ML18227A992

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Submit 1974 Annual Report.
ML18227A992
Person / Time
Site: Saint Lucie, Turkey Point  NextEra Energy icon.png
Issue date: 11/19/1975
From:
Florida Power & Light Co
To:
Office of Nuclear Reactor Regulation
References
Download: ML18227A992 (28)
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Text

THE ATTACHED FILES ARE OFFICIAL RECORDS OF THE OFFICE OF REGULATION. THEY HAVE BEEN CHARGED TO YOU FOR A LIMITEDTIME PERIOD ANS MUST BE RFTURNED TO THE CENTRAL RECORDS STATION 008. ANY PAGE(S)

REMOVED FOR REPRODUCTION MUST BE RETURNED TO ITS/THEIR ORIGINALORDER.

DEADLINE RETURN DATE R

MARY JINKS, CHIEF CENTRAL RECORDS STATION a%kf

Principal Offices 9250 Flagler Street, Miami Mail:P.O. Box 013100, Miami, Florida, 33101 Telephone: 305/552-3552

~ J ff'egufatojjj Docijet Fi This booklet has been prepared primarily for the information of of Contents History and Service Territory g........ ~dt

'abte security analysts and institutional I investors and is available to other Customers and Sales ..............+~5~j f J.,g~

interested persons. It is not intended for use in connection with any Plants Under Construction or Pl oned 8 o~+

sale, or offer for sale, or solicitation Revenue and Rates .......... ~~.. 9 gag of an offer to buy any securities. Consolidated Balance Sheet ~ "

.;~ 1qq qQL Consolidated Statement of lnco t~t AII financial statements shown Consolidated Statement of Chan eA s should be considered in conjunction in Financial Position .......... 12 tR got A~

with notes in the Company's Retained Earnings, Income Tax, and ~"dr 're) annual reports. ............... r7 fart 't Financial Statistics Long-Term Debt ...........

Shareholders'quity, Capitalization 14 Percentages and Common Stock Statistics . 15 Financial Statistics ................. 16 Utility Plant Statistics ............... 17 Customers, Sales, and Revenue Statistics . 18 Generating Statistics ............... 20 Fuel and Other Statistics ............ 21 Notes 22 Directors 24 Principal Officers . 24 System Map 25 "Common Stock" Chart ..... Back Cover Highlights Percent 1974 l973 Change Customers year end 1,721,841 1,634,503 5 KWH sales (000) . 32,711,136 32,467,100 1 Operating revenue (000) $ 951,055 $ 714,012 33 Net income (000) . $ 105,474 $ 108,558 (3)

Use per residential customer KWH .. 11,215 12,040 (7)

Revenue per KWH 2.194 32 2.88f'2.76 Earnings per share . $ 3.09 (11)

Dividends $ 1.325 $ 1.160 14 Book value per common share ........ $ 25.60 $ 24.19 6 Net warm weather capability KW ... 9,015,000 8,309,000 9 Peak load KW (60 minute net) ...., 7,235,000 6,894,000 5 Gross construction expenditures (000) .. $ 604,803 $ 352,453 72 Financing (000) $ 425,000 $ 241,000 76

~ ~ s o History and Service Territory 1974 classification of Sales FPL was incorporated in 1925 to manufacture, Florida power & Light Company and United States distribute and sell electricity. Service is provided to approximately 570 communities alonglmost of the east and lower west coasts of Florida, the area around southern and eastern Lake Okeechobee, and portions of north and north-central Florida. The 51%

) ~~~ ~ Residential ~ ~~ ~

territory covers 27,650 square miles.

FPL operates 10 power plants with total warm weather net capability of 9,015 mw, of which 1,332 Commercial mw is nuclear, 2,004 mw is gas turbines, and 5,679 mw is oil or gas fueled. Utility plant investment was 34%

$ 3.2 billion at year end. 40%

Two wholly-owned subsidiaries were organized in 8% g"" Induslrlal ~~~~ .

