UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 1-8841
Bargaining Unit Employee Thrift and Retirement Savings Plan
(Full title of the plan)
FPL GROUP, INC.
(Name of issuer of the securities held pursuant to the plan)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
INDEPENDENT AUDITORS' REPORT
EMPLOYEE BENEFITS COMMITTEE OF THE BOARD OF DIRECTORS
OF FPL GROUP, INC.:
We have audited the statements of financial condition of the
Bargaining Unit Employee Thrift and Retirement Savings Plan (the
"Plan") as of December 31, 1993 and January 1, 1993, and the related
statement of income and changes in net assets for the year ended
December 31, 1993. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the financial condition of the Plan at
December 31, 1993 and January 1, 1993 and its income and changes in
net assets for the year ended December 31, 1993 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
schedules of (1) assets held for investment as of December 31, 1993,
and (2) transactions in excess of five percent of the current value
of plan assets for the year ended December 31, 1993, are presented
for the purpose of additional analysis and are not a required part of
the basic financial statements, but are supplementary information
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These schedules are the responsibility of the
Plan's management. Such schedules have been subjected to the
auditing procedures applied in our audit of the basic 1993 financial
statements and, in our opinion, are fairly stated in all material
respects when considered in relation to the basic financial
statements taken as a whole.
DELOITTE & TOUCHE
Miami, Florida
June 27, 1994
BARGAINING UNIT EMPLOYEE THRIFT AND RETIREMENT SAVINGS PLAN
STATEMENTS OF FINANCIAL CONDITION
As of January 1 and December 31, 1993
1993
Beginning End
of Year of Year
ASSETS
Total noninterest-bearing cash ............................................. $ 885 $ -
Receivables:
Employer contributions ................................................... 717,423 635,120
Income ................................................................... 793 522
Total receivables .................................................... 718,216 635,642
General investments:
Interest-bearing cash .................................................... 3,423,614 1,587,722
Loans to participants - other ............................................ 9,101,458 11,599,055
Value of interest in master trusts ....................................... 83,458,285 101,183,100
Total general investments ............................................ 95,983,357 114,369,877
Employer-related investments:
Employer securities held by the Plan ..................................... 111,686,722 155,972,982
Allocated Leveraged ESOP employer securities ............................. 111,070,844 120,049,150
Total employer securities ............................................ 222,757,566 276,022,132
Total assets ............................................................... 319,460,024 391,027,651
LIABILITIES
Operating payables ......................................................... 1,078,329 400,182
Acquisition indebtedness (allocated Leveraged ESOP loan) ................... 96,305,619 100,488,744
Total liabilities .......................................................... 97,383,948 100,888,926
NET ASSETS ................................................................. $222,076,076 $290,138,725
The accompanying Notes to Financial Statements are an integral part of
these statements.
BARGAINING UNIT EMPLOYEE THRIFT AND RETIREMENT SAVINGS
PLAN
STATEMENT OF INCOME AND CHANGES IN NET ASSETS
For the year ended December 31, 1993
INCOME
Contributions:
Received from employer .................................................. $ 1,148,158
Received from participants .............................................. 19,720,232
Noncash contributions (from employer) ................................... 7,000,134
Total contributions ................................................... $ 27,868,524
Earnings on investments:
Interest:
Interest-bearing cash ................................................. 47,965
Other loans (participant loans) ....................................... 860,585
Other ................................................................. 37
Total interest ...................................................... 908,587
Common stock dividends .................................................... 9,498,848
Net gain on sale of assets:
Aggregate proceeds .................................................... 48,825,525
Aggregate carrying amount ............................................. 48,646,641
Net gain on sale of assets .......................................... 178,884
Unrealized appreciation of assets ....................................... 9,481,925
Net investment gain loss from master trusts ............................. 8,441,558
Total income .............................................................. 56,378,326
EXPENSES
Benefit payment and payments to provide benefits:
Directly to participants or beneficiaries ............................... 23,106,144
Total payments to provide benefits .................................... 23,106,144
Administrative expenses:
Investment advisory and management fees ................................. 1,729
Total administrative expenses ......................................... 1,729
Total expenses ............................................................ 23,107,873
NET INCOME ................................................................ 33,270,453
TRANSFERS
Transfers to the Plan ..................................................... 30,012,927
Effect of current year Leveraged ESOP activity ............................ 4,779,269
Total transfers to the Plan ............................................... 34,792,196
NET ASSETS AT BEGINNING OF YEAR ........................................... 222,076,076
NET ASSETS AT END OF YEAR ................................................. $290,138,725
The accompanying Notes to Financial Statements are an integral part of
these statements.
