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FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-3545
FLORIDA POWER & LIGHT COMPANY
(Exact name of registrant as specified in its charter)
Florida 59-0247775
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
(407) 694-4647
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common Stock, No Par Value, outstanding at October 31, 1994: 1,000
shares
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
(Thousands of Dollars)
<S> <C> <C> <C> <C>
OPERATING REVENUES .............................. $1,501,896 $1,586,141 $4,076,258 $4,011,181
OPERATING EXPENSES:
Fuel, purchased power and interchange ......... 470,319 533,799 1,308,720 1,384,387
Other operations and maintenance .............. 253,416 322,727 877,562 925,377
Depreciation and amortization ................. 203,561 149,553 535,483 433,118
Income taxes .................................. 133,521 81,928 277,490 176,352
Taxes other than income taxes ................. 144,483 149,526 399,520 399,021
Cost reduction program ........................ - 138,000 - 138,000
Total operating expenses .................... 1,205,300 1,375,533 3,398,775 3,456,255
OPERATING INCOME ................................ 296,596 210,608 677,483 554,926
ALLOWANCE FOR EQUITY FUNDS USED DURING
CONSTRUCTION .................................. 2,221 6,724 11,074 28,456
OTHER INCOME - NET .............................. 1,854 1,615 4,588 5,384
INCOME BEFORE INTEREST CHARGES .................. 300,671 218,947 693,145 588,766
INTEREST CHARGES:
Interest expense .............................. 72,843 82,149 220,645 251,642
Allowance for borrowed funds used during
construction ................................ (1,718) (5,949) (8,588) (24,210)
Interest charges - net .................... 71,125 76,200 212,057 227,432
NET INCOME ...................................... 229,546 142,747 481,088 361,334
PREFERRED STOCK DIVIDEND REQUIREMENTS ........... 9,879 10,712 29,687 32,631
NET INCOME AVAILABLE TO FPL GROUP, INC. ......... $ 219,667 $ 132,035 $ 451,401 $ 328,703
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 and 6 herein and the
Notes to Consolidated Financial Statements appearing in Florida Power
& Light Company's (FPL) 1993 Annual Report on Form 10-K (Form 10-
K).
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FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30,
1994 December 31,
(Unaudited) 1993
(Thousands of Dollars)
<S> <C> <C>
ASSETS
ELECTRIC UTILITY PLANT:
At original cost .................................................... $15,501,900 $14,612,036
Less accumulated depreciation and amortization ...................... 5,995,834 5,541,164
Net ............................................................... 9,506,066 9,070,872
Construction work in progress ....................................... 274,143 781,435
Nuclear fuel under capital lease .................................... 205,007 226,124
Electric utility plant - net ...................................... 9,985,216 10,078,431
INVESTMENTS .......................................................... 539,097 388,664
CURRENT ASSETS:
Cash and cash equivalents ........................................... 6,867 7,316
Receivables - net ................................................... 603,003 492,728
Materials and supplies - at average cost ............................ 198,052 235,132
Fossil fuel stock - at average cost ................................. 93,332 78,337
Prepaid expenses .................................................... 44,540 34,879
Other ............................................................... 25,288 56,598
Total current assets .............................................. 971,082 904,990
OTHER ASSETS AND DEFERRED DEBITS:
Unamortized debt reacquisition costs ................................ 292,464 302,561
Deferred litigation items ........................................... 110,859 110,859
Other ............................................................... 121,203 125,837
Total other assets and deferred debits ............................ 524,526 539,257
TOTAL ASSETS ............................................................ $12,019,921 $11,911,342
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common stock ........................................................ $ 1,373,069 $ 1,373,069
Other shareholder's equity .......................................... 2,736,055 2,606,356
Preferred stock without sinking fund requirements ................... 451,250 451,250
Preferred stock with sinking fund requirements ...................... 94,000 97,000
Long-term debt ...................................................... 3,625,403 3,463,065
Total capitalization .............................................. 8,279,777 7,990,740
CURRENT LIABILITIES:
Commercial paper .................................................... 16,500 349,600
Current maturities of long-term debt and preferred stock ............ 128,725 1,500
Accounts payable .................................................... 272,510 310,963
Customers' deposits ................................................. 221,937 215,492
Accrued interest and taxes .......................................... 408,891 200,365
Other ............................................................... 229,395 360,033
Total current liabilities ......................................... 1,277,958 1,437,953
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ................................... 1,286,567 1,260,587
Deferred regulatory credit - income taxes ........................... 199,772 216,546
Unamortized investment tax credits .................................. 308,227 323,791
Capital lease obligations ........................................... 204,959 271,498
Other ............................................................... 462,661 410,227
Total other liabilities and deferred credits ...................... 2,462,186 2,482,649
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES .................................... $12,019,921 $11,911,342
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 and 6 herein and the
Notes to Consolidated Financial Statements appearing in FPL's 1993
Form 10-K.
