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Proc-Type: 2001,MIC-CLEAR
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Commission |
Exact name of registrants as specified in their |
IRS Employer |
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2-27612 |
FLORIDA POWER & LIGHT COMPANY 700 Universe Boulevard Juno Beach, Florida 33408 (561) 694-4000 |
59-0247775 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On January 21, 2005, FPL Group, Inc. issued a press release announcing fourth quarter 2004 earnings for FPL Group, Inc. and Florida Power & Light Company. A copy of the press release is attached as Exhibit 99, which is incorporated herein by reference.
(c) Exhibits.
The following exhibit is being furnished pursuant to Item 2.02 herein.
Exhibit |
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FPL |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FPL GROUP, INC.
FLORIDA POWER & LIGHT COMPANY
(Registrants)
Date: January 21, 2005
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 (Principal Accounting Officer of the Registrants) |
Exhibit 99
FPL Group, Inc.
Corporate Communications Dept.
Media Line: (305) 552-3888
January 21, 2005
FOR IMMEDIATE RELEASE
JUNO BEACH, Fla. - FPL Group, Inc. (NYSE: FPL) today reported 2004 fourth quarter net income on a GAAP basis of $173 million, or $0.94 per share, compared with $145 million or $ 0.81 per share, in the fourth quarter of 2003. FPL Group's net income for the fourth quarter 2004 included a net unrealized loss of $2 million after-tax associated with the mark-to-market effect of non-qualifying hedges. The results of last year's fourth quarter included a net unrealized gain of $12 million after-tax associated with the mark-to-market effect of non-qualifying hedges.
Excluding the mark-to-market effect on non-qualifying hedges, FPL Group's earnings would have been $175 million or $0.95 per share for the fourth quarter of 2004, compared with $133 million or $0.74 per share, in the fourth quarter of 2003.
For the full year 2004, FPL Group reported net income on a GAAP basis of $887 million or $4.91 per share, compared with $890 million or $5.00 per share in 2003.
FPL Group's results for the full year 2004 included a net unrealized loss of $3 million after-tax associated with the mark-to-market effect of non-qualifying hedges. Results for the full year 2003 included an after-tax charge of $3 million or $0.02 per share due to a change in accounting principle (FIN 46 - Consolidation of Variable Interest Entities); and a net unrealized gain of $22 million after-tax or $0.13 per share associated with the mark-to-market effect of non-qualifying hedges.
Excluding the mark-to-market effect of non-qualifying hedges, FPL Group's 2004 earnings would have been $890 million, or $4.93 per share for the full year, compared with $871 million, or $4.89 per share, for the full year 2003. FPL Group's management uses adjusted earnings internally for financial planning, for analysis of performance, for reporting of results to the Board of Directors and for the company's employee incentive compensation plan. FPL Group also uses earnings expressed in this fashion when communicating its earnings outlook to analysts and investors. FPL Group management believes that adjusted earnings provide a more meaningful representation of FPL Group's fundamental earnings power.
"Although 2004 will be remembered for an unprecedented hurricane season it was also a year of significant achievement for FPL Group. We continued to profitably grow our business, improved our financial strength and flexibility and increased our dividend twice to provide more immediate value to our shareholders," said Lew Hay, chairman and chief executive officer. "Florida Power & Light continued to enjoy solid customer growth, while FPL Energy performed remarkably well during the year and continues to benefit from its industry leading wind portfolio, outstanding operational performance and successful execution of its disciplined hedging strategy.
"Our results for the fourth quarter contain a number of unusual items that are included in GAAP and adjusted earnings results. At the FPL Group level these items largely offset but they do impact the contribution for each business segment. While our reported results are complicated by these unusual items our underlying business performance was in-line with our expectations."
Florida Power & Light
Fourth quarter 2004 net income for Florida Power & Light, FPL Group's principal subsidiary, was $164 million or $0.90 per share, compared to $122 million or $0.68 per share from the prior year quarter. For the full year, net income increased to $749 million or $4.14 per share, compared to $733 million or $4.12 per share in 2003. Included in the 2004 amount is a $0.07 per share benefit from the settlement of the shareholder litigation.
Florida Power & Light continued to enjoy strong customer growth during the fourth quarter of 2004. The average number of FPL customer accounts increased by 94,000 or 2.3 percent. For the full year, the average number of FPL customer accounts increased by 107,000, an increase of 2.6 percent.
For the fourth quarter of 2004, operations and maintenance (O&M) expense was down on a comparative basis due primarily to the receipt of funds associated with the settlement of the shareholder litigation and certain reductions in O&M related to clauses. Smaller impacts also contributing to the lower O&M included the timing of plant outages, improved workers' compensation experience and certain legal expenses.
For the full year, O&M expense was down due primarily to the receipt of funds associated with the shareholder litigation. In addition, legal expenses were lower in 2004. Looking ahead, the company said it expects to see continued upward trends in nuclear maintenance, insurance and employee related costs as well as some increases in fossil generation O&M as a number of older units go through major overhauls.
Depreciation expense was down for the quarter as a result of certain items being fully depreciated quarter over quarter. In addition, construction of power delivery projects was somewhat delayed by the impact of the hurricanes and plant in service growth was lower than it otherwise would have been.
Depreciation for the full year was up compared to the full year 2003 reflecting investment in new power plants and delivery systems to help meet the continued growth in Florida.
"Although we are encouraged by the continued customer growth experienced during the fourth quarter and for the full year 2004, we remain uncertain as to the overall impact last year's hurricane season will have on Florida Power & Light's short-term revenue growth," said Hay. "As we begin 2005, we continue to believe that the medium and longer term growth prospects in our service territory are good. We remain prepared to continue making significant investments to support growth while being flexible in the short term."
During the year, the company continued work to add generation capacity to meet the needs of its customers. New gas-fired combined cycle generation units at its power plant sites in Martin and Manatee counties will add 1,900 megawatts of capacity in mid-2005. In addition, the Florida Public Service Commission approved the proposed 1,100-megawatt gas-fired power plant at FPL's Turkey Point site as the best most cost-effective project to meet customer needs for electricity beginning in 2007. Additional reviews and approvals are needed from several state and federal agencies, and a final decision on the project is expected from the governor and Cabinet early this year.
FPL Energy
FPL Energy, the wholesale generation subsidiary of FPL Group, reported a fourth quarter 2004 net loss on a GAAP basis of $11 million or negative $0.06 per share, compared to income of $38 million or $0.21 per share in the prior-year quarter.