BARGAINING UNIT EMPLOYEE THRIFT AND RETIREMENT SAVINGS
PLAN
NOTES TO FINANCIAL STATEMENTS
For the year ended December 31, 1993
1. Description of the Plan and Significant Accounting Policies
The Plan
The following description of the Bargaining Unit Employee Thrift and
Retirement Savings Plan (Plan) provides only general information.
Participating employees (Members) should refer to the Summary Plan
Description in their employee handbook for a more complete description
of the Plan. During the year, Mellon Bank, N.A. (Trustee) administered
the trust established under the Plan (Trust) and acted as the custodian
of all the Plan's investment securities.
Participation in the Plan, which is voluntary, is open to any employee of
Florida Power & Light Company (FPL or Company) whose compensation
is established under a collective bargaining agreement between the
Company and the International Brotherhood of Electrical Workers AFL-
CIO through its System Council U-4 (Bargaining Unit). The Plan
includes a cash or deferred compensation arrangement (Tax Saver
Option) permitted by Section 401(k) of the Internal Revenue Code of
1986, as amended (Code). The Tax Saver Option permits a Member to
elect to defer federal income taxes on all or a portion of his contributions
(Tax Saver Contributions) until they are distributed from the Plan. Tax
Saver Contributions were limited in 1993 to a maximum of $8,994 per
Member and may be increased or decreased in future years for cost-of-
living adjustments.
The Plan also includes leveraged employee stock ownership plan
(Leveraged ESOP) provisions. The Leveraged ESOP is a stock bonus
plan within the meaning of Treasury Regulation Section 1.401-1(b)(1)(iii)
that is qualified under Section 401(a) of the Code and is designed to
invest primarily in common stock of FPL Group, Inc. (Common Stock).
The Trust purchased Common Stock from FPL Group, Inc. (FPL Group)
using the proceeds of a loan (Acquisition Indebtedness) from FPL Group
Capital Inc (FPL Group Capital), a subsidiary of FPL Group (see Note 3).
The Common Stock acquired by the Trust is initially held in a separate
account (ESOP Account). As the Acquisition Indebtedness (including
interest) is repaid, each Member's account is allocated its share of
Common Stock released from the ESOP Account.
The Plan provides for basic contributions by eligible employees in whole
percentages from 1% to 6% of their base compensation (Earnings),
which are matched 50% (100% for the first three percent of a Member's
Earnings contributed as a basic Tax Saver Contribution) by the
Company. The Plan also provides for supplemental contributions by
Members to be made in whole percentages from 1% to 10% of their
Earnings, which are not matched by the Company. All such amounts
are held in trust and invested by the Trustee as directed by the
investment managers (Investment Manager) of the various investment
funds.
Changes to the Plan
The Employee Benefits Committee of the Board of Directors of FPL
Group (Employee Benefits Committee) approved an amendment to the
Plan, the provisions of which were effective as of January 1, 1993.
These changes were primarily for administrative purposes and are not
expected to have a material impact on Plan benefits.
Fidelity Management Trust Company will replace Mellon Bank, N.A. as
trustee and Fidelity Institutional Retirement Services Company
("Fidelity") will replace Wells Fargo Bank, N.A. as investment manager,
effective January 1, 1994. Fidelity will expand the investment choices to
include eleven investment options.
Loans, Contributions, Withdrawals and Transfers to (from) the Plan
A Member may borrow from his or her Plan accounts during their
employment under certain conditions. At December 31, 1993, the loan
interest rate was 7.5%.
