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View Annual Report 2008 SUMMARYSUMMARY REPORT REPORT TO TO SHAREHOLDERS SHAREHOLDERS BUILDINGBUILDING AA BRIGHTER TOMORROW HawaiianHawaiian El ElEEctricctric industriEs, i inc.nc. (H(HEEii),), through through its its subsidiaries, subsidiaries, HHawaiianawaiian E Elelecctritricc ComComppanany,y, INc. and American S SAAvvingsings B Banank,k, F.S.B., F.S.B., providesprovides essential essential electric electric and and financialfinancial services ensuring a brighter futurefuture forfor thethe communitiescommunities it it serves. serves. HEI Hawaiian Electric Company American Savings Bank INcOME FROM Basic Earnings pER Share — RETURN ON AvERAGE DIvIDENDS pER Continuing Operations (1) Continuing Operations (1, 2) cOMMON EQUITy — cOMMON SHARE (2) (1) (millions of dollars) (dollars) Continuing Operations (dollars) (percent) 150 2.00 15 1.5 1.24 120 1.2 1.50 90 10 90 1.07 0.9 1.00 6.8 60 0.6 5 0.50 30 0.3 0 0 0 0 99 02 05 08 99 02 05 08 99 02 05 08 99 02 05 08 (1) 2008 consolidated and bank net income included a $36 million after-tax charge ($0.42 per share) resulting from American’s balance sheet restructuring. The balance sheet restructuring reduced the size of the bank’s balance sheet by approximately $1 billion, while enabling the bank to maintain its earnings power on a lower capital base and dividend excess capital to HEI. Return on average common equity — continuing operations, adjusted to exclude the $36 million after-tax balance sheet restructuring charge, was 9.3 percent. ( 2) Adjusted for a 2-for-1 stock split in June 2004 LETTER TO SHAREHOLDERS FINANCIAL HIGHLIGHTSHIGHLIGHTS Years ended December 3 2008 (1) 2007 2006 (dollars in millions, except per share amounts) Operating income $ 204 $ 204 $ 239 Net income (loss) by segment Electric utility 92 52 75 Bank 18 53 56 Other (20) (20) (23) Net income 90 85 08 Basic earnings per common share 1.07 .03 .33 Dividends per common share 1.24 .24 .24 Book value per common share (2) 15.35 5.29 3.44 Market price per common share High 29.75 27.49 28.94 Low 20.95 20.25 25.69 December 3 22.14 22.77 27.5 Return on average common equity 6.8% 7.2% 9.3% Indicated annual yield (2) 5.6% 5.4% 4.6% Price earnings ratio (3) 20.7x 22.x 20.4x Common shares (millions) December 3 90.5 83.4 8.5 Weighted-average 84.6 82.2 8. () 2008 consolidated and bank net income included a $36 million after-tax charge ($0.42 per share) resulting from American’s balance sheet restructuring. The balance sheet restructuring reduced the size of the bank’s balance sheet by approximately $ billion, while enabling the bank to maintain its earnings power on a lower capital base and dividend excess capital to HEI. Return on average common equity, adjusted to exclude the $36 million after-tax balance sheet restructuring charge, was 9.3 percent. (2) At December 3 (3) Calculated using the December 3 market price per common share divided by basic earnings per common share PB Constance H. Lau President and Chief Executive Officer Hawaiian Electric Industries, Inc. While we performed well in 2008, our company is Letter to Shareholders not immune to the significant financial pressures of the turbulent financial markets and depressed economic espite significant turmoil in the financial environment. In the fourth quarter of 2008 we began markets in 2008, HEI performed well to see how some of those pressures are affecting our and delivered a positive total return to financial picture. Sound fundamentals and continued shareholders — something that many publicly- careful implementation of our plans are critical to seeing us traded companies were unable to achieve in 2008. We through this tumultuous period. We believe management were pleased to be one of only five electric utilities has set your company on the right course and is doing the among the 59 Edison Electric Institute companies that right thing for our customers, our communities and for you, were able to produce this result for shareholders. our shareholders. Over the last two years, your board of directors and management took a hard look at our businesses to determine fundamental changes in our two core Total RETuRN operating subsidiaries to improve their operating and (percent) financial performance. In 2008, not only did our financial results begin to reflect the benefits of these activities, Edison Electric but both Hawaiian Electric Company (Hawaiian Electric) HEI S&P 500 Index Institute Index and American Savings Bank (American) launched 2008 2 (37) (26) strategic initiatives that I believe have and will continue 3-Year () (23) 4 to increase your company’s operating performance and financial flexibility. The utility has taken an exciting 5-Year 9 (0) 49 leadership role in the state’s Hawaii Clean Energy 0-Year 94 (3) 72 Initiative and the bank