<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
(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:
FINA CAPITAL ACCUMULATION PLAN
(FORMERLY NAMED THRIFT PLAN OF AMERICAN PETROFINA, INCORPORATED)
(SAME ADDRESS AS SHOWN BELOW)
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
FINA CAPITAL ACCUMULATION 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
FINA Capital Accumulation Plan:
We have audited the accompanying statements of net assets available for
plan benefits of the FINA Capital Accumulation 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 FINA
Capital Accumulation 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
Dallas, Texas
March 31, 1995
<PAGE> 4
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994 AND 1993
<TABLE>
<CAPTION>
FINA, INC.
COMMON PETROFINA S.A. U.S. DEBT MONEY BALANCED
TOTAL STOCK COMMON STOCK INDEX FUND MARKET FUND FUND
------- ---------- -------------- ---------- ----------- --------
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C> <C>
December 31, 1994:
Investments, at fair value:
FINA, Inc., Class A common stock (714,734
shares: cost of $43,328)...................... $48,870 48,870 -- -- -- --
Petrofina, S.A., common stock (45,205 shares;
cost of $12,019).............................. 13,400 -- 13,400 -- -- --
Wells Fargo Nikko U.S. Debt Index Fund (554,946
shares; cost of $6,124)....................... 6,329 -- -- 6,329 -- --
American Balanced Fund, Inc. (392,882 shares;
cost of $4,951)............................... 4,715 -- -- -- -- 4,715
American New Perspective Global Equity Mutual
Fund (328,286 shares; cost of $4,857)......... 4,717 -- -- -- -- --
Wells Fargo Nikko Equity Index Fund (237,222
shares: cost of $2,982)....................... 3,114 -- -- -- -- --
Money market investments........................ 5,268 700 39 -- 4,500 --
Employee loans receivable....................... 2,618 -- -- -- -- --
Cash............................................... (13) (13) -- -- -- --
Contributions receivable from employees............ 566 141 41 80 46 96
Contributions receivable from employing
companies....................................... 444 309 135 -- -- --
Accounts receivable................................ 54 (88) 7 13 8 64
Accrued dividend receivable........................ 21 -- -- -- 21 --
Accrued interest receivable........................ 3 3 -- -- -- --
------- -------- ------- ---------- ----------- --------
Plan assets................................... 90,106 49,922 13,622 6,422 4,575 4,875
Forfeitures available for future use............... (33) -- -- -- -- --
------- -------- ------- ---------- ----------- --------
Net assets available for plan benefits..... $90,073 49,922 13,622 6,422 4,575 4,875
======= ======== ======= ========== =========== ========
December 31, 1993:
Investments, at fair value:
FINA, Inc., Class A common stock (683,323
shares: cost of $40,800)...................... $46,978 46,978 -- -- -- --
Petrofina, S.A., common stock (40,630 shares;
cost of $10,503).............................. 11,028 -- 11,028 -- -- --
Wells Fargo Nikko U.S. Debt Index Fund (695,541
shares; cost of $7,593)....................... 8,179 -- -- 8,179 -- --
American Balanced Fund, Inc. (285,369 shares;
cost of $3,652)............................... 3,587 -- -- -- -- 3,587
American New Perspective Global Equity Mutual
Fund (99,792 shares; cost of $1,375).......... 1,498 -- -- -- -- --
Wells Fargo Nikko Equity Index Fund (166,802
shares: cost of $2,055)....................... 2,161 -- -- -- -- --
Money market investments........................ 5,542 930 55 -- 4,481 --
Employee loans receivable....................... 2,297 -- -- -- -- --
Cash............................................... 1 1 -- -- -- --
Contributions receivable from employees............ 579 154 42 118 44 104
Contributions receivable from employing
companies....................................... 467 319 148 -- -- --
Accounts receivable................................ 138 25 5 37 13 24
Accrued dividend receivable........................ 12 -- -- -- 12 --
Accrued interest receivable........................ 2 2 -- -- -- --
------- -------- ------- ---------- ----------- --------
