HEI Exhibit 99
August 10, 2015| Contact: | Clifford H. Chen | |
| Manager, Investor Relations & Strategic Planning | Telephone: (808) 543-7300 | |
| E-mail: ir@hei.com | ||
HAWAIIAN ELECTRIC INDUSTRIES REPORTS SECOND QUARTER 2015 EARNINGS AND 2015 EPS GUIDANCE
Diluted Earnings Per Share (EPS) of $0.33 and Core EPS1 of $0.39
Results In Line with EPS Guidance
HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2015 of $35.0 million, or diluted earnings per share (EPS) of $0.33. Excluding $7.2 million after-tax of merger-related costs associated with the pending merger with NextEra Energy, Inc. and the spin-off of ASB Hawaii, core earnings1 for the second quarter of 2015 were $42.2 million or $0.39 EPS, compared to $41.3 million or $0.41 EPS for the second quarter of 2014.
“Our utility continued to invest in modernizing and improving the electric grids on the five islands we serve to support the integration of more renewable energy, improve customer service and maintain system stability. We remain focused on further reducing costs for our customers while providing safe, reliable and ever cleaner electricity,” said Constance Lau, HEI president and chief executive officer.
“Our bank delivered consistent financial results with good core deposit growth and strong mortgage banking income this quarter. Credit quality remained sound while maintaining healthy capital levels,” added Lau.
“In the quarter, we achieved an important milestone for our pending bank spin and utility merger when our shareholders approved the merger with approximately 90% of the voted shares voting in favor of the merger. The process to obtain Hawaii Public Utilities Commission approval is also underway. We firmly believe that as we and our merger partner, NextEra Energy, are able to provide more information and engage in additional discussions, the commission and others will conclude that this partnership will result in significant benefits to our customers and will further underscore Hawaii’s
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1 | Non-GAAP measure which excludes merger-related costs after-tax for the second quarter of 2015. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP measures” and the related reconciliation. |
Hawaiian Electric Industries, Inc.
August 10, 2015
Page 2
global leadership in clean energy. Both Hawaiian Electric and NextEra Energy each have made clear that we are fully committed to achieving Hawaii’s new goal of 100% renewable energy by 2045. Together, we believe we can get there faster.”
HAWAIIAN ELECTRIC COMPANY EARNINGS CONSISTENT WITH EXPECTATIONS
Hawaiian Electric Company’s2 net income for the second quarter of 2015 was $32.8 million compared to $34.2 million for the same quarter last year. The $1.4 million decline was mainly driven by the following on an after-tax basis:
| • | Depreciation expense was $2 million higher as a result of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency; and |
| • | O&M expenses3 were $1 million higher in the second quarter of 2015 compared to the prior year primarily driven by higher consulting costs for our energy transformation plans, higher transmission and distribution costs and benefits expense, partially offset by lower overhaul and smart grid costs in the second quarter of 2015. |
These were partially offset by (on an after-tax basis) $1 million higher allowance for funds used during construction and lower interest expense.
AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE
American Savings Bank’s (American) net income for the second quarter of 2015 was $12.9 million compared to $13.5 million in the first, or linked quarter of 2015 and $11.5 million in the second quarter of 2014. Second quarter 2015 net income was $0.6 million lower than the linked quarter primarily driven by the following on an after-tax basis:
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2 | Hawaiian Electric Company, unless otherwise defined, refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc. |
3 | Excludes net income neutral expenses covered by surcharges or by third parties of $2 million and $3 million in the second quarter of 2015 and 2014, respectively. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP measures” and the related reconciliation. |
Note: Amounts indicated as “after-tax” in this earnings release are based upon adjusting items for the composite statutory tax rates of 39% for the utilities and 40% for the bank.
Hawaiian Electric Industries, Inc.
August 10, 2015
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| • | $1 million higher net interest income primarily driven by higher interest-earning assets and fees related to the early payoff of commercial loans, offset by |
| • | $1 million higher provision for loan losses; and |
| • | $1 million higher noninterest expense. |
Compared to the second quarter of 2014, net income was higher by $1.3 million primarily driven by the following on an after-tax basis:
| • | $1 million higher net interest income in the second quarter of 2015 primarily due to higher average loan balances; and |
| • | $2 million higher noninterest income primarily from mortgage banking and fees on deposit products in the second quarter of 2015, partially offset by |
| • | $1 million higher noninterest expense in the second quarter of 2015 due primarily to higher pension and benefits expense. |
Overall, American achieved solid profitability in the second quarter of 2015 with a return on average equity of 9.38% and a return on average assets of 0.89%.
For additional information, refer to the American news release issued on July 30, 2015.
HOLDING AND OTHER COMPANIES
The holding and other companies’ net losses were $10.7 million in the second quarter of 2015. Excluding costs related to the pending merger with NextEra Energy, Inc. and the spin-off of ASB Hawaii, the second quarter of 2015 net loss was $3.5 million compared to $4.5 million in the same quarter last year primarily due to lower interest and other costs.
BOARD DECLARES QUARTERLY DIVIDEND
On August 7, 2015, the board of directors maintained HEI’s quarterly cash dividend of $0.31 cents per share, payable on September 10, 2015, to shareholders of record at the close of business on August 24, 2015 (ex-dividend date is August 20, 2015). The dividend is equivalent to an annual rate of $1.24 per share.
Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price on August 7, 2015 of $30.99, HEI’s yield is 4.0%.
Hawaiian Electric Industries, Inc.
August 10, 2015
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HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND EPS GUIDANCE
Hawaiian Electric Industries, Inc. will conduct a webcast and conference call to review its second quarter of 2015 earnings and 2015 EPS guidance on Monday, August 10, 2015, at 7:00 a.m. Hawaii time (1:00 p.m. Eastern time). The event can be accessed through HEI’s website at www.hei.com or by dialing (888) 311-8190 and entering passcode: 74311446. International parties may listen to the conference by calling the following toll free number, (330) 863-3378 and entering passcode: 74311446. The presentation for the webcast will be on HEI’s website under the heading “Investor Relations.” HEI and Hawaiian Electric Company intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI’s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI’s website, in addition to following HEI’s, Hawaiian Electric Company’s and American’s press releases, HEI’s and Hawaiian Electric Company’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. The information on HEI’s website is not incorporated by reference in this document or in HEI’s and Hawaiian Electric Company’s SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI’s and Hawaiian Electric Company’s SEC filings.
An on-line replay of the webcast will be available on HEI’s website beginning about two hours after the event. Audio replays of the teleconference will also be available approximately two hours after the event through August 24, 2015, by dialing (855) 859-2056 or (404) 537-3406 and entering passcode: 74311446.
HEI supplies power to approximately 450,000 customers or 95% of Hawaii’s population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii’s largest financial institutions.
Hawaiian Electric Industries, Inc.
August 10, 2015
Page 5
NON-GAAP MEASURES
See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and related reconciliations on pages 14 to 15 of this release.
FORWARD-LOOKING STATEMENTS
This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the “Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2014, HEI’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 and HEI’s future periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric Company, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| (in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Revenues | ||||||||||||||||
| Electric utility | $ | 558,163 | $ | 738,429 | $ | 1,131,605 | $ | 1,458,491 | ||||||||
| Bank | 65,783 | 60,616 | 130,131 | 124,235 | ||||||||||||
| Other | (34 | ) | (388 | ) | 38 | (320 | ) | |||||||||
| Total revenues | 623,912 | 798,657 | 1,261,774 | 1,582,406 | ||||||||||||
| Expenses | ||||||||||||||||
| Electric utility | 492,002 | 668,361 | 1,007,808 | 1,317,757 | ||||||||||||
| Bank | 46,057 | 42,660 | 89,774 | 83,748 | ||||||||||||
| Other | 13,123 | 4,453 | 21,956 | 8,504 | ||||||||||||
| Total expenses | 551,182 | 715,474 | 1,119,538 | 1,410,009 | ||||||||||||
| Operating income (loss) | ||||||||||||||||
| Electric utility | 66,161 | 70,068 | 123,797 | 140,734 | ||||||||||||
| Bank | 19,726 | 17,956 | 40,357 | 40,487 | ||||||||||||
| Other | (13,157 | ) | (4,841 | ) | (21,918 | ) | (8,824 | ) | ||||||||
| Total operating income | 72,730 | 83,183 | 142,236 | 172,397 | ||||||||||||
| Interest expense, net—other than on deposit liabilities and other bank borrowings | (18,906 | ) | (20,022 | ) | (38,006 | ) | (39,478 | ) | ||||||||
| Allowance for borrowed funds used during construction | 682 | 523 | 1,181 | 1,137 | ||||||||||||
| Allowance for equity funds used during construction | 1,896 | 1,387 | 3,309 | 2,996 | ||||||||||||
| Income before income taxes | 56,402 | 65,071 | 108,720 | 137,052 | ||||||||||||
| Income taxes | 20,911 | 23,317 | 40,890 | 49,038 | ||||||||||||
| Net income | 35,491 | 41,754 | 67,830 | 88,014 | ||||||||||||
| Preferred stock dividends of subsidiaries | 473 | 473 | 946 | 946 | ||||||||||||
| Net income for common stock | $ | 35,018 | $ | 41,281 | $ | 66,884 | $ | 87,068 | ||||||||
| Basic earnings per common share | $ | 0.33 | $ | 0.41 | 0.63 | $ | 0.86 | |||||||||
| Diluted earnings per common share | $ | 0.33 | $ | 0.41 | 0.63 | $ | 0.85 | |||||||||
| Dividends per common share | $ | 0.31 | $ | 0.31 | $ | 0.62 | $ | 0.62 | ||||||||
| Weighted-average number of common shares outstanding | 107,418 | 101,495 | 105,361 | 101,439 | ||||||||||||
| Adjusted weighted-average shares | 107,694 | 101,825 | 105,659 | 102,045 | ||||||||||||
| Net income (loss) for common stock by segment | ||||||||||||||||
| Electric utility | $ | 32,841 | $ | 34,230 | $ | 59,715 | $ | 69,650 | ||||||||
| Bank | 12,851 | 11,536 | 26,326 | 25,935 | ||||||||||||
| Other | (10,674 | ) | (4,485 | ) | (19,157 | ) | (8,517 | ) | ||||||||
| Net income for common stock | $ | 35,018 | $ | 41,281 | $ | 66,884 | $ | 87,068 | ||||||||
| Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 31,891 | $ | 44,181 | $ | 67,815 | $ | 91,135 | ||||||||
Return on average common equity (twelve months ended)1 | 8.1 | % | 10.3 | % | ||||||||||||
Prior period financial statements reflect the retrospective application of Accounting Standards Update (ASU) No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which was adopted as of January 1, 2015 and did not have a material impact on the Company’s financial condition or results of operations.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2014, ASB Hawaii, Inc.'s Form 10 filed with the SEC on March 30, 2015 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
1 On a core basis, 2015 and 2014 returns on average common equity (twelve months ended June 30) were 9.0% and 10.3%, respectively. See reconciliation of GAAP to non-GAAP measures.
