<PAGE> 1
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, 1999.
Name/ Location and
(State of Organization) Nature of Business
Claimant
Florida Progress Corporation Principal Executive Office
(Florida) located at One Progress Plaza
St. Petersburg, Florida 33701
Holding Company
Subsidiaries of Florida Progress Corporation
FPC Del, Inc. (Delaware) Delaware, Holder of accounts
receivable
Florida Power Corporation St. Petersburg, Florida,
(Florida) Electric Utility
Florida Progress Funding Delaware, Obtains Financing
Corporation (Delaware) and Serves as Depositor of
Statutory Business Trusts
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Progress Capital Holdings, Inc. St. Petersburg, Florida
(Florida) Downstream Holding Company
Subsidiary of Florida Power Corporation
Energy Solutions, Inc. Florida, Non-regulatory
(Florida) Product Marketing and Sales
Subsidiaries of Florida Progress Funding Corporation
FPC Capital I Delaware Statutory Business
(Delaware) Trust, Special Purpose Entity
That Only Issued Certain 7.10%
Cumulative Quarterly Income
Preferred Securities Series A
(QUIPS) and Purchased Certain
Notes
FPC Capital II Delaware Statutory Business
(Delaware) Trust, Inactive
Subsidiaries of Progress Capital Holdings, Inc.
Electric Fuels Corporation Florida, Kentucky, Texas,
(Florida) Virginia, Ohio and West
Virginia, Procurement and
Transportation of Coal and
Bulk Cargoes; Railroad Related
Products and Services; Marine
Transportation
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
PIH, Inc. (Florida) Florida, Holding Company for
Investments in Affordable
Housing Projects
2
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Progress-Centrus, Inc. Florida, Participates in
(Florida) Retail Marketing Alliance
Progress Energy Corporation Florida, Development of
(Florida) Independent and Cogeneration
Power Projects
Progress Holdings, Inc. Florida, Participates in
(Florida) Marketing Alliance to Multi-
Site Electric Customers
Progress Provisional Holdings, Florida, Investment in
Inc. (Florida) Real Estate
(effective 2/24/2000)
Progress Reinsurance Company, Grand Cayman,
Ltd. (Cayman Islands) Cayman Islands, B.W.I.,
Captive Insurance Company
Progress Telecommunications Florida, Provides Wholesale
Corporation (Florida) Telecommunications Capacity
Service
Subsidiaries of Progress Energy Corporation
PEC Fort Drum, Inc. New York, Holder of Indirect
(Florida) Interest in Cogeneration
Project
Progress Desal, Inc. Florida, Inactive
(Florida)
Progress Power Marketing, Inc. Florida, Inactive
(Florida)
Subsidiary of Progress Holdings, Inc.
Cadence Network, LLC Ohio, Marketing of Energy
(Ohio) Supply Services
Subsidiaries of Electric Fuels Corporation
Awayland Coal Company, Inc. Kentucky and Virginia,
(Kentucky) Partner in Powell Mountain
Joint Venture, Coal Mining
COMCO of America, Inc. Inactive
(Florida)
3
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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
EFC Synfuel LLC (Delaware) Delaware, Owner of Interests
in Limited Liability Companies
Operating Secondary Coal
Recovery Systems
Homeland Coal Company, Inc. Kentucky and Virginia, Partner
(Kentucky) in Powell Mountain Joint
Venture, Coal Mining
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) ship Interest in Coal Reserves
MEMCO Barge Line, Inc. Missouri and Louisiana,
(Delaware) Owner, Manager and Broker
of River Barges and Towboats
Mesa Hydrocarbons, Inc. Colorado, Owner of Natural
(Florida) Gas Reserves and Wells
Powell Mountain, Inc. Virginia, Interest in Coal
(Virginia) Mine Operations
Progress Land Corporation Kentucky, Ownership and
(Florida) Management of Coal Reserves
Progress Materials, Inc. Florida, Commercialization and
(Florida) Operation of Ash Management
Technologies
Progress Metal Reclamation Kentucky, Ohio, and West
Company (Kentucky) Virginia, Railcar Scrapping
and Metal Recycling
4
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Progress Rail Services Alabama, Arkansas, California,
Corporation (Alabama) Colorado, Delaware, Georgia,
Florida, Illinois, Indiana,
Iowa,Kentucky, Louisiana,
Michigan, Nebraska,
Mississippi, Missouri, New
Jersey, Pennsylvania, South
Carolina, Tennessee, Texas,
Virginia, Wisconsin, Wyoming,
Alberta, Ontario and Quebec,
Railroad Related Products and
Services; Recycling Facilities
Progress Synfuel Holdings, Inc. Delaware, Holding Company for
(Delware) Limited Liability Companies
Operating Synthethic Coal
Plants
Subsidiary of Awayland Coal Company, Inc.
Powell Mountain Joint Venture Kentucky and Virginia,
(partnership)(Virginia) Coal Mining
Subsidiary of Homeland Coal Company, Inc.
Powell Mountain Joint Venture Kentucky and Virginia,
(partnership)(Virginia) Coal Mining Operation
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 and
Other Bulk Commodities
Kentucky May Mining Company Kentucky, Coal Mining
(Florida)
Subsidiaries of Cincinnati Bulk Terminals, Inc.
Kanawha River Terminals, Inc. West Virginia and Kentucky,
(Florida) Sale and Terminalling of Coal;
Interests in Limited Liability
Companies Operating Synthetic
Fuel Facilities
Marigold Dock, Inc. (Alabama) Kentucky, Owner of Coal
Loading Facility
5
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Subsidiaries of Kanawha River Terminals, Inc.
Black Hawk Synfuel LLC West Virginia, Ownership
(Delaware) Interest in New River Synfuel
LLC, Producer of Synthetic
Fuels; Marketing Services
Coal Recovery V, LLC Missouri, Research and
(Missouri) Development of Synthetic Fuels
Colona Newco, LLC Delaware, Partner in Colona
(Delaware) SynFuel Limited Partnership,
L.L.L.P., Producer and Seller
of Solid Synthetic Fuel
Colona Sub No. 2, LLC Indiana, Partner in Colona
(Indiana) SynFuel Limited Partnership,
L.L.L.P., Producer and Seller
of Solid Synthetic Fuel
Subsidiary 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
Subsidiary of MEMCO Barge Line, Inc.