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FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1994 1993
(Thousands of Dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .............................................................. $ 481,088 $ 361,334
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ....................................... 535,483 433,118
Increase (decrease) in deferred income taxes and related
regulatory credit ................................................. 9,206 (32,297)
(Deferrals) recoveries under cost recovery clauses (1) .............. (75,681) 68,987
Other - net ......................................................... 85,029 183,098
Net cash provided by operating activities ............................. 1,035,125 1,014,240
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (2) ................................................ (535,647) (889,771)
Other - net ............................................................. (112,518) 22,104
Net cash used in investing activities ............................... (648,165) (867,667)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of bonds and other long-term debt .............................. 172,850 1,904,915
Issuance of preferred stock ............................................. - 190,000
Retirement of long-term debt and preferred stock ........................ (90,729) (1,990,563)
(Retirement) issuance of commercial paper - net ........................ (133,100) 120,000
Dividends to FPL Group, Inc. ............................................ (401,696) (380,949)
Capital contributions from FPL Group, Inc. .............................. 80,000 30,000
Other - net ............................................................. (14,734) 2,502
Net cash used in financing activities ............................... (387,409) (124,095)
Net (decrease) increase in cash and cash equivalents ...................... (449) 22,478
Cash and cash equivalents at beginning of period .......................... 7,316 3,002
Cash and cash equivalents at end of period ................................ $ 6,867 $ 25,480
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) ...................... $ 230,130 $ 253,580
Cash paid for income taxes .............................................. $ 192,486 $ 93,393
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations .................................. $ 61,055 $ 34,294
(1) Represents the effect on cash flows from operating activities of the net amounts deferred or recovered under the fuel
and purchased power, oil-backout, energy conservation, capacity and environmental cost recovery clauses.
(2) Capital expenditures exclude allowance for equity funds used during construction.
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 and 6 herein and the
Notes to Consolidated Financial Statements appearing in FPL's 1993
Form 10-K.
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FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying condensed consolidated financial statements should
be read in conjunction with FPL's 1993 Form 10-K. In the opinion of
FPL, all adjustments (consisting only of normal recurring accruals)
necessary to present fairly the financial position as of September
30, 1994 and December 31, 1993, the results of operations for the
three and nine months ended September 30, 1994 and 1993 and the cash
flows for the nine months ended September 30, 1994 and 1993 have been
made. The results of operations for an interim period may not give a
true indication of results for the year.
1. Capitalization
Capital Contribution - In July 1994, FPL received a capital
contribution of $80 million from its parent, FPL Group, Inc.
Preferred Stock - The 1994 sinking fund requirement for the 6.84%
Preferred Stock, Series Q, $100 Par Value was met by redeeming and
retiring 30,000 shares in April 1994. There are no other sinking
fund requirements for the remainder of 1994.
Long-Term Debt - In March and July 1994, FPL sold a total of $172.85
million principal amount of Pollution Control Revenue Refunding
Bonds, maturing in September 2024 and July 2029, at variable interest
rates that initially ranged from 2.00% to 3.20%. The proceeds were
used to redeem and retire in March, May and October 1994 a total of
$172.85 million principal amount of Pollution Control Revenue Bonds,
maturing in 2007 through 2019, at interest rates ranging from 5.90%
to 11 3/8%.
At September 30, 1994, $200 million of commercial paper has been
included in long-term debt pursuant to financing agreements which
allow FPL to refinance these amounts for periods extending beyond
September 30, 1995.
