SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-3A-2/A
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
CH ENERGY GROUP, INC.
hereby amends Exhibit A to Form U-3A-2 CH Energy Group, Inc. filed on February
26, 2002 and thereafter amended on March 5, 2002 in its entirety to read as
Exhibit A attached hereto.
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on the 29th day of April, 2002.
CH ENERGY GROUP, INC.
By: /s/ Steven V. Lant
------------------------------------
Steven V. Lant
Chief Operating Officer
and Chief Financial Officer
Attest:
/s/ Gladys L. Cooper
------------------------------------
Gladys L. Cooper
Corporate Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Steven V. Lant
Chief Operating Officer and
Chief Financial Officer
CH Energy Group, Inc.
284 South Avenue
Poughkeepsie, New York 12601-4879
EXHIBIT A
Consolidating Financial Statements of CH Energy Group, Inc.
as of December 31, 2001
C H Energy Group, Inc.
Consolidated Balance Sheet
December 31, 2001
Holding
Company Consolidated Consolidated
C H Energy Central C H Energy Subsidiaries
ASSETS Group, Inc. Hudson Services, Inc. Subtotal
------------ ------------ -------------- --------------
Utility Plant
Electric $584,830,537 $ 584,830,537
Gas 180,672,689 180,672,689
Common 97,124,477 97,124,477
Nuclear Fuel 0 0
------------ ------------ ------------ --------------
0 862,627,703 0 862,627,703
Less: Accumulated Depreciation 354,010,087 354,010,087
Nuclear Fuel Amortization 0 0
------------ ------------ ------------ --------------
0 508,617,616 0 508,617,616
Construction Work in Progress 53,138,733 53,138,733
------------ ------------ ------------ --------------
0 561,756,349 0 561,756,349
Other Property and Plant 74,683 970,180 47,156,932 48,127,112
------------ ------------ ------------ --------------
Prefunded Pension Costs 78,742,756 78,742,756
Other Investments 1,892,591 1,892,591
Partnership Interest 4,406,998 4,406,998
Investment in CHG&E 264,406,447 0
Investments in C H Services 163,515,086 0
------------ ------------ ------------ --------------
Total Other Investments 427,921,533 80,635,347 4,406,998 85,042,345
Intangible Assets 0 0 79,587,161 79,587,161
Current Assets:
Cash and Cash Equivalents 77,421,196 47,863,681 7,109,914 54,973,595
Accounts Receivable from Customers 37,356,410 24,183,765 61,540,175
Accounts Receivable - Affiliates 252,062 177,276 2,952,608 3,129,884
Accrued Unbilled Utility Revenues 11,765,375 11,765,375
Other Receivables 8,968,128 8,968,128
Fuel and Materials & Supplies 13,867,351 4,534,993 18,402,344
Special Deposits 24,193,342 24,193,342
Prepayments 8,013,250 9,391,311 17,404,561
------------ ------------ ------------ --------------
Total Current Assets 77,673,258 152,204,813 48,172,591 200,377,404
Deferred Charges and Other Assets
Regulatory Assets 35,093,998 35,093,998
Unamortized Debt Expense 3,545,062 3,545,062
Fair Value of Derivatives 1,024,000 25,642,394 1,924,659 27,567,053
Deferred Debits 26,622,536 26,622,536
Clearing Accounts 171,009 171,009
Other Assets 18,611,670 14,765,718 33,377,388
------------ ------------ ------------ --------------
1,024,000 109,686,669 16,690,377 126,377,046
------------ ------------ ------------ --------------
Accumulated Deferred Income Tax (Net) 0 63,959 63,959
------------ ------------ ------------ --------------
Partnerships 0
Long Term Receivable from Affiliate 0
------------ ------------ ------------ --------------
Total Assets $506,693,474 $905,253,358 $196,078,018 $1,101,331,376
============ ============ ============ ==============
Adjustments Consolidated
Eliminations C H Energy
Debit/(Credit) Group, Inc.
-------------- --------------
Utility Plant
Electric $ 584,830,537
Gas 180,672,689
Common 97,124,477
Nuclear Fuel 0
------------- --------------
0 862,627,703
Less: Accumulated Depreciation 354,010,087
Nuclear Fuel Amortization 0
------------- --------------
0 508,617,616
Construction Work in Progress 53,138,733
------------- --------------
0 561,756,349
0
Other Property and Plant 48,201,795
------------- --------------
Prefunded Pension Costs 78,742,756
Other Investments 1,892,591
Partnership Interest 4,406,998
Investment in CHG&E
Investments in C H Services (445,884,430)
17,962,897 0
------------- --------------
Total Other Investments (427,921,533) 85,042,345
Intangible Assets 79,587,161
Current Assets:
Cash and Cash Equivalents 132,394,791
Accounts Receivable from Customers 61,540,175
Accounts Receivable - Affiliates (3,381,577) 369
Accrued Unbilled Utility Revenues 11,765,375
Other Receivables 8,968,128
Fuel and Materials & Supplies 18,402,344
Special Deposits 24,193,342
Prepayments 11,983,831* 29,388,392
------------- --------------
Total Current Assets 8,602,254 286,652,916
Deferred Charges and Other Assets
Regulatory Assets 35,093,998
Unamortized Debt Expense 3,545,062
Fair Value of Derivatives 28,591,053
Deferred Debits 26,622,536
Clearing Accounts 171,009
Other Assets 33,377,388
------------- --------------
0 127,401,046
------------- --------------
Accumulated Deferred Income Tax (Net) (63,959) 0
------------- --------------
Partnerships 0
Long Term Receivable from Affiliate 0 0
------------- --------------
Total Assets ($419,383,238) $1,188,641,612
============= ==============
* Reclassification of $11,983,831 debit balance in the Current Liabilities -
Accrued Taxes Account to the Current Assets - Prepayments Account.