Elmwood Marine Services, Inc. Louisiana, Kentucky and
(Louisiana) W. Virginia, Fleeting,
Washing and Repair of Barges;
Ownership Interest in Inter-
national Marine Terminals
Partnership
Subsidiaries of Elmwood Marine Services, Inc.
Conlease, Inc. Louisiana, Owner of
(Louisiana) Batture Leases
International Marine Terminals Louisiana, Owner/Operator
Partnership (partnership) of Bulk Materials Terminal
(Louisiana)
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Subsidiary of International Marine Terminals Partnership
I.M.T. Land Corp. Louisiana, Owner of
(Louisiana) Terminal Land
Subsidiaries of Powell Mountain, Inc.
PMCC, Inc. Virginia, Coal Mine Operations
(Virginia)
Powell Mountain Coal Virginia and Kentucky,
Company, Inc. (Virginia) Coal Mine Operations
Subsidiary of Powell Mountain Coal Company, Inc.
Murphy Land Company, Inc. Kentucky and Virginia,
(Virginia) Partner in Dulcimer Land
Company and Owner of Coal
Property
Subsidiary of Progress Metal Reclamation Company
West Virgiia Auto Shredding, West Virginia, Scrap and
(West Virginia) Recycling
Subsidiaries of Progress Rail Services Corporation
Chemetron-Railway Products, Colorado, Delaware, Georgia,
Inc. (Delaware) Iowa, Illinois, Kentucky,
Missouri, Montana, New Jersey,
Ohio, Pennsylvania, Wyoming,
British Columbia and Manitoba,
Rail Welding Services and
Manufacturing, Sale and Lease
of Welding and Rail Handling
Equipment
FM Industries, Inc. Texas, Manufacture & Repair
(Texas) of Railcar Parts
Kentuckiana Railcar Repair & Indiana, Railcar Repair
Storage Facility, LLC Facility
(Indiana)
PRS International Sales Virgin Islands, Foreign
Company, Inc. (Virgin Islands) Sales Corporation Agent
Progress Rail de Mexico, Mexico, Marketing, Leasing,
S.A. de C.V. (Mexico) and Selling Railcars
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Progress Rail Canada Corporation Manitoba and Quebec,
(Alberta, Canada) Railcar Repair and Leasing;
Supplier of Rail and Railcar
Parts, and Maintenance-of-
Way Equipment
Progress Vanguard Corporation California, Idaho, Kansas,
(Delaware) Kentucky, Minnesota, Nebraska
and Tennessee; Railcar Repair
and Leasing; Supplier of Rail
and Railcar Parts, and
Maintenance-of-Way Equipment
Railcar, Ltd. Georgia, Railcar Equipment
(Georgia) Leasing and Railcar Rolling
Stock Management
Southern Machine and Tool Georgia and California,
Company (Georgia) Machine Shop Design and
Fabrication, Manufacture of
Equipment and Railcar
Wheelshop
United Industries, Inc. Kentucky, Railcar Repair
(Kentucky) Facility
Subsidiary of United Industries, Inc.
Kentuckiana Railcar Repair & Indiana, Railcar Repair
Storage Facility, LLC Facility
(Indiana)
Subsidiaries of Railcar, Ltd.
Progress Rail de Mexico, Mexico, Marketing, Leasing,
S.A. de C.V. (Mexico) and Selling Railcars
Servicios Ferroviarios Progress, Mexico, Mexican Holding
S. de R.L. de C.V. (Mexico) and Operating Limited
Liability Company
Subsidiary of Servicios Ferroviarios Progress,
S. de R.L. de C.V.
Servicios Administrativos Mexico, Personnel and
Progress, S. de R.L. de C.V. Administrative Services
(Mexico) Limited Liability Company
for Servicios Ferroviarios
Progress
8
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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 1.4 million customers in central and northern Florida (the
"State") and along the west coast of the State. Power 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. Power provides electric service in 32 of the State's
67 counties. Its service territory, covering about 20,000 square miles, includes
the rapidly growing areas around Orlando, and the densely populated Gulf Coast
cities of St. Petersburg and Clearwater.
As of December 31, 1999, Power's total net winter generating capacity was
8,267 megawatts ("MW"). This capacity is generated by 13 steam units with a
capacity of 4,740 MW, two combined cycle units with a capacity of 752 MW and 44
combustion turbine units with a capacity of 2,775 MW. Approximately 50% of
Power's capacity is generated from two locations. Five steam plants totaling
3,098 MW, including Power's 91.8% share of one nuclear unit representing 782 MW,
are located at Crystal River in Citrus County, Florida. Two steam plants
totaling 1,044 MW are located at Anclote in Pasco County, Florida. The remaining
steam plants and combustion turbine units are located in Florida in Pinellas,
Volusia, Osceola, Highlands, Polk, Orange, Suwannee and Alachua counties.
As of December 31, 1999, Power distributed electricity through 365
substations with an installed transformer capacity of 43,621,540 kilovolt
amperes ("KVA"). Of this capacity, 29,649,250 KVA is located in transmission
substations and 13,972,290 KVA in distribution substations. The transmission
system consists of approximately 4,687 circuit miles of high voltage
transmission lines, of which 2,645 circuit miles are
9
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operated at 500, 230 or 115 kilovolts ("KV") and the balance at 69 KV. Power has
numerous interconnection points with other generating utilities within the State
and seven interconnections with Georgia Power Company, which permit Power to
receive energy from and deliver it to Georgia. Power has 25,409 circuit miles of
distribution lines which operate at various voltages ranging from 2.4 to 25 KV.
3. THE FOLLOWING INFORMATION FOR THE LATEST CALENDAR YEAR (1999) WITH RESPECT
TO CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
(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
Associated
Revenues
State KWH ($ in millions)
Florida 38,297.3 2,589.9
(b) Number of KWH of electric
energy distributed at retail
outside the State None
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(c) Number of KWH of electric
energy sold at wholesale
outside the State or at the
State line 555.8
Associated
Revenues
State* KWH ($ in millions)
Alabama 99.4 3.712
Georgia 156.2 2.883
Kentucky 61.0 3.256
Missouri 4.6 0.101
Ohio 3.2 0.080
Oklahoma 0.8 0.018
Tennessee 15.2 0.360
Texas 215.4 13.992
----- ------
555.8 24.402
===== ======
(d) Number of KWH of electric
energy purchased outside the
State or at the State line 2,494.4
Associated
Revenues
State* KWH ($ in millions)
Alabama 2,337.8 83.377
Georgia 37.6 1.259
Kentucky 45.1 1.302
Missouri 2.1 0.083
New York 29.6 1.129
North Carolina 5.6 1.600
Pennsylvania 0.7 0.026
Tennessee 0.3 0.483
Texas 35.6 2.771
Virginia --- 0.009
------- ------
2,494.4 92.039
======= ======
*States designated represent the location of the headquarters of the companies
to/from whom Florida Power Corporation has sold/ purchased KWH. Deliveries may
have occurred at the Florida/ Southern interconnect or elsewhere.