2. Commitments and Contingencies
Capital Commitments - FPL has made commitments in connection with a
portion of its projected capital expenditures. Capital expenditures
for the construction or acquisition of additional facilities and
equipment to meet customer demand are estimated to be $3.7 billion,
including allowance for funds used during construction (AFUDC), for
the years 1994 through 1998. Included in the five-year forecast are
capital expenditures for 1994 of $879 million, of which $561 million
had been spent through September 30, 1994. Cost control efforts may
significantly reduce the amount originally projected for the full
year 1994.
Insurance - Liability for accidents at nuclear power plants is
governed by the Price-Anderson Act, which limits the liability of
nuclear reactor owners to the amount of the insurance available from
private sources and under an industry retrospective payment plan. In
accordance with this Act, FPL maintains $200 million of private
liability insurance, which is the maximum obtainable, and
participates in a secondary financial protection system under which
it is subject to retrospective assessments of up to $317 million per
incident at any nuclear utility reactor in the United States, payable
at a rate not to exceed $40 million per incident per year.
FPL participates in insurance pools and other arrangements that
provide $2.75 billion of limited insurance coverage for property
damage, decontamination and premature decommissioning risks at its
nuclear plants. The proceeds from such insurance, however, must
first be used for reactor stabilization and site decontamination
before they can be used for plant repair. FPL also participates in
an insurance program that provides limited coverage for replacement
power costs if a plant is out of service because of an accident. In
the event of an accident at one of FPL's or another participating
insured's nuclear plants, FPL could be assessed up to $58 million in
retrospective premiums, and in the event of a subsequent accident at
such nuclear plants during the policy period, the maximum aggregate
assessment is $72 million under the programs in effect at September
30, 1994. Effective January 1995, FPL could be assessed up to $76
million in the event of one nuclear accident, and in the event of a
subsequent accident during the policy period, the maximum aggregate
assessment would be $90 million. This contingent liability would be
partially offset by a portion of FPL's storm and property insurance
reserve (storm fund), which totaled $91 million at September 30,
1994.
In the event of a catastrophic loss at one of FPL's nuclear plants,
the amount of insurance available may not be adequate to cover
property damage and other expenses incurred. Uninsured losses, to
the extent not recovered through rates, would be borne by FPL and
could have a material adverse effect on FPL's financial condition.
In 1993, FPL replaced its transmission and distribution (T&D)
property insurance coverage with a self-insurance program due to the
high cost and limited coverage available from third-party insurers.
Costs incurred under the self-insurance program will be charged
against FPL's storm fund. Recovery of any losses in excess of the
storm fund
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from ratepayers will require the approval of the Florida Public
Service Commission (FPSC). FPL's available lines of credit include
$300 million to provide additional liquidity in the event of a T&D
property loss.
Contracts - FPL has take-or-pay contracts with the Jacksonville
Electric Authority (JEA) for 374 megawatts (mw) of power through 2022
and with subsidiaries of the Southern Company to purchase 1,007 mw of
power through May 1995, and 913 mw thereafter through mid-2010. FPL
also has various firm pay-for-performance contracts to purchase
approximately 1,000 mw from certain cogenerators and small power
producers (qualifying facilities) with expiration dates ranging from
2002 through 2026. These contracts provide for capacity and energy
payments. Energy payments are based on the actual power taken under
these contracts. Capacity payments for the pay-for-performance
contracts are subject to the qualifying facilities meeting certain
contract obligations.
The required capacity payments through 1998 under these contracts are
estimated to be as follows:
<TABLE>
<CAPTION>
1994 1995 1996 1997 1998
(Millions of Dollars)
<S> <C> <C> <C> <C> <C>
JEA .................................................... $ 80 $ 80 $ 80 $ 80 $ 80
Southern Companies ..................................... 200 150 140 140 140
Qualifying Facilities .................................. 140 160 310 340 350
</TABLE>
FPL's capacity and energy charges under these contracts were as
follows:
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
1994 Charges 1993 Charges 1994 Charges 1993 Charges
Capacity Energy(1) Capacity Energy(1) Capacity Energy(1) Capacity Energy(1)
(Millions of Dollars)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
JEA .................... $19(2) $13 $22(2) $12 $ 62(2) $35 $ 65(2) $ 38
Southern Companies ..... 39(3) 30 58(3) 40 147(3) 99 209(3) 155
Qualifying Facilities... 35(3) 19 15(3) 10 101(3) 50 45(3) 30
(1) Recovered through the fuel and purchased power cost recovery clause.
