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, 2002.
Respectfully submitted,
/s/ Earle H. O'Donnell
----------------------------------------------
Earle H. O'Donnell
Andrew B. Young
Hugh E. Hilliard
Dewey Ballantine LLP
1775 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Dated: March 3, 2003
THE AES CORPORATION
SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER
QUARTER ENDED DECEMBER 31, 2002
ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED):
1) Pro Rata Consolidated Statement of Operations of The AES Corporation
for the 12 months ended December 31, 2002
2) Pro Rata Consolidated Balance Sheet of The AES Corporation at
December 31, 2002
3) Statement of Consolidated Income of IPALCO for the 12 months ended
December 31, 2002
4) Statement of Income of IPL for the 12 months ended December 31, 2002
5) Consolidated Balance Sheet of IPALCO at December 31, 2002
6) Balance Sheet of IPL at December 31, 2002
7) Statement of Operations and Comprehensive Income of CILCORP for the
12 months ended December 31, 2002
8) Consolidated Statement of Income of CILCO for the 12 months ended
December 31, 2002
9) Consolidated Balance Sheet of CILCORP at December 31, 2002
10) Consolidated Balance Sheet of CILCO at December 31, 2002
2
THE AES CORPORATION
-------------------
CONSOLIDATED STATEMENT OF OPERATIONS
(INCLUDES CILCORP AND IPALCO)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002
PRO RATA BASIS(1)
(UNAUDITED)
----------------------------------------------------------------------------------
TWELVE MONTHS
ENDED
($ in millions) 12/31/2002
----------------------------------------------------------------------------------
REVENUES:
Sales and services $ 8,226
OPERATING COSTS AND EXPENSES:
Cost of sales and services 6,371
Selling, general and administrative expenses 112
-------
TOTAL OPERATING COSTS AND EXPENSES 6,483
-------
OPERATING INCOME 1,743
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,616)
Other (expense) income, net (532)
(Loss) gain on sale of assets and asset impairment expense (2,212)
-------
(LOSS) INCOME BEFORE INCOME TAXES (2,617)
Income tax (benefit) expense (27)
-------
(LOSS) INCOME FROM CONTINUING OPERATIONS (2,590)
Loss from operations of discontinued components
(net of income taxes) (573)
-------
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF
ACCOUNTING CHANGE (3,163)
Cumulative effect of accounting change (net of income taxes) (346)
-------
NET INCOME (LOSS) $(3,509)
=======
--------
(1) In accordance with the analysis used in the order requiring filing of this
certificate, this table is calculated on a proportional consolidation
basis whereby AES' subsidiaries are included by multiplying each
applicable line item from the statement of operations of each AES
subsidiary times AES' percentage ownership interest in such subsidiary.
3
THE AES CORPORATION
-------------------
PRO RATA BASIS(1) CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
DECEMBER 31, 2002
($ in millions, unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 961
Short-term investments 211
Accounts receivable, net 1,239
Inventory 384
Deferred income taxes 130
Prepaid expenses and other current assets 951
Current assets of discontinued operations
and businesses held for sale 473
--------
TOTAL CURRENT ASSETS 4,349
PROPERTY, PLANT AND EQUIPMENT
Land 703
Electric generation and distribution assets 19,125
Accumulated depreciation and amortization (4,204)
Construction in progress 3,222
--------
PROPERTY, PLANT AND EQUIPMENT, NET 18,846
OTHER ASSETS
Deferred financing costs, net 433
Project development costs 15
Investments in and advances to affiliates 194
Debt service reserves and other deposits 515
Goodwill, net 1,388
Deferred income taxes - non current 968
Long-term assets of discontinued operations
and businesses held for sale 5,322
Other assets 1,746
--------
TOTAL OTHER ASSETS 10,581
TOTAL $ 33,776
========
--------
(1) In accordance with the analysis used in the order requiring filing of this
certificate, this table is calculated on a proportional consolidation
basis whereby AES' subsidiaries are included by multiplying each
applicable line item from the balance sheet of each AES subsidiary
times AES' percentage ownership interest in such subsidiary.
