File No. 69-267
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Statement by Holding Company Claiming
Exemption under Rule U-3A-2 from the
Provisions of the Public Utility Holding
Company Act of 1935
FLORIDA PROGRESS CORPORATION
February 23, 1996
<PAGE>
FORM U-3A-2
File No. 69-267
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Statement by Holding Company Claiming Exemption Under Rule
U-3A-2 from the Provisions of the Public Utility Holding Company
Act of 1935
To Be Filed Annually Prior to March 1
FLORIDA PROGRESS CORPORATION
(Name of Company)
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935, and submits the following
information:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF CLAIMANT
AND EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT WHOLESALE GENERATOR
(EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY
HOLDS AN INTEREST, AS OF DECEMBER 31, 1995.
Name/ Location and
(State of Organization) Nature of Business
Claimant
Florida Progress Corporation St. Petersburg, Florida
(Florida) Holding Company
Subsidiaries of Florida Progress Corporation
Progress Capital Holdings, Inc. St. Petersburg, Florida
(Florida) Downstream Holding Company
Florida Power Corporation Florida, Electric Utility
(Florida)
FPC Del, Inc. (Delaware) Delaware, Holder of account
receivables
1
<PAGE>
Subsidiaries of Progress Capital Holdings, Inc.
Advanced Separation Technologies Florida, Development and
Incorporated (Florida) Commercialization of New
Technologies
Mid-Continent Life Insurance Alabama, Arizona, Arkansas,
Company (Oklahoma) California, Colorado, Florida,
Georgia, Idaho, Illinois,
Indiana, Iowa, Kansas,
Kentucky, Louisiana, Michigan,
Minnesota, Mississippi,
Missouri, Montana, Nebraska,
Nevada, New Mexico, North
Carolina, North Dakota, Ohio,
Oklahoma, Oregon, S. Carolina,
S. Dakota, Tennessee, Texas,
Utah, Virginia, Washington,
W. Virginia, Wisconsin, and
Wyoming, Life Insurance
Progress Reinsurance Company, Grand Cayman,
Ltd. (Cayman Islands) Cayman Islands, B.W.I.,
Captive Insurance Company
Progress Energy Corporation Florida and Alabama,
(Florida) Development of Independent and
Cogeneration Power Projects
Electric Fuels Corporation Florida, Kentucky, Texas,
(Florida) Virginia, Ohio and West
Virginia, Sale and Mining
of Coal
Progress Credit Corporation Florida, Secured Lending
(Florida) and Lease Financing and
Real Estate
Subsidiary of Progress Energy Corporation
PEC Fort Drum, Inc. New York, Holder of Indirect
(Florida) Interest in Cogeneration
Project
Subsidiaries of Electric Fuels Corporation
COMCO of America, Inc. Inactive
(Florida)
2
<PAGE>
Dixie Fuels Limited Texas, Owner/Operator of
(partnership) (Texas) Oceangoing Barges and Tugs
Dixie Fuels II, Limited Texas, Owner/Operator of
(partnership) (Texas) Marine Transportation
Equipment, Terminalling and
Transporting Bulk Cargoes
Homeland Coal Company, Inc. Kentucky and Virginia, Partner
(Kentucky) in Powell Mountain Joint
Venture coal mining and Stone
Mountain Joint Venture gas
development
Kentucky May Coal Kentucky and Ohio, Mining and
Company, Inc. (Virginia) Operation of Coal Facilities
Little Black Mountain Coal Kentucky and Virginia, Partner
Reserves, Inc. (Kentucky) in Dulcimer Land Company
Little Black Mountain Land Kentucky and Virginia, Owner
Company (Kentucky) of Coal Property
Marine Equipment Management Missouri and Louisiana,
Corporation (Delaware) Owner, Manager and Broker
of River Barges
Progress Land Corporation Kentucky, Ownership and
(Florida) Management of Coal Reserves
Progress Materials, Inc. Florida, Commercialization and
(Florida) Manufacture of Aardelite
Aggregate
Progress Rail Services Florida, Kentucky, South
Corporation (Alabama) Carolina, Missouri, Louisiana,
Tennessee, Mississippi,
Georgia, Nebraska, Illinois,
Indiana, Pennsylvania, Texas,
Wyoming, Colorado and Alabama,
Repair and Service of Railcars
Subsidiaries of Homeland Coal Company, Inc.
