<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
<TABLE>
<S> <C>
(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, 1995
/ / TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
</TABLE>
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 $.50 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 February 9, 1996 was $134,923,632 based
on the highest price of $48.00 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 6, 1996:
CLASS A COMMON STOCK -- 29,211,272
CLASS B COMMON STOCK -- 2,000,000
Documents Incorporated by Reference: Part III: The Company's Proxy
Statement for Annual Meeting of Stockholders on April 17, 1996.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<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 13 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 Amdel Inc. Employee Investment Plan
(10e) -- Agreements between FINA, Inc. (formerly American Petrofina,
Incorporated) and Ron W. Haddock
(10f) -- Description of FINA Incentive Compensation Program
(10g) -- Employee Stock Ownership Plan of American Petrofina, Incorporated
(10h) -- FINA Capital Accumulation Plan
(10i) -- FINA Restoration Plan
(10j) -- Form 11-K FINA Capital Accumulation Plan
(19) -- FINA, Inc.'s Proxy Statement for Annual Meeting of Security Holders
on April 17, 1996
(21) -- Subsidiaries of the Registrant
(23) -- Independent Auditors' Consent
(27) -- Financial Data Schedule
</TABLE>
<PAGE> 1
EXHIBIT 10(J)
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
<TABLE>
<S> <C>
(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, 1995
/ / TRANSACTION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE TRANSITION PERIOD FROM TO
</TABLE>
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, 1995 AND 1994
(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, 1995 and
1994, 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, 1995 and 1994, 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 Fund Information in the statements
of net assets available for plan benefits and the statements of changes in net
assets available for plan benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits and
changes in net assets available for plan benefits of each Fund. The supplemental
schedules and Fund Information 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
April 4, 1996
<PAGE> 4
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995 AND 1994
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------
FINA, INC. U.S. DEBT MONEY
COMMON PETROFINA S.A. INDEX MARKET BALANCED
TOTAL STOCK COMMON STOCK FUND FUND FUND
-------- ---------- -------------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
DECEMBER 31, 1995:
Investments, at fair value:
FINA, Inc., Class A common stock (1,530,920
shares: cost of $48,417)....................... $ 77,311 $ 77,311 $ -- $ -- $ -- $ --
PetroFina S.A., common stock (48,157 shares; cost
of $12,947).................................... 14,841 -- 14,841 -- -- --
Wells Fargo Nikko U.S. Debt Index Fund (495,763
shares; cost of $5,548)........................ 6,704 -- -- 6,704 -- --
American Balanced Fund, Inc. (478,674 shares;
cost of $6,116)................................ 6,773 -- -- -- -- 6,773
American New Perspective Global Equity Mutual
Fund (438,243 shares; cost of $6,606).......... 7,178 -- -- -- -- --
Wells Fargo Nikko Equity Index Fund (344,150
shares: cost of $4,727)........................ 6,216 -- -- -- -- --
Money market investments......................... 5,538 656 159 -- 4,713 --
Employee loans receivable........................ 2,936 -- -- -- -- --
Cash............................................... (6) (5) (1) -- -- --
Contributions receivable from employees............ 581 154 35 66 38 96
Contributions receivable from employing
companies........................................ 446 328 118 -- -- --
Accounts receivable................................ 144 32 5 15 9 31
Accrued dividend receivable........................ 27 4 -- -- 23 --
Accrued interest receivable........................ 1 -- 1 -- -- --
-------- -------- -------- -------- -------- -------
Plan assets.................................... 128,690 78,480 15,158 6,785 4,783 6,900
Forfeitures available for future use............... (14) -- -- -- -- --
-------- -------- -------- -------- -------- -------
Net assets available for plan benefits....... $128,676 $ 78,480 $ 15,158 $ 6,785 $ 4,783 $ 6,900
======== ======== ======== ======== ======== =======
DECEMBER 31, 1994:
Investments, at fair value:
FINA, Inc., Class A common stock (1,429,468
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
======== ======== ======== ======== ======== =======
<CAPTION>
GLOBAL EQUITY
EQUITY INDEX COMPANY EMPLOYEE
FUND FUND FORFEITURES LOANS
-------- -------- ----------- --------
<S> <C> <C> <C> <C>
DECEMBER 31, 1995:
Investments, at fair value:
FINA, Inc., Class A common stock (1,530,920
shares: cost of $48,417)....................... $ -- $ -- $ -- $ --
PetroFina S.A., common stock (48,157 shares; cost
of $12,947).................................... -- -- -- --
Wells Fargo Nikko U.S. Debt Index Fund (495,763
shares; cost of $5,548)........................ -- -- -- --
American Balanced Fund, Inc. (478,674 shares;
cost of $6,116)................................ -- -- -- --
American New Perspective Global Equity Mutual
Fund (438,243 shares; cost of $6,606).......... 7,178 -- -- --
Wells Fargo Nikko Equity Index Fund (344,150
shares: cost of $4,727)........................ -- 6,216 -- --
Money market investments......................... -- -- 10 --
Employee loans receivable........................ -- -- -- 2,936
Cash............................................... -- -- -- --
Contributions receivable from employees............ 103 89 -- --
Contributions receivable from employing
companies........................................ -- -- -- --
Accounts receivable................................ 25 23 4 --
Accrued dividend receivable........................ -- -- -- --
Accrued interest receivable........................ -- -- -- --
-------- -------- --------- -------
Plan assets.................................... 7,306 6,328 14 2,936
Forfeitures available for future use............... -- -- (14) --
-------- -------- --------- -------
Net assets available for plan benefits....... $ 7,306 $ 6,328 $ -- $ 2,936
======== ======== ========= =======
DECEMBER 31, 1994:
Investments, at fair value:
FINA, Inc., Class A common stock (1,429,468
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
======== ======== ========= =======
</TABLE>
See accompanying notes to financial statements.
