<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, 1997
[ ] 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)
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)
Registrant's Telephone Number Including Area Code: (214) 750-2400
Securities registered pursuant to Section 12(b) of the Act:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
------------------- ---------------------
Class A Common Stock $.50 par value American Stock Exchange
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 11, 1998 was $162,562,360 based
on the highest price of $59.8125 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, 1997:
CLASS A COMMON STOCK -- 29,231,972
CLASS B COMMON STOCK -- 2,000,000
Documents Incorporated by Reference: Part III: The Company's Proxy
Statement for Annual Meeting of Stockholders of April 15, 1998.
================================================================================
<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.
No reports on Form 8-K were filed during the last quarter of the
period covered by this report. However, a Form 8-K was filed on
February 17, 1998 reporting a news release by the Company approving a
merger with PetroFina S.A. whereby the Company would become an indirect,
wholly-owned affiliate.
3. Exhibits: (Contained separately and EDGAR filed)
<TABLE>
<S> <C>
(2b) -- Agreement and Plan of Merger
(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 Agreements of February 27, 1997 with NationsBank
of Texas, N.A., as Agent, as amended February 26, 1998
(10c) -- American Petrofina, Incorporated Employee Non-Qualified
Stock Option Plan (1979)
(10d) -- Form 11-K Amdel Inc. Employee Investment Plan
(10e)* -- Form 11-K FINA Capital Accumulation Plan
(10f) -- Agreements between FINA, Inc. (formerly American
Petrofina, Incorporated) and Ron W. Haddock
(10g) -- Employee Stock Ownership Plan of American Petrofina,
Incorporated
(10h) -- FINA Capital Accumulation Plan as amended
(10i) -- FINA Restoration Plan
(11) -- Computation of Ratio of Earnings to Fixed Charges
(19) -- FINA, Inc.'s Proxy Statement for Annual Meeting of
Security Holders on April 15, 1998
(21) -- Subsidiaries of the Registrant
(23)* -- Independent Auditors' Consent
(27) -- Financial Data Schedule
</TABLE>
- ---------------
* Filed herewith
<PAGE> 3
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
FINA, Inc.
(Registrant)
By: /s/ CULLEN M. GODFREY
----------------------------------
Cullen M. Godfrey
Senior Vice President, Secretary
and General Counsel
Date: April 27, 1998
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
------- -----------
<S> <C>
(2b) -- Agreement and Plan of Merger
(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 Agreements of February 27, 1997 with NationsBank
of Texas, N.A. as Agent, as amended February 26, 1998
(10c) -- American Petrofina, Incorporated Employee Non-Qualified
Stock Option Plan (1979)
(10d) -- Form 11-K Amdel Inc. Employee Investment Plan
(10e)* -- Form 11-K FINA Capital Accumulation Plan
(10f) -- Agreements between FINA, Inc. (formerly American
Petrofina, Incorporated) and Ron W. Haddock
(10g) -- Employee Stock Ownership Plan of American Petrofina,
Incorporated
(10h) -- FINA Capital Accumulation Plan, as amended
(10i) -- Fina Restoration Plan
(11) -- Computation of Ratio of Earnings to Fixed Charges
(19) -- FINA, Inc.'s Proxy Statement for Annual Meeting of
Security Holders to be held April 15, 1998
(21) -- Subsidiaries of the Registrant
(23)* -- Independent Auditors' Consent
(27) -- Financial Data Schedule
</TABLE>
- ---------------
* Filed herewith
<PAGE> 1
FINA CAPITAL ACCUMULATION PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
DECEMBER 31, 1997 AND 1996
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
<PAGE> 2
EXHIBIT 10(e)
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, 1997
[ ] 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> 3
INDEPENDENT AUDITORS' REPORT
The Pension 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, 1997 and 1996,
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, 1997 and 1996, 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.