Powell Mountain Joint Venture Kentucky and Virginia,
(partnership)(Virginia) Coal Mining
Stone Mountain Joint Venture Kentucky and Virginia, Oil
(partnership)(Virginia) and Gas Exploration
3
<PAGE>
Subsidiaries of Kentucky May Coal Company, Inc.
Diamond May Coal Company Kentucky, Mining and Operation
(Kentucky) of Coal Facilities
Cincinnati Bulk Terminals, Inc. Ohio and Kentucky, Sale and
(Delaware) Terminalling of Coal
Kentucky May Mining Company Kentucky, Coal Mining
(Florida)
Subsidiary of Cincinnati Bulk Terminals, Inc.
Kanawha River Terminals, Inc. West Virginia and Kentucky,
(Florida) Sale and Terminalling of Coal
Subsidiaries of Diamond May Coal Company
Diamond May Mining Company Kentucky, Coal Mining
(Florida)
Subsidiary of Little Black Mountain Coal Reserves, Inc.
Dulcimer Land Company Kentucky and Virginia,
(partnership)(Kentucky) Management of Coal Reserves
Subsidiaries of Marine Equipment Management Corporation
Elmwood Marine Services, Inc. Louisiana, Kentucky and
(Louisiana) W. Virginia, Fleeting,
Washing and Repair of Barges;
Ownership interest in Inter-
national Marine Terminals
Partnership
Marine Equipment Towing Missouri, Ownership of
Corporation (Missouri) Towboats
Subsidiary of Elmwood Marine Services, Inc.
International Marine Terminals Louisiana, Owner/Operator
Partnership (partnership) of Bulk Materials Terminal
(Louisiana)
4
<PAGE>
Subsidiary of International Marine Terminals Partnership
I.M.T. Land Corp. Louisiana, Owner of
(Louisiana) Terminal Land
Subsidiary of Progress Rail Services Corporation
FM Industries, Inc. Texas, Manufacture & Repair
(Texas) of Railcar Parts
Subsidiaries of Progress Credit Corporation
Aviation Assets Holding California, Equipment
Company (California) Financing and Senior
Secured Lending
Health Progress Joint Venture Florida and Texas,
(partnership)(Florida) Equipment Leasing
PCC Del, Inc. (Delaware) Delaware, Holder of
loan receivables
Pacific Aviation Holding California, Equipment
Company (California) Financing and Asset Management
of Commercial Aircraft
Pegasus Capital Corporation California, Equipment
(California) Financing and Asset Management
Premier Investment Management, Florida, Investment Advisor
Inc. (Florida)
Progress Leasing Corporation Florida, Leveraged Leasing
(Florida)
Progress-Potomac Capital Florida and Washington, D.C.,
Ventures (joint venture) Equipment Leasing
(Delaware)
Talquin Development Company Florida, Development,
(Florida) Operation and Management of
Real Estate and Marina
Operations
Subsidiary of Premier Investment Management, Inc.
Progress Investment Management Florida, Private Investment
Equity Fund, Ltd. (partnership) Fund
(Florida)
5
<PAGE>
Subsidiary of Progress Leasing Corporation
PLC Leasing Corporation Florida and California,
(Florida) Leveraged Leasing and
Asset Lending
Subsidiaries of Talquin Development Company
100 Carillon Associates, Ltd. Florida, Development of
(partnership)(Florida) Commercial Real Estate
Carillon Limited Partnership I Florida, Development of
(partnership)(Florida) Real Estate
Gateway Joint Venture Florida, Development of
(partnership)(Florida) Commercial Real Estate
HEB Partners Florida, Development of
(partnership)(Florida) Commercial Real Estate
Highpoint Center Partners, Florida, Development of
Ltd. (partnership)(Florida) Commercial Real Estate
Subsidiaries of Gateway Joint Venture
Carillon Property Owners Florida, Association of
Association, Inc. (Florida) Property Owners
Carillon Property Owners Florida, Association of
Association II, Inc. Property Owners
(Florida)
6
<PAGE>
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH
OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE
GENERATION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC
ENERGY FOR SALE, OR FOR THE PRODUCTION, TRANSMISSION, AND
DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE
LOCATION OF PRINCIPAL GENERATING PLANTS, TRANSMISSION LINES,
PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND ELECTRIC AND
GAS DISTRIBUTION FACILITIES, INCLUDING ALL SUCH PROPERTIES
WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS
SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES
WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE
BORDERS OF SUCH STATE.
