SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1993
A. Full title of the Plan:
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the Plan and
the address of its principal executive office:
THE CINCINNATI GAS & ELECTRIC COMPANY
139 East Fourth Street
Cincinnati, Ohio 45202 - 4003
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Members of the Deferred Compensation and Investment Plan Committee have
duly caused this annual report to be signed by the undersigned hereunto
duly authorized.
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
-----------------------------------------
(Name of Plan)
By /s/Donald R. Blum
-----------------
Donald R. Blum, Member
Deferred Compensation and Investment Plan Committee
June 28, 1994
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
Participant Directed
------------------------------------
Fidelity Fidelity
Company Magellan Equity-Income
Total Stock Fund Fund* Fund
----- ---------- -------- -------------
INVESTMENTS, at market
Common Stock of The
Cincinnati Gas &
Electric Company -
shares: 3,483,838
(cost:$62,381,149) $ 95,805,545 $ 63,700,395 $ - $ -
Fidelity Magellan
Fund* -
shares: 66,091
(cost:$4,564,361) 4,682,567 - 4,682,567 -
Fidelity Equity-Income
Fund -
shares: 536,379
(cost:$13,222,463) 18,151,070 - - 18,151,070
Fidelity Intermediate
Bond Fund -
shares: 306,778
(cost:$3,171,404) 3,307,068 - - -
Money Market Fund -
(cost:$2,495,540) 2,495,540 242,869 72,574 100,660
----------- ---------- --------- ----------
124,441,790 63,943,264 4,755,141 18,251,730
OTHER ASSETS
Cash 56,712 41,928 5,563 6,927
Contribution receivable 263,354 108,414 30,141 43,443
Accrued income 4,575 - - -
Loans receivable
from Participants 2,254,022 - - -
----------- ---------- --------- ----------
PARTICIPANTS' EQUITY $127,020,453 $64,093,606 $4,790,845 $18,302,100
=========== ========== ========= ==========
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital
appreciation by investing primarily in common stock and securities
convertible into common stock. As of March 31, 1994, the Fund had over $33
billion in net assets, consisting of the following classes: common stock,
89.1%; preferred stock, 0.5%; corporate bonds, 2.1%; U.S. Government
obligations, 5.2%; other securities, 0.7%; repurchase agreements, 2.4%.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
Non-
Participant
Participant Directed Directed
------------------------------- -----------
Fidelity Money Company
Intermediate Market Loan Stock
Bond Fund Fund Fund Fund
------------ ------ ---- -------
INVESTMENTS, at market
Common Stock of The
Cincinnati Gas &
Electric Company -
shares: 3,483,838
(cost:$62,381,149) $ - $ - $ - $32,105,150
Fidelity Magellan
Fund* -
shares: 66,091
(cost:$4,564,361) - - - -
Fidelity Equity-Income
Fund -
shares: 536,379
(cost:$13,222,463) - - - -
Fidelity Intermediate
Bond Fund -
shares: 306,778
(cost:$3,171,404) 3,307,068 - - -
Money Market Fund -
(cost:$2,495,540) 23,867 1,911,107 - 144,463
--------- --------- --------- ----------
3,330,935 1,911,107 - 32,249,613
OTHER ASSETS
Cash 2,294 - - -
Contribution receivable 10,784 6,878 - 63,694
Accrued income - 4,575 - -
Loans receivable
from Participants - - 2,254,022 -
--------- --------- --------- ----------
PARTICIPANTS' EQUITY $3,344,013 $1,922,560 $2,254,022 $32,313,307
========= ========= ========= ==========
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital
appreciation by investing primarily in common stock and securities
convertible into common stock. As of March 31, 1994, the Fund had over $33
billion in net assets, consisting of the following classes: common stock,
89.1%; preferred stock, 0.5%; corporate bonds, 2.1%; U.S. Government
obligations, 5.2%; other securities, 0.7%; repurchase agreements, 2.4%.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