The Plan's investment options during the year consisted of the following
three investment funds (Funds): (1) Fund A - Capital Preservation
Fund - Investments in one or more fixed income agreements between
FPL Group and insurance companies or other financial institutions (each
being an Investment Manager), as determined from time to time by FPL
Group. The rate of return on Fund A is based upon a combination of all
contracts in the Fund (blended rate); (2) Fund B - Standard & Poor's 500
Equity Fund - Investments in a collective investment fund consisting of a
portfolio of common stocks designed to approximate the performance of
the Standard & Poor's 500 Composite Stock Price index (S&P 500
Index). The S&P 500 Index is a broad-based index of mostly large
companies which operate in a wide variety of industries and market
sectors. Wells Fargo Bank, N.A. is the Investment Manager for Fund B;
and (3) Fund C - Company Stock Fund - Investments in Common Stock.
In 1993, the Plan utilized the same Trust, maintained by FPL Group, as
was used for the Employee Thrift and Retirement Savings Plan (FPL
Plan), renamed FPL Group Employee Thrift Plan as of June 1, 1993,
and the FPL Group Employee Thrift Plan (Group Plan). Assets of the
Plan, the FPL Plan and the Group Plan were maintained separately with
respect to Fund C, but were commingled for Funds A and B and the
ESOP Account. For financial statement presentation, the assets,
liabilities, net income and transfers of the ESOP Account were allocated
between the Plan, the FPL Plan and the Group Plan (see Note 2). In
addition, the Plan reports the value of its interest in the commingled fund
accounts (Master Trusts) for Funds A and B. Detailed information on
assets and liabilities of the Master Trusts is filed herewith (see Note 8)
as well as with the U.S. Department of Labor (DOL).
The Plan allows Members, at any time, to change their investment fund
allocation for future contributions or to transfer their account balance
attributable to member contributions from one fund to another. However,
Members have only two elections annually to change their contribution
percentage. At year end, the number of Members contributing to the
Plan was 4,169. Company contributions are deposited only to the
Member's account in Fund C. Forfeitures of non-vested Company
contributions due to termination of Plan participation are used to reduce
the amount of future Company contributions to the Plan. A Member who
has attained the age of fifty-five and completed five years of service
while a Member will be permitted a special, one-time election to transfer
the total Company contributions made to his or her account in Fund C
and any earnings thereon to Fund A. This election will not affect the
investment of future Company contributions in Fund C. Once this
election has been made, the amount transferred may not be redirected
to another investment fund. Company contributions made on behalf of
business managers and others employed by the Bargaining Unit and
serving on Company property while on a leave of absence from the
Company will be reimbursed by the Bargaining Unit.
The value of a Member's contributions (including all income, gains and
losses) is at all times 100% vested. Company contributions vest at a
rate of 20% each year and are fully vested upon a Member attaining five
years of service as a Member of the Plan. An employee may also
receive vesting credit for prior years of service as a member of the FPL
Plan or the Group Plan. Vesting is not affected by a Member's child
care leave of absence taken in accordance with Company policies and
procedures. A Member will be fully vested upon retirement (as defined
in the Plan), total and permanent disability, death, discontinuance of
Company contributions or termination of the Plan. A Member's account
balance is required to be distributed no later than April 1 of the year
following the calendar year in which the Member attains age 70-1/2 or, if
installment benefits commence no later than such April 1, installment
payments must be made over a period which does not extend beyond
the life expectancy of the Member. The payment of a lump sum
deferred for a period to be determined by the Member shall be made no
later than the later of five years following the Member's termination of
employment or his attainment of age 65.
Withdrawals by Members from certain of their accounts during their
employment are permitted with certain penalties and restrictions. The
penalties limit a Member's participation in the Plan for varying periods
following a withdrawal.
Transfers to (from) the Plan generally represent net transfers between
the Plan and either the FPL Plan or the Group Plan (see Note 4). The
transfers arise as a result of members relocating between affiliated
entities participating in the plans.
The Plan is designed to comply with the Code, the Employee Retirement
Income Security Act of 1974, as amended (ERISA) and regulations of
the U.S. Department of Treasury and the DOL.
Basis of Accounting
The financial statements of the Plan are reported in accordance with the
requirements of ERISA. The financial statements of the Plan report the
Plan's interest in the net assets of the Master Trust. Financial
statements of the Master Trust are filed herewith and directly with the
DOL as required.
