UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the period January 1, 1993 to June 1, 1993* (date of merger)
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 1-8841
FPL Group Employee Thrift Plan*
(Full title of the plan)
FPL GROUP, INC.
(Name of issuer of the securities held pursuant to the plan)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
* On June 1, 1993, Plan was merged with the Employee Thrift and
Retirement Savings Plan. The resulting plan was renamed the FPL
Group Employee Thrift Plan.<PAGE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
EMPLOYEE BENEFITS COMMITTEE OF THE BOARD OF DIRECTORS
OF FPL GROUP, INC.:
We have audited the statements of financial condition of the FPL
Group Employee Thrift Plan (the "Plan") as of June 1, 1993 and
January 1, 1993, and the related statement of income and changes in
net assets for the period January 1, 1993 to June 1, 1993 (date of
merger). 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 financial condition of the Plan at June 1,
1993 and January 1, 1993 and its income and changes in net assets for
the period January 1, 1993 to June 1, 1993 (date of merger), 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
schedule of transactions in excess of five percent of the current
value of plan assets for the period January 1, 1993 to June 1, 1993
(date of merger), is presented for the purpose of additional analysis
and is not a required part of the basic financial statements, but is
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. This schedule is the
responsibility of the Plan's management. Such schedule has been
subjected to the auditing procedures applied in our audit of the
basic 1993 financial statements and, in our opinion, is fairly stated
in all material respects when considered in relation to the basic
financial statements taken as a whole.
DELOITTE & TOUCHE
Miami, Florida
June 27, 1994<PAGE>
<PAGE>
FPL GROUP EMPLOYEE THRIFT PLAN
STATEMENTS OF FINANCIAL CONDITION
January 1 and June 1, 1993
<TABLE>
<CAPTION>
1993
Beginning End
of Period of Period
ASSETS
<S> <C> <C>
Total noninterest-bearing cash ............................................... $ 883 $ -
Receivables:
Employer contributions ..................................................... 10,782 -
Participant contributions .................................................. 2,399 -
Income ..................................................................... 133 -
Total receivables ...................................................... 13,314 -
General investments:
Interest-bearing cash ...................................................... 402,639 -
Loans to participants - other .............................................. 380,361 -
Value of interest in master trusts ......................................... 5,305,827 -
Total general investments .............................................. 6,088,827 -
Employer-related investments:
Employer securities held by the Plan ....................................... 3,748,397 -
Allocated Leveraged ESOP employer securities ............................... 5,275,744 -
Total employer securities .............................................. 9,024,141 -
Total assets ................................................................. 15,127,165 -
LIABILITIES
Benefit claims payable ....................................................... 29,416 -
Operating payables ........................................................... 18,219 -
Acquisition indebtedness (allocated Leveraged ESOP loan) ..................... 4,574,412 -
Total liabilities ............................................................ 4,622,047 -
NET ASSETS ................................................................... $10,505,118 $ -
</TABLE>
The accompanying Notes to Financial Statements are an integral part of
these statements.<PAGE>
<PAGE>
FPL GROUP EMPLOYEE THRIFT PLAN
STATEMENT OF INCOME AND CHANGES IN NET ASSETS
For the period January 1, 1993 to June 1, 1993 (date of merger)
<TABLE>
<CAPTION>
<S> <C> <C>
INCOME
Contributions:
Received from participants ............................................... $ 332,187
Noncash contributions (from employer) .................................... 170,636
Total contributions .................................................... $ 502,823
Earnings on investments:
Interest:
Interest-bearing cash .................................................. 3,275
Other loans (participant loans) ........................................ 12,753
Total interest ....................................................... 16,028
Common stock dividends ..................................................... 70,398
Net loss on sale of assets:
Aggregate proceeds ..................................................... 1,151,628
Aggregate carrying amount .............................................. 1,197,724
Net loss on sale of assets ........................................... (46,096)
Net investment gain from master trusts ................................... 2,704
Total income ............................................................... 545,857
EXPENSES
Benefit payment and payments to provide benefits:
Directly to participants or beneficiaries ................................ 562,633
Total payments to provide benefits ..................................... 562,633
Administrative expenses:
Investment advisory and management fees .................................. 137
Total administrative expenses .......................................... 137
Total expenses ............................................................. 562,770
NET LOSS ................................................................. (16,913)
TRANSFERS
Transfers from the Plan .................................................... (9,805,049)
Effect of current year Leveraged ESOP activity ............................. (683,156)
Total transfers from the Plan .............................................. (10,488,205)
NET ASSETS AT BEGINNING OF PERIOD .......................................... 10,505,118
NET ASSETS AT END OF PERIOD ................................................ $ -
</TABLE>
The accompanying Notes to Financial Statements are an integral part of
these statements.<PAGE>
<PAGE>
FPL GROUP EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
For the period January 1, 1993 to June 1, 1993 (date of merger)
1. Description of the Plan and Significant Accounting Policies
The Plan
The FPL Group Employee Thrift Plan (Plan) was merged into the
Employee Thrift and Retirement Savings Plan (FPL Plan) as of June 1,
1993. The resulting plan was renamed FPL Group Employee Thrift Plan
(FPL Group Plan). Participating employees (Members) should refer to
the Summary Plan Description in their employee handbook and the FPL
Group Plan financial statements for a more complete description of the
FPL Group Plan.