Plan assets................................... 82,469 48,409 11,278 8,334 4,550 3,715
Forfeitures available for future use............... (79) -- -- -- -- --
------- -------- ------- ---------- ----------- --------
Net assets available for plan benefits..... $82,390 48,409 11,278 8,334 4,550 3,715
======= ======== ======= ========== =========== ========
</TABLE>
<PAGE> 5
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS -- (CONTINUED)
<TABLE>
<CAPTION>
RETIREMENT
GLOBAL EQUITY COMPANY EMPLOYEE INTERMEDIATE MONEY
EQUITY FUND INDEX FUND FORFEITURES LOANS BOND FUND MARKET FUND
----------- ---------- ----------- -------- ------------ -----------
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C> <C>
December 31, 1994:
Investments, at fair value:
FINA, Inc., Class A common stock (714,734
shares: cost of $43,328)..................... -- -- -- -- -- --
Petrofina, S.A., common stock (45,205 shares;
cost of $12,019)............................. -- -- -- -- -- --
Wells Fargo Nikko U.S. Debt Index Fund (554,946
shares; cost of $6,124)...................... -- -- -- -- -- --
American Balanced Fund, Inc. (392,882 shares;
cost of $4,951).............................. -- -- -- -- -- --
American New Perspective Global Equity Mutual
Fund (328,286 shares; cost of $4,857)........ $ 4,717 -- -- -- -- --
Wells Fargo Nikko Equity Index Fund (237,222
shares: cost of $2,982)...................... -- 3,114 -- -- -- --
Money market investments....................... -- -- 29 -- -- --
Employee loans receivable...................... -- -- -- 2,618 -- --
Cash.............................................. -- -- -- -- -- --
Contributions receivable from employees........... 92 70 -- -- -- --
Contributions receivable from employing
companies...................................... -- -- -- -- -- --
Accounts receivable............................... 35 11 4 -- -- --
Accrued dividend receivable....................... -- -- -- -- -- --
Accrued interest receivable....................... -- -- -- -- -- --
----------- ---------- ----- -------- ------ -----------
Plan assets.................................. 4,844 3,195 33 2,618 -- --
Forfeitures available for future use.............. -- -- (33) -- -- --
----------- ---------- ----- -------- ------ -----------
Net assets available for plan benefits.... $ 4,844 3,195 -- 2,618 -- --
=========== ========== ===== ======== ====== ===========
December 31, 1993:
Investments, at fair value:
FINA, Inc., Class A common stock (683,323
shares: cost of $40,800)..................... -- -- -- -- -- --
Petrofina, S.A., common stock (40,630 shares;
cost of $10,503)............................. -- -- -- -- -- --
Wells Fargo Nikko U.S. Debt Index Fund (695,541
shares; cost of $7,593)...................... -- -- -- -- -- --
American Balanced Fund, Inc. (285,369 shares;
cost of $3,652).............................. -- -- -- -- -- --
American New Perspective Global Equity Mutual
Fund (99,792 shares; cost of $1,375)......... $ 1,498 -- -- -- -- --
Wells Fargo Nikko Equity Index Fund (166,802
shares: cost of $2,055)...................... -- 2,161 -- -- -- --
Money market investments....................... -- 6 70 -- -- --
Employee loans receivable...................... -- -- -- 2,297 -- --
Cash.............................................. -- -- -- -- -- --
Contributions receivable from employees........... 47 70 -- -- -- --
Contributions receivable from employing
companies...................................... -- -- -- -- -- --
Accounts receivable............................... 10 15 9 -- -- --
Accrued dividend receivable....................... -- -- -- -- -- --
Accrued interest receivable....................... -- -- -- -- -- --
----------- ---------- ---- -------- ------ -----------
Plan assets.................................. 1,555 2,252 79 2,297 -- --
Forfeitures available for future use.............. -- -- (79) -- -- --
----------- ---------- ---- -------- ------ -----------
Net assets available for plan benefits.... $ 1,555 2,252 -- 2,297 -- --
=========== ========== ==== ======== ====== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1994 AND 1993
<TABLE>
<CAPTION>
FINA, INC. PETROFINA S.A.
COMMON COMMON U.S. DEBT MONEY BALANCED
TOTAL STOCK STOCK INDEX FUND MARKET FUND FUND
------- ---------- -------------- ---------- ----------- --------
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1994:
Contributions:
Employees............................... $ 7,329 1,823 523 1,172 508 1,304
Employing companies..................... 5,637 3,904 1,733 -- -- --
------- -------- ------- -------- -------- -------
12,966 5,727 2,256 1,172 508 1,304
------- -------- ------- -------- -------- -------
Investment income:
Dividends............................... 3,294 2,506 341 -- 180 201
Interest................................ 222 26 7 -- -- --
Net appreciation (depreciation) in fair
values of investments................. 181 (428) 975 (233) -- (185)
------- -------- ------- -------- -------- -------
3,697 2,104 1,323 (233) 180 16
------- -------- ------- -------- -------- -------
Transfers between funds.................... -- (614) (68) (2,286) (72) 231
------- -------- ------- -------- -------- -------
Withdrawals and expenses:
In cash and in kind..................... 8,853 5,636 1,141 546 587 388
Forfeitures............................. 54 32 22 -- -- --
Other expenses.......................... 73 36 4 19 4 3
------- -------- ------- -------- -------- -------
8,980 5,704 1,167 565 591 391
------- -------- ------- -------- -------- -------
Net increase (decrease) in net assets
available for plan benefits........ 7,683 1,513 2,344 (1,912) 25 1,160
Net assets available for plan benefits:
Beginning of year....................... 82,390 48,409 11,278 8,334 4,550 3,715
------- -------- ------- -------- -------- -------
End of year............................. $90,073 49,922 13,622 6,422 4,575 4,875
======= ======== ======= ======== ======== =======
Year ended December 31, 1993:
Contributions:
Rollover from prior plan................ $ 164 -- -- 37 25 37
Employees............................... 7,253 2,114 569 1,541 646 1,150
Employing companies..................... 5,739 3,995 1,744 -- -- --
------- -------- ------- -------- -------- -------
13,156 6,109 2,313 1,578 671 1,187
------- -------- ------- -------- -------- -------
Investment income:
Dividends............................... 2,746 2,195 280 -- 167 89
Interest................................ 227 24 5 -- -- --
Net appreciation in fair values of
investments........................... 8,318 5,718 1,583 686 -- 63
------- -------- ------- -------- -------- -------
11,291 7,937 1,868 686 167 152
------- -------- ------- -------- -------- -------
Transfers between funds.................... -- (1,991) 328 6,763 4,086 2,428
------- -------- ------- -------- -------- -------
Withdrawals:
In cash and in kind..................... 6,566 4,593 650 687 373 52
Forfeitures............................. 76 35 34 6 1 --
------- -------- ------- -------- -------- -------
6,642 4,628 684 693 374 52
------- -------- ------- -------- -------- -------
Net increase (decrease) in net assets
available for plan benefits........ 17,805 7,427 3,825 8,334 4,550 3,715
Net assets available for plan benefits:
Beginning of year....................... 64,585 40,982 7,453 -- -- --
------- -------- ------- -------- -------- -------
End of year............................. $82,390 48,409 11,278 8,334 4,550 3,715
======= ======== ======= ======== ======== =======
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS --
(CONTINUED)
<TABLE>
<CAPTION>
RETIREMENT
GLOBAL EQUITY COMPANY EMPLOYEE INTERMEDIATE MONEY
EQUITY FUND INDEX FUND FORFEITURES LOANS BOND FUND MARKET FUND
----------- ---------- ----------- -------- ------------ -----------
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C> <C>
Year ended December 31, 1994:
Contributions:
Employees............................. $ 1,097 902 -- -- -- --
Employing companies................... -- -- -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
1,097 902 -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
Investment income:
Dividends............................. 66 -- -- -- -- --
Interest.............................. -- -- -- 189 -- --
Net appreciation (depreciation) in
fair values of investments.......... 9 43 -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
75 43 -- 189 -- --
----------- ---------- ----------- -------- ------------ -----------
Transfers between funds.................. 2,391 203 -- 215 -- --
----------- ---------- ----------- -------- ------------ -----------
Withdrawals and expenses:
In cash and in kind................... 271 201 -- 83 -- --
Forfeitures........................... -- -- -- -- -- --
Other expenses........................ 3 4 -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
274 205 -- 83 -- --
----------- ---------- ----------- -------- ------------ -----------
Net increase (decrease) in net
assets available for plan
benefits......................... 3,289 943 -- 321 -- --
Net assets available for plan benefits:
Beginning of year..................... 1,555 2,252 -- 2,297 -- --
----------- ---------- ----------- -------- ------------ -----------
End of year........................... $ 4,844 3,195 -- 2,618 -- --
=========== ========== =========== ======== ============ ===========
Year ended December 31, 1993:
Contributions:
Rollover from prior plan.............. $ 26 39 -- -- -- --
Employees............................. 449 784 -- -- -- --
Employing companies................... -- -- -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
475 823 -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
Investment income:
Dividends............................. 15 -- -- -- -- --
Interest.............................. -- -- -- 198 -- --
Net appreciation in fair values of
investments......................... 161 107 -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
176 107 -- 198 -- --
----------- ---------- ----------- -------- ------------ -----------
Transfers between funds.................. 923 1,343 -- (472) (7,668) (5,740)
----------- ---------- ----------- -------- ------------ -----------
Withdrawals:
In cash and in kind................... 19 21 -- 171 -- --
Forfeitures........................... -- -- -- -- -- --
----------- ---------- ----------- -------- ------------ -----------
19 21 -- 171 -- --
----------- ---------- ----------- -------- ------------ -----------
Net increase (decrease) in net
assets available for plan
benefits......................... 1,555 2,252 -- (445) (7,668) (5,740)
Net assets available for plan benefits:
Beginning of year..................... -- -- -- 2,742 7,668 5,740
----------- ---------- ----------- -------- ------------ -----------
End of year........................... $ 1,555 2,252 -- 2,297 -- --
=========== ========== =========== ======== ============ ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
(1) GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
The FINA Capital Accumulation Plan (the Plan) operates for the benefit of
certain employees of certain subsidiaries of FINA, Inc. (Company) and American
Petrofina Holding Company, hereafter referred to as "employing companies."
Employees who have completed one year of service are eligible to participate in
the Plan; provided, however, that no employee may become a participant if the
employee is a member of a collective bargaining unit, the recognized
representative of which has not agreed to participation in the Plan by members
of such unit.
The Plan is a defined contribution plan and is subject to the provisions of
the Employee Retirement Income Security Act of 1974, as amended (ERISA). The
following description of the Plan 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 the Company. 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.
During 1992, the Plan's sponsor purchased a chemical plant, at which time,
the employees of that plant became eligible for participation in the Plan. The
net assets were transferred to the Plan from the employee's former plan in 1992
and 1993 and were recorded at their fair value at the date of transfer.
In 1993, the Plan's sponsor sold a paint manufacturing plant, at which time
the assets of the employees of the plant were liquidated and transferred to a
successor plan in a plan-to-plan transfer. The assets transferred were treated
as a withdrawal at fair value of $1,566,772 on the date of transfer.
(b) Basis of Presentation
The accompanying financial statements 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, were 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 participants.
