<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 September 30, 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 October 31, 1995:
184,878,435 shares
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FPL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
(In thousands, except per share amounts)
<S> <C> <C> <C> <C>
OPERATING REVENUES ............................. $1,587,037 $1,512,261 $4,231,126 $4,132,949
OPERATING EXPENSES:
Fuel, purchased power and interchange ........ 480,912 470,319 1,284,187 1,308,720
Other operations and maintenance.............. 297,201 263,284 847,376 929,377
Depreciation and amortization ................ 212,675 206,186 675,767 543,378
Taxes other than income taxes ................ 148,314 144,986 414,874 401,124
Total operating expenses ................... 1,139,102 1,084,775 3,222,204 3,182,599
OPERATING INCOME ............................... 447,935 427,486 1,008,922 950,350
OTHER INCOME (DEDUCTIONS):
Interest expense and preferred stock
dividend requirements ...................... (79,505) (89,309) (251,993) (270,759)
Other - net .................................. 9,180 17,874 15,487 31,403
Total other deductions - net ............... (70,325) (71,435) (236,506) (239,356)
INCOME BEFORE INCOME TAXES ..................... 377,610 356,051 772,416 710,994
INCOME TAXES ................................... 137,161 133,807 293,826 268,467
NET INCOME ..................................... $ 240,449 $ 222,244 $ 478,590 $ 442,527
Earnings per share of common stock ............. $ 1.37 $ 1.25 $ 2.73 $ 2.48
Dividends per share of common stock ............ $ .44 $ .42 $ 1.32 $ 1.46
Average number of common shares outstanding .... 175,112 177,203 175,450 178,558
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 8 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>
FPL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30,
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 ............... $16,604,383 $16,389,533
Less accumulated depreciation and amortization ........................... 6,667,546 6,186,699
Total property, plant and equipment - net .............................. 9,936,837 10,202,834
CURRENT ASSETS:
Cash and cash equivalents ................................................ 103,480 85,750
Customer receivables, net of allowances of $10,817 and $11,792 ........... 564,690 464,709
Materials, supplies and fossil fuel stock - at average cost .............. 261,735 309,308
Other .................................................................... 216,452 89,880
Total current assets ................................................... 1,146,357 949,647
OTHER ASSETS:
Special use funds of Florida Power & Light Company (FPL) ................. 542,372 435,117
Other investments ........................................................ 477,239 489,268
Unamortized debt reacquisition costs and litigation items of FPL ......... 386,253 402,978
Other .................................................................... 141,318 137,772
Total other assets ..................................................... 1,547,182 1,465,135
TOTAL ASSETS ............................................................... $12,630,376 $12,617,616
CAPITALIZATION:
Common shareholders' equity .............................................. $ 4,403,042 $ 4,197,235
Preferred stock of FPL without sinking fund requirements ................. 451,250 451,250
Preferred stock of FPL with sinking fund requirements .................... 50,000 94,000
Long-term debt ........................................................... 3,338,451 3,864,465
Total capitalization ................................................... 8,242,743 8,606,950
CURRENT LIABILITIES:
Accounts payable ......................................................... 337,292 311,256
Debt and preferred stock due within one year ............................. 215,971 122,092
Accrued interest, taxes and other ........................................ 975,752 728,300
Total current liabilities .............................................. 1,529,015 1,161,648
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ........................................ 1,610,109 1,625,481
Unamortized regulatory and investment tax credits ........................ 472,961 498,703
Other .................................................................... 775,548 724,834
Total other liabilities and deferred credits ........................... 2,858,618 2,849,018
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ....................................... $12,630,376 $12,617,616
</TABLE>
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 8 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group's
