SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Cogentrix Energy Inc – ‘10-K’ for 12/31/02 – EX-99.1

On:  Monday, 3/31/03, at 5:04pm ET   ·   For:  12/31/02   ·   Accession #:  917711-3-7   ·   File #:  33-74254

Previous ‘10-K’:  ‘10-K’ on 4/16/02 for 12/31/01   ·   Latest ‘10-K’:  This Filing

Find Words in Filings emoji
 
  in    Show  and   Hints

  As Of                Filer                Filing    For·On·As Docs:Size

 3/31/03  Cogentrix Energy Inc              10-K       12/31/02   14:878K

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Cei 12/31/02 10-K                                   HTML    624K 
 2: EX-10.33A   Amendment No. 2 to Power Purchase and Operating     HTML     14K 
                          Agreement                                              
 3: EX-10.38B   Cri Amendment No.5 to Coal Sales Agreement          HTML     19K 
 4: EX-10.54    Affiliate Performance Agreement                     HTML     11K 
 5: EX-10.55    Guarantee in Favor of Dynegy Power Marketing        HTML     33K 
 6: EX-21.1     Subs of Cei                                         HTML     14K 
 7: EX-99.1     Cedar Bay Auditors' Opinion                         HTML      9K 
 8: EX-99.2     Carneys Point/Chambers Auditors' Opinion            HTML      9K 
 9: EX-99.3     Indiantown Auditors' Opinion                        HTML      9K 
10: EX-99.4     Logan Auditors' Opinion                             HTML      9K 
11: EX-99.5     Northampton Auditors' Opinion                       HTML      9K 
12: EX-99.6     Scrubgrass Auditors' Opinion                        HTML      9K 
13: EX-99.7     Logan Generating Co. L.P. 2002 Financials           HTML    118K 
14: EX-99.8     Logan Generating Co. L.P. 2000 Financials           HTML    112K 


EX-99.1   —   Cedar Bay Auditors’ Opinion


This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



Exhibit 99.1

Report of Independent Auditors


The Board of Control of
Cedar Bay Generating Company, L.P.

We have audited the accompanying balance sheet of Cedar Bay Generating Company, L.P. as of December 31, 2002 and the related statements of operations, changes in partners' deficit and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Cedar Bay Generating Company, L.P. for the year ended December 31, 2001, were audited by other auditors who have ceased operations and whose report dated January 23, 2002 (except with respect to the matter discussed in Note 7, as to which the date was February 7, 2002), expressed an unqualified opinion on those statements.

We conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the 2002 financial statements referred to above present fairly, in all material respects, the financial position of Cedar Bay Generating Company, L.P. at December 31, 2002, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States.

The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As more fully described in Note 1, the Partnership has incurred recurring operating losses, has a working capital deficiency, a partners' capital deficit and has not made required debt service payments on a timely basis. In addition, the Partnership's projections for 2003 reflect a continued inability to make certain debt payments under its Senior Debt Agreement when due. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.


    /s/   Ernst & Young LLP    


February 24, 2003
McLean, Virginia


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:3/31/0310-Q
2/24/03
For Period End:12/31/02
2/7/02
1/23/02
12/31/0110-K,  NT 10-K
 List all Filings 
Top
Filing Submission 0000917711-03-000007   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Fri., Mar. 29, 3:42:36.1am ET