A Defining Year Marked By Change
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1 A Defining Year Marked By Change Kaua i Island Utility Cooperative 2008 Annual Report
2 Aloha Members of Kaua i Island Utility Cooperative, The year 2008 was KIUC s sixth full year of operations as Kaua i s electric utility cooperative. In 2008, our fuel costs reached a record high and we began feeling the results of the global economic downturn. We are, however, pleased to announce that at the end of 2008, KIUC s financial position remained strong. KIUC s total equity increased to 46,667,767 or percent of its total assets of 302,598,155. Our year-end times interest earned ratio (TIER) was 1.96, which met the minimum requirement of 1.25 required by our major lender, the Rural Utilities Service. We also are pleased we were able to retire 2,388,399 in patronage capital to our members. Mahalo to our members, board and staff for their support and dedication through Teofilo Phil Tacbian Chairman of the Board Randall J. Hee President and CEO
3 FROM THE CEO The record high energy costs we were all exposed to in 2008 reinforces KIUC s strategic goal to move to sustainable energy solutions. The economic downturn hasn t made getting there any easier, but it has reinforced the need for our cooperative to remain a strong and viable entity on our island while we attain that goal. KIUC continues to focus on leading our island to energy solutions that will result in reliable, sustainable energy at fair and competitive rates. I am confident that with the help and support of our members, we will attain our goals. KIUC 2008 ANNUAL REPORT 1
4 FROM THE CHAIRMAN Our philosophy of change for the good of our members brings on many challenges. From upgrading our present system to today s technology and continuing to pursue renewable energy sources, we are committed to making these decisions responsibly and in the best interest of all concerned. 2 A DEFINING YEAR MARKED BY CHANGE
5 BOARD OF DIRECTORS The KIUC Board of Directors work hundreds of hours each year on behalf of the member-owners to direct the cooperative. They approve annual operating budgets, construction work plans and capital expenditure budgets; and ensure the development of plans for a long-term supply of reliable, economical electricity and the development of long-term sources of operating capital. It is also the board s duty to approve plans for management of member equity, and to select KIUC s independent auditors and engage them for an annual financial audit. The board hires a Chief Executive Officer to manage the company and its employees, and evaluates his or her performance. The board works with the CEO to develop policies to ensure members concerns are addressed promptly and fairly, to promote good member relations and to keep members informed on important issues. KIUC Board Members from top: Board Member Ben Sullivan, Board Member Steve M. Rapozo, Board Member Stu Burley, Board Member Carol Bain, Board Secretary David Iha, Board Treasurer Allan Smith, Board Vice Chair Peter Yukimura and Chairman of the Board Teofilo Phil Tacbian. KIUC 2008 ANNUAL REPORT 3
6 Summary of Operations For the period 01/01/2008 through 12/31/2008 The KIUC results of operations through December 31, 2008 remained strong. Total revenues, expenses, and net margins totaled million, million, and 9.6 million, respectively, for the twelve-month period ending December 31, As is the case for all electric utilities, the cost of power generation is the largest expense, totaling million or 62.5% of revenues. Fuel costs are the largest component of power generation, totaling million or 55.2% of revenues, and representing 88.4% of the cost of power generation. The remaining 13.8 million or 7.3% of revenues and 11.6% of the cost of power generation, represents the cost of operating and maintaining the generating units. The cost of operating and maintaining the electric lines totaled 4.6 million or 2.4% of total revenues. The cost of servicing our members totaled 3.4 million or 1.8% of revenues. Administrative and general costs, which include marketing and communications, legislative and regulatory expenses, engineering, financial and corporate services, and board of directors expenses, totaled 12.2 million or 6.4% of revenues. Being very capital intensive, depreciation and amortization of the utility plant costs 16.4 million or 8.7% of revenues. Although not subject to federal income taxes, state and local taxes amounted to 16.0 million or 8.5% of revenues. Interest on long-term debt, at a very favorable sub-5% interest rate, totals 9.9 million or 5.2% of revenues. Non-operating net margins added 1.0 million to overall net margins. Revenues less total expenses equal margins of 9.6 million or 5.0% of total revenue. Margins are allocated to consumer members and paid when appropriate. The financial benefit (direct and indirect) to KIUC members is significant. Since 2002, KIUC has returned 20.7 million to members in the form of Patronage Capital Refunds and billing credits. In addition, the indirect financial benefits (i.e., ownership) include patronage capital that is held by KIUC on behalf of its members to potentially be distributed at future dates as determined by the KIUC Board of Directors. This amounts to 48.2 million in indirect financial benefits to KIUC members as of December 31, A DEFINING YEAR MARKED BY CHANGE