(2) Recovered through base rates and the capacity cost recovery clause (capacity clause).
(3) Recovered through the capacity clause.
</TABLE>
FPL has take-or-pay contracts for the supply and transportation of
natural gas under which it is required to make payments estimated to be
$250 million for 1994, $430 million for 1995, $460 million for 1996, $480
million for 1997 and $500 million for 1998. Total payments made under
these contracts for the three and nine months ended September 30,
1994 were $71 million and $187 million, respectively. Total payments
made under these contracts for the three and nine months ended
September 30, 1993 were $86 million and $221 million, respectively.
Litigation - Union Carbide Corporation sued FPL and Florida Power
Corporation alleging that, through a territorial agreement approved by the
FPSC, they conspired to eliminate competition in violation of federal
antitrust laws. Praxair, Inc., an entity that was formerly a unit of Union
Carbide, has been substituted as the plaintiff. The suit seeks treble
damages of an unspecified amount based on alleged higher prices paid
for electricity and product sales lost. Cross motions for summary
judgment were denied. Both parties are appealing the denials.
A suit brought by the partners in a cogeneration project located in Dade
County, Florida, alleges that FPL and certain affiliated companies have
engaged in anti-competitive conduct intended to eliminate competition
from cogenerators generally, and from their facility in particular, in
violation of federal antitrust laws and have wrongfully interfered with the
cogeneration project's contractual relationship with Metropolitan Dade
County. The suit seeks damages in excess of $100 million before
trebling under antitrust law, plus other unspecified compensatory and
punitive damages. FPL's motion for summary judgment has been
denied. FPL is appealing the denial.
FPL believes that it has meritorious defenses to all of the litigation
described above and is vigorously defending these suits. Accordingly,
the liabilities, if any, arising from this litigation are not anticipated
to have a material adverse effect on FPL's financial statements.
3. Cost Reduction Program
In the third quarter of 1993, FPL implemented a major cost reduction
program, which resulted in a $138 million charge and reduced net
income by approximately $85 million. The charge consisted of costs
associated with a workforce reduction of approximately 1,700 positions
through early retirement and severance programs.
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<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
This discussion should be read in conjunction with the Notes to
Condensed Consolidated Financial Statements contained herein and
Management's Discussion and Analysis of Financial Condition and
Results of Operations appearing in FPL's 1993 Form 10-K. The results
of operations for an interim period may not give a true indication of
results for the year. In the following discussion, all comparisons are with
the corresponding items in the prior year.
RESULTS OF OPERATIONS
For the three and nine months ended September 30, 1994, net income
was favorably affected by the benefits of ongoing cost reduction
measures and higher energy sales, resulting from customer growth.
Higher energy sales for the nine months ended September 30, 1994 also
benefitted from increased energy usage per retail customer. Partially
offsetting these factors, were higher depreciation expense and lower
AFUDC.
Revenues from base rates, which were $921 million and $915 million for
the three months ended September 30, 1994 and 1993 and $2.5 billion
and $2.3 billion for the nine months ended September 30, 1994 and
1993, respectively, are derived primarily from retail operations regulated
by the FPSC. Such revenues increased for both the three and nine
months ended September 30, 1994 mainly due to higher energy sales.
Retail energy sales increased 0.5% for the three months ended
September 30, 1994 primarily due to customer growth of 2.0%, partially
offset by lower usage per retail customer resulting from milder weather.
Retail energy sales increased 6.2% for the nine months ended
September 30, 1994 primarily due to increased usage per retail
customer resulting from warmer weather in the first half of the year, and
customer growth of 2.2%. Revenues derived from cost recovery clause
rates and franchise fees comprise substantially all of the remaining
portion of operating revenues. These revenues represent a
pass-through of costs and do not significantly affect net income.
Other operations and maintenance expenses decreased mainly due to
cost savings from ongoing cost reduction efforts, despite additional costs
relating to generating units placed in service after the first quarter in
1993 and the effects of customer growth. Higher electric utility plant
balances, reflecting facilities added to meet customer growth, higher
depreciation rates approved by the FPSC in September 1994, and a
nonrecurring third quarter charge related to assets replaced during plant
modifications resulted in increased depreciation expense for the three
and nine months ended September 30, 1994.
