-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, qQRjLe1+SC0LXzhc+KM6ogvD2c7Jt5SdR9aJQCSwufOzTyJADSjmM5cZhNu1oA2W AKKZcYwZaLb6se8Fa3kpWw== 0000037634-94-000005.txt : 19941111 0000037634-94-000005.hdr.sgml : 19941111 ACCESSION NUMBER: 0000037634-94-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941110 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA POWER & LIGHT CO CENTRAL INDEX KEY: 0000037634 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 590247775 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03545 FILM NUMBER: 94558458 BUSINESS ADDRESS: STREET 1: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408 BUSINESS PHONE: 4076944647 MAIL ADDRESS: STREET 1: P O BOX 14000 CITY: JUNO BEACH STATE: FL ZIP: 33408 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1994 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3545 FLORIDA POWER & LIGHT COMPANY (Exact name of registrant as specified in its charter) Florida 59-0247775 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 700 Universe Boulevard Juno Beach, Florida 33408 (Address of principal executive offices) (Zip Code) (407) 694-4647 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, No Par Value, outstanding at October 31, 1994: 1,000 shares PART I - FINANCIAL INFORMATION Item 1. Financial Statements FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1994 1993 1994 1993 (Thousands of Dollars) OPERATING REVENUES .............................. $1,501,896 $1,586,141 $4,076,258 $4,011,181 OPERATING EXPENSES: Fuel, purchased power and interchange ......... 470,319 533,799 1,308,720 1,384,387 Other operations and maintenance .............. 253,416 322,727 877,562 925,377 Depreciation and amortization ................. 203,561 149,553 535,483 433,118 Income taxes .................................. 133,521 81,928 277,490 176,352 Taxes other than income taxes ................. 144,483 149,526 399,520 399,021 Cost reduction program ........................ - 138,000 - 138,000 Total operating expenses .................... 1,205,300 1,375,533 3,398,775 3,456,255 OPERATING INCOME ................................ 296,596 210,608 677,483 554,926 ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION .................................. 2,221 6,724 11,074 28,456 OTHER INCOME - NET .............................. 1,854 1,615 4,588 5,384 INCOME BEFORE INTEREST CHARGES .................. 300,671 218,947 693,145 588,766 INTEREST CHARGES: Interest expense .............................. 72,843 82,149 220,645 251,642 Allowance for borrowed funds used during construction ................................ (1,718) (5,949) (8,588) (24,210) Interest charges - net .................... 71,125 76,200 212,057 227,432 NET INCOME ...................................... 229,546 142,747 481,088 361,334 PREFERRED STOCK DIVIDEND REQUIREMENTS ........... 9,879 10,712 29,687 32,631 NET INCOME AVAILABLE TO FPL GROUP, INC. ......... $ 219,667 $ 132,035 $ 451,401 $ 328,703
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 and 6 herein and the Notes to Consolidated Financial Statements appearing in Florida Power & Light Company's (FPL) 1993 Annual Report on Form 10-K (Form 10- K). FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 1994 December 31, (Unaudited) 1993 (Thousands of Dollars) ASSETS ELECTRIC UTILITY PLANT: At original cost .................................................... $15,501,900 $14,612,036 Less accumulated depreciation and amortization ...................... 5,995,834 5,541,164 Net ............................................................... 9,506,066 9,070,872 Construction work in progress ....................................... 274,143 781,435 Nuclear fuel under capital lease .................................... 205,007 226,124 Electric utility plant - net ...................................... 9,985,216 10,078,431 INVESTMENTS .......................................................... 539,097 388,664 CURRENT ASSETS: Cash and cash equivalents ........................................... 6,867 7,316 Receivables - net ................................................... 603,003 492,728 Materials and supplies - at average cost ............................ 198,052 235,132 Fossil fuel stock - at average cost ................................. 93,332 78,337 Prepaid expenses .................................................... 44,540 34,879 Other ............................................................... 25,288 56,598 Total current assets .............................................. 971,082 904,990 OTHER ASSETS AND DEFERRED DEBITS: Unamortized debt reacquisition costs ................................ 292,464 302,561 Deferred litigation items ........................................... 110,859 110,859 Other ............................................................... 121,203 125,837 Total other assets and deferred debits ............................ 