Participant Directed
------------------------------------
Fidelity Fidelity
Company Magellan Equity-Income
Total Stock Fund Fund* Fund
----- ---------- -------- -------------
INVESTMENTS, at market
Common Stock of The
Cincinnati Gas &
Electric Company -
shares: 3,195,599
(cost:$56,512,996) $ 79,490,525 $ 53,289,912 $ - $ -
Fidelity Magellan
Fund* -
shares: 27,104
(cost:$1,779,876) 1,707,828 - 1,707,828 -
Fidelity Equity-Income
Fund -
shares: 548,358
(cost:$13,050,378) 15,907,866 - - 15,907,866
Fidelity Intermediate
Bond Fund -
shares: 293,653
(cost:$3,011,221) 3,056,926 - - -
Money Market Fund -
(cost:$2,942,944) 2,942,944 207,620 27,782 98,903
----------- ---------- --------- ----------
103,106,089 53,497,532 1,735,610 16,006,769
OTHER ASSETS
Cash 81,802 23,753 3,252 53,089
Contribution receivable 222,350 91,107 12,058 43,045
Accrued income 6,066 - - -
Loans receivable
from Participants 1,516,281 - - -
----------- ---------- --------- ----------
PARTICIPANTS' EQUITY $104,932,588 $53,612,392 $1,750,920 $16,102,903
=========== ========== ========= ==========
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital
appreciation by investing primarily in common stock and securities
convertible into common stock. As of March 31, 1993, the Fund had over $24
billion in assets, consisting of the following classes: common stock,
75.2%; preferred stock, 1.4%; corporate bonds, 2.3%; U.S. Government
obligations, 15.2%; foreign government obligations, 0.3%; other securities,
0.5%; repurchase agreements, 5.1%.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
Non-
Participant
Participant Directed Directed
------------------------------- -----------
Fidelity Money Company
Intermediate Market Loan Stock
Bond Fund Fund Fund Fund
------------ ------ ---- -------
INVESTMENTS, at market
Common Stock of The
Cincinnati Gas &
Electric Company -
shares: 3,195,599
(cost:$56,512,996) $ - $ - - $26,200,613
Fidelity Magellan
Fund* -
shares: 27,104
(cost:$1,779,876) - - - -
Fidelity Equity-Income
Fund -
shares: 548,358
(cost:$13,050,378) - - - -
Fidelity Intermediate
Bond Fund -
shares: 293,653
(cost:$3,011,221) 3,056,926 - - -
Money Market Fund -
(cost:$2,942,944) 24,859 2,453,457 - 130,323
--------- --------- ---- ----------
3,081,785 2,453,457 - 26,330,936
OTHER ASSETS
Cash 1,708 - - -
Contribution receivable 11,557 8,482 - 56,101
Accrued income - 6,066 - -
Loans receivable
from Participants - - 1,516,281 -
--------- --------- --------- ----------
PARTICIPANTS' EQUITY $3,095,050 $2,468,005 $1,516,281 $26,387,037
========= ========= ========= ==========
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital
appreciation by investing primarily in common stock and securities
convertible into common stock. As of March 31, 1993, the Fund had over $24
billion in assets, consisting of the following classes: common stock,
75.2%; preferred stock, 1.4%; corporate bonds, 2.3%; U.S. Government
obligations, 15.2%; foreign government obligations, 0.3%; other securities,
0.5%; repurchase agreements, 5.1%.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1993
Participant Directed
------------------------------------
Fidelity Fidelity
Company Magellan Equity-Income
Total Stock Fund Fund Fund
----- ---------- -------- -------------
PARTICIPANTS' EQUITY
beginning of year $104,932,588 $53,612,392 $1,750,920 $16,102,903
----------- ---------- --------- ----------
CHANGES DURING PERIOD
Assets transferred
between plans
(Note 2) 3,296,904 2,170,368 44,896 185,725
Participants'
Contributions
(Note 5) 335,675 160,830 74,291 70,354
Employers'
Contributions
(Note 5) 6,577,690 2,659,842 623,426 1,151,299
Dividend income 6,424,023 3,680,134 39,966 610,901
Interest income 8,706 3,242 1,110 2,103
Distributions to
Participants (6,621,463) (3,894,910) (18,950) (831,769)