FPL Energy's net income for the fourth quarter 2004 included a net unrealized loss of $2 million after-tax associated with the mark-to-market effect of non-qualifying hedges. The results of last year's fourth quarter included a net unrealized gain of $12 million after-tax associated with the mark-to-market effect of non-qualifying hedges.
Excluding the mark-to-market effect of non-qualifying hedges, earnings would have been a loss of $9 million or a negative $0.05 per share for 2004, compared to income of $26 million or $0.14 per share in 2003.
For the full year 2004, FPL Energy reported net income on a GAAP basis of $172 million or $0.95 per share, compared to $194 million or $1.09 per share in 2003.
FPL Energy's results for the full year 2004 included a net unrealized loss of $3 million after-tax associated with the mark-to-market effect of non-qualifying hedges. Results in the full year 2003 included an after-tax charge of $3 million or $0.02 per share due to a change in accounting principle (FIN 46 - Consolidation of Variable Interest Entities); and a net unrealized gain of $22 million after-tax or $0.13 per share associated with the mark-to-market effect of non-managed hedges.
Excluding the mark-to-market effect of non-qualifying hedges, FPL Energy's earnings would have been $175 million or $0. 97 per share for the full year 2004, compared with $175 million or $0.98 per share for the full year 2003.
During the quarter, FPL Energy began commercial operation of its 744-megawatt natural gas-fired Marcus Hook power plant in Pennsylvania and restructured the steam sales agreement associated with the plant which resulted in an after-tax loss of approximately $48 million on this restructuring. The transaction is expected to improve both cash flow and net income going forward.
New wind projects, the absence of an outage at the Seabrook Station and improvements among older assets associated with prior contract restructurings all had a positive impact on the fourth quarter of 2004.
Increased interest expense associated with the expansion of FPL Energy's asset base was somewhat offset by the partial recovery of a legal judgment related to the Karaha Bodas project.
For the full year 2004, FPL Energy's adjusted earnings were down slightly due primarily to the Marcus Hook contract restructuring. Full year 2004 results were positively impacted by new wind projects added in 2003, a strong operating performance across the portfolio, improved market conditions in NEPOOL and the commencement of a contract on the remaining 50 percent of capacity at FPL Energy's peaking facility in Alabama.
"FPL Energy had an outstanding year in 2004 with significant contributions from both its existing portfolio and new investments," Hay said. "Looking ahead, we expect to benefit from new wind projects, (of which we already have approximately 220 megawatts under construction), an uprate of capacity at the Seabrook Station and continued outstanding operational performance across the fleet. With more than 85 percent of our expected gross margin from our generation fleet already hedged, we feel very good about 2005 at FPL Energy."
Corporate and Other
Corporate and Other's contribution to net income was $20 million or $0.10 per share in the fourth quarter of 2004. The Corporate and Other category was favorably impacted in the fourth quarter by certain state tax benefits resulting from FPL Energy's growth throughout the United States. FPL FiberNet, an FPL Group subsidiary that provides fiber-optic networks and related services in Florida, had a net loss of $3 million or negative $0.02 per share for the quarter. For the full year, Corporate and Other negatively impacted net income by $34 million or a loss of $0.18 per share. Contributing to that loss, FPL FiberNet negatively impacted net income by $9 million or a loss of $0.05 per share. The company said it expects FPL FiberNet to record modestly negative results in 2005 but remain cash flow positive.
Outlook for 2005
The company also reaffirmed its earnings guidance for 2005 of $5.00 to $5.20 per share excluding the cumulative effect of adopting new accounting standards, as well as the mark-to-market effect of non-qualifying hedges, neither of which can be determined at this time. The company said its forecast for 2005 reflects continued customer growth at Florida Power & Light and normal weather at both the utility and FPL Energy. The company said it expects earnings contributions from Florida Power & Light in the range of $3.95 to $4.10, from FPL Energy of $1.30 to $1.45, and a negative impact from Corporate & Other of $0.30 to $0.35 per share.
FPL Group's fourth quarter earnings conference call is scheduled for 9 a.m. ET on Friday, January 21, 2005. The webcast is available on FPL Group's website by accessing the following link, http://www.FPLGroup.com/investor/contents/investor_index.shtml
This press release should be read in conjunction with the attached unaudited financial information.
Profile
FPL Group, with annual revenues of more than $10 billion, is nationally known as a high-quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in 26 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves more than 4.2 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPLGroup.com, www.FPL.com and www.FPLEnergy.com.
CAUTIONARY STATEMENTS AND RISK FACTORS THAT MAY AFFECT FUTURE RESULTS
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), FPL Group, Inc. (FPL Group) and Florida Power & Light Company (FPL) are hereby filing cautionary statements identifying important factors that could cause FPL Group's or FPL's actual results to differ materially from those projected in forward-looking statements (as such term is defined in the Reform Act) made by or on behalf of FPL Group and FPL in this press release, in response to questions or otherwise. Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, believe, could, estimated, may, plan, potential, projection, target, outlook) are not statements of historical facts and may be forward-looking. Forward-looking statements involve estimates, assumption
s and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could cause FPL Group's or FPL's actual results to differ materially from those contained in forward-looking statements made by or on behalf of FPL Group and FPL.
Any forward-looking statement speaks only as of the date on which such statement is made, and FPL Group and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
The following are some important factors that could have a significant impact on FPL Group's and FPL's operations and financial results, and could cause FPL Group's and FPL's actual results or outcomes to differ materially from those discussed in the forward-looking statements:
The issues and associated risks and uncertainties described above are not the only ones FPL Group and FPL may face. Additional issues may arise or become material as the energy industry evolves. The risks and uncertainties associated with these additional issues could impair FPL Group's and FPL's businesses in the future.