7 FINANCIALS BALANCE SHEET DECEMBER 31, 2008 AND 2007 ASSETS December 31, 2008 UTILITY PLANT AT COST Electric Plant in Service Electric Plant Acquisition Cost Less: Accumulated Provision for Depreciation and Amortization Net Electric Plant in Service Construction Work in Progress Net Utility Plant OTHER PROPERTY AND INVESTMENTS Investments in Associated Organizations Rural Economic Development Loans Other Investments CURRENT ASSETS Cash Cash Restricted Temporary Cash Investments Accounts and Notes Receivable (Less allowance for uncollectibles of 1,135,794 in 2008 and 905,492 in 2007) Accrued Unbilled Revenue Energy Rate Adjustment Clause Inventories Other Current and Accrued Assets DEFERRED CHARGES TOTAL ASSETS 369,219,726 54,852, ,671, ,806,314 54,852, ,628, ,400,246 14,632, ,030,690 14,020, ,032, ,051, , ,173 2,324, ,814 2,125,902 3,324,657 2,407,716 6,354, ,007 16,907,947 10,014, ,855 6,593,744 9,607,001 7,270,482 13,156,810 1,119,244 11,378,102 9,181, ,515 12,164,292 1,131,758 54,820,311 51,506,907 4,420,580 5,242, ,598, ,208, ,191,014 41,340 55,742 (1,620,700) ,674,804 16,806 35,135 (403,200) EQUITIES AND LIABILITIES EQUITIES AND MARGINS Memberships Patronage Capital Other Equity Unrealized Gain (Loss) on Available-For-Sale Investments Other Comprehensive Loss LONG -TERM DEBT POSTRETIREMENT BENEFITS OBLIGATION CURRENT LIABILITIES Current Maturities of Long-Term Debt Accounts Payable Energy Rate Adjustment Clause Consumer Deposits Accrued Employee Compensation Accrued Taxes Other Current and Accrued Liabilities DEFERRED CREDITS TOTAL EQUITIES AND LIABILITIES 46,667,767 41,323, ,450, ,394,675 5,028,600 4,003,700 8,487,400 5,665,381 2,963, ,009 1,841,802 10,454,884 90,809 8,178,300 7,605, ,866 1,588,479 8,287, ,047 30,387,882 26,598,140 13,063,624 10,887, ,598, ,208,241 KIUC 2008 ANNUAL REPORT 5
8 FINANCIALS Statement of Income and Patronage Capital For the years ended December 31, 2008 and 2007 Years Ended December 31, Amount % 67,521, , ,056,369 1,457, , Total Operating Revenues 189,625,128 OPERATING EXPENSES Power Cost Transmission - Operation Transmission - Maintenance Distribution - Operation Distribution - Maintenance Customer Accounts Customer Service and Information Administrative and General Depreciation and Amortization Taxes Increase (Decrease) Amount % 58,823, , ,429,362 1,286, , ,047, ,577, ,523, , ,943 1,361,894 2,280,171 2,440, ,753 12,186,795 16,450,486 16,026, ,036, , ,558 1,492,154 2,049,030 2,663, ,573 11,300,907 16,207,749 13,763, ,486,540 (240,948) (29,615) (130,260) 231,141 (223,795) 122, , ,737 2,263,042 Total Operating Expenses 171,161, ,554, ,606,910 OPERATING MARGINS - Before Fixed Charges 18,463, ,493, (2,029,577) FIXED CHARGES Interest on Long-Term Debt 9,940, ,167, (226,560) OPERATING MARGINS - After Fixed Charges 8,522, ,325, (1,803,017) OPERATING REVENUES Residential Irrigation Commercial and Industrial Public Street and Highway Lighting Other Operating Revenues Capital Credits NET OPERATING MARGINS NONOPERATING MARGINS Interest Income Other Nonoperating Income (Expense) NET MARGINS COMPREHENSIVE INCOME Unrealized Gain (Loss) on Available for Sale Securities Adjustment for FASB Stmt No. 158 PATRONAGE CAPITAL - END OF YEAR 8,698,655 70,959 17,627, ,571 10,141 58, , (9,246) 8,581, ,393, (1,812,263) 909,234 62, , ,458,820 13,357 1,472, (549,586) 49,415 (500,171) 9,553, ,866, ,607 (1,217,500) COMPREHENSIVE INCOME PATRONAGE CAPITAL - BEGINNING OF YEAR Allocation of Net Margins Patronage Capital Retired 6 A DEFINING YEAR MARKED BY CHANGE 8,356,704 63,647 (403,200) 41,674,804 9,553,597 (3,037,387) 48,191,014 11,526,478 32,129,731 11,866,031 (2,320,958) 41,674,804 (2,312,434)