The Plan included a cash or deferred compensation arrangement (Tax
Saver Option) permitted by Section 401(k) of the Internal Revenue Code
of 1986, as amended (Code). The Tax Saver Option permitted a
Member to elect to defer federal income taxes on all or a portion of his
contributions (Tax Saver Contributions) until they are distributed from the
Plan. Tax Saver Contributions were limited in 1993 to a maximum of
$8,994 per Member.
The Plan also included leveraged employee stock ownership plan
(Leveraged ESOP) provisions. The Leveraged ESOP is a stock bonus
plan within the meaning of Treasury Regulation Section 1.401-1(b)(1)(iii)
that is qualified under Section 401(a) of the Code and is designed to
invest primarily in common stock of FPL Group, Inc. (Common Stock).
The Trust purchased Common Stock from FPL Group, Inc. (FPL Group)
using the proceeds of a loan (Acquisition Indebtedness) from FPL Group
Capital Inc (FPL Group Capital), a subsidiary of FPL Group (see Note 3).
The Common Stock acquired by the Trust was initially held in a separate
account (ESOP Account). As the Acquisition Indebtedness (including
interest) was repaid, each Member's account was allocated its share of
Common Stock released from the ESOP Account.
The Plan provided for basic contributions by eligible employees in whole
percentages from 1% to 6% of their base compensation (Earnings),
which were matched 50% (100% for the first three percent of a
Member's Earnings contributed as a basic Tax Saver Contribution) by
the Company. The Plan also provided for supplemental contributions by
Members to be made in whole percentages from 1% to 10% of their
Earnings, which were not matched by the Company. All such amounts
were held in trust and invested by Mellon Bank, NA (Trustee) as directed
by the investment managers (Investment Manager) of the various
investment funds.
Loans, Contributions, Withdrawals and Transfers to (from) the Plan
A Member could borrow from his or her Plan accounts during their
employment under certain conditions.
The Plan's investment options consisted of the following three
investment funds (Funds): (1) Fund A - Capital Preservation
Fund - Investments in one or more fixed income agreements between
FPL Group and insurance companies or other financial institutions (each
being an Investment Manager), as determined from time to time by FPL
Group. The rate of return on Fund A is based upon a combination of all
contracts in the Fund (blended rate); (2) Fund B - Standard & Poor's 500
Equity Fund - Investments in a collective investment fund consisting of a
portfolio of common stocks designed to approximate the performance of
the Standard & Poor's 500 Composite Stock Price index (S&P 500
Index). The S&P 500 Index is a broad-based index of mostly large
companies which operate in a wide variety of industries and market
sectors. Wells Fargo Bank, N.A. is the Investment Manager for Fund B;
and (3) Fund C - Company Stock Fund - Investments in Common Stock.
In 1993, the Plan utilized the same Trust, maintained by FPL Group, as
was used for the Bargaining Unit Employee Thrift and Retirement
Savings Plan (FPL Bargaining Plan) and the FPL Plan. Assets of the
Plan, the FPL Bargaining Plan and the FPL Plan were maintained
separately with respect to Fund C, but were commingled for Funds A
and B and the ESOP Account. For financial statement presentation, the
assets, liabilities, net income and transfers of the ESOP Account were
allocated between the Plan, the FPL Bargaining Plan and the FPL Plan
(see Note 2). In addition, the Plan reports the value of its interest in the
commingled fund accounts (Master Trusts) for Funds A and B. Detailed
information on assets and liabilities of the Master Trust is filed herewith
(see Note 7) as well as with the U.S. Department of Labor (DOL).
