SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-3526
A. Full title of the plan:
THE SOUTHERN COMPANY
EMPLOYEE SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
THE SOUTHERN COMPANY
270 Peachtree Street, NW
Atlanta, Georgia 30303
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THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
FORM 11-K
DECEMBER 31, 1999
TABLE OF CONTENTS
Page No.
<S> <C>
Exhibits 3
Report of Independent Public Accountants 4
Statements of Net Assets Available for Plan Benefits,
as of December 31, 1999 and 1998 5
Statements of Changes in Net Assets Available for Plan Benefits,
for the years ended December 31, 1999 and 1998 6
Notes to Financial Statements and Schedule 7
Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes--
December 31, 1999 13
Signature 15
Consent of Independent Public Accountants 16
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EXHIBITS
A - Consent of Independent Public Accountants. (Contained herein at Page 16.)
3
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Savings Plan Committee of
The Southern Company Employee Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN (the "Plan") as of
December 31, 1999 and 1998, and the related statements of changes in net assets
available for plan benefits for the years then ended. These financial statements
and the schedule referred to below are the responsibility of the Savings Plan
Committee in its capacity as administrator of the Plan (the "Administrator").
Our responsibility is to express an opinion on these financial statements and
schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by the Administrator, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 1999 and 1998, and the changes in net assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investments purposes is presented for the purpose of additional analysis and
is not a required part of the basic financial statements but is supplementary
information required by the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedule has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/Arthur Andersen LLP
Atlanta, Georgia
June 22, 2000
4
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<TABLE>
<CAPTION>
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
As of December 31, 1999 and 1998
1999 1998
---------------- ------------------
<S> <C> <C>
Investments $2,312,397,269 $2,420,842,121
Receivables:
Sale of Securities 1,115,454 1,436,717
Accrued Interest and Dividends 445,631 1,338,254
-------------- ---------------
1,561,085 2,774,971
-------------- ---------------
Net assets available for plan benefits $2,313,958,354 $2,423,617,092
============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
5
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<TABLE>
<CAPTION>
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the Years Ended December 31, 1999 and 1998
1999 1998
----------------- ------------------
<S> <C> <C>
Additions
Additions to net assets attributed to:
Investment Income:
Interest and Dividends $ 98,494,963 $ 99,373,514
Net Appreciation (Depreciation) in Fair Value of Investments (196,212,345) 233,820,502
--------------- ---------------
Total (97,717,382) 333,194,016
--------------- ---------------
Contributions:
Participant's 93,568,620 74,560,797
Employer's 46,115,270 41,728,706
--------------- ---------------
Total 139,683,890 116,289,503
Total additions 41,966,508 449,483,519
--------------- ---------------
Deductions
Deductions from net assets attributed to:
Benefits Paid to Participants or Beneficiaries 151,513,854 221,462,622
Administrative Fees 93,403 -
Other 17,989 -
--------------- ---------------
Total deductions 151,625,246 221,462,622
--------------- ---------------
Net increase (decrease) (109,658,738) 228,020,897
Net assets available for plan benefits:
BEGINNING OF YEAR 2,423,617,092 2,195,596,195
--------------- ---------------
END OF YEAR $ 2,313,958,354 $ 2,423,617,092
=============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
6
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THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1999 AND 1998
1. Description of the Plan
-----------------------
The following description of The Southern Company Employee Savings Plan (the
"Plan") provides only general information. Participants should refer to the plan
document or the summary plan description for a more complete description of the
Plan's provisions.
General
The Plan is a defined contribution plan administered by The Southern Company
Employee Savings Plan Committee (the "Committee"), as designated in the
Plan. Effective January 1, 1999, the Plan was amended to also be an
employee stock ownership plan. The Plan covers substantially all employees,
certain former employees and retirees of the following subsidiaries of the
Company: Alabama Power Company, Georgia Power Company, Gulf Power Company,
Mississippi Power Company, Savannah Electric and Power Company, Southern
Communications Services, Inc., Southern Company Energy Solutions, Inc.,
Southern Company Services, Inc., Southern Energy Resources, Inc., and
Southern Nuclear Operating Company, Inc. (collectively referred to as the
"Employing Companies"). The trustee and recordkeeper of the Plan are
Merrill Lynch Trust Company of Florida (the "Trustee") and Merrill Lynch,
Fenner & Smith, Inc., respectively. The Plan is subject to the provisions
of the Employment Retirement Income Security Act of 1974 ("ERISA"), as
amended.
Effective January 1, 1999, the Company adopted Statement of Position ("SOP")
99-3, "Accounting for and reporting of Certain Defined Contribution Plan
Investments and Other Disclosure Matters." SOP 99-3 establishes new disclosure
requirements for defined contribution plans.