Net realized and
unrealized
appreciation in
market value
of investments 12,066,330 5,656,431 526,542 2,657,418
Investment
Transfers (Note 3) - 499,374 1,742,590 (1,437,875)
Loans granted to
Participants, net
of repayments - (454,097) 6,054 (208,959)
----------- ---------- --------- ---------
Net change
during period 22,087,865 10,481,214 3,039,925 2,199,197
----------- ---------- --------- ---------
PARTICIPANTS' EQUITY,
end of year $127,020,453 $64,093,606 $4,790,845 $18,302,100
=========== ========== ========= ==========
UNITS OF PARTICIPATION
December 31, 1993
(including units
to be distributed
to Participants)
Number of units
Number of shares 2,316,378 66,091 536,379
========= ====== =======
Value per unit,
at market
Market price per
share (New York
Stock Exchange
- Composite) $27.50 $70.85 $33.84
===== ===== =====
NUMBER OF EMPLOYEES
PARTICIPATING
December 31, 1993 1,453 432 869
===== === ===
The accompanying notes are an integral part of this statement.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1993
Non-
Participant
Participant Directed Directed
------------------------------- -----------
Fidelity Money Company
Intermediate Market Loan Stock
Bond Fund Fund Fund Fund
------------ ------ ---- -------
PARTICIPANTS' EQUITY
beginning of year $3,095,050 $2,468,005 $1,516,281 $26,387,037
--------- --------- --------- ----------
CHANGES DURING PERIOD
Assets transferred
between plans
(Note 2) 10,572 49,819 - 835,524
Participants'
Contributions
(Note 5) 14,112 16,088 - -
Employers'
Contributions
(Note 5) 289,592 173,504 - 1,680,027
Dividend income 204,671 64,863 - 1,823,488
Interest income 503 - - 1,748
Distributions to
Participants (225,670) (142,813) - (1,507,351)
Net realized and
unrealized
appreciation in
market value
of investments 133,105 - - 3,092,834
Investment
Transfers (Note 3) (134,036) (670,053) - -
Loans granted to
Participants, net
of repayments (43,886) (36,853) 737,741 -
--------- --------- --------- ----------
Net change
during period 248,963 (545,445) 737,741 5,926,270
--------- --------- --------- ----------
PARTICIPANTS' EQUITY,
end of year $3,344,013 $1,922,560 $2,254,022 $32,313,307
========= ========= ========= ==========
UNITS OF PARTICIPATION
December 31, 1993
(including units
to be distributed
to Participants)
Number of units 2,495,540 2,254,022
========= =========
Number of shares 306,778 1,167,460
======= =========
Value per unit,
at market $1.00 $1.00
==== ====
Market price per
share (New York
Stock Exchange
- Composite) $10.78 $27.50
===== =====
NUMBER OF EMPLOYEES
PARTICIPATING
December 31, 1993 414 301 280 1,453
=== === === =====
The accompanying notes are an integral part of this statement.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1992
Participant Directed
------------------------------------
Fidelity Fidelity
Company Magellan Equity-Income
Total Stock Fund Fund Fund
----- ---------- -------- -------------
PARTICIPANTS' EQUITY
beginning of year $130,581,851 $75,365,630 $ - $16,676,723
----------- ---------- ------- ----------
CHANGES DURING PERIOD
Assets transferred
between plans
(Note 2) 870,901 666,528 - 18,360
Participants'
Contributions
(Note 5) 344,078 172,057 9,307 111,757
Employers'
Contributions
(Note 5) 6,909,482 2,892,896 94,448 1,563,541
Dividend income 7,902,132 4,675,488 140,974 677,266
Interest income 19,884 9,898 152 3,235
Distributions to
Participants (35,437,890) (22,172,626) (36,621) (3,902,998)
Net realized and
unrealized
appreciation
(depreciation) in
market value
of investments (6,257,850) (5,447,401) (73,231) 1,669,859
Investment
Transfers (Note 3) - (1,816,353) 1,607,616 (459,041)
Loans granted to
Participants, net
of repayments - (733,725) 8,275 (255,799)
---------- ---------- --------- ----------
Net change
