheets
(Unaudited)
As of December 31, 2001
(In thousands)
Capitalization and Liabilities
Capitalization:
Common Shareholder's Equity:
Common Stock, No Par Value; Authorized 20,000,000
Shares; Outstanding 13,563,871 Shares $ 185,661
Additional Paid in Capital 52,000
Retained Earnings 108,045
Accumulated Other Comprehensive Income (5,805)
-----------
Total Common Shareholder's Equity 339,901
Preferred Stock Without Mandatory Redemption 19,120
Preferred Stock With Mandatory Redemption 22,000
Long-term Debt 242,730
-----------
Total Capitalization 623,751
-----------
Current Liabilities:
Current Maturities of Long-Term Debt 1,400
Notes Payable 43,000
Accounts Payable 81,140
Accrued Taxes 28,862
Accrued Interest 9,143
Other 18,281
-----------
Total Current Liabilities 181,826
-----------
Deferred Liabilities and Credits:
Accumulated Deferred Income Taxes 92,428
Regulatory Liability 45,377
Investment Tax Credits 14,553
Other 83,778
-----------
Total Deferred Liabilities and Credits 236,136
-----------
Total Capitalization and Liabilities $ 1,041,713
===========
17
ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED):
CILCO AND IPL CONTRIBUTIONS TO
AES/CILCORP/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)(2)
($MM)
---------------------------------------------------------------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 12/31/01
---------------------------------------------------------------------------------
GROSS REVENUES(3) 16.94% 15.14%
CILCO 636 760
CILCORP (excluding CILCO) 87 55
IPL 831 828
IPALCO (excluding IPL) 28 0
AES (excluding CILCORP and IPALCO) 7,079 8,843
AES/CILCORP/IPALCO 8,661 10,486
---------------------------------------------------------------------------------
OPERATING INCOME 14.20% 12.10%
CILCO 97 48
CILCORP (excluding CILCO) 12 78
IPL 205 256
IPALCO (excluding IPL) (36) 5
AES (excluding CILCORP and IPALCO) 1,849 2,125
AES/CILCORP/IPALCO 2,127 2,512
---------------------------------------------------------------------------------
NET INCOME 15.99% 22.97%
CILCO 45 13
CILCORP (excluding CILCO) (33) 11
IPL 82 154
IPALCO (excluding IPL) 73 (5)
AES (excluding CILCORP and IPALCO) 629 554
AES/CILCORP/IPALCO 797 727
---------------------------------------------------------------------------------
NET ASSETS 8.49% 8.08%
CILCO 1,107 1,042
CILCORP (excluding CILCO) 841 770
IPL 1,905 1,919
IPALCO (excluding IPL) -- 76
AES (excluding CILCORP and IPALCO) 31,626 32,852
AES/CILCORP/IPALCO 35,479 36,659
---------------------------------------------------------------------------------
--------
(1) As a result of AES' acquisition of IPALCO, the results of
AES/CILCORP/IPALCO for the twelve-month periods have been restated to
include IPALCO.
(2) This schedule presents on a proforma basis, the results of operations of
AES excluding the aggregate (both subsidiaries and affiliates) Brazilian
affiliates foreign currency losses of approximately $139 million after
income tax, mark to market losses from FAS No. 133 of approximately $36
million after income tax and nonrecurring items, including transaction and
severance costs related to IPALCO acquisition of $85 million after income
tax (excluded from IPL and IPALCO as well as AES numbers). This schedule
also excludes loss on discontinued operations of $194 million consisting
mainly of Termocandelaria, Ib Valley, Power Direct and telecommunication
businesses in Brazil and US. If the excluded items are taken into account,
CILCO and IPL contributions to AES/CILCORP/IPALCO on a consolidated basis
are as follows: 15.14% to Gross Revenues, 9.47% to Operating Income and 37%
to Net Income.
(3) Gross business revenues (utility and non-utility) of IPALCO and CILCO
combined as a percentage of total gross business revenues (including
IPALCO/IPL and CILCORP/CILCO, utility and non-utility) of AES.