1974. Fuel Supply Service, Inc. was established to Public Authority

""'andother ""~

Flo ride Power Total explore and develop local supplies of gas and oil. & Light Industry Land Resources Investment Company was organized sowcss fpL snd Edrson rroctrio snsassra to buy, hold, mortgage, sell, convey, lease, or otherwise dispose of real property.

Price per Kilowatt Hour Paid by Residential Customers Florida Power & Light Company and United States 3.0 2.3 27 23 It 23 2.1 FPL cs es 3$ es 87 es ee 70 71 72 73 74 sosros; rpL snd adison arocrrro rnssrsss Earnings per Sharee and Dividends per Share 3 Pcr snare 350 3.00

~ Earntnos tl Dnttdsnds Pafd 220 ss 3$ es dwlne ~

37 es es 70 71 72 tn 11th aaowsnco ror rondo rrsod sras csrsssrrrsd 73 74

, ~ ~

Customer and Sales KWH Sales per Restdent tat Customer Flortda Powers Ltght Company During 1974, customers increased by 5% or 87,338, and United Statee as FPL continued to add more customers than any 12l000 other utility. The total customers served at year I I@00 end was 1,721,841.

PL

)

10.000 During the period 1963 through 1973, KWH sales 8.000 grew at a compound annual growth rate of 12.8%.

II In 1974, KWH sales increased less than 1% over 8

8.000 1973, as use per customer declined due to conservation and consumer reaction to higher t2 prices. However, even with the decline in usage, FPL e.000 S.A residential customers continue to use approximately 40% more than the national average.

63 64 63 68 87 68 63 70 7'I 72 73 74 source c rpi. nnd Ed'ecn occeic Incdnnn UtilityPlant Investment 3 MeiiknW 3500 64 65 68 87 68 68 70 71 72 73 '74 Capttatizatlon Ratios Percent 70 10 63 68 87 68 68 70 7'I 72 73 74

~ ~ ~

The Economy Ten Year Population Growth The Census Bureau estimated Florida's Percent Increase, 1954-1974 population of 8,090,000 at'mid-1974, an increase of 345,000 people in the preceding 12 months. The 51'/o j increase was the largest recorded by any state, both FPL SSNfce numerically and in percent. Florida's population has Territory increased by 1,301,000 since the 1970 Census, 36%

more than any other state. Recent Census Bureau studies anticipate that Florida will continue to be 94'/o Florida the nation's fastest growing state, with a population Excfuding FPL of almost 11 millio'n in 1990, about 36% higher Terrttory than 1974.

Because of Florida's unique population mix, electric customers increase at an even faster pace than numbers of people. About 15% of all Floridians are in the retirement age category, and usually represent not more than two persons per household. sowcet tL s, sweev ol the ceneve unlrereitr ol rtortte In addition, there is a rapidly growing number of second homes occupied by people who do not appear in the population count, although their presence is felt in local purchases of goods and services, and in payment of taxes. Number ol Residential Electric Customers Per Thousand of Population Florida and U.S.A.

Despite a still growing population, Florida's huge housing industry suffered during the past year as credit restraints and soaring interest rates made mortgage money both scarce and expensive.

Many retirees and others planning a move to Florida found it necessary to defer their move pending more favorable conditions. As a surplus of new housing began to accumulate, contracts let for new housing units decreased, and the 1974 total was nearly 50% below the 1973 record levels. Even U.s so, contracts numbered 132,585 new units, a greater number than was recorded in any other state.

66 66 67 66 SS 70 71 72 76 74 sovroet tl, s. svreev ol the cereve ErntOn Efeotrlc Inehtote Construction Contracts Let Number of Dwelling Unlls per Tttousand of Population TEN LARGEST STATES 1974 f 64 7.6 6.6 6.2 4.7 0~0!II I;!

Sovrcei rrrcorew let fr F.W. Oerttre Otrteton

Decreasing employment in contract construction Manufacturing Employment and satellite industries was sharply felt, because Florida and United States lndSX: 1964 eee 100 construction workers made up 10% of the State' Index non-agricultural employment, compared to about 180 5% nationally. Florida's unemployment rate, traditionally lower than the nation's, moved up to slightly exceed the national rate. Even so, there were 227,600 workers still engaged in construction at year end, or 8.2% of total employment. One Fla.

stimulus to such employment is the continuing high volume of non-residential building, exceeding even 1973's $ 1.6 billion volume.

