|
|
|
|
|
|
|
|
|
<PAGE>
File No. 69-302
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company Claiming
Exemption under Rule U-3A-2 from the
Provisions of the Public Utility Holding
Company Act of 1935
To be Filed Annually Prior to March 1
FPL GROUP, INC.
hereby files with the Securities and Exchange Commission, pursuant to
Rule 2, its statement claiming exemption as a holding company from
the provisions of the Public Utility Holding Company Act of 1935, and
submits the following information:
Page 1 of 57
<PAGE>
1. Name, State of organization, location and nature of
business of claimant and every subsidiary thereof,
other than any exempt wholesale generator ("EWG") or
foreign utility company in which claimant directly or
indirectly holds an interest.
FPL Group, Inc. ("Claimant") is a Florida corporation,
organized in 1984, with its principal executive
offices at 700 Universe Boulevard, Juno Beach,
Florida 33408. Claimant's business is the holding of
all the outstanding capital stock of its
subsidiaries.
The name, jurisdiction of incorporation, location and
nature of business of each subsidiary of Claimant, as
of December 31, 1996 is set forth in Appendix 1
hereto.
2. A brief discussion of the properties of claimant and
each of its subsidiary public utility companies used
for the generation, transmission and distribution of
electric energy for sale, or for the production,
transmission and distribution of natural or
manufactured gas, indicating the location of principal
generating plants, transmission lines, producing
fields, gas manufacturing plants, and electric and gas
distribution facilities, including all such properties
which are outside the state in which claimant and its
subsidiaries are organized and all transmission or
pipelines which deliver or receive electric energy or
gas at the borders of such state.
Claimant owns no property used in the generation or
production, transmission, or distribution of natural
or manufactured gas or of electric energy for sale.
Claimant's only subsidiary public utility company is
Florida Power & Light Company ("FPL"), a Florida
corporation, which is an electric utility company. A
description of the properties of FPL used for the
generation, transmission, or distribution of electric
energy for sale is set forth in Appendix 2 hereto.
All of these properties are located within the State
of Florida except for Scherer Unit No. 4 which is
located in Georgia.
3. The following information for the last calendar year
with respect to claimant and each of its subsidiary
public utility companies:
(a) Number of kwh of electric energy sold (at
retail or wholesale) or Mcf. of natural or
manufactured gas distributed at retail.
Claimant - None
FPL - 80,889,489,393 kwh
(b) Number of kwh of electric energy and Mcf. of
natural or manufactured gas distributed at
retail outside the state in which each such
company is organized.
Claimant - None
FPL - None
(c) Number of kwh of electric energy and Mcf. of
natural or manufactured gas sold at wholesale
outside the state in which each such company
is organized, or at the state line.
Claimant - None
FPL - 938,128,000 kwh
(d) Number of kwh of electric energy and Mcf. of
natural or manufactured gas purchased outside
the state in which each such company is
organized, or at the state line.
Claimant - None
FPL - 7,496,749,000 kwh
4. The following information for the reporting period
with respect to claimant and each interest it holds
directly or indirectly in an EWG or a foreign utility
company, stating monetary amounts in United States
dollars:
(a) Name, location, business address and
description of the facilities used by the EWG
or foreign utility company for the generation,
transmission and distribution of electric
energy for sale or for the distribution at
retail of natural or manufactured gas.
Claimant has the following interests in EWG's:
- Doswell Limited Partnership ("Doswell"),
the business address of which is 10098 Old
Ridge Road, Ashland, VA 23005. The
facility is a 663 megawatt gas-fired
combined cycle plant located in Hanover
County, Virginia, which sells 100% of its
power to Virginia Electric and Power
Company.
- InterAmerican Energy Leasing Company
("InterAmerican"), the business address of
which is 1000 Wilson Boulevard, Suite 902,
Arlington, Virginia 22209. The facility
is a 100 megawatt gas-fired combined cycle
plant located in Cartagena, Colombia,
which is leased by InterAmerican to
Promotora de Energia Electrica de
Cartagena, S.A.
- Termovalle S.C.A., E.S.P. ("Termovalle"),
the business address of which is 1000
Wilson Boulevard, Suite 902, Arlington,
Virginia 22209. The facility is a 200
megawatt gas-fired combined cycle plant
located in Cali, Colombia, which, when
completed, will sell 160 megawatts to
Empresa de Energia del Pacifico S.A. EPSA
E.S.P., some additional sales will be made
to industrial manufacturers in the Cali
area and the remainder, if any, will be
sold through the Colombian Bolsa de
Energia (energy exchange).
(b) Name of each system company that holds an
interest in such EWG or foreign utility
company; and description of the interest held.
At December 31, 1996, ESI Doswell, Inc. and
ESI LP, Inc. each owned a limited partnership
interest in Doswell. These interests in the
aggregate will average approximately 36% over
the life of the partnership. ESI Doswell,
Inc. and ESI LP, Inc. are wholly-owned
subsidiaries of ESI Energy, Inc., which is a
wholly-owned subsidiary of FPL Group Capital
Inc, a wholly-owned subsidiary of Claimant.
At December 31, 1996, FPL Mamonal, Inc. and
FPL International Investment Company, each,
indirectly, owned a limited partnership
interest in InterAmerican. These interests in
the aggregate will average approximately 28%
over the life of the partnership. FPL
Mamonal, Inc. and FPL International Investment
Company are wholly-owned subsidiaries of FPL
Group International, Inc., which is a
wholly-owned subsidiary of FPL Group Capital
Inc, a wholly-owned subsidiary of Claimant.
At December 31, 1996, FPL Termovalle, Inc. and
FPL International Holdings, Inc., each,
indirectly, owned a limited partnership
interest in Termovalle. These interests in
the aggregate will average approximately 36%
over the life of the partnership. FPL
Termovalle, Inc. and FPL International
Holdings, Inc. are wholly-owned subsidiaries
of FPL Group International, Inc., which is a
wholly-owned subsidiary of FPL Group Capital
Inc, a wholly-owned subsidiary of Claimant.
(c) Type and amount of capital invested, directly
or indirectly, by the holding company claiming
exemption; any direct or indirect guarantee of
the security of the EWG or foreign utility
company by the holding company claiming
exemption; and any debt or other financial
obligation for which there is recourse,
directly or indirectly, to the holding company
claiming exemption or another system company,
other than the EWG or foreign utility company.
ESI Doswell, Inc.'s and ESI LP, Inc.'s
combined investment balance in the EWG at
December 31, 1996 consists of $29.8 million of
equity contributions. Claimant and its other
system companies do not directly or indirectly
guarantee any security of Doswell, nor is
there any recourse to Claimant or another
system company for any financial obligations
of Doswell.
FPL Mamonal, Inc.'s and FPL International
Investment Company's combined capital
contribution in the EWG at December 31, 1996
consists of $14.9 million. Claimant and its
other system companies do not directly or
indirectly guarantee any security of
InterAmerican, nor is there any recourse to
Claimant or another system company for any
financial obligations of InterAmerican.
No capital contribution has been made by the
Claimant, either directly or indirectly, in
the EWG at December 31, 1996. The project is
currently under construction and development.
Claimant and its other system companies do not
directly or indirectly guarantee any security
of Termovalle, nor is there any recourse to
Claimant or another system company for any
financial obligations of Termovalle.
(d) Capitalization and earnings of the EWG or
foreign utility company during the reporting
period.
Doswell
Total Partners' Capital = $36,891,248
Total Debt Obligations = $389,000,000
Net Income = $0
Claimant's Equity in Net Income = $0
InterAmerican
Total Partner's Capital = $12,915,271
Total Debt Obligations = $48,906,083
Net Income = $3,521,366
Claimant's Equity in Net Income = $153,549
Termovalle
Total Partner's Capital = $10,000
Total Debt Obligations = $53,886,132
Net Income = $0
Claimant's Equity in Net Income = ($24,235)
(e) Identify any service, sales or construction
contract(s) between the EWG or foreign utility
company and a system company, and describe the
services to be rendered or goods sold and fees
or revenues under such agreement(s).
None
<PAGE>
EXHIBIT A
A consolidating statement of income and surplus of the Claimant and
its subsidiary companies for the last calendar year, together with a
consolidating balance sheet of Claimant and its subsidiary companies
as of the close of such calendar year.
Company Pages
FPL Group, Inc. and Subsidiaries 6-7
Florida Power & Light Company and Subsidiaries 8-9
FPL Group Capital Inc and Subsidiaries 10-13
Alandco Inc. and Subsidiaries 14-15
ESI Energy, Inc. and Subsidiaries 16-27
FPL Group International, Inc. 28-35
Palms Insurance Company, Limited and Subsidiary 36-37
Telesat Cablevision, Inc. and Subsidiaries 38-41
Turner Foods Corporation and Subsidiaries 42-45
HJT Holdings, Inc., LCR Holdings, Inc. and Subsidiaries 46-47
Notes to Consolidating Financial Statements 48
<PAGE>
<TABLE>
FPL GROUP, INC. AND SUBSIDIARIES 6
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars Florida
<CAPTION> Power FPL Group Adjusting
FPL & Light Capital CAS & FPL Group,
Group, Company Inc Investments, Elim. Inc.
ASSETS Inc. Consolidated Consolidated Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $16,406,493 $0 $0 $0 $16,406,493
Nuclear fuel under capital lease 0 182,163 0 0 0 182,163
Construction work in progress 0 220,136 38,199 0 1 258,336
Other property 0 0 181,069 0 5,562 186,631
Less accumulated depr. & amort. 0 (7,610,786) (38,639) 0 (309) (7,649,734)
Total property, plant and eqpt. - net 0 9,198,006 180,629 0 5,254 9,383,889
CURRENT ASSETS
Cash and cash equivalents 31,094 78,417 86,049 372 0 195,932
Customer receivables - net 0 460,120 1,381 0 0 461,501
Materials, supplies & fossil fuel stock 0 247,597 20,590 0 (1) 268,186
Deferred clause expenses 0 127,046 0 0 0 127,046
Other 2,535 98,107 35,970 78,312 (94,058) 120,866
Total current assets 33,629 1,011,287 143,990 78,684 (94,059) 1,173,531
OTHER ASSETS:
Special use funds of FPL 0 805,819 0 0 0 805,819
Other investments 4,908,253 0 660,621 4,229 (5,246,248) 326,855
Unamort. debt reacquisition costs of FPL 0 282,756 0 0 0 282,756
Other 62,190 233,405 17,637 0 (66,759) 246,473
Total other assets 4,970,443 1,321,980 678,258 4,229 (5,313,007) 1,661,903
TOTAL ASSETS $5,004,072 $11,531,273 $1,002,877 $82,913 ($5,401,812) $12,219,323
CAPITALIZATION
Common shareholders' equity $4,592,132 $4,666,941 $223,799 $15,907 ($4,906,647) $4,592,132
Pref. stock without sinking fund requirements 0 289,580 0 0 0 289,580
Pref. stock with sinking fund requirements 0 42,000 0 0 0 42,000
Long-term debt 0 2,981,261 163,053 0 (1) 3,144,313
Total capitalization 4,592,132 7,979,782 386,852 15,907 (4,906,648) 8,068,025
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 4,040 150,560 0 0 154,600
Accounts payable 0 299,026 8,809 0 1 307,836
Customers' deposits 0 267,846 82 0 0 267,928
Accrued interest and taxes (3,354) 300,842 7,054 430 (46,315) 258,657
Deferred clause revenues 0 60,451 0 0 0 60,451
Other 58,466 195,806 15,845 0 (45,125) 224,992
Total current liabilities 55,112 1,128,011 182,350 430 (91,439) 1,274,464
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 1,146,680 368,615 66,576 (51,333) 1,530,538
Deferred regulatory credit - income taxes 0 128,638 0 0 0 128,638
Unamortized investment tax credits 0 250,641 0 0 0 250,641
Storm and property insurance reserve 0 222,577 0 0 0 222,577
Other 356,828 674,944 65,060 0 (352,392) 744,440
Total other liabilities & deferred credits 356,828 2,423,480 433,675 66,576 (403,725) 2,876,834
TOTAL CAPITALIZATION AND LIABILITIES $5,004,072 $11,531,273 $1,002,877 $82,913 ($5,401,812) $12,219,323
</TABLE>
<PAGE>
<TABLE>
FPL GROUP, INC. AND SUBSIDIARIES 7
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars Florida
<CAPTION> Power FPL Group Adjusting
FPL & Light Capital CAS & FPL Group,
Group, Company Inc Investments, Elim. Inc.
