8-K 1 0001.txt FPL GROUP 11/01/00 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of earliest event reported: November 1, 2000 Exact name of Registrants as specified in their IRS Employer Commission charters, addresses of principal executive Identification File Number offices and Registrants' phone number Number 1-8841 FPL GROUP, INC. 59-2449419 1-3545 FLORIDA POWER & LIGHT COMPANY 59-0247775 700 Universe Boulevard Juno Beach, Florida 33408 (561) 694-4000 State or other jurisdiction of incorporation: Florida Item 5. Other Events Following are condensed consolidated statements of income, condensed consolidated balance sheets and condensed consolidated statements of cash flows for FPL Group, Inc. and Florida Power & Light Company. FPL GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (millions, except per share amounts) (unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 OPERATING REVENUES ............................................... $2,087 $1,892 $5,225 $4,918 OPERATING EXPENSES: Fuel, purchased power and interchange .......................... 845 693 1,992 1,788 Other operations and maintenance................................ 314 309 907 910 Depreciation and amortization .................................. 237 245 763 768 Impairment loss on Maine assets ................................ - - - 176 Taxes other than income taxes .................................. 180 175 469 462 Total operating expenses ..................................... 1,576 1,422 4,131 4,104 OPERATING INCOME ................................................. 511 470 1,094 814 OTHER INCOME (DEDUCTIONS): Interest charges ............................................... (74) (58) (201) (163) Preferred stock dividends - FPL ................................ (4) (4) (11) (11) Gain on sale of Adelphia Communications Corporation stock ...... - - - 149 Other - net .................................................... 46 39 80 79 Total other income (deductions) - net ........................ (32) (23) (132) 54 INCOME BEFORE INCOME TAXES ....................................... 479 447 962 868 INCOME TAXES ..................................................... 165 156 323 291 NET INCOME ....................................................... $ 314 $ 291 $ 639 $ 577 Earnings per share of common stock: Basic .......................................................... $ 1.85 $ 1.70 $ 3.75 $ 3.36 Assuming dilution .............................................. $ 1.84 $ 1.70 $ 3.75 $ 3.36 Dividends per share of common stock .............................. $ 0.54 $ 0.52 $ 1.62 $ 1.56 Weighted average number of common shares outstanding: Basic .......................................................... 170 171 170 171 Assuming dilution .............................................. 171 171 171 172
FPL GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (millions) (unaudited)
September 30, December 31, 2000 1999 PROPERTY, PLANT AND EQUIPMENT: Electric utility plant in service and other property, including nuclear fuel and construction work in progress ....................... $20,582 $19,554 Less accumulated depreciation and amortization ................................... (10,940) (10,290) Total property, plant and equipment - net ...................................... 9,642 9,264 CURRENT ASSETS: Cash and cash equivalents ........................................................ 377 361 Customer receivables, net of allowances of $8 and $7, respectively ............... 690 482 Materials, supplies and fossil fuel inventory - at average cost .................. 331 343 Deferred clause expenses ......................................................... 185 54 Other ............................................................................ 260 133 Total current assets ........................................................... 1,843 1,373 OTHER ASSETS: Special use funds of FPL ......................................................... 1,556 1,352 Other investments ................................................................ 655 611 Other ............................................................................ 1,241 841 Total other assets ............................................................. 3,452 2,804 TOTAL ASSETS ....................................................................... $14,937 $13,441 CAPITALIZATION: Common stock ..................................................................... $ 2 $ 2 Additional paid-in capital........................................................ 2,848 2,904 Retained earnings................................................................. 2,829 2,465 Accumulated other comprehensive loss.............................................. - (1) Total common shareholders' equity............................................... 5,679 5,370 Preferred stock of FPL without sinking fund requirements ......................... 226 226 Long-term debt ................................................................... 3,480 3,478 Total capitalization ........................................................... 9,385 9,074 CURRENT LIABILITIES: Debt due within one year ......................................................... 1,178 464 Accounts payable ................................................................. 613 407 Deferred clause revenues ......................................................... 81 116 Accrued interest, taxes and other ................................................ 1,081 883 Total current liabilities ...................................................... 2,953 1,870 OTHER LIABILITIES AND DEFERRED CREDITS: Accumulated deferred income taxes ................................................ 1,254 1,079 Unamortized regulatory and investment tax credits ................................ 279 310 Other ............................................................................ 1,066 1,108 Total other liabilities and deferred credits ................................... 2,599 2,497 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES ............................................... $14,937 $13,441
FPL GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (millions) (unaudited)
Nine Months Ended September 30, 2000 1999 NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $1,055 $1,518 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures of FPL ......................................................... (915) (607) Independent power investments ....................................................... (394) (1,448) Other - net ......................................................................... (82) 160 Net cash used in investing activities ........................................... (1,391) (1,895) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of long-term debt .......................................................... 387 1,216 Retirement of long-term debt ........................................................ (272) (584) Increase in commercial paper ........................................................ 597 284 Repurchase of common stock .......................................................... (85) (89) Dividends on common stock ........................................................... (275) (267) Net cash provided by financing activities ....................................... 352 560 Net increase in cash and cash equivalents ............................................. 16 183 Cash and cash equivalents at beginning of period ...................................... 361 187 Cash and cash equivalents at end of period ............................................ $ 377 $ 370 Supplemental disclosures of cash flow information: Cash paid for interest (net of amount capitalized) .................................. $ 193 $ 161 Cash paid for income taxes .......................................................... $ 120 $ 323 Supplemental schedule of noncash investing and financing activities: Additions to capital lease obligations .............................................. $ 42 $ 56