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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
12
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EXHIBIT A
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
<S> <C>
99.(A) Consolidating statements of income and retained earnings for the
calendar year 1999 together with the consolidating balance sheet
as of December 31, 1999 for Florida Progress Corporation and
its first-tier subsidiaries: Progress Capital Holdings, Inc., FPC
Del, Inc., Progress Provisional Holdings, Inc., Florida Progress
Funding Corporation and Florida Power Corporation.
99.(B) Consolidating statements of income and retained earnings for the
calendar year 1999, together with the consolidating balance sheet
as of December 31, 1999 for Progress Capital Holdings, Inc. and
its first-tier subsidiaries: Progress Holdings, Inc.,
Mid-Continent Life Insurance Company, Progress Reinsurance
Company, Ltd., Progress Energy Corporation, Progress-Centrus,
Inc., PIH, Inc., Progress Telecommunications Corporation, and
Electric Fuels Corporation.
99.(C) Consolidating statements of income and retained earnings for the
calendar year 1999, together with the consolidating balance sheet
as of December 31, 1999 for Florida Progress Funding Corporation
and its first-tier subsidiary: FPC Capital I.
</TABLE>
EXHIBIT B
FINANCIAL DATA SCHEDULE
<TABLE>
<CAPTION>
Exhibit
Number
<S> <C>
27 Financial Data Schedule for Florida Progress
Corporation.
</TABLE>
13
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EXHIBIT C
ORGANIZATIONAL CHART SHOWING RELATIONSHIP
OF EACH EWG OR FOREIGN UTILITY
None.
14
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SIGNATURES
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on the 25th day of February, 2000.
FLORIDA PROGRESS CORPORATION
By: /s/ Kenneth E. Armstrong
----------------------------------
Kenneth E. Armstrong
Vice President and General Counsel
(Corporate Seal)
Attest:
By: /s/ Douglas E. Wentz
----------------------------
Douglas E. Wentz
Assistant Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Kenneth E. Armstrong
Vice President and General Counsel
Florida Progress Corporation
P.O. Box 33042
St. Petersburg, Florida 33733
(727) 820-5153
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
<S> <C>
27 Financial Data Schedule for Florida Progress Corporation.
99.(A) Consolidating statements of income and retained earnings for the
calendar year 1999 together with the consolidating balance sheet
as of December 31, 1999 for Florida Progress Corporation and its
first-tier subsidiaries: Progress Capital Holdings, Inc., FPC
Del, Inc., Progress Provisional Holdings, Inc., Florida Progress
Funding Corporation and Florida Power Corporation.
99.(B) Consolidating statements of income and retained earnings for the
calendar year 1999, together with the consolidating balance sheet
as of December 31, 1999 for Progress Capital Holdings, Inc. and
its first-tier subsidiaries: Progress Holdings, Inc.,
Mid-Continent Life Insurance Company, Progress Reinsurance
Company, Ltd., Progress Energy Corporation, Progress-Centrus,
Inc., PIH, Inc., Progress Telecommunications Corporation, and
Electric Fuels Corporation.
99.(C) Consolidating statements of income and retained earnings for the
calendar year 1999, together with the consolidating balance sheet
as of December 31, 1999 for Florida Progress Funding Corporation
and its first-tier subsidiary: FPC Capital I.
</TABLE>
16
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000357261
<NAME> FLORIDA PROGRESS CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 6,528
<TOTAL-OPERATING-REVENUES> 3,845
<NET-INCOME> 315
</TABLE>
<PAGE> 1
Exhibit 99.A
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Florida
Florida Progress Florida Progress Progress Progress
Progress Provisional Power Capital FPC Funding Corporation
Corporation Holdings, Inc. Corporation Holdings, Inc. Del, Inc. Corporation Elimination Consolidated
----------- -------------- ----------- -------------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $ 0.0 $ 0.0 $2,632.6 $ 0.0 $0.0 $0.0 $ 0.0 $2,632.6
Diversified 324.4 0.0 0.0 1,477.9 0.0 0.0 (589.8) 1,212.5
------ ----- -------- -------- ---- ---- ------- --------
324.4 0.0 2,632.6 1,477.9 0.0 0.0 (589.8) 3,845.1
------ ----- -------- -------- ---- ---- ------- --------
EXPENSES:
Electric utility:
Fuel 0.0 0.0 596.0 0.0 0.0 0.0 0.0 596.0
Purchased power 0.0 0.0 414.1 0.0 0.0 0.0 0.0 414.1
Energy conservation
costs 0.0 0.0 81.2 0.0 0.0 0.0 0.0 81.2
Operation and
maintenance 0.0 0.0 466.4 0.0 0.0 0.0 0.0 466.4
Depreciation and
amortization 0.0 0.0 347.5 0.0 0.0 0.0 0.0 347.5
Taxes other than
income taxes 0.0 0.0 203.1 0.0 0.0 0.0 0.0 203.1
------ ----- -------- -------- ---- ---- ------- --------
0.0 0.0 2,108.3 0.0 0.0 0.0 0.0 2,108.3
------ ----- -------- -------- ---- ---- ------- --------