INCOME STATEMENT Inc. Consolidated Consolidated Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $5,986,428 $50,350 $0 $0 $6,036,778
OPERATING EXPENSES
Fuel, purchased power & interchange 0 2,130,583 0 0 0 2,130,583
Other operations and maintenance 633 1,127,559 59,048 1,581 (1) 1,188,820
Depreciation & amortization 0 954,802 5,573 0 0 960,375
Taxes other than income taxes 79 585,669 431 0 0 586,179
Total operating expenses 712 4,798,613 65,052 1,581 (1) 4,865,957
OPERATING INCOME (712) 1,187,815 (14,702) (1,581) 1 1,170,821
OTHER INCOME (DEDUCTIONS):
Interest charges (33,586) (246,227) (20,302) 0 33,586 (266,530)
Preferred stock dividends - FPL 0 (23,732) 0 0 0 (23,732)
Other-net 601,623 (5,108) 32,540 (4,051) (632,251) (7,247)
Interest expense and other - net 568,037 (275,067) 12,238 (4,051) (598,665) (297,509)
INCOME BEFORE INCOME TAXES 567,325 912,748 (2,464) (5,632) (598,664) 873,312
INCOME TAXES (12,125) 321,586 (13,629) (1,972) 2 293,862
NET INCOME (LOSS) 579,450 591,162 11,165 (3,660) (598,666) 579,450
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 1,258,522 872,046 (916,877) (181) 45,012 1,258,522
DEDUCT:
Dividends 320,253 592,815 0 0 (592,815) 320,253
Other 0 280 0 5,144 (5,424) 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $1,517,719 $870,113 ($905,712) ($8,985) $44,585 $1,517,719
</TABLE>
<PAGE>
<TABLE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES 8
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars Florida
<CAPTION> Florida Land FPL Adjusting Power &
Power Resource FPL Energy KPB & Light
& Light Investment Enersys Services, Financial Elim. Company
ASSETS Company Company Inc. Inc. Corp. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $16,210,948 $195,545 $0 $0 $0 $0 $16,406,493
Nuclear fuel under capital lease 182,163 0 0 0 0 0 182,163
Construction work in progress 220,121 15 0 0 0 0 220,136
Other property 0 0 0 0 0 0 0
Less accumulated depr. & amort. (7,568,515) (42,271) 0 0 0 0 (7,610,786)
Total property, plant and eqpt. - net 9,044,717 153,289 0 0 0 0 9,198,006
CURRENT ASSETS
Cash and cash equivalents 61,144 0 0 2 17,271 0 78,417
Customer receivables - net 160,876 0 0 2,650 296,594 0 460,120
Materials, supplies & fossil fuel stock 247,597 0 0 0 0 0 247,597
Deferred clause expenses 127,046 0 0 0 0 0 127,046
Other 439,720 49,899 0 541 33,811 (425,864) 98,107
Total current assets 1,036,383 49,899 0 3,193 347,676 (425,864) 1,011,287
OTHER ASSETS:
Special use funds of FPL 666,810 0 0 0 139,009 0 805,819
Other investments 322,659 0 0 0 0 (322,659) 0
Unamort. debt reacquisition costs of FPL 282,756 0 0 0 0 0 282,756
Other 291,041 0 1,006 1,073 443 (60,158) 233,405
Total other assets 1,563,266 0 1,006 1,073 139,452 (382,817) 1,321,980
TOTAL ASSETS $11,644,366 $203,188 $1,006 $4,266 $487,128 ($808,681) $11,531,273
CAPITALIZATION
Common shareholders' equity $4,666,941 $184,024 $1,006 $1,006 $137,629 ($323,665) $4,666,941
Pref. stock w/o sinking fund requirements 289,580 0 0 0 0 0 289,580
Pref. stock with sinking fund requirements 42,000 0 0 0 0 0 42,000
Long-term debt 2,981,261 0 0 0 0 0 2,981,261
Total capitalization 7,979,782 184,024 1,006 1,006 137,629 (323,665) 7,979,782
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 4,040 0 0 0 0 0 4,040
Accounts payable 297,901 0 0 1,125 0 0 299,026
Customers' deposits 267,846 0 0 0 0 0 267,846
Accrued interest and taxes 299,793 1,170 0 (26) (95) 0 300,842
Deferred clause revenues 60,451 0 0 0 0 0 60,451
Other 271,405 0 0 2,005 348,261 (425,865) 195,806
Total current liabilities 1,201,436 1,170 0 3,104 348,166 (425,865) 1,128,011
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 1,188,365 17,481 0 (15) 0 (59,151) 1,146,680
Deferred regulatory credit - income taxes 128,638 0 0 0 0 0 128,638
Unamortized investment tax credits 250,128 513 0 0 0 0 250,641
Storm and property insurance reserve 221,244 0 0 0 1,333 0 222,577
Other 674,773 0 0 171 0 0 674,944
Total other liabilities & deferred credits 2,463,148 17,994 0 156 1,333 (59,151) 2,423,480
TOTAL CAPITALIZATION AND LIABILITIES $11,644,366 $203,188 $1,006 $4,266 $487,128 ($808,681) $11,531,273
</TABLE>
<PAGE>
<TABLE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES 9
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars Florida
<CAPTION> Florida Land FPL Adjusting Power
Power Resource FPL Energy KPB & & Light
& Light Investment Enersys Services, Financial Elim. Company
INCOME STATEMENT Company Company Inc. Inc. Corp. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $5,986,428 $9,820 $0 $0 $0 ($9,820) $5,986,428
OPERATING EXPENSES
Fuel, purchased power & interchange 2,130,583 0 0 0 0 0 2,130,583
Other operations and maintenance 1,137,379 0 0 0 0 (9,820) 1,127,559
Depreciation & amortization 949,428 5,374 0 0 0 0 954,802
Taxes other than income taxes 582,470 3,205 0 (6) 0 0 585,669
Total operating expenses 4,799,860 8,579 0 (6) 0 (9,820) 4,798,613
OPERATING INCOME 1,186,568 1,241 0 6 0 0 1,187,815
OTHER INCOME (DEDUCTIONS):
Interest charges (246,227) 0 0 0 (219) 219 (246,227)
Preferred stock dividends - FPL (23,732) 0 0 0 0 0 (23,732)
Other-net (5,110) 0 133 135 6,166 (6,432) (5,108)
Interest expense and other - net (275,069) 0 133 135 5,947 (6,213) (275,067)
INCOME BEFORE INCOME TAXES 911,499 1,241 133 141 5,947 (6,213) 912,748
INCOME TAXES 320,337 1,241 0 8 0 0 321,586
NET INCOME (LOSS) 591,162 0 133 133 5,947 (6,213) 591,162
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 872,046 0 (2,266) (2,102) 3,274 1,094 872,046
DEDUCT:
Dividends 592,815 0 0 0 0 0 592,815
Other 280 0 0 0 0 0 280
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $870,113 $0 ($2,133) ($1,969) $9,221 ($5,119) $870,113
</TABLE>
<PAGE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 10
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars Palms
<CAPTION> FPL ESI FPL Group Insurance
Group Alandco Energy, International MBR Company,
Capital Inc. Inc. Inc. Services, Ltd.
ASSETS Inc Consolidated Consolidated Consolidated Inc. Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 5,874 34,660 4,879 0 0
Less accumulated depr. & amort. 0 (167) (766) 0 0 0
Total property, plant and eqpt. - net 0 5,707 33,894 4,879 0 0
CURRENT ASSETS
Cash and cash equivalents 72,434 (61) 983 752 0 9,889
Customer receivables - net 0 0 1 238 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 22 10,640 39,699 2,387 0 2,329
Total current assets 72,456 10,579 40,683 3,377 0 12,218
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 563,065 5,386 295,246 32,879 0 8,648
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 2,145 1,519 6,132 7,377 0 445
Total other assets 565,210 6,905 301,378 40,256 0 9,093
TOTAL ASSETS $637,666 $23,191 $375,955 $48,512 $0 $21,311
CAPITALIZATION
Common shareholders' equity $223,799 $21,937 $38,685 $47,759 $0 $5,731
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 128,173 0 34,880 0 0 0
Total capitalization 351,972 21,937 73,565 47,759 0 5,731
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 150,000 0 560 0 0 0
Accounts payable 150 1,196 5,062 639 0 31
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 6,626 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 20,291 58 3,546 114 0 9,511
Total current liabilities 177,067 1,254 9,168 753 0 9,542
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 40,763 0 292,926 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 67,864 0 296 0 0 6,038
Total other liabilities & deferred credits 108,627 0 293,222 0 0 6,038
TOTAL CAPITALIZATION AND LIABILITIES $637,666 $23,191 $375,955 $48,512 $0 $21,311
</TABLE>
<PAGE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 11
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars Palms
<CAPTION> FPL ESI FPL Group Insurance
Group Alandco Energy, International MBR Company,
Capital Inc. Inc. Inc. Services, Ltd.