4
THE AES CORPORATION
-------------------
PRO RATA BASIS(1) CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
DECEMBER 31, 2002
($ in millions, unaudited)
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,139
Accrued interest 369
Accrued and other liabilities 1,165
Current liabilities of discontinued operations and
businesses held for sale 497
Recourse debt--current portion 26
Non-recourse debt--current portion 3,315
--------
TOTAL CURRENT LIABILITIES 6,511
LONG-TERM LIABILITIES
Recourse debt 5,778
Non-recourse debt 10,928
Deferred income taxes 981
Long-term liabilities of discontinued operations and
businesses held for sale 4,785
Other long-term liabilities 3,338
--------
TOTAL LONG-TERM LIABILITIES 25,810
Minority interest 101
Company-obligated convertible mandatorily redeemable
preferred securities of subsidiary trusts holding solely
junior subordinated debentures of AES 978
STOCKHOLDERS' EQUITY
Common stock 6
Additional paid-in capital 6,028
Retained earnings (699)
Accumulated other comprehensive loss (4,959)
--------
TOTAL STOCKHOLDERS' EQUITY 376
TOTAL $ 33,776
========
--------
(1) In accordance with the analysis used in the order requiring filing of this
certificate, this table is calculated on a proportional consolidation
basis whereby AES' subsidiaries are included by multiplying each
applicable line item from the balance sheet of each AES subsidiary
times AES' percentage ownership interest in such subsidiary.
5
IPALCO
STATEMENT OF CONSOLIDATED INCOME
(UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002
OPERATING REVENUES:
Electric $ 817,967,153
-------------
Gross Operating Revenues 817,967,153
-------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 173,028,348
Production - Other 63,534,650
Power Purchased 18,002,213
-------------
Total 254,565,211
Transmission 6,390,804
Distribution - Electric 35,493,236
Customer Accounts 15,119,142
Customer Service and Informational 3,441,762
Administrative and General 52,509,694
-------------
Total 367,519,849
Depreciation 116,930,438
Amortization of Regulatory Deferrals 1,054,471
Income Taxes - Net 106,391,931
Taxes Other than Income Taxes 30,595,335
Disposition of Allowances - Net (5,111,413)
-------------
Total Operating Expenses and Taxes 617,380,611
-------------
OPERATING INCOME 200,586,542
-------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Funds During Construction 3,922,408
Carrying Charges on Regulatory Assets 4,299
IPL Miscellaneous Income and Deductions - Net 4,208,026
IPL Income Taxes - Net (1,323,030)
IPALCO Enterprises, Inc. - Parent Co. (37,017,829)
Mid-America Capital Resources, Inc. (1,284,461)
Mid-America Energy Resources, Inc. (25,754)
-------------
Total Other Income and Deductions (31,516,341)
-------------
TOTAL INCOME 169,070,201
INTEREST CHARGES:
Interest on Long-Term Debt 40,334,275
Allowance for Funds During Construction - Credit (1,800,366)
Deferred Return on Regulatory Assets (10,459)
Other Interest Charges 492,838
Amortization - Debt Discount and Expense 1,894,511
Preferred Stock Transactions 3,213,311
-------------
Total Interest and Other Charges-Net 44,124,110
-------------
NET INCOME $ 124,946,091
=============
6
INDIANAPOLIS POWER & LIGHT COMPANY
STATEMENT OF INCOME
(UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002
OPERATING REVENUES:
Electric $ 817,967,153
-------------
Gross Operating Revenues 817,967,153
OPERATING EXPENSES AND TAXES:
Production - Fuel 173,028,348
Production - Other 63,534,650
Power Purchased
18,002,213
-------------
Total 254,565,211
Transmission 6,390,804
Distribution - Electric 35,493,236
Customer and Distribution - Steam 0
Customer Accounts 15,119,142
Customer Service and Informational 3,441,762
Administrative and General 52,509,694
-------------
Total 367,519,849
Depreciation 116,930,438
Amortization of Regulatory Deferrals 1,054,471
Income Taxes - Net 106,391,931
Taxes Other than Income Taxes 30,595,335
Disposition of Allowances - Net (5,111,413)
-------------
Total Operating Expenses and Taxes 617,380,611
-------------
OPERATING INCOME 200,586,542
-------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Other Funds During Construction 3,922,408
Carrying Charges on Regulatory Assets 4,299
Miscellaneous Income and Deductions - Net 4,208,026
Income Taxes - Net (1,323,030)
-------------
Total Other Income and Deductions 6,811,703