FPL Group, Inc. (unaudited) |
|||||||||
Three Months Ended December 31, 2004 |
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||
Operating Revenues |
$ 2,135 |
$ 432 |
$ 22 |
$ 2,589 |
|||||
Operating Expenses |
|||||||||
Fuel, purchased power and interchange |
1,125 |
199 |
4 |
1,328 |
|||||
Other operations and maintenance |
290 |
106 |
14 |
410 |
|||||
Restructuring charge |
- |
81 |
- |
81 |
|||||
Depreciation and amortization |
229 |
67 |
5 |
301 |
|||||
Taxes other than income taxes |
197 |
16 |
2 |
215 |
|||||
Total operating expenses |
1,841 |
469 |
25 |
2,335 |
|||||
Operating Income (Loss) |
294 |
(37) |
(3) |
254 |
|||||
Other Income (Deductions) |
|||||||||
Interest charges |
(47) |
(44) |
(30) |
(121) |
|||||
Equity in earnings of equity method investees |
- |
17 |
- |
17 |
|||||
Allowance for equity funds used during construction |
11 |
- |
- |
11 |
|||||
Other - net |
(3) |
7 |
9 |
13 |
|||||
Total other income (deductions) - net |
(39) |
(20) |
(21) |
(80) |
|||||
Income (Loss) Before Income Tax Expense (Benefit) |
255 |
(57) |
(24) |
174 |
|||||
Income Tax Expense (Benefit) |
91 |
(46) |
(44) |
1 |
|||||
Net Income (Loss) |
$ 164 |
$ (11) |
$ 20 |
$ 173 |
|||||
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): |
|||||||||
Net Income (Loss) |
$ 164 |
$ (11) |
$ 20 |
$ 173 |
|||||
Adjustments, net of income taxes: |
|||||||||
Net unrealized mark-to-market (gains) losses associated |
|||||||||
with non-qualifying hedges |
- |
2 |
- |
2 |
|||||
Adjusted Earnings (Loss) |
$ 164 |
$ (9) |
$ 20 |
$ 175 |
|||||
Earnings (Loss) Per Share (assuming dilution) |
$ 0.90 |
$ (0.06) |
$ 0.10 |
$ 0.94 |
|||||
Earnings (Loss) Per Share excluding certain items |
$ 0.90 |
$ (0.05) |
$ 0.10 |
$ 0.95 |
|||||
Weighted-average shares outstanding (assuming dilution) |
183 |
||||||||
FPL Energy's interest charges are based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. Residual non-utility interest charges are included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
FPL Group, Inc. (unaudited) |
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Three Months Ended December 31, 2003 |
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||
Operating Revenues |
$ 2,100 |
$ 317 |
$ 18 |
$ 2,435 |
|||||
Operating Expenses |
|||||||||
Fuel, purchased power and interchange |
1,097 |
113 |
4 |
1,214 |
|||||
Other operations and maintenance |
350 |
101 |
7 |
458 |
|||||
Depreciation and amortization |
232 |
59 |
6 |
297 |
|||||
Taxes other than income taxes |
192 |
14 |
1 |
207 |
|||||
Total operating expenses |
1,871 |
287 |
18 |
2,176 |
|||||
Operating Income (Loss) |
229 |
30 |
- |
259 |
|||||
Other Income (Deductions) |
|||||||||
Interest charges |
(45) |
(37) |
(30) |
(112) |
|||||
Preferred stock dividends - FPL |
(2) |
- |
- |
(2) |
|||||
Premium on preferred stock redemption - FPL |
(9) |
- |
- |
(9) |
|||||
Equity in earnings of equity method investees |
- |
3 |
- |
3 |
|||||
Allowance for equity funds used during construction |
5 |
- |
- |
5 |
|||||
Other - net |
(3) |
20 |
4 |
21 |
|||||
Total other income (deductions) - net |
(54) |
(14) |
(26) |
(94) |
|||||
Income (Loss) Before Income Tax Expense (Benefit) |
175 |
16 |
(26) |
165 |
|||||
Income Tax Expense (Benefit) |
53 |
(22) |
(11) |
20 |
|||||
Net Income (Loss) |
$ 122 |
$ 38 |
$ (15) |
$ 145 |
|||||
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): |
|||||||||
Net Income (Loss) |
$ 122 |
$ 38 |
$ (15) |
$ 145 |
|||||
Adjustments, net of income taxes: |
|||||||||
Net unrealized mark-to-market (gains) losses associated |
|||||||||
with non-qualifying hedges |
- |
(12) |
- |
(12) |
|||||
Adjusted Earnings (Loss) |
$ 122 |
$ 26 |
$ (15) |
$ 133 |
|||||
Earnings (Loss) Per Share (assuming dilution) |
$ 0.68 |
$ 0.21 |
$ (0.08) |
$ 0.81 |
|||||
Earnings (Loss) Per Share excluding certain items |
$ 0.68 |
$ 0.14 |
$ (0.08) |
$ 0.74 |
|||||
Weighted-average shares outstanding (assuming dilution) |
179 |
||||||||
FPL Energy's interest charges are based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. Residual non-utility interest charges are included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
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FPL Group, Inc. (unaudited) |
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Twelve Months Ended December 31, 2004 |
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||
Operating Revenues |
$ 8,734 |
$ 1,705 |
$ 83 |
$ 10,522 |
|||||
Operating Expenses |
|||||||||
Fuel, purchased power and interchange |
4,467 |
734 |
16 |
5,217 |
|||||
Other operations and maintenance |
1,228 |
394 |
50 |
1,672 |
|||||
Restructuring charge |
- |
81 |
- |
81 |
|||||
Depreciation and amortization |
915 |
264 |
19 |
1,198 |
|||||
Taxes other than income taxes |
809 |
68 |
5 |
882 |
|||||
Total operating expenses |
7,419 |
1,541 |
90 |
9,050 |
|||||
Operating Income (Loss) |
1,315 |
164 |
(7) |
1,472 |
|||||
Other Income (Deductions) |
|||||||||
Interest charges |
