APS 2011 Annual Report Download - page 48
Download and view the complete annual report
Please find page 48 of the 2011 APS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
 |
 |
24
BUSINESS OF OTHER SUBSIDIARIES
The operations of our other first-tier subsidiaries (described below) are not expected to
contribute in any material way to our future financial performance nor will they require any material
amounts of capital over the next three years. We continue to focus on our core utility business and
streamlining the Company. In August 2011, we sold our competitive energy services subsidiary,
APSES, for an after tax gain of $10 million.
El Dorado
El Dorado owns minority interests in several energy-related investments and Arizona
community-based ventures. El Dorado’s short-term goal is to prudently realize the value of its existing
investments. As of December 31, 2011, El Dorado had total assets of $20 million.
SunCor
SunCor was a developer of residential, commercial and industrial real estate projects in
Arizona, Idaho, New Mexico and Utah. Due to the continuing distressed conditions in the real estate
markets, in 2009 SunCor undertook a program to dispose of its homebuilding operations, master-
planned communities, land parcels, commercial assets and golf courses in order to eliminate its
outstanding debt. As of December 31, 2011, SunCor had no existing bank debt and had total assets
remaining on its books of $9 million, consisting of $7 million of intercompany receivables and $2
million of other assets. On February 24, 2012, SunCor filed for protection under the United States
Bankruptcy Code in the United States Bankruptcy Court for the District of Arizona to complete an
orderly liquidation of its business. We do not expect SunCor’s bankruptcy to have a material impact
on Pinnacle West’s financial position, results of operations or cash flows.
Financial Summary
2011 2010 2009
(dollars in millions)
Revenues (a) $ 2 $ 102 $ 158
Net loss attributable to
common shareholders (b) $ (2) $ (9) $ (279)
Total assets at December 31 $ 9 $ 16 $ 166
(a) All reported as discontinued operations on Pinnacle West’s Consolidated
Statements of Income. (See Note 21.)
(b) The 2009 amount includes a $266 million (pre-tax) real estate impairment charge.
OTHER INFORMATION
Pinnacle West, APS and Pinnacle West’s other first-tier subsidiaries are all incorporated in the
State of Arizona. Additional information for each of these companies is provided below: