<PAGE> 1
- --------------------------------------------------------------------------------
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 2
(MARK ONE)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994
/ / TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER: 1-4014
FINA, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 13-1820692
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
FINA PLAZA, DALLAS, TEXAS 75206
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's Telephone Number Including Area Code: (214) 750-2400
Securities registered pursuant to Section 12(b) of the Act:
<TABLE>
<CAPTION>
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
- ----------------------------------------- ------------------------
<S> <C>
Class A Common Stock $1 par value American Stock Exchange
</TABLE>
Securities registered pursuant to Section 12(g) of the Act:
None
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 (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO
--- ---
The aggregate market value of the Class A Common voting stock held by
non-affiliates of the Registrant as of January 27, 1995 was $163,650,127 based
on the closing price of $74.50 per share as recorded by the American Stock
Exchange.
The number of shares outstanding of each of the issuer's classes of common
stock, as of March 1, 1994:
CLASS A COMMON STOCK -- 14,593,902
CLASS B COMMON STOCK -- 1,000,000
Documents Incorporated by Reference: Part III: The Company's Proxy
Statement for Annual Meeting of Stockholders on April 12, 1995.
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<PAGE> 2
PART IV
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following are incorporated by reference or filed as part of this
Annual Report:
1. and 2. Consolidated Financial Statements and Schedules:
Reference is made to page 14 of this Form 10-K for a list of all
consolidated financial statements and schedules filed as part of this
Form 10-K.
3. Exhibits: (Contained separately and EDGAR filed)
<TABLE>
<S> <C>
(3a) -- The Articles of Incorporation of FINA, Inc.
(3b) -- The Bylaws of FINA, Inc.
(10a) -- Thrift and Employee Stock Ownership Plan for Employees of American
Petrofina, Incorporated
(10b) -- Credit Agreement of March 7, 1995 with NationsBank of Texas, N.A., as
Agent
(10c) -- American Petrofina, Incorporated Employee Non-Qualified Stock Option Plan
(1979)
(10d) -- Form 11-K FINA Capital Accumulation Plan
(10d) -- Form 11-K Amdel Inc. Employee Investment Plan
(10e) -- Agreement between FINA, Inc. and Glenn E. Selvidge
(10h) -- Agreements between FINA, Inc. (formerly American Petrofina, Incorporated)
and Ron W. Haddock
(10i) -- Agreement between FINA, Inc. and Henry J. Lartigue
(10j) -- Employee Stock Ownership Plan of American Petrofina, Incorporated
(10k) -- FINA Capital Accumulation Plan
(10l) -- FINA Restoration Plan
(19) -- FINA, Inc.'s Proxy Statement for Annual Meeting of Security Holders on
April 12, 1995
(21) -- Subsidiaries of the Registrant
(23) -- Independent Auditors' Consent
</TABLE>
<PAGE> 1
EXHIBIT 10(D)
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(MARK ONE:)
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994
/ / TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER: 1-4014
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
AMDEL INC. EMPLOYEE INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
FINA, INC.
(FORMERLY NAMED AMERICAN PETROFINA, INCORPORATED)
FINA PLAZA
8350 N. CENTRAL EXPRESSWAY
DALLAS, TEXAS 75206
<PAGE> 2
AMDEL INC. EMPLOYEE INVESTMENT PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
DECEMBER 31, 1994 AND 1993
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
<PAGE> 3
[KPMG PEAT MARWICK LLP LOGO]
INDEPENDENT AUDITORS' REPORT
The Plan Committee
Amdel Inc. Employee Investment Plan:
We have audited the accompanying statements of net assets available for
plan benefits of the Amdel Inc. Employee Investment Plan as of December 31, 1994
and 1993 and the related statements of changes in net assets available for plan
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the
Amdel Inc. Employee Investment Plan as of December 31, 1994 and 1993, and the
changes in net assets available for plan benefits for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment and reportable transactions are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ KPMG PEAT MARWICK LLP
Dallas, Texas
March 31, 1995
Member Firm of
Klynveld Peat Marwick Goerdeler
<PAGE> 4
AMDEL INC. EMPLOYEE INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994 AND 1993
<TABLE>
<CAPTION>
TBC POOLED RETIREMENT
FINA, INC. U.S. TREASURY EMPLOYEE MONEY COMPANY
TOTAL COMMON STOCK OBLIGATIONS FUND MARKET FUND FORFEITURES
--------- ------------ ------------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
December 31, 1994:
Investments, at fair value:
FINA, Inc., Class A common stock (4,755 shares;
cost of $333,015)............................. $ 325,123 325,123 -- -- -- --
The Boston Company Intermediate Government
Securities Fund (17,414 shares; cost of
$224,171)..................................... 207,050 -- 207,050 -- -- --
Money market investments........................ 1,760,491 4,439 -- 1,756,052 -- --
Cash.............................................. 7,601 1 -- -- -- 7,600
Interest receivable............................... 8,124 44 -- 8,045 -- 35
Contributions receivable from employees........... 52,983 6,537 2,909 43,537 -- --
Contributions receivable from employing
companies....................................... 41,006 5,220 2,689 33,097 -- --
---------- ------------ ------------- ---------- ----------- -----------
Plan assets................................... 2,402,378 341,364 212,648 1,840,731 -- 7,635
Forfeitures available for future use.............. (7,635) -- -- -- -- (7,635)
Amounts due others................................ (4,678) (4,386) (31) (261) -- --
---------- ------------ ------------- ---------- ----------- -----------
Net assets available for plan benefits...... $2,390,065 336,978 212,617 1,840,470 -- --
========== ============ ============= ========== =========== ===========
December 31, 1993:
Investments, at fair value:
FINA, Inc., Class A common stock (4,631 shares;
cost of $320,833)............................. $ 318,381 318,381 -- -- -- --
The Boston Company Intermediate Government
Securities Fund (14,458 shares; cost of
$186,165)..................................... 189,981 -- 189,981 -- -- --
Money market investments........................ 1,605,572 11,200 -- 1,587,053 -- 7,319
Cash.............................................. 851 -- 850 1 -- --
Interest receivable............................... 4,369 36 -- 4,319 -- 14
Contributions receivable from employees........... 49,688 6,378 2,730 40,580 -- --
Contributions receivable from employing
companies....................................... 38,941 5,169 2,527 31,245 -- --
---------- ------------ ------------- ---------- ----------- -----------
Plan assets................................... 2,207,783 341,164 196,088 1,663,198 -- 7,333
Forfeitures available for future use.............. (7,333) -- -- -- -- (7,333)
Amounts due others................................ (850) -- (850) -- -- --
---------- ------------ ------------- ---------- ----------- -----------
Net assets available for plan benefits...... $2,199,600 341,164 195,238 1,663,198 -- --
========== ============ ============= ========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
AMDEL INC. EMPLOYEE INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1994 AND 1993
<TABLE>
<CAPTION>
TBC POOLED RETIREMENT
FINA, INC. U.S. TREASURY EMPLOYEE MONEY COMPANY
TOTAL COMMON STOCK OBLIGATIONS FUND MARKET FUND FORFEITURES
--------- ------------ ------------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1994:
Allotments and contributions:
Basic allotments by employees.................. $ 516,059 55,689 32,241 428,129 -- --
Additional allotments by employees............. 150,557 24,304 3,829 122,424 -- --
Contributions by employing companies........... 516,059 63,561 33,176 419,322 -- --
---------- ------------ ------------- ---------- ----------- -----------
1,182,675 143,554 69,246 969,875 -- --
---------- ------------ ------------- ---------- ----------- -----------
Investment income (loss):
Dividends...................................... 24,936 14,117 10,819 -- -- --
Interest....................................... 58,774 -- -- 58,774 -- --
Other expense.................................. (2,525) -- (280) (2,245) -- --
Net depreciation in fair values of
investments.................................. (25,914) (7,000) (18,914) -- -- --
---------- ------------ ------------- ---------- ----------- -----------
55,271 7,117 (8,375) 56,529 -- --
---------- ------------ ------------- ---------- ----------- -----------
Withdrawals:
In cash and in kind............................ 1,047,481 154,782 43,052 849,647 -- --
Forfeitures.................................... -- -- -- -- -- --
---------- ------------ ------------- ---------- ----------- -----------
1,047,481 154,782 43,052 849,647 -- --
---------- ------------ ------------- ---------- ----------- -----------
Transfers among funds............................ -- (75) (440) 515 -- --
---------- ------------ ------------- ---------- ----------- -----------
Net increase (decrease) in net assets
available for plan benefits.............. 190,465 (4,186) 17,379 177,272 -- --
Net assets available for plan benefits:
Beginning of year.............................. 2,199,600 341,164 195,238 1,663,198 -- --
---------- ------------ ------------- ---------- ----------- -----------
End of year.................................... $2,390,065 336,978 212,617 1,840,470 -- --
========== ============ ============= ========== =========== ===========
Year ended December 31, 1993:
Allotments and contributions:
Basic allotments by employees.................. $ 489,501 51,975 31,963 405,563 -- --
Additional allotments by employees............. 129,714 23,049 3,803 102,862 -- --
Contributions by employing companies........... 501,496 72,252 32,141 397,103 -- --
---------- ------------ ------------- ---------- ----------- -----------
1,120,711 147,276 67,907 905,528 -- --
---------- ------------ ------------- ---------- ----------- -----------
Investment income (loss):
Dividends...................................... 23,562 14,254 9,308 -- -- --
Interest....................................... 40,784 249 -- 40,535 -- --
Other income (expense)......................... (7,595) 3,878 -- (11,473) -- --
Net appreciation in fair values of
investments.................................. 49,059 44,939 4,120 -- -- --
---------- ------------ ------------- ---------- ----------- -----------
105,810 63,320 13,428 29,062 -- --
---------- ------------ ------------- ---------- ----------- -----------
Withdrawals:
In cash and in kind............................ 944,494 161,822 55,667 727,005 -- --
Forfeitures.................................... 7,250 2,020 -- 5,230 -- --