(183) |
(180) |
(126) |
(489) |
|||||
Preferred stock dividends - FPL |
(1) |
- |
1 |
- |
|||||
Equity in earnings of equity method investees |
- |
94 |
- |
94 |
|||||
Allowance for equity funds used during construction |
37 |
- |
- |
37 |
|||||
Other - net |
(10) |
29 |
21 |
40 |
|||||
Total other deductions - net |
(157) |
(57) |
(104) |
(318) |
|||||
Income (Loss) Before Income Tax Expense (Benefit) |
1,158 |
107 |
(111) |
1,154 |
|||||
Income Tax Expense (Benefit) |
409 |
(65) |
(77) |
267 |
|||||
Net Income (Loss) |
$ 749 |
$ 172 |
$ (34) |
$ 887 |
|||||
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): |
|||||||||
Net Income (Loss) |
$ 749 |
$ 172 |
$ (34) |
$ 887 |
|||||
Adjustments, net of income taxes: |
|||||||||
Net unrealized mark-to-market (gains) losses associated |
|||||||||
with non-qualifying hedges |
- |
3 |
- |
3 |
|||||
Adjusted Earnings (Loss) |
$ 749 |
$ 175 |
$ (34) |
$ 890 |
|||||
Earnings (Loss) Per Share (assuming dilution) |
$ 4.14 |
$ 0.95 |
$ (0.18) |
$ 4.91 |
|||||
Earnings (Loss) Per Share excluding certain items |
$ 4.14 |
$ 0.97 |
$ (0.18) |
$ 4.93 |
|||||
Weighted-average shares outstanding (assuming dilution) |
181 |
||||||||
FPL Energy's interest charges are based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. Residual non-utility interest charges are included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
FPL Group, Inc. (unaudited) |
|||||||||
Twelve Months Ended December 31, 2003 |
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||
Operating Revenues |
$ 8,293 |
$ 1,252 |
$ 85 |
$ 9,630 |
|||||
Operating Expenses |
|||||||||
Fuel, purchased power and interchange |
4,047 |
480 |
12 |
4,539 |
|||||
Other operations and maintenance |
1,250 |
337 |
39 |
1,626 |
|||||
Depreciation and amortization |
898 |
187 |
20 |
1,105 |
|||||
Taxes other than income taxes |
769 |
55 |
5 |
829 |
|||||
Total operating expenses |
6,964 |
1,059 |
76 |
8,099 |
|||||
Operating Income (Loss) |
1,329 |
193 |
9 |
1,531 |
|||||
Other Income (Deductions) |
|||||||||
Interest charges |
(173) |
(124) |
(82) |
(379) |
|||||
Preferred stock dividends - FPL |
(13) |
- |
- |
(13) |
|||||
Premium on preferred stock redemption - FPL |
(9) |
- |
- |
(9) |
|||||
Equity in earnings of equity method investees |
- |
89 |
- |
89 |
|||||
Allowance for equity funds used during construction |
14 |
- |
- |
14 |
|||||
Other - net |
(12) |
35 |
5 |
28 |
|||||
Total other income (deductions) - net |
(193) |
- |
(77) |
(270) |
|||||
Income (Loss) Before Income Tax Expense (Benefit) |
|||||||||
and Cumulative Effect of Change in Accounting Principle |
1,136 |
193 |
(68) |
1,261 |
|||||
Income Tax Expense (Benefit) |
403 |
(4) |
(31) |
368 |
|||||
Income (Loss) Before Cumulative Effect of Change in |
|||||||||
Accounting Principle |
733 |
197 |
(37) |
893 |
|||||
Cumulative Effect of Adopting FASB Interpretation No. 46, "Consolidation |
|||||||||
of Variable Interest Entities", Net of Income Taxes of $2 |
- |
(3) |
- |
(3) |
|||||
Net Income (Loss) |
$ 733 |
$ 194 |
$ (37) |
$ 890 |
|||||
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): |
|||||||||
Net Income (Loss) |
$ 733 |
$ 194 |
$ (37) |
$ 890 |
|||||
Adjustments, net of income taxes: |
|||||||||
Accounting change (FIN 46) - FPL Energy |
- |
3 |
- |
3 |
|||||
Net unrealized mark-to-market (gains) losses associated |
|||||||||
with non-qualifying hedges |
- |
(22) |
- |
(22) |
|||||
Adjusted Earnings (Loss) |
$ 733 |
$ 175 |
$ (37) |
$ 871 |
|||||
Earnings (Loss) Per Share (assuming dilution) |
$ 4.12 |
$ 1.09 |
$ (0.21) |
$ 5.00 |
|||||
Earnings (Loss) Per Share excluding certain items |
$ 4.12 |
$ 0.98 |
$ (0.21) |
$ 4.89 |
|||||
Weighted-average shares outstanding (assuming dilution) |
178 |
||||||||
FPL Energy's interest charges are based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. Residual non-utility interest charges are included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
FPL Group, Inc. (unaudited) |
|||||||||
December 31, 2004 |
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||
Property, Plant and Equipment |
|||||||||
Electric utility plant in service and other property |
$ 23,515 |
$ 7,887 |
$ 318 |
$ 31,720 |
|||||
Less accumulated depreciation and amortization |
(9,467) |
(940) |
(87) |
(10,494) |
|||||
Total property, plant and equipment - net |
14,048 |
6,947 |
231 |
21,226 |
|||||
Current Assets |
|||||||||
Cash and cash equivalents |
65 |
92 |
68 |
225 |
|||||
Other |
1,699 |
556 |
51 |
2,306 |
|||||
Total current assets |
1,764 |
648 |
119 |
2,531 |
|||||
Other Assets |
3,310 |
855 |
415 |
4,580 |
|||||
Total Assets |
$ 19,122 |
$ 8,450 |
$ 765 |
$ 28,337 |
|||||
Capitalization |
|||||||||
Common stock |
$ 1,373 |
$ - |
$ (1,371) |
$ 2 |
|||||
Additional paid-in capital |
4,318 |
4,785 |
(5,687) |
3,416 |
|||||
Retained earnings |
459 |
393 |
3,313 |
4,165 |
|||||
Accumulated other comprehensive income (loss) |
- |
(42) |
(4) |
(46) |
|||||
Total common shareholders' equity |