C H Energy Group, Inc.
Consolidated Balance Sheet
December 31, 2001
Holding
Company Consolidated Consolidated
C H Energy Central CH Energy Subsidiaries
CAPITALIZATION and LIABILITIES Group, Inc. Hudson Services, Inc. Subtotal
------------- ------------- -------------- ---------------
Capitalization
Common Stock $ 1,686,209 $ 84,310,435 $ 2,510 $ 84,312,945
Paid in Capital 351,201,544 174,979,688 71,633,500 246,613,188
Retained Earnings - Brought Forward 163,316,671 9,777,187 9,379,075 19,156,262
OCI - Derivatives 0 0 0 0
Reacquired Capital Stock (18,765,307) 0 0
Capital Stock Expense - Preferred (5,790,614) (5,790,614)
------------- ------------- ------------- ---------------
Total Shareholder's Equity 497,439,117 263,276,696 81,015,085 344,291,781
------------- ------------- ------------- ---------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000 21,030,000
Subject to Mandatory Redemption 35,000,000 35,000,000
------------- ------------- ------------- ---------------
0 56,030,000 0 56,030,000
------------- ------------- ------------- ---------------
Long Term Debt 215,950,000 250,000 216,200,000
Unamortized Premium & Discount on Debt (76,309) (76,309)
Long Term Debt to Affiliate 0 82,500,000 82,500,000
------------- ------------- ------------- ---------------
0 215,873,691 82,750,000 298,623,691
------------- ------------- ------------- ---------------
497,439,117 535,180,387 163,765,085 698,945,472
------------- ------------- ------------- ---------------
Current Liabilities
Current Maturities of Long-term Debt
and Preferred Stock 20,000,000 20,000,000
Notes Payable 0 250,000 250,000
Accounts Payable 32,107,291 30,427,135 62,534,426
Accounts Payable - CH Energy Group, Inc. 17,961 234,101 252,062
Accounts Payable - FIT - CHG&E (2,970,586) 0
Accounts Payable - FIT - CH Services 2,789,059 0
Accounts Payable - NYS - CHG&E 12,260,577 0
Accounts Payable - NYS - CH Services 163,549 0
Accounts Payable to Affiliates / Parent 176,909 176,909
Accrued Taxes - FIT & NYS (7,431,045) 0
Accrued Taxes - Other (4,392,755) (9,450,024) (9,450,024)
Accrued Interest 2,538,001 2,538,001
Dividends Payable 8,835,527 807,488 807,488
Accrued Vacation 3,899,700 3,899,700
Customer Deposits 5,032,287 5,032,287
Other 31 11,545,133 11,545,133
------------- ------------- ------------- ---------------
Total Current Liabilities 9,254,357 66,497,837 31,088,145 97,585,982
------------- ------------- ------------- ---------------
Deferred Credits & Other Liabilities
Regulatory Liabilities 235,960,095 235,960,095
Miscellaneous Reserves 4,852,994 4,852,994
Customer Advance for Construction 215,615 215,615
Other Deferred Credits 42,347,791 42,347,791
------------- ------------- ------------- ---------------
0 283,376,495 0 283,376,495
------------- ------------- ------------- ---------------
Accumulated Deferred Income Tax (Net) 20,198,639 1,224,788 21,423,427
------------- ------------- ------------- ---------------
Total Liabilities $ 506,693,474 $ 905,253,358 $ 196,078,018 $ 1,101,331,376
============= ============= ============= ===============
Adjustments Consolidated
Eliminations C H Energy
Debit/(Credit) Group, Inc.
-------------- --------------
Capitalization
Common Stock $ 84,312,945 $ 1,686,209
Paid in Capital 246,585,168 351,229,564
Retained Earnings - Brought Forward 19,156,262 163,316,671
OCI - Derivatives 0
Reacquired Capital Stock (18,765,307)
Capital Stock Expense - Preferred (4,632,842) (1,157,772)
------------- --------------
Total Shareholder's Equity 345,421,533 496,309,365
------------- --------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000
Subject to Mandatory Redemption 35,000,000
------------- --------------
0 56,030,000
------------- --------------
Long Term Debt 216,200,000
Unamortized Premium & Discount on Debt (76,309)
Long Term Debt to Affiliate 82,500,000 0
------------- --------------
82,500,000 216,123,691
------------- --------------
427,921,533 768,463,056
------------- --------------
Current Liabilities
Current Maturities of Long-term Debt
and Preferred Stock 20,000,000
Notes Payable 250,000
Accounts Payable 62,534,426
Accounts Payable - CH Energy Group, Inc. 252,062 0
Accounts Payable - FIT - CHG&E (2,970,586) 0
Accounts Payable - FIT - CH Services 2,789,059 0
Accounts Payable - NYS - CHG&E 12,260,577 0
Accounts Payable - NYS - CH Services 163,549 0
Accounts Payable to Affiliates / Parent 176,909 0
Accrued Taxes - FIT & NYS (11,983,831)* 4,552,786
Accrued Taxes - Other (9,289,993) (4,552,786)
Accrued Interest 2,538,001
Dividends Payable 9,643,015
Accrued Vacation 3,899,700
Customer Deposits 5,032,287
Other 11,545,164
------------- --------------
Total Current Liabilities (8,602,254) 115,442,593
------------- --------------
Deferred Credits & Other Liabilities
Regulatory Liabilities 235,960,095
Miscellaneous Reserves 4,852,994
Customer Advance for Construction 215,615
Other Deferred Credits 42,347,791
------------- --------------
0 283,376,495
------------- --------------
Accumulated Deferred Income Tax (Net) 63,959 21,359,468
------------- --------------
Total Liabilities $ 419,383,238 $1,188,641,612
============= ==============
* Reclassification of $(11,983,831) debit balance in the Current Liabilities -
Accrued Taxes Account to the Current Assets - Prepayments Account.
CH ENERGY GROUP, INC.
Consolidated Income Statement
Twelve Month Total @ December 31, 2001
Holding
Company Consolidated Consolidated Adjustments Consolidated
CH Energy Central CH Eliminations CH Energy
Group, Inc. Hudson Services DR / (CR) Ref Group, Inc.
------------ ------------- ------------- ------------- --- ------------
Operating Revenues
Electric 0 418,433,214 418,433,214
Gas 0 109,638,237 109,638,237
Other 0 189,297,742 189,297,742
------------------------------------------------------------------------------
Total - own territory 0 528,071,451 189,297,742 0 717,369,193
Revenues from Electric sales to other utilities 0 9,983,356 9,983,356
Revenues from Gas sales to other utilities 0 1,078,560 1,078,560
------------------------------------------------------------------------------
0 539,133,367 189,297,742 0 728,431,109
------------------------------------------------------------------------------
Operating Expenses
Operation:
Fuel Used in electric generation 0 15,406,345 18,907,699 34,314,044
Purchased electricity 0 209,102,626 5,532,494 214,635,120
Purchased petroleum 0 89,173,280 89,173,280
Purchased natural gas 0 63,750,935 8,562,683 72,313,618
Other expenses of operation (62,371) 86,752,002 56,481,903 143,171,536
Maintenance 0 20,060,946 0 20,060,946
Depreciation and amortization 850 26,812,866 8,823,257 35,636,973
Taxes, other than income tax 78,187 50,170,045 153,974 50,402,206
Federal/State income tax 3,264,800 247,275,266 35,904 250,575,970
Deferred income tax 0 (229,532,766) 0 (229,532,766)
------------------------------------------------------------------------------
3,281,466 489,798,265 187,671,194 0 680,750,927
------------------------------------------------------------------------------
Operating Income (3,281,466) 49,335,102 1,626,548 0 47,680,182
------------------------------------------------------------------------------
Other Income and Deductions
Equity Earnings-Subscos. 42,357,446 1,882 0 (42,357,446) 1,882
Allow. for equity funds used during constr 0 429,084 0 429,084
Federal/State income tax 0 (2,635,000) (998,900) (3,633,900)
Deferred income tax - credit 0 28,015,200 0 28,015,200
Other income 10,730,489 0 0 (2,977,376) 7,753,113
Other - net 1,028,766 (2,459,897) 4,775,892 3 3,344,764
------------------------------------------------------------------------------
54,116,701 23,351,269 3,776,992 (45,334,819) 35,910,143
------------------------------------------------------------------------------
Income Before Interest Charges 50,835,235 72,686,371 5,403,540 (45,334,819) 83,590,325
------------------------------------------------------------------------------
Interest Charges
Interest on mortgage bonds 0 5,210,877 5,210,877
Interest on other long-term debt 0 10,446,158 10,446,158
Interest on short-term debt 0 125,878 125,878
Other interest 0 11,694,855 3,994,001 (2,977,376) 12,711,480
Allowance for borrowed funds used
during construction 0 (319,362) (319,362)
Amortization of premium & exp on debt 0 1,350,109 1,350,109
------------------------------------------------------------------------------
0 28,508,515 3,994,001 (2,977,376) 29,525,140
------------------------------------------------------------------------------
Net Income (Loss) (Prior to Consolidation) 50,835,235 44,177,856 1,409,539 (42,357,443) 54,065,185
Dividends on Preferred Stock 3,229,950 3,229,950
------------------------------------------------------------------------------
Net Income (Loss) Consolidated CH Energy Group 50,835,235 40,947,906 1,409,539 (42,357,443) 50,835,235
Dividends Declared on Common Stock 35,342,108 35,342,108
------------------------------------------------------------------------------
Balance Retained in the Business 15,493,127 15,493,127
==============================================================================
Central Hudson Energy Service, Inc.
(A wholly owned subsidiary of CH Energy Group, Inc.)