INCOME STATEMENT Inc Consolidated Consolidated Consolidated Inc. Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $12 $2,991 $0 $0 $2,915
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 7,031 660 13,192 5,616 0 2,048
Depreciation & amortization 306 6 250 0 0 0
Taxes other than income taxes 5 339 43 3 0 0
Total operating expenses 7,342 1,005 13,485 5,619 0 2,048
OPERATING INCOME (7,342) (993) (10,494) (5,619) 0 867
OTHER INCOME (DEDUCTIONS):
Interest charges (20,367) 0 57 8 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 22,106 3,371 11,234 100 0 0
Interest expense and other - net 1,739 3,371 11,291 108 0 0
INCOME BEFORE INCOME TAXES (5,603) 2,378 797 (5,511) 0 867
INCOME TAXES (16,768) 834 (1,305) (1,010) 0 308
NET INCOME (LOSS) 11,165 1,544 2,102 (4,501) 0 559
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (916,877) (6,799) 0 0 (608) 3,116
DEDUCT:
Dividends 0 1,544 2,102 0 0 0
Other 0 0 0 0 (608) 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($905,712) ($6,799) $0 ($4,501) $0 $3,675
</TABLE>
<PAGE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 12
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars FPL
<CAPTION> Telesat Turner Adjusting Group
Cablevision, Foods FPL HJT & LCR & Capital
Inc. Corporation Holdings Holdings Elim. Inc
ASSETS Consolidated Consolidated Inc Consolidated Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 38,199 38,199
Other property 0 182,719 272 0 (47,335) 181,069
Less accumulated depr. & amort. 0 (37,434) (272) 0 0 (38,639)
Total property, plant and eqpt. - net 0 145,285 0 0 (9,136) 180,629
CURRENT ASSETS
Cash and cash equivalents 471 1,535 0 45 1 86,049
Customer receivables - net 0 1,142 0 0 0 1,381
Materials, supplies & fossil fuel stock 0 20,590 0 0 0 20,590
Deferred clause expenses 0 0 0 0 0 0
Other 0 3,900 99 2,836 (25,942) 35,970
Total current assets 471 27,167 99 2,881 (25,941) 143,990
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 144 0 341,731 (586,478) 660,621
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 8 247 0 0 (236) 17,637
Total other assets 8 391 0 341,731 (586,714) 678,258
TOTAL ASSETS $479 $172,843 $99 $344,612 ($621,791) $1,002,877
CAPITALIZATION
Common shareholders' equity ($14,780) $138,593 $177 $344,199 ($582,301) $223,799
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 163,053
Total capitalization (14,780) 138,593 177 344,199 (582,301) 386,852
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 150,560
Accounts payable 0 1,731 0 0 0 8,809
Customers' deposits 0 82 0 0 0 82
Accrued interest and taxes 0 15 0 413 0 7,054
Deferred clause revenues 0 0 0 0 0 0
Other 12,678 0 0 0 (30,353) 15,845
Total current liabilities 12,678 1,828 0 413 (30,353) 182,350
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 2,581 32,422 (78) 0 1 368,615
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 (9,138) 65,060
Total other liabilities & deferred credits 2,581 32,422 (78) 0 (9,137) 433,675
TOTAL CAPITALIZATION AND LIABILITIES $479 $172,843 $99 $344,612 ($621,791) $1,002,877
</TABLE>
<PAGE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 13
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars FPL
<CAPTION> Telesat Turner Adjusting Group
Cablevision, Foods FPL HJT & LCR & Capital
Inc. Corporation Holdings Holdings Elim. Inc
INCOME STATEMENT Consolidated Consolidated Inc Consolidated Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $44,431 $0 $0 $1 $50,350
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 1,425 29,075 0 0 1 59,048
Depreciation & amortization 0 5,011 0 0 0 5,573
Taxes other than income taxes 41 0 0 0 0 431
Total operating expenses 1,466 34,086 0 0 1 65,052
OPERATING INCOME (1,466) 10,345 0 0 0 (14,702)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 (20,302)
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 867 857 0 1,181 (7,176) 32,540
Interest expense and other - net 867 857 0 1,181 (7,176) 12,238
INCOME BEFORE INCOME TAXES (599) 11,202 0 1,181 (7,176) (2,464)
INCOME TAXES (233) 4,130 0 413 2 (13,629)
NET INCOME (LOSS) (366) 7,072 0 768 (7,178) 11,165
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (30,327) 11,057 (674) 0 24,235 (916,877)
DEDUCT:
Dividends 0 6,250 0 0 (9,896) 0
Other (30) 0 0 0 638 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($30,663) $11,879 ($674) $768 $26,315 ($905,712)
</TABLE>
<PAGE>
<TABLE>
ALANDCO INC. AND SUBSIDIARIES 14
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting
Alandco/ Alandco & Alandco
Alandco, Cascade, I, Elim. Inc.
ASSETS Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Other property 0 5,874 0 0 5,874
Less accumulated depr. & amort. 0 (167) 0 0 (167)
Total property, plant and eqpt. - net 0 5,707 0 0 5,707
CURRENT ASSETS
Cash and cash equivalents (61) 0 0 0 (61)
Customer receivables - net 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other 10,993 750 (1,082) (21) 10,640
Total current assets 10,932 750 (1,082) (21) 10,579
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 28,853 5,386 0 (28,853) 5,386
Unamort. debt reacquisition costs of FPL 0 0 0 0 0
Other (1,884) 2,688 715 0 1,519
Total other assets 26,969 8,074 715 (28,853) 6,905
TOTAL ASSETS $37,901 $14,531 ($367) ($28,874) $23,191
CAPITALIZATION
Common shareholders' equity $37,901 $13,256 ($367) ($28,853) $21,937
Pref. stock without sinking fund requirements 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 37,901 13,256 (367) (28,853) 21,937
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0
Accounts payable 0 1,275 0 (79) 1,196
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0
Other 0 0 0 58 58
Total current liabilities 0 1,275 0 (21) 1,254
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liabilities & deferred credits 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $37,901 $14,531 ($367) ($28,874) $23,191
</TABLE>
<PAGE>
<TABLE>
ALANDCO INC. AND SUBSIDIARIES 15
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting
Alandco/ Alandco & Alandco
Alandco, Cascade, I, Elim. Inc.
INCOME STATEMENT Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $12 $0 $0 $12
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 0 291 0 369 660
Depreciation & amortization 0 6 0 0 6
Taxes other than income taxes 0 339 0 0 339
Total operating expenses 0 636 0 369 1,005
OPERATING INCOME 0 (624) 0 (369) (993)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Other-net 4,266 (4,066) 0 3,171 3,371
Interest expense and other - net 4,266 (4,066) 0 3,171 3,371
INCOME BEFORE INCOME TAXES 4,266 (4,690) 0 2,802 2,378
INCOME TAXES 2,722 (1,888) 0 0 834
NET INCOME (LOSS) 1,544 (2,802) 0 2,802 1,544
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (6,799) (16,097) 2,014 14,083 (6,799)
DEDUCT:
Dividends 1,544 0 0 0 1,544
Other 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($6,799) ($18,899) $2,014 $16,885 ($6,799)
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 16
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996 ESI ESI Dixie ESI
Thousands of Dollars Antilles, Valley, Bay Area,
<CAPTION> Inc./ Inc./ Inc./
ESI ESI ESI Dixie ESI ESI ESI Brady
Energy, Antilles Valley Bay Area Brady, Power Services,
ASSETS Inc. LP, Inc. LP, Inc. GP, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 1,340 0 0 0 0 0
Less accumulated depr. & amort. (766) 0 0 0 0 0
Total property, plant and eqpt. - net 574 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents (267) 22 20 0 0 76
Customer receivables - net 1 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 43,706 12,059 (11,472) 16,449 (1,583) 27
Total current assets 43,440 12,081 (11,452) 16,449 (1,583) 103
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 31,485 0 0 27,175 (3,623) 0
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 4,706 0 0 0 0 8
Total other assets 36,191 0 0 27,175 (3,623) 8
TOTAL ASSETS $80,205 $12,081 ($11,452) $43,624 ($5,206) $111
CAPITALIZATION
Common shareholders' equity ($37,465) $11,920 ($11,584) $24,706 ($367) ($115)
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 501 0 0 0 0 0
Total capitalization (36,964) 11,920 (11,584) 24,706 (367) (115)
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 2,062 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 135,158 161 132 338 556 226
Total current liabilities 137,220 161 132 338 556 226
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (20,347) 0 0 18,580 (5,395) 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 296 0 0 0 0 0
Total other liabilities & deferred credits (20,051) 0 0 18,580 (5,395) 0
TOTAL CAPITALIZATION AND LIABILITIES $80,205 $12,081 ($11,452) $43,624 ($5,206) $111
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME AND 17
RETAINED EARNINGS
DECEMBER 31, 1996 ESI ESI Dixie ESI
Thousands of Dollars Antilles, Valley, Bay Area,
<CAPTION> Inc./ Inc./ Inc./
ESI ESI ESI Dixie ESI ESI ESI Brady
Energy, Antilles Valley Bay Area Brady, Power Services,
INCOME STATEMENT Inc. LP, Inc. LP, Inc. GP, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $894 $0 $144 $71 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 9,051 680 8 242 160 178
Depreciation & amortization 167 0 1 0 0 0
Taxes other than income taxes 33 0 0 0 1 0
Total operating expenses 9,251 680 9 242 161 178
OPERATING INCOME (8,357) (680) 135 (171) (161) (178)
OTHER INCOME (DEDUCTIONS):
Interest charges 1,946 (85) 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net (1,202) 3,298 0 419 (562) 0
Interest expense and other - net 744 3,213 0 419 (562) 0
INCOME BEFORE INCOME TAXES (7,613) 2,533 135 248 (723) (178)
INCOME TAXES (9,715) 887 12 (69) (246) (62)
NET INCOME (LOSS) 2,102 1,646 123 317 (477) (116)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 0 (5,278) 21,298 6,332 (5,612) 0
DEDUCT:
Dividends 2,102 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $0 ($3,632) $21,421 $6,649 ($6,089) ($116)
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 18
CONSOLIDATING BALANCE SHEET ESI
DECEMBER 31, 1996 Doswell ESI
Thousands of Dollars Inc./ Geothermal
<CAPTION> ESI ESI Doswell Inc., and Harper
California ESI GP, Inc./ ESI ESI Lake
Holdings, Double "C", ESI Doswell Ebensburg, Geothermal Operations,
ASSETS Inc. Inc. GP II, Inc. Inc. II, Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 4,132 6,090 851 4,872 (24,814) 341
Total current assets 4,132 6,090 851 4,872 (24,814) 341
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 5,905 7,146 5,686 13,714 0
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other assets 0 5,905 7,146 5,686 13,714 0
TOTAL ASSETS $4,132 $11,995 $7,997 $10,558 ($11,100) $341
CAPITALIZATION
Common shareholders' equity $4,128 $7,238 $5,462 ($5,455) ($12,914) $144
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 6,658 0 0
Total capitalization 4,128 7,238 5,462 1,203 (12,914) 144
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 4 46 289 3,131 105 197
Total current liabilities 4 46 289 3,131 105 197
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 4,711 2,246 6,224 1,709 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 4,711 2,246 6,224 1,709 0
TOTAL CAPITALIZATION AND LIABILITIES $4,132 $11,995 $7,997 $10,558 ($11,100) $341
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME AND 19
RETAINED EARNINGS ESI
DECEMBER 31, 1996 Doswell ESI
Thousands of Dollars Inc./ Geothermal
<CAPTION> ESI ESI Doswell Inc., and Harper
California ESI GP, Inc./ ESI ESI Lake
Holdings, Double "C", ESI Doswell Ebensburg, Geothermal Operations,
INCOME STATEMENT Inc. Inc. GP II, Inc. Inc. II, Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $200 $210
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 0 14 131 14 15 100
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 1 1 0 0 1 0
Total operating expenses 1 15 131 14 16 100
OPERATING INCOME (1) (15) (131) (14) 184 110
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 (670) 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 0 0 61 3 0 0
Interest expense and other - net 0 0 61 (667) 0 0
INCOME BEFORE INCOME TAXES (1) (15) (70) (681) 184 110
INCOME TAXES 5 (48) (24) (225) (585) 39
NET INCOME (LOSS) (6) 33 (46) (456) 769 71
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 137 1,901 17,822 818 14,500 73
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $131 $1,934 $17,776 $362 $15,269 $144
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 20
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996 ESI
Thousands of Dollars Jonesboro,
<CAPTION> Inc./
Hyperion Hyperion FPL ESI ESI ESI
VIII, IX, Investments Jonesboro Kern Front, LP,
ASSETS Inc. Inc. Inc LP, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 841 505 75,324 (6,263) 7,596 1,107
Total current assets 841 505 75,324 (6,263) 7,596 1,107
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 4,618 13,749 142,853 0 3,593 24,962
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other assets 4,618 13,749 142,853 0 3,593 24,962
TOTAL ASSETS $5,459 $14,254 $218,177 ($6,263) $11,189 $26,069
CAPITALIZATION
Common shareholders' equity ($14,292) ($11,065) $53,075 ($6,310) $7,734 $22,487
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization (14,292) (11,065) 53,075 (6,310) 7,734 22,487
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 496 371 5,143 112 49 0
Total current liabilities 496 371 5,143 112 49 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 19,255 24,948 159,959 (65) 3,406 3,582
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 19,255 24,948 159,959 (65) 3,406 3,582
TOTAL CAPITALIZATION AND LIABILITIES $5,459 $14,254 $218,177 ($6,263) $11,189 $26,069
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 21
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996 ESI
Thousands of Dollars Jonesboro,
<CAPTION> Inc./
Hyperion Hyperion FPL ESI ESI ESI
VIII, IX, Investments Jonesboro Kern Front, LP,
INCOME STATEMENT Inc. Inc. Inc LP, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 49 37 17 24 13 0
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 1 0 0 1 1 0
Total operating expenses 50 37 17 25 14 0
OPERATING INCOME (50) (37) (17) (25) (14) 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net (4,397) (4,376) 679 495 0 (318)
Interest expense and other - net (4,397) (4,376) 679 495 0 (318)
INCOME BEFORE INCOME TAXES (4,447) (4,413) 662 470 (14) (318)
INCOME TAXES (1,820) (1,869) 559 210 (44) (104)
NET INCOME (LOSS) (2,627) (2,544) 103 260 30 (214)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (6,656) (8,169) 2,188 8,322 2,049 (3,535)
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($9,283) ($10,713) $2,291 $8,582 $2,079 ($3,749)
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 22
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars CH Oremesa CH POSDEF,
<CAPTION> ESI Inc./ Inc./
MES Montgomery ESI CH ESI CH
Financial County, Multitrade Ormesa Pittsylvania, POSDEF LP,
ASSETS Corp Inc. LP, Inc. LP, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 12 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 16,570 46,542 (3,960) (1,522) 105 (7,347)
Total current assets 16,582 46,542 (3,960) (1,522) 105 (7,347)
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 59,588 29,562 (1,289) 7,040 (33) 29,985
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other assets 59,588 29,562 (1,289) 7,040 (33) 29,985
TOTAL ASSETS $76,170 $76,104 ($5,249) $5,518 $72 $22,638
CAPITALIZATION
Common shareholders' equity $76,970 ($212) ($5,517) $6,490 ($321) $27,713
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 13,009 0 0 0 0
Total capitalization 76,970 12,797 (5,517) 6,490 (321) 27,713
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other (77) 17,082 1,421 345 409 295
Total current liabilities (77) 17,082 1,421 345 409 295
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (723) 46,225 (1,153) (1,317) (16) (5,370)
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits (723) 46,225 (1,153) (1,317) (16) (5,370)
TOTAL CAPITALIZATION AND LIABILITIES $76,170 $76,104 ($5,249) $5,518 $72 $22,638
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 23
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars CH Oremesa CH POSDEF,
<CAPTION> ESI Inc./ Inc./
MES Montgomery ESI CH ESI CH
Financial County, Multitrade Ormesa Pittsylvania, POSDEF LP,
INCOME STATEMENT Corp Inc. LP, Inc. LP, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $200 $400 $506
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 7 1,935 20 110 162 115
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 1 0 0
Total operating expenses 7 1,935 20 111 162 115
OPERATING INCOME (7) (1,935) (20) 89 238 391
OTHER INCOME (DEDUCTIONS):
Interest charges 0 (1,134) 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 6,835 0 97 0 12 0
Interest expense and other - net 6,835 (1,134) 97 0 12 0
INCOME BEFORE INCOME TAXES 6,828 (3,069) 77 89 250 391
INCOME TAXES 2,383 (534) 91 (111) 89 (337)
NET INCOME (LOSS) 4,445 (2,535) (14) 200 161 728
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 2,923 (10,532) 6,628 1,525 787 1,468
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $7,368 ($13,067) $6,614 $1,725 $948 $2,196
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 24
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars ESI
<CAPTION> Virginia
ESI ESI ESI ESI Sky ESI Power
San Emidio, SEMASS Corp. Sierra, River, Steamboat, Services,
ASSETS Inc. LP, Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 55 (1,156) 3,191 23,515 35 634
Total current assets 55 (1,156) 3,191 23,515 35 634
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 0 5,554 3,980 0 0
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 1,418
Total other assets 0 0 5,554 3,980 0 1,418
TOTAL ASSETS $55 ($1,156) $8,745 $27,495 $35 $2,052
CAPITALIZATION
Common shareholders' equity ($102) ($1,480) $4,691 ($221) ($5) $1,888
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization (102) (1,480) 4,691 (221) (5) 1,888
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 157 324 49 52 40 164
Total current liabilities 157 324 49 52 40 164
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 4,005 27,664 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 0 4,005 27,664 0 0
TOTAL CAPITALIZATION AND LIABILITIES $55 ($1,156) $8,745 $27,495 $35 $2,052
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 25
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars ESI
<CAPTION> Virginia
ESI ESI ESI ESI Sky ESI Power
San Emidio, SEMASS Corp. Sierra, River, Steamboat, Services,
INCOME STATEMENT Inc. LP, Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 ($4) $0 $0 $28 $342
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 0 (116) 14 20 26 132
Depreciation & amortization 0 0 0 0 0 82
Taxes other than income taxes 0 0 1 0 0 0
Total operating expenses 0 (116) 15 20 26 214
OPERATING INCOME 0 112 (15) (20) 2 128
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 0 22,178 0 8,396 0 0
Interest expense and other - net 0 22,178 0 8,396 0 0
INCOME BEFORE INCOME TAXES 0 22,290 (15) 8,376 2 128
INCOME TAXES 0 6,523 (24) 2,671 1 45
NET INCOME (LOSS) 0 15,767 9 5,705 1 83
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (101) (16,042) 2,861 7,018 (7) 305
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($101) ($275) $2,870 $12,723 ($6) $388
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 26
CONSOLIDATING BALANCE SHEET ESI Cherokee GP, Inc./
DECEMBER 31, 1996 ESI West ESI Cherokee LP, Inc./
Thousands of Dollars Enfield, ESI Cherokee
<CAPTION> Inc./ ESI Holdings, Inc Adjusting
ESI ESI West WTE ESI Cherokee & ESI
Victory, Enfield Development, Cherokee Coun Elim. Energy, Inc.
ASSETS Inc. LP, Inc. Inc. Cogeneration Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 33,320 0 34,660
Less accumulated depr. & amort. 0 0 0 0 0 (766)
Total property, plant and eqpt. - net 0 0 0 33,320 0 33,894
CURRENT ASSETS
Cash and cash equivalents 0 0 0 1,120 0 983
Customer receivables - net 0 0 0 0 0 1
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 3,183 (6,585) 40 0 (163,369) 39,699
Total current assets 3,183 (6,585) 40 1,120 (163,369) 40,683
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 6,777 0 0 0 (123,181) 295,246
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 6,132
Total other assets 6,777 0 0 0 (123,181) 301,378
TOTAL ASSETS $9,960 ($6,585) $40 $34,440 ($286,550) $375,955
CAPITALIZATION
Common shareholders' equity $5,077 ($6,640) $40 $0 ($107,013) $38,685
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 30,880 (16,168) 34,880
Total capitalization 5,077 (6,640) 40 30,880 (123,181) 73,565
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 560 0 560
Accounts payable 0 0 0 3,000 0 5,062
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 30 110 0 0 (163,369) 3,546
Total current liabilities 30 110 0 3,560 (163,369) 9,168
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 4,853 (55) 0 0 0 292,926
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 296
Total other liabilities & deferred credits 4,853 (55) 0 0 0 293,222
TOTAL CAPITALIZATION AND LIABILITIES $9,960 ($6,585) $40 $34,440 ($286,550) $375,955
</TABLE>
<PAGE>
<TABLE>
ESI ENERGY, INC. AND SUBSIDIARIES 27
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS ESI Cherokee GP, Inc./
DECEMBER 31, 1996 ESI West ESI Cherokee LP, Inc./
Thousands of Dollars Enfield, ESI Cherokee
<CAPTION> Inc./ ESI Holdings, Inc Adjusting
ESI ESI West WTE ESI Cherokee & ESI
Victory, Enfield Development, Cherokee Coun Elim. Energy, Inc.