(e) Contributions
Participants may elect to contribute up to 5% of their basic compensation
on an after-tax basis (Thrift Contribution), up to 10% on a pre-tax basis
(Deferred Compensation Contribution), or a combination of pre-tax and after-tax
contributions not exceeding 10% of their basic compensation. If a participant
elects to make a Deferred Compensation Contribution, the participant must enter
into a basic compensation reduction agreement authorizing the employing company
to make such contribution on the participant's behalf.
<PAGE> 9
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
For each participant, the employing companies will contribute an amount
equal to the lesser of the aggregate Thrift and Deferred Compensation
Contributions for the pay period or 6% pre-tax of the participant's basic
compensation for the pay period (Matching Contribution). Matching Contributions
are reduced by participants' forfeitures.
Thrift and Deferred Compensation Contributions are paid to the Trustee in
cash and Matching Contributions are paid to the Trustee in cash or the Company's
Class A common stock.
(f) Investment Program and Vesting
Participants may direct the investment of their Thrift and Deferred
Compensation Contributions into a money market fund, U.S. debt index fund,
balanced fund, equity index fund, global equity fund, the Company's Class A
common stock or Petrofina S.A. common stock; and the investment of the Matching
Contributions into the Company's Class A common stock or Petrofina S.A. common
stock. Participants become completely vested in contributions of the employing
companies upon five years of service with the employing companies.
During the last quarter of 1993 the Plan has added a voice response system
administered by the recordkeeper, Hewitt Associates, LLC. The system provides
account information that is updated monthly and allows the participant election
transfers of current investments and/or changes to the investment elections on a
quarterly basis. Participants may also change the tax treatment of contributions
on a semi-annual basis effective January 1 and July l.
A description of such rights and provisions and an explanation of the
treatment of withdrawals, 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 making contributions because participation
is allowed in more than one investment option.
A summary of participants by investment options follows:
<TABLE>
<CAPTION>
1994 1993
----- -----
<S> <C> <C>
Company Class A common stock......................................... 2,074 2,190
Petrofina S.A. common stock.......................................... 1,131 1,147
U.S. debt index fund................................................. 915 1,105
Equity index fund.................................................... 690 630
Balanced fund........................................................ 800 790
Global equity fund................................................... 795 528
Money market fund.................................................... 737 797
</TABLE>
(g) Loan Option
A participant may borrow from his or her Participant Deferred Account an
amount which, when added to the greater of the total outstanding balance of all
other loans to such Participant from the Plan or the highest outstanding balance
of all such loans for the one-year period ending the day before the date of the
loan, does not exceed up to one-half of the first $100,000 of such participant's
vested interest under the Plan, or the amount allowed under Section 72(p) of the
Internal Revenue Code. Any such loan made to a participant shall be evidenced by
a promissory note payable to the Trustee, shall bear a reasonable rate of
interest, shall be secured by the borrowing participant's vested interest under
the Plan and shall be repayable within five years; provided, however, that if
such loan is to be used to acquire or construct any dwelling unit which within a
reasonable time is to be used as a principal residence of the participant, the
Plan Committee may direct the Trustee to make such loan repayable over such
period greater than five years. No withdrawal pursuant to any
2
<PAGE> 10
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
of the withdrawal provisions of the Plan may be made by a participant to whom a
loan is outstanding from the Plan unless the Plan Committee is satisfied that
such loan will remain nontaxable and fully secured by the withdrawing
participant's vested interest under the Plan following such withdrawal.
(h) Form 5500 Reconciliation
The net assets available for plan benefits and withdrawals reported in the
Plan's 1994 and 1993 Form 5500's are different from the corresponding amounts
reported in the accompanying financial statements by $912,217 and $665,945,
respectively, as of and for the year ended December 31, 1994 and $1,578,162 and
($1,127,053), 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 Committee has obtained from the Internal Revenue Service a
determination letter indicating that the Plan qualifies under the provision of
Sections 401(a) and 401(k) 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, such contributions are tax deferred.