6,150 |
5,136 |
(3,749) |
7,537 |
|||||
Long-term debt |
2,813 |
1,611 |
3,603 |
8,027 |
|||||
Total capitalization |
8,963 |
6,747 |
(146) |
15,564 |
|||||
Current Liabilities |
|||||||||
Debt and preferred stock due within one year |
1,015 |
118 |
584 |
1,717 |
|||||
Other |
1,953 |
524 |
54 |
2,531 |
|||||
Total current liabilities |
2,968 |
642 |
638 |
4,248 |
|||||
Other Liabilities and Deferred Credits |
|||||||||
Asset retirement obligation |
2,015 |
192 |
- |
2,207 |
|||||
Accumulated deferred income taxes |
2,012 |
618 |
59 |
2,689 |
|||||
Regulatory liabilities |
2,465 |
- |
- |
2,465 |
|||||
Other |
699 |
251 |
214 |
1,164 |
|||||
Total other liabilities and deferred credits |
7,191 |
1,061 |
273 |
8,525 |
|||||
Commitments and Contingencies |
|||||||||
Total Capitalization and Liabilities |
$ 19,122 |
$ 8,450 |
$ 765 |
$ 28,337 |
|||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
|||||||||
FPL Group, Inc. (unaudited) |
|||||||||
|
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||
Property, Plant and Equipment |
|||||||||
Electric utility plant in service and other property |
$ 22,489 |
$ 7,494 |
$ 289 |
$ 30,272 |
|||||
Less accumulated depreciation and amortization |
(9,237) |
(671) |
(67) |
(9,975) |
|||||
Total property, plant and equipment - net |
13,252 |
6,823 |
222 |
20,297 |
|||||
Current Assets |
|||||||||
Cash and cash equivalents |
4 |
74 |
51 |
129 |
|||||
Other |
1,669 |
632 |
40 |
2,341 |
|||||
Total current assets |
1,673 |
706 |
91 |
2,470 |
|||||
Other Assets |
2,892 |
911 |
365 |
4,168 |
|||||
Total Assets |
$ 17,817 |
$ 8,440 |
$ 678 |
$ 26,935 |
|||||
Capitalization |
|||||||||
Common stock |
$ 1,373 |
$ - |
$ (1,371) |
$ 2 |
|||||
Additional paid-in capital |
4,318 |
4,961 |
(6,063) |
3,216 |
|||||
Retained earnings |
313 |
221 |
3,211 |
3,745 |
|||||
Accumulated other comprehensive income (loss) |
- |
6 |
(2) |
4 |
|||||
Total common shareholders' equity |
6,004 |
5,188 |
(4,225) |
6,967 |
|||||
Preferred stock of FPL without sinking fund requirements |
5 |
- |
- |
5 |
|||||
Long-term debt |
3,074 |
1,673 |
3,976 |
8,723 |
|||||
Total capitalization |
9,083 |
6,861 |
(249) |
15,695 |
|||||
Current Liabilities |
|||||||||
Debt due within one year |
630 |
103 |
554 |
1,287 |
|||||
Other |
1,505 |
495 |
66 |
2,066 |
|||||
Total current liabilities |
2,135 |
598 |
620 |
3,353 |
|||||
Other Liabilities and Deferred Credits |
|||||||||
Asset retirement obligation |
1,908 |
178 |
- |
2,086 |
|||||
Accumulated deferred income taxes |
1,415 |
651 |
89 |
2,155 |
|||||
Regulatory liabilities |
2,669 |
- |
- |
2,669 |
|||||
Other |
607 |
152 |
218 |
977 |
|||||
Total other liabilities and deferred credits |
6,599 |
981 |
307 |
7,887 |
|||||
Commitments and Contingencies |
|||||||||
Total Capitalization and Liabilities |
$ 17,817 |
$ 8,440 |
$ 678 |
$ 26,935 |
|||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
|||||||||
Certain amounts have been reclassified to conform with current year presentation. |
|||||||||
FPL Group, Inc. (unaudited) |
|||||||||||
|
Florida Power |
FPL |
Corporate & |
FPL Group, |
|||||||
Cash Flows From Operating Activities |
|||||||||||
Net income (loss) |
$ 750 |
1 |
$ 172 |
$ (35) |
$ 887 |
||||||
Adjustments to reconcile net income (loss) to net |
|||||||||||
cash provided by (used in) operating activities: |
|||||||||||
Depreciation and amortization |
870 |
264 |
19 |
1,153 |
|||||||
Storm-related costs, net of insurance reimbursements |
(627) |
- |
- |
(627) |
|||||||
Deferred income taxes and related regulatory credit |
553 |
(8) |
(15) |
530 |
|||||||
Cost recovery clauses and franchise fees |
144 |
- |
- |
144 |
|||||||
Other - net |
258 |
271 |
62 |
591 |
|||||||
Net cash provided by (used in) operating activities |
1,948 |
699 |
31 |
2,678 |
|||||||
Cash Flows From Investing Activities |
|||||||||||
Capital expenditures of FPL |
(1,394) |
- |
- |
(1,394) |
|||||||
Nuclear fuel purchases |
(90) |
(51) |
- |
(141) |
|||||||
Independent power investments |
- |
(476) |
- |
(476) |
|||||||
Sale of independent power investments |
- |
93 |
- |
93 |
|||||||
Capital expenditures of FPL FiberNet, LLC |
- |
- |
(6) |
(6) |
|||||||
Contributions to special use funds |
(134) |
(14) |
- |
(148) |
|||||||
Reimbursements from special use funds |
218 |
- |
- |
218 |
|||||||
Sale of Olympus note receivable |
- |
- |
126 |
126 |
|||||||
Funding of secured loan |
- |
- |
(128) |
(128) |
|||||||
Other - net |
- |
11 |
(27) |
(16) |
|||||||
Net cash provided by (used in) investing activities |
(1,400) |
(437) |
(35) |
(1,872) |
|||||||
Cash Flows From Financing Activities |
|||||||||||
Issuances of long-term debt |
236 |
34 |
299 |
569 |
|||||||
Retirements of long-term debt |
- |
(82) |
(350) |
(432) |
|||||||
Issuances of preferred stock - FPL |
20 |
- |
(20) |
- |
|||||||
Net change in short-term debt |
(139) |
(6) |
(278) |
(423) |
|||||||
Issuances of common stock |
- |
- |
81 |
81 |
|||||||
Dividends on common stock |
- |
- |
(467) |
(467) |
|||||||
Capital distributions to FPL Group - net |
- |
(184) |
184 |
- |
|||||||
Other - net |
(604) |
(6) |
572 |
(38) |
|||||||
Net cash provided by (used in) financing activities |
(487) |
(244) |
21 |
(710) |
|||||||
Net increase (decrease) in cash and cash equivalents |
61 |
18 |
17 |
96 |
|||||||
Cash and cash equivalents at beginning of period |
4 |
74 |
51 |
129 |
|||||||
Cash and cash equivalents at end of period |
$ 65 |
$ 92 |
$ 68 |
$ 225 |
|||||||
1 Excludes preferred stock dividends. |
|||||||||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
|||||||||||
FPL Group, Inc. (unaudited) |
||||||||||
Twelve Months Ended December 31, 2003 |
Florida Power |
FPL |
Corporate & |
FPL Group, |
||||||
Cash Flows From Operating Activities |
||||||||||
Net income (loss) |
$ 755 |
1 |
$ 194 |
$ (59) |
$ 890 |
|||||
Adjustments to reconcile net income (loss) to net |
||||||||||
cash provided by (used in) operating activities: |
||||||||||
Depreciation and amortization |
853 |
187 |
20 |
1,060 |
||||||
Cumulative effect of a change in accounting principle |
- |
5 |
- |
5 |
||||||
Deferred income taxes and related regulatory credit |
172 |
402 |
14 |
588 |
||||||
Cost recovery clauses and franchise fees |
(186) |
- |
- |
(186) |
||||||
Other - net |
(37) |
(138) |
72 |
(103) |
||||||
Net cash provided by (used in) operating activities |
1,557 |
650 |
47 |
2,254 |
||||||
Cash Flows From Investing Activities |
||||||||||
Capital expenditures of FPL |
(1,383) |
- |
- |
(1,383) |
||||||
Nuclear fuel purchases |
(26) |
(16) |
- |
(42) |
||||||
Independent power investments |
- |
(1,461) |
- |
(1,461) |
||||||
Capital expenditures of FPL FiberNet, LLC |
- |
- |
(8) |
(8) |
||||||
Contributions to special use funds |
(157) |
(17) |
1 |
(173) |
||||||
Funding of secured loan |
- |
- |
(47) |
(47) |
||||||
Other - net |
1 |
8 |
16 |
25 |
||||||
Net cash provided by (used in) investing activities |
(1,565) |
(1,486) |
(38) |
(3,089) |
||||||
Cash Flows From Financing Activities |
||||||||||
Issuances of long-term debt |
877 |
1,022 |
1,096 |
2,995 |
||||||
Retirements of long-term debt |
(388) |
(43) |
- |
(431) |
||||||
Retirements of preferred stock |
(228) |
- |
- |
(228) |
||||||
Net change in short-term debt |
(121) |
5 |
(1,122) |
(1,238) |
||||||
Issuances of common stock |
- |
- |
73 |
73 |
||||||
Dividends on common stock |
- |
- |
(425) |
(425) |
||||||
Capital contributions from FPL Group - net |
600 |
(97) |
(503) |
- |
||||||
Other - net |
(728) |
(14) |
694 |
(48) |
||||||
Net cash provided by (used in) financing activities |
12 |
873 |
(187) |
698 |
||||||
Net increase (decrease) in cash and cash equivalents |
4 |
37 |
(178) |
(137) |
||||||
Cash and cash equivalents at beginning of period |
- |
37 |
229 |
266 |
||||||
Cash and cash equivalents at end of period |
$ 4 |
$ 74 |
$ 51 |
$ 129 |
||||||
1 Excludes preferred stock dividends and loss on redemption of preferred stock. |
||||||||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding. |
||||||||||
FPL Group, Inc. (unaudited) |
|||||
Three Months Ended December 31, |
|||||
2004 |
2003 |
||||
Florida Power & Light Company |
$ 0.90 |
$ 0.68 |
|||
FPL Energy, LLC |
(0.06) |
0.21 |
|||
Corporate and Other |
0.10 |
(0.08) |
|||
Earnings Per Share |
$ 0.94 |
$ 0.81 |
|||
Reconciliation of Earnings Per Share to Adjusted Earnings Per Share: |
|||||
Earnings Per Share |
$ 0.94 |
$ 0.81 |
|||
Adjustments, net of income taxes: |
|||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges, |
|||||
primarily FPL Energy |
0.01 |
(0.07) |
|||
Adjusted Earnings Per Share |
$ 0.95 |
$ 0.74 |
|||
Twelve Months Ended December 31, |
|||||
2004 |
2003 |
||||
Florida Power & Light Company |
$ 4.14 |
$ 4.12 |
|||
FPL Energy, LLC |
0.95 |
1.09 |
|||
Corporate and Other |
(0.18) |
(0.21) |
|||
Earnings Per Share |
$ 4.91 |
$ 5.00 |
|||
Reconciliation of Earnings Per Share to Adjusted Earnings Per Share: |
|||||
Earnings Per Share |
$ 4.91 |
$ 5.00 |
|||
Adjustments, net of income taxes: |
|||||
Accounting change (FIN 46) - FPL Energy |
- |
0.02 |
|||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges, |
|||||
primarily FPL Energy |
0.02 |
(0.13) |
|||
Adjusted Earnings Per Share |
$ 4.93 |
$ 4.89 |
|||
FPL Group, Inc. (unaudited) |
|||||||||||
First |
Second |
Third |
Fourth |
|
|||||||
FPL Group - 2003 Earnings Per Share |
$ 0.99 |
$ 1.34 |
$ 1.86 |
$ 0.81 |
$ 5.00 |
||||||
Florida Power & Light - 2003 Earnings Per Share |
0.76 |
1.12 |
1.55 |
0.68 |
4.12 |
||||||
Customer growth |
0.07 |
0.09 |
0.10 |
0.06 |
0.31 |
||||||
Usage due to weather |
(0.17) |
(0.04) |
(0.01) |
(0.06) |
(0.28) |
||||||
Storm impact (weather and O&M expenses) |
- |
- |
(0.14) |
(0.01) |
(0.15) |
||||||
Underlying usage growth, mix and other |
(0.06) |
(0.02) |
0.06 |
0.07 |
0.07 |
||||||
Depreciation expense |
(0.04) |
(0.02) |
(0.01) |
0.01 |
(0.06) |
||||||
Shareholder lawsuit settlement proceeds |
- |
- |
- |
0.07 |
0.07 |
||||||
Other O&M expenses |
0.01 |
(0.03) |
(0.06) |
0.10 |
0.03 |
||||||
Other, including AFUDC and share dilution |
0.01 |
0.04 |
0.03 |
(0.02) |
0.03 |
||||||
Florida Power & Light - 2004 Earnings Per Share |
0.58 |
1.14 |
1.52 |
0.90 |
4.14 |
||||||
FPL Energy - 2003 Earnings Per Share |
0.25 |
0.28 |
0.35 |
0.21 |
1.09 |
||||||
New investments |
0.04 |
0.09 |
0.03 |
0.01 |
0.17 |
||||||
Existing assets |
0.08 |
0.05 |
0.08 |
0.11 |
0.32 |
||||||
Asset optimization and trading |
0.01 |
0.02 |
(0.01) |
- |
0.01 |
||||||
Marcus Hook contract restructuring |
- |
- |
- |
(0.26) |
(0.26) |
||||||
Other restructurings |
0.17 |
- |
(0.03) |
- |
0.14 |
||||||
Bastrop impairment |
(0.17) |
- |
0.01 |
- |
(0.16) |
||||||
Interest expense |
(0.07) |
(0.07) |
(0.03) |
(0.03) |
(0.19) |
||||||
Non-qualifying hedges impact |
(0.03) |
0.04 |
(0.08) |
(0.08) |
(0.15) |
||||||
Cumulative Effect of Change in Accounting Principle: |
|||||||||||
FIN 46, "Consolidation of Variable Interest Entities" |
- |
- |
0.02 |
- |
0.02 |
||||||
Other, including share dilution and rounding |
0.02 |
(0.03) |
- |
(0.02) |
(0.04) |
||||||
FPL Energy - 2004 Earnings Per Share |
0.30 |
0.38 |
0.34 |
(0.06) |
0.95 |
||||||
Corporate and Other - 2003 Earnings Per Share |
(0.02) |
(0.06) |
(0.04) |
(0.08) |
(0.21) |
||||||
FPL FiberNet operations |
(0.04) |
- |
- |
(0.01) |
(0.04) |
||||||
Other, including interest expense, tax resolutions, |
|||||||||||
share dilution and rounding |
(0.05) |
(0.03) |
(0.06) |
0.19 |
0.07 |
||||||
Corporate and Other - 2004 Earnings Per Share |
(0.11) |
(0.09) |
(0.10) |
0.10 |
(0.18) |
||||||
FPL Group - 2004 Earnings Per Share |
$ 0.77 |
$ 1.43 |
$ 1.76 |
$ 0.94 |
$ 4.91 |
||||||
The sum of the quarterly amounts may not equal the total for the year due to rounding. |
|||||||||||
FPL Group, Inc. (unaudited) |
|||||
December 31, 2004 |
Per Books |
Adjusted 1 |
|||
Long-term debt and preferred stock, including current maturities, |
|||||
commercial paper, and notes payable: |
|||||
Equity-linked debt securities |
$ 1,081 |
||||
Junior Subordinated Debentures2 |
309 |
||||
Project debt: |
|||||
Natural gas-fired assets |
421 |
||||
Wind assets |
601 |
||||
Debt with partial corporate support: |
|||||
Natural gas-fired assets |
348 |
||||
Other long-term debt and preferred stock, including current maturities, |
|||||
commercial paper, and notes payable |
6,984 |
6,984 |
|||
Total debt and preferred stock |
9,744 |
6,984 |
|||
Junior Subordinated Debentures2 |
309 |
||||
Common shareholders' equity |
7,537 |
7,537 |
|||
Equity-linked debt securities |
1,081 |
||||
Total capitalization, including debt due within one year |
$ 17,281 |
$ 15,911 |
|||
Debt ratio |
56% |
44% |
|||
December 31, 2003 |
Per Books |
Adjusted 1 |
|||
Long-term debt, including current maturities, commercial paper, and notes payable: |
|||||
Equity-linked debt securities |
$ 1,081 |
||||
Project debt: |
|||||
Natural gas-fired assets |
462 |
||||
Wind assets |
631 |
||||
Debt with partial corporate support: |
|||||
Natural gas-fired assets |
343 |
||||
Other long-term debt, including current maturities, commercial paper, and notes payable |
7,493 |
7,493 |
|||
Total debt |
10,010 |
7,493 |
|||
Preferred stock of FPL without sinking fund requirements |
5 |
5 |
|||
Common shareholders' equity |
6,967 |
6,967 |
|||
Equity-linked debt securities |
1,081 |
||||
Total capitalization, including debt due within one year |
$ 16,982 |
$ 15,546 |
|||
Debt ratio |
59% |
48% |
|||
1 Ratios exclude impact of imputed debt for purchase power obligations |
|||||
2 Adjusted to reflect preferred stock characteristics of these securities (preferred trust securities) |
|||||
FPL Group, Inc. |
|||||||
Type of Debt |
Interest Rate (%) |
Maturity Date |
Amount (millions) |
||||
Florida Power & Light |
|||||||
Commercial Paper |
VAR |
VAR |
$ 492 |
||||
First Mortgage Bonds |
6.875 |
12/01/05 |
500 |
||||
Preferred stock |
4.500 |
01/03/05 |
25 |
||||
Fair value swap |
(2) |
||||||
TOTAL FLORIDA POWER & LIGHT |
1,015 |
||||||
FPL Group Capital |
|||||||
Commercial Paper |
VAR |
VAR |
- |
||||
Debentures |
1.875 |
03/30/05 |
200 |
||||
Debentures |
VAR |
03/30/05 |
400 |
||||
Other Debt |
7.350 |
01/10/05 |
5 |
||||
Fair value swap |
(1) |
||||||
FPL Energy |
|||||||
Senior Secured Bonds |
|||||||
Principal Payments |
6.876 |
06/27/05 |
9 |
||||
Principal Payments |
6.639 |
06/30/05 |
22 |
||||
Principal Payments |
7.520 |
06/30/05 |
22 |
||||
Principal Payments |
7.520 |
12/31/05 |
19 |
||||
Total Senior Secured Bonds |
72 |
||||||
Senior Secured Notes |
|||||||
Principal Payments |
7.110 |
06/30/05 |
2 |
||||
Principal Payments |
7.110 |
12/31/05 |
2 |
||||
Total Senior Secured Notes |
4 |
||||||
Construction Term Facility |
|||||||
Principal Payments |
VAR |
06/30/05 |
4 |
||||
Principal Payments |
VAR |
12/31/05 |
15 |
||||
Total Construction Term Facility |
19 |
||||||
Other Debt |
|||||||
Principal Payments |
VAR |
01/31/05 |
3 |
||||
Principal Payments |
VAR |
03/31/05 |
3 |
||||
Principal Payments |
VAR |
06/30/05 |
3 |
||||
Principal Payments |
VAR |
07/31/05 |
6 |
||||
Principal Payments |
VAR |
09/30/05 |
3 |
||||
Principal Payments |
VAR |
12/31/05 |
4 |
||||
Total Other Debt |
22 |
||||||
TOTAL FPL ENERGY |
117 |
||||||
TOTAL FPL GROUP CAPITAL |
721 |
||||||
Preferred stock - FPL Group elimination |
4.500 |
01/03/05 |
(20) |
||||
TOTAL FPL GROUP, INC. |
$ 1,716 |
||||||
May not agree to financial statements due to rounding. |
FPL Group, Inc. |
|||||||||
Type of Debt |
Interest |
Maturity |
Amount |
||||||
Florida Power & Light |
|||||||||
First Mortgage Bonds |
|||||||||
First Mortgage Bonds |
6.000 |
06/01/08 |
$ 200 |
||||||
First Mortgage Bonds |
5.875 |
04/01/09 |
225 |
||||||
First Mortgage Bonds |
4.850 |
02/01/13 |
400 |
||||||
First Mortgage Bonds |
5.850 |
02/01/33 |
200 |
||||||
First Mortgage Bonds |
5.950 |
10/01/33 |
300 |
||||||
First Mortgage Bonds |
5.625 |
04/01/34 |
500 |
||||||
First Mortgage Bonds |
5.650 |
02/01/35 |
240 |
||||||
Total First Mortgage Bonds |
2,065 |
||||||||
Revenue Refunding Bonds |
|||||||||
Miami-Dade Solid Waste Disposal |
VAR |
02/01/23 |
15 |
||||||
St. Lucie Solid Waste Disposal |
VAR |
05/01/24 |
79 |
||||||
Total Revenue Refunding Bonds |
94 |
||||||||
Pollution Control Bonds |
|||||||||
Dade |
VAR |
04/01/20 |
9 |
||||||
Martin |
VAR |
07/15/22 |
96 |
||||||
Jacksonville |
VAR |
09/01/24 |
46 |
||||||
Manatee |
VAR |
09/01/24 |
17 |
||||||
Putnam |
VAR |
09/01/24 |
4 |
||||||
Jacksonville |
VAR |
05/01/27 |
28 |
||||||
St. Lucie |
VAR |
09/01/28 |
242 |
||||||
Jacksonville |
VAR |
05/01/29 |
52 |
||||||
Total Pollution Control Bonds |
494 |
||||||||
Industrial Bonds |
|||||||||
Dade |
VAR |
06/01/21 |
46 |
||||||
Total Industrial Bonds |
46 |
||||||||
FPL Fuels Senior Secured Notes |
2.340 |
06/11/06 |
135 |
||||||
Unamortized discount |
(20) |
||||||||
TOTAL FLORIDA POWER & LIGHT |
2,814 |
||||||||
FPL Group Capital |
|||||||||
Debentures |
|||||||||
Debentures |
3.250 |
04/11/06 |
500 |
||||||
Debentures |
7.625 |
09/15/06 |
600 |
||||||
Debentures (A Equity Units) |
4.750 |
02/16/07 |
575 |
||||||
Debentures |
6.125 |
05/15/07 |
500 |
||||||
Debentures (B Equity Units) |
5.000 |
02/16/08 |
506 |
||||||
Debentures |
7.375 |
06/01/09 |
225 |
||||||
Debentures |
7.375 |
06/01/09 |
400 |
||||||
Debentures (Junior Subordinated) |
5.875 |
03/15/44 |
309 |
||||||
Total Debentures |
3,615 |
||||||||
Fair value swaps |
(7) |
||||||||
Unamortized discount |
(4) |
||||||||
FPL Energy |
|||||||||
Senior Secured Bonds |
|||||||||
Senior Secured Bonds |
6.876 |
06/27/17 |
109 |
||||||
Senior Secured Bonds |
7.520 |
06/30/19 |
269 |
||||||
Senior Secured Bonds |
6.639 |
06/20/23 |
339 |
||||||
Total Senior Secured Bonds |
717 |
||||||||
Senior Secured Notes |
7.110 |
06/28/20 |
107 |
||||||
Construction Term Facility |
VAR |
06/30/08 |
330 |
||||||
Other Debt |
|||||||||
Other Debt |
VAR |
12/27/07 |
333 |
||||||
Other Debt |
VAR |
12/19/17 |
113 |
||||||
Other Debt |
8.010 |
12/31/18 |
3 |
||||||
Other Debt |
6.650 |
09/30/20 |
6 |
||||||
Other Debt |
10.630 |
09/30/20 |
3 |
||||||
Total Other Debt |
458 |
||||||||
TOTAL FPL ENERGY |
1,612 |
||||||||
TOTAL FPL GROUP CAPITAL |
5,216 |
||||||||
TOTAL FPL GROUP, INC. |
$ 8,030 |
||||||||
May not agree to financial statements due to rounding. |
Florida Power & Light Company |
||||||||||
Three Months |
Twelve Months |
|||||||||
Periods ended December 31, |
2004 |
2003 |
2004 |
2003 |
||||||
Energy sales (million kWh) |
||||||||||
Residential |
13,030 |
12,890 |
52,502 |
53,485 |
||||||
Commercial |
10,826 |
10,580 |
42,064 |
41,425 |
||||||
Industrial |
992 |
991 |
3,964 |
4,004 |
||||||
Public authorities |
138 |
150 |
564 |
582 |
||||||
Electric utilities |
399 |
373 |
1,531 |
1,511 |
||||||
Increase (decrease) in unbilled sales |
(1,335) |
(1,460) |
59 |
(156) |
||||||
Interchange power sales |
566 |
863 |
2,951 |
2,351 |
||||||
Total |
24,616 |
24,387 |
103,635 |
103,202 |
||||||
Average price (cents/kWh) 1 |
||||||||||
Residential |
9.07 |
9.09 |
9.06 |
8.64 |
||||||
Commercial |
7.75 |
7.74 |
7.76 |
7.32 |
||||||
Industrial |
6.34 |
6.34 |
6.33 |
5.89 |
||||||
Total |
8.36 |
8.36 |
8.36 |
7.95 |
||||||
Average customer accounts (000's) |
||||||||||
Residential |
3,764 |
3,684 |
3,745 |
3,653 |
||||||
Commercial |
462 |
449 |
458 |
445 |
||||||
Industrial |
19 |
18 |
19 |
17 |
||||||
Other |
3 |
3 |
3 |
2 |
||||||
Total |
4,248 |
4,154 |
4,225 |
4,117 |
||||||
1 Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses and the provision for refund. |
||||||||||
2004 |
Normal |
2003 |
||||||||
Three months ended December 31 |
||||||||||
Heating degree-days |
87 |
93 |
111 |
|||||||
Cooling degree-days |
249 |
244 |
322 |
|||||||
Twelve months ended December 31 |
||||||||||
Heating degree-days |
272 |
318 |
382 |
|||||||
Cooling degree-days |
1,712 |
1,646 |
1,893 |
|||||||
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