Participation and Contributions
Participation in the Plan is voluntary after completing 12 months of continuous
service. Participants may elect to contribute, on a pre-tax or after-tax basis,
up to 16 percent of their eligible compensation, as defined by the Plan.
Contributions may be invested in one- percent increments totaling, but not
exceeding, 100 percent into any of the investment options offered by the Plan.
As of December 31, 1999, the Plan provided the following investment options:
o Brinson U.S. Equity Fund
o Davis New York Venture Fund, Inc.
o Davis Real Estate Fund, Inc.
o Franklin Small Cap Growth Fund
o GAM Global Fund
o GAM International Fund
o Hotchkis and Wiley International Fund
o Loomis Sayles Small Cap Value Fund
o Mellon Balanced Portfolio
o Merrill Lynch Equity Index Trust
o Merrill Lynch Global Allocation Fund, Inc.
o Merrill Lynch Growth Fund, Inc.
o Merrill Lynch Retirement Preservation Trust
o Merrill Lynch Special Value Fund, Inc.
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o MFS Massachusetts Investors Trust
o PIMCO Total Return Fund
o Seligman High Yield Bond Fund
o Southern Company Stock
Effective June 1, 1999, the Merrill Lynch Fully Managed Portfolio was removed
from the Plan's investment options and replaced with the Mellon Balanced
Portfolio. Participant balances in the Merrill Lynch Fully Managed Portfolio
were automatically transferred to the Mellon Balanced Portfolio unless
participants elected to transfer their balances to any of the remaining
investment options. The Plan also provides four model portfolios of funds known
as GoalManager Model Portfolios, composed of mutual funds and a common
collective trust from the investment options listed above. The GoalManager Model
Portfolios consist of a conservative, moderate, moderate to aggressive, and
aggressive investment portfolio.
A participant may prospectively change the percentage of his contribution at any
time. The change becomes effective immediately and is generally reflected on the
participant's next paycheck.
The Employing Company contributions ("Employer Matching Contribution") are
discretionary and determined by the Board of Directors on an annual basis. These
contributions are made by the Employing Companies in shares of the Company
stock. A participant may elect at any time on or after the fifth anniversary of
his enrollment in the Plan to redirect his investment in Employer Matching
Contributions of up to 50 percent to any other investment option. For the years
ended December 31, 1999 and 1998, the Employing Companies contributed, on behalf
of the Participants, an amount equal to 75 percent of the participant's
contribution not to exceed 6 percent of his eligible compensation for each pay
period during which the participant makes a contribution. The Board of Directors
reserves the right to discontinue the Employer Matching Contributions at any
time, however they have not expressed any intent to do so at the present time.
Participant Accounts
Each participant's account is credited with the participant's contributions,
allocations of Employer Matching Contributions and his share of the Plan's
income less any related administrative expenses.
Vesting
Participants are immediately vested in the value of his contributions, Employer
Matching Contributions, and actual earnings thereon.
Participant Loans
Participants may borrow a minimum of $1,000 up to a maximum equal to the lesser
of $50,000 or 50 percent of his account balance. Only two general-purpose loans
and one residential loan may be outstanding concurrently. Loan terms may not be
less than 12 months nor more than 58 months for a general-purpose loan or up to
15 years for a residential loan. Loans are secured by the balance of the
participant's account and bear interest at a fixed rate over the life of the
loan. Loan repayments are made in substantially equal payroll deductions
amortized over the term of the loan. Participants may also elect to repay an
outstanding loan in full with a personal check (if less than $500), a cashier's
check or money order.
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Withdrawals and Distributions
Upon retirement, a participant may elect to receive a lump-sum distribution or
up to 20 annual installments provided the installments do not extend beyond the
participant's life expectancy. Under certain conditions of financial emergency,
the Committee may accelerate the payment time of a portion or all of the
remaining installments. In addition, a participant who has retired or separated
from service may elect to leave all his funds in the Plan until mandatory
distributions begin at age 70 1/2.
Upon termination of employment for any reason, the value of a participant's
account will be distributed in a single cash lump sum if one of the following
circumstances exist:
o the vested amount in the account is $5,000 or less;
o the participant elects to receive this type of distribution; or
o the termination of service is due to disability, death or separation
of service from the Employing Companies.
If the distribution is made after a participant's death and a beneficiary was
not named or if the beneficiary has predeceased the participant, his account
will be distributed, in preferential order to the following:
o his surviving spouse,
o his surviving children (equally),
o his surviving parents (equally),
o his surviving brothers and sisters (equally),
o his executors or administrators.
