APS 2012 Annual Report Download - page 49
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25
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.
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, 2012, El Dorado had total assets of $19 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. 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. As of December 31, 2012, SunCor had no assets. All activities for
SunCor are now reported as discontinued operations (see Note 21). SunCor’s loss in 2012 is primarily
related to a contribution Pinnacle West expects to make to SunCor’s estate as part of a negotiated
resolution to the bankruptcy. 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
2012
2011
2010
(dollars in millions)
Revenues (a)
$ --
$ 1
$ 30
Net loss attributable to
common shareholders (b)
$ (10)
$ (2)
$ (10)
Total assets at December 31
$ --
$ 9
$ 16
(a) All reported as discontinued operations on Pinnacle West’s Consolidated Statements of
Income (see Note 21).
(b) In accordance with the tax sharing agreement, the parent company recognized tax
benefits of $4 million in 2012, $1 million in 2011, and $4 million in 2010.