Unconsolidated Balance Sheets
Unconsolidated Balance Sheets - December 31, 2001
------------------------------------------------------------------------
Services CHEC CH Resources CH Syracuse CH Niagara
Assets
Current assets:
Cash $ 10 $ 2,767,142 $ 768,772 $ -- $ --
Accounts receivable, less allowance for
doubtful accounts of $958,272 4,419,737 523,615
Due from affiliates 1,000,000 (996,277) 2,088,875
Notes receivable
Installment receivables, net 1,090,055
Inventory 1,179,339
Prepaid 293,391 501,875 6,228,753 10 10
Derivatives 1,500,000 --
------------------------------------------------------------------------
Total current assets 1,293,401 9,282,532 10,789,354 10 10
Installment receivable 7,917,802
Notes receivable 82,500,000 50,475,000
Deferred projects 1,448,769
Investments in partnerships 4,406,998
Deferred income taxes
Due from parent-FIT (996,862) 1,539,906 1,010,780
Due from parent-NYSIT (63,832) 221,475
Other assets 4,941,278
Fixed assets, net 120,848 32,980,907
Goodwill, net
Investments in subsidiaries 80,727,512 47,326,731
------------------------------------------------------------------------
Total non current assets 162,230,650 113,172,222 39,154,440
------------------------------------------------------------------------
Total assets $ 163,524,051 $ 122,454,754 $ 49,943,794 $ 10 $ 10
========================================================================
Liabilities and shareholder's equity Current liabilities:
Accounts payable and accruals $ 5,310 $ 1,754,914 $ 3,582,090 $ -- $ --
Due to affiliates 3,656 1,935,705
Due to parent-FIT
Due to parent 52,234 64,800
Due to CHG&E 71,714 101,471
Note payable 250,000
Deferred income taxes 272,826 870,430
------------------------------------------------------------------------
Total current liabilities 8,966 4,087,393 4,868,791
------------------------------------------------------------------------
Notes Payable - Banks 250,000
Notes Payable - Affiliated Companies 82,500,000 63,750,000 19,000,000
------------------------------------------------------------------------
Total liabilities 82,508,966 67,837,393 24,118,791
------------------------------------------------------------------------
Shareholder's equity:
Capital stock 2,510 7,230,000 566,000 1 1
Additional paid-in capital 71,633,500 36,500,000 27,160,000 9 9
Retained earnings 9,379,075 10,887,361 (1,900,997)
Treasury stock
------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 81,015,085 54,617,361 25,825,003 10 10
Other comprehensive income
------------------------------------------------------------------------
Total shareholder's equity 81,015,085 54,617,361 25,825,003 10 10
------------------------------------------------------------------------
Total liabilities and shareholder's equity $ 163,524,051 $ 122,454,754 $ 49,943,794 $ 10 $ 10
========================================================================
-------------------------------------------------------------------------
Prime Green Griffith
Industrial Point SCASCO Energy Total
Assets
Current assets:
Cash $ 134,743 $ 35,666 $ 1,077,817 $ 2,325,764 $ 7,109,914
Accounts receivable, less allowance for
doubtful accounts of $958,272 187,044 5,829,938 10,727,854 21,688,188
Due from affiliates 83,355 2,175,953
Notes receivable 1,405,522 1,405,522
Installment receivables, net 1,090,055
Inventory 48,282 1,017,891 2,289,481 4,534,993
Prepaid 19,869 869,413 1,478,010 9,391,331
Derivatives 424,659 1,924,659
--------------------------------------------------------------------------
Total current assets 473,293 35,666 9,219,718 18,226,631 49,320,615
Installment receivable 7,917,802
Notes receivable 250,000 423,925 133,648,925
Deferred projects 1,448,769
Investments in partnerships 4,406,998
Deferred income taxes 22,981 40,978 63,959
Due from parent-FIT 17,744 160 134,113 1,083,218 2,789,059
Due from parent-NYSIT 5,921 (15) 163,549
Other assets 33,944 4,975,222
Fixed assets, net 74,932 3,984,585 9,995,660 47,156,932
Goodwill, net 145,273 11,033,558 68,408,330 79,587,161
Investments in subsidiaries 128,054,243
--------------------------------------------------------------------------
Total non current assets 266,851 250,145 15,227,178 79,911,133 410,212,619
--------------------------------------------------------------------------
Total assets $ 740,144 $ 285,811 $ 24,446,896 $ 98,137,764 $ 459,533,234
==========================================================================
Liabilities and shareholder's equity Current liabilities:
Accounts payable and accruals $ 94,577 $ 598 $ 4,982,156 $ 20,007,494 $ 30,427,139
Due to affiliates 67 236,525 2,175,953
Due to parent-FIT 0
Due to parent 21,084 95,983 234,101
Due to CHG&E 3,724 176,909
Note payable 250,000
Deferred income taxes 81,532 1,224,788
--------------------------------------------------------------------------
Total current liabilities 94,577 665 5,003,240 20,425,258 34,488,890
--------------------------------------------------------------------------
Notes Payable - Banks 250,000
Notes Payable - Affiliated Companies 475,000 10,000,000 40,000,000 215,725,000
--------------------------------------------------------------------------
Total liabilities 569,577 665 15,003,240 60,425,258 250,463,890
--------------------------------------------------------------------------
Shareholder's equity:
Capital stock 1 180,000 1,165 10 7,979,688
Additional paid-in capital 249,999 14,648,835 35,000,000 185,192,352
Retained earnings (79,433) 105,146 193,656 2,712,496 21,297,304
Treasury stock (5,400,000) (5,400,000)
--------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 170,567 285,146 9,443,656 37,712,506 209,069,344
Other comprehensive income
--------------------------------------------------------------------------
Total shareholder's equity 170,567 285,146 9,443,656 37,712,506 209,069,344
--------------------------------------------------------------------------
Total liabilities and shareholder's equity $ 740,144 $ 285,811 $ 24,446,896 $ 98,137,764 $ 459,533,234
==========================================================================
Central Hudson Energy Service, Inc.
(A wholly owned subsidiary of CH Energy Group, Inc.)
