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Page 1
Exhibit 3
Exhibit 3
FPL Group, Inc. Balance Sheet for the Years 1989 to 1993 (in Thousands)
1993
1992
1991
$14,838,160
781,435
261,125
5,591,265
$10,289,455
$13,534,791
1,158,688
278,887
5,106,066
$9,866,300
$12,918,817
597,401
255,035
4,690,403
$9,080,850
$378,774
368,724
155,449
0
82,045
$984,992
$318,798
296,593
144,398
0
62,952
$822,741
$291,632
236,090
139,008
0
61,222
$727,952
$152,014
171,988
504,597
329,599
44,945
48,214
$1,251,357
$78,156
75,437
516,585
382,080
72,500
58,418
$1,183,176
$170,211
0
513,937
374,630
0
45,419
$1,104,197
$302,561
110,859
0
0
138,788
$552,208
$175,320
110,859
0
0
147,909
$434,088
$150,601
115,202
51,640
0
51,343
$368,786
$13,078,012
$12,306,305
$11,281,785
$349,600
279,680
323,282
216,140
109,206
94,880
130,786
335,043
$1,838,617
$0
164,004
411,369
215,435
123,735
90,929
175
172,069
$1,177,716
$0
136,605
389,562
201,014
109,748
98,968
0
171,061
$1,106,958
$1,512,067
$1,718,388
$1,507,231
ASSETS
Property, Plant and Equipment
Electric utility plant
Construction work in progress
Other property
Less Depreciation/amort.
Investment
Utility special use funds
Partnerships and joint ventures
Leaveraged leases
Insurance/Banking Assets
Other
Current Assets
Cash and cash equilvalents
Marketable securities
Receivables:
Recoverable storm costs
Other
Deferred Debits and Other Assets
Unamort. debt reacquisition costs
Deferred litigation items of FPL
Deferred pension costs
Other
Total Assets
Page 2
Exhibit 3
216,546
323,791
271,498
0
517,653
$2,841,555
0
345,438
324,198
0
393,080
$2,781,104
0
368,337
279,657
0
501,216
$2,656,441
$1,901
3,589,994
(321,121)
829,833
$4,100,607
$1,828
3,312,903
(336,355)
857,613
$3,835,989
$1,708
2,886,113
(346,215)
812,241
$3,353,847
$451,250
97,000
3,748,983
$8,397,840
$421,250
130,150
3,960,096
$8,347,485
$346,250
150,150
3,668,139
$7,518,386
$13,078,012
$12,306,305
$11,281,785
Page 3
Exhibit 3
n Thousands)
1990
1989
$12,184,176
476,279
243,185
4,481,736
$8,421,904
$11,488,396
299,705
378,424
4,087,780
$8,078,745
$252,098
168,571
134,174
0
19,060
$573,903
$201,217
0
0
1,878,555
287,678
$2,367,450
$214,164
0
492,503
438,957
197,112
43,818
$1,386,554
$61,220
0
573,171
299,567
0
118,284
$1,052,242
$146,841
119,371
45,918
0
107,517
$419,647
$0
125,065
0
250,434
451,373
$826,872
$10,802,008
$12,325,309
$48,814
19,572
357,904
189,648
105,718
87,517
0
127,225
$936,398
$125,760
15,933
335,509
187,875
124,022
0
0
0
$789,099
$1,538,645
$1,516,483
Page 4
Exhibit 3
0
406,251
74,887
0
319,804
$2,339,587
0
430,351
0
1,584,505
583,972
$4,115,311
$1,610
2,566,844
(360,000)
952,707
$3,161,161
$1,333
1,780,392
279
1,670,152
$3,452,156
$346,250
165,950
3,852,662
$7,526,023
$346,250
173,050
3,449,443
$7,420,899
$10,802,008
$12,325,309
Page 5
Exhibit 4a
Exhibit 4a
FPL Group, Inc. Income Statement for the Years 1989 to 1993 (in thousands)
1993
1992
1991
$5,224,299
91,995
$5,316,294
$5,100,463
92,864
$5,193,327
$5,158,766
90,670
$5,249,436
$1,758,298
1,251,284
138,000
70,256
0
598,389
526,109
$4,342,336
$1,829,908
1,203,474
0
74,195
0
554,237
497,739
$4,159,553
$1,932,637
1,276,244
90,008
69,469
0
518,068
485,962
$4,372,388
$973,958
$1,033,774
$877,048
$409,760
(66,238)
(48,812)
$294,710
$410,152
(57,782)
(46,978)
$305,392
$411,079
(34,044)
(47,456)
$329,579
$238,557
11,942
$250,499
$147,961
113,472
$261,433
$186,008
(14,687)
$171,321
$428,749
$466,949
$376,148
(135,570)
$428,749
$466,949
$240,578
Operating Revenues
Utility
Non-utility
Total operating revenues
Operating Expenses
Utility
Fuel/purchased power
Operations and maintenance
Cost reduction Program
Non-utility operations:
Loss on discontinuing businesses
Depreciation and amortization
Taxes other that income taxes
Operating Income
Interest Expense & Other (Income) Deductions
Interest and preferred stock dividends
Allowance for funds used during construction
Othernet
Income Taxes
Current
Deferred
Note: Preferred stock dividends result from intercompany transctions and are not tax-deductible
Source: 1989-1993 Annual Reports for FPL Group, Inc.
