SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 10-K/A
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 12, 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
CENTRAL MAINE POWER COMPANY
(Exact name of registrant as specified in charter)
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934 on Form 10-K for the fiscal
year ended December 31, 1995, as set forth in the pages attached hereto.
Pursuant to Rule 15d-21 of the Securities Exchange Act of 1934, this
amendment is being made to add the information, financial statements, and
exhibits required by Form 11-K with respect to the CENTRAL MAINE POWER
COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR NON-UNION EMPLOYEES and to
the CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR
UNION EMPLOYEES, as Exhibits 99-1 and 99-2, respectively.
Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this amendment to be signed on its behalf
by the undersigned, thereunto duly authorized.
CENTRAL MAINE POWER COMPANY
By
Robert E. Tuoriniemi, Comptroller
<TABLE>
Exhibit 99-1
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
CENTRAL MAINE POWER COMPANY
EMPLOYEE SAVINGS AND INVESTMENT PLAN
FOR NON-UNION EMPLOYEES
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
CENTRAL MAINE POWER COMPANY
83 EDISON DRIVE
AUGUSTA, MAINE 04336
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
REQUIRED INFORMATION
The following financial statements shall be furnished for the plan:
(a) Financial Statements Page No.
Reports of Independent Public Accountants F-1, F-2
Statements of Financial Condition F-3
Statements of Income and Changes in
Participants' Equity F-4
Notes to Financial Statements F-5 through F-29
Supplemental Schedules:
I - Item 27a Schedule of Assets Held
for Investment Purposes at
December 31, 1995 S-1 through S-3
II - Allocation of Plan Income and
Changes in Plan Equity to
Investment Programs S-4 through S-5
III - Item 27d Schedule of Reportable
Transactions for the Year Ended
December 31, 1995 S-6
(b) Exhibits
Consents of Independent Public Accountants E-1 through E-2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statements of financial condition of the
CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR NON-UNION
EMPLOYEES as of December 31, 1995 and 1994, and the related statements of income
and changes in participants equity for the years then ended. These financial
statements are the responsibility of the Plan's Management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Central Maine Power Company
Employee Savings and Investment Plan for Non-Union Employees as of December 31,
1995 and 1994, and its income and changes in participants' equity for the years
then ended, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes at December 31, 1995 and reportable
transactions for the year ended December 31, 1995 are presented for purposes of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by The Department of Labor
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplemental schedules have been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, are fairly stated, in all material respects, in relation to
the basic financial statements taken as a whole.
COOPERS & LYBRAND L.L.P.
Portland, Maine
June 14, 1996
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statements of financial condition of the
CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR NON-UNION
EMPLOYEES as of December 31, 1993, and the related statements of income and
changes in participants' equity for the year then ended. These financial
statements and the supplemental schedules listed in the accompanying index are
the responsibility of the Plan Administrator. Our responsibility is to express
an opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan Administrator, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Central Maine Power Company
Employee Savings and Investment Plan for Non-Union Employees as of December 31,
1993, and its income and changes in participants' equity for the year ended
December 31, 1993, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
accompanying index are presented for purposes of additional analysis and are not
a required part of the basic financial statements but are supplementary
information required by The Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.
Arthur Andersen LLP
Boston, Massachusetts
June 3, 1994
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Statements of Financial Condition
(See Note 4)
As of December 31,
Assets 1995 1994
Investments at market value (cost $43,547,624 and
<C> <C> <C> <C> <C>
$45,336,014, respectively) (Notes 1 and 2) (Schedule I) $47,295,860 $43,822,982
Company dividends receivable 161,993 179,287
Other receivables 165,245 40,795
Participant loans receivable (Note 1) 1,617,336 1,925,794
$49,240,434 $45,968,858
Liabilities and Participants' Equity
Security purchase payable $ 150,526 $ 119,083
Insurance contract reserve (Note 2) 201,432 250,000
Participants' equity (Notes 1 and 5) 48,888,476 45,599,775
$49,240,434 $45,968,858
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
Statements of Income and Changes in Participants' Equity
For the Years Ended December 31, 1995, 1994 and 1993
(See Note 5 and Schedule II)
1995 1994 1993
<S> <C> <C> <C>
Balance at beginning of year $45,599,775 $43,205,176 $42,677,039
Investment income:
Dividends on Company Stock 684,439 668,186 961,151
Interest 1,720,448 1,443,092 1,881,615
Interest on loans 150,147 140,210 128,857
Investment appreciation/(depreciation) (Note 2) 5,136,869 (1,875,012) (5,138,978)
Net investment income 7,691,903 376,476 (2,167,355)
Contributions:
Participants 2,981,109 3,210,566 3,193,206
Company 1,051,491 1,124,831 1,169,093
4,032,600 4,335,397 4,362,299
Transfers (to) from other plans (Note 1) (388,054) 324,093 (1,739)
Less- Withdrawals and distributions:
Cash 8,096,316 2,641,367 1,415,068
Insurance contract reserve (Note 2) 48,568 - (250,000)
Balance at end of year $48,888,476 $45,599,775 $43,205,176
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Notes to Financial Statements
December 31, 1995
1. Description of the Plan The Central Maine Power Company Employee Savings and
Investment Plan for Non-Union Employees ("the Plan" or "the Non-Union Plan") was
adopted by the Board of Directors of Central Maine Power Company ("the Company")
on February 19, 1981. Certain pertinent features of the Plan, as amended, are
discussed below.
a. Eligibility of Participants
Each employee of the Company, and of The Union Water-Power Company,
MaineCom, Telesmart, CMP International Consultants, and Aroostook Valley
Electric Company, its wholly-owned subsidiaries, who is not in a unit of
employees covered by a collective bargaining agreement is eligible to join the
Plan after completing one year of service during which the employee has worked
at least 1,000 hours.
b. Elective Contributions by Participants
Each participant elects a salary reduction percentage to be contributed by the
Company on their behalf. Participants may elect to have the Company contribute
from 2% to 15% (in multiples of 1%) of their basic compensation to the Plan
through a salary reduction agreement.
c. Matching Contributions by the Company
The Company and its subsidiaries contribute to the Plan an amount equal to 60%
of the first 5% of the salary reduction amount contributed on behalf of each
participant, provided, however, that the total contribution that the Company is
obligated to make for any year does not exceed the maximum amount deductible
from the Company's gross income under applicable provisions of the Internal
Revenue Code. In 1995, 1994 and 1993, these provisions limited the annual
employee contribution excluded from taxable income to the lesser of 25% of total
compensation or approximately $9,200, $9,200 and $9,000, respectively. Employee
contributions for employees who are defined as "highly compensated" by the
Internal Revenue Service may be further limited in order to pass
nondiscrimination tests. The Company's matching contribution may be made from
time to time during each year and shall be paid in full as of the date the
Company files its federal income tax return for that year.
d. Investment Options
All contributions made under the Plan are commingled in a common/collective
trust that also contains the assets of one other employee savings and investment
plan of the Company and its affiliated companies. As of December 31, 1995, the
contributions were invested by the Trustee, Fidelity Management Trust Company,
based upon participant election in one or more of ten Funds.
<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
Contributions to all Funds may be invested temporarily in short-term investments
prior to purchase of primary Fund securities.
The Funds consist of:
Retirement Government Money Market Portfolio - An income fund comprised of
short-term, high-quality debt obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities.
Fidelity Balanced Fund - A diversified fund comprised of high-yielding
securities, including common stocks and bonds.
Fidelity Magellan Fund - A fund comprised primarily of common stock and
securities convertible into common stock seeking capital appreciation.
Equity Fund - The Fidelity U.S. Equity Index Fund comprised of common stock
which attempts to duplicate the composition of the Standard & Poor's Daily Stock
Price Index of 500 Common Stocks during the current year. The fund presents a
passive approach for investing in a diversified portfolio of common stocks.
Fixed Income Contract Portfolio - A fixed-income fund comprised of investments
yielding a fixed rate of return, as selected by the Trustee, issued mainly by
insurance companies and banks. This fund is being phased-out and will no longer
accept contributions as of March 1996.
Central Maine Power Company Stock Fund - A fund comprised of the common shares
of the Company.
Asset Manager Income Fund - A fund emphasizing investment in bonds and
short-term instruments for income and price stability, but allows some
investment in stocks for their potential to grow and keep pace with inflation.
Asset Manager Fund - A fund allocating its assets among and across domestic and
foreign stocks, bonds and short-term instruments of U.S. and foreign issuers,
including those in emerging markets.
<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
Asset Manager Growth Fund - This fund seeks to maximize a total return over the
long term; the Fund allocates its assets among three principal asset classes:
stocks, bonds and short-term instruments. However, it may invest in many types
of domestic and foreign securities.
Fidelity Intermediate Bond Fund - A fund that seeks high current income by
investing in domestic and foreign investment-grade securities with intermediate
maturities and good credit quality.
Upon enrollment, participants elect the Fund or Funds in which to invest their
contributions. The percentage of such contributions invested in a particular
Fund must be a multiple of 10%. Participants may change the investment of their
future contributions (in multiples of 10% of such contributions) or transfer a
portion from one Fund to another. Changes and transfers may be made at any time.
All Company contributions are initially invested in the Central Maine Power
Company Stock Fund. Dividends, interest and other distributions received on the
assets held in each Fund shall be reinvested in the respective Fund.
Participants may transfer all or a portion of the Company contributions made on
their behalf out of the CMP Company Stock Fund.
<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
The number of participants in each Fund at December 31, 1995 and 1994 was as
follows:
Number of
Participants
Fund Type 1995 1994
Retirement Government Money Market Portfolio 319 340
Fidelity Balanced Fund 592 657
Fidelity Magellan Fund 841 859
Equity Fund 738 764
Fixed Income Contract Portfolio 1,034 998
Central Maine Power Company Stock Fund 1,053 1,189
Asset Manager Income Fund 49 11
Asset Manager Fund 86 22
Asset Manager Growth Fund 124 35
Fidelity Intermediate Bond Fund 37 1
The total number of participants in the Plan was 1,482 and 1,325 at December 31,
1995 and 1994, respectively. The aggregate participation in the ten Funds is
greater than the number of employees participating because employees have the
option of investing in one or more Funds.
e. Vesting
Each participant's account consists of their contributions and any rollover
money, the matching Company contribution and any net earnings thereon.
Participants are 100% vested in their account balances.
f. Withdrawals and Distributions
A participant may elect to make a regular withdrawal of up to 100% of the value
of their contributions made prior to July 1, 1983, and earnings thereon, (but
not less than $500 unless the value of such participant's contributions and
earnings thereon total less than $500, in which case such total may be
withdrawn) after approval by the Employee Savings and Investment Plan Committee.