18
IPL CONTRIBUTIONS TO
AES/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)(2)
($MM)
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12 MOS. ENDED 12/31/00 12 MOS. ENDED 12/31/01
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GROSS REVENUES(3) 10.06% 8.30%
IPL 831 828
IPALCO (excluding IPL) 28 0
AES (excluding CILCO jurisdictional activities) 7,404 9,151
AES/IPALCO 8,263 9,979
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OPERATING INCOME 10.73% 10.32%
IPL 205 256
IPALCO (excluding IPL) (36) 5
AES (excluding CILCO jurisdictional activities) 1,741 2,220
AES/IPALCO 1,910 2,481
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NET INCOME 10.91% 21.48%
IPL 82 154
IPALCO (excluding IPL) 73 (5)
AES (excluding CILCO jurisdictional activities) 600 568
AES/IPALCO 755 717
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NET ASSETS 5.49% 5.34%
IPL 1,905 1,919
IPALCO (excluding IPL) -- 76
AES (excluding CILCO jurisdictional activities) 32,781 33,918
AES/IPALCO 34,686 35,913
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--------
(1) As a result of AES' acquisition of IPALCO, the results of
AES/CILCORP/IPALCO for the twelve-month periods have been restated to
include IPALCO.
(2) This schedule presents on a proforma basis, the results of operations of
AES excluding the aggregate (both subsidiaries and affiliates) Brazilian
affiliates foreign currency losses of approximately $139 million after
income tax, mark to market losses from FAS No. 133 of approximately $36
million after income tax and nonrecurring items, including transaction and
severance costs related to IPALCO acquisition of $85 million after income
tax (excluded from IPL and IPALCO as well as AES numbers). This schedule
also excludes loss on discontinued operations of $194 million consisting
mainly of Termocandelaria, Ib Valley, Power Direct and telecommunication
businesses in Brazil and US. If the excluded items are taken into account,
IPL contributions to AES/CILCORP/IPALCO on a consolidated basis are as
follows: 8.30% to Gross Revenues, 7.66% to Operating Income and 33.46% to
Net Income.
(3) Gross business revenues (utility and non-utility) of IPL as a percentage of
total gross business revenues (including IPALCO/IPL utility and
non-utility) of AES.
19
ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION:
AES Generating Plants in Operation at December 31, 2001 (excluding CILCORP and
IPALCO):
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- -------- -------- ----- ----------
AES Deepwater USA 143 100 143 QF
AES Beaver Valley USA 125 100 125 QF
AES Placerita USA 120 100 120 QF
AES Thames USA 181 100 181 QF
AES Shady Point USA 320 100 320 QF
AES Hawaii USA 180 100 180 QF
AES Warrior Run USA 180 100 180 QF
AES Somerset USA 675 100 675 EWG
AES Cayuga USA 306 100 306 EWG
AES Greenidge USA 161 100 161 EWG
AES Westover USA 126 100 126 EWG
AES Alamitos USA 2,083 100 2,083 EWG
AES Redondo Beach USA 1,310 100 1,310 EWG
AES Huntington Beach USA 563 100 563 EWG
AES Thermo Ecotek - Hemphill USA 14 67 10 QF
AES Thermo Ecotek - Whitefield USA 14 100 14 QF
AES Thermo Ecotek - Mendota USA 25 100 25 QF
AES Delano USA 50 100 50 QF
AES Riverside USA 154 100 154 EWG
AES Mountainview USA 126 100 126 EWG
AES Ironwood USA 705 100 705 EWG
DOMESTIC SUBTOTAL: 7,561 7,556
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- -------- -------- ------ ----------
AES Kingston Canada 110 50 55 EWG
AES San Nicholas Argentina 650 69 449 EWG
AES Cabra Corral Argentina 102 98 100 FUCO
AES El Tunal Argentina 10 98 10 FUCO
AES Sarmiento Argentina 33 98 32 FUCO
AES Ullum Argentina 45 98 44 FUCO
AES Quebrada de Ullum Argentina 45 100 45 FUCO
AES Alicura Argentina 1,000 100 1,000 FUCO
Fontes Nova - Light Brazil 144 21 30 FUCO
20
Ilha dos Pombos - Light Brazil 164 21 34 FUCO
Nilo Pecanha - Light Brazil 380 21 80 FUCO
Pereira Passos - Light Brazil 100 21 21 FUCO
CEMIG - Miranda Brazil 390 9 35 FUCO
CEMIG - Igarapava Brazil 210 1 2 FUCO