Page 6
Exhibit 4a
1990
1989
$4,987,690
98,655
$5,086,345
$4,946,291
86,253
$5,032,544
$1,927,233
1,243,583
0
102,179
99,850
501,269
451,494
$4,325,608
$1,775,557
1,194,871
0
85,101
0
636,976
408,320
$4,100,825
$760,737
$931,719
$393,074
(25,424)
(26,981)
$340,669
$383,375
(21,623)
(32,685)
$329,067
$66,632
55,261
$121,893
$183,723
2,086
$185,809
$298,175
$416,843
(689,180)
16,494
($391,005)
$433,337
Page 7
Exhibit 4b
Exhibit 4b
FPL Group, Inc. Earnings and Dividends Per Common Share 1984 to 1993
Year
Earnings
Per Share
Earnings Per
Share before
Extraordinary
Items
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
$2.30
2.65
1.48
(2.86)
3.12
3.42
3.10
2.90
3.11
2.62
$2.76
2.65
2.66
2.64
2.99
3.12
2.69
2.90
3.11
2.65
Dividends
Per Share
Average
Shares
Outstanding
(in
$2.47
2.43
2.39
2.34
2.26
2.18
2.10
2.02
1.94
1.77
186,413
176,207
162,553
136,715
131,544
130,932
129,959
126,004
119,696
118,280
Note:
"Earnings per share before extraordinary items" excludes gains or losses from
discontinued operations and charges relating to cost reduction programs.
Sources:
FPL Group, Inc. annual reports 1989 to 1993, Value Line, Inc., June 17, 1994.
Page 8
Exhibit 5
Exhibit 5
FPL Group, Inc. Cash Flow Statement for the Years 1989 to 1993 (in thousands)
1993
1992
1991
$428,749
598,389
10,225
0
12,184
0
138,949
0
(10,578)
0
89,058
$466,949
554,237
211,156
0
(57,130)
0
(102,977)
0
5,948
0
(90,521)
$240,578
518,068
(31,414)
0
0
0
120,772
0
15,481
135,570
194,466
$1,266,976
$987,662
$1,193,521
($1,247,661)
0
0
82,462
34,365
($1,390,930)
0
0
17,592
(10,013)
($1,343,931)
128,380
(49,827)
11,572
1,427
($1,130,834)
($1,383,351)
($1,252,379)
$0
2,082,993
125,889
190,000
0
(2,648,170)
276,287
(461,639)
0
349,600
22,756
$0
874,633
25,000
125,000
0
(699,614)
422,626
(430,716)
0
0
(13,295)
$0
265,246
0
0
0
(360,372)
318,341
(392,000)
235,972
(48,814)
(3,468)
($62,284)
$303,634
$14,905
$73,858
($92,055)
($43,953)
$78,156
$170,211
$214,164
Page 9
Exhibit 5
$152,014
Page 10
$78,156
$170,211
Exhibit 5
1990
1989
($391,005)
501,269
47,912
10,257
0
(22,960)
(10,483)
99,850
49,962
689,180
78,813
$410,416
636,976
31,325
38,650
0
(37,692)
(117,340)
0
(42,002)
(16,494)
59,129
$1,052,795
$962,968
($1,038,740)
0
(92,006)
(96,894)
(55,086)
($836,493)
0
58,488
(90,667)
(107,198)
($1,282,726)
($975,870)
($360,000)
276,073
0
0
260,000
(141,892)
796,491
(323,919)
75
(76,946)
(7,892)
$0
213,542
0
0
0
(193,890)
73,124
(297,861)
47,399
107,176
8,478
$421,990
($42,032)
$192,059
($54,934)
$22,105
$77,039
Page 11
Exhibit 5
$214,164
$22,105
Page 12
Exhibit 6
Exh i bi t 6 FPL GroupFi na nci a l Project i ons a s of Ma rch 1994 ($ i n t h ousa nds)
1992
Actual
1993
Actual
1994
Estimate
1995
Estimate
1996
Estimate
1997
Estimate
1998
Estimate
69,290
3,281
16,627
72,455
3,350
16,697
74,411
3,437
17,559
76,420
3,526
17,563
78,484
3,618
18,030
80,603
3,712
18,051
82,779
3,809
18,051
$467
554
$429
598
$527
665
$557
711
$576
741
$596
778
$615
795
$1,270
152
44
431
$1,337
11
43
461
$901
2
40
$831
81
40
$743
101
40
$769
4
40
$624
185
40
176.2
186.4
191.5
192.1
192.1
192.1
192.1
48%
6%
46%
46%
6%
47%
46%
6%
48%
46%
6%
48%
45%
6%
50%
44%
6%
50%
44%
6%
50%
Donaldson, Lufkin & Jenrette Securities Corp, analyst report, May 1994.
