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EXHIBIT 10(d)
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(MARK ONE:)
[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
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER: 1-4014
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
AMDEL INC. EMPLOYEE INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
FINA, INC.
(FORMERLY NAMED AMERICAN PETROFINA, INCORPORATED)
FINA PLAZA
8350 N. CENTRAL EXPRESSWAY
DALLAS, TEXAS 75206
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
YEARS ENDED DECEMBER 31, 1993 AND 1992
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
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INDEPENDENT AUDITORS' REPORT
The Pension Committee
Amdel Inc. Employee Investment Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Amdel Inc. Employee Investment Plan as of December 31, 1993 and
1992, and the related statements of changes in net assets available for plan
benefits for the years then ended. 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, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the
Amdel Inc. Employee Investment Plan as of December 31, 1993 and 1992, 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 made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment and reportable transactions 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. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Dallas, Texas
April 15, 1994
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993 AND 1992
PREFERRED
COMMON STOCK STOCK GOVERNMENT SECURITIES
---------------- ------- -----------------------
ATLANTIC ATLANTIC U.S. U.S.
FINA, RICHFIELD RICHFIELD SAVINGS TREASURY
TOTAL INC. COMPANY COMPANY BONDS OBLIGATIONS
---------- ------ ------- ------- ------- ------------
December 31, 1993:
Investments, at fair value:
FINA, Inc., Class A common stock (4,631 shares;
cost of $320,833) .......................... $ 318,381 318,381 -- -- -- --
The Boston Company Intermediate Government
Securities Fund (14,458 shares; cost
of $186,165)................................. 189,981 -- -- -- -- 189,981
Money market investments ....................... 1,605,572 11,200 -- -- -- --
Cash ............................................... 851 -- -- -- -- 850
Interest receivable ................................ 4,369 36 -- -- -- --
Contributions receivable from employees ............ 49,688 6,378 -- -- -- 2,730
Contributions receivable from employing companies .. 38,941 5,169 -- -- -- 2,527
---------- ------- ----- ----- ----- -------
Plan assets .................................... $2,207,783 341,164 -- -- -- 196,088
Forfeitures available for future use ............... (7,333) -- -- -- -- --
Amounts due others ................................. (850) -- -- -- -- (850)
---------- ------- ----- ----- ----- -------
Net assets available for plan benefits ......... $2,199,600 341,164 -- -- -- 195,238
========== ======= ===== ===== ===== =======
December 31, 1992:
Investments, at fair value:
FINA, Inc., Class A common stock (4,669 shares;
cost of $328,128) .......................... $ 281,723 281,723 -- -- -- --
The Boston Company Intermediate Government
Securities Fund (12,893 shares; cost
of $163,339)................................. 164,521 -- -- -- -- 164,521
Securities receivable (note 1) ..................... 1,383,687 -- -- -- -- --
Cash ............................................... 20,277 -- -- -- -- --
Dividends receivable ............................... 42 17 -- -- -- --
Contributions receivable from employees ............ 45,021 5,856 -- -- -- 2,674
Contributions receivable from employing companies .. 36,362 4,794 -- -- -- 2,375
Amounts receivable from others ..................... 2,020 2,020 -- -- -- --
---------- ------- ----- ----- ----- -------
Plan assets .................................... 1,933,653 294,410 -- -- -- 169,570
Forfeitures available for future use ............... (8,830) -- -- -- -- --
---------- ------- ----- ----- ----- -------
Net assets available for plan benefits ......... $1,924,823 294,410 -- -- -- 169,570
========== ======= ===== ===== ===== =======
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AMDEL INC. EMPLOYEE INVESTMENT
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS -- (CONTINUED)
TBC POOLED RETIREMENT
EMPLOYEE BALANCED MONEY COMPANY
FUND FUND MARKET FUND FORFEITURES
---------- ---------- ------------- -----------
December 31, 1993:
Investments, at fair value:
FINA, Inc., Class A common stock (4,631 shares;
cost of $320,833) ............................... -- -- -- --
The Boston Company Intermediate Government
Securities Fund (14,458 shares; cost of