-------------
TOTAL INCOME 207,398,245
-------------
INTEREST CHARGES:
Interest on Long-Term Debt 40,334,275
Allowance for Borrowed Funds Used During Construction (1,800,366)
Deferred Return on Regulatory Assets-Borrowed (10,459)
Other Interest Charges 492,838
Amortization - Debt Discount and Expense 1,894,511
-------------
Total Interest and Other Charges-Net 40,910,799
-------------
INCOME BEFORE EXTRAORDINARY ITEMS
AND CUMULATIVE ACCOUNTING CHANGE 166,487,446
Less Preferred Stock Transactions 3,213,311
-------------
INCOME APPLICABLE TO COMMON STOCK $ 163,274,135
=============
7
IPALCO ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
DECEMBER 31, 2002
-----------------
ASSETS
------
PROPERTY, PLANT AND EQUIPMENT:
Utility plant, at original cost $ 3,229,099,796
Less accumulated provision for depreciation and amortization 1,536,986,053
---------------
Total utility plant - net 1,692,113,743
---------------
OTHER PROPERTY, INVESTMENTS AND ASSETS:
Nonutility property 1,643,826
Less accumulated provision for depreciation 147,401
---------------
Total Nonutility property, net 1,496,425
Other investments 10,032,654
---------------
Total 11,529,079
---------------
CURRENT ASSETS:
Cash 3,846,878
Working funds 75,138
Temporary cash investments 27,523,562
Accounts receivable - Associated Companies 58,057
Accounts Receivable
Customers 36,145,561
Miscellaneous 6,952,492
Less reserve for uncollectible accounts (1,556,163)
Interest receivable (16,256)
Fuel 22,022,796
Materials and supplies, net 47,874,487
Net income tax refund receivable 3,305,247
Other current assets 4,458,550
---------------
Total current assets 150,690,349
---------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 carrying charges 15,934,329
Unamortized deferred return - Petersburg Unit 4 carrying charges 9,021,476
Unamortized reacquisition premium on debt 18,171,613
Other regulatory assets 97,640,284
Miscellaneous 15,100,265
Unamortized debt expense 13,936,996
---------------
Total deferred debits 169,804,963
---------------
TOTAL $ 2,024,138,134
===============
8
IPALCO ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
DECEMBER 31, 2002
-----------------
CAPITALIZATION AND LIABILITIES
------------------------------
CAPITALIZATION:
Common shareholder's equity:
Premium and net gain on preferred stock $ 648,700
Retained earnings (40,476,940)
Accumulated other comprehensive income (52,621,296)
---------------
Total (92,449,536)
Non-redeemable cumulative preferred stock 59,135,300
Long-term debt 1,372,650,000
Unamortized premium on long-term debt, net (643,325)
Total long-term debt 1,372,006,675
---------------
TOTAL CAPITALIZATION 1,338,692,439
---------------
CURRENT LIABILITIES:
Accounts payable 53,534,703
Dividends payable 873,655
Customer deposits 9,045,580
Accrued Liabilities
Interest on long-term debt 21,108,916
Interest on customer deposits, etc. 1,679,281
Taxes
Federal taxes on income 3,352,146
Real estate and personal property 17,106,753
Miscellaneous 5,550,174
Deferred federal and state tax on fuel costs (due within one year) 812,264
Accounts Payable - associated companies 1,044,704
Miscellaneous 798,841
---------------
Total 114,906,917
---------------
Current maturity of long-term debt 300,000
Total current liabilities 115,206,917
---------------
DEFERRED CREDITS:
FAS109 deferred income tax credit - net 96,761,231
Accumulated deferred income tax - net 241,175,191
Unamortized investment tax credit 30,926,930
Accrued postretirement benefits 5,965,347
Accrued pension benefits 186,760,982
Miscellaneous 8,649,097
---------------
Total deferred credits 570,238,778
---------------
TOTAL LIABILITIES $ 2,024,138,134
===============
9
INDIANAPOLIS POWER & LIGHT COMPANY
BALANCE SHEETS
(UNAUDITED)
DECEMBER 31, 2002
-----------------
ASSETS:
------
PROPERTY, PLANT AND EQUIPMENT
Utility Plant, at Original Cost $ 3,229,099,796
Less accumulated provision for depreciation and amortization 1,536,986,053
-----------------
Total utility plant - net 1,692,113,743
-----------------
OTHER PROPERTY, INVESTMENTS AND ASSETS:
Nonutility property 1,536,745
Less accumulated provision for depreciation 147,401
-----------------
Total Nonutility Property - Net 1,389,344
Other Investments 3,651,033
-----------------
Total 5,040,377
-----------------
CURRENT ASSETS:
Cash 3,864,204
Working funds 75,138
