<PAGE>
<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8841
FPL GROUP, INC.
(Exact name of registrant as specified in its charter)
Florida 59-2449419
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
(407) 694-4647
(Registrant's telephone number, including area code)
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 and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common Stock, $.01 Par Value, outstanding at April 30, 1995:
185,503,935 shares
<PAGE>
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FPL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
(In thousands, except per
share amounts)
<S> <C> <C>
OPERATING REVENUES ........................................................... $1,177,366 $1,178,334
OPERATING EXPENSES:
Fuel, purchased power and interchange ...................................... 344,872 364,814
Other operations and maintenance............................................ 254,991 289,983
Depreciation and amortization .............................................. 200,283 166,995
Taxes other than income taxes .............................................. 128,423 121,863
Total operating expenses ................................................. 928,569 943,655
OPERATING INCOME ............................................................. 248,797 234,679
OTHER INCOME (DEDUCTIONS):
Interest expense and preferred stock dividend requirements ................. (89,132) (91,893)
Other - net ................................................................ 5,392 8,645
Total other deductions - net ............................................. (83,740) (83,248)
INCOME BEFORE INCOME TAXES ................................................... 165,057 151,431
INCOME TAXES ................................................................. 65,217 56,992
NET INCOME ................................................................... $ 99,840 $ 94,439
Earnings per share of common stock ........................................... $ 0.57 $ 0.53
Dividends per share of common stock .......................................... $ 0.44 $ 0.62
Average number of common shares outstanding .................................. 176,023 179,327
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group,
Inc.'s (FPL Group) 1994 Annual Report on Form 10-K (Form 10-K).
<PAGE>
<PAGE>
FPL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31,
1995 December 31,
(Unaudited) 1994
(Thousands of Dollars)
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant and other property - at original cost,
including nuclear fuel and construction work in progress ............... $16,487,420 $16,389,533
Less accumulated depreciation and amortization ........................... 6,353,686 6,186,699
Total property, plant and equipment - net .............................. 10,133,734 10,202,834
CURRENT ASSETS:
Cash and cash equivalents ................................................ 159,546 85,750
Customer receivables, net of allowances of $10,370 and $11,792 ........... 390,883 464,709
Materials, supplies and fossil fuel stock - at average cost .............. 305,917 309,308
Other .................................................................... 147,574 89,880
Total current assets ................................................... 1,003,920 949,647
OTHER ASSETS:
Special use funds of FPL ................................................. 466,529 435,117
Other investments ........................................................ 474,721 489,268
Unamortized debt reacquisition costs and litigation items of FPL ......... 376,233 402,978
Other .................................................................... 144,483 137,772
Total other assets ..................................................... 1,461,966 1,465,135
TOTAL ASSETS ............................................................... $12,599,620 $12,617,616
CAPITALIZATION:
Common shareholders' equity .............................................. $ 4,196,669 $ 4,197,235
Preferred stock of FPL without sinking fund requirements ................. 451,250 451,250
Preferred stock of FPL with sinking fund requirements .................... 54,000 94,000
Long-term debt ........................................................... 3,579,446 3,864,465
Total capitalization ................................................... 8,281,365 8,606,950
CURRENT LIABILITIES:
Accounts payable ......................................................... 243,368 311,256
Debt and preferred stock due within one year ............................. 419,877 122,092
Other .................................................................... 775,854 728,300
Total current liabilities .............................................. 1,439,099 1,161,648
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ........................................ 1,666,201 1,625,481
Unamortized regulatory and investment tax credits ........................ 492,585 498,703
Other .................................................................... 720,370 724,834
Total other liabilities and deferred credits ........................... 2,879,156 2,849,018
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ....................................... $12,599,620 $12,617,616
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group's
1994 Form 10-K.
<PAGE>
<PAGE>
FPL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .................................................................... $ 99,840 $ 94,439
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ............................................. 200,283 166,995
Deferred income taxes and unamortized regulatory and investment tax credits 34,602 44,759
Other ..................................................................... 81,830 35,004
Net cash provided by operating activities ................................... 416,555 341,197
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1) ...................................................... (132,920) (133,454)
Other ......................................................................... (15,215) 18,559
Net cash used in investing activities ....................................... (148,135) (114,895)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuances of debt ............................................................. 58,630 86,350
Repurchase of common stock .................................................... (28,878) -
Retirement of debt and preferred stock ........................................ (86,751) (248,398)
Dividends on common stock ..................................................... (77,523) (111,125)
Other ......................................................................... (60,102) (16,213)
Net cash used in financing activities ....................................... (194,624) (289,386)
Net increase (decrease) in cash and cash equivalents ............................ 73,796 (63,084)
Cash and cash equivalents at beginning of period ................................ 85,750 152,014
Cash and cash equivalents at end of period ...................................... $ 159,546 $ 88,930
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) ............................ $ 89,713 $ 90,803
Cash paid for income taxes .................................................... $ 26,400 $ 4,800
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations ........................................ $ 12,114 $ 4,775
(1) Capital expenditures exclude allowance for equity funds used during construction.
