-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R+fVqz8O5PYbgGELc8Wvczda0NxoY4qwm1sbI0tUgvZjF28PX/9ip/GZaaazK9iX xZICZDUNDF9pivZ0aJ/MLA== 0000037634-95-000013.txt : 19951109 0000037634-95-000013.hdr.sgml : 19951109 ACCESSION NUMBER: 0000037634-95-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951108 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA POWER & LIGHT CO CENTRAL INDEX KEY: 0000037634 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [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: 95588320 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 FLORIDA POWER & LIGHT CO. 9/30/95 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 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, 1995: 1,000 shares PART I - FINANCIAL INFORMATION Item 1. Financial Statements FLORIDA POWER & LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 (Thousands of Dollars) OPERATING REVENUES ............................. $1,579,549 $1,501,896 $4,182,021 $4,076,258 OPERATING EXPENSES: Fuel, purchased power and interchange ........ 480,912 470,319 1,284,187 1,308,720 Other operations and maintenance ............. 288,808 253,416 795,514 877,562 Depreciation and amortization ................ 211,000 203,561 668,982 535,483 Income taxes ................................. 143,956 133,521 307,699 277,490 Taxes other than income taxes ................ 148,091 144,483 413,687 399,520 Total operating expenses ................... 1,272,767 1,205,300 3,470,069 3,398,775 OPERATING INCOME ............................... 306,782 296,596 711,952 677,483 OTHER INCOME - NET ............................. 2,944 4,075 8,705 15,662 INTEREST CHARGES - NET ......................... 63,979 71,125 201,664 212,057 NET INCOME ..................................... 245,747 229,546 518,993 481,088 PREFERRED STOCK DIVIDEND REQUIREMENTS .......... 8,990 9,879 30,182 29,687 NET INCOME AVAILABLE TO FPL GROUP, INC. ........ $ 236,757 $ 219,667 $ 488,811 $ 451,401
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 through 7 herein and the Notes to Consolidated Financial Statements appearing in Florida Power & Light Company's (FPL) 1994 Annual Report on Form 10-K (Form 10- K). FLORIDA POWER & LIGHT COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 1995 December 31, (Unaudited) 1994 (Thousands of Dollars) ELECTRIC UTILITY PLANT: At original cost, including nuclear fuel and construction work in progress $16,386,794 $16,138,641 Less accumulated depreciation and amortization ........................... 6,622,255 6,132,488 Electric utility plant - net ........................................... 9,764,539 10,006,153 CURRENT ASSETS: Cash and cash equivalents ................................................ 2,746 535 Customer receivables, net of allowances of $10,641 and $11,518 ........... 560,590 458,047 Materials, supplies and fossil fuel stock - at average cost .............. 245,255 292,601 Other .................................................................... 194,324 81,290 Total current assets ................................................... 1,002,915 832,473 OTHER ASSETS: Special use funds ........................................................ 542,372 435,117 Unamortized debt reacquisition costs and litigation items ................ 386,253 402,978 Other .................................................................... 148,716 144,731 Total other assets ..................................................... 1,077,341 982,826 TOTAL ASSETS ............................................................... $11,844,795 $11,821,452 CAPITALIZATION: Common shareholder's equity .............................................. $ 4,438,818 $ 4,185,586 Preferred stock without sinking fund requirements ........................ 451,250 451,250 Preferred stock with sinking fund requirements ........................... 50,000 94,000 Long-term debt ........................................................... 3,055,685 3,581,157 Total capitalization ................................................... 7,995,753 8,311,993 CURRENT LIABILITIES: Accounts payable ......................................................... 334,923 306,616 Debt and preferred stock due within one year ............................. 215,150 111,350 Accrued interest, taxes and other ........................................ 938,024 686,811 Total current liabilities .............................................. 1,488,097 1,104,777 OTHER LIABILITIES AND DEFERRED CREDITS: Accumulated deferred income taxes ........................................ 1,196,888 1,259,822 Unamortized regulatory and investment tax credits ........................ 472,961 498,703 Other .................................................................... 691,096 646,157 Total other liabilities and deferred credits ........................... 2,360,945 2,404,682 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES ....................................... $11,844,795 $11,821,452