Temporary cash investments 21,153,565
Accounts receivable - associated companies 80,901
Accounts Receivable:
Customers 36,128,320
Miscellaneous 6,870,571
Less: Reserve for Uncollectible Accounts (1,526,238)
Interest Receivable (15,473)
Fuel 22,022,796
Materials and Supplies - Net 47,879,590
Other Current Assets 4,458,550
Tax Refund Receivable 4,205,735
-----------------
Total Current Assets 145,197,659
-----------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 carrying charges 15,934,329
Unamortized deferred return-Petersburg Unit 4 carrying charges 9,021,476
Unamortized reacquisition premium on debt 18,171,613
Other regulatory assets 97,640,284
Miscellaneous 15,092,152
Unamortized debt expense 5,060,493
-----------------
Total deferred debits 160,920,347
-----------------
TOTAL ASSETS $ 2,003,272,126
=================
10
INDIANAPOLIS POWER & LIGHT COMPANY
BALANCE SHEETS
(UNAUDITED)
DECEMBER 31, 2002
-----------------
CAPITALIZATION AND LIABILITIES
------------------------------
CAPITALIZATION:
Common Shareholder's Equity:
Common stock $ 324,536,675
Premium and net gain on preferred stock 2,642,134
Retained earnings 368,950,396
Accumulated other comprehensive income (52,618,821)
---------------
Total 643,510,384
Non-redeemable cumulative preferred stock 59,135,300
---------------
Long-term debt 622,650,000
Unamortized premium on long-term debt - net (643,325)
---------------
Total Long-Term Debt 622,006,675
---------------
TOTAL CAPITALIZATION 1,324,652,359
---------------
CURRENT LIABILITIES:
Accounts payable 51,503,393
Dividends payable 796,870
Customer deposits 9,045,580
Accrued liabilities:
Interest on long-term debt 12,950,166
Interest on customer deposits, etc 1,679,281
Taxes:
Federal taxes on income 7,427,144
Real estate and personal property 17,103,804
Miscellaneous 5,539,882
Deferred federal and state tax on fuel costs (due within one year) 812,264
Accounts payable - associated companies 339,176
Miscellaneous 798,841
---------------
Total Current Liabilities 107,996,401
---------------
DEFERRED CREDITS:
FAS109 deferred income tax-credit - net 96,761,231
Accumulated deferred income tax - net 241,559,794
Unamortized investment tax credit 30,926,930
Accrued postretirement benefits 5,965,347
Accrued pension benefits 186,760,982
Miscellaneous 8,649,082
---------------
Total Deferred Credits 570,623,366
---------------
TOTAL LIABILITIES $ 2,003,272,126
===============
11
CILCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Twelve Months Ended 12/31/2002
(In thousands)
Revenue:
CILCO Electric $ 390,549
CILCO Gas 211,879
CILCO Other 116,510
Other businesses 62,882
---------
Total 781,820
---------
Operating expenses:
Cost of fuel and purchased power 237,857
Cost of gas 184,086
Other operations and maintenance 137,093
Depreciation and amortization 72,321
State and local revenue taxes 28,959
Other Taxes 12,585
---------
Total 672,901
---------
Fixed Charges and Other:
Interest expense 66,025
Preferred stock dividends of subsidiary 2,159
Allowance for funds used during construction (1,509)
Other 1,042
---------
Total 67,717
---------
Income from continuing operations before income taxes 41,202
Income taxes 10,695
---------
Net income from continuing operations 30,507
Loss from operations of discontinued business,
net of tax of $(47) (73)
---------
Net Income 30,434
Other comprehensive loss (45,536)
---------
Comprehensive income (loss) $ (15,102)
=========
12
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED STATEMENT OF INCOME
AND COMPREHENSIVE INCOME
(UNAUDITED)
Twelve Months Ended December 31, 2002
(In thousands)
Operating Revenues:
Electric $ 390,549
Gas 211,879
---------
Total Operating Revenues 602,428
---------
Operating Expenses:
Cost of fuel 100,069
Cost of gas 128,471
Purchased power 48,101
Other operation and maintenance expenses 126,935
Depreciation and amortization 70,908
Income taxes 24,371
State and local taxes on revenue 28,959
Other taxes 12,457
---------
Total Operating Expenses 540,271
---------
Operating Income 62,157
Other Income and Deductions:
Cost of equity funds capitalized 27
Company-owned life insurance - net (1,042)
Other, net 14,495
---------
Total Other Income and (Deductions) 13,480
---------
Interest Expense:
Interest on long-term debt 19,006
Cost of borrowed funds capitalized (1,482)
Other 3,352
---------
Total Interest Expense 20,876
