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Previous: IDS EXTRA INCOME FUND INC, NSAR-A, 1994-04-29 |
Next: EMPIRE BUILDER TAX FREE BOND FUND, NSAR-B, 1994-04-29 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 11-K
_________________
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For The Fiscal Year Ended October 31, 1993
_________________
EMPLOYEES' THRIFT PLAN OF
INDIANAPOLIS POWER & LIGHT COMPANY
IPALCO Enterprises, Inc.
25 MONUMENT CIRCLE
INDIANAPOLIS, INDIANA 46204
EMPLOYEES' THRIFT PLAN OF
INDIANAPOLIS POWER & LIGHT COMPANY
----------------------------------
TABLE OF CONTENTS
-----------------
Page
Independent Auditors' Report 2
Financial Statements as of October 31, 1993 and 1992 and
For the Years Then Ended:
Statements of Net Assets Available for Benefits 3
Statements of Changes in Net Assets Available for Benefits 4
Notes to Financial Statements 5-8
Supplemental Schedules*:
Item 27a - Schedule of Assets Held for Investment Purposes
As of October 31, 1993 9-12
Item 27d - Schedule of Reportable Transactions
For the Year ended October 31, 1993 13
*Schedules not filed herewith are omitted because of the absence of the
conditions under which they are required by Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employees Retirement
Income Security Act of 1974.
Exhibits:
Exhibit I - Independent Auditors' Consent
-1-
INDEPENDENT AUDITORS' REPORT
The Employees' Pension Committee of the Employees' Thrift Plan
of Indianapolis Power & Light Company
We have audited the accompanying statements of net assets available for
benefits of the Employees' Thrift Plan of Indianapolis Power & Light
Company (the "Plan") as of October 31, 1993 and 1992, and the related
statement of changes in net assets available for 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, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at October 31,
1993 and 1992, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules
listed in the Table of Contents 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. These schedules are the responsibility of the
Plan's management. Such schedules have been subjected to the auditing
procedures applied in our audit of the basic October 31, 1993 financial
statements and, in our opinion, are fairly stated in all material respects
when considered in relation to the basic financial statements taken as a
whole.
DELOITTE & TOUCHE
Indianapolis, Indiana
April 15, 1994
-2-
<TABLE>
EMPLOYEES' THRIFT PLAN OF
INDIANAPOLIS POWER & LIGHT COMPANY
- - ----------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS (Note 4)
- - ------------------------------------------------------------------------------------------------------
<CAPTION>
October 31
---------------------------------------
Note 1993 1992
------ ------------------ -----------------
<S> <C> <C> <C>
ASSETS:
- - -------
INVESTMENTS - at fair value: 1
Money market funds $ 2,272,042 $ 1,726,894
U. S. Government
securities (cost $7,586,614 at 1993
and $7,007,814 at 1992) 8,040,075 7,341,184
IPALCO Enterprises, Inc.
common stock (cost $68,364,753 at
1993 and $61,153,577 at 1992) 119,573,604 107,251,976
----------------- -----------------
Total Investments 129,885,721 116,320,054
Cash 167,465 137,205
Accrued interest 143,031 143,185
----------------- -----------------
TOTAL ASSETS 130,196,217 116,600,444
----------------- -----------------
LIABILITIES:
- - ------------
Accounts payable 35,700
-----------------
TOTAL LIABILITIES 35,700
-----------------
NET ASSETS AVAILABLE FOR BENEFITS $ 130,196,217 $ 116,564,744
================= =================
See Notes to Financial Statements.
- - ------------------------------------------------------------------------------------------------------
</TABLE>
-3-
<TABLE>
EMPLOYEES' THRIFT PLAN OF
INDIANAPOLIS POWER & LIGHT COMPANY
- - ----------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (Note 5)
<CAPTION>
Years Ended October 31
-------------------------------------
1993 1992
----------------- -----------------
<S> <C> <C>
INCREASES:
- - ----------
Employee contributions $ 5,245,926 $ 4,946,598
Company contributions, net 3,181,377 3,062,826
Interest and dividend income 6,964,963 6,409,832
Net appreciation of investments 7,157,909 9,331,360
----------------- -----------------
Total 22,550,175 23,750,616
----------------- -----------------
DECREASES:
Withdrawals by participants or
their beneficiaries 8,780,125 9,168,756
Administrative fees 138,577 133,104
----------------- -----------------
Total 8,918,702 9,301,860
----------------- -----------------
INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS 13,631,473 14,448,756
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 116,564,744 102,115,988
----------------- -----------------
NET ASSETS AVAILABLE FOR BENEFITS, END OF PERIOD $ 130,196,217 $ 116,564,744
================= =================
See Notes to Financial Statements.