INCOME STATEMENT Inc. LP, Inc. Inc. Cogeneration Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $2,991
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 7 27 0 0 0 13,192
Depreciation & amortization 0 0 0 0 0 250
Taxes other than income taxes 0 1 0 0 0 43
Total operating expenses 7 28 0 0 0 13,485
OPERATING INCOME (7) (28) 0 0 0 (10,494)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 57
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 2,930 396 (114) 0 (23,596) 11,234
Interest expense and other - net 2,930 396 (114) 0 (23,596) 11,291
INCOME BEFORE INCOME TAXES 2,923 368 (114) 0 (23,596) 797
INCOME TAXES 880 166 (50) 0 1 (1,305)
NET INCOME (LOSS) 2,043 202 (64) 0 (23,597) 2,102
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 3,775 8,923 3,213 0 (58,934) 0
DEDUCT:
Dividends 0 0 0 0 0 2,102
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $5,818 $9,125 $3,149 $0 ($82,531) $0
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 28
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996 Owenreagh
Thousands of Dollars Cayman,
<CAPTION> FPL FPL Inc./
FPL Group International FPL International Owenreagh Werfa
International Investment International Holdings II, Cayman Power Cayman,
ASSETS Inc. Company Holdings, Inc. Inc. Partners, LLC Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 4,879 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 4,879 0
CURRENT ASSETS
Cash and cash equivalents (246) 0 0 0 998 0
Customer receivables - net 0 0 0 0 238 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 1,339 0 0 0 95 0
Total current assets 1,093 0 0 0 1,331 0
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 47,096 14,509 (24) 0 0 0
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 3,358 0 0 0 596 23
Total other assets 50,454 14,509 (24) 0 596 23
TOTAL ASSETS $51,547 $14,509 ($24) $0 $6,806 $23
CAPITALIZATION
Common shareholders' equity $50,743 $14,509 ($24) $0 $6,374 $22
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 50,743 14,509 (24) 0 6,374 22
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 639 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 165 0 0 0 432 1
Total current liabilities 804 0 0 0 432 1
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $51,547 $14,509 ($24) $0 $6,806 $23
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 29
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996 Owenreagh
Thousands of Dollars Cayman,
<CAPTION> FPL FPL Inc./
FPL Group International FPL International Owenreagh Werfa
International Investment International Holdings II, Cayman Power Cayman,
INCOME STATEMENT Inc. Company Holdings, Inc. Inc. Partners, LLC Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 2,283 8 40 35 69 152
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 3 0 0 0 0 0
Total operating expenses 2,286 8 40 35 69 152
OPERATING INCOME (2,286) (8) (40) (35) (69) (152)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net (2,982) 98 (24) 0 0 0
Interest expense and other - net (2,982) 98 (24) 0 0 0
INCOME BEFORE INCOME TAXES (5,268) 90 (64) (35) (69) (152)
INCOME TAXES (767) 0 0 0 0 0
NET INCOME (LOSS) (4,501) 90 (64) (35) (69) (152)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 0 0 0 0 0 0
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($4,501) $90 ($64) ($35) ($69) ($152)
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 30
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION>
Mynydd Crete I Crete II Crete III Faeto Monte San
Gordu Cayman, Cayman, Cayman, Cayman, Giorgio
ASSETS Cayman, Inc. Inc. Inc. Inc. Inc. Cayman, Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total current assets 0 0 0 0 0 0
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 0 0 0 32 20
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 479 231 408 1,738 474
Total other assets 0 479 231 408 1,770 494
TOTAL ASSETS $0 $479 $231 $408 $1,770 $494
CAPITALIZATION
Common shareholders' equity ($38) $375 $227 $401 $1,775 $507
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization (38) 375 227 401 1,775 507
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 38 104 4 7 (5) (13)
Total current liabilities 38 104 4 7 (5) (13)
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $0 $479 $231 $408 $1,770 $494
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 31
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION>
Mynydd Crete I Crete II Crete III Faeto Monte San
Gordu Cayman, Cayman, Cayman, Cayman, Giorgio
INCOME STATEMENT Cayman, Inc. Inc. Inc. Inc. Inc. Cayman, Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 457 692 288 283 199 131
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 457 692 288 283 199 131
OPERATING INCOME (457) (692) (288) (283) (199) (131)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 0 0 0 0 0 0
Interest expense and other - net 0 0 0 0 0 0
INCOME BEFORE INCOME TAXES (457) (692) (288) (283) (199) (131)
INCOME TAXES 0 0 0 0 0 0
NET INCOME (LOSS) (457) (692) (288) (283) (199) (131)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 0 0 0 0 0 0
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($457) ($692) ($288) ($283) ($199) ($131)
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 32
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Karaha
San FPL FPL FPL Bodas
Bartolomeo Riva-Caleone Mamonal, TermoCandelar Termovalle, Investment
ASSETS Cayman, Inc. Cayman, Inc. Inc. Inc. Inc. Corp.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 0 0 116 6 51 1,386
Total current assets 0 0 116 6 51 1,386
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 14 0 484 0 0 17,760
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 4 13 53 0
Total other assets 14 0 488 13 53 17,760
TOTAL ASSETS $14 $0 $604 $19 $104 $19,146
CAPITALIZATION
Common shareholders' equity $27 $0 $604 $19 $104 $19,146
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 27 0 604 19 104 19,146
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other (13) 0 0 0 0 0
Total current liabilities (13) 0 0 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $14 $0 $604 $19 $104 $19,146
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 33
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Karaha
San FPL FPL FPL Bodas
Bartolomeo Riva-Caleone Mamonal, TermoCandelar Termovalle, Investment
INCOME STATEMENT Cayman, Inc. Cayman, Inc. Inc. Inc. Inc. Corp.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 131 2 339 53 297 157
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 131 2 339 53 297 157
OPERATING INCOME (131) (2) (339) (53) (297) (157)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 8
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 0 0 (4) 0 0 30
Interest expense and other - net 0 0 (4) 0 0 38
INCOME BEFORE INCOME TAXES (131) (2) (343) (53) (297) (119)
INCOME TAXES 0 0 (120) (18) (104) 0
NET INCOME (LOSS) (131) (2) (223) (35) (193) (119)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 0 0 0 0 0 0
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($131) ($2) ($223) ($35) ($193) ($119)
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 34
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting
& FPL Group
Elim. International,
ASSETS Entries Inc.
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0
Nuclear fuel under capital lease 0 0
Construction work in progress 0 0
Other property 0 4,879
Less accumulated depr. & amort. 0 0
Total property, plant and eqpt. - net 0 4,879
CURRENT ASSETS
Cash and cash equivalents 0 752
Customer receivables - net 0 238
Materials, supplies & fossil fuel stock 0 0
Deferred clause expenses 0 0
Other (606) 2,387
Total current assets (606) 3,377
OTHER ASSETS:
Special use funds of FPL 0 0
Other investments (47,012) 32,879
Unamort. debt reacquisition costs of FPL 0 0
Other 0 7,377
Total other assets (47,012) 40,256
TOTAL ASSETS ($47,618) $48,512
CAPITALIZATION
Common shareholders' equity ($47,012) $47,759
Pref. stock without sinking fund requirements 0 0
Pref. stock with sinking fund requirements 0 0
Long-term debt 0 0
Total capitalization (47,012) 47,759
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0
Accounts payable 0 639
Customers' deposits 0 0
Accrued interest and taxes 0 0
Deferred clause revenues 0 0
Other (606) 114
Total current liabilities (606) 753
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0
Deferred regulatory credit - income taxes 0 0
Unamortized investment tax credits 0 0
Storm and property insurance reserve 0 0
Other 0 0
Total other liabilities & deferred credits 0 0
TOTAL CAPITALIZATION AND LIABILITIES ($47,618) $48,512
</TABLE>
<PAGE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 35
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting
& FPL Group
Elim. International,
INCOME STATEMENT Entries Inc.
<S> <C> <C>
OPERATING REVENUES $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0
Other operations and maintenance 0 5,616
Depreciation & amortization 0 0
Taxes other than income taxes 0 3
Total operating expenses 0 5,619
OPERATING INCOME 0 (5,619)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 8
Preferred stock dividends - FPL 0 0
Other-net 2,982 100
Interest expense and other - net 2,982 108
INCOME BEFORE INCOME TAXES 2,982 (5,511)
INCOME TAXES (1) (1,010)
NET INCOME (LOSS) 2,983 (4,501)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 0 0
DEDUCT:
Dividends 0 0
Other 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $2,983 ($4,501)
</TABLE>
<PAGE>
<TABLE>
PALMS INSURANCE COMPANY, LIMITED AND SUSIDIARY 36
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars Palms
<CAPTION> Palms Palmetto Adjusting Insurance
Insurance Insurance & Company,
Company, Company, Elim. Limited
ASSETS Limited Limited Entries Consolidated
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0
Construction work in progress 0 0 0 0
Other property 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 9,600 289 0 9,889
Customer receivables - net 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0
Deferred clause expenses 0 0 0 0
Other 2,752 302 (725) 2,329
Total current assets 12,352 591 (725) 12,218
OTHER ASSETS:
Special use funds of FPL 0 0 0 0
Other investments 7,591 1,057 0 8,648
Unamort. debt reacquisition costs of FPL 0 0 0 0
Other 452 (7) 0 445
Total other assets 8,043 1,050 0 9,093
TOTAL ASSETS $20,395 $1,641 ($725) $21,311
CAPITALIZATION
Common shareholders' equity $4,636 $1,820 ($725) $5,731
Pref. stock without sinking fund requirements 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0
Long-term debt 0 0 0 0
Total capitalization 4,636 1,820 (725) 5,731
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0
Accounts payable 17 14 0 31
Customers' deposits 0 0 0 0
Accrued interest and taxes 0 0 0 0
Deferred clause revenues 0 0 0 0
Other 9,704 (193) 0 9,511
Total current liabilities 9,721 (179) 0 9,542
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0
Unamortized investment tax credits 0 0 0 0
Storm and property insurance reserve 0 0 0 0
Other 6,038 0 0 6,038
Total other liabilities & deferred credits 6,038 0 0 6,038
TOTAL CAPITALIZATION AND LIABILITIES $20,395 $1,641 ($725) $21,311
</TABLE>
<PAGE>
<TABLE>
PALMS INSURANCE COMPANY, LIMITED AND SUSIDIARY 37
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars Palms
<CAPTION> Palms Palmetto Adjusting Insurance
Insurance Insurance & Company,
Company, Company, Elim. Limited
INCOME STATEMENT Limited Limited Entries Consolidated
<S> <C> <C> <C> <C>
OPERATING REVENUES $4,083 ($1,168) $0 $2,915
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0
Other operations and maintenance 3,335 (1,287) 0 2,048
Depreciation & amortization 0 0 0 0
Taxes other than income taxes 0 0 0 0
Total operating expenses 3,335 (1,287) 0 2,048
OPERATING INCOME 748 119 0 867
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0
Other-net 78 0 (78) 0
Interest expense and other - net 78 0 (78) 0
INCOME BEFORE INCOME TAXES 826 119 (78) 867
INCOME TAXES 267 41 0 308
NET INCOME (LOSS) 559 78 (78) 559
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 3,116 991 (991) 3,116
DEDUCT:
Dividends 0 0 0 0
Other 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $3,675 $1,069 ($1,069) $3,675
</TABLE>
<PAGE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 38
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996 Telesat
Thousands of Dollars Telesat Cablevision
<CAPTION> Cablevision Cable Adjusting of South
of South Cable LP Cable & Florida,
Florida, LP I, (Pasco), LP III, Elim. Inc.