Diversified:
Cost of sales 0.0 0.0 0.0 1,335.1 0.0 0.0 (262.8) 1,072.3
Other 11.6 0.1 0.0 81.0 0.0 0.0 (3.1) 89.6
------ ----- -------- -------- ---- ---- ------- --------
11.6 0.1 0.0 1,416.1 0.0 0.0 (265.9) 1,161.9
------ ----- -------- -------- ---- ---- ------- --------
INCOME FROM OPERATIONS 312.8 (0.1) 524.3 61.8 0.0 0.0 (323.9) 574.9
------ ----- -------- -------- ---- ---- ------- --------
INTEREST EXPENSE AND
OTHER:
Interest expense 1.8 0.0 124.0 64.6 0.0 0.0 (16.8) 173.6
Allowance for
funds used
during construction 0.0 0.0 (7.2) 0.0 0.0 0.0 0.0 (7.2)
Distributions on
company obligated
mandatorily
redeemable
preferred
securities 0.0 0.0 0.0 0.0 0.0 15.2 0.0 15.2
Other expense
(income), net 3.8 0.0 (9.3) (11.2) 0.0 (15.2) 18.6 (13.3)
------ ----- -------- -------- ---- ---- ------- --------
5.6 0.0 107.5 53.4 0.0 0.0 1.8 168.3
------ ----- -------- -------- ---- ---- ------- --------
INCOME BEFORE
INCOME TAXES 307.2 (0.1) 416.8 8.4 0.0 0.0 (325.7) 406.6
Income taxes (8.6) 0.0 151.3 (50.4) 0.0 0.0 (0.6) 91.7
------ ----- -------- -------- ---- ---- ------- --------
NET INCOME $315.8 ($0.1) $ 265.5 $ 58.8 $0.0 $0.0 ($325.1) $ 314.9
====== ===== ======== ======== ==== ==== ======= ========
</TABLE>
<PAGE> 2
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Florida
Florida Progress Florida Progress Progress Progress
Progress Provisional Power Capital FPC Funding Corporation
Corporation Holdings, Inc. Corporation Holdings, Inc. Del, Inc. Corporation Elimination Consolidated
----------- -------------- ----------- -------------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
PROPERTY, PLANT AND
EQUIPMENT:
Electric utility plant
in service
and held for
future use $ 0.0 $ 0.0 $ 6,784.8 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 6,784.8
Less: Accumulated
depreciation 0.0 0.0 2,923.8 0.0 0.0 0.0 0.0 2,923.8
Accumulated
decommissioning
for nuclear
plant 0.0 0.0 285.0 0.0 0.0 0.0 0.0 285.0
Accumulated
dismantlement
for fossil
plants 0.0 0.0 132.5 0.0 0.0 0.0 0.0 132.5
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
0.0 0.0 3,443.5 0.0 0.0 0.0 0.0 3,443.5
Construction work
in progress 0.0 0.0 139.7 0.0 0.0 0.0 0.0 139.7
Nuclear fuel, net of
amortization 0.0 0.0 68.7 0.0 0.0 0.0 0.0 68.7
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
Net electric
utility plant 0.0 0.0 3,651.9 0.0 0.0 0.0 0.0 3,651.9
Other property, net
of depreciation 3.4 0.6 10.0 690.6 0.0 0.0 (1.2) 703.4
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
3.4 0.6 3,661.9 690.6 0.0 0.0 (1.2) 4,355.3
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
CURRENT ASSETS:
Cash and equivalents (0.3) 0.0 0.0 9.9 0.0 0.0 0.0 9.6
Accounts receivable,
net 0.0 0.0 67.4 212.8 140.4 0.0 0.0 420.6
Intercompany
receivables 1.0 0.0 143.4 54.5 0.0 2.7 (201.6) 0.0
Inventories, primarily
at average cost:
Fuel 0.0 0.0 76.4 33.4 0.0 0.0 0.0 109.8
Utility materials
and supplies 0.0 0.0 90.8 0.0 0.0 0.0 0.0 90.8
Diversified
materials 0.0 0.0 0.0 175.9 0.0 0.0 0.0 175.9
Other (0.8) 0.0 142.7 12.6 0.0 0.0 0.5 155.0
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
(0.1) 0.0 520.7 499.1 140.4 2.7 (201.1) 961.7
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
DEFERRED CHARGES AND OTHER
ASSETS:
Costs deferred pursuant
to regulation:
Deferred purchased
power contract
termination costs 0.0 0.0 297.8 0.0 0.0 0.0 0.0 297.8
Other 0.0 0.0 94.0 0.0 0.0 0.0 0.0 94.0
Investments in nuclear
plant decommissioning
fund 0.0 0.0 377.2 0.0 0.0 0.0 0.0 377.2
Goodwill 0.0 0.0 0.0 171.1 0.0 0.0 0.0 171.1
Investment in
consolidated
affiliates 2,023.7 0.0 0.0 0.0 0.0 0.0 (2,023.7) 0.0
Advances to
consolidated
affiliates 0.0 0.0 0.0 0.0 0.0 300.0 (300.0) 0.0
Joint ventures
and partnerships 5.0 0.0 0.0 61.2 0.0 0.0 0.0 66.2
Other 33.0 0.0 50.9 121.0 0.0 0.0 0.0 204.9
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
2,061.7 0.0 819.9 353.3 0.0 300.0 (2,323.7) 1,211.2
---------- ---------- ---------- ---------- -------- ---------- ---------- ----------
$ 2,065.0 $ 0.6 $ 5,002.5 $ 1,543.0 $ 140.4 $ 302.7 $ (2,526.0) $ 6,528.2
========== ========== ========== ========== ======== ========== ========== ==========
</TABLE>
<PAGE> 3
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Florida
Florida Progress Florida Progress Progress Progress
Progress Provisional Power Capital FPC Funding Corporation
Corporation Holdings, Inc. Corporation Holdings, Inc. Del, Inc. Corporation Elimination Consolidated
----------- -------------- ----------- -------------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITAL AND
LIABILITIES
COMMON STOCK EQUITY:
Common stock $ 1,267.4 $ 0.0 $ 1,004.4 $ 244.4 $ 0.0 $ 0.0 $ (1,248.9) $ 1,267.3
Retained earnings 742.6 (0.1) 880.6 (105.3) 0.0 0.0 (776.0) 741.8
Other comprehensive
income (0.4) 0.0 0.0 (0.4) 0.0 0.0 0.4 (0.4)
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
2,009.6 (0.1) 1,885.0 138.7 0.0 0.0 (2,024.5) 2,008.7