KPMG Peat Marwick LLP
Dallas, Texas
April 17, 1998
<PAGE> 4
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1997 AND 1996
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------------
FINA, Inc. PetroFina Money
common S.A. common U.S. Debt market
Total stock stock index fund fund
---------- ---------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C>
DECEMBER 31, 1997:
Investments, at fair value:
FINA, Inc., Class A common stock (1,651,512
shares; cost of $58,309) $ 105,697 $ 105,697 $ -- $ -- $ --
PetroFina S.A., common stock (49,142
shares; cost of $13,792) 18,138 -- 18,138 -- --
Wells Fargo Nikko U.S. Debt Index Fund
(455,782 shares; cost of $5,450) 5,917 -- -- 5,917 --
American Balanced Fund, Inc. (674,707
shares; cost of $9,348) 10,579 -- -- -- --
American New Perspective Global Equity
Mutual Fund (539,981 shares; cost of $8,984) 10,459 -- -- -- --
Wells Fargo Nikko Equity Index Fund (577,828
shares; cost of $12,345) 15,106 -- -- -- --
Brandywine Growth Fund (130,990 shares:
cost of $4,646) 4,046 -- -- -- --
Money market investments 6,324 1,113 710 -- 4,454
Employee loans receivable 6,309 -- -- -- --
Cash 1 1 -- -- --
Due from (to) other funds -- (82) -- -- --
Accrued interest receivable 27 5 1 -- 21
--------- --------- --------- --------- ---------
Plan assets 182,603 106,734 18,849 5,917 4,475
Forfeitures available for future use (47) -- -- -- --
Fees payable (45) (33) (10) (1) --
Due to broker (676) (439) (235) -- --
--------- --------- --------- --------- ---------
Net assets available for plan benefits $ 181,835 $ 106,262 $ 18,604 $ 5,916 $ 4,475
========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------------
Balanced Global Equity Growth Company Employee
fund equity fund index fund fund forfeitures loans
--------- ----------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
DECEMBER 31, 1997:
Investments, at fair value:
FINA, Inc., Class A common stock (1,651,512
shares; cost of $58,309) $ -- $ -- $ -- $ -- $ -- $ --
PetroFina S.A., common stock (49,142
shares; cost of $13,792) -- -- -- -- -- --
Wells Fargo Nikko U.S. Debt Index Fund
(455,782 shares; cost of $5,450) -- -- -- -- -- --
American Balanced Fund, Inc. (674,707
shares; cost of $9,348) 10,579 -- -- -- -- --
American New Perspective Global Equity
Mutual Fund (539,981 shares; cost of $8,984) -- 10,459 -- -- -- --
Wells Fargo Nikko Equity Index Fund (577,828
shares; cost of $12,345) -- -- 15,106 -- -- --
Brandywine Growth Fund (130,990 shares:
cost of $4,646) -- -- -- 4,046 -- --
Money market investments -- -- -- -- 47 --
Employee loans receivable -- -- -- -- -- 6,309
Cash -- -- -- -- -- --
Due from (to) other funds -- -- -- -- -- 82
Accrued interest receivable -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Plan assets 10,579 10,459 15,106 4,046 47 6,391
Forfeitures available for future use -- -- -- -- (47) --
Fees payable -- -- (1) -- -- --
Due to broker -- -- (2) -- -- --
--------- --------- --------- --------- --------- ---------
Net assets available for plan benefits $ 10,579 $ 10,459 $ 15,103 $ 4,046 $ -- $ 6,391
========= ========= ========= ========= ========= =========
Continued
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION -- (CONTINUED)
<TABLE>
<CAPTION>
Fund Information
--------------------------------------------
FINA, Inc. PetroFina Money
common S.A. common U.S. Debt market
Total stock stock index fund fund
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
DECEMBER 31, 1996:
Investments, at fair value:
FINA, Inc., Class A common stock (1,588,436
shares: cost of $51,833) $ 76,642 $ 76,642 $ -- $ -- $ --
PetroFina S.A., common stock (48,921
shares; cost of $13,255) 15,573 -- 15,573 -- --
Wells Fargo Nikko U.S. Debt Index Fund
(448,402 shares; cost of $5,084) 6,289 -- -- 6,289 --
American Balanced Fund, Inc. (631,456
shares; cost of $8,328) 9,188 -- -- -- --
American New Perspective Global Equity
Mutual Fund (508,432 shares; cost of $7,882) 9,238 -- -- -- --