ASSETS Inc. Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 392 74 0 0 466
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total current assets 0 392 74 0 0 466
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 3,962 726 3,116 20,500 (3,962) 24,342
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other assets 3,962 726 3,116 20,500 (3,962) 24,342
TOTAL ASSETS $3,962 $1,118 $3,190 $20,500 ($3,962) $24,808
CAPITALIZATION
Common shareholders' equity $3,962 $7,436 $0 ($3,474) ($3,962) $3,962
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 3,962 7,436 0 (3,474) (3,962) 3,962
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 0 (6,318) 3,190 23,974 0 20,846
Total current liabilities 0 (6,318) 3,190 23,974 0 20,846
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $3,962 $1,118 $3,190 $20,500 ($3,962) $24,808
</TABLE>
<PAGE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 39
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996 Telesat
Thousands of Dollars Telesat Cablevision
<CAPTION> Cablevision Cable Adjusting of South
of South Cable LP Cable & Florida,
Florida, LP I, (Pasco), LP III, Elim. Inc.
INCOME STATEMENT Inc. Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 0 0 0 0 0 0
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 0 0 0 0 0 0
OPERATING INCOME 0 0 0 0 0 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 0 0 0 0 0 0
Interest expense and other - net 0 0 0 0 0 0
INCOME BEFORE INCOME TAXES 0 0 0 0 0 0
INCOME TAXES 0 0 0 0 0 0
NET INCOME (LOSS) 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 3,993 7,467 0 (3,474) (3,993) 3,993
DEDUCT:
Dividends 0 0 0 0 0 0
Other 30 30 0 0 (30) 30
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $3,963 $7,437 $0 ($3,474) ($3,963) $3,963
</TABLE>
<PAGE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 40
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars Telesat
<CAPTION> Cablevision Adjusting Telesat
Telesat Mayberry of South & Cablevision
Cablevision Investments, Florida, Elim. Inc.
ASSETS Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Other property 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 5 466 0 471
Customer receivables - net 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other 846 20,000 0 (20,846) 0
Total current assets 846 20,005 466 (20,846) 471
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments (375) 1,001 24,342 (24,968) 0
Unamort. debt reacquisition costs of FPL 0 0 0 0 0
Other 8 0 0 0 8
Total other assets (367) 1,001 24,342 (24,968) 8
TOTAL ASSETS $479 $21,006 $24,808 ($45,814) $479
CAPITALIZATION
Common shareholders' equity ($14,780) $21,006 $3,962 ($24,968) ($14,780)
Pref. stock without sinking fund requirements 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization (14,780) 21,006 3,962 (24,968) (14,780)
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0
Accounts payable 0 0 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0
Other 12,678 0 20,846 (20,846) 12,678
Total current liabilities 12,678 0 20,846 (20,846) 12,678
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 2,581 0 0 0 2,581
Deferred regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liabilities & deferred credits 2,581 0 0 0 2,581
TOTAL CAPITALIZATION AND LIABILITIES $479 $21,006 $24,808 ($45,814) $479
</TABLE>
<PAGE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 41
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars Telesat
<CAPTION> Cablevision Adjusting Telesat
Telesat Mayberry of South & Cablevision
Cablevision Investments, Florida, Elim. Inc.
INCOME STATEMENT Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 1,425 0 0 0 1,425
Depreciation & amortization 0 0 0 0 0
Taxes other than income taxes 41 0 0 0 41
Total operating expenses 1,466 0 0 0 1,466
OPERATING INCOME (1,466) 0 0 0 (1,466)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Other-net 867 0 0 0 867
Interest expense and other - net 867 0 0 0 867
INCOME BEFORE INCOME TAXES (599) 0 0 0 (599)
INCOME TAXES (233) 0 0 0 (233)
NET INCOME (LOSS) (366) 0 0 0 (366)
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (30,327) 0 3,993 (3,993) (30,327)
DEDUCT:
Dividends 0 0 0 0 0
Other (30) 0 30 (30) (30)
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($30,663) $0 $3,963 ($3,963) ($30,663)
</TABLE>
<PAGE>
<TABLE>
TURNER FOODS CORPORATION AND SUBSIDIARIES 42
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars Agricultural
<CAPTION> Avon Management
Turner Citrus Services AMS Turner
Foods Turner Nursery, Company Realty, Aquaculture,
ASSETS Corporation Corporation Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 117,424 63,362 1,922 0 11 0
Less accumulated depr. & amort. (20,784) (16,132) (508) 0 (10) 0
Total property, plant and eqpt. - net 96,640 47,230 1,414 0 1 0
CURRENT ASSETS
Cash and cash equivalents 1,535 0 0 0 0 0
Customer receivables - net 1,083 0 0 0 59 0
Materials, supplies & fossil fuel stock 20,416 0 174 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 3,840 0 0 60 0 0
Total current assets 26,874 0 174 60 59 0
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 144 0 0 0 0
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 226 0 0 1 20 0
Total other assets 226 144 0 1 20 0
TOTAL ASSETS $123,740 $47,374 $1,588 $61 $80 $0
CAPITALIZATION
Common shareholders' equity $101,783 $33,986 $2,187 $741 ($104) $0
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 101,783 33,986 2,187 741 (104) 0
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 1,731 0 0 0 0 0
Customers' deposits 3 0 0 0 79 0
Accrued interest and taxes 15 0 0 0 0 0
Deferred clause revenues 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total current liabilities 1,749 0 0 0 79 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 20,208 13,388 (599) (680) 105 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 20,208 13,388 (599) (680) 105 0
TOTAL CAPITALIZATION AND LIABILITIES $123,740 $47,374 $1,588 $61 $80 $0
</TABLE>
<PAGE>
<TABLE>
TURNER FOODS CORPORATION AND SUBSIDIARIES 43
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars Agricultural
<CAPTION> Avon Management
Turner Citrus Services AMS Turner
Foods Turner Nursery, Company Realty, Aquaculture,
INCOME STATEMENT Corporation Corporation Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $43,763 $937 $103 ($150) $237 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 29,080 (916) 58 0 200 0
Depreciation & amortization 3,303 1,636 72 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 32,383 720 130 0 200 0
OPERATING INCOME 11,380 217 (27) (150) 37 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net (91) 68 10 31 0 0
Interest expense and other - net (91) 68 10 31 0 0
INCOME BEFORE INCOME TAXES 11,289 285 (17) (119) 37 0
INCOME TAXES 4,217 (49) (6) (46) 14 0
NET INCOME (LOSS) 7,072 334 (11) (73) 23 0
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 11,057 20,441 520 (1,574) 46 (979)
DEDUCT:
Dividends 6,250 0 0 0 0 0
Other 0 0 0 979 0 (979)
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $11,879 $20,775 $509 ($2,626) $69 $0
</TABLE>
<PAGE>
<TABLE>
TURNER FOODS CORPORATION AND SUBSIDIARIES 44
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting Turner
& Foods
Elim. Corporation
ASSETS Entries Consolidated
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0
Nuclear fuel under capital lease 0 0
Construction work in progress 0 0
Other property 0 182,719
Less accumulated depr. & amort. 0 (37,434)
Total property, plant and eqpt. - net 0 145,285
CURRENT ASSETS
Cash and cash equivalents 0 1,535
Customer receivables - net 0 1,142
Materials, supplies & fossil fuel stock 0 20,590
Deferred clause expenses 0 0
Other 0 3,900
Total current assets 0 27,167
OTHER ASSETS:
Special use funds of FPL 0 0
Other investments 0 144
Unamort. debt reacquisition costs of FPL 0 0
Other 0 247
Total other assets 0 391
TOTAL ASSETS $0 $172,843
CAPITALIZATION
Common shareholders' equity $0 $138,593
Pref. stock without sinking fund requirements 0 0
Pref. stock with sinking fund requirements 0 0
Long-term debt 0 0
Total capitalization 0 138,593
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0
Accounts payable 0 1,731
Customers' deposits 0 82
Accrued interest and taxes 0 15
Deferred clause revenues 0 0
Other 0 0
Total current liabilities 0 1,828
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 32,422
Deferred regulatory credit - income taxes 0 0
Unamortized investment tax credits 0 0
Storm and property insurance reserve 0 0
Other 0 0
Total other liabilities & deferred credits 0 32,422
TOTAL CAPITALIZATION AND LIABILITIES $0 $172,843
</TABLE>
<PAGE>
<TABLE>
TURNER FOODS CORPORATION AND SUBSIDIARIES 45
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting Turner
& Foods
Elim. Corporation
INCOME STATEMENT Entries Consolidated
<S> <C> <C>
OPERATING REVENUES ($459) $44,431
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0
Other operations and maintenance 653 29,075
Depreciation & amortization 0 5,011
Taxes other than income taxes 0 0
Total operating expenses 653 34,086
OPERATING INCOME (1,112) 10,345
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0
Preferred stock dividends - FPL 0 0
Other-net 839 857
Interest expense and other - net 839 857
INCOME BEFORE INCOME TAXES (273) 11,202
INCOME TAXES 0 4,130
NET INCOME (LOSS) (273) 7,072
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR (18,454) 11,057
DEDUCT:
Dividends 0 6,250
Other 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR ($18,727) $11,879
</TABLE>
<PAGE>
<TABLE>
HJT HOLDINGS & LCR HOLDINGS AND SUBSIDIARIES 46
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting
EMB SRM HJT LCR & HJT & LCR
Investments, Investments, Holdings, Holdings, Elim. Holdings
ASSETS Inc. L.P. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Elec. util. plant in ser. - at orig. cost $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Other property 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total property, plant and eqpt. - net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 30 5 5 5 0 45
Customer receivables - net 0 0 0 0 0 0
Materials, supplies & fossil fuel stock 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 2,836 0 0 0 0 2,836
Total current assets 2,866 5 5 5 0 2,881
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 341,731 344,184 344,154 35 (688,373) 341,731
Unamort. debt reacquisition costs of FPL 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other assets 341,731 344,184 344,154 35 (688,373) 341,731
TOTAL ASSETS $344,597 $344,189 $344,159 $40 ($688,373) $344,612
CAPITALIZATION
Common shareholders' equity $344,184 $344,189 $344,159 $40 ($688,373) $344,199
Pref. stock without sinking fund requirements 0 0 0 0 0 0
Pref. stock with sinking fund requirements 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 344,184 344,189 344,159 40 (688,373) 344,199
CURRENT LIABILITIES
Cur. matur. of long-term debt & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 413 0 0 0 0 413
Deferred clause revenues 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total current liabilities 413 0 0 0 0 413
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Deferred regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liabilities & deferred credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $344,597 $344,189 $344,159 $40 ($688,373) $344,612
</TABLE>
<PAGE>
<TABLE>
HJT HOLDINGS & LCR HOLDINGS AND SUBSIDIARIES 47
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1996
Thousands of Dollars
<CAPTION> Adjusting
EMB SRM HJT LCR & HJT & LCR
Investments, Investments, Holdings, Holdings, Elim. Holdings
INCOME STATEMENT Inc. L.P. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 0 0 0 0 0 0
Depreciation & amortization 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 0 0 0 0 0 0
OPERATING INCOME 0 0 0 0 0 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Other-net 1,181 768 768 0 (1,536) 1,181
Interest expense and other - net 1,181 768 768 0 (1,536) 1,181
INCOME BEFORE INCOME TAXES 1,181 768 768 0 (1,536) 1,181
INCOME TAXES 413 0 0 0 0 413
NET INCOME (LOSS) 768 768 768 0 (1,536) 768
RETAINED EARNINGS (DEFICIT) AT BEG. OF YEAR 0 0 0 0 0 0
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RETAINED EARNINGS (DEFICIT) AT END OF YEAR $768 $768 $768 $0 ($1,536) $768
</TABLE>
<PAGE>
FPL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
1. Entities for which Separate Financial Statements are not
Presented
The following subsidiaries of the Claimant have had no
financial activity during the year. Accordingly, financial
information for these companies is not provided.