Florida Progress Corporation ("Progress") owns no property used in the
generation, transmission, or distribution of electricity or for the production,
transmission, and distribution of natural or manufactured gas.
Florida Power Corporation ("Power") renders electric service to
approximately 1.2 million customers in West Central Florida. It is the only
public utility subsidiary of Progress that owns properties used for the
generation, transmission, and distribution of electric energy, and all such
property is located within the State of Florida (the "State"). Power provides
electric service in 32 of the State's 67 counties, in a service area covering
about 20,000 square miles in Central and Northern Florida and along the West
Coast of the State, including the densely populated areas around Orlando, and
the cities of St. Petersburg and Clearwater.
As of December 31, 1995, Power's total net winter generating capacity was
7,347 megawatts. This capacity is generated by thirteen steam units with a
capacity of 4,661 megawatts and forty-four combustion turbine peaking units with
a capacity of 2,686 megawatts. Approximately 55% of Power's total steam and
peaking capacity is in two locations. Five steam plants totaling 3,031
megawatts, including Power's 90.4% share (755 megawatts) of one nuclear unit,
are located at Crystal River in Citrus County, Florida. Two steam plants
totaling 1,034 megawatts are located at Anclote in Pasco County, Florida. The
remaining steam plants and the combustion turbine peaking units are located in
Pinellas, Volusia, Osceola, Highlands, Gulf, Orange, Suwannee and Alachua
counties.
Power owns 344 substations having an aggregate transformer capacity of
40,998,200 kilivolt amperes. The transmission system consists of approximately
4,557 circuit miles of high voltage transmission lines, of which 2,610 circuit
miles are operated at 500, 230 or 115 kilivolts ("KV") and the balance at 69KV.
Power has numerous interconnection points with other generating utilities within
the State and seven interconnections with
7
<PAGE>
Georgia Power Company, which permit Power to receive energy from and deliver it
to Georgia. Power has 23,527 circuit miles of distribution lines which operate
at various voltages ranging from 2.4 to 25KV.
3. THE FOLLOWING INFORMATION WITH RESPECT TO CLAIMANT AND
EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES AS OF
DECEMBER 31, 1995:
(A) NUMBER OF KWH OF ELECTRIC ENERGY SOLD (AT
RETAIL OR WHOLESALE), AND MCF. OF NATURAL OR
MANUFACTURED GAS DISTRIBUTED AT RETAIL.
(b) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF
NATURAL OR MANUFACTURED GAS DISTRIBUTED AT
RETAIL OUTSIDE THE STATE IN WHICH EACH SUCH
COMPANY IS ORGANIZED.
(c) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF
NATURAL OR MANUFACTURED GAS SOLD AT WHOLESALE
OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY IS
ORGANIZED, OR AT THE STATE LINE.
(d) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF. OF
NATURAL OR MANUFACTURED GAS PURCHASED OUTSIDE THE
STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED OR
AT THE STATE LINE.
Claimant: None
Florida Power Corporation: (In Millions)
(a) Number of kwh of electric
energy sold 32,402.6
(b) Number of kwh of electric
energy distributed at retail
outside the State of Florida None
(c) Number of kwh of electric
energy sold at wholesale
outside the State of Florida or
at the state line 237.2
(d) Number of kwh of electric
energy purchased outside the
State of Florida or at the
state line 1,484.7
8
<PAGE>
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO CLAIMANT
AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR A FOREIGN
UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(A) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE FACILITIES
USED BY THE EWG OR FOREIGN UTILITY COMPANY FOR THE GENERATION,
TRANSMISSION AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE OR FOR THE
DISTRIBUTION AT RETAIL OF NATURAL OR MANUFACTURED GAS.
(B) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN
SUCH EWG OR FOREIGN UTILITY COMPANY, AND DESCRIPTION OF
THE INTEREST HELD.
(C) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR
INDIRECTLY, BY THE HOLDING COMPANY CLAIMING EXEMPTION;
ANY DIRECT OR INDIRECT GUARANTEE OF THE SECURITY OF THE
EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY
CLAIMING EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL
OBLIGATION FOR WHICH THERE IS RECOURSE, DIRECTLY OR
INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION
OR ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR
FOREIGN UTILITY COMPANY.