Wells Fargo Nikko Equity Index Fund (453,870
shares: cost of $6,898) 10,079 -- -- -- --
Money market investments 5,989 1,346 62 -- 4,569
Employee loans receivable 4,006 -- -- -- --
Contributions receivable from employees 575 152 29 58 31
Contributions receivable from employing
companies 451 347 104 -- --
Accounts receivable 192 28 8 24 50
Accrued interest receivable 27 5 1 -- 21
--------- --------- --------- --------- ---------
Plan assets 138,248 78,520 15,777 6,371 4,671
Forfeitures available for future use (18) -- -- -- --
Due to broker (335) (271) (64) -- --
--------- --------- --------- --------- ---------
Net assets available for plan benefits $ 137,895 $ 78,249 $ 15,713 $ 6,371 $ 4,671
========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------------------------------
Balanced Global Equity Growth Company Employee
fund equity fund index fund fund forfeitures loans
--------- ----------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C>
DECEMBER 31, 1996:
Investments, at fair value:
FINA, Inc., Class A common stock (1,588,436
shares: cost of $51,833) $ -- $ -- $ -- $ -- $ -- $ --
PetroFina S.A., common stock (48,921
shares; cost of $13,255) -- -- -- -- -- --
Wells Fargo Nikko U.S. Debt Index Fund
(448,402 shares; cost of $5,084) -- -- -- -- -- --
American Balanced Fund, Inc. (631,456
shares; cost of $8,328) 9,188 -- -- -- -- --
American New Perspective Global Equity
Mutual Fund (508,432 shares; cost of $7,882) -- 9,238 -- -- -- --
Wells Fargo Nikko Equity Index Fund (453,870
shares: cost of $6,898) -- -- 10,079 -- -- --
Money market investments -- -- -- -- 12 --
Employee loans receivable -- -- -- -- -- 4,006
Contributions receivable from employees 97 102 105 -- -- --
Contributions receivable from employing
companies -- -- -- -- -- --
Accounts receivable 22 25 29 -- 6 --
Accrued interest receivable -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Plan assets 9,307 9,365 10,213 -- 18 4,006
Forfeitures available for future use -- -- -- -- (18) --
Due to broker -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net assets available for plan benefits $ 9,307 $ 9,365 $ 10,213 $ -- $ -- $ 4,006
========= ========= ========= ========= ========= =========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
<TABLE>
<CAPTION>
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
YEARS ENDED DECEMBER 31, 1997 AND 1996
(THOUSANDS OF DOLLARS)
Fund Information
-----------------------------------------------
FINA, Inc. PetroFina Money
common S.A. common U.S. Debt market
Total stock stock index fund fund
--------- --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1997:
Contributions:
Employees $ 9,989 $ 2,790 $ 508 $ 698 $ 466
Employing companies 6,337 4,936 1,401 -- --
--------- --------- --------- --------- ---------
16,326 7,726 1,909 698 466
--------- --------- --------- --------- ---------
Investment income:
Dividends 6,760 5,027 540 -- --
Interest 790 73 14 -- 255
Net appreciation(depreciation)
in fair value of investments 33,891 25,271 2,442 523 --
--------- --------- --------- --------- ---------
41,441 30,371 2,996 523 255
--------- --------- --------- --------- ---------
Transfers between funds - (1,725) (608) (1,203) (323)
--------- --------- --------- --------- ---------
Withdrawals and expenses:
In cash and in kind 13,498 8,157 1,367 459 586
Forfeitures 28 22 6 -- --
Other deductions (additions) 301 180 33 14 8
--------- --------- --------- --------- ---------
13,827 8,359 1,406 473 594
--------- --------- --------- --------- ---------
Net increase (decrease)
in fair value of investments 43,940 28,013 2,891 (455) (196)
Net assets available for plan benefits:
Beginning of year 137,895 78,249 15,713 6,371 4,671
--------- --------- --------- --------- ---------
End of year $ 181,835 $ 106,262 $ 18,604 $ 5,916 $ 4,475
========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
Fund Information