Only one regular withdrawal may be made in any year.
<PAGE>
1. Description of the Plan (continued)
f. Withdrawals and Distributions (continued)
Withdrawals with respect to contributions made subsequent to July 1, 1983 may be
made only for reasons of hardship. With the consent of the Company's Employee
Savings and Investment Plan Committee, a participant may elect to make a
hardship withdrawal, as determined in accordance with the Plan provisions, of up
to 100% of their account.
Distributions from the Funds occurring as a result of termination of employment,
death, retirement or permanent disability are made no later than 60 days after
the end of the Plan year, unless under certain circumstances retiring or
disabled participants elect otherwise.
g. Loans
Participants may borrow amounts in the aggregate of not more than 50% of their
account balance, subject to a maximum loan of $50,000. Loans bear interest at a
rate equal to the current rate of interest being charged by the Central Maine
Power Company Employees Federal Credit Union for loans secured by share account
balances. The maximum term of the loans is generally five years. Loans
outstanding as of December 31, 1995 and 1994 amounted to $1,617,336 and
$1,925,794, respectively.
2. Summary of Significant Accounting Policies
a. Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income, contributions and distribution during the
reporting period. Actual results could differ from those estimates.
b. Investment Valuation
Investments other than fixed income contracts with insurance companies are
stated at market value. Fixed income contracts are stated at contract value
which is cost plus interest at the stated rate.
<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
At December 31, 1995, Fidelity held a fixed income contract with Executive Life
Insurance Company (Executive Life) with a contract value of approximately
$285,000. The Non-Union Plan holds approximately $201,000 of the Executive Life
contract.
On April 11, 1991, the State of California insurance regulators placed Executive
Life under conservatorship. The regulators stated Executive Life would continue
to pay monthly annuities, but placed a moratorium on policy surrenders and
loans. The Conservation Court of California approved the sale of Executive Life
to an investor group - Altus Finance (Altus) and Mutuelle Assurance Artisanale
de France (Mutuelle). Under this rehabilitation agreement, Altus agreed to pay
$3.25 billion for the Executive Life high risk bonds while Mutuelle agreed to
infuse $300 million in capital.
Together, the agreement formed a new company, Aurora National Life Assurance
Company.
This rehabilitation plan was appealed on several points to the California Court
of Appeal and subsequently remanded to the Superior Court to be corrected. On
August 13, 1993, the Los Angeles Superior Court approved a modified
rehabilitation/liquidation plan for Executive Life. The modified plan became
effective September 3, 1993. Under the terms of the modified rehabilitation
plan, contract holders were given a choice to either opt-in or opt-out of a
5-year fixed income contract with Aurora National Life Assurance Company, the
successor to Executive Life.
Both options meant some loss of original investment to participants, and both
were clouded by continuing litigation and complicated by a variety of "holdback"
amounts. Under opt-in, participants would receive an initial restructured value
of 77% with some potential to realize 86%. Under opt-out, participants would
receive an initial restructured value of 56% (assuming favorable resolution of
pending litigation) with some potential for eventually realizing a total of 84%.
The Company retained Townshend & Schupp, an insurance research and consulting
firm, to assist in analyzing the potential value of the options. After review of
all the relevant facts and the advice of Townshend & Schupp, the Company
selected the opt-out approach.
During 1993, the Plan recorded a reserve of $250,000 reflecting a reduction in
the value of the Executive Life contract to the 84% level associated with their
opt-out selection. The reserve was reduced to $201,432 in 1995, which represents
the
<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
remaining balance. As discussed further below, the Company and other parties
continue to pursue alternatives in order to protect and enhance the ultimate
recovery levels of the Executive Life Contract.
A number of uncertainties regarding the final settlement of Executive Life
issues existed during 1994 and into the first quarter of 1995, including pending
litigation and the impact of carrying out the remaining steps of the modified
rehabilitation plan.
Three subsequent legal challenges existed: one to the general modified
rehabilitation plan, one to the transfer of Executive Life's high-yield bonds to
its successor, and another to the priority system for dealing with Executive
Life contract holders' claims. After the California Court of Appeals issued a
decision in February 1995 asserting the priority status of Executive Life
contracts held in pension Guaranteed Insurance Contracts and the period for
further appeals expired in August 1995, settlement agreements were signed by
claimants in late August. The stipulation provided for release of the holdback
funds in the fall of 1995 to contract holders who "opted out," with subsequent
distributions from the remainder of the trust as assets are liquidated.
On October 26, 1995 the Plan received a distribution of $1.9 million or 88% of
the original frozen assets. Further distributions are expected as conditions for
liquidating assets improve. Over the next several years, full recovery of the
original investment is expected. However, the Plan has continued to record a
reserve for the remaining outstanding value of the contract.
In October 1995, Fidelity Management Trust Company was named successor trustee
for the Executive Life contract formerly held in trust by State Street Bank. As
successor trustee, Fidelity assumed responsibility for the October 1995
distribution, as well as all future distributions, to individual participant
accounts. The March 1995 agreement between State Street Bank and the Company
remains unchanged. As previously reported, the Company and its affiliates filed
suit against State Street Bank in June 1994, seeking damages for losses arising
out of the Bank's purchase and management of the Executive Life contract. The
parties agreed to dismiss the suit under an agreement whose terms remain
confidential. It is expected that along with resolution of the rehabilitation
proceedings, this settlement may result in full recovery of the original
Executive Life contract.
<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
Requests from Plan participants for payments or transfers of funds from the
Fixed Income Fund will continue to be processed, but the shares associated with
the remaining Executive Life contract continue to be temporarily frozen.
At December 31, 1995, Fidelity held a fixed income contract with Confederation
Life Insurance Company (Confederation Life) with a contract value of
approximately $3.3 million. The Non-Union Plan holds approximately $2.3 million
of the Confederation Life contract.
On August 11, 1994, Canada's Office of the Superintendent of Financial
Institutions took over the Confederation Life Insurance Company. On August 12,
1994, the State of Michigan (Confederation Life's port of entry) filed suit to
seize the Confederation Life's assets.
In response to these regulatory actions, the Association of Confederation Life
contractors (ACLIC) was formed. The ACLIC membership includes persons that hold
or have an interest in Guaranteed Investment Contracts issued by Confederation
Life. Fidelity is actively participating in the ACLIC to represent and protect
the interests of the Company.
The Company cannot predict at this time the outcome of the Confederation Life
situation. The Deputy Rehabilitator appointed by the Michigan Department of
Insurance has indicated that he expects the full August 1994 account balances to
be recovered. As of April 1996, ACLIC's analysis of a draft plan of
reorganization estimates that total recoveries may be in the range of 101-112%
for United States policyholders. The key variables in the analysis are: 1) the
United States trust's recovery of Canadian notes; 2) a Canadian equalizing
payment to bring United States recoveries to a similar level; and 3) the method
for determining asset allocation among blocks of business. A final
rehabilitation plan should be filed with the Commissioner in the spring of 1996.
There is a reasonable expectation the plan could be confirmed during 1997, with
initial payouts from liquid assets the same year. Approximately 85-95% of the
August 11, 1994 contract values are deemed very liquid, and the remaining
contingent claims would be held in a liquidating trust.
In November 1995, Confederation Life in Rehabilitation offered contract holders
the option of receiving .75% of frozen values each year, pending outcome of the
rehabilitation plan. The Non-union Plan received a 1.5% payout in March 1996,
.75%
<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
each for 1994 and 1995. Payments were distributed to participants' accounts
according to their current investment elections.
The Company has notified Fidelity, and Fidelity has acknowledged, its fiduciary
obligations regarding its purchase of the Confederation Life contract. In
addition, the Company, as of the close of business on August 16, 1994,
segregated approximately $3 million of the Plan's Fixed Income Fund for the
common/collective trust and placed hold on all transactions with regard to that
amount. This action was taken to ensure that all Plan participants invested in
the Fixed Income Fund at the time of seizure by Canadian and Michigan
authorities are treated equally.
c. Investment Appreciation/Depreciation
Investments are stated at fair value as determined based upon quoted market
prices. The plan presents in the statement of changes in net assets the
investment appreciation (depreciation) in the fair value of its investments
which consists of the realized gains or losses and the unrealized appreciation
(depreciation) on those investments. Realized and unrealized
appreciation/(depreciation) of Plan assets are based on the value of the assets
at the beginning of the Plan year or at the time of purchase during the year.
The following table depicts this Employee Retirement Income Security Act of 1974
method for funds which generate such appreciation/(depreciation).
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
Fidelity Fidelity
Balanced Magellan Equity Sub
Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Market value at December 31, 1992 $1,032,114 $2,392,214 $5,324,707 $ 8,749,035
Current value of sales during 1993 (225,607) (772,050) (1,113,457) (2,111,114)
Cost of purchases during 1993 1,908,068 3,322,272 1,277,999 6,508,339
Unrealized appreciation/
(depreciation) 58,137 225,314 252,577 536,028
Market value at December 31, 1993 2,772,712 5,167,750 5,741,826 13,682,288
Current value of sales during 1994 (666,875) (2,565,552) (908,934) (4,141,361)
Cost of purchases during 1994 1,326,454 4,212,649 1,331,292 6,870,395
Unrealized appreciation/
(depreciation) (231,170) (254,862) (111,636) (597,668)
Market value at December 31, 1994 3,201,121 6,559,985 6,052,548 15,813,654
Current value of sales during 1995 (1,680,902) (2,612,195) (1,713,473) (6,006,570)
Cost of purchases during 1995 1,926,170 5,055,912 2,020,593 9,002,675
Unrealized appreciation/
(depreciation) 236,178 1,334,883 1,698,766 3,269,827
Market value at December 31, 1995 $3,682,567 $10,338,585 $8,058,434 $22,079,586
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
Asset
Company Manager Asset
Stock Income Manager Sub
Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Market value at December 31, 1992 $15,868,276 $ - $ - $15,868,276
Current value of sales during 1993 (2,458,110) - - (2,458,110)
Cost of purchases during 1993 2,863,421 - - 2,863,421
Unrealized appreciation/ - -
(depreciation) (5,674,328) (5,674,328)
Market value at December 31, 1993 10,599,259 - - 10,599,259
Current value of sales during 1994 (10,886,405) - - (10,886,405)
Cost of purchases during 1994 11,939,915 49,865 113,861 12,103,641
Unrealized appreciation/
(depreciation) (460,340) (118) (1,885) (462,343)
Market value at December 31, 1994 11,192,429 49,747 111,976 11,354,152
Current value of sales during 1995 (18,613,315) (48,094) (178,895) (18,840,304)
Cost of purchases during 1995 16,723,989 296,119 744,646 17,764,754
Unrealized appreciation/
(depreciation) 1,150,717 8,888 41,510 1,201,115
Market value at December 31, 1995 $10,453,820 $306,660 $719,237 $11,479,717
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
Fund Fund Total
<S> <C> <C> <C> <C> <C>
Market value at December 31, 1992 $ - $ - $24,617,311
Current value of sales during 1993 - - (4,569,224)
Cost of purchases during 1993 - - 9,371,760
Unrealized appreciation/
(depreciation) - - (5,138,300)
Market value at December 31, 1993 - - 24,281,547
Current value of sales during 1994 (10,344) - (15,038,110)
Cost of purchases during 1994 471,965 4,108 19,450,109
Unrealized appreciation/
(depreciation) (13,697) (8) (1,073,716)
Market value at December 31, 1994 447,924 4,100 27,619,830
Current value of sales during 1995 (344,603) (24,234) (25,215,711)
Cost of purchases during 1995 626,808 167,750 27,561,987
Unrealized appreciation/
(depreciation) 81,186 4,076 4,556,204
Market value at December 31, 1995 $811,315 $151,692 $34,522,310
</TABLE>
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
The market value of Central Maine Power Company stock was $12.50 at June 25,
1996 and $14.375 per share at December 31, 1995.
d. Expenses
All expenses of administration of the Plan, including Trustee's and record
keeper's fees, are paid by Central Maine Power Company.