- - ------------------------------------------------------------------------------------------------
</TABLE>
-4-
EMPLOYEES' THRIFT PLAN OF
INDIANAPOLIS POWER & LIGHT COMPANY
- - ----------------------------------
NOTES TO FINANCIAL STATEMENTS
- - -----------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
-------------------
The financial statements of the Employees' Thrift Plan of Indianapolis
Power & Light Company (the "Plan") have been prepared on the accrual
basis.
Plan Assets
-----------
Assets of the Plan are maintained in trust at National City Bank,
Indiana. Once placed in trust, assets may be withdrawn only for the
purpose of refunding employee contributions and payment of vested
employer contributions to employees withdrawing from the Plan, to
retiring employees or to beneficiaries of deceased employees. All
payments made from the trust require the approval of the Employees'
Pension Committee of Indianapolis Power & Light Company.
Investments
-----------
Investments in securities are stated at market value as determined by
quoted market prices. Investment transactions are recorded as of the
settlement date. Cost of securities sold is determined on a specific
identification basis. Except for temporary funds, which are money
market funds invested in United States Treasuries, investments are
restricted by the Plan agreement to United States Government securities
(Fund A) and to common stock of IPALCO Enterprises, Inc. (Fund B).
2. DESCRIPTION OF THE PLAN
The Plan is administered by the Employees' Pension Committee which is a
committee of not less than five persons appointed by the Indianapolis
Power & Light Company Board of Directors. The Plan is a defined
contribution plan covering substantially all employees who have
completed one year of service and who elect to participate in the Plan
on any subsequent November 1 or May 1.
Employee contributions are made through payroll deductions representing
amounts equal to a specified percentage of the employee's base rate of
compensation. Employees have the option of contributing anywhere from
2% to 15% in increments of 1%. Employees can make such contributions
under a "Before Tax" or "After Tax" option.
-5-
Employer contributions are made in an amount equal to current employee
contributions up to a maximum of 4%.
Contributions are invested in one or two Investment Fund accounts as
directed by the participants. The choices are as follows:
Fund A - This fund is restricted to obligations of the United
States Government or its agencies.
Fund B - This fund is restricted to shares of common stock of
IPALCO Enterprises, Inc. (Enterprises).
In the event of partial or total termination of the Plan, the funds in
the Plan shall be valued as of the date of partial or total termination
and after payment of necessary expenses shall be distributed as though
all participants directly affected by the partial or total termination
had retired as of that date.
The Plan is maintained with the intent of being a qualified trust under
Section 401(a) of the Internal Revenue Code. Its related trust is
exempt from Federal income taxes under Section 501(a) of the Code. The
Plan obtained its latest determination letter on August 10, 1988 in
which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The Plan has been amended since receiving the
determination letter. However, the Plan administrator and the Plan's
tax counsel believe that the Plan is currently designed and being
operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, they believe that the Plan was qualified and
the related trust was tax-exempt as of October 31, 1993 and 1992.
Participants should refer to the Summary Plan Description for a more
detailed description of the Plan.
3. FUNDING
Employer contributions to the Plan are paid to the trustee on the dates
coinciding with the employee pay dates, generally on a weekly basis,
and are equal to current employee contributions on those dates, but
disregarding any participant's current contributions in excess of 4% of
the employee's compensation.
-6-
4. NET ASSETS AVAILABLE FOR BENEFITS BY FUND
<TABLE>
The following details the net assets available for benefits by fund as of
October 31, 1993 and 1992:
<CAPTION>
October 31, 1993
------------------------------------------------
Fund A Fund B Total
-------------- -------------- --------------
<S> <C> <C> <C>
Investments - at fair value
Money market funds $ 291,885 $ 1,980,157 $ 2,272,042
U. S. Government securities 8,040,075 8,040,075
IPALCO Enterprises, Inc.
common stock (3,242,674 shares) 119,573,604 119,573,604
-------------- -------------- --------------
Total investments 8,331,960 121,553,761 129,885,721
Cash 11,006 156,459 167,465
Accrued interest 139,981 3,050 143,031
-------------- -------------- --------------
Net assets available for benefits $ 8,482,947 $ 121,713,270 $ 130,196,217
============== ============== ==============
<CAPTION>
October 31, 1992
------------------------------------------------
Fund A Fund B Total
-------------- -------------- --------------
<S> <C> <C> <C>
Investments - at fair value
Money market funds $ 248,541 $ 1,478,353 $ 1,726,894
U. S. Government securities 7,341,184 7,341,184
IPALCO Enterprises, Inc.