---------
Net income before preferred dividends 54,761
---------
Dividends on preferred stock 2,159
---------
Net income available for common stock 52,602
Other comprehensive loss (22,917)
---------
Comprehensive income $ 29,685
=========
13
CILCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
As of December 31, 2002
(In thousands)
ASSETS
Current Assets:
Cash and temporary cash investments $ 31,821
Receivables, less allowance for uncollectible accounts of $1,989 56,347
Accrued unbilled revenue 37,256
Fuel, at average cost 14,724
Materials and supplies, at average cost 17,727
Gas in underground storage, at average cost 27,209
FAC underrecoveries 1,259
PGA underrecoveries 2,635
Prepayments and other 26,240
----------
Total Current Assets 215,218
----------
Investments and Other Property:
Investment in leveraged leases 134,897
Other investments 17,850
----------
Total Investments and Other Property 152,747
----------
Property, Plant and Equipment:
Utility Plant, at original cost
Electric 739,779
Gas 245,944
----------
985,723
Less accumulated provision for depreciation 175,972
----------
809,751
Construction work in progress 102,071
Other, net of depreciation 22
----------
Total Property, Plant and Equipment 911,844
----------
Other Assets:
Goodwill, net of accumulated amortization of $33,753 579,211
Other 40,130
----------
Total Other Assets 619,341
----------
Total Assets $1,899,150
==========
14
CILCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
As of December 31, 2002
(In thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current Portion of long-term debt $ 26,750
Notes payable 10,000
Accounts payable 75,689
Accrued taxes 8,781
Accrued interest 18,712
Other 9,935
-----------
Total Current Liabilities 149,867
-----------
Long-term debt 791,028
-----------
Deferred Credits and Other Liabilities:
Deferred income taxes 194,298
Regulatory liability of regulated subsidiary 19,230
Deferred investment tax credit 12,958
Other 190,039
-----------
Total Deferred Credits and Other Liabilities 416,525
-----------
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 519,433
Retained earnings 40,739
Accumulated other comprehensive income (59,562)
-----------
Total Stockholder's Equity 500,610
-----------
Total Liabilities and Stockholder's Equity $ 1,899,150
===========
15
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
As of December 31, 2002
(In thousands)
ASSETS
Utility Plant, at Original Cost:
Electric $1,349,153
Gas 469,831
----------
1,818,984
Less-Accumulated Provision for Depreciation 1,033,095
----------
785,889
Construction work in progress 102,071
----------
Total Utility Plant 887,960
----------
Other Property and Investments:
Cash surrender value of company-owned life insurance
(net of related policy loans of $69,634) 4,268
Other 892
----------
Total Other Property and Investments 5,160
----------
Current Assets:
Cash and temporary cash investments 22,256
Receivables, less allowance for uncollectible accounts of $1,989 49,664
Accrued unbilled revenue 32,162
Fuel, at average cost 14,724
Materials and supplies, at average cost 16,447
Gas in underground storage, at average cost 27,209
Prepaid taxes 886
FAC underrecoveries 1,259
PGA underrecoveries 2,635
Other 26,171
----------
Total Current Assets 193,413
----------
Deferred Debits:
Unamortized loss on reacquired debt 2,206
Unamortized debt expense 1,581
Prepaid pension cost 7,250
Other 8,967
----------
Total Deferred Debits 20,004
----------
Total Assets $1,106,537
==========
16
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
As of December 31, 2002
(In thousands)
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stockholder'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 120,147
Accumulated Other Comprehensive Income (28,722)
-----------
Total Common Stockholder's Equity 329,086
Preferred Stock Without Mandatory Redemption 19,120
Preferred Stock With Mandatory Redemption 22,000
Long-term Debt 316,028
-----------
Total Capitalization 686,234
-----------
Current Liabilities:
Current Maturities of Long-Term Debt 26,750
Notes Payable 10,000
Accounts Payable 67,223
Accrued Taxes 18,439
Accrued Interest 9,437
Other 9,935
-----------
Total Current Liabilities 141,784
-----------
Deferred Liabilities and Credits:
Accumulated Deferred Income Taxes 98,747
Regulatory Liability 19,230
Investment Tax Credits 12,958