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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (dollars in thousands) | June 30, 2015 | December 31, 2014 | ||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 300,687 | $ | 175,542 | ||||
| Accounts receivable and unbilled revenues, net | 269,207 | 313,696 | ||||||
| Available-for-sale investment securities, at fair value | 693,520 | 550,394 | ||||||
| Stock in Federal Home Loan Bank, at cost | 10,678 | 69,302 | ||||||
| Loans receivable held for investment, net | 4,410,817 | 4,389,033 | ||||||
| Loans held for sale, at lower of cost or fair value | 5,581 | 8,424 | ||||||
| Property, plant and equipment, net of accumulated depreciation of $2,288,804 and $2,250,950 at the respective dates | 4,269,241 | 4,148,774 | ||||||
| Regulatory assets | 904,559 | 905,264 | ||||||
| Other | 493,151 | 542,523 | ||||||
| Goodwill | 82,190 | 82,190 | ||||||
| Total assets | $ | 11,439,631 | $ | 11,185,142 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Liabilities | ||||||||
| Accounts payable | $ | 183,094 | $ | 186,425 | ||||
| Interest and dividends payable | 25,360 | 25,336 | ||||||
| Deposit liabilities | 4,803,271 | 4,623,415 | ||||||
| Short-term borrowings—other than bank | 124,543 | 118,972 | ||||||
| Other bank borrowings | 314,157 | 290,656 | ||||||
| Long-term debt, net—other than bank | 1,506,546 | 1,506,546 | ||||||
| Deferred income taxes | 632,718 | 633,570 | ||||||
| Regulatory liabilities | 357,089 | 344,849 | ||||||
| Contributions in aid of construction | 482,760 | 466,432 | ||||||
| Defined benefit pension and other postretirement benefit plans liability | 615,945 | 632,845 | ||||||
| Other | 461,335 | 531,230 | ||||||
| Total liabilities | 9,506,818 | 9,360,276 | ||||||
| Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293 | 34,293 | ||||||
| Shareholders’ equity | ||||||||
| Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — | — | ||||||
| Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 107,446,530 shares and 102,565,266 shares at the respective dates | 1,626,569 | 1,521,297 | ||||||
| Retained earnings | 298,398 | 296,654 | ||||||
| Accumulated other comprehensive loss, net of tax benefits | (26,447 | ) | (27,378 | ) | ||||
| Total shareholders’ equity | 1,898,520 | 1,790,573 | ||||||
| Total liabilities and shareholders’ equity | $ | 11,439,631 | $ | 11,185,142 | ||||
Prior period financial statements reflect the retrospective application of ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which was adopted as of January 1, 2015 and did not have a material impact on the Company’s financial condition or results of operations.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2014, ASB Hawaii, Inc.'s Form 10 filed with the SEC on March 30, 2015 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K.