common stock (3,097,530 shares) 107,251,976 107,251,976
-------------- -------------- --------------
Total investments 7,589,725 108,730,329 116,320,054
Cash 11,487 125,718 137,205
Accrued interest 140,631 2,554 143,185
-------------- -------------- --------------
Total assets 7,741,843 108,858,601 116,600,444
Less: accounts payable 2,285 33,415 35,700
-------------- -------------- --------------
Net assets available for benefits $ 7,739,558 $ 108,825,186 $ 116,564,744
============== ============== ==============
</TABLE>
-7-
5. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
<TABLE>
The following details the changes in net assets available for benefits and net assets
available for benefits per unit by fund for the years ended October 31, 1993 and 1992:
<CAPTION>
Years Ended October 31
-------------------------------------------------------------------------------------------
1993 1992
------------------------------------------- -------------------------------------------
Fund A Fund B Total Fund A Fund B Total
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASES:
Employee contributions $ 486,824 $ 4,759,102 $ 5,245,926 $ 253,741 $ 4,692,857 $ 4,946,598
Company contributions, net 352,793 2,828,584 3,181,377 119,311 2,943,515 3,062,826
Interest and dividend income 544,884 6,420,079 6,964,963 554,040 5,855,792 6,409,832
Net appreciation
of investments 210,228 6,947,681 7,157,909 88,640 9,242,720 9,331,360
------------- ------------- ------------- ------------- ------------- -------------
Total 1,594,729 20,955,446 22,550,175 1,015,732 22,734,884 23,750,616
------------- ------------- ------------- ------------- ------------- -------------
DECREASES:
Withdrawals by participants or
their beneficiaries 842,815 7,937,310 8,780,125 652,480 8,516,276 9,168,756
Administrative fees 8,525 130,052 138,577 8,885 124,219 133,104
------------- ------------- ------------- ------------- ------------- -------------
Total 851,340 8,067,362 8,918,702 661,365 8,640,495 9,301,860
------------- ------------- ------------- ------------- ------------- -------------
INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 743,389 12,888,084 13,631,473 354,367 14,094,389 14,448,756
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF PERIOD 7,739,558 108,825,186 116,564,744 7,385,191 94,730,797 102,115,988
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF PERIOD $ 8,482,947 $121,713,270 $130,196,217 $ 7,739,558 $108,825,186 $116,564,744
============= ============= ============= ============= ============= =============
NUMBER OF UNITS OUTSTANDING 841,662 5,122,809 841,711 5,136,845
============= ============= ============= =============
NET ASSETS AVAILABLE FOR
BENEFITS PER UNIT $ 10.07881 $ 23.75909 $ 9.19503 $ 21.18522
============= ============= ============= =============
</TABLE>
-8-
<TABLE>
INDIANAPOLIS POWER & LIGHT COMPANY Form 5500 - Item 27a
EMPLOYEES' THRIFT PLAN Schedule of Assets Held
TRUST FUND A for Investment Purposes
ASSETS HELD FOR INVESTMENT PURPOSES
OCTOBER 31, 1993
<CAPTION>
Par Description Cost Market
- - ---------- ---------------------------- -------------- --------------
U.S. Government Securities:
<S> <C> <C> <C>
200,000 U.S. Treasury Notes,
8.50% dated 8/15/85
due 5/15/95 $ 215,531 $ 213,875
210,000 U.S. Treasury Notes,
10.5% dated 08/15/85
due 8/15/95 215,169 233,691
315,000 U.S. Treasury Notes,
7.25% dated 11/15/86
due 11/15/96 306,042 340,889
625,000 U.S. Treasury Notes,
6.375% due 1/15/00 651,367 668,164
360,000 U.S. Treasury Notes,
8.0% dated 5/15/91
due 5/15/01 397,603 421,087
500,000 U.S. Treasury Notes,
7.5% dated 11/15/91
due 11/15/01 498,594 571,250
750,000 U.S. Treasury Notes,
6.375% dated 08/15/92
due 8/15/02 731,816 801,797
600,000 U.S. Treasury Notes,
6.25% dated 2/16/93
due 2/15/03 604,594 635,062
300,000 U.S. Treasury Notes,
5.75% dated 8/16/93
due 8/15/03 306,984 307,594
300,000 U.S. Treasury Notes,
4.75% dated 8/31/93
due 8/15/98 299,391 299,437
250,000 Tennessee Valley Authority
4.375% dated 3/4/93
due 3/4/96 248,718 250,234
175,000 Tennessee Valley Authority
8.25% dated 11/30/89
due 11/15/96 174,037 193,758
</TABLE>
-9-
<TABLE>
INDIANAPOLIS POWER & LIGHT COMPANY Form 5500 - Item 27a
EMPLOYEES' THRIFT PLAN Schedule of Assets Held
TRUST FUND A for Investment Purposes
ASSETS HELD FOR INVESTMENT PURPOSES
OCTOBER 31, 1993
<CAPTION>
Par Description Cost Market
- - ---------- ---------------------------- -------------- ------------
<S> <C> <C> <C>
300,000 Federal Home Loan Banks
Consolidated Bond 7.375%
dated 12/29/86 due 12/27/93 300,516 301,594
300,000 Federal Home Loan Banks
Consolidated Bond 7.5%
dated 06/25/91 due 06/27/94 300,000 307,594
300,000 Federal Home Loan Banks
Consolidated Bond 8.3%
dated 7/25/89 due 7/25/94 300,000 310,125
250,000 Federal Home Loan Mortgage Corp
Multiclass Mortgage Part.