The financial statements of the Plan are prepared on the accrual basis of
accounting. Investment income and interest income on loans to
Members is recognized when earned. Contributions by Members and
Company contributions are accrued on the basis of amounts withheld
through payroll deductions. Distributions to Members are recorded when
paid (see Note 5). Assets of the Plan are stated at market value, except
loans to Members which are stated at cost and insurance and financial
institution contracts which are stated at contract value, all of which
approximates market value. Market value is determined using the
closing market price or the last recorded bid price.
Investments
Purchases and sales of investment securities are recorded on the trade
date. Gains or losses on sales of investment securities are determined
using the carrying amount of the securities. The carrying amounts of
securities held in Member accounts are adjusted monthly; securities held
in the ESOP Account (see Note 2) are adjusted annually. Unrealized
appreciation or depreciation is recorded to recognize changes in market
value.
2. Employee Stock Ownership Plan Account Allocation
The assets, liabilities and net income of the ESOP Account are held in a
separate account and are allocated for financial reporting purposes
based on each plan's relative net assets. The allocation of net income
of the ESOP account below reflects an allocation as of June 1, 1993
(date of merger of the Group Plan into the Plan) and again as of
December 31, 1993 for the remaining plans. The Plan's allocation of
Common Stock held by the ESOP Account (employer securities),
Acquisition Indebtedness and interest payable have been reflected in the
Statements of Financial Condition, but are not available for, or the
obligation of, Plan Members. The employer securities will be released
from the ESOP Account and allocated to Members' accounts in
satisfaction of part or all of the Company's matching contribution
obligation under the Plan as the Acquisition Indebtedness is repaid
(estimated to occur over a twenty year period). The Acquisition
Indebtedness will be repaid from dividends on the shares acquired by
the ESOP Account, as well as from cash contributions from FPL Group.
The net effect of a change in the allocation percentage from year to year
is reported as a transfer to or from the plan. The value of the shares
transferred from the ESOP Account to each plan are not subject to this
allocated percentage, but are allocated based on the actual amount
transferred.
Condensed financial statements of the ESOP Account are presented
below, indicating the allocations made to each plan. The effect of
current year Leveraged ESOP activity on net assets is included in
transfers to the plan in the financial statements of each plan.
Distributions of shares to the plans are presented as noncash
contributions in the financial statements of each plan.
Total ESOP FPL Group FPL Bargaining The
Account Plan Plan Plan
Allocation percentage ..................... 100% 72% 28%
Interest-bearing cash ..................... $ 5,618 $ 4,037 $ 1,581
Employer securities ....................... 426,462,343 306,413,193 120,049,150
Total assets ............................ 426,467,961 306,417,230 120,050,731
Acquisition indebtedness .................. 356,976,000 256,487,256 100,488,744
Interest payable .......................... 1,421,547 1,021,382 400,165
Total liabilities ....................... 358,397,547 257,508,638 100,888,909
Net assets - end .......................... $ 68,070,414 $ 48,908,592 $ 19,161,822
Contributions received from employer ...... $ 7,009,484
Interest income ........................... 2,596
Dividends ................................. 27,458,586
Net gain on sale of assets (1) ............ 3,929,881
Unrealized appreciation of assets ......... 31,337,489
Total income ............................ 69,738,036
Interest expense .......................... 34,706,747
Miscellaneous expense ..................... 93
Total expenses .......................... 34,706,840
Net income ................................ 35,031,196 $ 25,023,333 $ 9,802,358 $ 205,505
Distribution of shares to plans ........... (20,558,430) (13,387,660) (7,000,134) (170,636)
Transfers to (from) plan .................. - (1,259,020) 1,977,045 (718,025)
Effect of current year Leveraged
ESOP activity on net assets ............. 14,472,766 10,376,653 4,779,269 (683,156)
Net assets - beginning .................... 53,597,648 38,531,939 14,382,553 683,156
Net assets - end .......................... $ 68,070,414 $ 48,908,592 $ 19,161,822 $ -
(1) Primarily represents the increase in market value since the beginning of the year of shares that were held by the ESOP
Account and distributed to the plans during the current year.
/TABLE
3. Acquisition Indebtedness
In December 1990, the Trust borrowed $360 million from FPL Group
Capital to purchase approximately 12.4 million shares of Common Stock.