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group's
1994 Form 10-K.
<PAGE>
<PAGE>
FPL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying condensed consolidated financial statements should
be read in conjunction with FPL Group's 1994 Form 10-K. In the opinion
of FPL Group, all adjustments (consisting only of normal recurring
accruals) necessary to present fairly the financial position as of
March 31, 1995, and the results of operations and cash flows for the
three months ended March 31, 1995 and 1994, have been made.
Certain amounts included in the prior year's condensed consolidated
financial statements have been reclassified to conform to the current
year's presentation. The results of operations for an interim period may
not give a true indication of results for the year.
1. Capitalization
Preferred Stock - In April 1995, FPL redeemed 400,000 shares of its
8.625% Preferred Stock, Series R, $100 Par Value.
Long-Term Debt - In March 1995, FPL sold a total of $58.6 million
principal amount of Pollution Control Revenue Refunding Bonds,
maturing in April 2020 and March 2027, at an initial variable interest rate
of 2.9%. The proceeds, placed in trust and included in current assets -
other at March 31, 1995, were used to redeem in April 1995 a like
principal amount of Pollution Control Revenue Bonds, maturing in 2020
at a 10% interest rate. In April 1995, FPL redeemed $66.2 million
principal amount of 9 3/8% First Mortgage Bonds, due July 2019. In
addition, through April 1995, FPL purchased on the open market and
retired $26 million principal amount of various series of first mortgage
bonds. In early May 1995, FPL called for redemption in June 1995,
$28.5 million of Pollution Control Revenue Bonds.
At March 31, 1995, $200 million of commercial paper, which previously
was classified as long-term debt, has been reclassified as a current
liability because FPL no longer intends to maintain this level of
commercial paper usage for the foreseeable future. During the second
quarter of 1995 FPL began liquidating portions of this balance.
Through April 1995, FPL Group repurchased approximately 1 million
additional shares of common stock resulting in a total of 5 million shares
repurchased under its share repurchase program which began last May.
2. Commitments and Contingencies
Capital Commitments - FPL has made commitments in connection with
a portion of its projected capital expenditures. Capital expenditures for
the construction or acquisition of additional facilities and equipment to
meet customer demand are estimated to be $3.0 billion, including
allowance for funds used during construction (AFUDC), for the years
1995 through 1999. Included in this five-year forecast are capital
expenditures for 1995 of $712 million, of which $130 million, including
AFUDC, had been spent through March 31, 1995.
FPL Group Capital and its subsidiaries, primarily ESI Energy, Inc. (ESI),
have guaranteed up to approximately $107 million of lease obligations,
debt service payments and other payments subject to certain
contingencies.
Insurance - Liability for accidents at nuclear power plants is governed by
the Price-Anderson Act, which limits the liability of nuclear reactor
owners to the amount of the insurance available from private sources
and under an industry retrospective payment plan. In accordance with
this Act, FPL maintains $200 million of private liability insurance, which is
the maximum obtainable, and participates in a secondary financial
protection system under which it is subject to retrospective assessments
of up to $317 million per incident at any nuclear utility reactor in the
United States, payable at a rate not to exceed $40 million per incident
per year.
FPL participates in insurance pools and other arrangements that provide
$2.75 billion of limited insurance coverage for property damage,
decontamination and premature decommissioning risks at its nuclear
plants. The proceeds from such insurance, however, must first be used
for reactor stabilization and site decontamination before they can be
used for plant repair. FPL also participates in an insurance program that
provides limited coverage for replacement power costs if a plant is out of
service because of an accident. In the event of an accident at one of
FPL's or another participating insured's nuclear plants, FPL could be
assessed up to $77 million in retrospective premiums, and in the event
of a subsequent accident at such nuclear plants during the policy period,
the maximum aggregate assessment is $93 million under the programs
in effect at March 31, 1995. This contingent liability would be partially
offset by a portion of FPL's storm and property insurance reserve, which
totaled $101 million at March 31, 1995.