1994 Form 10-K.
<PAGE>
FPL GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................................. $ 478,590 $ 442,527
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization .......................................... 675,767 543,378
Increase (decrease) in deferred income taxes and unamortized
regulatory and investment tax credits ................................ (41,114) 52,079
Other - net ............................................................ 185,977 53,671
Net cash provided by operating activities ................................ 1,299,220 1,091,655
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1) ................................................... (499,783) (542,599)
Other - net ................................................................ 24,378 65,599
Net cash used in investing activities .................................... (475,405) (477,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of debt ........................................................... 110,349 172,850
Retirement of debt and preferred stock ..................................... (601,583) (387,370)
Issuance of common stock ................................................... - 16,685
Repurchase of common stock ................................................. (59,496) (114,590)
Dividends on common stock .................................................. (231,604) (260,645)
Other - net ................................................................ (23,751) 16,806
Net cash used in financing activities .................................... (806,085) (556,264)
Net increase in cash and cash equivalents .................................... 17,730 58,391
Cash and cash equivalents at beginning of period ............................. 85,750 152,014
Cash and cash equivalents at end of period ................................... $ 103,480 $ 210,405
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) ......................... $ 245,840 $ 255,984
Cash paid for income taxes ................................................. $ 242,800 $ 122,350
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations ..................................... $ 55,502 $ 61,055
(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 8 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group's
1994 Form 10-K.
<PAGE>
FPL GROUP, INC.
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
September 30, 1995, the results of operations for the three and nine
months ended September 30, 1995 and 1994 and the cash flows for the
nine months ended September 30, 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
Common Stock - In 1995, FPL Group repurchased approximately 1.6
million shares of common stock under its share repurchase program
which began in May 1994. To date, a total of approximately 5.6 million
shares have been repurchased.
Preferred Stock - In April 1995, FPL redeemed 400,000 shares of its
8.625% Preferred Stock, Series R, $100 Par Value. Through
November 7, 1995, approximately 2.5 million shares of $2.00 No Par
Preferred Stock, Series A (Involuntary Liquidation Value $25 Per Share)
were tendered pursuant to FPL's offer to exchange each such share for
$25 in principal amount of 8.75% Quarterly Income Debt Securities
(Subordinated Deferrable Interest Debentures, Due 2025).
Long-Term Debt - In March and June 1995, FPL sold approximately $59
million and $52 million principal amount of variable interest rate Pollution
Control Revenue Refunding Bonds, at initial variable rates of 2.90% and
2.25%, respectively, maturing in April 2020 through May 2029. The
proceeds were used in April, June and September 1995, to redeem a
like principal amount of Pollution Control Revenue Bonds, maturing in
2019 and 2020 bearing interest at 9 5/8% and 10%, respectively.
In April and September 1995, FPL redeemed a total of approximately
$258 million principal amount of First Mortgage Bonds, maturing in 2006
through 2022 at interest rates of 8.40% to 9 3/8%. Through September
1995, FPL purchased on the open market and retired approximately $59
million principal amount of various series of first mortgage bonds. In
October 1995, approximately $20 million principal amount of first
mortgage bonds were purchased on the open market and retired.
Additionally in October 1995, FPL called for redemption in late
November 1995 approximately $26 million of first mortgage bonds,
maturing in 2000 at an interest rate of 9 5/8%.
At December 31, 1994, FPL had $200 million of commercial paper
classified as long-term debt. FPL no longer intends to maintain this level
of commercial paper usage for the foreseeable future and, accordingly,
has retired $149 million and classified the remaining $51 million of
commercial paper outstanding at September 30, 1995 as a current
liability.
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 $498 million, including
AFUDC, had been spent through September 30, 1995. Cost control
efforts may reduce the amount originally projected for the full year 1995
by approximately $30 million.
FPL Group Capital Inc (FPL Group Capital) and its subsidiaries, primarily
ESI Energy, Inc. (ESI), have guaranteed up to approximately $98 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. In the event of a
subsequent accident at such nuclear plants during the policy period, the
maximum aggregate assessment is $108 million under the programs in
effect at September 30, 1995.
FPL also participates in a program that provides $200 million of tort
liability coverage for nuclear worker claims. In the event of a tort claim
by an FPL or another insured's nuclear worker, FPL could be assessed
up to $12 million in retrospective premiums per incident.
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 has a storm and property insurance reserve, which totaled
approximately $109 million at September 30, 1995, for assessments
under the nuclear insurance program and costs incurred under the
transmission and distribution (T&D) property self-insurance program
described below. See Management's Discussion and Analysis of
Financial Condition and Results of Operations - Liquidity and Capital
Resources.