Salomon Brothers US Equity Research, analyst report, March 16, 1994
Florida Power & Light Company 1994-98 Forecast and 1993 Financial and Statistical Report
Page 13
Exhibit 6
295-059 -14-
1996
Estimate
1997
Estimate
1998
Estimate
78,484
3,618
18,030
80,603
3,712
18,051
82,779
3,809
18,051
$576
741
$596
778
$615
795
$743
101
40
$769
4
40
$624
185
40
1993-98
Annualized
Growth
2.7%
2.6%
1.6%
192.1
192.1
192.1
45%
6%
50%
44%
6%
50%
44%
6%
50%
Page 14
Exhibit 7
Exhibit 7
Electric Subsidiaries
Capital Structure
Long Term Debt/Total Capitalization
Common Stock/Total Capitalization
Total Assets (millions)
Profitability
Return on Common Stock
Earnings per share
Cash Flow per share
Dividend per common share
Dividend Yield
Payout Ratio (all dividends)
Capacity Utilization
Annual Load Factor (a)
Capacity Margin (b)
Percent of Power Purchased (1993est)
Carolina Power
Duke Power
Florid
Carolina Power
and Light Company
Florida P
East NC
Northeast SC
45,505.0
Central NC
Northwest SC
76,058.0
North
56.0%
36.0%
4.0%
4.0%
33.0%
20.0%
26.0%
21.0%
33.0%
24.0%
28.0%
15.0%
46.4%
47.3%
$13,078
48.2%
49.1%
$8,194
39.9%
50.9%
$12,193
12.5%
13.6%
13.2%
$2.75
$5.85
$2.47
$2.23
$5.09
$1.66
$2.80
$5.80
$1.84
6%
91%
5%
74%
5%
68%
57%
8.6%
30.0%
59%
12.0%
11.0%
60%
14.3%
1.0%
Florida Power
and Light Company
East/South FL
72,454.7
Costs
Operation/Maintenance Costs/KWH
Busbar Cost/KWH (c)
Incremental Generation Cost/KWH (d)
Transmission Cost/KWH (1987)
$0.0075
$0.0366
$0.0187
$0.0019
$0.0103
$0.0403
$0.0154
$0.0009
$0.0072
$0.0317
$0.0176
$0.0010
$0.0811
$0.0675
$0.0540
$0.0828
$0.0694
$0.0549
$0.0732
$0.0600
$0.0431
Sources:
Notes:
$0.0019
$0.0009
$0.0010
Exhibit 7
$0.0811
$0.0675
$0.0540
$0.0828
$0.0694
$0.0549
$0.0732
$0.0600
$0.0431
Value Line, Annual Reports, North American Utility Almanac (J.C. Bradford & Co., 1993 edition)
Goldman Sachs Selected Electric Utility Industry Statistics (November 1994)
(a) Annual Load Factor is the average level of capacity used by the utility.
(b) Capacity Margin = (Total Capacity - Peak Load in Summer)/Total Capacity.
(c) Busbar Cost is the unit output cost of electric power coming out of a generating plant, before transmission and distribution
(d) Incremental Generation Cost is the marginal cost to produce an additional kilowatt-hour.
Page 16
Exhibit 7
Duke Power
Florida Progress
Central NC
Northwest SC
76,058.0
North Central FL
93 edition)
28,647.8
SCANA Corp.