3. Federal Income Taxes
The Internal Revenue Service (IRS) has issued a favorable determination letter
with respect to the Plan's tax-exempt status under Sections 401(a) and 401(k) of
the Internal Revenue Code. Therefore, no income taxes have been provided for in
the accompanying financial statements.
Elective contributions to the Plan made by the Company on behalf of employees
are not subject to federal income taxes currently, as long as these
contributions are below the maximum level derived in accordance with Section
401(k) regulations. Contributions and earnings thereon will, in general, be
taxable upon distribution, although rules providing for additional deferral may
apply with respect to certain distributions of Company stock.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
4. Allocation of Plan Assets and Liabilities to Investment Programs
As of December 31, 1995
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* Fund* Total
Investments at
market value (cost
$43,547,624)
(Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $1,556,811 $3,682,567 $10,338,585 $8,058,434 $23,636,397
Company dividends
receivable - - - - -
Other receivables 4,760 12,317 26,494 13,292 56,863
Participant loans
receivable (Note 1) - - - - -
$1,561,571 $3,694,884 $10,365,079 $8,071,726 $23,693,260
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ - $ - $ -
Insurance contract
reserve (Note 2) - - - - -
Participants'
equity (Notes 1 and 5) 1,561,571 3,694,884 10,365,079 8,071,726 23,693,260
$1,561,571 $3,694,884 $10,365,079 $8,071,726 $23,693,260
*Parties in interest to the plan.
<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1995
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Assets Portfolio Stock Fund* Fund* Fund* Total
Investments at
market value
(Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $11,216,739 $10,453,820 $306,660 $719,237 $22,696,456
Company dividends
receivable - 161,993 - - 161,993
Other receivables 14,809 90,554 348 929 106,640
Participant loans
receivable (Note 1) 1,617,336 - - - 1,617,336
$12,848,884 $10,706,367 $307,008 $720,166 $24,582,425
Liabilities and
Participants' Equity
Security purchase
payable $ - $ 150,526 $ - $ - $ 150,526
Insurance contract
reserve (Note 2) 201,432 - - - 201,432
Participants'
equity (Notes 1 and 5) 12,647,452 10,555,841 307,008 720,166 24,230,467
$12,848,884 $10,706,367 $307,008 $720,166 $24,582,425
*Parties in interest to the plan.
<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1995
Asset Fidelity
Manager Intermediate
Growth Bond
Assets Fund Fund* Total
Investments at market value
<S> <C> <C> <C> <C> <C>
(Notes 1 and 2) (Schedule I) $811,315 $151,692 $47,295,860
Company dividends receivable - - 161,993
Other receivables 1,535 207 165,245
Participant loans receivable (Note 1) - - 1,617,336
$812,850 $151,899 $49,240,434
Liabilities and Participants' Equity
Security purchase payable $ - $ - $ 150,526
Insurance contract reserve (Note 2) - - 201,432
Participants' equity (Notes 1 and 5) 812,850 151,899 48,888,476
$812,850 $151,899 $49,240,434
*Parties in interest to the plan.
<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1994
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* Fund* Total
Investments at
market value (cost
$45,336,014)
(Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $1,022,423 $3,201,121 $6,559,985 $6,052,548 $16,836,077
Company dividends
receivable - - - - -
Other receivables 1,157 2,637 5,686 3,160 12,640
Participant loans
receivable (Note 1) - - - - -
$1,023,580 $3,203,758 $6,565,671 $6,055,708 $16,848,717
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ - $ - $ - $ -
Insurance contract
reserve (Note 2) - - - - -
Participants'
equity (Notes 1 and 5) 1,023,580 3,203,758 6,565,671 6,055,708 16,848,717
$1,023,580 $3,203,758 $6,565,671 $6,055,708 $16,848,717
*Parties in interest to the plan.
<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1994
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Portfolio Stock Fund* Fund* Fund* Total
Investments at
market value (Notes 1
<S> <C> <C> <C> <C> <C> <C>
and 2) (Schedule I) $15,180,729 $11,192,429 $49,747 $111,976 $26,534,881
Company dividends
receivable - 179,287 - - 179,287
Other receivables 5,931 22,224 - - 28,155
Participant loans
receivable (Note 1) 1,925,794 - - - 1,925,794
$17,112,454 $11,393,940 $49,747 $111,976 $28,668,117
Liabilities and
Participants'
Equity
Security purchase
payable $ - $ 119,083 $ - $ - $ 119,083
Insurance contract
reserve (Note 2) 250,000 - - - 250,000
Participants'
equity (Notes 1 and 5) 16,862,454 11,274,857 49,747 111,976 28,299,034
$17,112,454 $11,393,940 $49,747 $111,976 $28,668,117
*Parties in interest to the plan.
<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1994
Asset Fidelity
Manager Intermediate
Growth Bond
Assets Fund Fund* Total
Investments at market value
<S> <C> <C> <C> <C> <C>
(Notes 1 and 2) (Schedule I) $447,924 $4,100 $43,822,982
Company dividends receivable - - 179,287
Other receivables - - 40,795
Participant loans receivable (Note 1) - - 1,925,794
$447,924 $4,100 $45,968,858
Liabilities and Participants'
Equity
Security purchase payable $ - $ - $ 119,083
Insurance contract reserve (Note 2) - - 250,000
Participants' equity (Notes 1 and 5) 447,924 4,100 45,599,775
$447,924 $4,100 $45,968,858
*Parties in interest to the plan.
<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1995
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
<S> <C> <C> <C> <C> <C>
of year $1,023,580 $3,203,758 $ 6,565,671 $6,055,708 $16,848,717
Investment income
Dividends on
Company Stock - - - - -
Dividends and
Interest 78,625 158,035 577,133 200,406 1,014,199
Interest on loans - - - - -
Investment appreciation/
(depreciation) (Note 2) - 335,948 1,987,123 2,014,604 4,337,675
Net investment income 78,625 493,983 2,564,256 2,215,010 5,351,874
Contributions
Participants 182,752 498,001 1,038,155 497,338 2,216,246
Company - - - - -
182,752 498,001 1,038,155 497,338 2,216,246
Transfer (to) from
other plans or funds 726,745 97,622 1,186,344 646,486 2,657,197
Less: Withdrawals
and distributions
Cash 450,131 598,480 989,347 1,342,816 3,380,774
Insurance contract
reserve (Note 2) - - - - -
Balance at end of year $1,561,571 $3,694,884 $10,365,079 $8,071,726 $23,693,260
*Parties in interest to the plan.
<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1995 (continued)
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Portfolio Stock Fund* Fund* Fund* Total
Balance at beginning
<S> <C> <C> <C> <C> <C>
of year $16,862,454 $11,274,857 $ 49,747 $111,976 $28,299,034
Investment income
Dividends on
Company Stock - 684,439 - - 684,439
Dividends and
Interest 665,491 - 8,880 15,008 689,379
Interest on loans 150,147 - - - 150,147
Investment appreciation/
(depreciation) (Note 2) - 606,156 13,230 53,815 673,201
Net investment income 815,638 1,290,595 22,110 68,823 2,197,166
Contributions
Participants 479,882 150,690 14,300 44,742 689,614
Company - 1,051,491 - - 1,051,491
479,882 1,202,181 14,300 44,742 1,741,105
Transfer (to) from
other plans or funds (2,373,521) (1,958,344) 227,117 565,915 (3,538,833)
Less: Withdrawals
and distributions
Cash 3,185,569 1,253,448 6,266 71,290 4,516,573
Insurance contract
reserve (Note 2) 48,568 - - - 48,568
Balance at end of year $12,647,452 $10,555,841 $307,008 $720,166 $24,230,467
*Parties in interest to the plan.
<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1995 (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
Fund* Fund* Total
<S> <C> <C> <C>
Balance at beginning of year $447,924 $ 4,100 $45,599,775
Investment income
Dividends on Company Stock - - 684,439
Dividends and Interest 11,956 4,914 1,720,448
Interest on loans - - 150,147
Investment appreciation/
(depreciation) (Note 2) 121,407 4,586 5,136,869
Net investment income 133,363 9,500 7,691,903
Contributions
Participants 65,269 9,980 2,981,109
Company - - 1,051,491
65,269 9,980 4,032,600
Transfer (to) from other plans
or funds 365,263 128,319 (388,054)
Less: Withdrawals and distributions
Cash 198,969 - 8,096,316
Insurance contract reserve (Note 2) - - 48,568
Balance at end of year $812,850 $151,899 $48,888,476
*Parties in interest to the plan.
Comparable information for 1994 can be found on Page F-29, attached.
<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1994 (continued)
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
Balance at beginning
<S> <C> <C> <C> <C> <C>
of year $ 724,631 $2,775,024 $5,172,212 $5,744,487 $14,416,354
Investment income
Dividends on Company
Stock - - - - -
Dividends and Interest 30,487 93,616 224,533 183,872 532,508
Interest on loans - - - - -
Investment appreciation/
depreciation (Note 2) - (262,207) (366,207) (125,714) (754,128)
Net investment income 30,487 (168,591) (141,674) 58,158 (221,620)
Contributions
Participants 187,773 564,793 1,085,348 547,231 2,385,145
Company - - - - -
187,773 564,793 1,085,348 547,231 2,385,145
Transfer (to) from other
plans or funds 115,102 188,539 660,727 (26,524) 937,844
Less: Withdrawals
and distributions
Cash 34,413 156,007 210,942 267,644 669,006
Insurance contract
reserve (Note 2) - - - - -
Balance at end of year $1,023,580 $3,203,758 $6,565,671 $6,055,708 $16,848,717
*Parties in interest to the plan.