During 1994, the Plan Committee submitted a new plan document to the
Internal Revenue Service for determination of its exemption 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.
3
<PAGE> 11
SCHEDULE 1
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(A) -- SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1994
<TABLE>
<CAPTION>
CURRENT
DESCRIPTION OF NUMBER OF COST VALUE
IDENTITY OF MARKETABLE INVESTMENT INVESTMENT SHARES/UNITS (IN THOUSANDS) (IN THOUSANDS)
- ----------------------------------- ----------------------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
FINA, Inc. Class A common stock Common Stock 714,734 $ 43,328 $ 48,870
Petrofina S.A. common stock Common Stock 45,205 12,019 13,400
Wells Fargo Nikko U.S. Debt Index
Fund Commingled Trust Fund 554,946 6,124 6,329
American Balanced Fund, Inc. Mutual Fund 392,882 4,951 4,715
American New Perspective Global
Equity Mutual Fund Mutual Fund 328,286 4,857 4,717
Wells Fargo Nikko Equity Index Fund Commingled Trust Fund 237,222 2,982 3,114
Northern Trust Short Term Fund Commingled Trust Fund 4,500,349 4,500 4,500
TBC Inc. Pooled Employee Daily
Liquidity Fund Money Market fund 768,639 769 769
Employee loans receivable Employee loans with
maturities ranging from
1995 to 2009 and
interest rates ranging
from 6% to 11.5% 2,618 2,618
-------------- --------------
$ 3,387 $ 3,387
============== ==============
</TABLE>
See accompanying independent auditors' report.
<PAGE> 12
SCHEDULE 2
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
CURRENT VALUE
NUMBER OF ASSET ON
OF PURCHASE SELLING COST OF TRANSACTION NET
DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE ASSET DATE GAIN
- ------------------------------------ ------------ -------- ------- ------- ------------- ----
(THOUSANDS OF DOLLARS EXCEPT TRANSACTION AMOUNTS)
<S> <C> <C> <C> <C> <C> <C>
Purchases:
FINA, Inc. Class A common stock... 68 $ 4,070 $ -- $ 4,070 $ 4,070 $ --
American New Perspective Global
Equity Mutual Fund............. 22 259 -- 259 259 --
Wells Fargo Money Market Fund..... 51 3,183 -- 3,183 3,183 --
Wells Fargo Nikko U.S. Debt Index
Fund........................... 18 1,621 -- 1,621 1,621 --
TBC Inc. Pooled Employee Daily
Liquidity Fund................. 190 11,797 -- 11,797 11,797 --
Sales:
FINA, Inc. Class A common stock... 7 -- 662 541 662 121
American New Perspective Global
Equity Mutual Fund............. 18 -- 467 453 467 14
Wells Fargo Money Market Fund..... 45 -- 3,183 3,183 3,183 --
Wells Fargo Nikko U.S. Debt Index
Fund........................... 24 -- 3,239 3,090 3,239 149
TBC Inc. Pooled Employee Daily
Liquidity Fund................. 155 -- 12,090 12,090 12,090 --
</TABLE>
See accompanying independent auditors' report.
<PAGE> 13
[KPMG PEAT MARWICK LLP LOGO]
CONSENT OF INDEPENDENT AUDITORS
The Plan Committee
FINA Capital Accumulation Plan:
We consent to incorporation by reference in the Registration Statement (No.
2-89230) 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 FINA Capital
Accumulation 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 FINA Capital Accumulation Plan.
/s/ KPMG PEAT MARWICK LLP
Dallas, Texas
March 31, 1995
<PAGE> 14
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.
FINA CAPITAL ACCUMULATION PLAN
Cullen M. Godfrey
Vice President, Secretary and
General Counsel of the Registrant
Dated: April 25, 1995