announced a three-pronged Sources: Bloomberg and Edison Electric Institute strategy to improve its performance. HEI NYSE symbol: HE 2 3 LETTERLETTER TO TO SHAREHOLDERSSHAREHOLDERS “ Your management has focused on improving the fundamental operating and financial performance of our core operating companies.” NET INCOME IMPROVES The dividend payout ratio (the annual dividend divided Net income in 2008 was $90 million, or $.07 per share, by earnings per share) in 2008 was 116 percent, but compared with $85 million, or $.03 for the prior year. excluding the $0.42 per share charge related to the balance Much needed interim rate relief received by Hawaiian sheet restructuring, the adjusted dividend payout ratio Electric mainly in the last quarter of 2007 helped account was lower at 83 percent. for a significant part of the 2008 increase in earnings. In 2008, we recorded $73 million of incremental revenues related to these rate cases or $4 million net of taxes DIVIDEND PAyOuT ratio — CONTINuING OPERATIONS (1) ($0.48 per share). This was partially offset by .8 percent (percent) lower utility kilowatthour sales due primarily to customer conservation, especially in reaction to high fuel prices 50 and the utilities’ conservation promotion campaigns, 6 higher utility expenses for operations and depreciation, a $36 million after-tax charge ($0.42 per share) related to 00 American’s balance sheet restructuring initiative in June 2008, higher loan loss provisions and write downs of bank investment securities to fair value. 50 As I’ll explain in more detail later, American’s balance sheet restructuring was executed as a part of its broader 0 performance improvement initiative that has been 99 00 0 02 03 04 05 06 07 08 extremely successful in increasing American’s net interest () 2008 consolidated and bank net income included a $36 million after-tax charge margin and also enabled the bank to return underutilized ($0.42 per share) resulting from American’s balance sheet restructuring. The balance capital to HEI in 2008. Excluding the $36 million after-tax sheet restructuring reduced the size of the bank’s balance sheet by approximately $ billion, while enabling the bank to maintain its earnings power on a lower capital balance sheet restructuring charge, adjusted net income base and dividend excess capital to HEI. The dividend payout ratio, adjusted for the for 2008 was $26 million, or $.49 per share. $36 million after-tax balance sheet restructuring charge, was 83 percent. 2 3 HAWAIIAN ELECTRIC’S CLEAN ENERGY INITIATIVE CORE TEAM In a changing world, our utility’s strategic plans must continue to evolve Utility Sets Course with an increased focus on clean energy solutions, while maintaining our commitment to reliability and service and assuring a financially sound For The Future utility. A team of Hawaiian Electric employees, led by a core Clean Energy team, worked with the State of Hawaii and U.S. Department of Energy on a landmark energy agreement with commitments to achieve these goals. Clean Energy core team pictured from left to right: Leon Roose, Dave Waller, Darcy Endo-Omoto, Scott Seu, Robbie Alm, Dan Giovanni, Colton Ching, Alan Hee Operating Income* NET Income RETuRN ON Average KilowatthouR (millions of dollars) (millions of dollars) COMMON EquITy Sales (percent) (billions) 50 00 2 2 92 30 0 75 9 9 8 00 50 6 6 50 25 3 3 0 0 0 0 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 04 08 09 13 Forecast * Includes income taxes and excludes net other income 4 5 LETTERLETTER TO TO SHAREHOLDERSSHAREHOLDERS As mentioned earlier, a big part of expenses was due in part to higher NET Capital HEI’s financial improvement was due to demand-side management costs that ExPENDITuRES* (millions of dollars) the recovery of utility financial results. are recovered in rates and higher In 2007, Hawaiian Electric’s earnings production operation expenses. 325 were under significant pressure Higher production operation 257 from rising costs for operations and expenses include higher staffing 260 maintenance and the need to recover levels at generating plants and work 95 and earn on capital investments made to support a renewable energy since the previous rate case filings. request for proposals. Depreciation 30 Also, 2007 results were unusually low expenses also increased with due to a $9 million net-of-tax refund additions to plant-in-service. 65 of interim rates in Hawaiian Electric’s As you can see from the 0 Oahu 2005 rate case and a $7 million improvement in the utility’s financial 04 08 09 3 Forecast net-of-tax write off of costs related results between 2007 and 2008, * Net of allowance for funds to Hawaii Electric Light Company’s timely recovery of costs and return used during construction and Keahole power plant expansion project.
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