The Plan allowed Members, at any time, to change their investment fund
allocation for future contributions or to transfer their account balance
attributable to member contributions from one fund to another. However,
Members had only two elections annually to change their contribution
percentage. Company contributions were deposited only to<PAGE>
<PAGE>
the Member's account in Fund C. Forfeitures of non-vested Company
contributions due to termination of Plan participation were used to
reduce the amount of future Company contributions to the Plan. A
Member who attained the age of fifty-five and completed five years of
service while a Member was permitted a special, one-time election to
transfer the total Company contributions made to his or her account in
Fund C and any earnings thereon to Fund A. This election did not affect
the investment of future Company contributions in Fund C. Once this
election was made, the amount transferred could not be redirected to
another investment fund.
The value of a Member's contributions (including all income, gains and
losses) was at all times 100% vested. Company contributions vested at
a rate of 20% each year and were fully vested upon a Member attaining
five years of service as a Member of the Plan. An employee could also
receive vesting credit for prior years of service as a member of the FPL
Bargaining Plan or the FPL Plan. Vesting was not affected by a
Member's child care leave of absence taken in accordance with
Company policies and procedures. A Member was fully vested upon
retirement (as defined in the Plan), total and permanent disability, death,
discontinuance of Company contributions or termination of the Plan. A
Member's account balance was required to be distributed no later than
April 1 of the year following the calendar year in which the Member
attained age 70-1/2 or, if installment benefits commence no later than
such April 1, installment payments were to be made over a period which
did not extend beyond the life expectancy of the Member. The payment
of a lump sum deferred for a period to be determined by the Member
was to be made no later than the later of five years following the
Member's termination of employment or his attainment of age 65.
Withdrawals by Members from certain of their accounts during their
employment was permitted with certain penalties and restrictions. The
penalties limited a Member's participation in the Plan for varying periods
following a withdrawal.
Transfers to (from) the Plan represent net transfers between the Plan
and either the FPL Bargaining Plan or the FPL Plan. The transfers
arose as a result of members relocating between affiliated entities
participating in the plans.
The Plan was designed to comply with the Code, the Employee
Retirement Income Security Act of 1974, as amended (ERISA) and
regulations of the U.S. Department of Treasury and the DOL.
Basis of Accounting
The financial statements of the Plan are reported in accordance with the
requirements of ERISA. The financial statements of the Plan report the
Plan's interest in the net assets of the Master Trust. Financial
statements of the Master Trust are filed herewith and directly with the
DOL as required.
The financial statements of the Plan are prepared on the accrual basis of
accounting. Investment income and interest income on loans to
Members is recognized when earned. Contributions by Members and
Company contributions are accrued on the basis of amounts withheld
through payroll deductions. Assets of the Plan are stated at market
value, except loans to Members which are stated at cost and insurance
and financial institution contracts which are stated at contract value, all
of which approximates market value. Market value is determined using
the closing market price or the last recorded bid price.
Investments
Purchases and sales of investment securities are recorded on the trade
date. Gains or losses on sales of investment securities are determined
using the carrying amount of the securities. The carrying amounts of
securities held in Member accounts are adjusted monthly; securities held
in the ESOP Account (see Note 2) are adjusted annually. Unrealized
appreciation or depreciation is recorded to recognize changes in market
value.
2. Employee Stock Ownership Plan Account Allocation
The assets, liabilities and net income of the ESOP Account are held in a
separate account and are allocated for financial reporting purposes
based on each plan's relative net assets. The allocation of net income
of the ESOP account below reflects an allocation as of June 1, 1993
(date of merger of the Plan into the FPL Plan) and again as of
December 31, 1993 for the remaining plans. The Plan's allocation of
Common Stock held by the ESOP Account (employer securities),
Acquisition Indebtedness and interest payable have been reflected in the
Statements of Financial Condition, but are not available for, or the
obligation of, Plan Members. The employer securities will be released
from the ESOP Account and allocated to Members' accounts in
satisfaction of part or all of the Company's matching contribution
obligation under the Plan as the Acquisition Indebtedness is repaid
(estimated to occur over a<PAGE>
<PAGE>
twenty year period). The Acquisition Indebtedness will be repaid from
dividends on the shares acquired by the ESOP Account, as well as from
cash contributions from FPL Group. The net effect of a change in the
allocation percentage from year to year is reported as a transfer to or
from the plan. The value of the shares transferred from the ESOP
Account to each plan are not subject to this allocated percentage, but
are allocated based on the actual amount transferred.