<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1994 (continued)
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Portfolio Stock Fund* Fund* Fund* Total
Balance at beginning
<S> <C> <C> <C> <C> <C>
of year $18,068,403 $10,720,419 $ - $ - $28,788,822
Investment income
Dividends on Company
Stock - 668,186 - - 668,186
Dividends and Interest 902,864 - 122 262 903,248
Interest on loans 140,210 - - - 140,210
Investment appreciation/
depreciation (Note 2) - (1,104,832) (118) (1,885) (1,106,835)
Net investment income 1,043,074 (436,646) 4 (1,623) 604,809
Contributions
Participants 678,882 141,200 370 2,502 822,954
Company - 1,124,831 - - 1,124,831
678,882 1,266,031 370 2,502 1,947,785
Transfer (to) from other
plans or funds (1,518,514) 288,023 49,373 111,097 (1,070,021)
Less: Withdrawals
and distributions
Cash 1,409,391 562,970 - - 1,972,361
Insurance contract
reserve (Note 2) - - - - -
Balance at end of year $16,862,454 $11,274,857 $49,747 $111,976 $28,299,034
*Parties in interest to the plan.
<PAGE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1994 (continued)
Fidelity
Asset Inter-
Manager mediate
Growth Bond
Fund* Fund* Total
<S> <C> <C> <C>
Balance at beginning of year $ - $ - $43,205,176
Investment income
Dividends on Company Stock - - 668,186
Dividends and Interest 7,318 18 1,443,092
Interest on loans - - 140,210
Investment appreciation/
depreciation (Note 2) (14,041) (8) (1,875,012)
Net investment income (6,723) 10 376,476
Contributions
Participants 2,467 - 3,210,566
Company - - 1,124,831
2,467 - 4,335,397
Transfer (to) from other
plans or funds 452,180 4,090 324,093
Less: Withdrawals
and distributions
Cash - - 2,641,367
Insurance contract
reserve (Note 2) - - -
Balance at end of year $447,924 $4,100 $45,599,775
*Parties in interest to the plan
Comparable information for 1993 can be found on Schedule II attached..
<PAGE>
</TABLE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 1 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees (B)
Item 27a Schedule of Assets Held for Investment Purposes
At December 31, 1995
Market/
Name of Issuer Contract
Fund and Title of Issue Units (A) Cost Value
<S> <C> <C> <C>
Retirement Government Money Market Fund 1,987,170 $ 1,987,170 $ 1,987,170
Fidelity Balanced Fund* 381,771 4,957,222 5,161,539
Fidelity Magellan Fund* 175,034 13,043,512 15,049,441
Equity Fund* 503,668 8,652,940 11,367,795
Asset Manager Income Fund* 34,091 381,163 395,458
Asset Manager Fund* 52,614 780,153 833,927
Asset Manager Growth Fund* 69,889 958,461 1,060,209
Fidelity Intermediate Bond Fund* 17,032 172,984 177,302
Fixed Income
Sun Life Insurance of America
(1994 Contracts)
Contract rate 7.50%
Maturity date 12/31/98 1,057,600 1,057,600 1,057,600
Pacific Mutual Life Insurance Company
(1982 Contracts)
Contract rate 8.00% 625,434 625,434 625,434
Principal Mutual (1990 Contracts)
Contract rate 8.94%
Maturity date 01/02/96. 1,098,689 1,098,689 1,098,689
State Mutual (1992 Contracts)
Contract rate 5.80%
Maturity date 06/30/97 864,886 864,886 864,886
Lincoln National (1992 Contracts)
Contract rate 5.94%
Maturity date 08/01/97. 1,202,087 1,202,087 1,202,087
New York Life Insurance Company
(1991 Contracts).
Contract rate 8.90%
Maturity date 01/02/96 875,496 875,496 875,496
Life of Virginia (1993 Contracts)
Contract rate 6.50%
Maturity date 6/30/97 2,046,569 2,046,569 2,046,569
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 2 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees (B)
Item 27a Schedule of Assets Held for Investment Purposes
At December 31, 1995
Market/
Name of Issuer Contract
Fund and Title of Issue Units (A) Cost Value
Fixed Income
(continued) Peoples Security Life
(1993 Contracts)
Contract rate 5.41%
Maturity date 01/02/96. 1,542,188 1,542,188 1,542,188
Confederation Life Insurance
Company (1993 Contracts)
(See Note 2 to Financial Statements) 3,251,420 3,251,420 3,251,420
Executive Life Insurance Company
(1989 Contract)
(See Note 2 to Financial Statements) 284,898 284,898 284,898
Peoples Security Life (1995 Contracts)
Contract rate 4.92%
Maturity date 04/01/96. 3,263,224 3,263,224 3,263,224
Fidelity-Short-term Investment Fund
(at par value)*
Contract rate 5.97%. 977,412 977,412 977,412
Total Fixed Income Fund 17,089,903 17,089,903
Central Maine Power Company Stock
Central Maine Power Company Stock*
Shares 1,117,005 16,162,918 16,056,947
Fidelity U. S. Government Reserve Pool
(at par value)* 329,043 329,043 329,043
Total CMP Stock Fund 16,491,961 16,385,990
Total Investments All Funds 64,515,469 69,508,734
Participants Loans Receivable 2,740,260 2,740,260
Grand Total $67,255,729 $72,248,994
</TABLE>
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 3 of 3
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Notes to Schedule I - Investments
(A) "Units," except for shares of Company stock, indicates each Fund's share of
the total units associated with pooled funds, which are accumulations of
investments from numerous entities, including the Plan.
(B) The investments of the Central Maine Power Company Employee Savings and
Investment Plan for Non-Union Employees are commingled in a common/collective
trust with the investments of one other employee savings and investment plan
maintained by the Company and its affiliates. Schedule I presents the
consolidated investments of both plans. This Plan's share of the pooled
investments is as follows:
Market/Contract
Cost Value
Retirement Government Money Market Portfolio $ 1,556,811 $ 1,556,811
Fidelity Balanced Fund* 3,534,833 3,682,567
Fidelity Magellan Fund* 8,965,311 10,338,585
Equity Fund* 6,118,435 8,058,434
Fixed Income Contract Portfolio 11,216,739 11,216,739
Central Maine Power Company Stock* 10,311,507 10,453,820
Asset Manager Income Fund* 295,763 306,660
Asset Manager Fund* 672,605 719,237
Asset Manager Growth Fund* 727,693 811,315
Fidelity Intermediate Bond Fund* 147,927 151,692
$43,547,624 $47,295,860
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule II
Page 1 of 2
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended
December 31, 1993
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of year $424,582 $1,034,219 $2,396,013 $5,327,085 $ 9,181,899
Investment income
Dividends on Company Stock - - - - -
Dividends and interest 16,902 187,317 402,846 227,914 834,979
Interest on loans - - - - -
Net realized gain (loss) on
disposition of investments - 11,977 80,387 47,790 140,154
Unrealized appreciation
(depreciation) of
investments (Note 2) - 58,137 225,314 252,577 536,028
Net investment income 16,902 257,431 708,547 528,281 1,511,161
Contributions
Participants 225,319 522,629 963,476 564,324 2,275,748
Company - - - - -
225,319 522,629 963,476 564,324 2,275,748
Transfer (to) from other
plans or funds 68,244 1,011,594 1,203,866 (366,982) 1,916,722
Less: Withdrawals and
distributions
Cash 10,416 50,849 99,690 308,221 469,176
Insurance contract
reserve (Note 2) - - - - -
Balance at end of year $724,631 $2,775,024 $5,172,212 $5,744,487 $14,416,354
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule II
Page 2 of 2
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the
Year Ended December 31, 1993 (continued)
Central
Fixed Maine
Income Power
Contract Company
Portfolio Stock Fund* Total
<S> <C> <C> <C>
Balance at beginning of year $17,246,334 $16,248,806 $42,677,039
Investment income
Dividends on Company Stock - 961,151 961,151
Dividends and interest 1,046,636 - 1,881,615
Interest on loans 128,857 - 128,857
Net realized gain (loss) on
disposition of investments - (140,832) (678)
Unrealized appreciation
(depreciation) of
investments (Note 2) - (5,674,328) (5,138,300)
Net investment income 1,175,493 (4,854,009) (2,167,355)
Contributions
Participants 752,804 164,654 3,193,206
Company - 1,169,093 1,169,093
752,804 1,333,747 4,362,299
Transfer (to) from other plans or funds (432,147) (1,486,314) (1,739)
Less: Withdrawals and distributions
Cash 424,081 521,811 1,415,068
Insurance contract reserve (Note 2) (250,000) - (250,000)
Balance at end of year $18,068,403 $10,720,419 $43,205,176
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
Item 27d Schedule of Reportable Transactions
For the Year Ended December 31, 1995
No. of Current
Trans. Purchase Trans. Selling Cost of Value of Net
Description of Asset Purchased Price Matured Price Asset Asset Gain/(Loss)
<S> <C> <C> <C> <C> <C> <C> <C>
Fidelity Balanced Fund* 162 1,911,968 90 1,780,672 1,779,892 1,680,902 99,770
Fidelity Magellan Fund* 192 5,055,056 81 3,264,435 2,814,969 2,612,195 652,240
Equity Fund* 161 2,019,806 70 2,029,311 1,687,211 1,713,473 315,838
Retirement Government
Money Market Portfolio 159 7,155,251 95 6,620,863 6,620,863 6,620,863 --
Fixed Income Contract
Portfolio (Schedule I) 166 3,216,236 156 5,723,042 5,723,042 5,723,042 --
Central Maine Power
Company Stock Fund:
CMP Common Stock* 210 6,629,923 174 7,858,602 7,816,997 8,403,163 (544,561)
Fidelity U.S.
Government Reserve
Pool* 210 10,094,066 174 10,210,152 10,210,152 10,210,152 -
</TABLE>
*Parties in interest to the plan.
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report, included in this Form 11-K, into the Company's previously filed
Registration Statement on Form S-8 (File No. 33-44754).
COOPERS & LYBRAND L.L.P.
Portland, Maine
June 27, 1996
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report, included in this Form 11-K, into the Company's previously filed
Registration Statement on Form S-8 (File No. 33-44754).
ARTHUR ANDERSEN LLP
Boston, Massachusetts
June 27, 1996
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Non-Union Employees
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustee
(or other persons who administer the employee benefit plan) have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
Central Maine Power Company Employee Savings
and Investment Plan for Non-Union Employees
(Name of Plan)
Date: June 28 , 1996
D. E. Marsh, Vice President, Corporate
Services, Treasurer and Chief Financial
Officer, Member, Employee Savings and
Investment Plan Committee, Central Maine
Power Company
Exhibit 99-2
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
CENTRAL MAINE POWER COMPANY
EMPLOYEE SAVINGS AND INVESTMENT PLAN
FOR UNION EMPLOYEES
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
CENTRAL MAINE POWER COMPANY
83 EDISON DRIVE
AUGUSTA, MAINE 04336
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
REQUIRED INFORMATION
The following financial statements shall be furnished for the plan:
(a) Financial Statements Page No.
Reports of Independent Public Accountants F-1, F-2
Statements of Financial Condition F-3
Statements of Income and Changes in
Participants' Equity F-4
Notes to Financial Statements F-5 through F-28
Supplemental Schedules:
I - Item 27a Schedule of Assets Held for
Investment Purposes at December 31, 1995 S-1 through S-4
II - Allocation of Plan Income and Changes in
Plan Equity to Investment Programs S-5 through S-6
III - Item 27d Schedule of Reportable Transactions
for the Year Ended December 31, 1995 S-7
(b) Exhibits
Consents of Independent Public
Accountants E-1 through E-2
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statements of financial condition of the
CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR UNION
EMPLOYEES as of December 31, 1995 and 1994, and the related statements of income
and changes in participants equity for the years then ended. These financial
statements are the responsibility of the Plan's Management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the Central Maine
Power Company Employee Savings and Investment Plan for Union Employees as of
December 31, 1995 and 1994, and its income and changes in participants' equity
for the years then ended, in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes at December 31, 1995 and reportable
transactions for the year ended December 31, 1995 are presented for purposes of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by The Department of Labor
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplemental schedules have been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, are fairly stated, in all material respects, in relation to
the basic financial statements taken as a whole.
COOPERS & LYBRAND L.L.P.
Portland, Maine
June 14, 1996
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Central Maine Power Company:
We have audited the accompanying statements of financial condition of the
CENTRAL MAINE POWER COMPANY EMPLOYEE SAVINGS AND INVESTMENT PLAN FOR UNION
EMPLOYEES as of December 31, 1993, and the related statements of income and
changes in participants' equity for the year then ended. These financial
statements and the supplemental schedules listed in the accompanying index are
the responsibility of the Plan Administrator. Our responsibility is to express
an opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan Administrator, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Central Maine Power Company
Employee Savings and Investment Plan for Union Employees as of December 31,
1993, and its income and changes in participants' equity the year ended December
31, 1993, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
accompanying index are presented for purposes of additional analysis and are not
a required part of the basic financial statements but are supplementary
information required by The Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.
Arthur Andersen LLP
Boston, Massachusetts
June 3, 1994
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Statements of Financial Condition
(See Note 4)
As of December 31,
Assets 1995 1994
Investments at market value (cost $20,558,687
and $19,905,988 respectively) (Notes 1 and 2)
(Schedule I) $22,132,368 $18,962,758
Company dividends receivable 91,942 89,792
Other receivables 92,602 102,148
Participant loans receivable (Note 1) 1,122,924 1,098,470
$23,439,836 $20,253,168
Liabilities and Participants' Equity
Security purchase payable $ 85,419 $ 29,134
Insurance contract reserve (Note 2) 83,465 100,000
Participants' equity (Notes 1 and 5) (Schedule III) 23,270,952 20,124,034
$23,439,836 $20,253,168
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Statements of Income and Changes in Participants' Equity
For the Years Ended December 31, 1995, 1994 and 1993
(See Note 5 and Schedule II)
1995 1994 1993
<S> <C> <C> <C>
Balance at beginning of year $20,124,034 $17,921,527 $16,499,918
Investment income:
Dividends on Company Stock 372,634 347,363 419,514
Interest 781,553 597,006 741,582
Interest on loans 119,309 82,388 40,040
Investment appreciation/
(depreciation) (Note 2) 1,814,072 (416,352) (2,259,137)
Net investment income 3,087,568 610,405 (1,058,001)
Contributions:
Participants 1,723,713 1,818,148 1,981,191
Company 618,176 685,783 709,377
2,341,889 2,503,931 2,690,568
Transfers (to) from other plans
(Note 1) 88,237 (281,755) 10,598
Less: Withdrawals and
distributions
Cash 2,387,311 630,074 121,556
Insurance contract reserve
(Note 2) 16,535 - (100,000)
Balance at end of year $23,270,952 $20,124,034 $17,921,527
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Notes to Financial Statements
December 31, 1995
1. Description of the Plan
The Central Maine Power Company Employee Savings and Investment Plan for Union
Employees ("the Plan" or "the Union Plan") was adopted by the Board of Directors
of Central Maine Power Company ("the Company") on November 15, 1984 and became
effective January 1, 1985. Certain pertinent features of the Plan, as amended,
are discussed below.
a. Eligibility of Participants
Each employee of the Company who is in a unit of employees covered by a
collective bargaining agreement is eligible to join the Plan after completing
one year of service during which the employee has worked at least 1,000 hours.
b. Elective Contributions by Participants
Each participant elects a salary reduction percentage to be contributed by the
Company on their behalf. Participants may elect to have the Company contribute
from 2% to 15% (in multiples of 1%) of their basic compensation to the Plan
through a salary reduction agreement.
c. Matching Contributions by the Company
The Company contributes to the Plan an amount equal to 60% of the first 5% of
the salary reduction amount contributed on behalf of each participant provided,
however, that the total contribution that the Company is obligated to make for
any year does not exceed the maximum amount deductible from the Company's gross
income under applicable provisions of the Internal Revenue Code. In 1995, 1994
and 1993, these provisions limited the annual employee contribution excluded
from taxable income to the lesser of 25% of total compensation or approximately
$9,200, $9,200 and $9,000, respectively. The Company's matching contribution may
be made from time to time during each year and shall be paid in full as of the
date the Company files its federal income tax return for that year.
d. Investment Options
All contributions made under the Plan are commingled in a common/collective
trust that also contains the assets of one other employee savings and investment
plan of the Company and its affiliated companies. As of December 31, 1995 the
contributions were invested by the Trustee, Fidelity Management Trust Company,
based upon
<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
participant election in one or more of ten Funds. Contributions to all Funds may
be invested temporarily in short-term investments prior to purchase of primary
Fund securities.
The Funds consist of:
Retirement Government Money Market Portfolio - An income fund comprised of
short-term, high-quality debt obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities.
Fidelity Balanced Fund - A diversified fund comprised of high-yielding
securities, including common stocks and bonds.
Fidelity Magellan Fund - A fund comprised primarily of common stock and
securities convertible into common stock seeking capital appreciation.
Equity Fund - The Fidelity U. S. Equity Index Fund comprised of common stock,
which attempts to duplicate the composition of the Standard & Poor's Daily Stock
Price Index of 500 Common Stocks during the current year. The fund presents a
possible approach for investing in a diversified portfolio of common stocks.
Fixed Income Contract Portfolio - A fixed-income fund comprised of investments
yielding a fixed rate of return, as selected by the Trustee, issued mainly by
insurance companies and banks. This fund is being phased-out and will no longer
accept contributions as of March, 1996.
Central Maine Power Company Stock Fund - A fund comprised of the common shares
of the Company.
Asset Manager Income Fund - A fund emphasizing investment in bonds and
short-term instruments for income and price stability, but allows some
investment in stocks for their potential to grow and keep pace with inflation.
Asset Manager Fund - A fund allocating its assets among and across domestic and
foreign stocks, bonds and short-term instruments of U.S. and foreign issuers,
including those in emerging markets.
<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
Asset Manager Growth Fund - This fund seeks to maximize a total return over the
long term; the Fund allocates its assets among three principal asset classes:
stocks, bonds, and short-term instruments. However, it may invest in many types
of domestic and foreign securities.
Fidelity Intermediate Bond Fund - A fund that seeks high current income by
investing in domestic and foreign investment-grade securities with intermediate
maturities and good credit quality.
Upon enrollment, participants elect the Fund or Funds in which to invest their
contributions. The percentage of such contributions invested in a particular
Fund must be a multiple of 10%. Participants may change the investment of their
future contributions (in multiples of 10% of such contributions) or transfer a
portion from one Fund to another. Changes and transfers can be made at any time.
All Company contributions are initially invested in the Central Maine Power
Company Stock Fund. Dividends, interest and other distributions received on the
assets held in each Fund shall be reinvested in the respective Fund.
Participants may transfer all or a portion of the Company contributions made on
their behalf out of the CMP Company Stock Fund.
The number of participants in each Fund at December 31, 1995 and 1994 was as
follows:
Number of Participants
Fund Type 1995 1994
Retirement Government Money Market 207 230
Fidelity Balanced Fund 394 439
Fidelity Magellan Fund 580 587
Equity Fund 517 526
Fixed Income Contract Portfolio 770 770
Asset Manager Income Fund 18 1
Asset Manager Fund 32 2
Asset Manager Growth Fund 64 6
Fidelity Intermediate Bond Fund 14 -
Central Maine Power Company Stock Fund 824 931
<PAGE>
1. Description of the Plan (continued)
d. Investment Options (continued)
The total number of participants in the Plan was 1,039 and 977 at December 31,
1995 and 1994, respectively. The aggregate participation in the ten Funds is
greater than the number of employees participating because employees have the
option of investing in one or more Funds.
e. Vesting
Each participant's account consists of their contributions and any rollover
money, the matching Company contribution and any net earnings thereon.
Participants are 100% vested in their account balances.
f. Withdrawals and Distributions
Withdrawals may be made only for reasons of hardship. With the consent of the
Company's Employee Savings and Investment Plan Committee, a participant may
elect to make a hardship withdrawal, as determined in accordance with the Plan
provisions, of up to 100% of their account.
Distributions made from the Funds occur as a result of termination of
employment, death, retirement or permanent disability no later than 60 days
after the end of the Plan year, unless under certain circumstances retiring or
disabled participants elect otherwise.
g. Loans
Participants may borrow amounts in the aggregate of not more than 50% of their
account balance, subject to a maximum loan of $50,000. Loans bear interest at a
rate equal to the current rate of interest being charged by the Central Maine
Power Company Employees Federal Credit Union for loans secured by share account
balances. The maximum term of the loans is generally five years. Loans
outstanding as of December 31, 1995 and 1994 amounted to $1,122,924 and
$1,098,470, respectively.