PREFERRED SECURITIES:
Cumulative
preferred stock
of Florida
Power without
sinking funds 0.0 0.0 33.5 0.0 0.0 0.0 0.0 33.5
Florida Progress-
obligated
mandatorily
redeemable
preferred
securities of FPC
Capital Trust I
holding solely
Florida Progress
guaranteed notes 0.0 0.0 0.0 0.0 0.0 300.0 0.0 300.0
LONG-TERM DEBT
Outside 0.0 0.0 1,478.8 675.3 0.0 0.0 0.0 2,154.1
Consolidated
affiliates 0.0 0.0 0.0 300.0 0.0 0.0 (300.0) 0.0
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
TOTAL CAPITAL 2,009.6 (0.1) 3,397.3 1,114.0 0.0 300.0 (2,324.5) 4,496.3
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
CURRENT LIABILITIES:
Accounts payable 7.6 0.0 152.9 148.5 0.0 0.0 0.0 309.0
Intercompany payables 29.1 0.7 23.1 8.0 140.4 0.0 (201.3) 0.0
Customers' deposits 0.0 0.0 105.6 0.0 0.0 0.0 0.0 105.6
Taxes payable 0.1 0.0 5.8 4.4 0.0 0.0 0.0 10.3
Accrued interest 2.1 0.0 59.6 13.0 0.0 2.7 0.0 77.4
Overrecovered
utility fuel costs 0.0 0.0 31.6 0.0 0.0 0.0 0.0 31.6
Other 3.0 0.0 79.3 30.3 0.0 0.0 (0.2) 112.4
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
41.9 0.7 457.9 204.2 140.4 2.7 (201.5) 646.3
Notes payable 0.0 0.0 153.1 0.0 0.0 0.0 0.0 153.1
Current portion of
long-term debt 0.0 0.0 76.8 86.4 0.0 0.0 0.0 163.2
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
41.9 0.7 687.8 290.6 140.4 2.7 (201.5) 962.6
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
DEFERRED CREDITS AND
OTHER LIABILITIES:
Deferred income taxes (7.9) 0.0 509.9 63.3 0.0 0.0 0.0 565.3
Unamortized
investment
tax credits 0.0 0.0 69.5 0.5 0.0 0.0 0.0 70.0
Other postretirement
benfit costs 1.6 0.0 119.4 2.1 0.0 0.0 0.0 123.1
Other 19.8 0.0 218.6 72.5 0.0 0.0 0.0 310.9
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
13.5 0.0 917.4 138.4 0.0 0.0 0.0 1,069.3
---------- ---------- ---------- ---------- -------- -------- ---------- ---------
$ 2,065.0 $ 0.6 $ 5,002.5 $ 1,543.0 $ 140.4 $ 302.7 $ (2,526.0) $ 6,528.2
========== ========== ========== ========== ======== ======== ========== =========
</TABLE>
<PAGE> 4
FLORIDA PROGRESS CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Florida
Florida Progress Florida Progress Progress Progress
Progress Provisional Power Capital FPC Funding Corporation
Corporation Holdings, Inc. Corporation Holdings, Inc. Del, Inc. Corporation Elimination Consolidated
----------- -------------- ----------- -------------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT
BEGINNING OF YEAR $640.9 $0.0 $815.7 ($150.8) $0.0 $0.0 ($664.9) $640.9
Net Income (loss) 315.8 (0.1) 265.5 58.8 0.0 0.0 (325.1) 314.9
Dividends paid (214.1) 0.0 (200.6) (13.3) 0.0 0.0 214.0 (214.0)
------ ----- ------ ------- ---- ---- ------- ------
BALANCE AT END
OF YEAR $742.6 ($0.1) $880.6 ($105.3) $0.0 $0.0 ($776.0) $741.8
====== ===== ====== ======= ==== ==== ======= ======
</TABLE>
<PAGE> 1
Exhibit 99.B
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Progress Progress Progress
Capital Progress Progress Progress- Tele- Reinsurance
Holdings, Energy Holdings, Centrus, PIH, communications Company
Inc. Corporation Inc. Inc. Inc. Corporation Ltd.
--------- ----------- --------- --------- ---- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Electric utility $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
Diversified 63.4 0.9 (1.6) (0.5) 0.0 15.5 0.0
----- ---- ----- ----- ---- ----- ----
63.4 0.9 (1.6) (0.5) 0.0 15.5 0.0
----- ---- ----- ----- ---- ----- ----
EXPENSES:
Electric utility:
Fuel 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
Energy
conservation
costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operation and
maintenance 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation and
amortization 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
----- ---- ----- ----- ---- ----- ----
Diversified:
Cost of sales 0.0 0.0 0.0 0.0 0.0 13.7 0.0
Other 13.7 0.9 0.0 0.0 0.0 0.0 (0.2)
----- ---- ----- ----- ---- ----- ----
13.7 0.9 0.0 0.0 0.0 13.7 (0.2)
----- ---- ----- ----- ---- ----- ----
INCOME FROM OPERATIONS 49.7 0.0 (1.6) (0.5) 0.0 1.8 0.2
----- ---- ----- ----- ---- ----- ----
INTEREST EXPENSE AND
OTHER:
Interest expense 64.2 0.3 0.0 0.0 0.0 0.3 0.0
Allowance for funds
used during
construction 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Distributions on
company obligated
mandatorily
redeemable preferred
securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other expense
(income), net (43.3) (1.9) (0.1) 0.0 0.0 0.0 0.0
----- ---- ----- ----- ---- ----- ----
20.9 (1.6) (0.1) 0.0 0.0 0.3 0.0
----- ---- ----- ----- ---- ----- ----
INCOME BEFORE INCOME
TAXES 28.8 1.6 (1.5) (0.5) 0.0 1.5 0.2
Income taxes (30.0) 0.5 (0.5) (0.2) 0.0 0.6 0.0
----- ---- ----- ----- ---- ----- ----
NET INCOME $58.8 $1.1 ($1.0) ($0.3) $0.0 $ 0.9 $0.2
===== ==== ===== ===== ==== ===== ====
</TABLE>
<TABLE>
<CAPTION>
Progress
Electric Capital
Fuels Holdings
Corporation Elimination Inc.