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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six months ended June 30 | 2015 | 2014 | |||||
| (in thousands) | |||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 67,830 | $ | 88,014 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation of property, plant and equipment | 91,731 | 86,397 | |||||
| Other amortization | 4,320 | 4,014 | |||||
| Provision for loan losses | 2,439 | 2,016 | |||||
| Loans receivable originated and purchased, held for sale | (168,921 | ) | (69,656 | ) | |||
| Proceeds from sale of loans receivable, held for sale | 173,267 | 75,040 | |||||
| Increase in deferred income taxes | 22,980 | 28,570 | |||||
| Excess tax benefits from share-based payment arrangements | (984 | ) | (267 | ) | |||
| Allowance for equity funds used during construction | (3,309 | ) | (2,996 | ) | |||
| Change in cash overdraft | 193 | (1,038 | ) | ||||
| Changes in assets and liabilities | |||||||
| Decrease (increase) in accounts receivable and unbilled revenues, net | 44,489 | (2,986 | ) | ||||
| Increase in fuel oil stock | (2,362 | ) | (27,206 | ) | |||
| Increase in regulatory assets | (19,976 | ) | (17,731 | ) | |||
| Decrease in accounts, interest and dividends payable | (56,076 | ) | (64,843 | ) | |||
| Change in prepaid and accrued income taxes and utility revenue taxes | (4,390 | ) | (32,510 | ) | |||
| Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 218 | (1,714 | ) | ||||
| Change in other assets and liabilities | (47,146 | ) | (16,909 | ) | |||
| Net cash provided by operating activities | 104,303 | 46,195 | |||||
| Cash flows from investing activities | |||||||
| Available-for-sale investment securities purchased | (208,110 | ) | (125,531 | ) | |||
| Principal repayments on available-for-sale investment securities | 63,568 | 33,202 | |||||
| Proceeds from sale of available-for-sale investment securities | — | 79,564 | |||||
| Redemption of stock from Federal Home Loan Bank | 58,623 | 11,683 | |||||
| Net increase in loans held for investment | (23,206 | ) | (137,122 | ) | |||
| Proceeds from sale of real estate acquired in settlement of loans | 1,258 | 2,162 | |||||
| Capital expenditures | (142,236 | ) | (149,253 | ) | |||
| Contributions in aid of construction | 19,089 | 13,209 | |||||
| Other | 3,308 | (16 | ) | ||||
| Net cash used in investing activities | (227,706 | ) | (272,102 | ) | |||
| Cash flows from financing activities | |||||||
| Net increase in deposit liabilities | 179,856 | 152,383 | |||||
| Net increase in short-term borrowings with original maturities of three months or less | 5,571 | 79,693 | |||||
| Net increase (decrease) in retail repurchase agreements | 13,508 | (2,053 | ) | ||||
| Proceeds from other bank borrowings | 10,000 | — | |||||
| Proceeds from issuance of long-term debt | — | 125,000 | |||||
| Repayment of long-term debt | — | (100,000 | ) | ||||
| Excess tax benefits from share-based payment arrangements | 984 | 267 | |||||
| Net proceeds from issuance of common stock | 104,469 | 3,048 | |||||
| Common stock dividends | (65,140 | ) | (62,916 | ) | |||
| Preferred stock dividends of subsidiaries | (946 | ) | (946 | ) | |||
| Other | 246 | (228 | ) | ||||
| Net cash provided by financing activities | 248,548 | 194,248 | |||||
| Net increase (decrease) in cash and cash equivalents | 125,145 | (31,659 | ) | ||||
| Cash and cash equivalents, beginning of period | 175,542 | 220,036 | |||||
| Cash and cash equivalents, end of period | $ | 300,687 | $ | 188,377 | |||
Prior period financial statements reflect the retrospective application of ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which was adopted as of January 1, 2015 and did not have a material impact on the Company’s financial condition or results of operations.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2014, ASB Hawaii, Inc.'s Form 10 filed with the SEC on March 30, 2015 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K.
8
Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| (dollars in thousands, except per barrel amounts) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Revenues | $ | 558,163 | $ | 738,429 | 1,131,605 | 1,458,491 | ||||||||||
| Expenses | ||||||||||||||||
| Fuel oil | 146,231 | 270,257 | 323,037 | 556,557 | ||||||||||||
| Purchased power | 149,284 | 188,323 | 285,291 | 353,239 | ||||||||||||
| Other operation and maintenance | 98,864 | 98,564 | 202,866 | 187,170 | ||||||||||||
| Depreciation | 44,241 | 41,593 | 88,484 | 83,196 | ||||||||||||
| Taxes, other than income taxes | 53,382 | 69,624 | 108,130 | 137,595 | ||||||||||||
| Total expenses | 492,002 | 668,361 | 1,007,808 | 1,317,757 | ||||||||||||
| Operating income | 66,161 | 70,068 | 123,797 | 140,734 | ||||||||||||
| Allowance for equity funds used during construction | 1,896 | 1,387 | 3,309 | 2,996 | ||||||||||||
| Interest expense and other charges, net | (16,288 | ) | (16,852 | ) | (32,613 | ) | (32,575 | ) | ||||||||
| Allowance for borrowed funds used during construction | 682 | 523 | 1,181 | 1,137 | ||||||||||||
| Income before income taxes | 52,451 | 55,126 | 95,674 | 112,292 | ||||||||||||
| Income taxes | 19,111 | 20,397 | 34,961 | 41,644 | ||||||||||||