9 FINANCIALS Statement of Cash Flows For the years ended December 31, 2008 and 2007 December 31, 2008 CASH FLOWS FROM OPERATING ACTIVITIES Net Margins Adjustments to Reconcile Net Margins to Net Cash Provided by (Used in) Operating Activities Depreciation and Amortization Capital Credits Accounts and Notes Receivable Energy Rate Adjustment Clause Inventories and Other Current Assets Deferred Charges Post Retirement Benefit Obligations Payables and Accrued Expenses Deferred Credits 9,553, ,866,031 16,824,554 (58,688) 3,681,831 3,577,112 (980,004) 821,880 (192,600) 517,045 2,175,792 16,526,454 (67,934) (3,160,130) (3,495,624) (2,241,766) 1,325,427 (158,100) 1,252, ,280 35,920,519 22,086,733 CASH FLOWS FROM INVESTING ACTIVITIES Additions to Utility Plant Plant Removal Cost Over Salvage and Other Credits Rural Economic Development Loans Other Property and Investments (16,720,081) (85,922) (693,173) (144,473) (18,641,879) (370,589) 2,274,052 Net Cash Used in Investing Activities (17,643,649) (16,738,416) CASH FLOWS FROM FINANCING ACTIVITIES Payments on Long-Term Debt Advance Payments to RUS Memberships Other Equities Retirement of Patronage Capital (8,179,243) (456,050) 22 24,534 (3,037,387) (7,946,323) 2,590, ,686 (2,320,958) Net Cash Used in Financing Activities (11,648,124) (7,662,142) INCREASE IN CASH AND CASH EQUIVALENTS 6,628,746 (2,313,825) 17,038,028 19,351,853 Net Cash Provided by Operating Activities CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR CASH AND CASH EQUIVALENTS - END OF YEAR 23,666,774 17,038,028 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash Paid During the Year for: Interest on Long-Term Debt 9,940,742 10,167,302 36,972 38,250 Income Taxes KIUC 2008 ANNUAL REPORT 7
10 FINANCIALS rgins Net Ma 5.0% t res Inte5.2% Ta 8.5 xes % Depreciation & Amor tization 8.7% Fuel Cost 55.2% Pro du ctio & Mn Op ain erati ten on a 7.3 ce % e& trativet of s i n i Adm neral N gins Ge e Mar % 5.9 ativ e Op r n o N ces r vi.8% e S 1 n er b tio ce u m b e i n M str na 4% Di inte 2. & a ion & M s is on sm rati n e Tra Op Fuel Cost ,735,009 Production Operation & Maintenance ,788,227 Transmission & Distribution Operation & Maintenance ,589,232 Member Services ,384,894 Administrative & General Net of Non-Operative Margins ,156,101 Depreciation & Amortization ,450,486 Twelve-month period ending December 31, 2008 Total Revenue 189,625,128 8 A DEFINING YEAR MARKED BY CHANGE Taxes ,026,840 Interest ,940,742 Net Margins ,553,597
11 Member confidence in our cooperative is essential to our financial and social stability. Our members must have confidence that KIUC is led by ethical leaders who play by the rules and who follow strong internal practices and policies. We are committed to providing financial information that is transparent, timely, complete, relevant and accurate. Difficult times require exceptional governance. True leadership on climate change will require balancing competing goals that all serve the public interest. In addition to mitigating climate change, keeping electricity affordable and reliable is just as much in the public interest. As we race to develop the technology to limit carbon emissions, our leadership must ensure our members have the energy they need. Difficult times require exceptional leadership. Some people say we can meet demand through energy efficiency. Some say we have to use more renewable energy. Some say new technology will solve the problem. Some haven t said anything yet. Difficult times require exceptional member participation.
12 SEVEN COOPERATIVE PRINCIPLES Voluntary and Open Membership Cooperatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political, or religious discrimination. Democratic Member Control Cooperatives are democratic organizations controlled by their members, who actively participate in setting policies and making decisions. The elected representatives are accountable to the membership. In primary cooperatives, members have equal voting rights (one member, one vote) and cooperatives at other levels are organized in a democratic manner. Members' Economic Participation Members contribute equitably to, and democratically control, the capital of their cooperative. At least part of that capital is usually the common property of the cooperative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing the cooperative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the cooperative; and supporting other activities approved by the membership. Autonomy and Independence Cooperatives are autonomous, self-help organizations controlled by their members. If they enter into agreements with other organizations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their cooperative autonomy. Education, Training, and Information Cooperatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their cooperatives. They inform the general public, particularly young people and opinion leaders, about the nature and benefits of cooperation. Cooperation Among Cooperatives Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional, and international structures. Concern for Community While focusing on member needs, cooperatives work for the sustainable development of their communities through policies accepted by their members Pahe e Street, Suite 1, Līhu e, HI KIUC is an equal opportunity provider and employer.
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