This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements on Pages 5 through 7 herein and the Notes to Consolidated Financial Statements appearing in FPL's 1994 Form 10-K. FLORIDA POWER & LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30, 1995 1994 (Thousands of Dollars) CASH FLOWS FROM OPERATING ACTIVITIES: Net income ................................................................... $ 518,993 $ 481,088 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ............................................ 668,982 535,483 Decrease in deferred income taxes and unamortized regulatory and investment tax credits ................................................. (88,676) (6,359) Other - net .............................................................. 181,411 24,913 Net cash provided by operating activities .................................. 1,280,710 1,035,125 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (1) ..................................................... (490,837) (535,647) Other - net .................................................................. (13,626) (112,518) Net cash used in investing activities ...................................... (504,463) (648,165) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of debt ............................................................. 110,349 172,850 Retirement of debt and preferred stock ....................................... (591,438) (223,829) Dividends .................................................................... (463,443) (401,696) Capital contributions from FPL Group, Inc. ................................... 200,000 80,000 Other - net .................................................................. (29,504) (14,734) Net cash used in financing activities ...................................... (774,036) (387,409) Net increase (decrease) in cash and cash equivalents ........................... 2,211 (449) Cash and cash equivalents at beginning of period ............................... 535 7,316 Cash and cash equivalents at end of period ..................................... $ 2,746 $ 6,867 Supplemental disclosures of cash flow information: Cash paid for interest (net of amount capitalized) ........................... $ 227,891 $ 230,130 Cash paid for income taxes ................................................... $ 321,135 $ 192,486 Supplemental schedule of noncash investing and financing activities: Additions to capital lease obligations ....................................... $ 55,502 $ 61,055 (1) 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 through 7 herein and the Notes to Consolidated Financial Statements appearing in FPL's 1994 Form 10-K. FLORIDA POWER & LIGHT COMPANY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The accompanying condensed consolidated financial statements should be read in conjunction with FPL's 1994 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, 1995, the results of operations for the three and nine months ended September 30, 1995 and 1994 and the cash flows for the nine months ended September 30, 1995 and 1994 have been made. Certain amounts included in the prior year's condensed consolidated financial statements have been reclassified to conform to the current year's presentation. The results of operations for an interim period may not give a true indication of results for the year. 1. Capitalization Preferred Stock - In April 1995, FPL redeemed 400,000 shares of its 8.625% Preferred Stock, Series R, $100 Par Value. Through November 7, 1995, approximately 2.5 million shares of $2.00 No Par Preferred Stock, Series A (Involuntary Liquidation Value $25 Per Share) were tendered pursuant to FPL's offer to exchange each such share for $25 in principal amount of 8.75% Quarterly Income Debt Securities (Subordinated Deferrable Interest Debentures, Due 2025). Long-Term Debt - In March and June 1995, FPL sold approximately $59 million and $52 million principal amount of variable interest rate Pollution Control Revenue Refunding Bonds, at initial variable rates of 2.90% and 2.25%, respectively, maturing in April 2020 through May 2029. The proceeds were used in April, June and September 1995, to redeem a like principal amount of Pollution Control Revenue Bonds, maturing in 2019 and 2020 bearing interest at 9 5/8% and 10%, respectively. In April and September 1995, FPL redeemed a total of approximately $258 million principal amount of First Mortgage Bonds, maturing in 2006 through 2022 at interest rates of 8.40% to 9 3/8%. Through September 1995, FPL purchased on the open market and retired approximately $59 million principal amount of various series of first mortgage bonds. In October 1995, approximately $20 million principal amount of first mortgage bonds were purchased on the open market and retired. Additionally in October 1995, FPL called for redemption in late November 1995 approximately $26 million of first mortgage bonds, maturing in 2000 at an interest rate of 9 5/8%. At December 31, 1994, FPL had $200 million of commercial paper classified as long-term debt. FPL no longer intends to maintain this level of commercial paper usage for the foreseeable future and, accordingly, has retired $149 million and classified the remaining $51 million of commercial paper outstanding at September 30, 1995 as a current liability. 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 $3.0 billion, including allowance for funds used during construction (AFUDC), for the years 1995 through 1999. Included in this five-year forecast are capital expenditures for 1995 of $712 million, of which $498 million, including AFUDC, had been spent through September 30, 1995. Cost control efforts may reduce the amount originally projected for the full year 1995 by approximately $30 million. 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 $77 million in retrospective premiums. In the event of a subsequent accident at such nuclear plants during the policy period, the maximum aggregate assessment is $108 million under the programs in effect at September 30, 1995. FPL also participates in a program that provides $200 million of tort liability coverage for nuclear worker claims. In the event of a tort claim by an FPL or another insured's nuclear worker, FPL could be assessed up to $12 million in retrospective premiums per incident. 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. FPL has a storm and property insurance reserve, which totaled approximately $109 million at September 30, 1995, for assessments under the nuclear insurance program and costs incurred under the transmission and distribution (T&D) property self-insurance program described below. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources. FPL self-insures certain of its T&D property due to the high cost and limited coverage available from third-party insurers. Recovery from ratepayers of any losses in excess of the storm and property insurance reserve 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 entered into certain long-term purchased power and fuel contracts. Take-or-pay purchased power contracts with the Jacksonville Electric Authority (JEA) and with subsidiaries of the Southern Company provide approximately 1,300 megawatts (mw) of power through mid-2010 and 374 mw through 2022. 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. The purchased power 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 conditions. The fuel contracts provide for the transportation and supply of natural gas and the supply and use of Orimulsion. Orimulsion is a new fuel which FPL expects to begin using in 1998, subject to environmental approvals. In no year are the obligations under the fuel contracts expected to exceed usage requirements. The required capacity and minimum payments through 1999 under these contracts are estimated to be as follows:
1995 1996 1997 1998 1999 (Millions of Dollars) Capacity payments: JEA .............................................................. $ 80 $ 80 $ 80 $ 80 $ 90 Southern Companies ............................................... $140 $140 $140 $130 $130 Qualifying facilities ............................................ $190 $300 $310 $320 $340 Minimum payments, at projected prices: Natural gas ...................................................... $266 $200 $200 $210 $200 Orimulsion ....................................................... - - - $130 $160
Capacity, energy and fuel charges under these contracts were as follows:
Three Months Ended September 30, Nine Months Ended September 30, 1995 Charges 1994 Charges 1995 Charges 1994 Charges Energy/ Energy/ Energy/ Energy/ Capacity Fuel (1) Capacity Fuel (1) Capacity Fuel (1) Capacity Fuel (1) (Millions of Dollars) JEA ................... $21(2) $14 $19(2) $13 $ 64(2) $ 35 $ 62(2) $ 35 Southern Companies .... $24(3) $30 $39(3) $30 $101(3) $ 76 $147(3) $ 99 Qualifying facilities.. $40(3) $25 $35(3) $19 $116(3) $ 63 $101(3) $ 50 Natural gas ........... $ - $97 $ - $71 $ - $259 $ - $187 (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.
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. (Praxair), 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 for product sales lost. In September 1995, FPL and Florida Power Corporation were granted summary judgment. Praxair has filed for rehearing en banc. 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 laws, plus other unspecified compensatory and punitive damages. FPL's motion for summary judgment was denied. FPL is appealing the denial. The Florida Municipal Power Agency (FMPA), an organization comprised of municipal electric utilities, has sued FPL for allegedly breaching a "contract" to provide transmission service to the FMPA and its members and for breaching antitrust laws by monopolizing or attempting to monopolize the provision, coordination and transmission of electric power in refusing to provide transmission service, or to permit the FMPA to invest in and use FPL's transmission system, on the FMPA's proposed terms. The FMPA seeks $140 million in damages, before trebling for the antitrust claim, and court orders requiring FPL to permit the FMPA to invest in and use FPL's transmission system on "reasonable terms and conditions" and on a basis equal to FPL. In December 1993, a district court granted summary judgment in favor of FPL. In September 1995, the court of appeals vacated the district court's summary judgment and remanded the matter to the district court for further proceedings. 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 these proceedings are not anticipated to have a material adverse effect on FPL's financial statements. 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 the Condensed Consolidated Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in FPL's 1994 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 FPL's net income for the three and nine months ended September 30, 1995 was favorably affected by higher energy sales, resulting from both increased energy usage per customer and customer growth, partially offset by higher depreciation. Other operations and maintenance expenses decreased for the nine months ended September 30, 1995, despite an increase for the three-month period. FPL's revenues from base rates increased to approximately $981 million and $2.6 billion for the three and nine months ended September 30, 1995 from approximately $921 million and $2.5 billion for the same periods in 1994. The increases reflect customer growth of 2.0% for the three and nine months ended September 30, 1995 and increases in energy usage per retail customer of 4.3% and 2.4%, respectively, primarily due to weather conditions. Revenues from cost recovery clauses 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 increased for the three months ended September 30, 1995, primarily due to costs associated with a nuclear plant refueling outage and ongoing organizational reviews. On a year-to-date basis, however, benefits from ongoing cost control efforts, lower costs associated with the consolidation of facilities and having one less nuclear refueling, more than offset the higher costs in the quarter. The FPSC approved on an interim basis, special amortization of FPL's nuclear units in a fixed amount of $30 million per year beginning in 1995, plus an additional amount based on the level of sales achieved for 1995 and 1996. The additional amount of amortization recorded based on the level of sales through September 30, 1995 was approximately $84 million. A final decision on this matter is expected in mid-1996. In granting interim