-----------------------------------------------------------------------
Balanced Global Equity Growth Company Employee
fund equity fund index fund fund forfeitures loans
--------- ----------- ---------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1997:
Contributions:
Employees $ 1,558 $ 1,537 $ 2,071 $ 361 $ -- $ --
Employing companies -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
1,558 1,537 2,071 361 -- --
--------- --------- --------- --------- --------- ---------
Investment income:
Dividends 397 225 -- 571 -- --
Interest -- -- -- -- -- 448
Net appreciation(depreciation)
in fair value of investments 1,478 1,119 3,644 (586) -- --
--------- --------- --------- --------- --------- ---------
1,875 1,344 3,644 (15) -- 448
--------- --------- --------- --------- --------- ---------
Transfers between funds (1,430) (899) 217 3,908 -- 2,063
--------- --------- --------- --------- --------- ---------
Withdrawals and expenses:
In cash and in kind 713 869 1,016 205 -- 126
Forfeitures -- -- -- -- -- --
Other deductions (additions) 18 19 26 3 -- --
--------- --------- --------- --------- --------- ---------
731 888 1,042 208 -- 126
--------- --------- --------- --------- --------- ---------
Net increase (decrease)
in fair value of investments 1,272 1,095 4,890 4,046 -- 2,385
Net assets available for plan benefits:
Beginning of year 9,307 9,365 10,213 -- -- 4,006
--------- --------- --------- --------- --------- ---------
End of year $ 10,579 $ 10,460 $ 15,103 $ 4,046 $ -- $ 6,391
========= ========= ========= ========= ========= =========
Continued
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
<TABLE>
<CAPTION>
FINA CAPITAL ACCUMULATION PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS, WITH FUND INFORMATION - (CONTINUED)
Fund Information
-------------------------------------------
FINA, Inc. PetroFina Money
common S.A. common U.S. Debt market
Total stock stock index fund fund
-------- --------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1996:
Contributions:
Employees $ 7,335 $ 1,928 $ 407 $ 771 $ 408
Employing companies 5,638 4,242 1,396 -- --
-------- --------- ---------- ---------- --------
12,973 6,170 1,803 771 408
-------- --------- ---------- ---------- --------
Investment income:
Dividends 5,819 4,212 522 -- 164
Interest 433 36 10 2 61
Net appreciation (depreciation) in fair
value of investments 171 (3,670) 443 224 --
-------- --------- ---------- ---------- --------
6,423 578 975 226 225
-------- --------- ---------- ---------- --------
Transfers between funds -- (576) (824) (1,036) (442)
-------- --------- ---------- ---------- --------
Withdrawals and expenses:
In cash and in kind 9,916 6,241 1,359 351 315
Forfeitures 33 27 6 -- --
Other deductions (additions) 228 135 34 24 (12)
-------- --------- ---------- ---------- --------
10,177 6,403 1,399 375 303
-------- --------- ---------- ---------- --------
Net increase (decrease)
in fair value of investments 9,219 (231) 555 (414) (112)
Net assets available for plan benefits:
Beginning of year 128,676 78,480 15,158 6,785 4,783
-------- --------- ---------- ---------- --------
End of year $137,895 $ 78,249 $ 15,713 $ 6,371 $ 4,671
======== ========= ========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------
Balanced Global Equity Growth Company Employee
fund equity fund index fund fund forfeitures loans
-------- ----------- ---------- ------ ----------- --------
<S> <C> <C> <C> <C> <C> <C>
YEAR ENDED DECEMBER 31, 1996:
Contributions:
Employees $ 1,220 $ 1,278 $ 1,323 $ -- $ -- $ --
Employing companies -- -- -- -- -- --
-------- ----------- ---------- ------ ----------- --------
1,220 1,278 1,323 -- -- --
-------- ----------- ---------- ------ ----------- --------
Investment income:
Dividends 763 158 -- -- -- --
Interest 3 3 5 -- -- 313
Net appreciation (depreciation) in fair
value of investments 259 1,180 1,735 -- -- --
-------- ----------- ---------- ------ ----------- --------
1,025 1,341 1,740 -- -- 313