Other 147,584
-----------
Total Deferred Liabilities and Credits 278,519
-----------
Total Capitalization and Liabilities $ 1,106,537
===========
17
ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED):
CILCO AND IPL CONTRIBUTIONS TO
AES/CILCORP/IPALCO CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS(1))
($MM)
---------------------------------------------------------------------------------------------------------------------
12 MOS. ENDED 12/31/01 12 MOS. ENDED 12/31/02(2)
---------------------------------------------------------------------------------------------------------------------
GROSS REVENUES(3) 15.14% 17.06%
CILCO 760 719
CILCORP (excluding CILCO) 55 63
IPL 828 818
IPALCO (excluding IPL) 0 0
AES (excluding CILCORP and IPALCO) 8,843 7,408
AES/CILCORP/IPALCO 10,486 9,008
-------------------------------------------------------------------------------------------------------------
OPERATING INCOME 12.10% 16.58%
CILCO 48 106
CILCORP (excluding CILCO) 78 3
IPL 256 201
IPALCO (excluding IPL) 5 0
AES (excluding CILCORP and IPALCO) 2,125 1,542
AES/CILCORP/IPALCO 2,512 1,852
-------------------------------------------------------------------------------------------------------------
NET INCOME 22.97% (6.16)%
CILCO 13 53
CILCORP (excluding CILCO) 11 (23)
IPL 154 163
IPALCO (excluding IPL) (5) (38)
AES (excluding CILCORP and IPALCO) 554 (3,664)
AES/CILCORP/IPALCO 727 (3,509)
-------------------------------------------------------------------------------------------------------------
NET ASSETS 8.08% 9.21%
CILCO 1,042 1,107
CILCORP (excluding CILCO) 770 792
IPL 1,919 2,003
IPALCO (excluding IPL) 76 21
AES (excluding CILCORP and IPALCO) 32,852 29,853
AES/CILCORP/IPALCO 36,659 33,776
-------------------------------------------------------------------------------------------------------------
--------
(1) In accordance with the analysis used in the order requiring filing of this
certificate, the AES line items in this table are calculated on a
proportional consolidation basis whereby AES' subsidiaries are included by
multiplying each applicable line item from the statement of operations or
balance sheet, as applicable, of each AES subsidiary times AES' percentage
ownership interest in such subsidiary.
(2) For purposes of comparison with the prior period, the CILCORP and CILCO
data for gross revenues and operating income were added to AES
consolidated data to arrive at AES/CILCORP/IPALCO amounts.
(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 CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS(1))
($MM)
-------------------------------------------------------------------------------------------------------------------
12 MOS. ENDED 12/31/01 12 MOS. ENDED 12/31/02(2)
-------------------------------------------------------------------------------------------------------------------
GROSS REVENUES(3) 8.30% 9.55%
IPL 828 818
IPALCO (excluding IPL) 0 0
AES (excluding CILCO jurisdictional activities) 9,151 7,744
AES/IPALCO 9,979 8,562
-----------------------------------------------------------------------------------------------------------------
OPERATING INCOME 10.32% 11.20%
IPL 256 201
IPALCO (excluding IPL) 5 0
AES (excluding CILCO jurisdictional activities) 2,220 1,593
AES/IPALCO 2,481 1,794
-----------------------------------------------------------------------------------------------------------------
NET INCOME 21.48% (4.60)%
IPL 154 163
IPALCO (excluding IPL) (5) (38)
AES (excluding CILCO jurisdictional activities) 568 (3,669)
AES/IPALCO 717 (3,544)
-----------------------------------------------------------------------------------------------------------------
NET ASSETS 5.34% 6.07%
IPL 1,919 2,003
IPALCO (excluding IPL) 76 21
AES (excluding CILCO jurisdictional activities) 33,918 30,959
AES/IPALCO 35,913 32,983
-----------------------------------------------------------------------------------------------------------------
--------
(1) In accordance with the analysis used in the order requiring filing of this
certificate, the AES line items in this table are calculated on a
proportional consolidation basis whereby AES' subsidiaries are included by
multiplying each applicable line item from the statement of operations
or balance sheet, as applicable, of each AES subsidiary times AES'
percentage ownership interest in such subsidiary.