---------- ------------ ------------- ---------- ----------- -----------
951,744 163,842 55,667 732,235 -- --
---------- ------------ ------------- ---------- ----------- -----------
Transfers among funds............................ -- -- -- 1,460,843 (1,460,843) --
---------- ------------ ------------- ---------- ----------- -----------
Net increase (decrease) in net assets
available for plan benefits.............. 274,777 46,754 25,668 1,663,198 (1,460,843) --
Net assets available for plan benefits:
Beginning of year.............................. 1,924,823 294,410 169,570 -- 1,460,843 --
---------- ------------ ------------- ---------- ----------- -----------
End of year.................................... $2,199,600 341,164 195,238 1,663,198 -- --
========== ============ ============= ========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
AMDEL INC. EMPLOYEE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
(1) GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
The Amdel Inc. Employee Investment Plan (the Plan) operates for the benefit
of certain employees of American Petrofina Pipe Line Company and certain
employees of Fina Oil and Chemical Company (FOCC), both of which are
wholly-owned subsidiaries of FINA, Inc. and are hereafter referred to as
"employing companies."
The Plan is a defined contribution plan covering certain full-time
employees of the employing companies who have completed six months of service.
The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974, as amended (ERISA). The following description of the Plan reflects
all Plan amendments and is provided for general purposes only. Participants
should refer to the Plan document for more complete information.
The Plan is administered by the Committee appointed by and acting on behalf
of the Board of Directors of FOCC. Pursuant to the Plan's trust agreement, an
independent trustee (Trustee) maintains custody of the Plan's assets. The Boston
Safe Deposit and Trust Company serves as the Trustee.
(b) Basis of Presentation
The accompanying financial statements of the Plan have been prepared on an
accrual basis using fair values for investments. The fair values of investments
are based on closing market quotations or listed redeemable values. Security
transactions are recorded on a trade date basis.
(c) Expenses Relating to Investment Securities
Expenses relating to the purchase or sale of investment securities are
added to the cost or deducted from the proceeds, respectively.
(d) Expenses of Administering the Plan
All costs and expenses incurred in administering the Plan, including the
fees and expenses of the Trustee, the fees of its counsel and other
administrative expenses, are the responsibility of the employing companies
through June 30, 1994. Beginning July 1, 1994 all Trustee's and record keeping
costs and expenses incurred in administering the Plan are the responsibility of
the Plan's participants.
(e) Contributions
Participants may elect to contribute up to 10% of their basic compensation
to the Plan. The employing company will contribute an amount equal to the lesser
of the amount contributed by the participant or 5% of the participant's basic
compensation. Employing company contributions are reduced by participants'
forfeitures.
(f) Investment Program and Vesting
The Trustee of the Plan by law retains responsibility for the investments
of the Plan. Consistent with the fiduciary standards of ERISA, safeguards are
adhered to in protecting the interests of Plan participants and their
beneficiaries.
A participant may direct the proportions of his or her allotments, employer
contributions, and any earnings received by the Trustee for his or her account
into a money market fund, government securities fund, or the Class A common
stock of FINA, Inc. In the absence of direction, all amounts will be held in
cash
<PAGE> 7
AMDEL INC. EMPLOYEE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
without interest. Participants become completely vested in contributions of the
employing companies upon five years of service with the employing company.
A description of such rights and provisions and an explanation of the
treatment of forfeitures and other matters are contained in the Plan document.
Participation in each investment option at December 31, 1994 and 1993 is
presented below. The sum of participation by investment option is greater than
the total number of Plan participants because participation is allowed in more
than one option.
A summary of participants by investment options follows:
<TABLE>
<CAPTION>
1994 1993
---- ----
<S> <C> <C>
FINA, Inc. Class A common stock........................................ 54 39
Government securities fund............................................. 28 23
Money market fund...................................................... 230 108
</TABLE>
(g) Withdrawals
A participant may withdraw securities and cash attributable to his or her
allotments at any time. Withdrawal of any part of the amounts attributable to
the employing companies' contributions, except on retirement under the Amdel
Inc. Noncontributory Retirement Plan, death or disability, is contingent upon
completion of five years of service. Any amounts not eligible for withdrawal due
to employee termination are forfeited and applied to reduce subsequent employing
companies' contributions. In certain circumstances, amounts forfeited may be
restored to terminated employees who are subsequently reemployed provided they
repay the amount previously withdrawn or distributed.