Condensed financial statements of the ESOP Account are presented
below, indicating the allocations made to each plan. The effect of
current year Leveraged ESOP activity on net assets is included in
transfers to the plan in the financial statements of each plan.
Distributions of shares to the plans are presented as noncash
contributions in the financial statements of each plan.
<TABLE>
<CAPTION>
Total ESOP FPL Group FPL Bargaining The
Account Plan Plan Plan
<S> <C> <C> <C> <C>
Allocation percentage ..................... 100% 72% 28%
Interest-bearing cash ..................... $ 5,618 $ 4,037 $ 1,581
Employer securities ....................... 426,462,343 306,413,193 120,049,150
Total assets ............................ 426,467,961 306,417,230 120,050,731
Acquisition indebtedness .................. 356,976,000 256,487,256 100,488,744
Interest payable .......................... 1,421,547 1,021,382 400,165
Total liabilities ....................... 358,397,547 257,508,638 100,888,909
Net assets - end .......................... $ 68,070,414 $ 48,908,592 $ 19,161,822
Contributions received from employer ...... $ 7,009,484
Interest income ........................... 2,596
Dividends ................................. 27,458,586
Net gain on sale of assets (1) ............ 3,929,881
Unrealized appreciation of assets ......... 31,337,489
Total income ............................ 69,738,036
Interest expense .......................... 34,706,747
Miscellaneous expense ..................... 93
Total expenses .......................... 34,706,840
Net income ................................ 35,031,196 $ 25,023,333 $ 9,802,358 $ 205,505
Distribution of shares to plans ........... (20,558,430) (13,387,660) (7,000,134) (170,636)
Transfers to (from) plan .................. - (1,259,020) 1,977,045 (718,025)
Effect of current year Leveraged
ESOP activity on net assets ............. 14,472,766 10,376,653 4,779,269 (683,156)
Net assets - beginning .................... 53,597,648 38,531,939 14,382,553 683,156
Net assets - end .......................... $ 68,070,414 $ 48,908,592 $ 19,161,822 $ -
(1) Primarily represents the increase in market value since the beginning of the year of shares that were held by the ESOP Account
and distributed to the plans during the current year.
</TABLE>
3. Acquisition Indebtedness
In December 1990, the Trust borrowed $360 million from FPL Group
Capital to purchase approximately 12.4 million shares of Common Stock.
The unallocated shares of Common Stock acquired with the proceeds of
the Acquisition Indebtedness are collateral for the Acquisition
Indebtedness. The stated maturity of the Acquisition Indebtedness is 20
years bearing interest at a fixed rate of 9.69% per year and is to be
repaid using dividends received on the Common Stock acquired by the
ESOP Account along with cash contributions from FPL Group, which
totaled $29,619,000 and $7,009,000, respectively, in 1993.<PAGE>
<PAGE>
4. Parties-In-Interest Transactions
Company contributions are made in Common Stock released from the
ESOP Account or in cash, which is used to purchase Common Stock by
the Trustee. Such amounts are reported as noncash contributions (from
employer) and contributions received from employer, respectively.
All dividends received by the Plan were earned on Common Stock.
Dividends on shares held in the ESOP Account were used to service the
Acquisition Indebtedness (see Note 3). Dividends on shares held in
Members' accounts were reinvested in Common Stock pursuant to FPL
Group's Dividend Reinvestment and Common Share Purchase Plan in
which the Trustee participates.
In 1992, the Employee Benefits Committee of the Board of Directors of
FPL Group approved the termination of an unrelated employee stock
ownership plan for employees of Florida Power & Light Company
(Terminated Plan), effective January 1993. Employees participating in
the Terminated Plan were given various distribution options, including
transferring their ownership interest in Common Stock in the Terminated
Plan to the Plan.