| Net income | 33,340 | 34,729 | 60,713 | 70,648 | ||||||||||||
| Preferred stock dividends of subsidiaries | 229 | 229 | 458 | 458 | ||||||||||||
| Net income attributable to Hawaiian Electric | 33,111 | 34,500 | 60,255 | 70,190 | ||||||||||||
| Preferred stock dividends of Hawaiian Electric | 270 | 270 | 540 | 540 | ||||||||||||
| Net income for common stock | $ | 32,841 | $ | 34,230 | 59,715 | 69,650 | ||||||||||
| Comprehensive income attributable to Hawaiian Electric | $ | 32,826 | $ | 34,243 | $ | 59,722 | $ | 69,672 | ||||||||
| OTHER ELECTRIC UTILITY INFORMATION | ||||||||||||||||
| Kilowatthour sales (millions) | ||||||||||||||||
| Hawaiian Electric | 1,615 | 1,652 | 3,142 | 3,247 | ||||||||||||
| Hawaii Electric Light | 257 | 261 | 510 | 520 | ||||||||||||
| Maui Electric | 272 | 276 | 536 | 548 | ||||||||||||
| 2,144 | 2,189 | 4,188 | 4,315 | |||||||||||||
| Wet-bulb temperature (Oahu average; degrees Fahrenheit) | 69.2 | 69.1 | 67.8 | 68.1 | ||||||||||||
| Cooling degree days (Oahu) | 1,181 | 1,244 | 1,976 | 2,072 | ||||||||||||
| Average fuel oil cost per barrel | $ | 69.37 | $ | 132.07 | $ | 77.85 | $ | 131.60 | ||||||||
| Twelve months ended June 30 | 2015 | 2014 | ||||||||||||||
| Return on average common equity (%) (simple average) | ||||||||||||||||
| Hawaiian Electric | 7.87 | 9.56 | ||||||||||||||
| Hawaii Electric Light | 6.01 | 7.58 | ||||||||||||||
| Maui Electric | 8.87 | 8.16 | ||||||||||||||
| Hawaiian Electric Consolidated | 7.70 | 8.99 | ||||||||||||||
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric’s Annual Report on SEC Form 10-K for the year ended December 31, 2014 and the consolidated financial statements and the notes thereto in Hawaiian Electric's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
9
Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (dollars in thousands, except par value) | June 30, 2015 | December 31, 2014 | ||||||
| Assets | ||||||||
| Property, plant and equipment | ||||||||
| Utility property, plant and equipment | ||||||||
| Land | $ | 52,022 | $ | 52,299 | ||||
| Plant and equipment | 6,142,229 | 6,009,482 | ||||||
| Less accumulated depreciation | (2,218,703 | ) | (2,175,510 | ) | ||||
| Construction in progress | 196,355 | 158,616 | ||||||
| Utility property, plant and equipment, net | 4,171,903 | 4,044,887 | ||||||
| Nonutility property, plant and equipment, less accumulated depreciation of $1,228 and $1,227 at respective dates | 6,562 | 6,563 | ||||||
| Total property, plant and equipment, net | 4,178,465 | 4,051,450 | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | 4,470 | 13,762 | ||||||
| Customer accounts receivable, net | 139,922 | 158,484 | ||||||
| Accrued unbilled revenues, net | 109,444 | 137,374 | ||||||
| Other accounts receivable, net | 5,890 | 4,283 | ||||||
| Fuel oil stock, at average cost | 108,408 | 106,046 | ||||||
| Materials and supplies, at average cost | 57,355 | 57,250 | ||||||
| Prepayments and other | 35,962 | 66,383 | ||||||
| Regulatory assets | 99,236 | 71,421 | ||||||
| Total current assets | 560,687 | 615,003 | ||||||
| Other long-term assets | ||||||||
| Regulatory assets | 805,323 | 833,843 | ||||||
| Unamortized debt expense | 7,900 | 8,323 | ||||||
| Other | 81,932 | 81,838 | ||||||
| Total other long-term assets | 895,155 | 924,004 | ||||||
| Total assets | $ | 5,634,307 | $ | 5,590,457 | ||||
| Capitalization and liabilities | ||||||||
| Capitalization | ||||||||
| Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 15,805,327 shares) | $ | 105,388 | $ | 105,388 | ||||
| Premium on capital stock | 578,933 | 578,938 | ||||||
| Retained earnings | 1,012,285 | 997,773 | ||||||
| Accumulated other comprehensive income, net of income taxes-retirement benefit plans | 52 | 45 | ||||||
| Common stock equity | 1,696,658 | 1,682,144 | ||||||
| Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | ||||||
| Long-term debt, net | 1,206,546 | 1,206,546 | ||||||
| Total capitalization | 2,937,497 | 2,922,983 | ||||||
| Current liabilities | ||||||||
| Short-term borrowings from non-affiliates | 88,993 | — | ||||||
| Accounts payable | 147,750 | 163,934 | ||||||
| Interest and preferred dividends payable | 22,367 | 22,316 | ||||||
| Taxes accrued | 188,653 | 250,402 | ||||||
| Regulatory liabilities | 763 | 632 | ||||||
| Other | 66,385 | 65,146 | ||||||
| Total current liabilities | 514,911 | 502,430 | ||||||
| Deferred credits and other liabilities | ||||||||
| Deferred income taxes | 605,702 | 602,872 | ||||||
| Regulatory liabilities | 356,326 | 344,217 | ||||||
| Unamortized tax credits | 83,893 | 79,492 | ||||||
| Defined benefit pension and other postretirement benefit plans liability | 578,637 | 595,395 | ||||||
| Other | 74,581 | 76,636 | ||||||
| Total deferred credits and other liabilities | 1,699,139 | 1,698,612 | ||||||
| Contributions in aid of construction | 482,760 | 466,432 | ||||||
| Total capitalization and liabilities | $ | 5,634,307 | $ | 5,590,457 | ||||
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric’s Annual Report on SEC Form 10-K for the year ended December 31, 2014 and the consolidated financial statements and the notes thereto in Hawaiian Electric's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K.