- ESI Australia II, Inc.
- ESI DLP-LP Holdings, Inc.
- ESI Dominican Republic, Inc.
- ESI Doswell Power Services, Inc.
- ESI Operating Services, Inc.
- ESI Panama, Inc.
- ESI Philippines, Inc.
- ESI URI, Inc.
- ESI Vansycle GP, Inc.
- ESI Vansycle LP, Inc.
- Cable GP, Inc.
- Cable LP II Inc.
- FPL Group Holdings 1, Inc.
- FPL Group Holdings 2, Inc.
- FPL Group International Brazil (Cayman) I, Inc.
- FPL Group International Brazil (Cayman) II, Inc.
- FPL Group International South America, Inc.
- FPL Group International South America II, Inc.
- TWC Sixty-Three Inc.
Separate financial statements are not maintained for the
following subsidiaries due to immateriality.
- Colonial Penn Capital Holdings, Inc.
- Praxis Group, Inc.
- Qualtec Professional Services, Inc.
- Alpha Joshua (Prime), Inc.
- Alpha Mariah (Prime), Inc.
- Beta Mariah (Prime), Inc.
- Beta Willow (Prime), Inc.
- FPL Energy Services II, Inc.
Separate financial statements are not presented for Bay
Loan and Investment Bank since it is classified as
discontinued operations.
2. Not-for-Profit Corporations
FPL Group Foundation (the Foundation) is a private
foundation organized as a not for profit corporation to
provide for the centralized evaluation and coordination of
charitable activities of FPL Group, Inc. and its subsidiaries.
FPL Historical Museum (the Museum) is a not-for-profit
corporation formed to collect and preserve tangible objects
that help interpret or describe the history of Florida Power
& Light Company. The Foundation and the Museum
operate independently of FPL Group, Inc., and
consolidation of their not-for-profit financial statements with
FPL Group, Inc.'s financial statements is not appropriate.
Total assets of the Foundation and the Museum were
approximately $5.1 million and $.3 million, respectively, at
December 31, 1996.
3. Dissolutions of Subsidiaries
River Run Caretaking Service, Inc. was dissolved in 1996.
<PAGE>
Claimant has caused this statement to be duly executed on its behalf by
its authorized officer this 28th day of February, 1997.
FPL Group, Inc.
By: M. W. YACKIRA
M. W. Yackira
Vice President, Finance and Chief
Financial Officer
(Corporate Seal)
Attest:
D. P. COYLE
D. P. Coyle, General Counsel and Secretary
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
M. W. Yackira
Vice President, Finance and Chief Financial Officer
FPL Group, Inc.
700 Universe Boulevard
Juno Beach, FL 33408
<PAGE>
EXHIBIT B
The Financial Data Schedule is included as Exhibit 27 at the conclusion
of this document.
<PAGE>
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding-company system.
FPL Group, Inc. (Claimant)
* FPL Group Capital Inc
** ESI Energy, Inc.
*** ESI Doswell, Inc.
*** ESI LP, Inc.
FPL Group, Inc. (Claimant)
* FPL Group Capital Inc
** FPL Group International, Inc.
*** FPL Mamonal, Inc.
*** FPL International Investment Company
FPL Group, Inc. (Claimant)
* FPL Group Capital Inc
** FPL Group International, Inc.
*** FPL Termovalle, Inc.
*** FPL International Holdings, Inc.
At December 31, 1996, ESI Doswell, Inc. and ESI LP, Inc. each owned a
limited partnership interest in Doswell Limited Partnership (Doswell LP),
an EWG. These interests in the aggregate will average approximately
36% over the life of the partnership.
At December 31, 1996, FPL Mamonal, Inc. and FPL International
Investment Company, each, indirectly, owned a limited partnership
interest in InterAmerican Energy Leasing Company. These interests in
the aggregate will average approximately 28% over the life of the
partnership. FPL Mamonal, Inc. and FPL International Investment
Company are wholly-owned subsidiaries of FPL Group International, Inc.,
which is a wholly-owned subsidiary of FPL Group Capital Inc, a
wholly-owned subsidiary of Claimant.
At December 31, 1996, FPL Termovalle, Inc. and FPL International
Holdings, Inc., each, indirectly, owned a limited partnership interest in
Termovalle. These interests in the aggregate will average approximately
36% over the life of the partnership. FPL Termovalle, Inc. and FPL
International Holdings, Inc. are wholly-owned subsidiaries of FPL Group
Capital Inc, a wholly-owned subsidiary of Claimant.
<PAGE>
APPENDIX 1
SUBSIDIARIES OF FPL GROUP, INC.
<TABLE>
<CAPTION>
Jurisdic-
tion of
Incor-
Name poration Location Nature of Business
<S> <C> <C> <C>
FLORIDA POWER & LIGHT COMPANY Florida Juno Beach Operates as an electric utility company.
*FPL Enersys, Inc. Florida Miami Holds the stock of a subsidiary which was
formed to provide ongoing services to
implement energy programs.
**FPL Energy Services, Inc. Florida Miami Formed to provide ongoing services to implement
energy programs.
**FPL Energy Services II, Inc. Florida Miami Develops energy management systems for
commercial, industrial and institutional
companies.
*KPB Financial Corp. Delaware Wilmington Manages financial assets.
*Land Resources Investment Co. Florida Juno Beach Holds real property used or to be used by FPL.
FPL GROUP CAPITAL INC Florida Juno Beach Holds the stock of and provides the funding for
the operating companies other than FPL.
*Alandco Inc. Florida North Palm Beach Holds real estate investments.
**Alandco I, Inc. Florida North Palm Beach Holds real estate investments.
**Alandco/Cascade, Inc. Florida North Palm Beach Holds real estate investments.
**TWC Sixty-Three, Inc. Florida North Palm Beach Inactive.
*EMB Investments, Inc. Delaware Wilmington Manages intangible assets.
*ESI Energy, Inc. Florida North Palm Beach Holds the stock of subsidiaries participating
in energy production projects and leveraged
leases.
**Alpha Joshua (Prime), Inc. California San Francisco Owns a general partnership interest in a
transmission line.
**Alpha Mariah (Prime), Inc. California North Palm Beach Owns a general partnership interest in a
transmission line.
**Beta Mariah (Prime), Inc. California North Palm Beach Owns a general partnership interest in a
transmission line.
**Beta Willow (Prime), Inc. California San Francisco Owns a general partnership interest in a
transmission line.
**ESI Antilles, Inc. Florida North Palm Beach Participates in a floating barge power plant
project.
**ESI Antilles LP, Inc. Florida North Palm Beach Participates in a floating barge power plant
project.
**ESI Australia II, Inc. Delaware North Palm Beach Formed to develop waste coal energy projects.
**ESI Bay Area, Inc. Florida North Palm Beach Participates in a wind-powered project.
**ESI Bay Area GP, Inc. Florida North Palm Beach General partner for wind-powered project.
**ESI Brady, Inc. Florida North Palm Beach Participates in a geothermal project.
**ESI California Holdings, Inc. California North Palm Beach Holds the stock of subsidiaries participating
in energy projects.
***CH Ormesa, Inc. Florida North Palm Beach Participates in a geothermal project.
***CH Ormesa LP, Inc. Florida North Palm Beach Participates in a geothermal project.
***CH POSDEF, Inc. Florida North Palm Beach Participates in a coal project.
***CH POSDEF LP, Inc. Florida North Palm Beach Participates in a coal project.
***ESI Sky River, Inc. Florida North Palm Beach Participates in a wind-powered project.
**ESI Cherokee GP, Inc. Florida North Palm Beach Participates in a gas-fired co-generation
project.
**ESI Cherokee LP, Inc. Florida North Palm Beach Participates in a gas-fired co-generation
project.
**ESI Cherokee Holdings, Inc. Florida North Palm Beach Holds the stock of subsidiaries participating
in gas-fired co-generation projects.
**ESI Cherokee MGP, Inc. Florida North Palm Beach Participates in a gas-fired co-generation
project.
**Cherokee County Delaware North Palm Beach Participates in a gas-fired co-generation
Cogeneration Corp. project.
**ESI Dixie Valley, Inc. Florida North Palm Beach Participates in a geothermal project.
**ESI Dixie Valley LP,Inc. Florida North Palm Beach Participates in a geothermal project.
**ESI DLP-LP Holdings, Inc. Florida North Palm Beach Participates in combined cycle gas-fired
electric generation.
**ESI Dominican Republic, Inc. Florida North Palm Beach Participates in a Fossil-Fuel Fixed
project.
**ESI Doswell, Inc. Florida North Palm Beach Participates in a natural gas project.
**ESI Doswell GP, Inc. Florida North Palm Beach Participates in combined cycle gas-fired
electric generation.
**ESI Doswell GP II, Inc. Florida North Palm Beach Participates in combined cycle gas-fired
electric generation.
**ESI Double "C", Inc. Florida North Palm Beach Participates in a natural gas project.
**ESI Ebensburg, Inc. Florida North Palm Beach Participates in a waste-to-energy project.
**ESI Geothermal Inc. Florida North Palm Beach Participates in a geothermal project.
**ESI Geothermal II, Inc. Florida North Palm Beach Participates in a geothermal project.
**ESI Jonesboro, Inc. Florida North Palm Beach Inactive.
**ESI Jonesboro LP, Inc. Florida North Palm Beach Inactive.
**ESI Kern Front, Inc. Florida North Palm Beach Participates in a natural gas project.
**ESI LP, Inc. Florida North Palm Beach Formed to invest in partnerships.
**ESI Montgomery County, Inc. Florida North Palm Beach Participates in a waste-to-energy project.
**ESI Multitrade LP, Inc. Florida North Palm Beach Owns a limited partner ownership interest in a
wood-burning electric generating project.
**ESI Operating Services, Inc. Florida North Palm Beach Provides operating and maintenance services and
fuel procurement for projects.
***ESI Brady Power Florida North Palm Beach Provides operating and maintenance services for
Services, Inc. a power project.
***ESI Doswell Power Florida North Palm Beach Provides operating and maintenance services for
Services, Inc. a power project.
***ESI Virginia Power Florida North Palm Beach Participates in operation and maintenance
Services, Inc. services at projects.