(2) For purposes of comparison with the prior period, the CILCORP and CILCO
data for gross revenues and operating income were added to AES
consolidated data to arrive at AES/CILCORP/IPALCO amounts.
(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.
19
ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION:
AES Generating Plants in Operation at December 31, 2002 (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 Hemphill USA 14 70 10 QF
AES Mendota USA 25 100 25 QF
AES Delano USA 50 100 50 QF
AES Mountainview* USA 126 100 126 EWG
AES Medina Valley* USA 47 100 47 EWG
AES Ironwood USA 705 100 705 EWG
AES Red Oak USA 832 100 832 EWG
AES Riverside* USA 154 100 154 EWG
DOMESTIC SUBTOTAL: 8,426 8,422
--------
* Currently in discontinued operations status.
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
20
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- -------- -------- -------- ----------
AES Quebrada Argentina 45 100 45 FUCO
AES Alicura Argentina 1,000 100 1,000 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 236 49 116 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 China 250 25 63 FUCO
Chengdu Lotus City China 48 35 17 FUCO
AES Jiaozuo China 250 70 175 FUCO
AES Hefei China 115 70 81 FUCO
AES Chongqing Nanchuan China 50 70 35 FUCO
Yangcheng China 2,100 25 525 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 92 479 FUCO
AES Barry U.K. 230 100 230 FUCO
AES Drax U.K. 4,065 100 4,065 FUCO
AES Uruguaiana Brazil 600 100 600 FUCO
AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO
AES EDC Venezuela 2,265 87 1,971 FUCO
AES Merida III Mexico 484 55 266 FUCO
AES Mtkvari Georgia 600 100 600 FUCO
AES Khrami I Georgia 113 Managt 0 FUCO
AES Khrami II Georgia 110 Managt 0 FUCO
AES Ottana Italy 140 100 140 FUCO
AES Mammonal Columbia 90 62 56 FUCO
AES Chivor Columbia 1,000 96 960 FUCO
AES Gener-Electrica de Santiago Chile 379 89 337 FUCO
AES Gener-Energia Verde Chile 39 99 39 FUCO
21
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- -------- -------- -------- ----------
AES Gener-Guacolda Chile 304 49 149 FUCO
AES Gener-Norgener Chile 277 99 274 FUCO
Itabo (pending sale) Dom. Rep. 587 24 141 FUCO
AES Bohemia Czech Rep. 50 83 42 FUCO
AES SONEL Cameroon 800 51 408 FUCO
Central Dique Argentina 68 51 35 FUCO
AES Termoandes Argentina 643 99 637 FUCO
AES Parana Argentina 845 67 566 FUCO
AES Kelvin* Rep. South 600 95 570 FUCO
Africa
Ebute Nigeria 290 95 276 FUCO
AES Gener - Cordillera Chile 245 99 243 FUCO
AES Gener - Costa Chile 512 99 507 FUCO
AES Haripur Bangladesh 360 100 360 FUCO
FOREIGN SUBTOTAL: 43,236 30,864
TOTAL - December 31, 2002 51,662 39,286
Foreign Generation as a Percentage of Total: 84% 79%
--------
* Currently in discontinued operations status.