The unallocated shares of Common Stock acquired with the proceeds of
the Acquisition Indebtedness are collateral for the Acquisition
Indebtedness. As principal payments are made, a percentage of
Common Stock is allocated to each Member's account and released as
collateral. During 1993, 518,313 shares were released as collateral for
the Acquisition Indebtedness. The scheduled principal repayments of
the Acquisition Indebtedness for the next five years and thereafter are as
follows: 1994 - $2,987,000; 1995 - $4,190,000; 1996 - $5,532,000; 1997
- - - $7,032,000; 1998 - $8,705,000 and thereafter - $328,530,000. The
stated maturity of the Acquisition Indebtedness is 20 years bearing
interest at a fixed rate of 9.69% per year and is to be repaid using
dividends received on the Common Stock acquired by the ESOP
Account along with cash contributions from FPL Group, which totalled
$29,619,000 and $7,009,000, respectively, in 1993. See Note 2 for
information on the Plan's allocated percentage of the Acquisition
Indebtedness.
4. Parties-In-Interest Transactions
Company contributions are made in Common Stock released from the
ESOP Account or in cash, which is used to purchase Common Stock by
the Trustee. Such amounts are reported as noncash contributions (from
employer) and contributions received from employer, respectively.
All dividends received by the Plan were earned on Common Stock.
Dividends on shares held in the ESOP Account were used to service the
Acquisition Indebtedness (see Note 3). Dividends on shares held in
Members' accounts were reinvested in Common Stock pursuant to FPL
Group's Dividend Reinvestment and Common Share Purchase Plan in
which the Trustee participates.
In 1992, the Employee Benefits Committee approved the termination of
an unrelated employee stock ownership plan for employees of FPL
(Terminated Plan), effective January 1, 1993. Employees participating in
the Terminated Plan were given various distribution options, including
transferring their ownership interest in Common Stock in the Terminated
Plan to the Plan.
5. Reconciliation of Financial Statements to Form 5500
Generally accepted accounting principles require benefit payments to be
recorded when paid. Benefit payments as reported on Form 5500 are
recorded when processed and approved for payment. The following is a
reconciliation of net assets available for benefits per the financial
statements to the Form 5500:
December 31,
1993
Net assets available for benefits per the financial statements ............................. $290,138,725
Amounts allocated to withdrawing participants .............................................. (7,074,873)
Net assets available for benefits per the Form 5500 ........................................ $283,063,852
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year Ended
December 31,
1993
Benefits paid to participants per the financial statements ................................. $ 23,106,144
Add: Amounts allocated to withdrawing participants at December 31, 1993 ................... 3,061,563
Benefits paid to participants per the Form 5500 ............................................ $ 26,167,707
6. Income Taxes
In January 1989, FPL received from the Internal Revenue Service (IRS)
a favorable determination that the Plan, as amended and restated
effective January 1, 1988, met the requirements of Section 401 of the
Code. The IRS, in
Revenue Procedure 93-6, has recently opened the determination
process for plans which combine 401(k) or 401(m) and ESOP features,
such as this Plan. The Company intends to submit applications in 1994
for favorable determinations from the IRS that the Plan, both as
amended and restated effective July 16, 1990, including amendments
effective January 1, 1991, and is further amended through January 1,
1994, remains qualified under Section 401(a). If the Plan remains
qualified, the Trust established thereunder will be exempt from federal
income taxes under Section 501(a) of the Code; Company contributions
paid to the Trust under the Plan will be allowable federal income tax
deductions of the Company subject to the conditions and limitations of
Section 404 of the Code; and the Plan will meet the requirements of
Section 401(k) of the Code allowing Tax Saver Contributions to be
exempt from federal income tax at the time such contributions are made,
provided that in operation the Plan and Trust meet the applicable
provisions of the Code. In addition, FPL Group will be able to claim an
income tax deduction for dividends used to repay the Acquisition
Indebtedness.
Company contributions to the Plan on a Member's behalf, the Member's
Tax Saver Contributions, and earnings from the investments made with
Company and Member contributions under the Plan generally are not
taxable to the Member until such Company contributions, Tax Saver
Contributions, and earnings from investments are distributed or
withdrawn. A loan from a Member's Plan accounts generally will not
represent a taxable distribution if the loan is repaid in a timely manner
and does not exceed certain limitations.