FLORIDA POWER & LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (millions) (unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 OPERATING REVENUES ................................................. $1,917 $1,769 $4,788 $4,638 OPERATING EXPENSES: Fuel, purchased power and interchange ............................ 774 646 1,845 1,679 Other operations and maintenance ................................. 258 258 745 791 Depreciation and amortization .................................... 221 234 722 743 Income taxes ..................................................... 165 156 326 306 Taxes other than income taxes .................................... 173 172 455 460 Total operating expenses ....................................... 1,591 1,466 4,093 3,979 OPERATING INCOME ................................................... 326 303 695 659 OTHER INCOME (DEDUCTIONS): Interest charges ................................................. (47) (39) (129) (125) Other - net ...................................................... - 4 (2) 8 Total other deductions - net ................................... (47) (35) (131) (117) NET INCOME ......................................................... 279 268 564 542 PREFERRED STOCK DIVIDENDS .......................................... 4 4 11 11 NET INCOME AVAILABLE TO FPL GROUP .................................. $ 275 $ 264 $ 553 $ 531
FLORIDA POWER & LIGHT COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (millions) (unaudited)
September 30, December 31, 2000 1999 ELECTRIC UTILITY PLANT: Plant in service, including nuclear fuel and construction work in progress ....... $18,710 $18,162 Less accumulated depreciation and amortization ................................... (10,782) (10,184) Electric utility plant - net ................................................... 7,928 7,978 CURRENT ASSETS: Cash and cash equivalents ........................................................ 264 - Customer receivables, net of allowances of $8 and $7, respectively ............... 622 433 Materials, supplies and fossil fuel inventory - at average cost .................. 277 299 Deferred clause expenses ......................................................... 185 54 Other ............................................................................ 223 107 Total current assets ........................................................... 1,571 893 OTHER ASSETS: Special use funds ................................................................ 1,556 1,352 Other ............................................................................ 784 385 Total other assets ............................................................. 2,340 1,737 TOTAL ASSETS ....................................................................... $11,839 $10,608 CAPITALIZATION: Common shareholder's equity ...................................................... $ 5,169 $ 4,793 Preferred stock without sinking fund requirements ................................ 226 226 Long-term debt ................................................................... 2,081 2,079 Total capitalization ........................................................... 7,476 7,098 CURRENT LIABILITIES: Debt due within one year ......................................................... 577 219 Accounts payable ................................................................. 563 379 Deferred clause revenues ......................................................... 81 116 Accrued interest, taxes and other ................................................ 982 719 Total current liabilities ...................................................... 2,203 1,433 OTHER LIABILITIES AND DEFERRED CREDITS: Accumulated deferred income taxes ................................................ 965 802 Unamortized regulatory and investment tax credits ................................ 279 310 Other ............................................................................ 916 965 Total other liabilities and deferred credits ................................... 2,160 2,077 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES ............................................... $11,839 $10,608
FLORIDA POWER & LIGHT COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (millions) (unaudited)
Nine Months Ended September 30, 2000 1999 NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ 964 $1,494 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ................................................................ (915) (607) Other - net ......................................................................... (53) (55) Net cash used in investing activities ........................................... (968) (662) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of long-term debt .......................................................... 387 224 Retirement of long-term debt ........................................................ (272) (455) Increase in commercial paper ........................................................ 241 - Dividends ........................................................................... (488) (470) Capital contributions from FPL Group ................................................ 400 - Net cash provided by (used in) financing activities ............................... 268 (701) Net increase in cash and cash equivalents ............................................. 264 131 Cash and cash equivalents at beginning of period ...................................... - 152 Cash and cash equivalents at end of period ............................................ $ 264 $ 283 Supplemental disclosures of cash flow information: Cash paid for interest .............................................................. $ 124 $ 126 Cash paid for income taxes .......................................................... $ 74 $ 268 Supplemental schedule of noncash investing and financing activities: Additions to capital lease obligations .............................................. $ 42 $ 56 Transfer of net assets to FPL FiberNet, LLC ........................................ $ 100 $ -
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. FPL Group, Inc. Florida Power & Light Company (Registrants) Date: November 1, 2000 K. MICHAEL DAVIS K. Michael Davis Controller and Chief Accounting Officer of FPL Group, Inc. Vice President, Accounting, Controller and Chief Accounting Officer of Florida Power & Light Company