524,526 539,257 TOTAL ASSETS ............................................................ $12,019,921 $11,911,342 CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stock ........................................................ $ 1,373,069 $ 1,373,069 Other shareholder's equity .......................................... 2,736,055 2,606,356 Preferred stock without sinking fund requirements ................... 451,250 451,250 Preferred stock with sinking fund requirements ...................... 94,000 97,000 Long-term debt ...................................................... 3,625,403 3,463,065 Total capitalization .............................................. 8,279,777 7,990,740 CURRENT LIABILITIES: Commercial paper .................................................... 16,500 349,600 Current maturities of long-term debt and preferred stock ............ 128,725 1,500 Accounts payable .................................................... 272,510 310,963 Customers' deposits ................................................. 221,937 215,492 Accrued interest and taxes .......................................... 408,891 200,365 Other ............................................................... 229,395 360,033 Total current liabilities ......................................... 1,277,958 1,437,953 OTHER LIABILITIES AND DEFERRED CREDITS: Accumulated deferred income taxes ................................... 1,286,567 1,260,587 Deferred regulatory credit - income taxes ........................... 199,772 216,546 Unamortized investment tax credits .................................. 308,227 323,791 Capital lease obligations ........................................... 204,959 271,498 Other ............................................................... 462,661 410,227 Total other liabilities and deferred credits ...................... 2,462,186 2,482,649 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES .................................... $12,019,921 $11,911,342
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 and 6 herein and the Notes to Consolidated Financial Statements appearing in FPL's 1993 Form 10-K. FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30, 1994 1993 (Thousands of Dollars) CASH FLOWS FROM OPERATING ACTIVITIES: Net income .............................................................. $ 481,088 $ 361,334 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ....................................... 535,483 433,118 Increase (decrease) in deferred income taxes and related regulatory credit ................................................. 9,206 (32,297) (Deferrals) recoveries under cost recovery clauses (1) .............. (75,681) 68,987 Other - net ......................................................... 85,029 183,098 Net cash provided by operating activities ............................. 1,035,125 1,014,240 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (2) ................................................ (535,647) (889,771) Other - net ............................................................. (112,518) 22,104 Net cash used in investing activities ............................... (648,165) (867,667) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of bonds and other long-term debt .............................. 172,850 1,904,915 Issuance of preferred stock ............................................. - 190,000 Retirement of long-term debt and preferred stock ........................ (90,729) (1,990,563) (Retirement) issuance of commercial paper - net ........................ (133,100) 120,000 Dividends to FPL Group, Inc. ............................................ (401,696) (380,949) Capital contributions from FPL Group, Inc. .............................. 80,000 30,000 Other - net ............................................................. (14,734) 2,502 Net cash used in financing activities ............................... (387,409) (124,095) Net (decrease) increase in cash and cash equivalents ...................... (449) 22,478 Cash and cash equivalents at beginning of period .......................... 7,316 3,002 Cash and cash equivalents at end of period ................................ $ 6,867 $ 25,480 Supplemental disclosures of cash flow information: Cash paid for interest (net of amount capitalized) ...................... $ 230,130 $ 253,580 Cash paid for income taxes .............................................. $ 192,486 $ 93,393 Supplemental schedule of noncash investing and financing activities: Additions to capital lease obligations .................................. $ 61,055 $ 34,294 (1) Represents the effect on cash flows from operating activities of the net amounts deferred or recovered under the fuel and purchased power, oil-backout, energy conservation, capacity and environmental cost recovery clauses. (2) Capital expenditures exclude allowance for equity funds used during construction.