$186,165)......................................... -- -- -- --
Money market investments ........................... 1,587,053 -- -- 7,319
Cash ............................................... 1 -- -- --
Interest receivable ................................ 4, 319 -- -- 14
Contributions receivable from employees ............ 40,580 -- -- --
Contributions receivable from employing companies ... 31,245 -- -- --
--------- ----- --------- ------
Plan assets .................................... 1,663,198 -- -- 7,333
Forfeitures available for future use ............... -- -- -- (7,333)
Amounts due others ................................. -- -- -- --
--------- ----- --------- ------
Net assets available for plan benefits ....... 1,663,198 -- -- --
========= ===== ========= ======
December 31, 1992:
Investments, at fair value:
FINA, Inc., Class A common stock (4,669 shares;
cost of $328,128) .............................. -- -- -- --
The Boston Company Intermediate Government
Securities Fund (12,893 shares; cost of
$163,339) ...................................... -- -- -- --
Securities receivable (note 1) .................... -- -- 1,383,687 --
Cash .............................................. -- -- 11,472 8,805
Dividends receivable .............................. -- -- 25
Contributions receivable from employees ........... -- -- 36,491 --
Contributions receivable from employing companies .. -- -- 29,193 --
Amounts receivable from others .................... -- -- -- --
--------- ----- --------- ------
Plan assets ................................... -- -- 1,460,843 8,830
Forfeitures available for future use .............. -- -- (8,830)
--------- ----- --------- ------
Net assets available for plan benefits ........ -- -- 1,460,843 --
========= ===== ========= ======
See accompanying notes to financial statements.
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1993 AND 1992
PREFERRED
COMMON STOCK STOCK GOVERNMENT SECURITIES
------------------- -------- ---------------------
ATLANTIC ATLANTIC U.S. U.S.
RICHFIELD RICHFIELD SAVINGS TREASURY
TOTAL FINA, INC. COMPANY COMPANY BONDS OBLIGATIONS
------ ---------- -------- ------- ------- -----------
Year ended December 31, 1993:
Allotments and contributions
Basic allotments by employees .................................. $ 489,501 51,975 -- -- -- 31,963
Additional allotments by employees ............................. 129,714 23,049 -- -- -- 3,803
Contributions by employing companies ........................... 501,496 72,252 -- -- -- 32,141
---------- ------- ------- ------ ------- -------
1,120,711 147,276 -- -- -- 67,907
Investment income (loss): ---------- ------- ------- ------ ------- -------
Dividends ........................................................ 23,562 14,254 -- -- -- 9,308
Interest ....................................................... 40,784 249 -- -- -- --
Other income (expense) ......................................... (7,595) 3,878 -- -- -- --
Net appreciation in fair values of investment .................. 49,059 44,939 -- -- -- 4,120
---------- ------- ------- ------ ------- -------
105,810 63,320 -- -- -- 13,428
Withdrawals: ---------- ------- ------- ------ ------- -------
In cash and in kind ............................................ 944,494 161,822 -- -- -- 55,667
Forfeitures .................................................... 7,250 2,020 -- -- -- --
---------- ------- ------- ------ ------- -------
951,744 163,842 -- -- -- 55,667
---------- ------- ------- ------ ------- -------
Transfers among funds .............................................. -- -- -- -- -- --
---------- ------- ------- ------ ------- -------
Net increase (decrease) in net assets available
for plan benefits ............................................. 274,777 46,754 -- -- -- 25,668
Net assets available for plan benefits:
Beginning of year ............................................. 1,924,823 294,410 -- -- -- 169,570
---------- ------- ------- ------ ------- -------
End of year ................................................... $2,199,600 341,164 -- -- -- 195,238
========== ======= ======= ====== ======= =======
Year ended December 31, 1992:
Allotments and contributions
Basic allotments by employees .................................. 475,804 66,021 -- -- -- 29,612
Additional allotments by employees ............................. 109,355 11,491 -- -- -- 3,838
Contributions by employing companies ........................... 475,802 66,020 -- -- -- 29,611
---------- ------- ------- ------ ------- -------
$1,060,961 143,532 -- -- -- 63,061
Investment income (loss): ---------- ------- ------- ------ ------- -------