during period (25,649,263) (21,753,238) 1,750,920 (573,820)
---------- ---------- --------- ----------
PARTICIPANTS' EQUITY,
end of year $104,932,588 $53,612,392 $1,750,920 $16,102,903
=========== ========== ========= ==========
UNITS OF PARTICIPATION
December 31, 1992
(including units
to be distributed
to Participants)
Number of units
Number of shares 2,142,308 27,104 548,358
========= ====== =======
Value per unit,
at market
Market price per
share (New York
Stock Exchange
- Composite) $24.875 $63.01 $29.01
====== ===== =====
NUMBER OF EMPLOYEES
PARTICIPATING
December 31, 1992 1,417 184 864
===== === ===
The accompanying notes are an integral part of this statement.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1992
Non-
Participant
Participant Directed Directed
------------------------------- -----------
Fidelity Money Company
Intermediate Market Loan Stock
Bond Fund Fund Fund Fund
------------ ------ ---- -------
PARTICIPANTS' EQUITY
beginning of year $3,035,103 $3,121,057 $454,493 $31,928,845
--------- --------- ------- ----------
CHANGES DURING PERIOD
Assets transferred
between plans
(Note 2) 5,742 4,353 - 175,918
Participants'
Contributions
(Note 5) 23,682 27,275 - -
Employers'
Contributions
(Note 5) 325,214 261,854 - 1,771,529
Dividend income 255,627 119,827 - 2,032,950
Interest income 651 545 - 5,403
Distributions to
Participants (980,907) (1,159,350) - (7,185,388)
Net realized and
unrealized
appreciation
(depreciation) in
market value
of investments (64,857) - - (2,342,220)
Investment
Transfers (Note 3) 535,650 132,128 - -
Loans granted to
Participants, net
of repayments (40,855) (39,684) 1,061,788 -
--------- --------- --------- ----------
Net change
during period 59,947 (653,052) 1,061,788 (5,541,808)
--------- --------- --------- ----------
PARTICIPANTS' EQUITY,
end of year $3,095,050 $2,468,005 $1,516,281 $26,387,037
========= ========= ========= ==========
UNITS OF PARTICIPATION
December 31, 1992
(including units
to be distributed
to Participants)
Number of units 2,942,944 1,516,281
========= =========
Number of shares 293,653 1,053,291
======= =========
Value per unit,
at market $1.00 $1.00
==== ====
Market price per
share (New York
Stock Exchange
- Composite) $10.41 $24.875
===== ======
NUMBER OF EMPLOYEES
PARTICIPATING
December 31, 1992 424 315 190 1,417
=== === === =====
The accompanying notes are an integral part of this statement.
<PAGE>
THE CINCINNATI GAS & ELECTRIC COMPANY
DEFERRED COMPENSATION AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993 and 1992
(1) Description of The Cincinnati Gas & Electric Company Deferred
Compensation and Investment Plan (DCIP or the Plan) - The following is
a brief description of the Plan. Reference is made to the Plan and
the related Trust Agreement, including the defined terms, for complete
information.
All Executive, Supervisory, Administrative, and Professional Employees
of The Cincinnati Gas & Electric Company (CG&E), The Union Light, Heat
and Power Company (ULH&P), and Lawrenceburg Gas Company (LG) are
eligible to participate in the Plan upon completion of one year of
service. Under the Plan, participating Employees may defer, pursuant
to Section 401(k) of the Internal Revenue Code, up to 15% of base pay
with a maximum of $8,994 for the year 1993. In addition, a
Participant may make optional contributions to the Plan which, when
combined with salary deferrals, may not exceed 15% of base pay.
Salary deferrals and optional contributions may be further limited for
certain highly compensated Employees by the requirements of Code
Sections 401(k), 401(m), and 415. Salary deferrals and Employer
Matching Contributions discussed below are classified as Employers'
Contributions, while optional contributions are classified as
Participants' Contributions, in the accompanying financial statements.