-------- ----------- ---------- ------ ----------- --------
Transfers between funds 518 82 1,415 -- -- 863
-------- ----------- ---------- ------ ----------- --------
Withdrawals and expenses:
In cash and in kind 343 628 573 -- -- 106
Forfeitures -- -- -- -- -- --
Other deductions (additions) 13 14 20 -- -- --
-------- ----------- ---------- ------ ----------- --------
356 642 593 -- -- 106
-------- ----------- ---------- ------ ----------- --------
Net increase (decrease)
in fair value of investments 2,407 2,059 3,885 -- -- 1,070
Net assets available for plan benefits:
Beginning of year 6,900 7,306 6,328 -- -- 2,936
-------- ----------- ---------- ------ ----------- --------
End of year $ 9,307 $ 9,365 $ 10,213 $ -- $ -- $ 4,006
======== =========== ========== ====== =========== ========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
(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 other
than employee loans are based on closing market quotations or listed redeemable
values. Employee loans are valued at cost which approximates fair value.
Security transactions are recorded on a trade date basis.
(c) COSTS 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 external 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 Plan.
(e) CONTRIBUTIONS
Participants may elect to contribute up to 6% (effective 1/1/96) 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% (effective 1/1/96) pre-tax of the
participant's basic compensation for the pay period (Matching Contribution).
Matching Contributions are reduced by participants' forfeitures.
<PAGE> 9
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS --(CONTINUED)
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, growth 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, 1997 and 1996
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>
1997 1996
---- ----
<S> <C> <C>
Company Class A common stock 2,213 2,246
Petrofina S.A. common stock 1,093 1,098
U.S. debt index fund 640 748
Equity index fund 1,158 1,107
Balanced fund 975 1,002
Global equity fund 1,019 999
Money market fund 499 613
Brandywine fund 430 0
</TABLE>
On February 17, 1998, PetroFina S.A. ("PetroFina") and the Company
announced that they had entered into a definitive agreement and plan of merger
pursuant to which the Company will become an indirect, wholly-owned subsidiary
of PetroFina. Under the terms of the agreement, current shareholders of the
Company, other than PetroFina and its subsidiaries will receive in exchange for
each FINA, Inc. share they currently hold $60 and a warrant entitling the holder
to purchase nine-tenths (0.9) of one PetroFina American Depositary Share ("ADS")
at an exercise price of $42.25 per ADS. Thus, each 10 warrants will entitle the
holder of those warrants, upon payment of $380.25, to receive nine ADSs. The
warrants will be exercisable for a period of five years from effective date of
the merger. PetroFina intends to seek listing of the warrants on the New York
Stock Exchange. The agreement was recommended by a Special Committee of the
Board of Directors of the Company and approved by the Company's Board of
Directors. Goldman, Sachs & Co. acted as a financial advisor to the Special
Committee. The merger is subject to customary closing conditions. The Company
and PetroFina also announced that they have entered into a Memorandum of
Understanding with class counsel regarding the proposed comprehensive settlement
of various class action lawsuits that had been filed relating to the
transaction. The settlement is subject to, among other things, completion of
definitive documentation relating to the settlement, court approval and
consummation of the merger.
2
<PAGE> 10
FINA CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS --(CONTINUED)
(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. At
December 31, 1997, employee loans had maturities ranging from 1998 to 2012 and
interest rates ranging from 7% to 9.5%.