----------- ----------- --------
<S> <C> <C> <C>
REVENUES:
Electric utility $ 0.0 $ 0.0 $ 0.0
Diversified 1,463.6 (63.4) 1,477.9
-------- ------ --------
1,463.6 (63.4) 1,477.9
-------- ------ --------
EXPENSES:
Electric utility:
Fuel 0.0 0.0 0.0
Purchased power 0.0 0.0 0.0
Energy
conservation
costs 0.0 0.0 0.0
Operation and
maintenance 0.0 0.0 0.0
Depreciation and
amortization 0.0 0.0 0.0
Taxes other than
income taxes 0.0 0.0 0.0
-------- ------ --------
0.0 0.0 0.0
-------- ------ --------
Diversified:
Cost of sales 1,321.4 0.0 1,335.1
Other 66.6 0.0 81.0
-------- ------ --------
1,388.0 0.0 1,416.1
-------- ------ --------
INCOME FROM OPERATIONS 75.6 (63.4) 61.8
-------- ------ --------
INTEREST EXPENSE AND
OTHER:
Interest expense 41.2 (41.4) 64.6
Allowance for funds
used during
construction 0.0 0.0 0.0
Distributions on
company obligated
mandatorily
redeemable preferred
securities 0.0 0.0 0.0
Other expense
(income), net (7.3) 41.4 (11.2)
-------- ------ --------
33.9 0.0 53.4
-------- ------ --------
INCOME BEFORE INCOME
TAXES 41.7 (63.4) 8.4
Income taxes (20.8) 0.0 (50.4)
-------- ------ --------
NET INCOME $ 62.5 ($63.4) $ 58.8
======== ====== ========
</TABLE>
<PAGE> 2
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Progress Progress Progress
Capital Progress Progress Progress- Tele- Reinsurance
Holdings, Energy Holdings, Centrus, PIH, communications Company
Inc. Corporation Inc. Inc. Inc. Corporation Ltd.
--------- ----------- --------- --------- ---- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
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
Less:
Accumulated
depreciation 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
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
Construction work
in progress 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
------ ---- ---- ---- ----- ----- ------
Net electric
utility plant 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other property,
net of
depreciation 0.0 0.0 0.0 0.0 0.0 86.1 0.0
------ ---- ---- ---- ----- ----- ------
0.0 0.0 0.0 0.0 0.0 86.1 0.0
------ ---- ---- ---- ----- ----- ------
CURRENT ASSETS:
Cash and
equivalents 7.0 0.0 0.0 0.0 0.0 0.0 0.5
Accounts
receivable, net 0.0 0.0 0.0 0.0 0.0 0.5 0.0
Intercompany
receivables 439.2 0.0 1.3 0.0 0.0 1.0 0.0
Inventories,
primarily at
average cost:
Fuel 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Utility materials
and supplies 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Diversified
materials 0.0 0.0 0.0 0.0 0.0 1.8 0.0
Other 10.9 0.6 0.0 0.0 0.0 0.0 0.0
------ ---- ---- ---- ----- ----- ------
457.1 0.6 1.3 0.0 0.0 3.3 0.5
------ ---- ---- ---- ----- ----- ------
</TABLE>
<TABLE>
<CAPTION>
Progress
Electric Capital
Fuels Holdings
Corporation Elimination Inc.
----------- ----------- --------
<S> <C> <C> <C>
ASSETS
PROPERTY, PLANT
AND EQUIPMENT:
Electric utility
plant in
service
and held
for future
use $ 0.0 $ 0.0 $ 0.0
Less:
Accumulated
depreciation 0.0 0.0 0.0
Accumulated
decommissioning
for nuclear
plant 0.0 0.0 0.0
Accumulated
dismantlement
for fossil
plants 0.0 0.0 0.0
------ ------ ------
0.0 0.0 0.0
Construction work
in progress 0.0 0.0 0.0
Nuclear fuel, net
of amortization 0.0 0.0 0.0
------ ------ ------
Net electric
utility plant 0.0 0.0 0.0
Other property,
net of
depreciation 604.5 0.0 690.6
------ ------ ------
604.5 0.0 690.6
------ ------ ------
CURRENT ASSETS:
Cash and
equivalents 2.4 0.0 9.9
Accounts
receivable, net 212.3 0.0 212.8
Intercompany
receivables 24.7 (411.7) 54.5
Inventories,
primarily at
average cost:
Fuel 33.4 0.0 33.4
Utility materials
and supplies 0.0 0.0 0.0
Diversified
materials 174.1 0.0 175.9
Other 1.1 0.0 12.6
------ ------ ------
448.0 (411.7) 499.1
------ ------ ------
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
Progress Progress Progress
Capital Progress Progress Progress- Tele- Reinsurance
Holdings, Energy Holdings, Centrus, PIH, communications Company
Inc. Corporation Inc. Inc. Inc. Corporation Ltd.
--------- ----------- --------- --------- ---- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
OTHER ASSETS:
Costs deferred
pursuant to
regulation:
Deferred
purchase
power
contract
term costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Investments in
nuclear plant
decommissioning
fund 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Investment in
consolidated
affiliates 392.1 0.0 0.0 0.0 0.0 0.0 0.0
Advances to
consolidated
affiliates 315.0 0.0 0.0 0.0 0.0 0.0 0.0
Joint ventures
and
partnerships 86.9 13.9 0.8 0.0 42.3 0.0 0.0
Other 28.0 0.0 0.0 0.0 0.0 1.6 0.0
-------- ---- ---- ---- ----- ----- ----
822.0 13.9 0.8 0.0 42.3 1.6 0.0
-------- ---- ---- ---- ----- ----- ----
$1,279.1 14.5 $2.1 $0.0 $42.3 $91.0 $0.5
======== ==== ==== ==== ===== ===== ====
</TABLE>
<TABLE>
<CAPTION>
Progress
Electric Capital
Fuels Holdings
Corporation Elimination Inc.
----------- ----------- --------
<S> <C> <C> <C>
OTHER ASSETS:
Costs deferred
pursuant to
regulation:
Deferred
purchase
power
contract
term costs 0.0 0.0 0.0
Other 0.0 0.0 0.0
Investments in
nuclear plant
decommissioning
fund 0.0 0.0 0.0
Goodwill 171.1 0.0 171.1
Investment in
consolidated
affiliates 0.0 (392.1) 0.0
Advances to
consolidated
affiliates 0.0 (315.0) 0.0
Joint ventures
and
partnerships 4.1 (86.8) 61.2
Other 91.4 0.0 121.0
-------- --------- --------
266.6 (793.9) 353.3
-------- --------- --------
$1,319.1 ($1,205.6) $1,543.0
======== ========= ========
</TABLE>
<PAGE> 4
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Progress Progress Progress
Capital Progress Progress Progress- Tele- Reinsurance
Holdings, Energy Holdings, Centrus, PIH, communications Company
Inc. Corporation Inc. Inc. Inc. Corporation Ltd.