AFUDC decreased for the three and nine months ended September 30,
1994 as a result of the placement in service of the repowered
Lauderdale units in the second quarter of 1993 and Martin Units Nos. 3
and 4 in the first and second quarter of 1994, respectively. Interest and
preferred stock dividend requirements declined for the three and nine
months ended September 30, 1994 due to the refunding of higher cost
debt and preferred stock during 1993 with lower rate instruments.
FINANCIAL CONDITION
FPL's primary capital requirements consist of expenditures under its
construction program. Internally generated funds are expected to fund
virtually all of these expenditures. The balance, if any, will be
temporarily provided by commercial paper.
For information concerning capital commitments, see Note 2. For a
discussion of changes in capitalization, see Note 1.
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PART II - OTHER INFORMATION
Item 5. Other Information
(1) Reference is made to Item 1. Business - Employees in FPL's 1993
Form 10-K.
FPL's collective bargaining agreement with the International
Brotherhood of Electrical Workers (IBEW), which expired
October 31, 1994, has been automatically extended for a period of
one year. However, the FPL and the IBEW negotiating committees
have agreed on a contract proposal, which is subject to ratification
by the membership in late November 1994. The IBEW negotiating
committee has unanimously recommended the approval of the
contract proposal.
(2) Reference is made to Item 1. Business - Fuel in FPL's 1993 Form
10-K and Item 5(3) in FPL Form 10-Q for the quarter ended
March 31, 1994.
In August 1994, the FPSC approved the accelerated recovery of the
costs required to convert Manatee Units Nos. 1 and 2 to burn
Orimulsion, a low cost fuel oil substitute. The FPSC also found that
FPL's decision to convert the Manatee units to burn Orimulsion was
prudent and reasonable. FPL is seeking environmental approvals.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Description
*4(a) Restated Articles of Incorporation of FPL dated
March 23, 1992 (filed as Exhibit 3(i)a to Form 10-K for
the year ended December 31, 1993, File No. 1-3545)
*4(b) Amendment to FPL's Restated Articles of Incorporation
dated March 23, 1992 (filed as Exhibit 3(i)b to Form
10-K for the year ended December 31, 1993, File
No. 1-3545)
*4(c) Amendment to FPL's Restated Articles of Incorporation
dated May 11, 1992 (filed as Exhibit 3(i)c to Form 10-K
for the year ended December 31, 1993, File
No. 1-3545)
*4(d) Amendment to FPL's Restated Articles of Incorporation
dated March 12, 1993 (filed as Exhibit 3(i)d to Form
10-K for the year ended December 31, 1993, File
No. 1-3545)
*4(e) Amendment to FPL's Restated Articles of Incorporation
dated June 16, 1993 (filed as Exhibit 3(i)e to Form
10-K for the year ended December 31, 1993, File
No. 1-3545)
*4(f) Amendment to FPL's Restated Articles of Incorporation
dated August 31, 1993 (filed as Exhibit 3(i)f to Form
10-K for the year ended December 31, 1993, File
No. 1-3545)
*4(g) Amendment to FPL's Restated Articles of Incorporation
dated November 30, 1993 (filed as Exhibit 3(i)g to
Form 10-K for the year ended December 31, 1993, File
No. 1-3545)
*4(h) Mortgage and Deed of Trust dated as of January 1,
1944, and Ninety-five Supplements thereto between
FPL and Bankers Trust Company and The Florida
National Bank of Jacksonville (now First Union National
Bank of Florida) Trustees (as of September 2, 1992,
the sole trustee is Bankers Trust Company) (filed as
Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No.
2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File
No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit
4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491;
Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File
No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit
4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File
No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit
4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File
No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit
2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677;
Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No.
2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c),
File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit
2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312;
Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File
No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit
2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712;
Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No.
2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c),
File No. 2-56228; Exhibits 2(c) and 2(d), File
No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701;
Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No.
2-67239; Exhibit<PAGE>
<PAGE>
4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767;
Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File
No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No.