Balance Sheets - Elimination Entries
Eliminations
-------------------------------------------------------------------------
Services CHEC CH Resources CH Syracuse CH Niagara
Assets
Current assets:
Cash
Accounts receivable, less allowance for
doubtful accounts of $958,272
Due from affiliates (1,000,000) 996,277 (2,088,875)
Notes receivable
Installment receivables, net
Inventory
Prepaid (20)
Derivatives
-------------------------------------------------------------------------
Total current assets (1,000,000) 996,277 (2,088,895)
Installment receivable
Notes receivable (82,500,000) (50,475,000)
Deferred projects
Investments in partnerships
Deferred income taxes
Due from parent-FIT
Due from parent-NYSIT
Other assets
Fixed assets, net
Goodwill, net
Investments in subsidiaries (80,727,512) (47,326,731)
-------------------------------------------------------------------------
Total non current assets (163,227,512) (97,801,731) 0 0 0
-------------------------------------------------------------------------
Total assets $(164,227,512) $ (96,805,454) $ (2,088,895) $ 0 $ 0
=========================================================================
Liabilities and shareholder's equity Current liabilities:
Accounts payable and accruals (1)
Due to affiliates (3,656) (1,935,705)
Due to parent-FIT
Due to parent
Due to CHG&E
Note payable
Deferred income taxes
-------------------------------------------------------------------------
Total current liabilities (3,656) (1,935,705) (1) 0 0
-------------------------------------------------------------------------
Notes Payable - Banks
Notes Payable - Affiliated Companies (63,750,000) (19,000,000)
-------------------------------------------------------------------------
Total liabilities (3,656) (65,685,705) (19,000,001) 0 0
-------------------------------------------------------------------------
Shareholder's equity:
Capital stock (7,230,000) (566,000) (1) (1)
Additional paid-in capital (36,500,000) (27,160,000) (9) (9)
Retained earnings (10,887,361) 1,900,997
Treasury stock
-------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 0 (54,617,361) (25,825,003) (10) (10)
Other comprehensive income
-------------------------------------------------------------------------
Total shareholder's equity 0 (54,617,361) (25,825,003) (10) (10)
-------------------------------------------------------------------------
Total liabilities and shareholder's equity (3,656) (120,303,066) (44,825,004) (10) (10)
=========================================================================
--------------------------------------------------------------------------
Prime Green Griffith
Industrial Point SCASCO Energy Eliminations
Assets
Current assets:
Cash $ --
Accounts receivable, less allowance for
doubtful accounts of $958,272
Due from affiliates (83,355) (2,175,953)
Notes receivable
Installment receivables, net
Inventory
Prepaid (20)
Derivatives
--------------------------------------------------------------------------
Total current assets (83,355) (2,175,973)
Installment receivable
Notes receivable (250,000) (133,225,000)
Deferred projects
Investments in partnerships
Deferred income taxes
Due from parent-FIT
Due from parent-NYSIT
Other assets
Fixed assets, net
Goodwill, net
Investments in subsidiaries (128,054,243)
--------------------------------------------------------------------------
Total non current assets 0 (250,000) 0 0 (261,279,243)
--------------------------------------------------------------------------
Total assets $ (83,355) $ (250,000) $ 0 $ 0 $(263,455,216)
==========================================================================
Liabilities and shareholder's equity Current liabilities:
Accounts payable and accruals $ (1) (2) $ (4)
Due to affiliates (67) (236,525) (2,175,953)
Due to parent-FIT
Due to parent
Due to CHG&E
Note payable
Deferred income taxes
--------------------------------------------------------------------------
Total current liabilities 0 (68) (2) (236,525) (2,175,957)
--------------------------------------------------------------------------
Notes Payable - Banks
Notes Payable - Affiliated Companies (475,000) (10,000,000) (40,000,000) (133,225,000)
--------------------------------------------------------------------------
Total liabilities (475,000) (68) (10,000,002) (40,236,525) (135,400,957)
--------------------------------------------------------------------------
Shareholder's equity:
Capital stock (1) (180,000) (1,165) (10) (7,977,178)
Additional paid-in capital (249,999) (14,648,835) (35,000,000) (113,558,852)
Retained earnings 79,433 (105,146) (193,656) (2,712,496) (11,918,229)
Treasury stock 5,400,000 5,400,000
--------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income (170,567) (285,146) (9,443,656) (37,712,506) (128,054,259)
Other comprehensive income
--------------------------------------------------------------------------
Total shareholder's equity (170,567) (285,146) (9,443,656) (37,712,506) (128,054,259)
--------------------------------------------------------------------------
Total liabilities and shareholder's equity (645,567) (285,214) (19,443,658) (77,949,031) (263,455,216)
==========================================================================
Central Hudson Energy Service, Inc.