CILCORP Generating Plants at December 31, 2002:
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, 2002 1,172 1,172
IPALCO Generating Plants at December 31, 2002:
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- -------- -------- -------- ----------
Petersburg USA 1,715 100 1,715 IN PUC
H.T. Pritchard (Eagle Valley) USA 367 100 367 IN PUC
E.W. Stout USA 1,116 100 1,116 IN PUC
Georgetown USA 80 100 80 IN PUC
TOTAL - December 31, 2002 3,278 3,278
22
Revenues from electric generation capacity - 12 months ended December 31, 2002
(millions of dollars):
IPALCO 573 13%
CILCORP 156 4%
AES (excluding CILCORP and IPALCO) 3,682 83%
----- -----
Total 4,411 100%
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,
the amount of generation capacity owned by IPALCO has been restated from 3,363
MW to 3,278 MW and there has been no material change in the amount of generation
capacity owned by AES (excluding CILCORP and IPALCO) since September 30, 2002.
There has been a less than 1% increase in the total revenues earned from the
capacity owned by AES, IPALCO and CILCORP in the 12-month period ended December
31, 2002 compared with the 12-month period ended September 30, 2002. The
percentage of the total revenues derived from the generation capacity owned by
CILCORP has remained the same at 4%. The percentage of the total revenues
derived from the generation capacity owned by IPALCO has remained the same at
13%.
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, 2002 (millions of dollars):
IPALCO 1,356
CILCORP 793
Total AES (excluding CILCORP and IPALCO) 5,082
-----
Total 7,231
Electric transmission and distribution and gas distribution revenues for 12
months ending December 31, 2002 (millions of dollars):
IPALCO 245
CILCORP 446
Total AES (excluding CILCORP and IPALCO) 3,726
-----
Total 4,417
23
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, 2002. CILCORP's transmission and distribution
assets have increased slightly and the revenues derived from such assets have
increased since September 30, 2002. IPALCO's transmission and distribution
assets have increased while the revenues derived from such assets have increased
slightly since September 30, 2002. AES' transmission and distribution assets
have decreased and the revenues derived from such assets have decreased since
September 30, 2002. CILCORP's percentage of the total transmission and
distribution assets has remained the same at 11%, and CILCORP's percentage of
the total revenues from such assets has increased from 9% to 10% for the
12-month period ending December 31, 2002 compared to the 12-month period ending
September 30, 2002. IPALCO's percentage of the total transmission and
distribution assets has increased from 15% to 19%, and IPALCO's percentage of
the total revenues from such assets has increased from 5% to 6% for the 12-month
period ending December 31, 2002 compared to the 12-month period ending September
30, 2002.
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 2002.
ITEM (6) PER EXEMPTION ORDER:
On June 19, 2002, CILCO and Ameren Corporation ("Ameren") filed a joint
application with the Illinois Commerce Commission in Docket No. 02-0428 for
authority to engage in a reorganization, and to enter into various agreements in
connection therewith, including agreements with affiliated interests, and for
such other approvals as may be required under the Illinois Public Utilities Act
to effectuate the reorganization. A final order in the proceeding was issued
December 4, 2002, authorizing, among other things, the purchase by Ameren of all
of the outstanding common stock of CILCORP from AES. During the fourth quarter
of 2002, 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.
24
ITEM (7) PER EXEMPTION ORDER:
AES announced on April 29, 2002 an agreement with Ameren to sell 100% of AES's
ownership interest in CILCORP, including the jurisdictional business and assets
of CILCO. In addition to the filing with the Illinois Commerce Commission
discussed in item (6) above, on July 19, 2002, CILCO and Ameren Services
Company, on behalf of the public utility company subsidiaries of Ameren,
filed an application requesting authorization from the Federal Energy
Regulatory Commission for Ameren to acquire CILCO through the acquisition
from AES of all of the outstanding common stock of CILCORP. FERC approved
the application in an order issued on November 21, 2002 in Docket No.
EC02-96-000. Ameren Services Co., 101 FERC P. 61,202 (2002). Also, on August 2,
2002, as amended on October 28, 2002, January 28, 2003 and January 29, 2003,
Ameren and CILCORP filed with the SEC a Form U-1 application/declaration in File
No. 70-10078 seeking approval for the acquisition by Ameren of CILCORP and
certain associated transactions. The SEC approved the proposed acquisition in an
order issued on January 29, 2003, Holding Company Act Release No. 27645. On
January 31, 2003, AES announced completion of the sale of CILCORP, including
CILCO, to Ameren.
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 3rd day of March, 2003 by the undersigned thereunto duly authorized.
The AES Corporation
/s/ Erik W. Luckau
-------------------
By: Erik W. Luckau
General Counsel, International
25