**ESI Panama, Inc. Florida North Palm Beach Participates in thermal power project.
**ESI Philippines, Inc. Florida North Palm Beach Formed to pursue energy-related business
opportunities in the Philippines.
**ESI Pittsylvania, Inc. Florida North Palm Beach Participates in a wood-burning electric
generating project.
**ESI San Emidio, Inc. Florida North Palm Beach Participates in the development of a geothermal
project.
**ESI SEMASS Corp. LP, Inc. Florida North Palm Beach Inactive.
**ESI Sierra, Inc. Florida North Palm Beach Participates in a natural gas project.
**ESI Steamboat, Inc. Florida North Palm Beach Formed to service a loan.
**ESI URI, Inc. Florida North Palm Beach Inactive.
**ESI Vansycle GP, Inc. Florida North Palm Beach Participates in a wind power project.
**ESI Vansycle LP, Inc. Florida North Palm Beach Participates in a wind power project.
**ESI Victory, Inc. Florida North Palm Beach Participates in a wind-powered project.
**ESI West Enfield, Inc. Florida North Palm Beach Inactive.
**ESI West Enfield LP, Inc. Florida North Palm Beach Inactive.
**ESI WTE Development, Inc. Florida North Palm Beach Inactive.
**FPL Investments Inc Florida North Palm Beach Manages a leveraged lease portfolio.
**Harper Lake Operations, Inc. California North Palm Beach Formed to operate a solar electric generating
system.
**Hyperion VIII, Inc. Florida North Palm Beach Participates in a solar electric generating
system.
**Hyperion IX, Inc. Florida North Palm Beach Participates in a solar electric generating
system.
**MES Financial Corp. Delaware Wilmington Manages financial assets.
*FPL Group Holdings 1, Inc. Florida Juno Beach Inactive.
*FPL Group Holdings 2, Inc. Florida Juno Beach Inactive.
*FPL Group International, Inc. Florida Juno Beach Invests in international power projects.
**Crete I Cayman, Inc. Cayman Cayman Islands Invests in a wind project.
Islands,
B.W.I.
**Crete II Cayman, Inc. Cayman Cayman Islands Invests in a wind project.
Islands,
B.W.I.
**Crete III Cayman, Inc. Cayman Cayman Islands Invests in a wind project.
Islands,
B.W.I.
**Faeto Cayman, Inc. Cayman Cayman Islands Invests in a wind project.
Islands,
B.W.I.
**FPL Group International Cayman Cayman Islands Participates in a power project.
Brazil (Cayman) I, Inc. Islands,
B.W.I.
**FPL Group International Cayman Cayman Islands Participates in a power project.
Brazil (Cayman) II, Inc. Islands,
B.W.I.
**FPL Group International Florida North Palm Beach Invests in a power project.
South America, Inc.
**FPL Group International Florida North Palm Beach Participates in a power project.
South America II, Inc.
**FPL International Holdings, Cayman Cayman Islands Invests in international power projects.
Inc. Islands,
B.W.I.
**FPL International Holdings Cayman Cayman Islands Invests in international power projects.
II, Inc. Islands,
B.W.I.
**FPL International Investment Cayman Cayman Islands Invests in international power projects.
Company Islands,
B.W.I.
**FPL Mamonal, Inc. Florida North Palm Beach General partner of a limited partnership owning
a power project.
**FPL TermoCandelaria, Inc. Florida North Palm Beach General partner of a limited partnership owning
a power project.
**FPL Termovalle, Inc. Florida North Palm Beach General partner of a limited partnership owning
a power project.
**Karaha Bodas Investment Corp. Cayman Cayman Islands Participates in a geothermal project.
Islands,
B.W.I.
**Monte San Giorgio Cayman, Inc. Cayman Cayman Islands Invests in a wind project.
Islands,
B.W.I.
**Mynydd Gordu Cayman, Inc. Cayman Cayman Islands Invests in international power projects.
Islands,
B.W.I.
**Owenreagh Cayman, Inc. Cayman Cayman Islands Invests in international power projects.
Islands,
B.W.I.
**Owenreagh Cayman Power Cayman Cayman Islands Invests in international power projects.
Partners, LLC Islands,
B.W.I.
**Riva-Caleone Cayman, Inc. Cayman Cayman Islands Invests in international power projects.
Islands,
B.W.I.
**San Bartolomeo Cayman, Inc. Cayman Cayman Islands Invests in international power projects.
Islands,
B.W.I.
**Werfa Cayman, Inc. Cayman Cayman Islands Invests in international power projects.
Islands,
B.W.I.
*FPL Holdings Inc Florida Juno Beach Holds certain fixed assets used by FPL Group.
**Colonial Penn Capital Delaware Juno Beach, FL Holds the stock of Bay Loan and Investment Bank.
Holdings, Inc.
***Bay Loan and Investment Rhode Providence Holds commercial and consumer loans and time
Bank Island deposits. Bay Loan was reclassified to
discontinued operations in 1991; therefore
no financial statements are presented.
*HJT Holdings, Inc. Delaware Wilmington Manages intangible assets.
*LCR Holdings, Inc. Delaware Wilmington Manages intangible assets.
*MBR Services, Inc. Florida Juno Beach Performs out-sourced meter reading, billing and
remittance processing services to other
utilities.
*Palms Insurance Company, Cayman Cayman Islands Operates as a captive insurance company
Limited Islands, primarily engaged in reinsuring liability
B.W.I. insurance coverage for FPL Group, Inc. and its
subsidiaries.
**Palmetto Insurance Cayman Cayman Islands Operates as a captive insurance company
Company, Limited Islands, primarily engaged in reinsuring liability
B.W.I. insurance coverage for FPL Group, Inc. and its
subsidiaries.
*Praxis Group, Inc. Delaware Miami, FL Holds certain immaterial assets and
liabilities, but no longer actively in business.
*QualTec Professional Florida Miami, FL Holds certain immaterial assets and
Services, Inc. liabilities but no longer actively in business.
*Telesat Cablevision, Inc. Florida Miami, FL Owns investments in cable TV partnerships
and joint ventures.
**Mayberry Investments, Inc. Delaware Wilmington Manages intangible assets.
**Telesat Cablevision of Florida Miami, FL Holds the stock of subsidiaries involved
South Florida, Inc. in cable partnerships.
***Cable GP, Inc. Florida Miami, FL Owns a general partnership interest in a
cable television joint venture.
***Cable LP I, Inc. Florida Miami, FL Owns limited partnership interests in
cable television joint ventures.
***Cable LP II, Inc. Florida Miami, FL Inactive.
***Cable LP III, Inc. Florida Miami, FL Owns a limited partnership interest in a
cable television joint venture.
***Cable LP (Pasco), Inc. Florida Miami, FL Owns a limited partnership interest in a
cable television joint venture.
*Turner Foods Corporation Florida Punta Gorda Holds the stock of subsidiaries which own and
operate an agricultural real estate brokerage
business, citrus groves and citrus nurseries in
Florida.
**Agriculture Management Florida Punta Gorda The physical assets of the company were sold
Services Company, Inc. during October 1993. The company now holds a
mortgage receivable secured by these assets.
**Avon Citrus Nursery, Inc. Florida Punta Gorda Operates citrus nurseries and citrus groves.
**Turner Corporation Florida Immokalee Operates citrus groves.
CAS INVESTMENTS, INC. Delaware Wilmington Owns investment securities.
</TABLE>
<PAGE>
APPENDIX 2
PROPERTIES OF FLORIDA POWER & LIGHT COMPANY
Generating Facilities. As of December 31, 1996, Florida Power & Light
Company (FPL) had the following generating facilities:
<TABLE>
<CAPTION>
No. of Net Warm Weather
Facility Location Units Fuel Peaking Capability (mw)
<S> <C> <C> <C> <C>
STEAM TURBINES
Cape Canaveral ......................... Cocoa, FL 2 Oil/Gas 810
Cutler ................................. Miami, FL 2 Gas 215
Fort Myers ............................. Fort Myers, FL 2 Oil 542
Manatee ................................ Parrish, FL 2 Oil 1,638
Martin ................................. Indiantown, FL 2 Oil/Gas 1,622
Port Everglades ........................ Port Everglades, FL 4 Oil/Gas 1,227
Riviera ................................ Riviera Beach, FL 2 Oil/Gas 580
St. Johns River Power Park (SJRPP) ..... Jacksonville, FL 2 Coal/Petroleum Coke 250(1)
St. Lucie .............................. Hutchinson Island, FL 2 Nuclear 1,553(2)
Sanford ................................ Lake Monroe, FL 3 Oil/Gas 933
Scherer ................................ Monroe County, GA 1 Coal 633(3)
Turkey Point ........................... Florida City, FL 2 Oil/Gas 810
2 Nuclear 1,386
COMBINED CYCLE
Lauderdale ............................. Dania, FL 2 Gas/Oil 860
Martin ................................. Indiantown, FL 2 Gas 860
Putnam ................................. Palatka, FL 2 Gas/Oil 498
COMBUSTION TURBINES
Fort Myers ............................. Fort Myers, FL 12 Oil 626
Lauderdale ............................. Dania, FL 24 Oil/Gas 876
Port Everglades ........................ Port Everglades, FL 12 Oil/Gas 438
DIESEL UNITS
Turkey Point ........................... Florida City, FL 5 Oil 12
TOTAL .................................... 16,369
(1) Represents FPL's 20% individual ownership interest in SJRPP Units Nos. 1 and 2, which are jointly owned with the
Jacksonville Electric Authority (JEA).
(2) Excludes Orlando Utilities Commission's and the Florida Municipal Power Agency's combined share of approximately
15% of St. Lucie Unit No. 2.
(3) Represents FPL's approximately 76% ownership of Scherer Unit No. 4, which is jointly owned with the JEA.
</TABLE>
Transmission and Distribution. FPL owns and operates 476 substations
with a total capacity of 102,087,240 kva. Electric transmission and
distribution lines owned and in service as of December 31, 1996 are
as follows:
<TABLE>
<CAPTION>
Overhead Lines Trench and Submarine
Nominal Voltage Pole Miles Cable Miles
<S> <C> <C>
500 kv ............................................................ 1,107(1) -
230 kv ............................................................ 2,475 31
138 kv ............................................................ 1,486 48
115 kv ............................................................ 704 -
69 kv ............................................................ 166 11
Less than 69 kv ................................................... 38,857 19,425
Total ............................................................. 44,795 19,515
(1) Includes approximately 80 miles owned jointly with the JEA.
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> OPUR3
<LEGEND>
This schedule contains summary financial information extracted from FPL Group's consolidated balance sheet as of December 31, 1996
and consolidated statement of income for the twelve months ended December 31, 1996 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<NAME> FPL Group, Inc.
<CIK> 0000753308
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> DEC-31-1996
<PERIOD-TYPE> 12-MOS
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> $12,219,323
<TOTAL-OPERATING-REVENUES> $6,036,778
<NET-INCOME> $579,450
</TABLE>
|
|