7. Expenses
All commissions, brokerage fees and expenses incident to the income or
assets of the Trust or the purchase or sale of securities by the Trustee
and distributions to Members and all taxes on the Trust or its income are
paid by the Trust. All other expenses of the Plan, including Trustee's
fees and expenses, are paid either by FPL Group (which may charge
FPL under the Plan its allocated share) or by FPL and, therefore, are not
reflected in the financial statements.
8. Master Trusts
A summary of participating interest in and financial statements for the
Master Trusts follows.
Percent of Interest in Master Trust
MASTER TRUST FUND A Beginning of 1993 End of 1993
FPL Group Employee Thrift Plan (formerly Employee Thrift and
Retirement Savings Plan)
EIN 59-0247775
PN 002 .................................................................. 76.8% 77.6%
Bargaining Unit Employee Thrift and Retirement Savings Plan
EIN 59-0247775
PN 003 .................................................................. 21.8% 22.4%
FPL Group Employee Thrift Plan
EIN 59-2449419
PN 002 .................................................................. 1.4% 0.0%
MASTER TRUST FUND B
FPL Group Employee Thrift Plan (formerly Employee Thrift and
Retirement Savings Plan)
EIN 59-0247775
PN 002 .................................................................. 71.4% 72.7%
Bargaining Unit Employee Thrift and Retirement Savings Plan
EIN 59-0247775
PN 003 .................................................................. 27.0% 27.3%
FPL Group Employee Thrift Plan
EIN 59-2449419
PN 002 .................................................................. 1.6% 0.0%
/TABLE
MASTER TRUST FUND A
STATEMENTS OF FINANCIAL CONDITION
1993
Beginning End
of Year of Year
ASSETS
Receivables:
Income .................................................................. $ 5,844,912 $ 4,299,390
Net transfers due from other funds ...................................... - 1,611,694
Total receivable .................................................... 5,844,912 5,911,084
General investments:
Interest-bearing cash ................................................... 1,394,547 41,743,474
Value of unallocated insurance and financial institution contracts ...... 237,462,832 242,105,897
Value of interest in common/collective trusts ........................... 14,000,000 14,000,000
Total general investments ........................................... 252,857,379 297,849,371
Total assets .............................................................. 258,702,291 303,760,455
LIABILITIES
Net transfers due to other funds .......................................... 2,162,497 -
Total liabilities ......................................................... 2,162,497 -
NET ASSETS ................................................................ $256,539,794 $303,760,455
/TABLE
MASTER TRUST FUND A
STATEMENT OF INCOME AND CHANGES IN NET ASSETS
1993
INCOME
Earnings on investments:
Interest:
Interest-bearing cash .................................................. $ 278,395
Other (insurance and financial institution contracts) .................. 19,906,940
Net investment gain from common/collective trusts ........................ 990,481
Net gain (loss) on sale of assets:
Aggregate proceeds ..................................................... $224,147,001
Aggregate costs ........................................................ 224,147,001 -
Total income ............................................................... 21,175,816
EXPENSES
Administrative
Investment advisory and management fees .................................. 22,640
Total expenses ............................................................. 22,640
NET INCOME ................................................................. 21,153,176
TRANSFERS
Transfers into fund ........................................................ 31,464,901
Transfers out of fund ...................................................... 5,397,416
Net transfers .............................................................. 26,067,485
NET ASSETS AT BEGINNING OF YEAR ............................................ 256,539,794
NET ASSETS AT END OF YEAR .................................................. $303,760,455
/TABLE
MASTER TRUST FUND B
STATEMENTS OF FINANCIAL CONDITION
1993
Beginning End
of Year of Year
ASSETS
Total noninterest-bearing cash ............................................. $ 876 $ 261
Receivables:
Income ................................................................... 604 96,092
Total receivables ...................................................... 604 96,092
General investments:
Interest-bearing cash .................................................... 3,932,079 3,950,318