Withdrawals in cash and in kind in the accompanying financial statements
represent the fair value of the assets at date of distribution.
(h) Form 5500 Reconciliation
The net assets available for plan benefits and withdrawals reported in the
Plan's Form 5500 are different from the corresponding amount reported in the
accompanying financial statements by $752,554 and $47,611, respectively, as of
and for the year ended December 31, 1994 and $800,165 and ($39,547),
respectively, as of and for the year ended December 31, 1993. These differences
relate to the classification of withdrawals currently payable to participants.
(2) FEDERAL INCOME TAXES
The Plan has obtained from the Internal Revenue Service a determination
letter indicating that the Plan qualifies under the provisions of Section 401(a)
of the Internal Revenue Code and, accordingly, is exempt from Federal income
taxes under Section 501(a). The United States Federal income tax status of the
participants with respect to their contributions to the Plan is described in
information submitted to the participants and subject to certain limitations.
During 1994, a new Plan document was submitted to the Internal Revenue
Service for determination of its exception of Federal Income taxes under section
501(a). A favorable determination letter is expected from the Internal Revenue
Service for the new plan document.
(3) PLAN TERMINATION
Although they have not expressed any intent to do so, the employing
companies have the right under the Plan to discontinue their contributions at
any time and to terminate the Plan subject to the provisions of ERISA. In the
event of Plan termination, participants will become 100% vested in their
accounts.
2
<PAGE> 8
SCHEDULE 1
AMDEL INC. EMPLOYEE INVESTMENT PLAN
ITEM 27(A) -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
NUMBER OF CURRENT
IDENTITY OF MARKETABLE INVESTMENT DESCRIPTION OF INVESTMENT SHARES/UNITS COST VALUE
- --------------------------------- --------------------------- ------------ --------- ---------
(IN THOUSANDS EXCEPT PER SHARE/UNIT
AMOUNTS)
<S> <C> <C> <C> <C>
FINA, Inc. Class A common
stock.......................... Common Stock 4,755 $ 333,015 $ 325,123
The Boston Company Intermediate Government Securities
Government Securities Fund..... Fund 17,414 224,171 207,050
TBC Inc. Pooled Employee Daily
Liquidity Fund................. Money Market Fund 1,760,491 1,760,491 1,760,491
---------- ----------
$2,317,677 $2,292,664
========== ==========
</TABLE>
See accompanying independent auditors' report.
<PAGE> 9
SCHEDULE 2
AMDEL INC. EMPLOYEE INVESTMENT PLAN
ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET ON
NUMBER OF PURCHASE SELLING COST OF TRANSACTION NET
DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE ASSET DATE (LOSS)
- --------------------------------------- ------------ ---------- ---------- ---------- ------------- ------
<S> <C> <C> <C> <C> <C> <C>
Purchases:
FINA, Inc. Class A common stock...... 15 $ 134,236 $ -- $ 134,236 $ 134,236 $ --
TBC Inc. Pooled Employee Daily
Liquidity Fund.................... 69 1,857,042 -- 1,857,042 1,857,042 --
Sales:
FINA, Inc. Class A common stock...... 1 -- 33,246 33,878 33,246 (632)
TBC Inc. Pooled Employee Daily
Liquidity Fund.................... 44 -- 1,694,523 1,694,523 1,694,523 --
</TABLE>
See accompanying independent auditors' report.
<PAGE> 10
[KPMG PEAT MARWICK LLP LOGO]
CONSENT OF INDEPENDENT AUDITORS
The Plan Committee
Amdel Inc. Employee Investment Plan:
We consent to incorporation by reference in the Registration Statement (No.
2-49321) on Form S-8 of FINA, Inc. of our report dated March 31, 1995, relating
to the statements of net assets available for plan benefits of the Amdel Inc.
Employee Investment Plan as of December 31, 1994 and 1993, and the related
statements of changes in net assets available for plan benefits for the years
then ended, and the related supplemental schedules, which report appears in the
December 31, 1994 annual report on Form 11-K of the Amdel Inc. Employee
Investment Plan.
/s/ KPMG PEAT MARWICK LLP
KPMG Peat Marwick LLP
Dallas, Texas
March 31, 1995
Member Firm of
Klynveld Peat Marwick Goerdeler
<PAGE> 11
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMDEL INC.
EMPLOYEE INVESTMENT PLAN
Cullen M. Godfrey
Vice President, Secretary and
General Counsel of the Registrant
Dated: April 25, 1995