(D) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
(E) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S) BETWEEN THE
EWG OR FOREIGN UTILITY COMPANY AND A SYSTEM COMPANY, AND DESCRIBE THE
SERVICES TO BE RENDERED OR GOODS SOLD AND FEES OR REVENUES UNDER SUCH
AGREEMENT(S).
None
9
<PAGE>
EXHIBIT A
FINANCIAL STATEMENTS
Exhibit
Number Description of Exhibit
99.(A) Consolidating statements of income and retained earnings for the
calendar year 1995 together with the consolidating balance sheet
as of December 31, 1995 for Florida Progress Corporation and its
first-tier subsidiaries, Progress Capital Holdings, Inc., FPC
Del, Inc., and Florida Power Corporation
99.(B) Consolidating statements of income and retained
earnings for the calendar year 1995, together
with the consolidating balance sheet as of
December 31, 1995 for Progress Capital Holdings,
Inc. and its first-tier subsidiaries
EXHIBIT B
FINANCIAL DATA SCHEDULE
Exhibit No.
27 Financial Data Schedule for Florida Progress
Corporation
EXHIBIT C
None
10
<PAGE>
SIGNATURES
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on the 23rd day of February, 1996.
FLORIDA PROGRESS CORPORATION
By: /s/ Jack B. Critchfield
----------------------------
Jack B. Critchfield
Chairman of the Board and
Chief Executive Officer
(Corporate Seal)
Attest:
By: /s/ Kenneth E. Armstrong
---------------------------------
Kenneth E. Armstrong
Vice President, General Counsel
and Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Kenneth E. Armstrong
Vice President, General Counsel and Secretary
Florida Progress Corporation
P.O. Box 14042
St. Petersburg, Florida 33733
(813) 866-5153
11
<PAGE>
EXHIBIT INDEX
Description of Exhibit
Exhibit
Number
27 Financial Data Schedule for Florida Progress
Corporation
99.(A) Consolidating statements of income and retained earnings for the
calendar year 1995 together with the consolidating balance sheet
as of December 31, 1995 for Florida Progress Corporation and its
first-tier subsidiaries, Progress Capital Holdings, Inc., FPC
Del, Inc., and Florida Power Corporation
99.(B) Consolidating statements of income and retained
earnings for the calendar year 1995, together
with the consolidating balance sheet as of
December 31, 1995 for Progress Capital Holdings,
Inc. and its first-tier subsidiaries
12
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000357261
<NAME> FLORIDA PROGRESS CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 5,791
<TOTAL-OPERATING-REVENUES> 3,056
<NET-INCOME> 239
</TABLE>
<TABLE>
EXHIBIT 99.(A)
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1995
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $0.0 $2,271.7 $0.0 $0.0 $0.0 $2,271.7
Diversified 241.1 0.0 1,019.3 0.0 (476.5) 783.9
---------- ---------- ---------- ---------- ---------- ----------
241.1 2,271.7 1,019.3 0.0 (476.5) 3,055.6
EXPENSES: ---------- ---------- ---------- ---------- ---------- ----------
Electric utility:
Fuel used in generation 0.0 433.7 0.0 0.0 0.0 433.7
Purchased power 0.0 440.7 0.0 0.0 0.0 440.7
Deferred fuel 0.0 (1.7) 0.0 0.0 0.0 (1.7)
Other operation 0.0 358.7 0.0 0.0 0.0 358.7
---------- ---------- ---------- ---------- ---------- ----------
Operation 0.0 1,231.4 0.0 0.0 0.0 1,231.4
Maintenance 0.0 114.1 0.0 0.0 0.0 114.1
Depreciation 0.0 293.7 0.0 0.0 0.0 293.7
Taxes other than income taxes 0.0 176.2 0.0 0.0 0.0 176.2
---------- ---------- ---------- ---------- ---------- ----------
0.0 1,815.4 0.0 0.0 0.0 1,815.4
---------- ---------- ---------- ---------- ---------- ----------
Diversified:
Cost of sales 0.0 0.0 872.4 0.0 (230.1) 642.3
Other 9.0 0.0 70.0 0.0 (4.7) 74.3
---------- ---------- ---------- ---------- ---------- ----------
9.0 0.0 942.4 0.0 (234.8) 716.6