5. Income Taxes
In August 1988, FPL Group received from the Internal Revenue Service
(IRS) a favorable determination that the Plan, as adopted effective
January 1, 1988, met the requirements of Section 401 of the Code. The
IRS, in Revenue Procedure 93-6, has recently opened the determination
process for plans which combine 401(k) or 401(m) and ESOP features,
such as this Plan. The Company intends to submit applications in 1994
for favorable determinations from the IRS that the Plan, both as
amended and restated effective July 16, 1990, including amendments
effective January 1, 1991, and as further amended through January 1,
1994, remains qualified under Section 401(a). If the Plan remains
qualified, the Trust thereunder will remain exempt from federal income
taxes under Section 501(a) of the Code; Company contributions paid to
the Trust under the Plan will be allowable federal income tax deductions
of the Company subject to the conditions and limitations of Section 404
of the Code; and the Plan will meet the requirements of Section 401(k)
of the Code allowing Tax Saver Contributions to be exempt from federal
income tax at the time such contributions are made, provided that in
operation the Plan and Trust meet the applicable provisions of the Code.
In addition, FPL Group will be able to claim an income tax deduction for
dividends used to repay the Acquisition Indebtedness.
Company contributions to the Plan on a Member's behalf, the Member's
Tax Saver Contributions, and earnings from the investments made with
Company and Member contributions under the Plan generally are not
taxable to the Member until such Company contributions, Tax Saver
Contributions, and earnings from investments are distributed or
withdrawn. A loan from a Member's Plan accounts generally will not
represent a taxable distribution if the loan is repaid in a timely manner
and does not exceed certain limitations.
6. Expenses
All commissions, brokerage fees and expenses incident to the income or
assets of the Trust or the purchase or sale of securities by the Trustee
and distributions to Members and all taxes on the Trust or its income
were paid by the Trust. All other expenses of the Plan, including
Trustee's fees and expenses, were paid either by FPL Group (which may
charge each company under the Plan its allocated share) or by each
participating company and, therefore, are not reflected in the financial
statements.<PAGE>
<PAGE>
7. Master Trusts
A summary of participating interest in and financial statements for the
Master Trusts follows.
<TABLE>
<CAPTION>
Percent of Interest in Master Trust
Beginning of 1993 End of 1993
MASTER TRUST FUND A
<S> <C> <C>
FPL Group Employee Thrift Plan (formerly Employee Thrift and
Retirement Savings Plan)
EIN 59-0247775
PN 002 .................................................................. 76.8% 77.6%
Bargaining Unit Employee Thrift and Retirement Savings Plan
EIN 59-0247775
PN 003 .................................................................. 21.8% 22.4%
FPL Group Employee Thrift Plan
EIN 59-2449419
PN 002 .................................................................. 1.4% 0.0%
MASTER TRUST FUND B
FPL Group Employee Thrift Plan (formerly Employee Thrift and
Retirement Savings Plan)
EIN 59-0247775
PN 002 .................................................................. 71.4% 72.7%
Bargaining Unit Employee Thrift and Retirement Savings Plan
EIN 59-0247775
PN 003 .................................................................. 27.0% 27.3%
FPL Group Employee Thrift Plan
EIN 59-2449419
PN 002 .................................................................. 1.6% 0.0%
/TABLE
<PAGE>
<PAGE>
MASTER TRUST FUND A
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
1993
Beginning End
of Year of Year
ASSETS
<S> <C> <C>
Receivables:
Income .................................................................. $ 5,844,912 $ 4,299,390
Net transfers due from other funds ...................................... - 1,611,694
Total receivables ................................................... 5,844,912 5,911,084
General investments:
Interest-bearing cash ................................................... 1,394,547 41,743,474
Value of unallocated insurance and financial institution contracts ...... 237,462,832 242,105,897
Value of interest in common/collective trusts ........................... 14,000,000 14,000,000
Total general investments ........................................... 252,857,379 297,849,371
Total assets .............................................................. 258,702,291 303,760,455
LIABILITIES
Net transfers due to other funds .......................................... 2,162,497 -
Total liabilities ......................................................... 2,162,497 -
NET ASSETS ................................................................ $256,539,794 $303,760,455
/TABLE
<PAGE>
<PAGE>
MASTER TRUST FUND A
STATEMENT OF INCOME AND CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
1993*
INCOME
<S> <C> <C>
Earnings on investments:
Interest:
Interest-bearing cash .................................................. $ 278,395
Other (insurance and financial institution contracts) .................. 19,906,940
Net investment gain from common/collective trusts ........................ 990,481
Net gain (loss) on sale of assets:
Aggregate proceeds ..................................................... $224,147,001