The contributions are invested by the Trustee, as directed by each
Participant, in one or more investment funds, including a Company
Stock Fund. The Participant's Employer makes a matching contribution
of 50% (55% effective June 1, 1994) of the amount, not exceeding 5% of
base pay, contributed by each Participant. All Employer Matching
Contributions must be invested by the Trustee in the Company Stock
Fund. Subject to certain limitations, Employees may apply for loans
from their deferred compensation sub-account balances. Such loans are
reflected in the Loan Fund in the accompanying financial statements.
Loans bear interest at the prime rate of the trustee plus 1/2%, and
are repaid within five years through regular payroll deductions. The
Plan is administered by the Deferred Compensation and Investment Plan
Committee and trusteed by PNC Bank, Ohio, N.A. Generally,
administrative expenses of the Plan are paid by the Employer and are
not included in the accompanying statements.
The Plan is generally subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). In particular, the
Plan is subject to the reporting, disclosure, participation, vesting,
fiduciary responsibility, administration, and enforcement provisions
of Title I and the termination and liability provisions of Title IV of
ERISA. The funding provisions of Title I and the provisions relating
to the Pension Benefit Guaranty Corporation of Title IV are not
applicable to this type of defined contribution plan.
CG&E expects to continue the Plan indefinitely, but its Board of
Directors reserves the right to amend or terminate the Plan at any
time. No amendment shall reduce retroactively the rights of
Participants or permit the return to the Employer of any part of the
Common Stock or other securities, obligations, deposits or cash held
by the Trustee, or permit their use or diversion for any purpose other
than the exclusive benefit of the Participants or their Beneficiaries.
<PAGE>
(2) Significant Accounting Policies - Investments are stated at market
value as determined by the Trustee by reference to published market
data at December 31, 1993 and 1992. The market value of the Plan's
investments are subject to price fluctuations in the applicable
investment markets. Subsequent to December 31, 1993, the market price
per share of CG&E's Common Stock declined from $27.50 at December 31,
1993 to $22.50 at June 15, 1994. Unrealized valuation gains and
losses are reflected in the Statement of Changes in Participants'
Equity. The statements are prepared on the accrual basis of
accounting.
Transfers of assets between the CG&E Savings Incentive Plan (SIP) and
DCIP occur as a result of changes in Employee status between the
Weekly and Hourly Paid classification and the Executive, Supervisory,
Administrative and Professional classification.
(3) Investments - All contributions are paid to the Trustee under the
Plan. Participants' Contributions are invested at their option as
indicated at their time of enrollment. Participants may change their
investment options quarterly. All Employer Matching Contributions are
invested in the Company Stock Fund. Employee Contributions and
Employer Matching Contributions are made each pay period and
immediately invested in the designated fund.
(4) Federal Income Tax Status - The Plan obtained its most recent
determination letter in July 1986, in which the Internal Revenue
Service (IRS) stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue
Code. The Plan has been amended to meet the applicable requirements
of the Tax Reform Act of 1986. On June 30, 1994, an application will
be filed with the IRS seeking a determination on the tax qualification
status of the Plan, as amended. The Employer and legal counsel are of
the opinion that the Plan is being administered in accordance with the
requirements of the Tax Reform Act of 1986 and, therefore, the trust
continues to be tax exempt. Participating Employees are not subject
to tax on Plan income or amounts contributed by the Employer until
such time as such amounts are distributed to them.
<PAGE>
(5) Contributions - Contributions made by Participants and amounts
contributed by each Employer during the years ended December 31, 1993
and 1992 are as follows:
1993 1992
----------------------------- -----------------------------
Participants' Employers' Participants' Employers'
Contributions Contributions Contributions Contributions
CG&E $332,084 $6,306,212 $341,621 $6,583,153
ULH&P
and LG 3,591 271,478 2,457 326,329
------- --------- ------- ---------
Total $335,675 $6,577,690 $344,078 $6,909,482
======= ========= ======= =========
(6) Participant Withdrawals - Distributions which had been requested by
Participants and approved but not yet paid as of December 31, 1993 and
1992 are as follows:
1993 1992
---- ----
Company Stock Fund $231,679 $1,853,827
Fidelity Magellan Fund - -
Fidelity Equity-Income Fund - 210,452
Fidelity Intermediate Bond Fund - 82,697
Money Market Fund - 59,749
------- ---------
Total $231,679 $2,206,725
======= =========
These amounts are classified in the accompanying Statements of
Financial Condition as of December 31, 1993 and 1992 as a component of
Participants' Equity.