A participant may elect routine withdrawals from his account in the following
order:
o pre-1987 after-tax contributions (excluding earnings),
o other after-tax contributions, (including earnings)
o rollover contributions (including earnings)
o if the participant has participated in the Plan for at
least 60 months, up to 50 percent of Employer Matching Contributions,
o if the participant has not attained age 59 1/2, pretax
contributions (excluding earnings for plan years beginning after
1998) if the participant has incurred a financial hardship, and
o if the participant has attained age 59 1/2, or has separated from
service, pre-tax contributions (including earnings).
In order to withdraw pre-tax contributions, the participant must attain the age
of 59 1/2, separate from service, or establish that a hardship situation exists.
All distributions will be made in cash; however, a participant may elect to
receive Southern Company common stock ("Common Stock") distributions in stock.
Effective January 1, 1999, each participant may elect to receive a cash
distribution of all or a portion of the dividends payable on the shares of
Common Stock credited to the participant's account as of the record date of the
Common Stock. The dividends payable on the shares of Common Stock credited to
the account of a participant who does not elect to receive a cash distribution
shall be invested into the Plan. Payments of the cash distributions for
dividends payable shall be made as soon as administratively practicable after
the payable date of the shares of Common Stock, but no later than 90 days after
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the end of the Plan year which includes such payable date. A participant's
election to receive cash distributions of dividends payable on Common Stock
shall be revoked automatically upon his death.
Rollovers from Other Plans
An eligible employee who was hired or rehired after April 1, 1997, and has
received a distribution of his interest in a qualified retirement plan of a
former employer, may elect to deposit all or any portion of the eligible amount
of such distribution as a rollover contribution to the Plan during his first 12
months of employment. Effective January 1, 2000, an eligible employee may make a
rollover contribution to the Plan up to 18 months after his date of employment
or reemployment.
Plan Termination
Although the Company has not expressed any intent to do so, it has the right to
amend, terminate or otherwise modify the Plan at any time solely at the
discretion of the Board of Directors of the Company. In the event of Plan
termination, each participant's account shall be distributed to the participant
in a non-discriminatory manner, as soon as practicable.
2. Summary of Significant Accounting Policies
------------------------------------------
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of
accounting.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from these estimates.
Administrative Expenses
The Employing Companies normally pay trustee fees related to the administration
of the Plan. Brokerage commissions, transfer taxes, and any other expenses
resulting from the purchases and sales of securities are charged to the various
investment funds. For Employer Matching Contributions, investment management
fees for all funds except the Southern Company Stock Fund are deducted from fund
earnings. For pre-tax and after-tax participant contributions, investment
management fees for the Merrill Lynch Retirement Preservation Trust, the Merrill
Lynch Fully Managed Portfolio, and the Merrill Lynch Equity Index Trust are paid
by the Company, and investment management fees for all other funds are deducted
from fund earnings.
Investments
Investments in marketable securities are valued at quoted market prices.
Investments in common/collective trusts are stated at the fair value of the
underlying assets held by the fund, except for benefit-responsive investment
contracts included in the Merrill Lynch Retirement Preservation Trust, which are
carried at contract value (cost plus accrued interest.) Purchases and sales of
investments are recorded on their trade dates. Interest income is accrued as
earned; dividends are recorded as income on the ex-dividend date.
10
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Net Appreciation (Depreciation)
The Plan presents in the Statements of Changes in Net Assets Available for
Benefits, the net appreciation (depreciation) in the fair value of its
investments which consist of the realized gains and losses and the unrealized
appreciation and depreciation of those investments.