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 and 6 herein and the Notes to Consolidated Financial Statements appearing in FPL's 1993 Form 10-K. FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The accompanying condensed consolidated financial statements should be read in conjunction with FPL's 1993 Form 10-K. In the opinion of FPL, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position as of September 30, 1994 and December 31, 1993, the results of operations for the three and nine months ended September 30, 1994 and 1993 and the cash flows for the nine months ended September 30, 1994 and 1993 have been made. The results of operations for an interim period may not give a true indication of results for the year. 1. Capitalization Capital Contribution - In July 1994, FPL received a capital contribution of $80 million from its parent, FPL Group, Inc. Preferred Stock - The 1994 sinking fund requirement for the 6.84% Preferred Stock, Series Q, $100 Par Value was met by redeeming and retiring 30,000 shares in April 1994. There are no other sinking fund requirements for the remainder of 1994. Long-Term Debt - In March and July 1994, FPL sold a total of $172.85 million principal amount of Pollution Control Revenue Refunding Bonds, maturing in September 2024 and July 2029, at variable interest rates that initially ranged from 2.00% to 3.20%. The proceeds were used to redeem and retire in March, May and October 1994 a total of $172.85 million principal amount of Pollution Control Revenue Bonds, maturing in 2007 through 2019, at interest rates ranging from 5.90% to 11 3/8%. At September 30, 1994, $200 million of commercial paper has been included in long-term debt pursuant to financing agreements which allow FPL to refinance these amounts for periods extending beyond September 30, 1995. 2. Commitments and Contingencies Capital Commitments - FPL has made commitments in connection with a portion of its projected capital expenditures. Capital expenditures for the construction or acquisition of additional facilities and equipment to meet customer demand are estimated to be $3.7 billion, including allowance for funds used during construction (AFUDC), for the years 1994 through 1998. Included in the five-year forecast are capital expenditures for 1994 of $879 million, of which $561 million had been spent through September 30, 1994. Cost control efforts may significantly reduce the amount originally projected for the full year 1994. Insurance - Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of the insurance available from private sources and under an industry retrospective payment plan. In accordance with this Act, FPL maintains $200 million of private liability insurance, which is the maximum obtainable, and participates in a secondary financial protection system under which it is subject to retrospective assessments of up to $317 million per incident at any nuclear utility reactor in the United States, payable at a rate not to exceed $40 million per incident per year. FPL participates in insurance pools and other arrangements that provide $2.75 billion of limited insurance coverage for property damage, decontamination and premature decommissioning risks at its nuclear plants. The proceeds from such insurance, however, must first be used for reactor stabilization and site decontamination before they can be used for plant repair. FPL also participates in an insurance program that provides limited coverage for replacement power costs if a plant is out of service because of an accident. In the event of an accident at one of FPL's or another participating insured's nuclear plants, FPL could be assessed up to $58 million in retrospective premiums, and in the event of a subsequent accident at such nuclear plants during the policy period, the maximum aggregate assessment is $72 million under the programs in effect at September 30, 1994. Effective January 1995, FPL could be assessed up to $76 million in the event of one nuclear accident, and in the event of a subsequent accident during the policy period, the maximum aggregate assessment would be $90 million. This contingent liability would be partially offset by a portion of FPL's storm and property insurance reserve (storm fund), which totaled $91 million at September 30, 1994. In the event of a catastrophic loss at one of FPL's nuclear plants, the amount of insurance available may not be adequate to cover property damage and other expenses incurred. Uninsured losses, to the extent not recovered through rates, would be borne by FPL and could have a material adverse effect on FPL's financial condition. In 1993, FPL replaced its transmission and distribution (T&D) property insurance coverage with a self-insurance program due to the high cost and limited coverage available from third-party insurers. Costs incurred under the self-insurance program will be charged against FPL's storm fund. Recovery of any losses in excess of the storm fund from ratepayers will require the approval of the Florida Public Service Commission (FPSC). FPL's available lines of credit include $300 million to provide additional liquidity in the event of a T&D property loss. Contracts - FPL has take-or-pay contracts with the Jacksonville Electric Authority (JEA) for 374 megawatts (mw) of power through 2022 and with subsidiaries of the Southern Company to purchase 1,007 mw of power through May 1995, and 913 mw thereafter through mid-2010. FPL also has various firm pay-for-performance contracts to purchase approximately 1,000 mw from certain cogenerators and small power producers (qualifying facilities) with expiration dates ranging from 2002 through 2026. These contracts provide for capacity and energy payments. Energy payments are based on the actual power taken under these contracts. Capacity payments for the pay-for-performance contracts are subject to the qualifying facilities meeting certain contract obligations. The required capacity payments through 1998 under these contracts are estimated to be as follows:
1994 1995 1996 1997 1998 (Millions of Dollars) JEA .................................................... $ 80 $ 80 $ 80 $ 80 $ 80 Southern Companies ..................................... 200 150 140 140 140 Qualifying Facilities .................................. 140 160 310 340 350
FPL's capacity and energy charges under these contracts were as follows:
Three Months Ended September 30, Nine Months Ended September 30, 1994 Charges 1993 Charges 1994 Charges 1993 Charges Capacity Energy(1) Capacity Energy(1) Capacity Energy(1) Capacity Energy(1) (Millions of Dollars) JEA .................... $19(2) $13 $22(2) $12 $ 62(2) $35 $ 65(2) $ 38 Southern Companies ..... 39(3) 30 58(3) 40 147(3) 99 209(3) 155 Qualifying Facilities... 35(3) 19 15(3) 10 101(3) 50 45(3) 30 (1) Recovered through the fuel and purchased power cost recovery clause. (2) Recovered through base rates and the capacity cost recovery clause (capacity clause). (3) Recovered through the capacity clause.
FPL has take-or-pay contracts for the supply and transportation of natural gas under which it is required to make payments estimated to be $250 million for 1994, $430 million for 1995, $460 million for 1996, $480 million for 1997 and $500 million for 1998. Total payments made under these contracts for the three and nine months ended September 30, 1994 were $71 million and $187 million, respectively. Total payments made under these contracts for the three and nine months ended September 30, 1993 were $86 million and $221 million, respectively. Litigation - Union Carbide Corporation sued FPL and Florida Power Corporation alleging that, through a territorial agreement approved by the FPSC, they conspired to eliminate competition in violation of federal antitrust laws. Praxair, Inc., an entity that was formerly a unit of Union Carbide, has been substituted as the plaintiff. The suit seeks treble damages of an unspecified amount based on alleged higher prices paid for electricity and product sales lost. Cross motions for summary judgment were denied. Both parties are appealing the denials. A suit brought by the partners in a cogeneration project located in Dade County, Florida, alleges that FPL and certain affiliated companies have engaged in anti-competitive conduct intended to eliminate competition from cogenerators generally, and from their facility in particular, in violation of federal antitrust laws and have wrongfully interfered with the cogeneration project's contractual relationship with Metropolitan Dade County. The suit seeks damages in excess of $100 million before trebling under antitrust law, plus other unspecified compensatory and punitive damages. FPL's motion for summary judgment has been denied. FPL is appealing the denial. FPL believes that it has meritorious defenses to all of the litigation described above and is vigorously defending these suits. Accordingly, the liabilities, if any, arising from this litigation are not anticipated to have a material adverse effect on FPL's financial statements. 3. Cost Reduction Program In the third quarter of 1993, FPL implemented a major cost reduction program, which resulted in a $138 million charge and reduced net income by approximately $85 million. The charge consisted of costs associated with a workforce reduction of approximately 1,700 positions through early retirement and severance programs. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion should be read in conjunction with the Notes to Condensed Consolidated Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in FPL's 1993 Form 10-K. The results of operations for an interim period may not give a true indication of results for the year. In the following discussion, all comparisons are with the corresponding items in the prior year. RESULTS OF OPERATIONS For the three and nine months ended September 30, 1994, net income was favorably affected by the benefits of ongoing cost reduction measures and higher energy sales, resulting from customer growth. Higher energy sales for the nine months ended September 30, 1994 also benefitted from increased energy usage per retail customer. Partially offsetting these factors, were higher depreciation expense and lower AFUDC. Revenues from base rates, which were $921 million and $915 million for the three months ended September 30, 1994 and 1993 and $2.5 billion and $2.3 billion for the nine months ended September 30, 1994 and 1993, respectively, are derived primarily from retail operations regulated by the FPSC. Such revenues increased for both the three and nine months ended September 30, 1994 mainly due to higher energy sales. Retail energy sales increased 0.5% for the three months ended September 30, 1994 primarily due to customer growth of 2.0%, partially offset by lower usage per retail customer resulting from milder weather. Retail energy sales increased 6.2% for the nine months ended September 30, 1994 primarily due to increased usage per retail customer resulting from warmer weather in the first half of the year, and customer growth of 2.2%. Revenues derived from cost recovery clause rates and franchise fees comprise substantially all of the remaining portion of operating revenues. These revenues represent a pass-through of costs and do not significantly affect net income. Other operations and maintenance expenses decreased mainly due to cost savings from ongoing cost reduction efforts, despite additional costs relating to generating units placed in service after the first quarter in 1993 and the effects of customer growth. Higher electric utility plant balances, reflecting facilities added to meet customer growth, higher depreciation rates approved by the FPSC in September 1994, and a nonrecurring third quarter charge related to assets replaced during plant modifications resulted in increased depreciation expense for the three and nine months ended September 30, 1994. AFUDC decreased for the three and nine months ended September 30, 1994 as a result of the placement in service of the repowered Lauderdale units in the second quarter of 1993 and Martin Units Nos. 3 and 4 in the first and second quarter of 1994, respectively. Interest and preferred stock dividend requirements declined for the three and nine months ended September 30, 1994 due to the refunding of higher cost debt and preferred stock during 1993 with lower rate instruments. FINANCIAL CONDITION FPL's primary capital requirements consist of expenditures under its construction program. Internally generated funds are expected to fund virtually all of these expenditures. The balance, if any, will be temporarily provided by commercial paper. For information concerning capital commitments, see Note 2. For a discussion of changes in capitalization, see Note 1. PART II - OTHER INFORMATION Item 5. Other Information (1) Reference is made to Item 1. Business - Employees in FPL's 1993 Form 10-K. FPL's collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW), which expired October 31, 1994, has been automatically extended for a period of one year. However, the FPL and the IBEW negotiating committees have agreed on a contract proposal, which is subject to ratification by the membership in late November 1994. The IBEW negotiating committee has unanimously recommended the approval of the contract proposal. (2) Reference is made to Item 1. Business - Fuel in FPL's 1993 Form 10-K and Item 5(3) in FPL Form 10-Q for the quarter ended March 31, 1994. In August 1994, the FPSC approved the accelerated recovery of the costs required to convert Manatee Units Nos. 1 and 2 to burn Orimulsion, a low cost fuel oil substitute. The FPSC also found that FPL's decision to convert the Manatee units to burn Orimulsion was prudent and reasonable. FPL is seeking environmental approvals. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit Number Description *4(a) Restated Articles of Incorporation of FPL dated March 23, 1992 (filed as Exhibit 3(i)a to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(b) Amendment to FPL's Restated Articles of Incorporation dated March 23, 1992 (filed as Exhibit 3(i)b to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(c) Amendment to FPL's Restated Articles of Incorporation dated May 11, 1992 (filed as Exhibit 3(i)c to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(d) Amendment to FPL's Restated Articles of Incorporation dated March 12, 1993 (filed as Exhibit 3(i)d to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(e) Amendment to FPL's Restated Articles of Incorporation dated June 16, 1993 (filed as Exhibit 3(i)e to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(f) Amendment to FPL's Restated Articles of Incorporation dated August 31, 1993 (filed as Exhibit 3(i)f to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(g) Amendment to FPL's Restated Articles of Incorporation dated November 30, 1993 (filed as Exhibit 3(i)g to Form 10-K for the year ended December 31, 1993, File No. 1-3545) *4(h) Mortgage and Deed of Trust dated as of January 1, 1944, and Ninety-five Supplements thereto between FPL and Bankers Trust Company and The Florida National Bank of Jacksonville (now First Union National Bank of Florida) Trustees (as of September 2, 1992, the sole trustee is Bankers Trust Company) (filed as Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No. 2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit 99(a) to Post-Effective Amendment No. 1 to Form S-3, File No. 33-46076; Exhibit 4(b) to Form 10-K for the year ended December 31, 1993, File No. 1-3545; and Exhibit 4(i) to Form 10-Q for the quarter ended June 30, 1994, File No. 1-3545) 12 Computation of Ratios 27 Financial Data Schedule * Incorporated herein by reference (b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FLORIDA POWER & LIGHT COMPANY (Registrant) PAUL J. EVANSON Paul J. Evanson Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer) Date: November 10, 1994 EX-12 2 STATEMENT RE COMPUTATION OF RATIOS EXHIBIT 12 FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS
Nine Months Ended September 30, 1994 (Thousands of Dollars) RATIO OF EARNINGS TO FIXED CHARGES Earnings, as defined: Net income ........................................................................ $481,088 Income taxes ...................................................................... 275,760 Fixed charges, as below ........................................................... 236,024 Total earnings, as defined ...................................................... $992,872 Fixed charges, as defined: Interest expense .................................................................. $220,645 Rental interest factor ............................................................ 7,126 Fixed charges included in nuclear fuel cost ....................................... 8,253 Total fixed charges, as defined ................................................. $236,024 Ratio of earnings to fixed charges .................................................. 4.21 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS Earnings, as defined: Net income ........................................................................ $481,088 Income taxes ...................................................................... 275,760 Fixed charges, as below ........................................................... 236,024 Total earnings, as defined ...................................................... $992,872 Fixed charges, as defined: Interest expense .................................................................. $220,645 Rental interest factor ............................................................ 7,126 Fixed charges included in nuclear fuel cost ....................................... 8,253 Total fixed charges, as defined ................................................. 236,024 Non-tax deductible preferred stock dividend requirements ............................ 29,687 Ratio of income before income taxes to net income ................................... 1.57 Preferred stock dividend requirements before income taxes ........................... 46,609 Combined fixed charges and preferred stock dividend requirements .................... $282,633 Ratio of earnings to combined fixed charges and preferred stock dividend requirements............................................................ 3.51
EX-27 3 FINANCIAL DATA SCHEDULE
UT This schedule contains summary financial information extracted from FPL's condensed consolidated balance sheet as of September 30, 1994 and condensed consolidated statements of income and cash flows for the nine months ended September 30, 1994 and is qualified in its entirety by reference to such financial statements. 1,000 DEC-31-1994 SEP-30-1994 9-MOS PER-BOOK $9,985,216 $539,097 $971,082 $403,323 $121,203 $12,019,921 $1,373,069 $1,821,459 $914,596 $4,109,124 $94,000 $451,250 $3,625,403 $0 $0 $16,500 $127,225 $1,500 $204,959 $0 $3,389,960 $12,019,921 $4,076,258 $277,490 $3,121,285 $3,398,775 $677,483 $15,663 $693,145 $212,057 $481,088 $29,687 $451,401 $401,696 $0 $1,035,125 $0 $0
-----END PRIVACY-ENHANCED MESSAGE-----