10
Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six months ended June 30 | 2015 | 2014 | ||||||
| (in thousands) | ||||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 60,713 | $ | 70,648 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Depreciation of property, plant and equipment | 88,484 | 83,196 | ||||||
| Other amortization | 2,748 | 3,597 | ||||||
| Increase in deferred income taxes | 33,320 | 45,386 | ||||||
| Change in tax credits, net | 4,461 | 4,227 | ||||||
| Allowance for equity funds used during construction | (3,309 | ) | (2,996 | ) | ||||
| Change in cash overdraft | 193 | (1,038 | ) | |||||
| Changes in assets and liabilities | ||||||||
| Decrease (increase) in accounts receivable | 16,955 | (5,039 | ) | |||||
| Decrease in accrued unbilled revenues | 27,930 | 2,255 | ||||||
| Increase in fuel oil stock | (2,362 | ) | (27,206 | ) | ||||
| Increase in materials and supplies | (105 | ) | (1,835 | ) | ||||
| Increase in regulatory assets | (19,976 | ) | (17,731 | ) | ||||
| Decrease in accounts payable | (68,951 | ) | (63,306 | ) | ||||
| Change in prepaid and accrued income taxes and revenue taxes | (63,613 | ) | (38,270 | ) | ||||
| Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 221 | (498 | ) | |||||
| Change in other assets and liabilities | (13,102 | ) | (26,258 | ) | ||||
| Net cash provided by operating activities | 63,607 | 25,132 | ||||||
| Cash flows from investing activities | ||||||||
| Capital expenditures | (134,563 | ) | (145,734 | ) | ||||
| Contributions in aid of construction | 19,089 | 13,209 | ||||||
| Net cash used in investing activities | (115,474 | ) | (132,525 | ) | ||||
| Cash flows from financing activities | ||||||||
| Common stock dividends | (45,203 | ) | (44,246 | ) | ||||
| Preferred stock dividends of Hawaiian Electric and subsidiaries | (998 | ) | (998 | ) | ||||
| Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 88,993 | 102,989 | ||||||
| Other | (217 | ) | (457 | ) | ||||
| Net cash provided by financing activities | 42,575 | 57,288 | ||||||
| Net decrease in cash and cash equivalents | (9,292 | ) | (50,105 | ) | ||||
| Cash and cash equivalents, beginning of period | 13,762 | 62,825 | ||||||
| Cash and cash equivalents, end of period | $ | 4,470 | $ | 12,720 | ||||
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in Hawaiian Electric’s Annual Report on SEC Form 10-K for the year ended December 31, 2014 and the consolidated financial statements and the notes thereto in Hawaiian Electric's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K.
11
American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
| Three months ended | Six months ended June 30 | |||||||||||||||||||
| (in thousands) | June 30, 2015 | March 31, 2015 | June 30, 2014 | 2015 | 2014 | |||||||||||||||
| Interest and dividend income | ||||||||||||||||||||
| Interest and fees on loans | $ | 46,035 | $ | 45,198 | $ | 43,851 | $ | 91,233 | $ | 87,533 | ||||||||||
| Interest and dividends on investment securities | 3,306 | 3,051 | 2,950 | 6,357 | 5,985 | |||||||||||||||
| Total interest and dividend income | 49,341 | 48,249 | 46,801 | 97,590 | 93,518 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Interest on deposit liabilities | 1,266 | 1,260 | 1,237 | 2,526 | 2,462 | |||||||||||||||
| Interest on other borrowings | 1,487 | 1,466 | 1,420 | 2,953 | 2,825 | |||||||||||||||
| Total interest expense | 2,753 | 2,726 | 2,657 | 5,479 | 5,287 | |||||||||||||||
| Net interest income | 46,588 | 45,523 | 44,144 | 92,111 | 88,231 | |||||||||||||||
| Provision for loan losses | 1,825 | 614 | 1,021 | 2,439 | 2,016 | |||||||||||||||
| Net interest income after provision for loan losses | 44,763 | 44,909 | 43,123 | 89,672 | 86,215 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Fees from other financial services | 5,550 | 5,355 | 5,217 | 10,905 | 10,345 | |||||||||||||||
| Fee income on deposit liabilities | 5,424 | 5,315 | 4,645 | 10,739 | 9,066 | |||||||||||||||
| Fee income on other financial products | 2,103 | 1,889 | 2,064 | 3,992 | 4,354 | |||||||||||||||
| Bank-owned life insurance | 1,058 | 983 | 982 | 2,041 | 1,945 | |||||||||||||||
| Mortgage banking income | 2,068 | 1,822 | 246 | 3,890 | 874 | |||||||||||||||
| Gains on sale of investment securities | — | — | — | — | 2,847 | |||||||||||||||
| Other income, net | 239 | 735 | 661 | 974 | 1,286 | |||||||||||||||
| Total noninterest income | 16,442 | 16,099 | 13,815 | 32,541 | 30,717 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Compensation and employee benefits | 22,319 | 21,766 | 19,872 | 44,085 | 40,158 | |||||||||||||||
| Occupancy | 4,009 | 4,113 | 4,489 | 8,122 | 8,442 | |||||||||||||||
| Data processing | 2,953 | 3,116 | 2,971 | 6,069 | 6,031 | |||||||||||||||
| Services | 2,833 | 2,341 | 2,855 | 5,174 | 5,128 | |||||||||||||||