3. Investments
-----------
The fair market values of individual assets which represent 5 percent or more
of the Plan's net assets as of December
31, 1999 and 1998 are as follows:
<TABLE>
<CAPTION>
1999 1998
----- ----
<S> <C> <C>
The Southern Company Stock Fund- participant-directed $ 657,510,553 $ 753,246,291
The Southern Company Stock Fund- nonparticipant-directed 689,758,635 847,434,032
Mellon Balanced Portfolio 169,349,878 N/A
Merrill Lynch Fully Managed Portfolio 0 169,283,472
Merrill Lynch Retirement Preservation Trust 142,497,693 132,747,317
During the years ended December 31, 1999 and 1998, the Plan's investments
(including gains and losses on investments bought and sold, as well as held
during the years) (depreciated)/appreciated in value as follows:
1999 1998
---- ----
Mutual Funds $ 34,723,912 $ (10,542,160)
Common Stock (308,446,218) 176,140,393
Common/Collective Trusts 77,509,961 68,222,269
------------- -------------
Total $ (196,212,345) $ 233,820,502
=============== =============
4. NonParticipant-Directed Funds (Unaudited)
----------------------------------------
Information about the net assets and the significant components of the changes
in net assets relating to the Southern Company Stock Fund (nonparticipant-
directed investments) as of December 31, 1999 and 1998 and for the years then
ended are as follows:
1999 1998
---- ----
Net Assets:
Common Stock $ 689,758,635 $ 847,870,666
============= =============
Changes in Net Assets:
Contributions 46,115,270 41,728,706
Interest and Dividends 53,938,068 42,593,838
Net appreciation (depreciation) (174,788,336) 93,504,194
Benefits paid to participants (76,996,559) (113,112,958)
Transfers to participant-directed investments (6,380,474) (39,284,742)
-------------- -------------
$ (158,112,031) $ 25,429,038
============== ==============
</TABLE>
5. Tax Status
----------
The Plan received a determination letter dated February 24, 2000 from the
Internal Revenue Service which states that the Plan, as amended through
December 20, 1999, is in compliance with Section 401 (a) and applicable
subsections of Section 410 (b) of the Code as of that date. In the opinion of
11
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the Company's management, the Plan is currently operating in compliance with
applicable provisions of the Code. Therefore, the Plan administrator believes
that the Plan was qualified and the related trust was tax-exempt as of December
31, 1999 and 1998. Accordingly, no provision for income taxes has been made in
the accompanying financial statements. Employer contributions and income of the
Plan are not taxable to participants until withdrawals or distributions are
made.
6. Reconciliation to Form 5500
---------------------------
The net assets of the Plan's funds available for benefit at December 31, 1999
and 1998 includes $449,289 and $2,264,080, respectively, for participants who
had requested distributions from their accounts but had not yet been paid at
year-end. These amounts are reflected as benefit claims payable and are included
in benefit payments to participants or beneficiaries in Form 5500 for the Plan
for the years ended December 31, 1999 and 1998.
<TABLE>
<CAPTION>
Net Assets Available
for Benefits
Benefits Distributions --------------------------------------
Payable to Participants 1999 1998
-------- --------------- ---- -----
<S> <C> <C> <C> <C>
Per financial statements $ - $151,513,854 $2,313,958,354 $2,423,617,092
Accrued benefit payments 449,289 449,289 (449,289) (2,264,080)
Reversal of 1998 accrual
for benefit payments - (2,264,080) - -
-------- ------------- -------------- --------------
Per Form 5500 $449,289 $149,699,063 $2,313,509,065 $2,421,353,012
======== ============ ============== ==============
</TABLE>
7. Subsequent Event
----------------
Effective February 1, 2000, the Merrill Lynch Growth Fund was removed from the
Plan's investment options and replaced with the Putnam Growth Opportunities
Fund. Participant balances in the Merrill Lynch Growth Fund were automatically
transferred to the Putnam Growth Opportunities Fund unless participants elected
to transfer their balances to any of the remaining investment options.
12
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<TABLE>
<CAPTION>
Schedule H
Page 1 of 2
--
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
Description of Investment Including Maturity Date,
Identity of Issuer, Borrower, Rate of Interest, Collateral, Par, or Maturity Value,
(a) (b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e) Current Value
--------------------------- ---------------------------------------------------- -------- -------------
<S> <C> <C> <C>
RETIREMENT PRESERVATION TRUST:
Temporary Investment:
* Merrill Lynch Trust Company, Merrill Lynch
CMA Money Fund par $1 142,271,503 shares 142,497,693
EQUITY INDEX TRUST:
Common/Collective Trust:
* Merrill Lynch Trust Company, Merrill Lynch
Equity Index Trust -- Tier III par $1 3,531,927 shares 365,923,377
SPECIAL VALUE FUND:
Investment in Registered Securities:
* Merrill Lynch Asset Management, Merrill Lynch -
Special Value Fund, Inc. -- Class A par $0.10 2,455,915 shares 51,287,637
GLOBAL ALLOCATION FUND:
Investment in Registered Securities:
* Merrill Lynch Asset Management, Merrill Lynch
Global Allocation Fund, Inc. -- Class A par $0.10 2,771,193 shares 38,913,893
BRINSON U.S. EQUITY FUND:
Investment in Registered Securities:
The Brinson Funds -
Brinson U.S. Equity Fund-Class N 294,321 shares 4,937,718
LOOMIS SAYLES SMALL CAP VALUE FUND:
Investment in Registered Securities:
Loomis Sayles Funds -
Small Cap Value Fund-Admin Class 136,688 shares 2,432,809
GAM INTERNATIONAL FUND:
Investment in Registered Securities:
GAM Funds, Inc. -
GAM International Fund-Class A 131,007 shares 4,219,871
GAM GLOBAL FUND:
Investment in Registered Securities:
GAM Funds, Inc. -
GAM Global Fund-Class A 138,404 shares 3,015,076
FRANKLIN SMALL CAP GROWTH FUND:
Investment in Registered Securities:
Franklin Strategic Series -
Franklin Small Cap Growth Fund-Class I 454,456 shares 20,087,039
DAVIS REAL ESTATE FUND:
Investment in Registered Securities:
Davis Series, Inc. -
Davis Real Estate Fund-Class A 31,844 shares 582,717
DAVIS NEW YORK VENTURE FUND:
Investment in Registered Securities:
Davis New York Venture Fund, Inc. -
Davis New York Venture Fund-Class A 745,057 shares 21,461,919
</TABLE>
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<TABLE>
<CAPTION>
Schedule H
Page 2 of 2
--
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
Description of Investment Including Maturity Date,
Identity of Issuer, Borrower, Rate of Interest, Collateral, Par, or Maturity Value,
(a)(b)Lessor, or Similar Party (c) Number of Shares (d)Cost (e) Current Value
-------------------------- --------------------------------------------------- ------- -------------
<S> <C> <C> <C>
HOTCHKIS & WILEY INTERNATIONAL FUND:
Investment in Registered Securities:
* Merrill Lynch Asset Management, Merrill Lynch -
Hotchkis & Wiley International Fund 464,280 shares 12,276,468
PIMCO TOTAL RETURN FUND:
Investment in Registered Securities:
PIMCO Funds -
PIMCO Total Return Fund-Class A 1,195,697 shares 11,856,216
SELIGMAN HIGH YIELD BOND FUND:
Investment in Registered Securities:
Seligman High Yield Bond Fund Series -
Seligman High Yield Bond Fund-Class A 387,599 shares 2,430,231
GROWTH FUND:
Investment in Registered Securities:
* Merrill Lynch Asset Management, Merrill Lynch -
Growth Fund-Class A 63,024 shares 1,730,866
MFS MASSACHUSETTS INVESTORS TRUST:
Investment in Registered Securities:
MFS Investment Management -
MFS Massachusetts Investors Trust-Class A 1,056,290 shares 22,164,466
MELLON BALANCED PORTFOLIO:
Investment in Registered Securities:
Mellon Equity Associates, LLP -
Mellon Balanced Portfolio Fund 15,622,096 shares 169,349,878
GOAL MANAGER PORTFOLIOS:
Investment in Registered Securities:
Retirement Preservation Trust Goal Manager par $1 554,479 shares 554,555
Special Value Fund, Inc. Goal Manager par $0.10 65,344 shares 1,364,590
Brinson U.S. Equity Fund-Class N Goal Manager 151,632 shares 2,543,868
Hotchkis & Wiley International Fund Goal Manager 84,689 shares 2,239,354
PIMCO Total Return Fund-Class A Goal Manager 288,559 shares 2,861,273
MFS Massachusetts Investors Trust Goal Manager 161,158 shares 3,381,160
* LOANS DUE FROM PARTICIPANTS (interest rates vary from 7.75% to 8%) 77,015,407
THE SOUTHERN COMPANY STOCK FUND--PARTICIPANT-DIRECTED PORTION:
Common Stock:
* The Southern Company, The Southern Company
Common Stock par $5 27,888,153 shares 657,510,553
THE SOUTHERN COMPANY STOCK FUND--
NON PARTICIPANT-DIRECTED PORTION (UNAUDITED):
Common Stock:
* The Southern Company, The Southern Company
Common Stock par $1 29,351,448 shares 851,245,108 689,758,635
TOTAL INVESTMENT OF ALL FUNDS $851,245,108 $ 2,312,397,269
============ ===============
* Represents a party in interest to the Plan.
The accompanying notes are an integral part of this schedule.
</TABLE>
14
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, The
Southern Company Employee Savings Plan Committee has duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
THE SOUTHERN COMPANY
EMPLOYEE SAVINGS PLAN
/s/ Christopher C. Womack
Christopher C. Womack, Chairman
Employee Savings Plan Committee
Sr. V. P. Human Resources
June 22, 2000
15
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CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 22, 2000, included in this annual report of
The Southern Company Employee Savings Plan on Form 11-K for the year ended
December 31, 1999 into the Plan's previously filed Registration Statement No.
333-44261.
/s/Arthur Andersen LLP
Arthur Andersen LLP
Atlanta, Georgia
June 27, 2000
16