(h) FORM 5500 RECONCILIATION
The net assets available for plan benefits and withdrawals reported in
the Plan's 1997 and 1996 Form 5500's are different from the corresponding
amounts reported in the accompanying financial statements by $0 and $1,191,981,
respectively, as of and for the year ended December 31, 1997 and $1,191,981 and
$333,616 respectively, as of and for the year ended December 31, 1996. These
differences relate to the classification of withdrawals currently payable to
participants.
(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 additions and deductions 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.
3
<PAGE> 11
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(A) - SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1997
SCHEDULE 1
<TABLE>
<CAPTION>
Current
Number of Cost Value
Identity of Marketable Investment Description of Investment Shares/Units (In thousands) (In thousands)
- --------------------------------- ------------------------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
FINA, Inc. Class A common stock * Common Stock 1,651,512 $ 58,309 $ 105,697
PetroFina S.A. common stock * Common Stock 49,142 13,792 18,138
Wells Fargo Nikko U.S. Debt Index Fund * Commingled Trust Fund 455,782 5,450 5,917
American Balanced Fund, Inc. * Mutual Fund 674,707 9,348 10,579
American New Perspective Global Equity
Mutual Fund * Mutual Fund 539,981 8,984 10,459
Wells Fargo Nikko Equity Index Fund * Commingled Trust Fund 577,828 12,345 15,106
Brandywine Growth Fund * Mutual Fund 130,990 4,646 4,046
TBC, Inc. Pooled Employee Daily Liquidity Fund * Money Market Fund 6,324 6,324 6,324
Employee loans receivable * Employee loans with maturities
ranging from 1998 to 2012 and
interest rates ranging from 7%
to 9.5% 6,309 6,309
-------------- ------------
$ 125,507 $ 182,575
============== ============
</TABLE>
See accompanying independent auditors' report.
* Party-in-interest
<PAGE> 12
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(D) --- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1997
(THOUSANDS OF DOLLARS)
SCHEDULE 2
----------
<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>
PURCHASES:
FINA, Inc. Class A common stock * 60 $ 9,595 $ -- $ -- $ -- $ 9,595 $ 9,595 $--
TBC Inc. Pooled Employee Daily
Liquidity Fund * 362 $ 40,883 $ -- $ -- $ -- $40,883 $ 40,883 $--
Wells Fargo Bk Nikko US Debt Index Fund * 45 $ 7,087 $ -- $ -- $ -- $ 7,087 $ 7,087 $--
Wells Fargo Bk Nikko Equity Index Fund * 110 $ 14,407 $ -- $ -- $ -- $14,407 $ 14,407 $--
</TABLE>
* Party-in-interest
<PAGE> 13
FINA CAPITAL ACCUMULATION PLAN
ITEM 27(d) -- SCHEDULE OF REPORTABLE TRANSACTIONS (CONTINUED)
<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>
SALES:
FINA, Inc. Class A common stock * 17 $ -- $ 3,811 $ -- $ -- $ 2,007 $ 3,811 $ 1,804
TBC Inc. Pooled Employee Daily
Liquidity Fund * 435 $ -- $40,548 $ -- $ -- $40,548 $ 40,548 $ --
Wells Fargo Bk Nikko US Debt Index Fund * 102 $ -- $ 1,681 $ -- $ -- $ 1,637 $ 1,681 $ 44
Wells Fargo Bk Nikko Equity Index Fund * 94 $ -- $13,025 $ -- $ -- $ 8,962 $ 13,025 $ 4,063
</TABLE>
See accompanying independent auditors' report.
* Party-in-interest
<PAGE> 1
EXHIBIT 23
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 17, 1998, relating
to the statements of net assets available for plan benefits of the FINA Capital
Accumulation Plan as of December 31, 1997 and 1996, 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,
1997 annual report on Form 11-K of the FINA Capital Accumulation Plan.
KPMG Peat Marwick LLP
Dallas, Texas
April 30, 1998