F-1
<PAGE> 5
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
YEARS ENDED DECEMBER 31, 1995 AND 1994
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
FUND INFORMATION
----------------------------------------------------------
FINA, INC. U.S. DEBT MONEY
COMMON PETROFINA S.A. INDEX MARKET BALANCED
TOTAL STOCK COMMON STOCK FUND FUND FUND
-------- ---------- -------------- --------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1995:
Contributions:
Employees.............................................. $ 7,286 $ 1,878 $ 475 $ 899 $ 508 $ 1,193
Employing companies.................................... 5,554 3,964 1,590 -- -- --
-------- --------- ------- -------- ------- -------
12,840 5,842 2,065 899 508 1,193
-------- --------- ------- -------- ------- -------
Investment income:
Dividends.............................................. 4,583 3,437 499 -- 279 244
Interest............................................... 277 37 9 1 1 --
Net appreciation in fair values of investments......... 29,169 23,966 556 1,100 -- 1,145
-------- --------- ------- -------- ------- -------
34,029 27,440 1,064 1,101 280 1,389
-------- --------- ------- -------- ------- -------
Transfers between funds.................................. -- 534 (646) (1,094) (3230) (91)
-------- --------- ------- -------- ------- -------
Withdrawals and expenses:
In cash and in kind.................................... 8,074 5,139 919 526 250 458
Forfeitures............................................ 36 28 8 -- -- --
Other expenses......................................... 156 91 20 17 7 8
-------- --------- ------- -------- ------- -------
8,266 5,258 947 543 257 466
-------- --------- ------- -------- ------- -------
Net increase in net assets available for plan
benefits........................................... 38,603 28,558 1,536 363 208 2,025
Net assets available for plan benefits:
Beginning of year...................................... 90,073 49,922 13,622 6,422 4,575 4,875
-------- --------- ------- -------- ------- -------
End of year............................................ $128,676 $ 78,480 $ 15,158 $ 6,785 $ 4,783 $ 6,900
======== ========= ======== ======== ======= =======
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
======== ======== ======== ======= ======= =======
<CAPTION>
GLOBAL EQUITY
EQUITY INDEX COMPANY EMPLOYEE
FUND FUND FORFEITURES LOANS
------ ------ ----------- --------
<S> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1995:
Contributions:
Employees.............................................. $ 1,310 $ 1,023 $ -- $ --
Employing companies.................................... -- -- --
------- ------- --------- --------
1,310 1,023 -- --
------- ------- --------- --------
Investment income:
Dividends.............................................. 124 -- -- --
Interest............................................... 2 1 -- 226
Net appreciation in fair values of investments......... 990 1,412 -- --
------- ------- --------- --------
1,116 1,413 -- 226
------- ------- --------- --------
Transfers between funds.................................. 487 968 -- 166
------- ------- --------- --------
Withdrawals and expenses:
In cash and in kind.................................... 442 263 -- 77
Forfeitures............................................ -- -- -- --
Other expenses......................................... 9 8 -- (3)
------- ------- --------- --------
451 271 -- 74
------- ------- --------- --------
Net increase in net assets available for plan
benefits........................................... 2,462 3,133 -- 318
Net assets available for plan benefits:
Beginning of year...................................... 4,844 3,195 -- 2,618
------- ------- --------- --------
End of year............................................ $ 7,306 $ 6,328 $ -- $ 2,936
======= ======= ========= ========
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
======= ======= ========= =======
</TABLE>
See accompanying notes to financial statements.