| Equipment | 1,690 | 1,701 | 1,609 | 3,391 | 3,254 | |||||||||||||||
| Office supplies, printing and postage | 1,303 | 1,483 | 1,456 | 2,786 | 3,072 | |||||||||||||||
| Marketing | 844 | 841 | 1,031 | 1,685 | 1,742 | |||||||||||||||
| FDIC insurance | 773 | 811 | 805 | 1,584 | 1,601 | |||||||||||||||
| Other expense | 4,755 | 4,205 | 3,894 | 8,960 | 7,016 | |||||||||||||||
| Total noninterest expense | 41,479 | 40,377 | 38,982 | 81,856 | 76,444 | |||||||||||||||
| Income before income taxes | 19,726 | 20,631 | 17,956 | 40,357 | 40,488 | |||||||||||||||
| Income taxes | 6,875 | 7,156 | 6,420 | 14,031 | 14,553 | |||||||||||||||
| Net income | $ | 12,851 | $ | 13,475 | $ | 11,536 | $ | 26,326 | $ | 25,935 | ||||||||||
| Comprehensive income | $ | 9,544 | $ | 17,318 | $ | 14,294 | $ | 26,862 | $ | 29,717 | ||||||||||
| OTHER BANK INFORMATION (annualized %, except as of period end) | ||||||||||||||||||||
| Return on average assets | 0.89 | 0.96 | 0.86 | 0.93 | 0.97 | |||||||||||||||
| Return on average equity | 9.38 | 9.96 | 8.69 | 9.67 | 9.81 | |||||||||||||||
| Return on average tangible common equity | 11.04 | 11.74 | 10.28 | 11.39 | 11.61 | |||||||||||||||
| Net interest margin | 3.52 | 3.52 | 3.55 | 3.52 | 3.59 | |||||||||||||||
| Net charge-offs to average loans outstanding | 0.11 | 0.04 | (0.04 | ) | 0.08 | (0.01 | ) | |||||||||||||
| As of period end | ||||||||||||||||||||
| Nonperforming assets to loans outstanding and real estate owned * | 0.70 | 0.80 | 1.05 | |||||||||||||||||
| Allowance for loan losses to loans outstanding | 1.04 | 1.03 | 0.99 | |||||||||||||||||
| Tangible common equity to tangible assets | 8.16 | 8.18 | 8.45 | |||||||||||||||||
| Tier-1 leverage ratio * | 8.8 | 8.9 | 9.0 | |||||||||||||||||
| Total capital ratio * | 13.5 | 13.2 | 12.6 | |||||||||||||||||
| Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions) | $ | 7.5 | $ | 7.5 | $ | 9.8 | ||||||||||||||
* Regulatory basis. Capital ratios as of June 30, 2015 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.
Prior period financial statements reflect the retrospective application of ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which was adopted as of January 1, 2015 and did not have a material impact on ASB’s financial condition or results of operations.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2014, ASB Hawaii, Inc.'s Form 10 filed with the SEC on March 30, 2015 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
12
American Savings Bank, F.S.B.
BALANCE SHEETS DATA
(Unaudited)
| June 30, 2015 | December 31, 2014 | |||||||||||
| (in thousands) | ||||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 106,914 | $ | 107,233 | ||||||||
| Interest-bearing deposits | 162,088 | 54,230 | ||||||||||
| Available-for-sale investment securities, at fair value | 693,520 | 550,394 | ||||||||||
| Stock in Federal Home Loan Bank, at cost | 10,678 | 69,302 | ||||||||||
| Loans receivable held for investment | 4,457,182 | 4,434,651 | ||||||||||
| Allowance for loan losses | (46,365 | ) | (45,618 | ) | ||||||||
| Net loans | 4,410,817 | 4,389,033 | ||||||||||
| Loans held for sale, at lower of cost or fair value | 5,581 | 8,424 | ||||||||||
| Other | 305,310 | 305,416 | ||||||||||
| Goodwill | 82,190 | 82,190 | ||||||||||
| Total assets | $ | 5,777,098 | $ | 5,566,222 | ||||||||
| Liabilities and shareholder’s equity | ||||||||||||
| Deposit liabilities–noninterest-bearing | $ | 1,455,721 | $ | 1,342,794 | ||||||||
| Deposit liabilities–interest-bearing | 3,347,550 | 3,280,621 | ||||||||||
| Other borrowings | 314,157 | 290,656 | ||||||||||
| Other | 113,015 | 118,363 | ||||||||||
| Total liabilities | 5,230,443 | 5,032,434 | ||||||||||
| Common stock | 1 | 1 | ||||||||||
| Additional paid in capital | 339,416 | 338,411 | ||||||||||
| Retained earnings | 223,260 | 211,934 | ||||||||||
| Accumulated other comprehensive loss, net of tax benefits | ||||||||||||
| Net unrealized gains on securities | $ | 219 | $ | 462 | ||||||||
| Retirement benefit plans | (16,241 | ) | (16,022 | ) | (17,020 | ) | (16,558 | ) | ||||
| Total shareholder’s equity | 546,655 | 533,788 | ||||||||||
| Total liabilities and shareholder’s equity | $ | 5,777,098 | $ | 5,566,222 | ||||||||
Prior period financial statements reflect the retrospective application of ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which was adopted as of January 1, 2015 and did not have a material impact on ASB’s financial condition or results of operations.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI’s Annual Report on SEC Form 10-K for the year ended December 31, 2014, ASB Hawaii, Inc.'s Form 10 filed with the SEC on March 30, 2015 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015 (when filed), as updated by SEC Forms 8-K.