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidated Balance Sheets
Consolidated
-------------------------------------------------------------------------
Services CHEC CH Resources CH Syracuse CH Niagara
Assets
Current assets:
Cash $ 10 $ 2,767,142 $ 768,772 $ -- $ --
Accounts receivable, less allowance for
doubtful accounts of $958,272 4,419,737 523,615
Due from affiliates
Notes receivable
Installment receivables, net 1,090,055
Inventory 1,179,339
Prepaid 293,391 501,875 6,228,733 10 10
Derivatives 1,500,000
-------------------------------------------------------------------------
Total current assets 293,401 10,278,809 8,700,459 10 10
Installment receivable 7,917,802
Notes receivable
Deferred projects 1,448,769
Investments in partnerships 4,406,998
Deferred income taxes
Due from parent-FIT (996,862) 1,539,906 1,010,780
Due from parent-NYSIT (63,832) 221,475
Other assets 4,941,278
Fixed assets, net 120,848 32,980,907
Goodwill, net
Investments in subsidiaries
-------------------------------------------------------------------------
Total non current assets (996,862) 15,370,491 39,154,440 0 0
-------------------------------------------------------------------------
Total assets (703,461) 25,649,300 47,854,899 10 10
=========================================================================
Liabilities and shareholder's equity Current liabilities:
Accounts payable and accruals $ 5,310 $ 1,754,914 $ 3,582,089 $ -- $ --
Due to affiliates
Due to parent-FIT
Due to parent 52,234 64,800
Due to CHG&E 71,714 101,471
Note payable 250,000
Deferred income taxes 272,826 870,430
-------------------------------------------------------------------------
Total current liabilities 5,310 2,151,688 4,868,790 0 0
-------------------------------------------------------------------------
Notes Payable - Banks 250,000
Notes Payable - Affiliated Companies 82,500,000
-------------------------------------------------------------------------
Total liabilities 82,505,310 2,151,688 5,118,790 0 0
-------------------------------------------------------------------------
Shareholder's equity:
Capital stock 2,510
Additional paid-in capital 71,633,500
Retained earnings 9,379,075
Treasury stock
-------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 81,015,085
Other comprehensive income
-------------------------------------------------------------------------
Total shareholder's equity 81,015,085
-------------------------------------------------------------------------
Total liabilities and shareholder's equity 163,520,395 2,151,688 5,118,790 0 0
=========================================================================
December 31, 2001
---------------------------------------------------------------------------
Prime Green Griffith
Industrial Point SCASCO Energy
Assets
Current assets:
Cash $ 134,743 $ 35,666 $ 1,077,817 $ 2,325,764 $ 7,109,914
Accounts receivable, less allowance for
doubtful accounts of $958,272 187,044 5,829,938 10,727,854 21,688,188
Due from affiliates
Notes receivable 1,405,522 1,405,522
Installment receivables, net 1,090,055
Inventory 48,282 1,017,891 2,289,481 4,534,993
Prepaid 19,869 869,413 1,478,010 9,391,311
Derivatives 424,659 1,924,659
---------------------------------------------------------------------------
Total current assets 389,938 35,666 9,219,718 18,226,631 47,144,642
Installment receivable 7,917,802
Notes receivable 423,925 423,925
Deferred projects 1,448,769
Investments in partnerships 4,406,998
Deferred income taxes 22,981 40,978 63,959
Due from parent-FIT 17,744 160 134,113 1,083,218 2,789,059
Due from parent-NYSIT 5,921 (15) 163,549
Other assets 33,944 4,975,222
Fixed assets, net 74,932 3,984,585 9,995,660 47,156,932
Goodwill, net 145,273 11,033,558 68,408,330 79,587,161
Investments in subsidiaries
---------------------------------------------------------------------------
Total non current assets 266,851 145 15,227,178 79,911,133 148,933,376
---------------------------------------------------------------------------
Total assets 656,789 35,811 24,446,896 98,137,764 196,078,018
===========================================================================
Liabilities and shareholder's equity Current liabilities:
Accounts payable and accruals $ 94,577 $ 597 $ 4,982,154 $ 20,007,494 $ 30,427,135
Due to affiliates
Due to parent-FIT
Due to parent 21,084 95,983 234,101
Due to CHG&E 3,724 176,909
Note payable 250,000
Deferred income taxes 81,532 1,224,788
---------------------------------------------------------------------------
Total current liabilities 94,577 597 5,003,238 20,188,733 32,312,933
---------------------------------------------------------------------------
Notes Payable - Banks 250,000
Notes Payable - Affiliated Companies 82,500,000
---------------------------------------------------------------------------
Total liabilities 94,577 597 5,003,238 20,188,733 115,062,933
---------------------------------------------------------------------------
Shareholder's equity:
Capital stock 2,510
Additional paid-in capital 71,633,500
Retained earnings 9,379,075
Treasury stock
---------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 81,015,085
Other comprehensive income
---------------------------------------------------------------------------
Total shareholder's equity 81,015,085
---------------------------------------------------------------------------
Total liabilities and shareholder's equity 94,577 597 5,003,238 20,188,733 196,078,018
===========================================================================
Central Hudson Energy Services, Inc.