Aggregate costs ........................................................ 224,147,001 -
Total income ............................................................... 21,175,816
EXPENSES
Administrative
Investment advisory and management fees .................................. 22,640
Total expenses ............................................................. 22,640
NET INCOME ................................................................. 21,153,176
TRANSFERS
Transfers into fund ........................................................ 31,464,901
Transfers out of fund ...................................................... 5,397,416
Net transfers .............................................................. 26,067,485
NET ASSETS AT BEGINNING OF YEAR ............................................ 256,539,794
NET ASSETS AT END OF YEAR .................................................. $303,760,455
</TABLE>
* On June 1, 1993, the Plan was merged with the Employee Thrift
and Retirement Savings Plan. The allocation of net investment gain
from Master Trust Fund A to the Plan for the period January 1, 1993
to June 1, 1993 includes net income of $128,901 and transfer into
fund of $12,110.<PAGE>
<PAGE>
MASTER TRUST FUND B
STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
1993
Beginning End
of Year of Year
ASSETS
<S> <C> <C>
Total noninterest-bearing cash ............................................. $ 876 $ 261
Receivables:
Income ................................................................... 604 96,092
Total receivables ...................................................... 604 96,092
General investments:
Interest-bearing cash .................................................... 3,932,079 3,950,318
Corporate stocks - common ................................................ - 118,580,636
Value of interest in common/collective trusts ............................ 98,528,474 -
Total general investments .............................................. 102,460,553 122,530,954
Employer-related investments - employer securities ....................... - 258,225
Total assets ............................................................... 102,462,033 122,885,532
LIABILITIES
Net transfers due to other funds ........................................... 418,366 180,674
Total liabilities .......................................................... 418,366 180,674
NET ASSETS ................................................................. $102,043,667 $122,704,858
/TABLE
<PAGE>
<PAGE>
MASTER TRUST FUND B
STATEMENT OF INCOME AND CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
1993*
INCOME
<S> <C> <C>
Earnings on investments:
Interest:
Interest-bearing cash .................................................. $ 67,827
Dividends:
Common stock ........................................................... 95,358
Net investment gain from common/collective trusts ........................ 11,666,499
Net gain (loss) on sale of assets:
Aggregate proceeds ..................................................... $ 79,853,975
Aggregate carrying amount .............................................. 79,853,975 -
Unrealized appreciation of assets ........................................ 335,761
Total income ............................................................... 12,165,445
EXPENSES
Investment advisory and management fees .................................... 2,326
Total expenses ............................................................. 2,326
NET INCOME ................................................................. 12,163,119
TRANSFERS
Transfers into fund ........................................................ 17,017,558
Transfers out of fund ...................................................... 8,519,486
Net transfers .............................................................. 8,498,072
NET ASSETS AT BEGINNING OF YEAR ............................................ 102,043,667
NET ASSETS AT END OF YEAR .................................................. $122,704,858
</TABLE>
* On June 1, 1993, the Plan was merged with the Employee Thrift
and Retirement Savings Plan. The allocation of net investment gain
from Master Trust Fund B to the Plan for the period January 1, 1993
to June 1, 1993 includes net income of $89,890 and transfers out of
fund of $228,197.<PAGE>
<PAGE>
ATTACHMENT: SCHEDULE 1
FORM 5500: 27(d)
FPL GROUP, INC.
EIN 59-2449419
FPL GROUP EMPLOYEE THRIFT PLAN
PLAN #002
PLAN YEAR: 1993
TRANSACTIONS IN EXCESS OF FIVE PERCENT OF THE
CURRENT VALUE OF PLAN ASSETS FOR THE
PERIOD JANUARY 1, 1993 TO JUNE 1, 1993
(Filed on Form SE)<PAGE>
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Employee Benefits Plan Administrative Committee has
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATE: June 28, 1994 FPL Group Employee Thrift Plan
(Name of Plan)
By: JIM K. PETERSON
Jim K. Peterson
Director of Compensation
and Benefits<PAGE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Post-Effective
Amendment No. 5 to Registration Statement No. 33-18669 on Form S-8
of our report dated June 27, 1994 on the financial statements of the FPL
Group Employee Thrift Plan for the period January 1, 1993 to June 1,
1993 (date of merger) appearing in this Annual Report on Form 11-K of
FPL Group, Inc. for the period January 1, 1993 to June 1, 1993 (date of
merger).
DELOITTE & TOUCHE
Miami, Florida
June 28, 1994