Dividends ...................................................... 55,459 4,363 2,397 92 -- 5,359
Interest ....................................................... 8,334 171 -- -- 5,893 2,270
Net appreciation (depreciation) in fair
values of investments ........................................ (35,904) (33,990) (952) (345) -- 1,259
---------- ------- ------- ------ ------- -------
27,889 (29,456) 1,445 (253) 5,893 8,888
---------- ------- ------- ------ ------- -------
Withdrawals:
In cash and in kind ............................................ 1,283,887 211,358 64,702 19,372 22,036 84,863
---------- ------- ------- ------ ------- -------
1,283,887 211,358 64,702 19,372 22,036 84,863
---------- ------- ------- ------ ------- -------
Transfers among funds ............................................ -- 9,931 (91,073) (16,491) (68,139) 16,642
---------- ------- ------- ------ ------- -------
Net increase (decrease) in net assets available
for plan benefits ............................................ (195,037) (87,351) (154,330) (36,116) (84,282) 3,728
Net assets available for plan benefits:
Beginning of year .............................................. 2,119,860 381,761 154,330 36,116 84,282 165,842
---------- ------- ------- ------ ------- -------
End of year ..................................................... $1,924,823 294,410 -- -- -- 169,570
========== ======= ======= ====== ======= =======
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS - (CONTINUED)
TBC POOLED RETIREMENT
EMPLOYEE BALANCED MONEY COMPANY
FUND FUND MARKET FUND FORFEITURES
--------- -------- ----------- -----------
Year ended December 31, 1993:
Allotments and contributions
Basic allotments by employees .......................... 405,563 -- -- --
Additional allotments by employees ..................... 102,862 -- -- --
Contributions by employing companies ................... 397,103 -- -- --
--------- -------- ---------- ------
905,528 -- -- --
--------- -------- ---------- ------
Investment income (loss):
Dividends .............................................. -- -- -- --
Interest ............................................... 40,535 -- -- --
Other income (expense) ................................. (11,473) -- -- --
Net appreciation in fair values of investment .......... -- -- -- --
--------- -------- ---------- ------
29,062 -- -- --
--------- -------- ---------- ------
Withdrawals:
In case and in kind .................................... 727,005 -- -- --
Forfeitures ............................................ 5,230 -- -- --
--------- -------- ---------- ------
732,235 -- -- --
--------- -------- ---------- ------
Transfers among funds ...................................... 1,460,843 -- (1,460,843) --
--------- -------- ---------- ------
Net increase (decrease) in net assets available for plan
benefits ........................................... 1,663,198 -- (1,460,843) --
Net assets available for plan benefits:
Beginning of year ...................................... -- -- 1,460,843 --
--------- -------- ---------- ------
End of year ............................................ 1,663,198 -- -- --
========= ======== ========== ======
Year ended December 31, 1992:
Allotments and contributions
Basic allotments by employees .......................... -- -- 380,171 --
Additional allotments by employees ..................... -- -- 94,026 --
Contributions by employing companies ................... -- -- 380,171 --
--------- -------- ---------- ------
-- -- 854,368 --
--------- -------- ---------- ------
Investment income (loss):
Dividends .............................................. -- -- 43,248 --
Interest ............................................... -- -- -- --
Net appreciation (depreciation) in fair values of
investments ............................................ -- (1,876) -- --
--------- -------- ---------- ------
-- (1,876) 43,248 --
--------- -------- ---------- ------
Withdrawals:
In cash and in kind .................................... -- 143,255 738,301 --
--------- -------- ---------- ------
-- 143,255 738,301 --
--------- -------- ---------- ------
Transfers among funds ...................................... -- (15,110) 164,240 --
--------- -------- ---------- ------
Net increase (decrease) in net assets available for
plan benefits .................................... -- (160,241) 323,555 --
Net assets available for plan benefits: ------
Beginning of year...................................... -- 160,241 1,137,288 --
--------- -------- ---------- ------
End of year............................................ -- -- 1,460,843 --
========= ======== ========== ======
See accompanying notes to financial statements.