(7) Voluntary Early Retirement Program - During 1992, CG&E & its
subsidiaries approved a Voluntary Early Retirement Program (the
Program). Distributions to Participants in the Statement of Changes in
Participants' Equity for the year ended December 31, 1992 includes
approximately $26,500,000 in distributions to Participants who elected
to retire under the Program.
<PAGE>
Report of Independent Public Accountants
To The Deferred Compensation and Investment Plan Committee of
The Cincinnati Gas & Electric Company:
We have audited the accompanying statements of financial condition of
THE CINCINNATI GAS & ELECTRIC COMPANY DEFERRED COMPENSATION AND INVESTMENT
PLAN (the Plan) as of December 31, 1993 and 1992, and the related
statements of changes in participants' equity for the years then ended.
These financial statements and the schedules referred to below are the
responsibility of the Deferred Compensation and Investment Plan Committee.
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 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 condition of the Plan as of
December 31, 1993 and 1992, and the changes in participants' equity for the
years then ended, 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
(Exhibits I and II) 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's 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 & CO.
Cincinnati, Ohio,
June 28, 1994
<PAGE>
EXHIBIT I
The Cincinnti Gas & Electric Company
Deferred Compensation and Investment Plan
Sponsor EIN: 31-0240030
Administrator EIN: 31-1070386
Plan Number: 004
Part I, Schedule G (Form 5500, Item 27a)
Schedule of Assets Held for Investment Purposes at December 31, 1993
--------------------------------------------------------------------
(a) (b) (c) (d) (e)
Description of
investment
including maturity
date, rate of
Identity of issue, interest,
borrower, lessor, collateral, par or Current
or similar party maturity value Cost value
- - - --- ------------------ ------------------ ---- -------
* The Cincinnati Gas 3,483,838 shares; $62,381,149 $95,805,545
& Electric Company $8.50 par value;
Common Stock Fund $27.50 market
price per share
@ 12/31/93
Fidelity Magellan Mutual fund, 4,564,361 4,682,567
Fund primarily common
stock; 66,091
shares; $70.85 net
asset value
@ 12/31/93
Fidelity Mutual fund, 13,222,463 18,151,070
Equity-Income Fund primarily equity
securities; 536,379
shares; $33.84
net asset value
@ 12/31/93
Fidelity Mutual fund, 3,171,404 3,307,068
Intermediate primarily
Bond Fund fixed-income
obligations;
306,778 shares;
$10.78 net asset
value @ 12/31/93
Money Market Fund Mutual fund, money 2,495,540 2,495,540
market instruments;
2,495,540 units;
$1.00 net asset
value @ 12/31/93
Participant loans 6 1/2% - 10 1/2% 0 2,254,022
* The Cincinnati Gas & Electric Company, as employer having employees
covered by the plan, is a party-in-interest.
<PAGE>
Exhibit II
The Cincinnati Gas & Electric Company
Deferred Compensation and Investment Plan
Sponsor EIN: 31-0240030
Administrator EIN: 31-1070386
Plan Number: 004
Part V, Schedule G (Form 5500, Item 27d)
Schedule of Reportable Transactions
For the Year Ended December 31, 1993
------------------------------------
Total Total Total Dollar Total Dollar
Identity of Number of Number Value of Value of Net Gain
Securities Purchases of Sales Purchases Sales on Sales
- - - ----------- --------- -------- ------------ ------------ --------
The Cincinnati
Gas & Electric
Company Common
Stock Fund 54 55 $11,961,830 $3,569,611 $291,132
Money Market Fund 61 29 $11,875,613 $12,334,047 -
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation by reference of our report dated June 28, 1994, included in
this Annual Report on Form 11-K for the year ended December 31, 1993 of The
Cincinnati Gas & Electric Company Deferred Compensation and Investment
Plan, into its previously filed Registration Statement No. 33-45134.
ARTHUR ANDERSEN & CO.
Cincinnati, Ohio,
June 28, 1994