Consolidating Income Statement
December 31, 2001
Unconsolidated
-------------------------------------------------------------------------------
Services CHEC CH Resources CH Syracuse CH Niagara
Revenues $ -- $ 40,268,473 $ 30,230,754 $ -- $ --
-------------------------------------------------------------------------------
Total Revenues -- 40,268,473 30,230,754 -- --
Cost of goods sold:
Fuel used in electric generation -- -- -- -- --
Purchased electricity -- -- -- -- --
Purchased petroleum -- -- -- -- --
Purchased natural gas -- -- -- -- --
Other -- 39,270,607 19,577,527 -- --
-------------------------------------------------------------------------------
Total costs of goods sold -- 39,270,607 19,577,527 -- --
-------------------------------------------------------------------------------
Gross Profit -- 997,866 10,653,227 -- --
Other Income (Expense):
Equity in Partnership Income and subsidiaries 1,437,825 2,850,222 -- -- --
Interest Income -- 165,269 102,212 -- --
Interest Expense -- (761,042) (943,415) -- --
Other Taxes -- (153,974) -- -- --
Other Income -- 2,109,180 -- -- --
-------------------------------------------------------------------------------
Total Other Income 1,437,825 4,209,655 (841,203) -- --
Expenses:
Other operating expenses -- 2,447,829 9,118,493 -- --
Depreciation and Amortization Expense -- 70,011 1,530,413 -- --
-------------------------------------------------------------------------------
Total Other Expenses -- 2,517,840 10,648,906 -- --
Income before Provision for Income Taxes 1,437,825 2,689,681 (836,882) -- --
Income Taxes -- 737,234 (293,884) -- --
-------------------------------------------------------------------------------
Net Income 1,437,825 1,952,447 (542,998) -- --
Retained Earnings at Beginning 7,941,250 8,934,915 (1,092,893) -- --
-------------------------------------------------------------------------------
Retain Earnings at End $ 9,379,075 $ 10,887,362 $ (1,635,891) $ -- $ --
===============================================================================
-------------------------------------------------------------------------------
Unconsolidated
--------------------------------------------------------------------------------
Prime Green Griffith
Industrial Point SCASCO Energy Total
Revenues $ 881,655 $ -- $ 34,852,327 $ 114,994,439 $ 221,227,648
--------------------------------------------------------------------------------
Total Revenues 881,655 -- 34,852,327 114,994,439 221,227,648
Cost of goods sold:
Fuel used in electric generation -- -- -- -- --
Purchased electricity -- -- -- -- --
Purchased petroleum -- -- -- -- --
Purchased natural gas -- -- -- -- --
Other 504,857 -- 23,738,543 79,513,136 162,604,670
--------------------------------------------------------------------------------
Total costs of goods sold 504,857 -- 23,738,543 79,513,136 162,604,670
--------------------------------------------------------------------------------
Gross Profit 376,798 -- 11,113,784 35,481,303 58,622,978
Other Income (Expense):
Equity in Partnership Income and subsidiaries -- -- -- -- 4,288,047
Interest Income -- 155 50,762 577,281 895,679
Interest Expense -- -- (499,013) (1,790,531) (3,994,001)
Other Taxes -- -- -- -- (153,974)
Other Income -- -- 365,538 92,802 2,567,520
--------------------------------------------------------------------------------
Total Other Income -- 155 (82,713) (1,120,448) 3,603,271
Expenses:
Other operating expenses 418,333 -- 9,100,245 27,507,575 48,592,475
Depreciation and Amortization Expense 65,056 -- 1,794,457 5,363,320 8,823,257
--------------------------------------------------------------------------------
Total Other Expenses 483,389 -- 10,894,702 32,870,895 57,415,732
Income before Provision for Income Taxes (106,591) 155 136,369 1,489,960 4,810,517
Income Taxes (43,183) 65 50,669 583,903 1,034,804
--------------------------------------------------------------------------------
Net Income (63,408) 90 85,700 906,057 3,775,713
Retained Earnings at Beginning (16,024) 105,056 107,955 1,806,439 17,786,698
--------------------------------------------------------------------------------
Retain Earnings at End $ (79,432) $ 105,146 $ 193,655 $ 2,712,496 $ 21,562,411
================================================================================
--------------------------------------------------------------------------------
Central Hudson Energy Services, Inc.
Consolidating Income Statement
December 31, 2001
Eliminations
-------------------------------------------------------------------------------
Services CHEC CH Resources CH Syracuse CH Niagara
Revenues $ -- $ (31,624,201) $ -- $ -- $ --
-------------------------------------------------------------------------------
Total Revenues -- (31,624,201) -- -- --
Cost of goods sold:
Fuel used in electric generation 18,907,699
Purchased electricity 5,532,494
Purchased petroleum
Purchased natural gas
Other (37,454,978) (18,907,699)
-------------------------------------------------------------------------------
Total costs of goods sold -- (31,922,484) -- -- --
-------------------------------------------------------------------------------
Gross Profit -- 298,283 -- -- --
Other Income (Expense):
Equity in Partnership Income and subsidiaries (1,437,825) (928,348)
Interest Income
Interest Expense
Other Taxes
Other Income (609,180)
-------------------------------------------------------------------------------
Total Other Income (1,437,825) (1,537,528) -- -- --
Expenses:
Other operating expenses (441,180)
Depreciation and Amortization Expense
-------------------------------------------------------------------------------
Total Other Expenses -- -- (441,180) -- --
Income before Provision for Income Taxes (1,437,825) (1,239,245) 441,180 -- --
Income Taxes (160,347) 160,347
-------------------------------------------------------------------------------
Net Income (1,437,825) (1,078,898) 280,833 -- --
Retained Earnings at Beginning (8,934,915) 1,092,893 -- --
-------------------------------------------------------------------------------
Retain Earnings at End $ (1,437,825) $ (10,013,813) $ 1,373,726 $ -- $ --
===============================================================================
-------------------------------------------------------------------------------
Eliminations
--------------------------------------------------------------------------------
Prime Green Griffith
Industrial Point SCASCO Energy Eliminations
Revenues $ (305,705) $ -- $ -- $ -- $ (31,929,906)
--------------------------------------------------------------------------------
Total Revenues (305,705) -- -- -- (31,929,906)
Cost of goods sold:
Fuel used in electric generation 18,907,699
Purchased electricity 5,532,494
Purchased petroleum 13,350,416 75,822,864 89,173,280
Purchased natural gas 8,562,683 8,562,683
Other (7,422) (21,913,099) (75,822,864) (154,106,062)
--------------------------------------------------------------------------------
Total costs of goods sold (7,422) -- -- -- (31,929,906)
--------------------------------------------------------------------------------
Gross Profit (298,283) -- -- -- --
Other Income (Expense):
Equity in Partnership Income and subsidiaries (2,366,173)
Interest Income --
Interest Expense --
Other Taxes --
Other Income (1) (609,181)
--------------------------------------------------------------------------------
Total Other Income (1) -- -- -- (2,975,354)
Expenses:
Other operating expenses (168,000) (609,180)
Depreciation and Amortization Expense --
--------------------------------------------------------------------------------
Total Other Expenses -- -- (168,000) -- (609,180)
Income before Provision for Income Taxes (298,284) -- 168,000 -- (2,366,174)
Income Taxes --
--------------------------------------------------------------------------------
Net Income (298,284) -- 168,000 -- (2,366,174)
Retained Earnings at Beginning 16,024 (105,056) (107,955) (1,806,439) (9,845,448)
--------------------------------------------------------------------------------
Retain Earnings at End $ (282,260) $ (105,056) $ 60,045 $ (1,806,439) $ (12,211,622)
================================================================================
--------------------------------------------------------------------------------
Central Hudson Energy Services, Inc.