F-2
<PAGE> 6
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(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 FINA, Inc. (Company) and its subsidiaries 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 Pension 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 independent
trustee.
(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 external 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.
For each participant, an employing company 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-3
<PAGE> 7
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(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.
A description of 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, 1995 and 1994 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>
1995 1994
----- -----
<S> <C> <C>
Company Class A common stock......................................... 2,003 2,074
PetroFina S.A. common stock.......................................... 1,065 1,131
U.S. debt index fund................................................. 818 915
Equity index fund.................................................... 809 690
Balanced fund........................................................ 827 800
Global equity fund................................................... 863 795
Money market fund.................................................... 638 737
</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
Committee may direct the Trustee to make such loan repayable over such period
greater than five years. No withdrawal pursuant to any of the withdrawal
provisions of the Plan may be made by a participant to whom a loan is
outstanding from the Plan unless the 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 1995 and 1994 Form 5500's are different from the corresponding amounts
reported in the accompanying financial statements by $1,525,597 and ($613,380),
respectively, as of and for the year ended December 31, 1995 and $912,217 and
$665,945, respectively, as of and for the year ended December 31, 1994. These
differences relate to the classification of withdrawals currently payable to
participants.
F-4
<PAGE> 8
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(i) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
(2) FEDERAL INCOME TAXES
The Plan has obtained from the Internal Revenue Service a determination
letter dated March 19, 1996 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.
(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.
F-5
<PAGE> 9
SCHEDULE 1
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(A) -- SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1995
<TABLE>
<CAPTION>
IDENTITY OF DESCRIPTION OF NUMBER OF CURRENT
MARKETABLE INVESTMENT INVESTMENT SHARES/UNITS COST VALUE
- ----------------------------------- --------------------------------- ------------ -------- --------
(IN THOUSANDS) (IN THOUSANDS)
<S> <C> <C> <C> <C>
FINA, Inc. Class A common stock.... Common Stock 1,530,920 $ 48,417 $ 77,311
PetroFina S.A. common stock........ Common Stock 48,157 12,947 14,841
Wells Fargo Nikko U.S. Debt Index
Fund............................. Commingled Trust Fund 495,763 5,548 6,704
American Balanced Fund, Inc........ Mutual Fund 478,674 6,116 6,773
American New Perspective Global
Equity Mutual Fund............... Mutual Fund 438,243 6,606 7,178
Wells Fargo Nikko Equity Index
Fund............................. Commingled Trust Fund 344,150 4,727 6,216
Northern Trust Short Term Fund..... Commingled Trust Fund 4,713,564 4,713 4,713
TBC Inc. Pooled Employee Daily
Liquidity Fund................... Money Market fund 825,300 825 825
Employee loans receivable.......... Employee loans with maturities 2,936 2,936
ranging from 1996 to 2010 and
interest rates ranging from 6% to
11.5%
---------- ----------
$ 92,835 $ 127,497
========== ==========
</TABLE>
See accompanying independent auditors' report.
F-6
<PAGE> 10
SCHEDULE 2
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
CURRENT VALUE
NUMBER OF ASSET ON
OF PURCHASE SELLING LEASE EXPENSE COST OF TRANSACTION NET
DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE RENTAL INCURRED ASSET DATE GAIN
- -------------------------------- ------------ -------- ------- ------ ------- ------- ------------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PURCHASES:
FINA, Inc. Class A common
stock...................... 95 $ 6,585 $ -- $ -- $ -- $ 6,585 $ 6,585 $--
TBC Inc. Pooled Employee Daily
Liquidity Fund............. 182 14,991 -- -- -- 14,991 14,991 --
SALES:
FINA, Inc. Class A common
stock...................... 4 -- 127 -- -- 93 127 34
TBC Inc. Pooled Employee Daily
Liquidity Fund............. 254 $ -- $14,935 $ -- $ -- $14,935 $14,935 $--
</TABLE>
See accompanying independent auditors' report.
F-7
<PAGE> 11
[LOGO KPMG Peat Marwick LLP]
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 April 4, 1996, relating
to the statements of net assets available for plan benefits of the FINA Capital
Accumulation Plan as of December 31, 1995 and 1994, 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,
1995 annual report on Form 11-K of the FINA Capital Accumulation Plan.
/s/ KPMG Peat Marwick LLP
Dallas, Texas
April 23, 1996
<PAGE> 12
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
/s/ CULLEN M. GODFREY
---------------------------------
Cullen M. Godfrey
Vice President, Secretary and
General Counsel of the Registrant
Dated: April 12, 1996