--------- ----------- --------- --------- ---- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITAL AND
LIABILITIES
COMMON STOCK
EQUITY:
Common stock $ 244.4 $ 7.4 $ 5.4 $0.0 $42.3 $41.1 $ 3.8
Retained earnings (105.3) (3.4) (2.9) 0.0 0.0 0.6 (4.1)
Other comprehensive
income (0.4) 0.0 0.0 0.0 0.0 0.0 0.0
-------- ----- ----- ---- ----- ----- -----
138.7 4.0 2.5 0.0 42.3 41.7 (0.3)
PREFERRED
SECURITIES:
Cumulative preferred
stock of Florida Power
without sinking funds 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Florida Progress-obligated
mandatorily redeemable
preferred securities
of FPC Capital 1 holding
solely Florida Progress
guaranteed notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
LONG-TERM DEBT
Outside 657.5 0.0 0.0 0.0 0.0 0.0 0.0
Consolidated affiliates 300.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ------- ------- ----- -----
TOTAL CAPITAL 1,096.2 4.0 2.5 0.0 42.3 41.7 (0.3)
------- ------- ------- ------- ------- ----- -----
CURRENT LIABILITIES:
Accounts payable 0.0 0.0 0.0 0.0 0.0 19.4 0.0
Intercompany payables 4.4 5.3 0.0 0.0 0.0 26.9 0.0
Customers' deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes payable 0.0 0.0 0.0 0.0 0.0 0.2 0.0
Accrued interest 12.3 0.0 0.0 0.0 0.0 0.0 0.0
Other 0.3 0.0 (0.1) 0.0 0.0 1.6 0.0
------- ------- ------- ------- ------- ----- -----
17.0 5.3 (0.1) 0.0 0.0 48.1 0.0
Notes payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Current portion of
long-term debt 70.0 0.0 0.0 0.0 0.0 0.0 0.0
------- ------- ------- ------- ------- ----- -----
87.0 5.3 (0.1) 0.0 0.0 48.1 0.0
------- ------- ------- ------- ------- ----- -----
DEFERRED CREDITS AND
OTHER LIABILITIES:
Deferred income taxes (2.6) (1.6) (0.3) 0.0 0.0 0.4 0.0
Unamortized investment
tax credits 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other postretirement
benefit costs 0.0 0.1 0.0 0.0 0.0 0.0 0.0
Other 98.5 6.7 0.0 0.0 0.0 0.8 0.8
------- ------- ------- ------- ------- ----- -----
95.9 5.2 (0.3) 0.0 0.0 1.2 0.8
------- ------- ------- ------- ------- ----- -----
$1,279.1 $14.5 $2.1 $0.0 $42.3 $91.0 $ 0.5
======= ======= ======= ======= ======= ===== =====
</TABLE>
<TABLE>
<CAPTION>
Progress
Electric Capital
Fuels Holdings
Corporation Elimination Inc.
----------- ----------- -----------
<S> <C> <C> <C>
CAPITAL AND
LIABILITIES
COMMON STOCK EQUITY:
Common stock $ 111.8 ($ 211.8) $ 244.4
Retained earnings 190.4 (180.6) (105.3)
Other comprehensive income (0.4) 0.4 (0.4)
301.8 (392.0) 138.7
PREFERRED SECURITIES:
Cumulative preferred stock of Florida Power
without sinking funds 0.0 0.0 0.0
Florida Progress-obligated mandatorily
redeemable preferred securities
of FPC Capital 1 holding solely
Florida Progress guaranteed notes 0.0 0.0 0.0
LONG-TERM DEBT
Outside 17.8 0.0 675.3
Consolidated affiliates 445.0 (445.0) 300.0
---------- ---------- ----------
TOTAL CAPITAL 764.6 (837.0) 1,114.0
---------- ---------- ----------
CURRENT LIABILITIES:
Accounts payable 129.1 0.0 148.5
Intercompany payables 253.2 (281.8) 8.0
Customers' deposits 0.0 0.0 0.0
Taxes payable 4.3 (0.1) 4.4
Accrued interest 0.7 0.0 13.0
Other 28.3 0.2 30.3
---------- ---------- ----------
415.6 (281.7) 204.2
Notes payable 0.0 0.0 0.0
Current portion of long-term debt 16.4 0.0 86.4
---------- ---------- ----------
432.0 (281.7) 290.6
---------- ---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 67.4 0.0 63.3
Unamortized investment tax credits 0.6 (0.1) 0.5
Other postretirement benefit costs 2.0 0.0 2.1
Other 52.5 (86.8) 72.5
---------- ---------- ----------
122.5 (86.9) 138.4
---------- ---------- ----------
$ 1,319.1 ($ 1,205.6) $ 1,543.0
========== ========== ==========
</TABLE>
<PAGE> 5
PROGRESS CAPITAL HOLDINGS AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Progress Progress Progress
Capital Progress Progress Progress- Tele- Reinsurance
Holdings, Energy Holdings, Centrus, PIH, communications Company
Inc. Corporation Inc. Inc. Inc. Corporation Ltd.
--------- ----------- --------- --------- ---- -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT BEGINNING
OF YEAR ($150.8) ($4.4) ($1.9) ($0.6) ($0.4) ($0.3) ($4.4)
Net Income (loss) 58.8 1.1 (1.0) (0.3) 0.0 0.9 0.2
Dividends to parent (13.3) (0.1) 0.0 0.9 0.4 0.0 0.1
------- ----- ----- ----- ----- ----- -----
BALANCE AT END OF YEAR ($105.3) ($3.4) ($2.9) $ 0.0 $ 0.0 $ 0.6 ($4.1)
======= ===== ===== ===== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
Progress
Electric Capital
Fuels Holdings
Corporation Elimination Inc.
