UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of earliest event reported: November 1, 2000
Exact name of Registrants as specified in their IRS Employer
Commission charters, addresses of principal executive Identification
File Number offices and Registrants' phone number Number
1-8841 FPL GROUP, INC. 59-2449419
1-3545 FLORIDA POWER & LIGHT COMPANY 59-0247775
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
State or other jurisdiction of incorporation: Florida
Item 5. Other Events
Following are condensed consolidated statements of income, condensed
consolidated balance sheets and condensed consolidated statements of cash
flows for FPL Group, Inc. and Florida Power & Light Company.
FPL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(millions, except per share amounts)
(unaudited)
<TABLE><CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
OPERATING REVENUES ............................................... $2,087 $1,892 $5,225 $4,918
OPERATING EXPENSES:
Fuel, purchased power and interchange .......................... 845 693 1,992 1,788
Other operations and maintenance................................ 314 309 907 910
Depreciation and amortization .................................. 237 245 763 768
Impairment loss on Maine assets ................................ - - - 176
Taxes other than income taxes .................................. 180 175 469 462
Total operating expenses ..................................... 1,576 1,422 4,131 4,104
OPERATING INCOME ................................................. 511 470 1,094 814
OTHER INCOME (DEDUCTIONS):
Interest charges ............................................... (74) (58) (201) (163)
Preferred stock dividends - FPL ................................ (4) (4) (11) (11)
Gain on sale of Adelphia Communications Corporation stock ...... - - - 149
Other - net .................................................... 46 39 80 79
Total other income (deductions) - net ........................ (32) (23) (132) 54
INCOME BEFORE INCOME TAXES ....................................... 479 447 962 868
INCOME TAXES ..................................................... 165 156 323 291
NET INCOME ....................................................... $ 314 $ 291 $ 639 $ 577
Earnings per share of common stock:
Basic .......................................................... $ 1.85 $ 1.70 $ 3.75 $ 3.36
Assuming dilution .............................................. $ 1.84 $ 1.70 $ 3.75 $ 3.36
Dividends per share of common stock .............................. $ 0.54 $ 0.52 $ 1.62 $ 1.56
Weighted average number of common shares outstanding:
Basic .......................................................... 170 171 170 171
Assuming dilution .............................................. 171 171 171 172
</TABLE>
FPL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
(unaudited)
<TABLE><CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant in service and other property,
including nuclear fuel and construction work in progress ....................... $20,582 $19,554
Less accumulated depreciation and amortization ................................... (10,940) (10,290)
Total property, plant and equipment - net ...................................... 9,642 9,264
CURRENT ASSETS:
Cash and cash equivalents ........................................................ 377 361
Customer receivables, net of allowances of $8 and $7, respectively ............... 690 482
Materials, supplies and fossil fuel inventory - at average cost .................. 331 343
Deferred clause expenses ......................................................... 185 54
Other ............................................................................ 260 133
Total current assets ........................................................... 1,843 1,373
OTHER ASSETS:
Special use funds of FPL ......................................................... 1,556 1,352
Other investments ................................................................ 655 611
Other ............................................................................ 1,241 841
Total other assets ............................................................. 3,452 2,804
TOTAL ASSETS ....................................................................... $14,937 $13,441
CAPITALIZATION:
Common stock ..................................................................... $ 2 $ 2
Additional paid-in capital........................................................ 2,848 2,904
Retained earnings................................................................. 2,829 2,465
Accumulated other comprehensive loss.............................................. - (1)
Total common shareholders' equity............................................... 5,679 5,370
Preferred stock of FPL without sinking fund requirements ......................... 226 226
Long-term debt ................................................................... 3,480 3,478
Total capitalization ........................................................... 9,385 9,074
CURRENT LIABILITIES:
Debt due within one year ......................................................... 1,178 464
Accounts payable ................................................................. 613 407
Deferred clause revenues ......................................................... 81 116
Accrued interest, taxes and other ................................................ 1,081 883
Total current liabilities ...................................................... 2,953 1,870
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ................................................ 1,254 1,079
Unamortized regulatory and investment tax credits ................................ 279 310
Other ............................................................................ 1,066 1,108
Total other liabilities and deferred credits ................................... 2,599 2,497
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ............................................... $14,937 $13,441
</TABLE>
FPL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
<TABLE><CAPTION>
Nine Months Ended
September 30,
2000 1999
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $1,055 $1,518
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures of FPL ......................................................... (915) (607)
Independent power investments ....................................................... (394) (1,448)
Other - net ......................................................................... (82) 160
Net cash used in investing activities ........................................... (1,391) (1,895)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt .......................................................... 387 1,216
Retirement of long-term debt ........................................................ (272) (584)
Increase in commercial paper ........................................................ 597 284
Repurchase of common stock .......................................................... (85) (89)