2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c),
File No. 2-79557; Exhibit 99(a) to Post-Effective
Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit
99(a) to Post-Effective Amendment No. 1 to Form S-3, File
No. 33-46076; Exhibit 4(b) to Form 10-K for the year
ended December 31, 1993, File No. 1-3545; and Exhibit 4(i)
to Form 10-Q for the quarter ended June 30, 1994, File
No. 1-3545)
12 Computation of Ratios
27 Financial Data Schedule
* Incorporated herein by reference
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
FLORIDA POWER & LIGHT COMPANY
(Registrant)
PAUL J. EVANSON
Paul J. Evanson
Senior Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)
Date: November 10, 1994
EXHIBIT 12
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS
<TABLE>
<CAPTION>
Nine Months Ended
September 30, 1994
(Thousands of Dollars)
RATIO OF EARNINGS TO FIXED CHARGES
<S> <C>
Earnings, as defined:
Net income ........................................................................ $481,088
Income taxes ...................................................................... 275,760
Fixed charges, as below ........................................................... 236,024
Total earnings, as defined ...................................................... $992,872
Fixed charges, as defined:
Interest expense .................................................................. $220,645
Rental interest factor ............................................................ 7,126
Fixed charges included in nuclear fuel cost ....................................... 8,253
Total fixed charges, as defined ................................................. $236,024
Ratio of earnings to fixed charges .................................................. 4.21
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
Earnings, as defined:
Net income ........................................................................ $481,088
Income taxes ...................................................................... 275,760
Fixed charges, as below ........................................................... 236,024
Total earnings, as defined ...................................................... $992,872
Fixed charges, as defined:
Interest expense .................................................................. $220,645
Rental interest factor ............................................................ 7,126
Fixed charges included in nuclear fuel cost ....................................... 8,253
Total fixed charges, as defined ................................................. 236,024
Non-tax deductible preferred stock dividend requirements ............................ 29,687
Ratio of income before income taxes to net income ................................... 1.57
Preferred stock dividend requirements before income taxes ........................... 46,609
Combined fixed charges and preferred stock dividend requirements .................... $282,633
Ratio of earnings to combined fixed charges and preferred stock
dividend requirements............................................................ 3.51
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from FPL's condensed consolidated balance sheet as of September 30,
1994 and condensed consolidated statements of income and cash flows for the nine months ended September 30, 1994 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<PERIOD-TYPE> 9-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $9,985,216
<OTHER-PROPERTY-AND-INVEST> $539,097
<TOTAL-CURRENT-ASSETS> $971,082
<TOTAL-DEFERRED-CHARGES> $403,323
<OTHER-ASSETS> $121,203
<TOTAL-ASSETS> $12,019,921
<COMMON> $1,373,069
<CAPITAL-SURPLUS-PAID-IN> $1,821,459
<RETAINED-EARNINGS> $914,596
<TOTAL-COMMON-STOCKHOLDERS-EQ> $4,109,124
$94,000
$451,250
<LONG-TERM-DEBT-NET> $3,625,403
<SHORT-TERM-NOTES> $0
<LONG-TERM-NOTES-PAYABLE> $0
<COMMERCIAL-PAPER-OBLIGATIONS> $16,500
<LONG-TERM-DEBT-CURRENT-PORT> $127,225
$1,500
<CAPITAL-LEASE-OBLIGATIONS> $204,959
<LEASES-CURRENT> $0
<OTHER-ITEMS-CAPITAL-AND-LIAB> $3,389,960
<TOT-CAPITALIZATION-AND-LIAB> $12,019,921
<GROSS-OPERATING-REVENUE> $4,076,258
<INCOME-TAX-EXPENSE> $277,490
<OTHER-OPERATING-EXPENSES> $3,121,285
<TOTAL-OPERATING-EXPENSES> $3,398,775
<OPERATING-INCOME-LOSS> $677,483
<OTHER-INCOME-NET> $15,663
<INCOME-BEFORE-INTEREST-EXPEN> $693,145
<TOTAL-INTEREST-EXPENSE> $212,057
<NET-INCOME> $481,088
$29,687
<EARNINGS-AVAILABLE-FOR-COMM> $451,401
<COMMON-STOCK-DIVIDENDS> $401,696
<TOTAL-INTEREST-ON-BONDS> $0
<CASH-FLOW-OPERATIONS> $1,035,125
<EPS-PRIMARY> $0
<EPS-DILUTED> $0
</TABLE>