----------- ----------- -----------
<S> <C> <C> <C>
BALANCE AT BEGINNING
OF YEAR $ 142.9 ($130.9) ($150.8)
Net Income (loss) 62.5 ($63.4) 58.8
Dividends to parent (15.0) 13.7 (13.3)
------- ------- -------
BALANCE AT END OF YEAR $ 190.4 ($180.6) ($105.3)
======= ======= =======
</TABLE>
<PAGE> 1
Exhibit 99.C
FLORIDA PROGRESS FUNDING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Progress FPC Florida Progress
Funding Capital Funding
Corporation Trust I Elimination Corporation
---------------- ------- ----------- ----------------
<S> <C> <C> <C> <C>
REVENUES:
Electric utility $ 0.0 $ 0.0 $ 0.0 $ 0.0
Diversified 0.0 0.0 0.0 0.0
------ ------ ------ ------
0.0 0.0 0.0 0.0
------ ------ ------ ------
EXPENSES:
Electric utility:
Fuel 0.0 0.0 0.0 0.0
Purchased power 0.0 0.0 0.0 0.0
Energy conservation costs 0.0 0.0 0.0 0.0
Operation and maintenance 0.0 0.0 0.0 0.0
Depreciation and amortization 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
------ ------ ------ ------
Diversified:
Cost of sales 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0
------ ------ ------ ------
0.0 0.0 0.0 0.0
------ ------ ------ ------
INCOME FROM OPERATIONS 0.0 0.0 0.0 0.0
------ ------ ------ ------
INTEREST EXPENSE AND OTHER:
Interest expense 15.7 0.0 (15.7) 0.0
Allowance for funds used during construction 0.0 0.0 0.0 0.0
Distributions on company obligated mandatorily
redeemable preferred securities 0.0 15.2 0.0 15.2
Other expense (income), net (15.7) (15.2) 15.7 (15.2)
------ ------ ------ ------
0.0 0.0 0.0 0.0
------ ------ ------ ------
INCOME BEFORE INCOME TAXES 0.0 0.0 0.0 0.0
Income taxes 0.0 0.0 0.0 0.0
------ ------ ------ ------
NET INCOME $ 0.0 $ 0.0 $ 0.0 $ 0.0
====== ====== ====== ======
</TABLE>
<PAGE> 2
FLORIDA PROGRESS FUNDING CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Progress FPC Florida Progress
Funding Capital Funding
Corporation Trust I Elimination Corporation
---------------- ------- ----------- ----------------
<S> <C> <C> <C> <C>
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service
and held for future use $ 0.0 $ 0.0 $ 0.0 $ 0.0
Less: Accumulated depreciation 0.0 0.0 0.0 0.0
Accumulated decommissioning
for nuclear plant 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
Construction work in progress 0.0 0.0 0.0 0.0
Nuclear fuel, net of amortization 0.0 0.0 0.0 0.0
-------- -------- -------- --------
Net electric utility plant 0.0 0.0 0.0 0.0
Other property, net of depr 0.0 0.0 0.0 0.0
-------- -------- -------- --------
0.0 0.0 0.0 0.0
-------- -------- -------- --------
CURRENT ASSETS:
Cash and equivalents 0.0 0.0 0.0 0.0
Accounts receivable, net 0.0 0.0 0.0 0.0
Intercompany receivables 2.6 2.7 (2.6) 2.7
Inventories, primarily at average cost:
Fuel 0.0 0.0 0.0 0.0
Utility materials and supplies 0.0 0.0 0.0 0.0
Diversified materials 0.0 0.0 0.0 0.0
Other 0.1 0.0 (0.1) 0.0
-------- -------- -------- --------
2.7 2.7 (2.7) 2.7
-------- -------- -------- --------
OTHER ASSETS:
Costs deferred pursuant to regulation:
Deferred purchased power contract termination costs 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0
Investments in nuclear plant decommissioning fund 0.0 0.0 0.0 0.0
Goodwill 0.0 0.0 0.0 0.0
Investment in consolidated affiliates 9.3 0.0 (9.3) 0.0
Advances to consolidated affiliates 300.0 309.3 (309.3) 300.0
Joint ventures and partnerships 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0
-------- -------- -------- --------
309.3 309.3 (318.6) 300.0
-------- -------- -------- --------
$ 312.0 $ 312.0 $ (321.3) $ 302.7
======== ======== ======== ========
</TABLE>
<PAGE> 3
FLORIDA PROGRESS FUNDING CORPORATION AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Progress FPC Florida Progress
Funding Capital Funding
Corporation Trust I Elimination Corporation
---------------- -------- ----------- ----------------
<S> <C> <C> <C> <C>
CAPITAL AND LIABILITIES
COMMON STOCK EQUITY:
Common stock $ 0.0 $ 9.3 $ (9.3) $ 0.0
Retained earnings 0.0 0.0 0.0 0.0
-------- -------- -------- --------
0.0 9.3 (9.3) 0.0
PREFERRED SECURITIES:
Cumulative preferred stock of
Florida Power without sinking funds 0.0 0.0 0.0 0.0
Florida Progress-obligated mandatorily
redeemable preferred securities
of FPC Capital 1 holding solely
Florida Progress guaranteed notes 0.0 300.0 0.0 300.0
LONG-TERM DEBT 0.0 0.0 0.0 0.0
-------- -------- -------- --------
TOTAL CAPITAL 0.0 309.3 (9.3) 300.0
-------- -------- -------- --------
CURRENT LIABILITIES:
Accounts payable 0.0 0.0 0.0 0.0
Intercompany payables 312.0 0.0 (312.0) 0.0
Customers' deposits 0.0 0.0 0.0 0.0
Taxes payable 0.0 0.0 0.0 0.0
Accrued interest 0.0 2.7 0.0 2.7
Overrecovered utility fuel costs 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0
-------- -------- -------- --------
312.0 2.7 (312.0) 2.7
Notes payable 0.0 0.0 0.0 0.0
Current portion of long-term debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
312.0 2.7 (312.0) 2.7
-------- -------- -------- --------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 0.0 0.0 0.0 0.0
Unamortized investment tax credits 0.0 0.0 0.0 0.0
Other postretirement benefit costs 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0
-------- -------- -------- --------
0.0 0.0 0.0 0.0
-------- -------- -------- --------
$ 312.0 $ 312.0 $ (321.3) $ 302.7
======== ======== ======== ========
</TABLE>
<PAGE> 4
FLORIDA PROGRESS FUNDING CORPORATION AND SUBSIDIARIES
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For the year ended December 31, 1999
(In millions)
<TABLE>
<CAPTION>
Florida Progress FPC Florida Progress
Funding Capital Funding
Corporation Trust I Elimination Corporation
---------------- ------- ----------- ----------------
<S> <C> <C> <C> <C>
BALANCE AT BEGINNING OF YEAR $0.0 $0.0 $0.0 $0.0
Net Income (loss) 0.0 0.0 0.0 0.0
Dividends paid 0.0 0.0 0.0 0.0
---- ---- ---- ----
BALANCE AT END OF YEAR $0.0 $0.0 $0.0 $0.0
==== ==== ==== ====
</TABLE>