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993 AND 1992
(1) GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
The Amdel Inc. Employee Investment Plan (the Plan) operates for the benefit
of certain employees of American Petrofina Pipe Line Co. and certain employees
of Fina Oil and Chemical Company (FOCC), both of which are wholly-owned
subsidiaries of FINA, Inc. and are hereafter referred to as "employing
companies."
The Plan is a defined contribution plan covering certain full-time
employees of the employing companies who have completed six months of service.
The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (ERISA). The following description of the
Plan reflects all Plan amendments and is provided for general purposes only.
Participants should refer to the Plan document for more complete information.
The Plan is administered by a committee appointed by and acting on behalf
of the Board of Directors of FOCC. Pursuant to the Plan's trust agreement, an
independent trustee (Trustee) maintains custody of the Plan's assets.
NationsBank -- Texas served as Trustee until April 1, 1992 at which time The
Boston Safe Deposit and Trust Company became the independent trustee.
(b) Basis of Presentation
The accompanying financial statements of the Plan have been prepared on an
accrual basis using fair values for investments. The fair values of investments
are based on closing market quotations or listed redeemable values. Security
transactions are recorded on a trade date basis.
(c) Expenses Relating to Investment Securities
Expenses relating to the purchase or sale of investment securities are
added to the cost or deducted from the proceeds, respectively.
(d) Expenses of Administering the Plan
All costs and expenses incurred in administering the Plan, including the
fees and expenses of the Trustee, the fees of its counsel and other
administrative expenses, are borne by the employing companies.
(e) Contributions
Participants may elect to contribute up to 10% of their basic compensation
to the Plan. The employing company will contribute an amount equal to the
lesser of the amount contributed by the participant or 5% of the participant's
basic compensation. Employing company contributions are reduced by
participants' forfeitures.
(f) Investment Program and Vesting
The Trustee of the Plan by law retains responsibility for the investments
of the Plan. Consistent with the fiduciary standards of ERISA, safeguards are
adhered to in protecting the interests of Plan participants and their
beneficiaries.
A participant may direct the proportions of his or her allotments, employer
contributions, and any earnings received by the Trustee for his or her account
into a (a) Money Market Fund, (b) Government Securities Fund, or (c) the Class
A common stock of FINA, Inc. All previous investments in common and preferred
stock of Atlantic Richfield Company and investments in units of the Balanced
Fund were made by predecessor plans. In the absence of direction, all amounts
will be held in cash without interest. Participants
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
become completely vested in contributions of the employing companies upon five
years of service with the company.
Effective January 1, 1993, the Fidelity Retirement Money Market Fund was
replaced with the TBC Inc. Pooled Employee Funds Daily Liquidity Fund. The
balance at December 31, 1992 with respect to the Fidelity fund reflects a
receivable for the assets to be reinvested into the new fund.
A description of such rights and provisions and an explanation of the
treatment of forfeitures and other matters are contained in the Plan document.
Participation in each investment option at December 31, 1993 and 1992 is
presented below. The sum of participation by investment option is greater than
the total number of Plan participants because participation is allowed in more
than one option.
PARTICIPATION BY INVESTMENT OPTION
1993 1992
---- ----
FINA, Inc. Class A Common Stock ........................................ 39 30
U.S. Government Securities Fund ........................................ 23 18
Retirement Money Market Fund ........................................... 108 205
(g) Withdrawals
A participant may withdraw securities and cash attributable to his or her
allotments at any time. Withdrawal of any part of the amounts attributable to
the employing companies' contributions, except on retirement under the Amdel
Inc. Noncontributory Retirement Plan, death or disability, is contingent upon
completion of five years of service. Any amounts not eligible for withdrawal
due to employee termination are forfeited and applied to reduce subsequent
employing companies' contributions. In certain circumstances, amounts forfeited
may be restored to terminated employees who are subsequently reemployed
provided they repay the amount previously withdrawn or distributed.