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 232.1 456.3 76.9 0.0 (241.7) 523.6
---------- ---------- ---------- ---------- ---------- ----------
INTEREST EXPENSE AND OTHER:
Interest expense 1.4 104.5 38.5 0.0 (2.4) 142.0
Allowance for funds used 0.0
during construction 0.0 (7.3) 0.0 0.0 0.0 (7.3)
Preferred dividend requirements 0.0
of Florida Power 0.0 9.7 0.0 0.0 0.0 9.7
Other expense (income), net (2.6) 2.5 2.2 0.0 1.8 3.9
---------- ---------- ---------- ---------- ---------- ----------
(1.2) 109.4 40.7 0.0 (0.6) 148.3
---------- ---------- ---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 233.3 346.9 36.2 0.0 (241.1) 375.3
Income taxes (5.6) 129.6 12.4 0.0 0.0 136.4
---------- ---------- ---------- ---------- ---------- ----------
NET INCOME $238.9 $217.3 $23.8 - ($241.1) $238.9
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
EXHIBIT 99.(A)
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1995
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
ASSETS ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service
and held for future use $0.0 $5,867.5 $0.0 $0.0 0.0 $5,867.5
Less: Accumulated depreciation 0.0 2,179.7 0.0 0.0 0.0 2,179.7
Accumulated decommissioning
for nuclear plant 0.0 165.2 0.0 0.0 0.0 165.2
Accumulated dismantlement
for fossil plants 0.0 104.4 0.0 0.0 0.0 104.4
---------- ---------- ---------- ---------- ---------- ----------
0.0 3,418.2 0.0 0.0 0.0 3,418.2
Construction work in progress 0.0 131.8 0.0 0.0 0.0 131.8
Nuclear fuel, net of amortization 0.0 59.1 0.0 0.0 0.0 59.1
---------- ---------- ---------- ---------- ---------- ----------
Net electric utility plant 0.0 3,609.1 0.0 0.0 0.0 3,609.1
Other property, net of depr. 5.2 23.0 427.0 0.0 0.0 455.2
---------- ---------- ---------- ---------- ---------- ----------
5.2 3,632.1 427.0 0.0 0.0 4,064.3
---------- ---------- ---------- ---------- ---------- ----------
CURRENT ASSETS:
Cash and equivalents (1.4) 0.8 5.3 0.0 0.0 4.7
Accounts receivable, net 1.4 76.4 107.5 132.6 (8.4) 309.5
Intercompany receivables 18.3 124.3 24.8 0.0 (167.4) 0.0
Current portion of leases & loans 0.0 0.0 43.0 0.0 0.0 43.0
Inventories, primarily at average cost:
Fuel 0.0 40.8 22.2 0.0 0.0 63.0
Utility materials and supplies 0.0 101.3 0.0 0.0 0.0 101.3
Diversified materials 0.0 0.0 113.2 0.0 0.0 113.2
Underrecovery of fuel cost 0.0 0.3 0.0 0.0 0.0 0.3
Other 0.2 36.2 8.1 0.0 0.0 44.5
---------- ---------- ---------- ---------- ---------- ----------
18.5 380.1 324.1 132.6 (175.8) 679.5
---------- ---------- ---------- ---------- ---------- ----------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 0.0 340.8 0.0 0.0 340.8
Marketable securities 0.0 0.0 188.2 0.0 0.0 188.2
Joint ventures and partnerships 1.6 0.0 72.1 0.0 0.0 73.7
Invest in consol affiliates 2,062.6 0.0 0.0 0.0 (2,062.6) 0.0
Nuclear plt decommissioning fnd 0.0 161.1 0.0 0.0 0.0 161.1
Def ins policy acquisition costs 0.0 0.0 106.4 0.0 0.0 106.4
Other 2.0 111.6 63.5 0.0 0.0 177.1
---------- ---------- ---------- ---------- ---------- ----------
2,066.2 272.7 771.0 0.0 (2,062.6) 1,047.3
---------- ---------- ---------- ---------- ---------- ----------
$2,089.9 $4,284.9 $1,522.1 $132.6 (2,238.4) $5,791.1
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
EXHIBIT 99.(A)
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1995
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
CAPITAL AND LIABILITIES ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCK EQUITY:
Common stock $1,187.6 $992.9 $160.1 $0.1 (1,153.1) $1,187.6
Retained earnings 888.4 761.1 146.3 0.0 (907.4) 888.4
Unrealized loss on securities
available for sale 2.1 0.0 2.1 0.0 (2.1) 2.1
---------- ---------- ---------- ---------- ---------- ----------