SC Electric and
Gas Company
Southwest SC
16,880.0
Northwest FL,
GA, and AL
119,206.0
Central FL
13,446.5
33.0%
24.0%
28.0%
15.0%
47.0%
28.0%
12.0%
13.0%
43.0%
29.0%
20.0%
8.0%
32.0%
26.0%
27.0%
15.0%
44.0%
30.0%
10.0%
16.0%
39.9%
50.9%
$12,193
48.7%
47.5%
$5,639
50.2%
47.0%
$4,041
45.1%
46.8%
$25,911
49.1%
48.3%
$3,128
13.2%
10.9%
12.6%
13.0%
14.3%
$2.80
$5.80
$1.84
$2.26
$5.59
$1.95
$3.72
$6.02
$2.74
$1.57
$3.16
$1.14
$1.30
$2.70
$0.95
5%
68%
6%
87%
6%
74%
5%
75%
4%
73%
60%
14.3%
1.0%
51%
11.0%
15.0%
57%
7.9%
26.0%
59%
12.1%
7.0%
n/a
13.8%
3.0%
$0.0072
$0.0317
$0.0176
$0.0010
$0.0070
$0.0344
$0.0182
$0.0010
$0.0051
$0.0293
$0.0186
$0.0007
$0.0059
$0.0319
$0.0115
$0.0008
$0.0049
$0.0368
$0.0242
$0.0006
$0.0732
$0.0600
$0.0431
$0.0792
$0.0581
$0.0479
$0.0713
$0.0562
$0.0391
$0.0732
$0.0704
$0.0451
$0.0813
$0.0673
$0.0465
Page 17
$0.0010
$0.0010
$0.0007
$0.0008
$0.0006
$0.0732
$0.0600
$0.0431
$0.0792
$0.0581
$0.0479
Exhibit 7
$0.0713
$0.0562
$0.0391
$0.0732
$0.0704
$0.0451
$0.0813
$0.0673
$0.0465
93 edition)
Page 18
Exhibit 7
Central FL
13,446.5
44.0%
30.0%
10.0%
16.0%
49.1%
48.3%
$3,128
14.3%
$1.30
$2.70
$0.95
4%
73%
n/a
13.8%
3.0%
$0.0049
$0.0368
$0.0242
$0.0006
$0.0813
$0.0673
$0.0465
Page 19
$0.0006
$0.0813
$0.0673
$0.0465
Exhibit 7
Page 20
Exhibit 9
Exh i bi t 9 Di v i d end s by Ind ust ry a nd for El ect ri c Ut i l i t i esFi rst Qua rt er 1994
Dividend
Payout Ratio
Dividend
Yield
69.4%
66.9%
65.7%
58.0%
53.6%
45.7%
39.7%
39.4%
39.3%
38.2%
34.7%
32.6%
31.0%
29.7%
25.5%
25.4%
23.9%
20.6%
16.0%
15.1%
10.9%
6.5%
deficit
deficit
4.1%
2.6%
5.2%
2.5%
2.8%
2.7%
1.8%
1.9%
2.3%
1.7%
2.2%
3.4%
2.3%
0.9%
1.6%
0.9%
0.7%
1.9%
0.8%
0.8%
0.4%
0.4%
0.1%
0.9%
106.2%
93.3%
92.2%
90.9%
90.6%
88.7%
88.0%
87.2%
87.0%
84.2%
81.9%
81.4%
81.1%
79.4%
75.5%
74.5%
72.3%
71.5%
71.3%
66.7%
65.5%
64.8%
61.5%
60.8%
9.6%
8.6%
8.7%
10.0%
8.4%
9.9%
9.3%
7.9%
7.7%
7.1%
6.6%
8.6%
9.0%
6.5%
7.1%
6.5%
7.1%
6.5%
8.5%
6.5%
6.6%
5.3%
7.7%
5.8%
PacificCorp
Carolina P&L
Southern Company
Pacific G&E
Entergy
General Public Utilities
Duke Power
Centerior Energy
Philadelphia Electric
Exhibit 9
74.5%
72.3%
71.5%
71.3%
66.7%
65.5%
64.8%
61.5%
60.8%
Page 22
6.5%
7.1%
6.5%
8.5%
6.5%
6.6%
5.3%
7.7%
5.8%
Exhibit 9
94
end
eld
1%
6%
2%
5%
8%
7%
8%
9%
3%
7%
2%
4%
3%
9%
6%
9%
7%
9%
8%
8%
4%
4%
1%
9%
6%
6%
7%
0%
4%
9%
3%
9%
7%
1%
6%
6%
0%
5%
1%
5%
1%
5%
5%
5%
6%
3%
7%
8%
Page 23
5%
1%
5%
5%
5%
6%
3%
7%
8%
Exhibit 9
Page 24
Exhibit 10
Type of Shareholder
Individuals and Other
Institutions (total)
Number of
Shareholder
s
51.9%
85,442
36.9%
328
Pension Funds/Universities
Mutual Funds/Money Managers
Financial Institutions
Insurance Companies
18.4%
13.0%
4.3%
1.2%
11.1%
0.1%
100.0%
17
85,787
190.1
Sources:
FPL Group 1993 Annual Report and Proxy Statement (5/4/94), CDA/Spectrum, and casewriter estimates.
Note:
An ESOP (Employee Stock Ownership Plan) is a program administered by a third party trustee to
encourage employees to purchase stock in the companyoften used as a retirement savings vehicle.
Page 25
Exhibit 10
nd casewriter estimates.
party trustee to
ment savings vehicle.
Page 26