<PAGE>
<PAGE>
In the event of a catastrophic loss at one of FPL's nuclear plants, the
amount of insurance available may not be adequate to cover property
damage and other expenses incurred. Uninsured losses, to the extent
not recovered through rates, would be borne by FPL and could have a
material adverse effect on FPL Group's and FPL's financial condition.
FPL self-insures certain of its transmission and distribution (T&D)
property due to the high cost and limited coverage available from
third-party insurers. Costs incurred under the self-insurance program will
be charged against FPL's storm fund. Recovery from ratepayers of any
losses in excess of the storm fund will require the approval of the Florida
Public Service Commission (FPSC). FPL's available lines of credit
include $300 million to provide additional liquidity in the event of a T&D
property loss.
Contracts - FPL has entered into certain long-term purchased power and
fuel contracts. Take-or-pay purchased power contracts with the
Jacksonville Electric Authority (JEA) and with subsidiaries of the
Southern Company provide approximately 1,300 megawatts (mw) of
power through mid-2010 and 374 mw through 2022. FPL also has
various firm pay-for-performance contracts to purchase approximately
1,000 mw from certain cogenerators and small power producers
(qualifying facilities) with expiration dates ranging from 2002 through
2026. The purchased power contracts provide for capacity and energy
payments. Energy payments are based on the actual power taken under
these contracts. Capacity payments for the pay-for-performance
contracts are subject to the qualifying facilities meeting certain contract
obligations. The fuel contracts provide for the transportation and supply
of natural gas and the supply and use of Orimulsion. Orimulsion is a
new fuel which FPL expects to begin using in 1998, subject to
environmental approvals. In no year are the obligations under the fuel
contracts expected to exceed usage requirements.
The required capacity payments through 1999 under these contracts are
estimated to be as follows:
<TABLE>
<CAPTION>
1995 1996 1997 1998 1999
(Millions of Dollars)
<S> <C> <C> <C> <C> <C>
Capacity payments:
JEA .............................................................. $ 80 $ 80 $ 80 $ 80 $ 90
Southern Companies ............................................... $140 $140 $140 $130 $130
Qualifying facilities ............................................ $190 $300 $310 $320 $340
Minimum payments, at projected prices:
Natural gas ...................................................... $180 $200 $200 $210 $200
Orimulsion ....................................................... - - - $130 $160
</TABLE>
Capacity and energy charges under these contracts were as follows:
<TABLE>
<CAPTION>
Three Months Ended March 31,
1995 Charges 1994 Charges
Capacity Energy(1) Capacity Energy(1)
(Millions of Dollars)
<S> <C> <C> <C> <C>
JEA .................................................... $21(2) $11 $21(2) $10
Southern Companies ..................................... $39(3) $21 $57(3) $33
Qualifying facilities .................................. $37(3) $20 $29(3) $15
(1) Recovered through the fuel and purchased power cost recovery clause.
(2) Recovered through base rates and the capacity cost recovery clause (capacity clause).
(3) Recovered through the capacity clause.
</TABLE>
Natural gas payments under the gas contracts, which were recovered
through the fuel clause, were $67 million and $46 million for the three
months ended March 31, 1995 and 1994, respectively.
Litigation - Union Carbide Corporation sued FPL and Florida Power
Corporation alleging that, through a territorial agreement approved by the
FPSC, they conspired to eliminate competition in violation of federal
antitrust laws. Praxair, Inc., an entity that was formerly a unit of Union
Carbide, has been substituted as the plaintiff. The suit seeks treble
damages of an unspecified amount based on alleged higher prices paid
for electricity and for product sales lost. Cross motions for summary
judgment were denied. Both parties are appealing the denials.
A suit brought by the partners in a cogeneration project located in Dade
County, Florida, alleges that FPL Group, FPL and ESI engaged in
anti-competitive conduct intended to eliminate competition from cogenerators
generally, and from their facility in particular, in violation of federal
antitrust laws and wrongfully interfered with the cogeneration project's
<PAGE>
<PAGE>
contractual relationship with Metropolitan Dade County. The suit seeks
damages in excess of $100 million, before trebling under antitrust laws,
plus other unspecified compensatory and punitive damages. A motion
for summary judgment by FPL Group, FPL and ESI was denied. FPL
Group, FPL and ESI are appealing the denial.