13
EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES
HEI and Hawaiian Electric Company management use certain non-GAAP measures to evaluate the performance of the utility and HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP core earnings and the adjusted return on average common equity (ROACE) for the utility and HEI consolidated.
The reconciling adjustment from GAAP earnings to core earnings is limited to the costs related to the pending merger between HEI and NextEra Energy, Inc. and the spin-off of ASB Hawaii, Inc. For more information on the pending merger, see HEI’s definitive proxy statement on Form DEFM14A filed on March 26, 2015. Management does not consider these items to be representative of the company’s fundamental core earnings.
The accompanying table also provides the calculation of utility GAAP O&M adjusted for costs related to the pending merger discussed above. “O&M-related net income neutral items” which are O&M expenses covered by specific surcharges or by third parties have also been excluded. These “O&M-related net income neutral items” are grossed-up in revenue and expense and do not impact net income.
RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES | |||||||||||||
| Hawaiian Electric Industries, Inc. and Subsidiaries | |||||||||||||
| Unaudited | |||||||||||||
| ($ in millions, except per share amounts) | |||||||||||||
| Three months ended June 30 | Six months ended June 30 | ||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||
| HEI CONSOLIDATED NET INCOME | |||||||||||||
| GAAP (as reported) | $ | 35.0 | $ | 41.3 | $ | 66.9 | $ | 87.1 | |||||
| Excluding special items (after-tax): | |||||||||||||
| Costs related to pending merger with NextEra Energy, Inc. and spin-off of ASB Hawaii, Inc | 7.2 | — | 11.9 | — | |||||||||
| Non-GAAP (core) | $ | 42.2 | $ | 41.3 | $ | 78.8 | $ | 87.1 | |||||
| HEI CONSOLIDATED DILUTED EARNINGS PER SHARE | |||||||||||||
| GAAP (as reported) | $ | 0.33 | $ | 0.41 | $ | 0.63 | $ | 0.85 | |||||
| Excluding special items (after-tax): | |||||||||||||
| Costs related to pending merger with NextEra Energy, Inc. and spin-off of ASB Hawaii, Inc | 0.07 | — | 0.11 | — | |||||||||
| Non-GAAP (core) | $ | 0.39 | $ | 0.41 | $ | 0.75 | $ | 0.85 | |||||
| HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average) | Twelve months ended June 30 | ||||||||||||
| 2015 | 2014 | ||||||||||||
| Based on GAAP | 8.1 | % | 10.3 | % | |||||||||
Based on non-GAAP (core)2 | 9.0 | % | 10.3 | % | |||||||||
| Note: Columns may not foot due to rounding | |||||||||||||
1 Accounting principles generally accepted in the United States of America | |||||||||||||
2 Calculated as core net income divided by average GAAP common equity | |||||||||||||
14
RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES | |||||||||||||
| Hawaiian Electric Company, Inc. and Subsidiaries | |||||||||||||
| Unaudited | |||||||||||||
| ($ in millions) | |||||||||||||
| Three months ended June 30 | Six months ended June 30 | ||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||
| HAWAIIAN ELECTRIC CONSOLIDATED NET INCOME | |||||||||||||
| GAAP (as reported) | $ | 32.8 | $ | 34.2 | $ | 59.7 | $ | 69.7 | |||||
| Excluding special items (after-tax): | |||||||||||||
| Costs related to pending merger with NextEra Energy, Inc. | — | — | 0.3 | — | |||||||||
| Non-GAAP (core) | $ | 32.8 | $ | 34.2 | $ | 60.0 | $ | 69.7 | |||||
| HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY | Twelve months ended June 30 | ||||||||||||
| (ROACE) (simple average) | 2015 | 2014 | |||||||||||
| Based on GAAP | 7.70 | % | 8.99 | % | |||||||||
Based on non-GAAP (core)2 | 7.72 | % | 8.99 | % | |||||||||
| HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION | Three months ended June 30 | Six months ended June 30 | |||||||||||
| AND MAINTENANCE (O&M) EXPENSE | 2015 | 2014 | 2015 | 2014 | |||||||||
| GAAP (as reported) | $ | 98.9 | $ | 98.6 | $ | 202.9 | $ | 187.2 | |||||
Excluding O&M-related net income neutral items3 | 1.6 | 2.9 | 3.5 | 5.0 | |||||||||
| Excluding costs related to pending merger with NextEra Energy, Inc. | — | — | 0.4 | — | |||||||||
| Non-GAAP (Adjusted other O&M expense) | $ | 97.2 | $ | 95.6 | $ | 198.9 | $ | 182.2 | |||||
| Note: Columns may not foot due to rounding | |||||||||||||
1 Accounting principles generally accepted in the United States of America | |||||||||||||
2 Calculated as core net income divided by average GAAP common equity | |||||||||||||
3 Expenses covered by surcharges or by third parties recorded in revenues | |||||||||||||
15