2,078.1 1,754.0 308.5 0.1 (2,062.6) 2,078.1
CUMULATIVE PREFERRED STOCK OF FLORIDA
POWER:
Without sinking funds 0.0 113.5 0.0 0.0 0.0 113.5
With sinking funds 0.0 25.0 0.0 0.0 0.0 25.0
LONG-TERM DEBT 0.0 1,279.1 406.1 0.0 0.0 1,685.2
---------- ---------- ---------- ---------- ---------- ----------
TOTAL CAPITAL 2,078.1 3,171.6 714.6 0.1 (2,062.6) 3,901.8
---------- ---------- ---------- ---------- ---------- ----------
CURRENT LIABILITIES:
Accounts payable 0.2 89.8 78.5 0.0 0.0 168.5
Intercompany payables 0.0 24.8 18.3 132.5 (175.6) 0.0
Customers' deposits 0.0 85.3 0.0 0.0 85.3
Income taxes payable (2.7) 8.9 8.2 0.0 0.0 14.4
Accrued interest 4.2 32.9 10.4 0.0 0.0 47.5
Other 2.0 77.4 40.1 0.0 (0.2) 119.3
---------- ---------- ---------- ---------- ---------- ----------
3.7 319.1 155.5 132.5 (175.8) 435.0
Notes payable 0.0 0.0 0.0 0.0 0.0 0.0
Current portion of long-term debt 0.0 30.6 153.3 0.0 0.0 183.9
---------- ---------- ---------- ---------- ---------- ----------
3.7 349.7 308.8 132.5 (175.8) 618.9
---------- ---------- ---------- ---------- ---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes (7.7) 483.8 218.2 0.0 0.0 694.3
Unamortized investment tax credits 0.0 100.9 0.6 0.0 0.0 101.5
Insurance policy benefit reserves 0.0 0.0 265.0 0.0 0.0 265.0
Other postretirement benfit costs 0.7 81.5 2.6 0.0 0.0 84.8
Other 15.1 97.4 12.3 0.0 0.0 124.8
---------- ---------- ---------- ---------- ---------- ----------
8.1 763.6 498.7 0.0 0.0 1,270.4
---------- ---------- ---------- ---------- ---------- ----------
$2,089.9 $4,284.9 $1,522.1 $132.6 (2,238.4) $5,791.1
========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
EXHIBIT 99.(A)
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1995
(In millions)
<CAPTION>
Florida Florida Progress Florida
Progress Power Capital FPC Progress
Corp. Corp. Holdings Del,Inc. Elim. Consol.
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE AT BEGINNING OF YEAR $842.9 $724.5 $131.6 $0.0 ($856.1) $842.9
Net Income (loss) 238.9 217.3 23.8 (241.1) 238.9
Cash dividends at $2.02 per share (193.4) (180.7) (12.7) 0.0 193.4 (193.4)
Reclass - FM Industries Inc. pooling 0.0 3.6 0.0 (3.6) -
---------- ---------- ---------- ---------- ---------- ----------
BALANCE AT END OF YEAR $888.4 $761.1 $146.3 - ($907.4) $888.4
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
EXHIBIT 99.(B)
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1995
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
------- ------- ------- ---------- ------- --------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Diversified 25.6 50.0 0.7 21.5 107.3 0.0 840.1 (25.9) 1,019.3
------- ------- ------- ---------- ------- --------- ------- ------- -------
25.6 50.0 0.7 21.5 107.3 0.0 840.1 (25.9) 1,019.3
EXPENSES: ------- ------- ------- ---------- ------- --------- ------- ------- -------
Electric utility: 0.0
Fuel used in generation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Purchased power 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred fuel 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other operation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
Operation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Maintenance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes other than income taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
Diversified:
Cost of sales 0.0 17.7 0.0 15.4 81.7 0.0 757.6 0.0 872.4
Other 0.5 17.6 3.2 2.6 16.0 0.0 30.1 0.0 70.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
0.5 35.3 3.2 18.0 97.7 0.0 787.7 0.0 942.4
------- ------- ------- ---------- ------- --------- ------- ------- -------
INCOME FROM OPERATIONS 25.1 14.7 (2.5) 3.5 9.6 0.0 52.4 (25.9) 76.9