The Florida Municipal Power Agency (FMPA), an organization comprised
of municipal electric utilities, has sued FPL for allegedly breaching a
"contract" to provide transmission service to the FMPA and its members
and for breaching antitrust laws by monopolizing or attempting to
monopolize the provision, coordination and transmission of electric
power in refusing to provide transmission service, or to permit the FMPA
to invest in and use FPL's transmission system, on the FMPA's
proposed terms. The FMPA seeks $140 million in damages, before
trebling for the antitrust claim, and court orders requiring FPL to permit
the FMPA to invest in and use FPL's transmission system on
"reasonable terms and conditions" and on a basis equal to FPL. In
December 1993, a district court granted summary judgment in favor of
FPL. The FMPA has appealed.
A former cable installation contractor for Telesat Cablevision, Inc.
(Telesat) sued FPL Group, FPL Group Capital and Telesat for breach of
contract, fraud, violation of racketeering statutes and several other
claims. The trial court entered a judgment in favor of FPL Group and
Telesat on nine of twelve counts, including all of the racketeering and
fraud claims, and in favor of FPL Group Capital on all counts. It also
denied all parties' claims for attorneys' fees. However, the jury in the
case awarded the contractor damages totaling approximately $6 million
against FPL Group and Telesat for breach of contract and tortious
interference. All parties have appealed.
FPL Group believes that it and its subsidiaries have meritorious
defenses to all of the litigation described above and is vigorously
defending these suits. Accordingly, the liabilities, if any, arising from
these proceedings are not anticipated to have a material adverse effect
on FPL Group's financial statements.
3. Summarized Financial Information
Summarized financial information of FPL Group Capital, a consolidated
wholly-owned subsidiary the debentures of which are guaranteed by FPL
Group, is provided below:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
Operating revenues ................................................................ $21,100 $22,635
Operating expenses ................................................................ $25,923 $22,215
Net loss .......................................................................... $(1,652) $ (39)
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
Current assets .................................................................. $ 65,847 $ 84,300
Noncurrent assets ............................................................... $1,004,095 $1,005,420
Current liabilities ............................................................. $ 42,500 $ 36,171
Noncurrent liabilities .......................................................... $ 688,681 $ 714,115
/TABLE
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
This discussion should be read in conjunction with the Notes to
Condensed Consolidated Financial Statements contained herein and
Management's Discussion and Analysis of Financial Condition and
Results of Operations appearing in FPL Group's 1994 Form 10-K. The
results of operations for an interim period may not give a true indication
of results for the year. In the following discussion, all comparisons are
with the corresponding items in the prior year.
RESULTS OF OPERATIONS
FPL Group's operating results for the three months ended March 31,
1995 benefitted from customer growth, combined with continued
attention to cost control. Partially offsetting these factors were higher
depreciation and a reduction in AFUDC.
While total operating revenues were essentially unchanged, FPL's
revenues from base rates increased to $718 million for the three months
ended March 31, 1995 from $695 million for the same period in 1994.
The increase was primarily due to higher retail energy sales and the
effect on wholesale revenues of a brief period of cold weather in
February. Retail energy sales increased 2.2%, primarily attributable to a
2.0% growth in customers. Revenues from cost recovery clauses
(including fuel) and franchise fees, which represent a pass-through of
costs and do not significantly affect net income, declined due to lower
fuel costs.
The decrease in other operations and maintenance expenses reflects
expenses incurred in the prior year associated with a nuclear refueling
outage, as well as management's ongoing efforts to control costs. The
placement in service of the Martin Units Nos. 3 and 4 in February and
April of 1994 resulted in an increase in depreciation expense and a
decrease in AFUDC (included in other - net). Depreciation expense was
further affected by an increase in nuclear decommissioning and fossil
dismantlement approved on an interim basis by the FPSC and the
amortization in the current period of deferred litigation items. In keeping
with management's focus on reducing investment in certain assets used
in utility operations, FPL requested and the FPSC approved the
amortization of the deferred litigation items over a period not to exceed
five years. FPL has also proposed to the FPSC a special amortization
of its nuclear units totaling $30 million per year, plus an additional
amount based on the level of sales achieved for 1995 and 1996.
LIQUIDITY AND CAPITAL RESOURCES
Based on available cash flows from operations, FPL has redeemed
certain series of its preferred stock and first mortgage bonds and
reduced the level of commercial paper, consistent with management's
intent to further reduce debt balances. Preferred stock dividends in 1995
include the premium paid on the redemption of 400,000 shares of
8.625% Preferred Stock, Series R, $100 Par Value. See Note 1.
For information concerning capital commitments, see Note 2.