<PAGE>
2. Summary of Significant Accounting Policies
a. Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income, contributions and distribution during the
reporting period. Actual results could differ from those estimates.
b. Investment Valuation
Investments other than fixed income contracts with insurance companies are
stated at market value. Fixed income contracts are stated at contract value
which is cost plus interest at the stated rate.
At December 31, 1995 Fidelity held a fixed income contract with Executive Life
Insurance Company (Executive Life) with a contract value of approximately
$285,000. The Union Plan holds approximately $83,000 of the Executive Life
contract.
On April 11, 1991 the State of California insurance regulators placed Executive
Life under conservatorship. The regulators stated Executive Life would continue
to pay monthly annuities, but placed a moratorium on policy surrenders and
loans. The Conservation Court of California approved the sale of Executive Life
to an investor group - Altus Finance (Altus) and Mutuelle Assurance Artisanale
de France (Mutuelle). Under this rehabilitation agreement, Altus agreed to pay
$3.25 billion for the Executive Life high risk bonds while Mutuelle agreed to
infuse $300 million in capital.
Together, the agreement formed a new company, Aurora National Life Assurance
Company.
This rehabilitation plan was appealed on several points to the California Court
of Appeal and subsequently remanded to the Superior Court to be corrected. On
August 13, 1993, the Los Angeles Superior Court approved a modified
rehabilitation/liquidation plan for Executive Life. The modified plan became
effective September 3, 1993. Under the terms of the modified rehabilitation
plan, contract holders were given a choice to either opt-in or opt-out of a
5-year fixed income contract with Aurora National Life Assurance Company, the
successor to Executive Life.
<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
Both options meant some loss of original investment to participants, and both
were clouded by continuing litigation and complicated by a variety of "holdback"
amounts. Under opt-in, participants would receive an initial restructured value
of 77% with some potential to realize 86%. Under opt-out, participants would
receive an initial restructured value of 56% (assuming favorable resolution of
pending litigation) with some potential for eventually realizing a total of 84%.
The Company retained Townshend & Schupp, an insurance research and consulting
firm, to assist in analyzing the potential value of the options. After review of
all the relevant facts and the advice of Townshend & Schupp the Company selected
the opt-out approach.
During 1993, the Plan recorded a reserve of $100,000 reflecting a reduction in
the value of the Executive Life contract to the 84% level associated with their
opt-out selection. As discussed further below, the Company and other parties
continue to pursue alternatives in order to protect and enhance the ultimate
recovery levels of the Executive Life Contract.
A number of uncertainties regarding the final settlement of Executive Life
issues existed during 1994 and into the first quarter of 1995, including pending
litigation and the impact of carrying out the remaining steps of the modified
rehabilitation plan. Three subsequent legal challenges existed: one to the
general modified rehabilitation plan, one to the transfer of Executive Life's
high-yield bonds to its successor, and another to the priority system for
dealing with Executive Life contract holders' claims. After the California Court
of Appeals issued a decision in February 1995 asserting the priority status of
Executive Life contracts held in pension Guaranteed Insurance Contracts and the
period for further appeals expired in August 1995, settlement agreements were
signed by claimants in late August. The stipulation provided for release of the
holdback funds in the fall of 1995 to contract holders who "opted out," with
subsequent distributions from the remainder of the trust as assets are
liquidated.
On October 26, 1995 the Plan received a distribution of $1.9 million or 88% of
the original frozen assets. Further distributions are expected as conditions for
liquidating assets improve. Over the next several years, full recovery of the
original investment is expected. However, the Plan continues to record a reserve
for the remaining outstanding value of the contract.
In October 1995, Fidelity Management Trust Company was named successor trustee
for the Executive Life contract formerly held in trust by State Street Bank. As
successor trustee, Fidelity assumed responsibility for the October 1995
distribution, as well as all
<PAGE>
2.Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
future distributions, to individual participant accounts. The March 1995
agreement between State Street Bank and the Company remains unchanged. As
previously reported, the Company and its affiliates filed suit against State
Street Bank in June 1994, seeking damages for losses arising out of the Bank's
purchase and management of the Executive Life contract. The parties agreed to
dismiss the suit under an agreement whose terms remain confidential. It is
expected that along with resolution of the rehabilitation proceedings, this
settlement may result in full recovery of the original Executive Life contract.
Requests from Plan participants for payments or transfers of funds from the
Fixed Income Fund will continue to be processed, but the shares associated with
the remaining Executive Life contract continue to be temporarily frozen.
At December 31, 1995, Fidelity held a fixed income contract with Confederation
Life Insurance Company (Confederation Life) with a contract value of
approximately $3.3 million. The Union Plan holds approximately $1 million of the
Confederation Life contract.
On August 11, 1994, Canada's Office of the Superintendent of Financial
Institutions took over the Confederation Life Insurance Company. On August 12,
1994, the State of Michigan (Confederation Life's port of entry) filed suit to
seize the Confederation Life's assets.
In response to these regulatory actions, the Association of Confederation Life
contractors (ACLIC) was formed. The ACLIC membership includes persons that hold
or have an interest in Guaranteed Investment Contracts issued by Confederation
Life. Fidelity is actively participating in the ACLIC to represent and protect
the interests of the Company.
There is no way to predict at this time the outcome of the Confederation Life
situation. The Deputy Rehabilitator appointed by the Michigan Department of
Insurance has indicated that he expects the full August 1994 account balances to
be recovered. As of April 1996, ACLIC's analysis of a draft plan of
reorganization estimates that total recoveries may be in the range of 101-112%
for United States policyholders. The key variables in the analysis are: 1) the
United States trust's recovery of Canadian notes; 2) a Canadian equalizing
payment to bring United States recoveries to a similar level; and 3) the method
for determining asset allocation among blocks of business. A final
rehabilitation plan should be filed with the Commissioner in the spring of 1996.
There is a reasonable expectation the plan could be confirmed during 1997, with
initial payouts
<PAGE>
2. Summary of Significant Accounting Policies (continued)
b. Investment Valuation (continued)
from liquid assets the same year. Approximately 85-95% of the 8/11/94 contract
values are deemed very liquid, and the remaining contingent claims would be held
in a liquidating trust.
In November 1995, Confederation Life in Rehabilitation offered contract holders
the option of receiving .75% of frozen values each year, pending outcome of the
rehabilitation plan.
The Non-union Plan received a 1.5% payout in March 1996, .75% each for 1994 and
1995. Payments were distributed to participants' accounts according to their
current investment elections.
The Company has notified Fidelity, and Fidelity has acknowledged, its fiduciary
obligations regarding its purchase of the Confederation Life contract. In
addition, the Company, as of the close of business on August 16, 1994,
segregated approximately $3 million of the Plan's Fixed Income Fund for the
common/collective trust and placed hold on all transactions with regard to that
amount. This action was taken to ensure that all Plan participants invested in
the Fixed Income Fund at the time of seizure by Canadian and Michigan
authorities are treated equally.
c. Investment Appreciation/Depreciation
Investments are stated at fair value as determined based upon quoted market
prices. The plan presents in the statement of changes in net assets the
investment appreciation (depreciation) in the fair value of its investments
which consists of the realized gains or losses and the unrealized appreciation
(depreciation) on those investments. Realized and unrealized
appreciation/(depreciation) of Plan assets are based on the value of the assets
at the beginning of the Plan year or at the time of purchase during the year.
The following table depicts this Employee Retirement Income Security Act of 1974
method for funds which generate such appreciation/(depreciation).
<PAGE>
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
<TABLE>
Fidelity Fidelity
Balanced Magellan Equity Sub
Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Market value at December 31, 1992 $ 324,649 $ 787,047 $1,588,025 $2,699,721
Current value of sales during 1993 (72,245) (291,105) (368,703) (732,053)
Cost of purchases during 1993 620,466 1,380,938 601,719 2,603,123
Unrealized appreciation/(depreciation) 15,046 71,644 80,268 166,958
Market value at December 31, 1993 887,916 1,948,524 1,901,309 4,737,749
Current value of sales during 1994 (116,998) (253,081) (206,042) (576,121)
Cost of purchases during 1994 449,775 1,078,391 534,880 2,063,046
Unrealized appreciation/(depreciation) (81,173) (125,068) (40,484) (246,725)
Market value at December 31, 1994 1,139,520 2,648,766 2,189,663 5,977,949
Current value of sales during 1995 (327,056) (592,597) (448,480) (1,368,133)
Cost of purchases during 1995 562,453 1,989,487 887,132 3,439,072
Unrealized appreciation/(depreciation) 104,055 665,200 679,574 1,448,829
Market value at December 31, 1995 $1,478,972 $4,710,856 $3,307,889 $9,497,717
<PAGE>
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
Asset
Company Manager Asset
Stock Income Manager Sub
Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Market value at December 31, 1992 $6,145,856 $ - $ - $6,145,856
Current value of sales during 1993 (1,079,865) - - (1,079,865)
Cost of purchases during 1993 2,068,415 - - 2,068,415
Unrealized appreciation/(depreciation) (2,449,434) - - (2,449,434)
Market value at December 31, 1993 4,684,972 - - 4,684,972
Current value of sales during 1994 (528,077) - - (528,077)
Cost of purchases during 1994 1,360,546 16,920 7,288 1,384,754
Unrealized appreciation/(depreciation) (121,054) 48 (58) (121,064)
Market value at December 31, 1994 5,396,387 16,968 7,230 5,420,585
Current value of sales during 1995 (2,588,503) (22,384) (28,600) (2,639,487)
Cost of purchases during 1995 2,958,731 90,757 129,053 3,178,541
Unrealized appreciation/(depreciation) 165,555 3,457 7,007 176,019
Market value at December 31, 1995 $5,932,170 $88,798 $114,690 $6,135,658
</TABLE>
<PAGE>
<TABLE>
2. Summary of Significant Accounting Policies (continued)
c. Investment Appreciation/(Depreciation) (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
Fund Fund Total
<S> <C> <C> <C> <C> <C>
Market value at December 31, 1992 $ - $ - $ 8,845,577
Current value of sales during 1993 - - (1,811,918)
Cost of purchases during 1993 - - 4,671,538
Unrealized appreciation/(depreciation) - - (2,282,476)
Market value at December 31, 1993 - - 9,422,721
Current value of sales during 1994 (1,035) - (1,105,233)
Cost of purchases during 1994 19,356 - 3,467,156
Unrealized appreciation/(depreciation) (463) - (368,252)
Market value at December 31, 1994 17,858 - 11,416,392
Current value of sales during 1995 (16,110) (2,726) (4,026,456)
Cost of purchases during 1995 229,127 27,739 6,874,479
Unrealized appreciation/(depreciation) 18,018 598 1,643,464
Market value at December 31, 1995 $248,893 $25,611 $15,907,879
</TABLE>
<PAGE>
2. Summary of Significant Accounting Policies
c. Investment Appreciation/Depreciation (continued)
The market value of Central Maine Power Company stock was $12.50 at June 25,
1996 and $14.375 per share at December 31, 1995.
d. Expenses
All expenses of administration of the Plan, including Trustee's and record
keeper's fees, are paid by Central Maine Power Company.