------- ------- ------- ---------- ------- --------- ------- ------- -------
INTEREST EXPENSE AND OTHER:
Interest expense 35.3 22.5 0.1 0.0 0.0 0.0 14.4 (33.8) 38.5
Allowance for funds used
during construction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Preferred dividend requirements
of Florida Power 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other expense (income), net (33.0) 2.1 0.0 (0.1) 0.0 0.0 (0.7) 33.9 2.2
------- ------- ------- ---------- ------- --------- ------- ------- -------
2.3 24.6 0.1 (0.1) 0.0 0.0 13.7 0.1 40.7
------- ------- ------- ---------- ------- --------- ------- ------- -------
INCOME BEFORE INCOME TAXES 22.8 (9.9) (2.6) 3.6 9.6 0.0 38.7 (26.0) 36.2
Income taxes (1.0) (4.9) (1.0) 1.4 3.2 0.0 14.7 0.0 12.4
------- ------- ------- ---------- ------- --------- ------- ------- -------
NET INCOME $23.8 ($5.0) ($1.6) $2.2 $6.4 $0.0 $24.0 ($26.0) $23.8
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</TABLE>
<PAGE>
<TABLE>
EXHIBIT 99.(B)
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1995
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy Technologies Life Ins. Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
ASSETS ------- ------- ------- ---------- ------- --------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service
and held for future use $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Less: Accumulated depreciation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accumulated decommissioning
for nuclear plant 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accumulated dismantlement
for fossil plants 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Construction work in progress 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Nuclear fuel, net of amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
Net electric utility plant 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other property, net of depr. 0.0 148.3 0.1 1.3 3.3 0.0 274.0 0.0 427.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
0.0 148.3 0.1 1.3 3.3 0.0 274.0 0.0 427.0
CURRENT ASSETS:
Cash and equivalents 0.0 0.4 0.0 0.0 0.9 0.6 3.4 0.0 5.3
Accounts receivable, net 0.0 2.1 0.0 10.6 3.6 0.0 91.2 0.0 107.5
Intercompany receivables 240.6 0.0 0.0 0.1 9.0 0.0 26.3 (251.2) 24.8
Current portion of leases & loans 0.0 42.3 0.0 0.0 0.0 0.0 0.7 0.0 43.0
Inventories, primarily at
average cost:
Fuel 0.0 0.0 0.0 0.0 0.0 0.0 22.2 0.0 22.2
Utility materials and supplies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Diversified materials 0.0 2.2 0.0 0.7 0.0 0.0 110.3 0.0 113.2
Underrecovery of fuel cost 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 2.0 3.7 1.0 0.1 0.0 0.1 7.6 (6.4) 8.1
------- ------- ------- ---------- ------- --------- ------- ------- -------
242.6 50.7 1.0 11.5 13.5 0.7 261.7 (257.6) 324.1
------- ------- ------- ---------- ------- --------- ------- ------- -------
OTHER ASSETS:
Investments:
Leases & loans receivable, net 0.0 309.3 0.0 0.0 15.7 0.0 15.8 0.0 340.8
Marketable securities 0.0 0.0 0.0 0.0 188.2 0.0 0.0 0.0 188.2
Joint ventures and partnerships 0.0 39.9 7.4 0.0 0.0 0.0 24.8 0.0 72.1
Invest in consol affiliates 619.1 0.0 0.0 0.0 0.0 0.0 0.0 (619.1) 0.0
Nuclear plt decommissioning fnd 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Def ins policy acquisition costs 0.0 0.0 0.0 0.0 106.4 0.0 0.0 0.0 106.4
Other 0.0 9.4 0.0 0.2 30.8 0.0 23.1 0.0 63.5
------- ------- ------- ---------- ------- --------- ------- ------- -------
619.1 358.6 7.4 0.2 341.1 0.0 63.7 (619.1) 771.0
------- ------- ------- ---------- ------- --------- ------- ------- -------
$861.7 $557.6 $8.5 $13.0 $357.9 $0.7 $599.4 ($876.7) $1,522.1
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</TABLE>