approval, however, the FPSC specified that amounts recorded as expense would remain expense items regardless of their final classification. Depreciation expense increased for the three and nine months ended September 30, 1995 as a result of the special amortization of nuclear units, an increase in the provision for nuclear decommissioning and fossil dismantlement, the amortization of deferred litigation items over a period not to exceed five years, and the placement in service of the Martin Units Nos. 3 and 4 in February and April of 1994. LIQUIDITY AND CAPITAL RESOURCES Cash flows from operating activities increased as a result of higher net income, adjusted for depreciation which is a noncash expense, and higher current liabilities. Based on available cash flows from operations, FPL has redeemed certain series of its preferred stock and first mortgage bonds and reduced the level of commercial paper, consistent with management's intent to reduce debt balances. Preferred stock dividends in 1995 include the premium paid on the redemption of 400,000 shares of the 8.625% Preferred Stock, Series R, $100 Par Value. See Note 1. In September 1995, FPL filed a petition with the FPSC requesting certain changes regarding the storm and property insurance reserve fund (storm fund). FPL is seeking, among other things, to increase the annual contribution to the storm fund from $10 million to $20 million retroactive to January 1, 1995 and to contribute approximately $50 million of insurance proceeds related to claims associated with Hurricane Andrew to the storm fund. A decision is expected from the FPSC before the end of 1995. For information concerning capital commitments, see Note 2. PART II - OTHER INFORMATION Item 1. Legal Proceedings (a) Reference is made to Item 3. Legal Proceedings in FPL's 1994 Form 10-K. In September 1995, FPL and Florida Power Corporation were granted summary judgment in the suit filed against them in October 1988 by Union Carbide Corporation, the corporate predecessor of Praxair. Praxair has filed for rehearing en banc. Also in September 1995, the court of appeals vacated the district court's summary judgment in the suit filed by the FMPA in December 1991 and remanded the matter to the district court for further proceedings. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit Number Description *4(a) Mortgage and Deed of Trust dated as of January 1, 1944, and Ninety-six 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; Exhibit 4(i) to Form 10-Q for the quarter ended June 30, 1994, File No. 1-3545; and Exhibit 4(b) to Form 10-Q for the quarter ended June 30, 1995, 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) MICHAEL W. YACKIRA Michael W. Yackira Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer) Date: November 8, 1995 EX-12 2 STATEMENT RE COMPUTATION OF RATIOS EXHIBIT 12 FLORIDA POWER & LIGHT COMPANY COMPUTATION OF RATIOS
Nine Months Ended September 30, 1995 (Thousands of Dollars) RATIO OF EARNINGS TO FIXED CHARGES Earnings, as defined: Net income ........................................................................ $ 518,993 Income taxes ...................................................................... 304,646 Fixed charges, as below ........................................................... 220,392 Total earnings, as defined ...................................................... $1,044,031 Fixed charges, as defined: Interest expense .................................................................. $ 206,380 Rental interest factor ............................................................ 5,189 Fixed charges included in nuclear fuel cost ....................................... 8,823 Total fixed charges, as defined ................................................. $ 220,392 Ratio of earnings to fixed charges .................................................. 4.74 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS Earnings, as defined: Net income ........................................................................ $ 518,993 Income taxes ...................................................................... 304,646 Fixed charges, as below ........................................................... 220,392 Total earnings, as defined ...................................................... $1,044,031 Fixed charges, as defined: Interest expense .................................................................. $ 206,380 Rental interest factor ............................................................ 5,189 Fixed charges included in nuclear fuel cost ....................................... 8,823 Total fixed charges, as defined ................................................. 220,392 Non-tax deductible preferred stock dividend requirements ............................ 30,182 Ratio of income before income taxes to net income ................................... 1.59 Preferred stock dividend requirements before income taxes ........................... 47,989 Combined fixed charges and preferred stock dividend requirements .................... $ 268,381 Ratio of earnings to combined fixed charges and preferred stock dividend requirements............................................................ 3.89
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, 1995 and condensed consolidated statements of income and cash flows for the nine months ended September 30, 1995 and is qualified in its entirety by reference to such financial statements. 1,000 DEC-31-1995 SEP-30-1995 9-MOS PER-BOOK $9,764,539 $542,372 $1,002,915 $386,253 $148,716 $11,844,795 $0 $0 $0 $4,438,818 $50,000 $451,250 $3,055,685 $0 $0 $51,000 $0 $0 $0 $0 $3,798,042 $11,844,795 $4,182,021 $307,699 $3,162,370 $3,470,069 $711,952 $8,705 $720,657 $201,664 $518,993 $30,182 $488,811 $0 $0 $1,280,710 $0 $0
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