Consolidating Income Statement
December 31, 2001
Consolidated
-------------------------------------------------------------------------------
Services CHEC CH Resources CH Syracuse CH Niagara
Revenues $ -- $ 8,644,272 $ 30,230,754 $ -- $ --
-------------------------------------------------------------------------------
Total Revenues -- 8,644,272 30,230,754 -- --
Cost of goods sold:
Fuel used in electric generation -- -- 18,907,699 -- --
Purchased electricity -- 5,532,494 -- -- --
Purchased petroleum -- -- -- -- --
Purchased natural gas -- -- -- -- --
Other -- 1,815,629 669,828 -- --
-------------------------------------------------------------------------------
Total costs of goods sold -- 7,348,123 19,577,527 -- --
-------------------------------------------------------------------------------
Gross Profit -- 1,296,149 10,653,227 -- --
Other Income (Expense):
Equity in Partnership Income and subsidiaries -- 1,921,874 -- -- --
Interest Income -- 165,269 102,212 -- --
Interest Expense -- (761,042) (943,415) -- --
Other Taxes -- (153,974) -- -- --
Other Income -- 1,500,000 -- -- --
-------------------------------------------------------------------------------
Total Other Income -- 2,672,127 (841,203) -- --
Expenses:
Other operating expenses -- 2,447,829 8,677,313 -- --
Depreciation and Amortization Expense -- 70,011 1,530,413 -- --
-------------------------------------------------------------------------------
Total Other Expenses -- 2,517,840 10,207,726 -- --
Income before Provision for Income Taxes -- 1,450,436 (395,702) -- --
Income Taxes -- 576,887 (133,537) -- --
-------------------------------------------------------------------------------
Net Income -- 873,549 (262,165) -- --
Retained Earnings at Beginning 7,941,250 -- -- -- --
-------------------------------------------------------------------------------
Retain Earnings at End $ 7,941,250 $ 873,549 $ (262,165) $ -- $ --
===============================================================================
-------------------------------------------------------------------------------
Consolidated
--------------------------------------------------------------------------------
Prime Green Griffith
Industrial Point SCASCO Energy Total
Revenues $ 575,950 $ -- $ 34,852,327 $ 114,994,439 $ 189,297,742
--------------------------------------------------------------------------------
Total Revenues 575,950 -- 34,852,327 114,994,439 189,297,742
Cost of goods sold:
Fuel used in electric generation -- -- -- -- 18,907,699
Purchased electricity -- -- -- -- 5,532,494
Purchased petroleum -- -- 13,350,416 75,822,864 89,173,280
Purchased natural gas -- -- 8,562,683 -- 8,562,683
Other 497,435 -- 1,825,444 3,690,272 8,498,608A
--------------------------------------------------------------------------------
Total costs of goods sold 497,435 -- 23,738,543 79,513,136 130,674,764
--------------------------------------------------------------------------------
Gross Profit 78,515 -- 11,113,784 35,481,303 58,622,978
Other Income (Expense):
Equity in Partnership Income and subsidiaries -- -- -- -- 1,921,874B
Interest Income -- 155 50,762 577,281 895,679B
Interest Expense -- -- (499,013) (1,790,531) (3,994,001)
Other Taxes -- -- -- -- (153,974)
Other Income (1) -- 365,538 92,802 1,958,339B
--------------------------------------------------------------------------------
Total Other Income (1) 155 (82,713) (1,120,448) 627,917
Expenses:
Other operating expenses 418,333 -- 8,932,245 27,507,575 47,983,295A
Depreciation and Amortization Expense 65,056 -- 1,794,457 5,363,320 8,823,257
--------------------------------------------------------------------------------
Total Other Expenses 483,389 -- 10,726,702 32,870,895 56,806,552
Income before Provision for Income Taxes (404,875) 155 304,369 1,489,960 2,444,343
Income Taxes (43,183) 65 50,669 583,903 1,034,804C
--------------------------------------------------------------------------------
Net Income (361,692) 90 253,700 906,057 1,409,539
Retained Earnings at Beginning -- -- -- -- 7,941,250
--------------------------------------------------------------------------------
Retain Earnings at End $ (361,692) $ 90 $ 253,700 $ 906,057 $ 9,350,789
================================================================================
--------------------------------------------------------------------------------
A - Total of $8,498,608 + $47,983,295 = $56,481,903 which is 'Other Expenses of
Operation' on the CH Energy Group Consolidated I/S.
B - Total of $1,921,874 + $895,679 + $1,958,339 = $4,775,892 which is 'Other
Net' on CH Energy Group Consolidated I/S.
C - Total above of $1,034,804 is in two parts of $35,904 and $998,900 on the CH
Energy Group Consolidated I/S.