3. Federal Income Taxes
The Internal Revenue Service (IRS) has issued a favorable determination letter
with respect to the Plan's tax-exempt status under Sections 401(a) and 401(k) of
the Internal Revenue Code. Therefore, no income taxes have been provided for in
the accompanying financial statements.
Elective contributions to the Plan made by the Company on behalf of employees
are not subject to federal income taxes currently, as long as these
contributions are below the maximum level derived in accordance with Section
401(k) regulations. Contributions and earnings thereon will, in general, be
taxable upon distribution, although rules providing for additional deferral may
apply with respect to certain distributions of Company stock.
<PAGE>
<TABLE>
4. Allocation of Plan Assets and Liabilities to Investment Programs
As of December 31, 1995
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Assets Portfolio Fund* Fund* Fund* Total
Investments at
market value (cost
$20,558,687)
(Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $424,292 $1,478,972 $4,710,856 $3,307,889 $9,922,009
Company dividends
receivable - - - - -
Other receivables 2,795 7,231 15,555 7,804 33,385
Participant loans
receivable (Note 1) - - - - -
$427,087 $1,486,203 $4,726,411 $3,315,693 $9,955,394
Liabilities and
Participants'
Equity
Security purchase
payable $ $ $ $ $
Insurance contract
reserve (Note 2)
Participants'
equity (Notes 1
and 5) 427,087 1,486,203 4,726,411 3,315,693 9,955,394
$427,087 $1,486,203 $4,726,411 $3,315,693 $9,955,394
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1995
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Assets Portfolio Stock Fund* Fund* Fund* Total
Investments at
market value
(Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $5,800,197 $5,932,170 $88,798 $114,690 $11,935,855
Company dividends
receivable - 91,942 - - 91,942
Other receivables 8,695 48,749 204 546 58,194
Participant loans
receivable (Note 1) 1,122,924 - - - 1,122,924
$6,931,816 $6,072,861 $89,002 $115,236 $13,208,915
Liabilities and
Participants'
Equity
Security purchase
payable $ $ 85,419 $ $ $ 85,419
Insurance contract
reserve (Note 2) 83,465 83,465
Participants'
equity (Notes 1
and 5) 6,848,351 5,987,442 89,002 115,236 13,040,031
$6,931,816 $6,072,861 $89,002 $115,236 $13,208,915
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
4. Allocation of Plan A9ssets and Liabilities to Investment Programs (continued)
As of December 31, 1995
Asset Fidelity
Manager Intermediate
Growth Bond
Assets Fund* Fund* Total
Investments at market value
<S> <C> <C> <C> <C> <C>
(Notes 1 and 2) (Schedule I) $248,893 $25,611 $22,132,368
Company dividends receivable 91,942
Other receivables 902 121` 92,602
Participant loans receivable (Note 1) 1,122,924
$249,795 $25,732 $23,439,836
Liabilities and Participants'
Equity
Security purchase payable $ $ $ 85,419
Insurance contract reserve (Note 2) 83,465
Participants' equity (Notes 1 and 5) 249,795 25,732 23,270,952
$249,795 $25,732 $23,439,836
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1994
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan EquitySub
Assets Portfolio Fund* Fund* Fund* Total
Investments at market
value (cost $19,905,988)
(Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $375,216 $1,139,520 $2,648,766 $2,189,663 $6,353,165
Company dividends
receivable - - - - -
Other receivables 4,069 9,275 20,003 11,117 44,464
Participant loans
receivable (Note 1) - - - - -
$379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
Liabilities and
Participants' Equity
Security purchase payable $ - $ - $ - $ - $ -
Insurance contract
reserve (Note 2) - - - - -
Participants' equity
(Notes 1 and 5) 379,285 1,148,795 2,668,769 2,200,780 6,397,629
$379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1994
Central
Fixed Maine Asset
Income Power Manager Asset
Contract Company Income Manager Sub
Assets Portfolio Stock Fund* Fund* Fund* Total
Investments at market
value (Notes 1 and 2)
<S> <C> <C> <C> <C> <C>
(Schedule I) $7,171,150 $5,396,387 $16,968 $7,230 $12,591,735
Company dividends
receivable - 89,792 - - 89,792
Other receivables 20,864 36,820 - - 57,684
Participant loans
receivable (Note 1) 1,098,470 - - - 1,098,470
$8,290,484 $5,522,999 $16,968 $7,230 $13,837,681
Liabilities and
Participants' Equity
Security purchase
payable $ - $ 29,134 $ - $ - $ 29,134
Insurance contract
reserve (Note 2) 100,000 - - - 100,000
Participants' equity
(Notes 1 and 5) 8,190,484 5,493,865 16,968 7,230 13,708,547
$8,290,484 $5,522,999 $16,968 $7,230 $13,837,681
</TABLE>
*Parties in interest to the plan.
<PAGE>
4. Allocation of Plan Assets and Liabilities to Investment Programs (continued)
As of December 31, 1994
Asset Fidelity
Manager Intermediate
Growth Bond
Assets Fund* Fund* Total
Investments at market value
(Notes 1 and 2) (Schedule I) $17,858 $ - $18,962,758
Company dividends receivable - - 89,792
Other receivables - - 102,148
Participant loans receivable (Note 1) - - 1,098,470
$17,858 $ - $20,253,168
Liabilities and Participants' Equity
Security purchase payable $ - $ - $ 29,134
Insurance contract reserve (Note 2) - - 100,000
Participants' equity (Notes 1 and 5) 17,858 - 20,124,034
$17,858 $ - $20,253,168
*Parties in interest to the plan.
<PAGE>
<TABLE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1995
Retirement
Government
Money Fidelity Fidelity
Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of year $379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
Investment income
Dividends on Company Stock - - - - -
Dividends and Interest 25,106 58,656 268,276 79,477 431,515
Interest on loans - - - - -
Investment appreciation/
(depreciation) (Note 2) - 125,212 827,595 773,442 1,726,249
Net investment income 25,106 183,868 1,095,871 852,919 2,157,764
Contributions
Participants 98,822 232,185 532,431 289,218 1,152,656
Company - - - - -
98,822 232,185 532,431 289,218 1,152,656
Transfer (to) from other
plans or funds 137,844 61,304 680,639 216,940 1,096,727
Less: Withdrawals and
distributions
Cash 213,970 139,949 251,299 244,164 849,382
Insurance contract reserve
(Note 2) - - - - -
Balance at end of year $427,087 $1,486,203 $4,726,411 $3,315,693 $9,955,394
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1995 (continued)
Fixed Central Asset
Income Maine Power Manager Asset
Contract Company Income Manager Sub
Portfolio Stock Fund* Fund* Fund* Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of year $8,190,484 $5,493,865 $16,968 $ 7,230 $13,708,547
Investment income
Dividends on Company Stock - 372,634 - - 372,634
Dividends and Interest 340,586 - 2,716 2,288 345,590
Interest on loans 119,309 - - - 119,309
Investment appreciation/
(depreciation) (Note 2) - 54,079 5,236 7,839 67,154
Net investment income 459,895 426,713 7,952 10,127 904,687
Contributions
Participants 385,607 137,853 6,643 11,250 541,353
Company - 618,176 - - 618,176
385,607 756,029 6,643 11,250 1,159,529
Transfer (to) from
other plans or funds (1,201,783) (190,618) 67,224 111,060 (1,214,117)
Less: Withdrawals
and distributions
Cash 1,002,387 498,547 9,785 24,431 1,535,150
Insurance contract reserve
(Note 2) 16,535 - - - 16,535
Balance at end of year $6,848,351 $5,987,442 $89,002 $115,236 $13,040,031
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1995 (continued)
Asset Fidelity
Manager Intermediate
Growth Bond
Fund* Fund* Total
<S> <C> <C> <C>
Balance at beginning of year $ 17,858 $ - $20,124,034
Investment income
Dividends on Company Stock - - 372,634
Dividends and Interest 3,554 894 781,553
Interest on loans - - 119,309
Investment appreciation/(depreciation) 20,013 656 1,814,072
Net investment income 23,567 1,550 3,087,568
Contributions
Participants 27,230 2,474 1,723,713
Company - - 618,176
27,230 2,474 2,341,889
Transfer (to) from other plans or funds 183,919 21,708 88,237
Less: Withdrawals and distributions
Cash 2,779 - 2,387,311
Insurance contract reserve (Note 2) - - 16,535
Balance at end of year $249,795 $25,732 $23,270,952
</TABLE>
*Parties in interest to the plan.
Comparable information for 1994 can be found on Page F-28 attached.