Dividends on common stock ........................................................... (275) (267)
Net cash provided by financing activities ....................................... 352 560
Net increase in cash and cash equivalents ............................................. 16 183
Cash and cash equivalents at beginning of period ...................................... 361 187
Cash and cash equivalents at end of period ............................................ $ 377 $ 370
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) .................................. $ 193 $ 161
Cash paid for income taxes .......................................................... $ 120 $ 323
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations .............................................. $ 42 $ 56
</TABLE>
FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(millions)
(unaudited)
<TABLE><CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
OPERATING REVENUES ................................................. $1,917 $1,769 $4,788 $4,638
OPERATING EXPENSES:
Fuel, purchased power and interchange ............................ 774 646 1,845 1,679
Other operations and maintenance ................................. 258 258 745 791
Depreciation and amortization .................................... 221 234 722 743
Income taxes ..................................................... 165 156 326 306
Taxes other than income taxes .................................... 173 172 455 460
Total operating expenses ....................................... 1,591 1,466 4,093 3,979
OPERATING INCOME ................................................... 326 303 695 659
OTHER INCOME (DEDUCTIONS):
Interest charges ................................................. (47) (39) (129) (125)
Other - net ...................................................... - 4 (2) 8
Total other deductions - net ................................... (47) (35) (131) (117)
NET INCOME ......................................................... 279 268 564 542
PREFERRED STOCK DIVIDENDS .......................................... 4 4 11 11
NET INCOME AVAILABLE TO FPL GROUP .................................. $ 275 $ 264 $ 553 $ 531
</TABLE>
FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
(unaudited)
<TABLE><CAPTION>
September 30, December 31,
2000 1999
<S> <C> <C>
ELECTRIC UTILITY PLANT:
Plant in service, including nuclear fuel and construction work in progress ....... $18,710 $18,162
Less accumulated depreciation and amortization ................................... (10,782) (10,184)
Electric utility plant - net ................................................... 7,928 7,978
CURRENT ASSETS:
Cash and cash equivalents ........................................................ 264 -
Customer receivables, net of allowances of $8 and $7, respectively ............... 622 433
Materials, supplies and fossil fuel inventory - at average cost .................. 277 299
Deferred clause expenses ......................................................... 185 54
Other ............................................................................ 223 107
Total current assets ........................................................... 1,571 893
OTHER ASSETS:
Special use funds ................................................................ 1,556 1,352
Other ............................................................................ 784 385
Total other assets ............................................................. 2,340 1,737
TOTAL ASSETS ....................................................................... $11,839 $10,608
CAPITALIZATION:
Common shareholder's equity ...................................................... $ 5,169 $ 4,793
Preferred stock without sinking fund requirements ................................ 226 226
Long-term debt ................................................................... 2,081 2,079
Total capitalization ........................................................... 7,476 7,098
CURRENT LIABILITIES:
Debt due within one year ......................................................... 577 219
Accounts payable ................................................................. 563 379
Deferred clause revenues ......................................................... 81 116
Accrued interest, taxes and other ................................................ 982 719
Total current liabilities ...................................................... 2,203 1,433
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ................................................ 965 802
Unamortized regulatory and investment tax credits ................................ 279 310
Other ............................................................................ 916 965
Total other liabilities and deferred credits ................................... 2,160 2,077
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ............................................... $11,839 $10,608
</TABLE>
FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
<TABLE><CAPTION>
Nine Months Ended
September 30,
2000 1999
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ 964 $1,494
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ................................................................ (915) (607)
Other - net ......................................................................... (53) (55)
Net cash used in investing activities ........................................... (968) (662)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt .......................................................... 387 224
Retirement of long-term debt ........................................................ (272) (455)
Increase in commercial paper ........................................................ 241 -
Dividends ........................................................................... (488) (470)
Capital contributions from FPL Group ................................................ 400 -
Net cash provided by (used in) financing activities ............................... 268 (701)
Net increase in cash and cash equivalents ............................................. 264 131
Cash and cash equivalents at beginning of period ...................................... - 152
Cash and cash equivalents at end of period ............................................ $ 264 $ 283
Supplemental disclosures of cash flow information:
Cash paid for interest .............................................................. $ 124 $ 126
Cash paid for income taxes .......................................................... $ 74 $ 268
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations .............................................. $ 42 $ 56
Transfer of net assets to FPL FiberNet, LLC ........................................ $ 100 $ -
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
FPL Group, Inc.
Florida Power & Light Company
(Registrants)
Date: November 1, 2000
K. MICHAEL DAVIS
K. Michael Davis
Controller and Chief Accounting Officer of FPL Group, Inc.
Vice President, Accounting, Controller and
Chief Accounting Officer of Florida Power & Light Company