Withdrawals in cash and in kind in the accompanying financial statements
represent the fair value of the assets at date of distribution.
(h) Form 5500 Reconciliation
The net assets and withdrawals reported in the Plan's Form 5500 are
different from the corresponding amount reported in the accompanying financial
statements by $800,165 and ($39,547), respectively in 1993 and $760,618 and
$220,801, respectively in 1992. These differences relate to the classification
of withdrawals currently payable to participants.
(2) FEDERAL INCOME TAXES
The Plan has obtained from the Internal Revenue Service a determination
letter indicating that the Plan qualifies under the provisions of Section
401(a) of the Internal Revenue Code and, accordingly, is exempt from Federal
income taxes under Section 501(a). The United States Federal income tax
status of the participants with respect to their contributions to the Plan is
described in information submitted to the participants and subject to certain
limitations.
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AMDEL INC. EMPLOYEE INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
(3) PLAN TERMINATION
Although they have not expressed any intent to do so, the employing
companies have the right under the Plan to discontinue their contributions at
any time and to terminate the Plan subject to the provisions of ERISA. In the
event of Plan termination, participants will become 100% vested in their
accounts.
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SCHEDULE 1
AMDEL INC. EMPLOYEE INVESTMENT PLAN
ITEM 27(a) -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
NUMBER OF CURRENT
IDENTITY OF MARKETABLE INVESTMENT DESCRIPTION OF INVESTMENT SHARES/UNITS COST VALUE
- --------------------------------- ------------------------- ------------ ---------- ----------
TBC Inc. Pooled Employee Daily Money Market Fund
Liquidity Fund 1,605,572 $1,605,572 $1,605,572
The Boston Company Intermediate Government Securities
Government Securities Fund Fund 14,458 186,165 189,981
FINA, Inc. Class A common stock Common Stock 4,631 320,833 318,381
---------- ----------
$2,112,570 $2,113,934
========== ==========
See accompanying independent auditors' report.
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SCHEDULE 2
AMDEL INC. EMPLOYEE INVESTMENT PLAN
ITEM 27(D) -- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
CURRENT VALUE OF
NUMBER OF PURCHASE SELLING COST OF ASSET ON NET
DESCRIPTION OF ASSET: TRANSACTIONS PRICE PRICE ASSET TRANSACTION DATE GAIN/(LOSS)
- --------------------- ------------- --------- ------- ------- ---------------- -----------
Purchases:
FINA, Inc. Class A common
stock .......................... 16 $ 149,800 $ -- $ 149,800 $ 149,800 $ --
The Boston Company Intermediate
Government Securities Fund ..... 26 77,042 -- 77,042 77,042 --
TBC Inc. Pooled Employee Daily
Liquidation Fund ............... 67 2,501,653 -- 2,501,653 2,501,653 --
Sales:
FINA, Inc. Class A common
stock .......................... 1 -- 23,659 27,028 23,659 (3,369)
The Boston Company Intermediate
Government Securities Fund ..... 3 -- 55,667 54,216 55,667 1,451
TBC Inc. Pooled Employee Daily
Liquidation Fund ............... 37 -- 905,300 905,300 905,300 --
See accompanying independent auditors' report.
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CONSENT OF INDEPENDENT AUDITORS
The Investment Plan Committee
Amdel Inc. Employee Investment Plan:
We consent to incorporation by reference in the Registration Statement (No.
2-49321 ) on Form S-8 of FINA, Inc. of our report dated April 22, 1994,
relating to the statements of net assets available for plan benefits of the
Amdel Inc. Employee Investment Plan as of December 31, 1993 and 1992, and the
related statements of changes in net assets available for plan benefits for the
years then ended, and the related supplemental schedules, which report appears
in the December 31, 1993 annual report on Form 11-K of the Amdel Inc. Employee
Investment Plan.
KPMG Peat Marwick
Dallas, Texas
April 22, 1994
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMDEL INC.
EMPLOYEE INVESTMENT PLAN
/s/
---------------------------------
Cullen M. Godfrey
Vice President, Secretary and
General Counsel of the Registrant
Dated: April 26, 1994