Certifs Q Series 1104
Class 1104-G 8.5%
dated 6/1/91 due 2/15/2018 245,195 259,850
250,000 Federal Home Loan Mortgage Corp
Multiclass Mortgage Part.
Certifs Guaranteed Series 1265
Class 1265-I 7%
dated 5/1/92 due 7/15/2020 222,852 262,650
250,000 Federal National Mortgage
Association 6.625%
dated 4/12/93 due 4/10/03 249,883 262,109
275,000 Federal National Mortgage
Association 8.7%
dated 6/12/89 due 6/10/99 275,000 319,430
225,000 Federal National Mortgage
Association GTD Remic Pass
Thru CTF 92-50H 7%
due 7/25/19 226,195 236,182
225,000 Federal National Mortgage
Association GTD Remic Pass
Thru CTF 92-148B 7%
dated 8/01/92 due 8/25/95 225,316 222,615
</TABLE>
-10-
<TABLE>
INDIANAPOLIS POWER & LIGHT COMPANY Form 5500 - Item 27a
EMPLOYEES' THRIFT PLAN Schedule of Assets Held
TRUST FUND A for Investment Purposes
ASSETS HELD FOR INVESTMENT PURPOSES
OCTOBER 31, 1993
<CAPTION>
Par Description Cost Market
- - ---------- ---------------------------- -------------- --------------
<S> <C> <C> <C>
176,614.068 Federal National Mortgage
Association GTD Remic Pass
Thru CTF - 1990-79 class 79-E
8.25% dated 7/01/90 due 1/25/17 165,879 179,034
250,000 Federal National Mortgage
Association GTD Remic Pass
Thru CTF - 1993-055P 6.5%
due 5/25/08 242,305 243,200
181,136.215 Government National Mortgage
Association Pool #267378
10% dated 6/01/89
due 6/25/19 183,627 198,854
-------------- --------------
Total U. S. Government Securities 7,586,614 8,040,075
291,884.820 AIM Treasury Portfolio
Short Term Invest. Co. 291,885 291,885
-------------- --------------
Total Investments - Fund A $ 7,878,499 $ 8,331,960
============== ==============
</TABLE>
-11-
<TABLE>
INDIANAPOLIS POWER & LIGHT COMPANY Form 5500 - Item 27a
EMPLOYEES' THRIFT PLAN Schedule of Assets Held
TRUST FUND B for Investment Purposes
ASSETS HELD FOR INVESTMENT PURPOSES
OCTOBER 31, 1993
<CAPTION>
Shares Description Cost Market
- - ---------- ---------------------------- ------------- --------------
<S> <C> <C> <C>
3,242,674 IPALCO ENTERPRISES, INC.
Common Stock $ 68,364,753 $ 119,573,604
1,980,157.18 AIM Treasury Portfolio
Short Term Invest. Co. 1,980,157 1,980,157
-------------- --------------
Total Investments - Fund B $ 70,344,910 $ 121,553,761
============== ==============
</TABLE>
-12-
<TABLE>
EMPLOYEES' THRIFT PLAN OF Form 5500 Item 27d
INDIANAPOLIS POWER & LIGHT COMPANY Schedule of Reportable
REPORTABLE TRANSACTIONS Transactions
FOR THE YEAR ENDED OCTOBER 31, 1993
<CAPTION>
Trade Number of
Date Description of Security Transactions Cost Proceeds Gain/Loss
- - ------- ------------------------- ------------ -------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
-------------------------
SERIES: AIM Treasury Portfolio
Short Term Investment Co
-------------------------
Various Purchases 135 $ 15,283,513
Various Sales 72 14,738,365 $ 14,738,365 NONE
-------------------------
SERIES: IPALCO Enterprises, Inc.
-------------------------
Various Purchases (256,240 Shares) 42 9,472,940
</TABLE>
-13-
Exhibit I
INDEPENDENT AUDITORS' CONSENT
-----------------------------
INDIANAPOLIS POWER & LIGHT COMPANY
EMPLOYEES' THRIFT PLAN:
We consent to the incorporation by reference in Registration
Statement No. 2-88352 on Form S-8 of our report dated April 15,
1994 appearing in this Annual Report on Form 11-K of Indianapolis
Power & Light Company Employees' Thrift Plan for the year ended
October 31, 1993.
Deloitte & Touche
Indianapolis, Indiana
April 27, 1994
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