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item 5. Other Information
(1) Reference is made to Item 1. Business - Retail Ratemaking in
FPL Group's 1994 Form 10-K.
FPL was required to file historic and projected revenues and cost
data with the FPSC by April 30, 1995. FPL has received
permission from the FPSC to delay this filing until July 31, 1995,
pending consideration by the Florida legislature to eliminate this
requirement for Florida electric utilities.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Description
*4(a) Rights Agreement dated as of June 16, 1986
between FPL Group, Inc. and the First National Bank
of Boston (filed as Exhibit 4(e) to Post-Effective
Amendment No. 5 to Form S-8, File No. 33-18669)
*4(b) Mortgage and Deed of Trust dated as of January 1,
1944, and Ninety-five Supplements thereto between
FPL and Bankers Trust Company and The Florida
National Bank of Jacksonville (now First Union
National Bank of Florida) Trustees (as of
September 2, 1992, the sole trustee is Bankers Trust
Company) (filed as Exhibit B-3, File No. 2-4845;
Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No.
2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a),
File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093;
Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No.
2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit
4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No.
2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit
4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File
No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit
2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195;
Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No.
2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c),
File No. 2-30542; Exhibit 2(c), File No. 2-33038;
Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File
No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit
2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502;
Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No.
2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c),
File No. 2-52826; Exhibit 2(c), File No. 2-53272;
Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No.
2-56228; Exhibits 2(c) and 2(d), File No. 2-60413;
Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c),
File No. 2-66524; Exhibit 2(c), File No. 2-67239;
Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File
No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit
4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e),
File No. 2-75762; Exhibit 4(c), File No. 2-77629;
Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to
Post-Effective Amendment No. 5 to Form S-8, File
No. 33-18669; Exhibit 99(a) to Post-Effective
Amendment No. 1 to Form S-3, File No. 33-46076;
Exhibit 4(b) to Form 10-K for the year ended
December 31, 1993, File No. 1-3545; and Exhibit 4(i)
to Form 10-Q for the quarter ended June 30, 1994,
File No. 1-3545)
27 Financial Data Schedule
* Incorporated herein by reference
(b) Reports on Form 8-K
None
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
FPL GROUP, INC.
(Registrant)
MICHAEL W. YACKIRA
Michael W. Yackira
Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)
Date: May 11, 1995
<TABLE> <S> <C>
<S> <C>
<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from FPL Group's condensed consolidated balance sheet as of
March 31, 1995 and condensed consolidated statements of income and cash flows for the three months ended March 31, 1995 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<PERIOD-TYPE> 3-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $9,924,653
<OTHER-PROPERTY-AND-INVEST> $1,150,331
<TOTAL-CURRENT-ASSETS> $1,003,920
<TOTAL-DEFERRED-CHARGES> $376,233
<OTHER-ASSETS> $144,483
<TOTAL-ASSETS> $12,599,620
<COMMON> $0
<CAPITAL-SURPLUS-PAID-IN> $0
<RETAINED-EARNINGS> $0
<TOTAL-COMMON-STOCKHOLDERS-EQ> $4,196,669
$54,000
$451,250
<LONG-TERM-DEBT-NET> $3,579,446
<SHORT-TERM-NOTES> $0
<LONG-TERM-NOTES-PAYABLE> $0
<COMMERCIAL-PAPER-OBLIGATIONS> $0
<LONG-TERM-DEBT-CURRENT-PORT> $0
$0
<CAPITAL-LEASE-OBLIGATIONS> $0
<LEASES-CURRENT> $0
<OTHER-ITEMS-CAPITAL-AND-LIAB> $4,318,255
<TOT-CAPITALIZATION-AND-LIAB> $12,599,620
<GROSS-OPERATING-REVENUE> $1,177,366
<INCOME-TAX-EXPENSE> $65,217
<OTHER-OPERATING-EXPENSES> $928,569
<TOTAL-OPERATING-EXPENSES> $928,569
<OPERATING-INCOME-LOSS> $248,797
<OTHER-INCOME-NET> $5,392
<INCOME-BEFORE-INTEREST-EXPEN> $254,189
<TOTAL-INTEREST-EXPENSE> $0
<NET-INCOME> $99,840
$0
<EARNINGS-AVAILABLE-FOR-COMM> $99,840
<COMMON-STOCK-DIVIDENDS> ($77,523)
<TOTAL-INTEREST-ON-BONDS> $0
<CASH-FLOW-OPERATIONS> $416,555
<EPS-PRIMARY> $0.57
<EPS-DILUTED> $0.57
</TABLE>