Corporate stocks - common ................................................ - 118,580,636
Value of interest in common/collective trusts ............................ 98,528,474 -
Total general investments .............................................. 102,460,553 122,530,954
Employer-related investments - employer securities ....................... - 258,225
Total assets ............................................................... 102,462,033 122,885,532
LIABILITIES
Net transfers due to other funds ........................................... 418,366 180,674
Total liabilities .......................................................... 418,366 180,674
NET ASSETS ................................................................. $102,043,667 $122,704,858
/TABLE
MASTER TRUST FUND B
STATEMENT OF INCOME AND CHANGES IN NET ASSETS
1993
INCOME
Earnings on investments:
Interest:
Interest-bearing cash .................................................. $ 67,827
Dividends:
Common stock ........................................................... 95,358
Net investment gain from common/collective trusts ........................ 11,666,499
Net gain (loss) on sale of assets:
Aggregate proceeds ..................................................... $ 79,853,975
Aggregate carrying amount .............................................. 79,853,975 -
Unrealized appreciation of assets ........................................ 335,761
Total income ............................................................... 12,165,445
EXPENSES
Investment advisory and management fees .................................... 2,326
Total expenses ............................................................. 2,326
NET INCOME ................................................................. 12,163,119
TRANSFERS
Transfers into fund ........................................................ 17,017,558
Transfers out of fund ...................................................... 8,519,486
Net transfers .............................................................. 8,498,072
NET ASSETS AT BEGINNING OF YEAR ............................................ 102,043,667
NET ASSETS AT END OF YEAR .................................................. $122,704,858
/TABLE
ATTACHMENT: Schedule 1
FORM 5500: 27 (a)
FLORIDA POWER & LIGHT COMPANY
EIN 59-0247775
BARGAINING UNIT EMPLOYEE THRIFT
AND RETIREMENT SAVINGS PLAN
PLAN #003
PLAN YEAR: 1993
ASSETS HELD FOR INVESTMENT AS OF DECEMBER 31, 1993
Face Value
or Historic Current
No. of Shares Description of Investment Rate Cost Value
1,587,722 Interest-bearing Cash - EB Temporary .034 $ 1,587,722 $ 1,587,722
Investment Fund
11,599,055 Loans to Participants (7 1/2% to 11 1/2% maturing 11,599,055 11,599,055
1994-98)
Value of Interest in Master Trusts:
21,941,896 FPL and Group Equity Fund Unit (1) 33,737,626 33,676,218
47,606,449 FPL and Group GIC Unit (2) 67,566,132 67,564,043
- Interfund Transfer Payable (57,161) (57,161)
69,548,345 Value of Interest in Master Trusts 101,246,597 101,183,100
7,054,879 Employer-related Investments - FPL Group Common Stock 209,301,618 276,022,132
89,790,001 Total Assets Held for Investment $323,734,992 $390,392,009
(1) See pages 14-27 (filed on Form SE) for listing of individual securities held by the Equity Fund in which the Bargaining Unit
Employee Thrift and Retirement Savings Plan has an interest.
(2) See page 28 (filed on Form SE) for listing of individual contracts held by the Capital Preservation Fund in which the
Bargaining Unit Employee Thrift and Retirement Savings Plan has an interest.
/TABLE
ATTACHMENT: Schedule 2
FORM 5500: 27 (d)
FLORIDA POWER & LIGHT COMPANY
EIN 59-0247775
BARGAINING UNIT EMPLOYEE THRIFT
AND RETIREMENT SAVINGS PLAN
PLAN #003
PLAN YEAR: 1993
TRANSACTIONS IN EXCESS OF FIVE PERCENT OF THE
CURRENT VALUE OF PLAN ASSETS FOR THE
YEAR ENDED DECEMBER 31, 1993
(Filed on Form SE)
SIGNATURES
The Plan. Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Employee Benefits Plan Administrative Committee has
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATE: June 28, 1994 Bargaining Unit Employee Thrift and
Retirement Savings Plan
(Name of Plan)
By: JIM K. PETERSON
Jim K. Peterson
Director of Compensation
and Benefits
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Post-Effective
Amendment No. 2 to Registration Statement No. 33-33215 on Form S-8
of our report dated June 27, 1994 on the financial statements of the
Bargaining Unit Employee Thrift and Retirement Savings Plan for the
year ended December 31, 1993 appearing in this Annual Report on
Form 11-K of FPL Group, Inc. for the year ended December 31, 1993.
DELOITTE & TOUCHE
Miami, Florida
June 28, 1994