<PAGE>
<TABLE>
5. Allocation of Plan Income and Changes in Participants'Equity by Fund for the Year Ended December 31, 1994 (continued)
Retirement
Government Fidelity Fidelity
Money Market Balanced Magellan Equity Sub
Portfolio Fund* Fund* Fund* Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of year $282,688 $ 899,597 $1,971,072 $1,914,755 $5,068,112
Investment income
Dividends on Company Stock - - - - -
Dividends and Interest 12,347 31,349 85,092 64,006 192,794
Interest on loans - - - - -
Investment appreciation/
depreciation (Note 2) - (86,600) (133,003) (43,929) (263,532)
Net investment income 12,347 (55,251) (47,911) 20,077 (70,738)
Contributions
Participants 105,216 241,262 527,777 286,904 1,161,159
Company - - - - -
105,216 241,262 527,777 286,904 1,161,159
Transfer (to) from other
plans or funds (882) 94,483 301,710 39,933 435,244
Less: Withdrawals and
distributions
Cash 20,084 31,296 83,879 60,889 196,148
Insurance contract reserve
(Note 2) - - - - -
Balance at end of year $379,285 $1,148,795 $2,668,769 $2,200,780 $6,397,629
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1994 (continued)
Fixed Central Asset
Income Maine Power Manager Asset
Contract Company Income Manager Sub
Assets Portfolio Stock Fund* Fund* Fund* Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of year $8,126,752 $4,726,663 $ - $ - $12,853,415
Investment income
Dividends on Company Stock - 347,363 - - 347,363
Dividends and Interest 403,928 - - - 403,928
Interest on loans 82,388 - - - 82,388
Investment appreciation/
depreciation (Note 2) - (152,317) 48 (58) (152,327)
Net investment income 486,316 195,046 48 (58) 681,352
Contributions
Participants 549,941 106,540 271 47 656,799
Company - 685,783 - - 685,783
549,941 792,323 271 47 1,342,582
Transfer (to) from other
plans or funds (685,687) (73,079) 16,649 7,241 (734,876)
Less: Withdrawals and
distributions
Cash 286,838 147,088 - - 433,926
Insurance contract reserve
(Note 2) - - - - -
Balance at end of year $8,190,484 $5,493,865 $16,968 $7,230 $13,708,547
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
5. Allocation of Plan Income and Changes in Participants' Equity by Fund for the Year Ended December 31, 1994 (continued)
Fidelity
Asset Manager Intermediate
Growth Fund Bond Fund* Total
<S> <C> <C> <C>
Balance at beginning of year $ - $ - $17,921,527
Investment income
Dividends on Company Stock - - 347,363
Dividends and Interest 284 - 597,006
Interest on loans - - 82,388
Investment appreciation/(depreciation) (493) - (416,352)
Net investment income (209) - 610,405
Contributions
Participants 190 1,818,148
Company - - 685,783
190 - 2,503,931
Transfer (to) from other plans or funds 17,877 - (281,755)
Less: Withdrawals and distributions
Cash - - 630,074
Insurance contract reserve (Note 2) - - -
Balance at end of year $17,858 $ - $20,124,034
</TABLE>
*Parties in interest to the plan.
Comparable information for 1993 can be found on Schedule II attached.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 1 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
Item 27a Schedule of Assets Held for Investment Purposes
At December 31, 1995
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
<S> <C> <C> <C>
Retirement Government Money Market Fund 1,987,170 $ 1,987,170 $ 1,987,170
Fidelity Balanced Fund* 381,771 4,957,222 5,161,539
Fidelity Magellan Fund* 175,034 13,043,512 15,049,441
Equity Fund* 503,669 8,652,940 11,367,795
Asset Manager Income Fund* 34,091 381,163 395,458
Asset Manager Fund* 52,614 780,153 833,927
Asset Manager Growth Fund* 69,889 958,461 1,060,209
Fidelity Intermediate Bond Fund* 17,032 172,984 177,302
Fixed Income Sun Life Insurance of America 1,057,600 1,057,600 1,057,600
(1994 Contracts). Contract rate
7.50%. Maturity date 12/31/98.
Pacific Mutual Life Insurance 625,434 625,434 625,434
Company (1982 Contracts).
Contract rate 8.00%.
Principal Mutual (1990 Contracts). 1,098,689 1,098,689 1,098,689
Contract rate 8.94%. Maturity
date 01/02/96.
State Mutual (1992 Contracts). 864,886 864,886 864,886
Contract rate 5.80%. Maturity
date 06/30/97.
*Parties in interest to the plan.
</TABLE>
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 2 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
Investments
Balance at December 31, 1995
Fund Name of Issuer Market/Contract
and Title of Issue Units (A) Cost Value
Fixed Income
<S> <C> <C> <C> <C>
(continued) Lincoln National (1992 Contracts). 1,202,087 1,202,087 1,202,087
Contract rate 5.94%. Maturity
date 08/01/97.
New York Life Insurance 875,496 875,496 875,496
Company (1991 Contracts).
Contract rate 8.90%. Maturity date
01/02/96.
Life of Virginia (1993 Contracts). 2,046,569 2,046,569 2,046,569
Contract rate 6.50%. Maturity date
6/30/97.
Peoples Security Life (1993 . 1,542,188 1,542,188 1,542,188
Contracts). Contract rate 5.41%.
Maturity date 01/02/96
Peoples Security Life (1995 3,263,224 3,263,224 3,263,224
Contracts) Contract rate 4.92%
Maturity date 04/01/96.
Confederation Life Insurance 3,251,420 3,251,420 3,251,420
Company (1993 Contracts) (See
Note 2 to Financial Statements)
Executive Life Insurance Company 284,898 284,898 284,898
(1989 Contract) (See Note 2 to
Financial Statements)
Fidelity-Short-term Investment 977,412 977,412 977,412
Fund (at par value)*. Contract rate
5.68%.
Total Fixed 17,089,903 17,089,903
Income Fund
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 3 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees (B)
Investments
Balance at December 31, 1995
Name of Issuer Market/Contract
Fund and Title of Issue Units (A) Cost Value
<S> <C> <C> <C> <C> <C> <C>
Central Maine Power Company Stock
<S> <C> <C> <C>
Central Maine Power Company 1,117,005 16,162,918 16,056,947
Stock* Shares
Fidelity U. S. Government Reserve 329,043 329,043 329,043
Pool (at par value)*
Total CMP Stock Fund 16,491,961 16,385,990
Total Investments Funds 64,515,469 69,508,734
All
Participants Loans Receivable 2,740,260 2,740,260
Grand Total $67,255,729 $72,248,994
</TABLE>
*Parties in interest to the plan.
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule I
Page 4 of 4
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Notes to Schedule I - Investments
(A)"Units," except for shares of Company stock, indicates each Fund's share of
the total units associated with pooled funds, which are accumulations of
investments from numerous entities, including the Plan.
(B)The investments of the Central Maine Power Company Employee Savings and
Investment Plan for Union Employees are commingled in a common/collective trust
with the investments of one other employee savings and investment plan
maintained by the Company and its affiliates. Schedule I presents the
consolidated investments of both plans. This Plan's share of the pooled
investments is as follows:
Market/Contract
Cost Value
Retirement Government Money Market Portfolio $ 424,292 $ 424,292
Fidelity Balanced Fund* 1,422,388 1,478,972
Fidelity Magellan Fund* 4,078,201 4,710,856
Equity Fund* 2,533,424 3,307,889
Fixed Income 5,800,197 5,800,197
Central Maine Power Company Stock* 5,851,412 5,932,170
Asset Manager Income Fund* 85,400 88,798
Asset Manager Fund* 107,548 114,690
Asset Manager Growth Fund* 230,768 248,893
Fidelity Intermediate Bond Fund* 25,057 25,611
$20,558,687 $22,132,368
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule II
Page 1 of 2
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1993
Retirement Fidelity Fidelity
Government Money Balanced Magellan Equity Sub
Market Portfolio Fund* Fund* Fund* Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of year $129,732 $335,326 $ 806,307 $1,600,089 $2,871,454
Investment income
Dividends on Company Stock - - - - -
Dividends and Interest 5,505 61,200 156,724 73,494 296,923
Interest on loans - - - - -
Net realized gain (loss) on
disposition of investments - 11,341 31,960 12,440 55,741
Unrealized appreciation
(depreciation) of invest-
ments (Note 2) - 15,046 71,644 80,268 166,958
Net investment income 5,505 87,587 260,328 166,202 519,622
Contributions
Participants 115,351 250,916 533,422 330,335 1,230,024
Company - - - - -
115,351 250,916 533,422 330,335 1,230,024
Transfer (to) from other
plans or funds 32,495 228,069 373,530 (175,595) 458,499
Less: Withdrawals and
distributions
Cash 395 2,301 2,515 6,276 11,487
Central Maine Power
Company Stock (0 shares) - - - - -
Insurance contract reserve (Note 2) - - - - -
Balance at end of year $282,688 $899,597 $1,971,072 $1,914,755 $5,068,112
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Form 11-K - Year 1995
Schedule II
Page 2 of 2
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Allocation of Plan Income and Changes in Participants'
Equity by Fund for the Year Ended December 31, 1993
Fixed Central
Income Maine Power
Contract Company
Portfolio Stock Fund* Total
<S> <C> <C> <C>
Balance at beginning of year $7,313,796 $ 6,314,668 $16,499,918
Investment income
Dividends on Company Stock - 419,514 419,514
Dividends and Interest 444,659 - 741,582
Interest on loans 40,040 - 40,040
Net realized gain (loss) on disposition of investments - (32,402) 23,339
Unrealized appreciation (depreciation) of
investments (Note 2) - (2,449,434) (2,282,476)
Net investment income 484,699 (2,062,322) (1,058,001)
Contributions
Participants 628,419 122,748 1,981,191
Company - 709,377 709,377
628,419 832,125 2,690,568
Transfer (to) from other plans or funds (177,159) (270,742) 10,598
Less: Withdrawals and distributions
Cash 23,003 87,066 121,556
Central Maine Power Company Stock (0 shares) - - -
Insurance contract reserve (Note 2) (100,000) - (100,000)
Balance at end of year $8,126,752 $4,726,663 $17,921,527
</TABLE>
*Parties in interest to the plan.
<PAGE>
<TABLE>
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
Item 27d Schedule of Reportable Transactions
For the Year Ended December 31, 1995
No. of Current
Trans. Purchase Trans. Selling Cost of Value of Net
Description of Asset Purchased Price Matured Price Asset Asset Gain/(Loss)
<S> <C> <C> <C> <C> <C> <C> <C>
Fidelity Magellan Fund* 153 1,990,343 50 754,992 637,456 592,597 162,395
Equity Fund* 119 887,920 46 542,348 458,991 448,480 93,868
Fixed Income Contract
Portfolio (Schedule I) 144 1,534,168 122 2,326,638 2,326,638 2,326,638 --
Central Maine Power
Company Stock Fund:
CMP Common Stock* 137 1,436,536 98 1,077,345 1,209,764 1,188,821 (111,476)
Fidelity U.S.
Government Reserve
Pool* 137 1,522,195 98 1,399,682 1,399,682 1,399,682 --
</TABLE>
*Parties in interest to the plan.
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report, included in this Form 11-K, into the Company's previously filed
registration Statement on Form S-8 (File No. 33-44754).
COOPERS & LYBRAND L.L.P.
Portland, Maine
June 27, 1996
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report, included in this Form 11-K, into the Company's previously filed
registration Statement on Form S-8 (File No. 33-44754).
ARTHUR ANDERSEN LLP
Boston, Massachusetts
June 27, 1996
<PAGE>
Central Maine Power Company
Form 11-K - Year 1995
Central Maine Power Company
Employee Savings and Investment Plan
For Union Employees
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
Central Maine Power Company Employee
Savings and Investment Plan for Union
Employees
(Name of Plan)
Date: June 28, 1996
D. E. Marsh, Vice President, Corporate
Services, Treasurer and Chief Financial
Officer, Member, Employee Savings and
Investment Plan Committee, Central Maine
Power Company
