UNITED ENERGY LIMITED
CONVENIENCE TRANSLATION INTO U.S. DOLLARS
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD FROM 11 MAY 1994 TO 30 JUNE 1995
(UNAUDITED)
11 May 1994 to
30 June 1995
$"000
OPERATING PROFIT BEFORE A ABNORMAL ITEMS,
EXTRAORDINARY ITEMS AND INCOME TAX 63,902
Abnormal items (40,913)
--------
OPERATING LOSS BEFORE EXTRAORDINARY ITEMS
AND INCOME TAX 22,989
Income tax attributable to operating loss (25,338)
--------
OPERATING LOSS AFTER INCOME TAX (2,349)
Loss on extraordinary items (17,901)
--------
OPERATING LOSS AND EXTRAORDINARY ITEMS
AFTER INCOME TAX (20,250)
DIVIDENDS PAID (8,094)
--------
ACCUMULATED LOSSES AT THE END OF THE
FINANCIAL PERIOD (28,344)
========
See note to Convenience Translation.
UNITED ENERGY LIMITED
CONVENIENCE TRANSLATION INTO U.S. DOLLARS
BALANCE SHEET
AT 30 JUNE 1995
(UNAUDITED)
1995
$"000
CURRENT ASSETS
Cash 20
Receivables 35,660
Investments 541
Other 53,228
Inventories 5,947
--------
TOTAL CURRENT ASSETS 95,396
--------
NON-CURRENT ASSETS
Receivables 942
Investments 44
Other 236
Property, plant and equipment 677,705
--------
TOTAL NON-CURRENT ASSETS 678,927
--------
TOTAL ASSETS 774,323
--------
CURRENT LIABILITIES
Creditors and borrowings 691,018
Provisions 77,701
--------
TOTAL CURRENT LIABILITIES 768,719
--------
NON-CURRENT LIABILITIES
Provisions 33,948
--------
TOTAL LIABILITIES 802,667
--------
NET LIABILITIES (28,344)
========
SHAREHOLDER'S EQUITY
Share capital -
Accumulated losses (28,344)
--------
TOTAL SHAREHOLDER'S EQUITY DEFICIENCY (28,344)
========
See note to Convenience Translation.
UNITED ENERGY LIMITED
CONVENIENCE TRANSLATION INTO U.S. DOLLARS
STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM 11 MAY 1994 TO 30 JUNE 1995
(UNAUDITED)
11 May 1994 to
30 June 1995
$"000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 556,456
Payments to suppliers and employees (430,361)
Interest received 2,438
Interest paid (33,857)
--------
NET CASH PROVIDED BY OPERATING ACTIVITIES 94,676
--------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of investments 7,005
Payments for investments (585)
Proceeds from sale of property, plant and equipment 3,220
Payments for property, plant and equipment (27,556)
--------
NET CASH USED IN INVESTING ACTIVITIES (17,916)
--------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 365,520
Repayment of borrowings (440,877)
Dividends paid (8,094)
--------
NET CASH USED IN FINANCING ACTIVITIES (83,451)
--------
NET DECREASE IN CASH HELD (6,691)
CASH AT THE BEGINNING OF THE FINANCIAL YEAR 4,824
--------
CASH AT THE END OF THE FINANCIAL YEAR (1,867)
========
See note to Convenience Translation.
UNITED ENERGY LIMITED
CONVENIENCE TRANSLATION INTO U.S. DOLLARS
CONDENSED BALANCE SHEET
AS OF SEPTEMBER 30, 1995
(UNAUDITED)
ASSETS
Current Assets 101.3
Non-Current Assets:
Property, plant and equipment, net 794.7
License fee 467.0
Other 6.8
-------
1,268.5
TOTAL ASSETS 1,369.8
=======
LIABILITIES
Current Liabilities 133.9
Non-Current Liabilities:
Bank Borrowings 673.2
Loan from Power Partnership Ltd 513.6
Other 33.9
-------
1,220.7
SHAREHOLDERS' EQUITY 15.2
TOTAL LIABILITIES & EQUITY 1,369.8
=======
See note to Convenience Translation.
UNITED ENERGY LIMITED
CONVENIENCE TRANSLATION INTO U.S. DOLLARS
CONDENSED INCOME STATEMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
Revenue 150.0
Cost of Sales 94.3
Operating Expenses 27.6
Tariff H & Cogen amortization (2.2)
Other Income (3.7)
Interest Expense 14.9
-------
36.6
Income before taxes 18.9
Income taxes 2.5
-------
NET INCOME 16.4
=======
See note to Convenience Translation.
UNITED ENERGY LIMITED
CONVENIENCE TRANSLATION INTO U.S. DOLLARS
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
CASHFLOWS FROM OPERATING ACTIVITIES:
Net Income 16.4
Non-Cash adjustments:
Depreciation 8.1
Changes in Assets and Liabilities:
Current Assets (5.9)
Current Liabilities (56.0)
Changes in other assets and liabilities, net
-------
CASH USED IN OPERATING ACTIVITIES (37.4)
CASHFLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant & equipment (8.1)
Tax on repurchase of property, plant
and equipment (24.6)
Other 3.1
-------
CASH USED FOR INVESTING ACTIVITIES (29.6)
CASHFLOWS FROM FINANCING ACTIVITIES:
Redemption of Shares (467.0)
Dividends (71.4)
Retirement of long term debt (594.6)
Issuance of long-term 673.2
Loss of re-financing (12.8)
Deferred financing changes (5.6)
Issuance of related party debt 513.6
-------
CASH PROVIDED FROM FINANCING ACTIVITIES 35.4
CHANGE IN CASH AND CASH EQUIVALENTS (31.6)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD (1.9)
-------
CASH AND CASH EQUIVALENTS AT END OF PERIOD (33.5)
=======
See note to Convenience Translation.
United Energy Limited
Note to Convenience Translation
Unaudited
The profit and loss Account and Statement of Cash Flows for the period from
May 11, 1994 to June 30, 1995 and month ended September 30, 1995 and balance
sheet as of June 30, 1995 and September 30, 1995 have been translated from
Australian dollars to U.S. dollars using the March 22, 1996 exchange rate of
one Australian dollar to $.7783 U.S. dollar. A more current exchange rate was
used to translate these statements due an increase in the value of the
Australian dollar relative to the U.S. dollar.