<PAGE>
<TABLE>
EXHIBIT 99.(B)
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1995
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy TechnologiesLife Ins.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
CAPITAL AND LIABILITIES ------- ------- ------- ---------- ------- --------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON STOCK EQUITY:
Common stock $160.1 $111.3 $7.4 $10.1 $6.2 $2.8 $83.2 ($221.0) $160.1
Retained earnings 146.3 (50.5) (2.4) (2.5) 78.4 (3.2) 101.8 (121.6) 146.3
Unrealized loss on securities
available for sale 2.1 0.0 0.0 0.0 2.1 0.0 0.0 (2.1) 2.1
------- ------- ------- ---------- ------- --------- ------- ------- -------
308.5 60.8 5.0 7.6 86.7 (0.4) 185.0 (344.7) 308.5
CUMULATIVE PREFERRED STOCK OF
FLORIDA POWER:
Without sinking funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
With sinking funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LONG-TERM DEBT 375.6 22.9 0.0 0.0 0.0 0.0 7.6 0.0 406.1
------- ------- ------- ---------- ------- --------- ------- ------- ---------
TOTAL CAPITAL 684.1 83.7 5.0 7.6 86.7 (0.4) 192.6 (344.7) 714.6
------- ------- ------- ---------- ------- --------- ------- ------- ---------
CURRENT LIABILITIES:
Accounts payable 0.0 2.9 0.0 3.8 0.0 0.0 71.8 0.0 78.5
Intercompany payables 28.2 256.2 3.2 0.1 0.0 0.0 257.7 (527.1) 18.3
Customers' deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income taxes payable 0.0 12.6 0.0 0.4 1.6 0.0 0.0 (6.4) 8.2
Accrued interest 9.0 0.7 0.0 0.0 0.0 0.0 0.7 0.0 10.4
Other 0.3 6.5 0.3 0.9 13.2 0.0 18.9 0.0 40.1
------- ------- ------- ---------- ------- --------- ------- ------- ---------
37.5 278.9 3.5 5.2 14.8 0.0 349.1 (533.5) 155.5
Notes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current portion of long-term debt 140.0 10.2 0.0 0.0 0.0 0.0 3.1 0.0 153.3
------- ------- ------- ---------- ------- --------- ------- ------- ---------
177.5 289.1 3.5 5.2 14.8 0.0 352.2 (533.5) 308.8
------- ------- ------- ---------- ------- --------- ------- ------- ---------
DEFERRED CREDITS AND OTHER LIABIL:
Deferred income taxes (1.7) 182.3 0.0 0.0 (9.6) 0.0 47.2 0.0 218.2
Unamortized investment tax credit 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.0 0.6
Insurance policy benefit reserves 0.0 0.0 0.0 0.0 265.0 0.0 0.0 0.0 265.0
Other postretirement benefit
reserves 0.0 0.3 0.0 0.2 1.0 0.0 1.1 0.0 2.6
Other 1.8 2.2 0.0 0.0 0.0 1.1 5.7 1.5 12.3
------- ------- ------- ---------- ------- --------- ------- ------- -------
0.1 184.8 0.0 0.2 256.4 1.1 54.6 1.5 498.7
------- ------- ------- ---------- ------- --------- ------- ------- -------
$861.7 $557.6 $8.5 $13.0 $357.9 $0.7 $599.4 ($876.7) $1,522.1
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</TABLE>
<PAGE>
<TABLE>
EXHIBIT 99.(B)
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1995
(In millions)
<CAPTION>
Advanced Mid- Progress
Progress Progress Progress Separation Continent Progress Electric Capital
Capital Credit Energy Technologies LifeIns.Reinsurance Fuels Holdings
Holdings Corp. Corp. Inc. Company Co., Ltd. Corp. Elim. Consol.
------- ------- ------- ---------- ------- --------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT BEGINNING OF YEAR 131.6 (42.3) (0.8) (4.7) 74.5 (3.2) 84.8 (108.3) 131.6
Net Income (loss) 23.8 (5.0) (1.6) 2.2 6.4 0.0 24.0 ($26.0) 23.8
Cash dividends (12.7) (3.2) 0.0 0.0 (2.5) 0.0 (7.0) 12.7 (12.7)
Reclass - FM Industries Inc. pooling 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.6
------- ------- ------- ---------- ------- --------- ------- ------- -------
BALANCE AT END OF YEAR $146.3 ($50.5) ($2.4) ($2.5) $78.4 ($3.2) $101.8 ($121.6) $146.3
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</TABLE>