CEMIG (35 plants) Brazil 5,068 9 456 FUCO
AES Bayano Panama 150 49 74 FUCO
AES Panama Panama 42 49 21 FUCO
AES Chiriqui - La Estrella Panama 42 49 21 FUCO
AES Chiriqui - Los Valles Panama 48 49 24 FUCO
AES Los Mina Dom. Rep. 210 100 210 EWG
AES Yarra Australia 510 100 510 FUCO
AES Jeeralang Australia 449 100 449 FUCO
AES Mt. Stuart Australia 288 100 288 FUCO
AES Xiangci - Cili China 26 51 13 FUCO
Wuhu Grassy Lake China 250 25 63 FUCO
Yangchun China 15 25 4 FUCO
Chengdu Lotus City China 48 35 17 FUCO
AES Jiaozuo China 250 70 175 FUCO
AES Hefei China 115 70 81 FUCO
AES Hefei II China 39 70 27 FUCO
AES Chongqing Nanchuan China 50 70 35 FUCO
Yangcheng China 1050 25 263 FUCO
AES Ekibastuz Kazakhstan 4,000 100 4,000 FUCO
AES Ust-Kamenogorsk GES Kazakhstan 331 100 331 FUCO
AES Shulbinsk GES Kazakhstan 702 100 702 FUCO
AES Ust-Kamenogorsk TETS Kazakhstan 1,464 100 1,464 FUCO
AES Leninogorsk TETS Kazakhstan 418 100 418 FUCO
AES Sogrinsk TETS Kazakhstan 349 100 349 FUCO
AES Semipalatinsk TETS Kazakhstan 840 100 840 FUCO
AES Ust-Kamenogorsk Heat Nets Kazakhstan 310 Managt 0 FUCO
OPGC India 420 49 206 FUCO
AES Lal Pir Pakistan 351 90 316 FUCO
AES PakGen Pakistan 344 90 310 FUCO
AES Borsod Hungary 171 100 171 FUCO
AES Tisza II Hungary 860 100 860 FUCO
AES Tiszapalkonya Hungary 250 100 250 FUCO
AES Elsta Netherlands 405 50 203 FUCO
Medway U.K. 688 25 172 FUCO
AES Indian Queens U.K. 140 100 140 EWG
AES Kilroot U.K. 520 97 504 FUCO
AES Belfast West U.K. 120 97 116 FUCO
AES Barry U.K. 230 100 230 FUCO
AES Drax U.K. 4,065 100 4,065 FUCO
AES Fifoots Point U.K. 360 100 360 FUCO
AES Uruguaiana Brazil 600 100 600 FUCO
AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO
EDC (4 plants) Venezuela 2,265 87 1,971 FUCO
AES Merida III Mexico 484 55 266 FUCO
AES Mtkvari Georgia 600 Managt 600 FUCO
21
AES Khrami I Georgia 113 Managt 113 FUCO
AES Khrami II Georgia 110 100 110 FUCO
AES Ottana Italy 140 100 140 FUCO
AES Mamonal Columbia 90 62 56 FUCO
AES Centrogener (Gener - 8 plants) Chile 756 99 748 FUCO
AES Chivor (Gener) Columbia 1,000 96 960 FUCO
AES Electrica de Santiago (Gener) Chile 478 86 411 FUCO
AES Energia Verde (Gener - 2 plants) Chile 37 99 37 FUCO
AES Guacolda (Gener) Chile 304 49 149 FUCO
AES Norgener (Gener - 2 plants) Chile 277 99 274 FUCO
Itabo (Gener - 7 plants) Dom. Rep. 587 24 141 FUCO
AES Bohemia Czech Rep. 50 83 42 FUCO
AES Premnitz Germany 58 65 38 FUCO
AES SONEL Cameroon 800 51 408 FUCO
Central Dique Argentina 68 31 21 FUCO
AES Termoandes Argentina 632 99 626 FUCO
AES Parana Argentina 845 67 566 FUCO
AES Kelvin Rep. South Africa 600 90 540 FUCO
Egbin Barge Nigeria 290 95 276 FUCO
FOREIGN SUBTOTAL: 43,205 31,168
TOTAL - December 31, 2001 50,766 38,724
Foreign Generation as a Percentage of 85% 80%
Total:
CILCORP Generating Plants at December 31, 2001:
AES AES
Capacity Interest Equity Regulatory
Unit Country (MW) (%) (MW) Status
------- ------- ---- --- ------
Edwards (3 units) USA 740 100 740 IL PUC
Duck Creek USA 366 100 366 IL PUC
Indian Trails USA 10 100 10 IL PUC
Sterling Avenue USA 30 100 30 IL PUC
Hallock Power Modules USA 13 100 13 IL PUC
Kickapoo Power Modules USA 13 100 13 IL PUC
TOTAL - December 31, 2001 1,172 1,172
22
IPALCO Generating Plants at December 31, 2001:
AES AES
Capacity Interest Equity Regulatory
Unit Country (MW) (%) (MW) Status
------- ------- ---- --- ------
Petersburg USA 1,873 100 1,873 IN PUC
H.T. Pritchard USA 393 100 393 IN PUC
E.W. Stout USA 1,017 100 1,017 IN PUC
Georgetown USA 80 100 80 IN PUC
TOTAL - December 31, 2001 3,363 3,363
Revenues from electric generation capacity - 12 months ended December 31, 2001
(millions of dollars):
IPALCO 179 4%
CILCORP 157 3%
AES (excluding CILCORP and IPALCO) 4,271 93%
----- -----
Total 4,607 100%
IPALCO's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES generation revenues are derived from the total generation revenues
earned by AES subsidiaries times the percentage ownership interest of AES in
those subsidiaries.