FPL self-insures certain of its T&D property due to the high cost and
limited coverage available from third-party insurers. Recovery from
ratepayers of any losses in excess of the storm and property insurance
reserve 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
conditions. 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 and minimum 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 ...................................................... $266 $200 $200 $210 $200
Orimulsion ....................................................... - - - $130 $160
</TABLE>
Capacity, energy and fuel charges under these contracts were as
follows:
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
1995 Charges 1994 Charges 1995 Charges 1994 Charges
Energy/ Energy/ Energy/ Energy/
Capacity Fuel (1) Capacity Fuel (1) Capacity Fuel (1) Capacity Fuel (1)
(Millions of Dollars)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
JEA ................... $21(2) $14 $19(2) $13 $ 64(2) $ 35 $ 62(2) $ 35
Southern Companies .... $24(3) $30 $39(3) $30 $101(3) $ 76 $147(3) $ 99
Qualifying facilities.. $40(3) $25 $35(3) $19 $116(3) $ 63 $101(3) $ 50
Natural gas ........... $ - $97 $ - $71 $ - $259 $ - $187
(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>
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. (Praxair), 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. In September 1995, FPL
and Florida Power Corporation were granted summary judgment.
Praxair has filed for rehearing en banc.
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 have wrongfully interfered with the
cogeneration project's 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. In September 1995, the court of appeals vacated the district
court's summary judgment and remanded the matter to the district court
for further proceedings.
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 Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
(Thousands of Dollars)
<S> <C> <C> <C> <C>
Operating revenues ........................................ $ 7,489 $10,443 $49,148 $56,941
Operating expenses ........................................ $10,190 $12,905 $59,267 $59,827
Net income ................................................ $ 4,254 $ 6,257 $ 1,226 $ 4,458
</TABLE>
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
(Thousands of Dollars)
<S> <C> <C>
Current assets ................................................................. $102,067 $ 84,300
Noncurrent assets .............................................................. $968,089 $1,005,420
Current liabilities ............................................................ $ 64,791 $ 36,171
Noncurrent liabilities ......................................................... $733,577 $ 714,115
</TABLE>
<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 net income for the three and nine months ended
September 30, 1995 was favorably affected by higher energy sales,
resulting from both increased energy usage per customer and customer
growth, partially offset by higher depreciation. Other operations and
maintenance expenses decreased for the nine months ended September
30, 1995, despite an increase for the three-month period.
FPL's revenues from base rates increased to approximately $981 million
and $2.6 billion for the three and nine months ended September 30,
1995 from approximately $921 million and $2.5 billion for the same
periods in 1994. The increases reflect customer growth of 2.0% for the
three and nine months ended September 30, 1995 and increases in
energy usage per retail customer of 4.3% and 2.4%, respectively,
primarily due to weather conditions. Revenues from cost recovery
clauses and franchise fees comprise substantially all of the remaining
portion of operating revenues. These revenues represent a pass-
through of costs and do not significantly affect net income.
Other operations and maintenance expenses increased for the three
months ended September 30, 1995, primarily due to costs associated
with a nuclear plant refueling outage and ongoing organizational reviews.
On a year-to-date basis, however, benefits from ongoing cost control
efforts, lower costs associated with the consolidation of facilities and
having one less nuclear refueling, more than offset the higher costs in
the quarter. The FPSC approved on an interim basis, special
amortization of FPL's nuclear units in a fixed amount of $30 million per
year beginning in 1995, plus an additional amount based on the level of
sales achieved for 1995 and 1996. The additional amount of
amortization recorded based on the level of sales through September 30,
1995 was approximately $84 million. A final decision on this matter is
expected in mid-1996. In granting interim approval, however, the FPSC
specified that amounts recorded as expense would remain expense
items regardless of their final classification. Depreciation expense
increased for the three and nine months ended September 30, 1995 as a
result of the special amortization of nuclear units, an increase in the
provision for nuclear decommissioning and fossil dismantlement, the
amortization of deferred litigation items over a period not to exceed five
years, and the placement in service of the Martin Units Nos. 3 and 4 in
February and April of 1994.