There has been no change in the amount of generation capacity owned by CILCORP
or IPALCO and a 2,788 MW increase in the amount of generation capacity owned by
AES (excluding CILCORP and IPALCO) from 35,936 to 38,724 MW since September 30,
2001. There has been a 10.8% increase in the total revenues earned from the
capacity owned by AES, IPALCO and CILCORP in the twelve-month period ended
December 31, 2001 compared with the twelve-month period ended September 30,
2001. The percentage of total revenues derived from the generation capacity
owned by CILCORP has decreased from 4% to 3%. The percentage of total revenues
derived from the generation capacity owned by IPALCO has stayed the same at 4%.
The physical location of the MW capacity added by AES since September 30, 2001
is in the United States, Argentina, Republic of South Africa, Nigeria, Chile and
China.
23
ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS
DISTRIBUTION:
Electric transmission and distribution and gas distribution assets owned as of
December 31, 2001 (millions of dollars):
IPALCO 1,015
CILCORP 746
Total AES (excluding CILCORP and IPALCO) 5,989
-----
Total 7,750
Electric transmission and distribution and gas distribution revenues for 12
months ending December 31, 2001 (millions of dollars):
IPALCO 648
CILCORP 507
Total AES (excluding CILCORP and IPALCO) 4,724
-----
Total 5,879
IPALCO's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES transmission and distribution revenues are derived from the total
revenues earned by AES transmission and distribution subsidiaries by multiplying
these revenues by the percentage ownership interest of AES in those
subsidiaries.
The total transmission and distribution assets owned by AES, CILCORP and IPALCO
have increased since September 30, 2001. CILCORP's transmission and distribution
assets have decreased while the revenues derived from such assets have decreased
since September 30, 2001. IPALCO's transmission and distribution assets have
increased slightly while the revenues derived from such assets have decreased
since September 30, 2001. AES' transmission and distribution assets have
increased and the revenues derived from such assets have decreased since
September 30, 2001. CILCORP's percentage of the total transmission and
distribution assets has decreased from 11% to 10%, and CILCORP's percentage of
the total revenues from such assets has remained the same at 9% to for the
twelve-month period ending December 31, 2001 compared to the twelve-month period
ending September 30, 2001. IPALCO's percentage of the total transmission and
distribution assets has decreased from 15% to 13%, and IPALCO's percentage of
the total revenues from such assets has decreased from 13% to 11% for the
24
twelve-month period ending December 31, 2001 compared to the twelve-month period
ending September 30, 2001.
ITEM (5) PER EXEMPTION ORDER:
Neither CILCO nor IPL has sold or transferred any electric and/or gas utility
assets to any affiliate company of the AES consolidated holding company system
during the fourth quarter of 2001.
ITEM (6) PER EXEMPTION ORDER:
During the fourth quarter 2001, no application has been made to nor has any
order been received from the Illinois Commerce Commission that involves AES'
ownership position or AES' oversight over the operations of CILCO or CILCORP.
During the fourth quarter 2001, no application has been made to nor has any
order been received from the Indiana Utility Regulatory Commission that involves
AES' ownership position or AES' oversight over the operations of IPL or IPALCO.
ITEM (7) PER EXEMPTION ORDER:
During the fourth quarter 2001, AES announced a formal sale process regarding
the divestiture of CILCORP. Non-binding offers were submitted in January 2002,
and a buyer is expected to be selected in April 2002.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of 1935,
as amended, AES has duly caused this certificate to be signed on its behalf on
this 1st day of March, 2002 by the undersigned thereunto duly authorized.
The AES Corporation
By: /s/ Erik Luckau
----------------------
Erik Luckau
Associate General Counsel
25