LIQUIDITY AND CAPITAL RESOURCES
Cash flows from operating activities increased as a result of higher net
income, adjusted for depreciation which is a noncash expense, and
higher current liabilities. 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 reduce debt balances. Preferred stock
dividends in 1995 include the premium paid on the redemption of
400,000 shares of the 8.625% Preferred Stock, Series R, $100 Par
Value. See Note 1.
In September 1995, FPL filed a petition with the FPSC requesting certain
changes regarding the storm and property insurance reserve fund (storm
fund). FPL is seeking, among other things, to increase the annual
contribution to the storm fund from $10 million to $20 million retroactive
to January 1, 1995 and to contribute approximately $50 million of
insurance proceeds related to claims associated with Hurricane Andrew
to the storm fund. A decision is expected from the FPSC before the end
of 1995.
For information concerning capital commitments, see Note 2.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
(a) Reference is made to Item 3. Legal Proceedings in FPL Group's
1994 Form 10-K.
In September 1995, FPL and Florida Power Corporation were
granted summary judgment in the suit filed against them in
October 1988 by Union Carbide Corporation, the corporate
predecessor of Praxair. Praxair has filed for rehearing en banc.
Also in September 1995, the court of appeals vacated the district
court's summary judgment in the suit filed by the FMPA in
December 1991 and remanded the matter to the district court for
further proceedings.
Item 5. Other Information
(a) Reference is made to Item 1. Business - Other in FPL Group's
1994 Form 10-K.
In October 1995, FPL Group sold its Qualtec Quality Services,
Inc. subsidiary. The effect of this sale on FPL Group's financial
statements will not be significant.
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-six 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; Exhibit 4(i) to
Form 10-Q for the quarter ended June 30, 1994, File
No. 1-3545; and Exhibit 4(b) to Form 10-Q for the
quarter ended June 30, 1995, File No. 1-3545)
27 Financial Data Schedule
* Incorporated herein by reference
(b) Reports on Form 8-K - None
<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: November 8, 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
September 30, 1995 and condensed consolidated statements of income and cash flows for the nine months ended September 30, 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> SEP-30-1995
<PERIOD-TYPE> 9-MOS
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $0
<OTHER-PROPERTY-AND-INVEST> $0
<TOTAL-CURRENT-ASSETS> $1,146,357
<TOTAL-DEFERRED-CHARGES> $386,253
<OTHER-ASSETS> $141,318
<TOTAL-ASSETS> $12,630,376
<COMMON> $0
<CAPITAL-SURPLUS-PAID-IN> $0
<RETAINED-EARNINGS> $0
<TOTAL-COMMON-STOCKHOLDERS-EQ> $4,403,042
$50,000
$451,250
<LONG-TERM-DEBT-NET> $3,338,451
<SHORT-TERM-NOTES> $0
<LONG-TERM-NOTES-PAYABLE> $0
<COMMERCIAL-PAPER-OBLIGATIONS> $51,000
<LONG-TERM-DEBT-CURRENT-PORT> $0
$0
<CAPITAL-LEASE-OBLIGATIONS> $0
<LEASES-CURRENT> $0
<OTHER-ITEMS-CAPITAL-AND-LIAB> $4,387,633
<TOT-CAPITALIZATION-AND-LIAB> $12,630,376
<GROSS-OPERATING-REVENUE> $4,231,126
<INCOME-TAX-EXPENSE> $293,826
<OTHER-OPERATING-EXPENSES> $3,222,204
<TOTAL-OPERATING-EXPENSES> $3,222,204
<OPERATING-INCOME-LOSS> $1,008,922
<OTHER-INCOME-NET> $15,487
<INCOME-BEFORE-INTEREST-EXPEN> $0
<TOTAL-INTEREST-EXPENSE> $0
<NET-INCOME> $478,590
$0
<EARNINGS-AVAILABLE-FOR-COMM> $478,590
<COMMON-STOCK-DIVIDENDS> $231,604
<TOTAL-INTEREST-ON-BONDS> $0
<CASH-FLOW-OPERATIONS> $1,299,220
<EPS-PRIMARY> $2.73
<EPS-DILUTED> $2.73
</TABLE>