Florida's increasingly important manufacturing industries experienced approximately level activity U.S.

110 during the year, largely because the slowdown in building-oriented industry offset increases in other sectors.

SC SS 88 87 SS SS 70 71 72 78 74 soorce: v.s. end riorece oeoerrmcnce or commerce An estimated 24.5 million tourists visited Florida in 1974, down about a million from the previous year. The decline was especially sharp in the early months, when gasoline was in short supply. Tourist Number of Tourists Visiting Florida expenditures increased, however, and were Millions estimated at more than $ 6 billion, up nearly 11%

over 1973. Tourist volume experienced a sharp resurgence during the holiday season late in 1974, 21.8 and reservations are reported near capacity in some areas through Easter of 1975. Characteristics of 10.1 the winter and summer visitor differ somewhat, and 173) it is too early to assess effects of economic recession on the year as a whole.

Florida's agriculture has a promising outlook in the face of other uncertainties. Good weather, large crops and high prices indicate that final results of 1974 farm marketings will be well above $ 2 billion.

SS 88 87 SS 80 70 71 72 78 74 sorrrce; etorlde oecenmenl or oomnmrce Cash Receipts from Farm Marketings II Rorlda 3 Million cr 66 66 67 66 69 70 71 72 73 74 screen; IA 8 eeceee ~ rt or Asncorr ore

Fuel FPL's fossil fuel steam plants, except an oil-burning plant at Ft. Myers and two oil-burning units at Sanford, burn both residual oil and natural gas. The gas turbines burn distillate oil and natural gas. Two nuclear units are in operation at the Turkey Point plant.

Residual oil is supplied under total requirements contracts expiring in 1977, with the oil coming primarily from Venezuela. The gas is supplied under firm contracts, the earliest of which expires in 1979. A reduction of about 7~/2% in gas deliveries was experienced in 1974 and an additional 3%

reduction is expected in 1975 due to a decline in the output from the wells. Distillate oil is supplied under shorter term contracts and open market purchases. Fuel for the Turkey Point nuclear units is provided under a 10-year energy supply agreement until 1982 and 1983. The first and second nuclear fuel cores for St. Lucie No. 1 are being purchased under a single contract covering the entire fuel cycle. A similar contract is being negotiated for St. Lucie No. 2.

During 1974, there were six increases in the price of residual oil. Oil delivered to Port Everglades was

$ 12.38 per barrel in December 1974 as compared to $ 6.98 for December 1973. In January 1975, another 300 per barrel increase became effective.

In March 1975, the price per barrel was decreased 15'.

The impact that government proposals for price equalization, energy or tax proposals, or future legislation relating to the energy crisis will have on FPL can not presently be determined.

Fuel Supply Service, Inc. entered into a joint oil and gas exploration venture in Florida with Amoco Production. The first three wells proved dry; drilling is continuing.

During 1974, 22/o of FPL generation was from nuclear fuel at an average cost of 1.74 mills per KWH. The cost of residual oil was 18.06 mills per KWH and residual oil accounted for 50/o of generation.

Expenditures for New Construction 1975-1979 Est tmated

$ Mlltlons 519 363 250 176 133 149 110 ,90 91 88 656 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 Low Sulphur Fuel Oil Fuel Cost per Net KWH Generated Cost per Barrel-Port Everglades Mills 18 14 12

'lg 6

1970 1971 1972 1973 1974 1975 aaaagggHl

~

~ Oil Percent Generation by Fuel Type

~

~

Natural Gas Nuclear Gas Turbine 24 24 31 46 42 25 76 75 76 54 58 61

, 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974

Plants Under Construction or Planned Scheduled Net KW Fuel Completion Warm Weather Plant Type Date Capability Palatka Plant Combined Cycle Residual Oil 1976 484,000 St. Lucie Plant Unit No. 1 Nuclear 1975 802,000 Unit No. 2 Nuclear 1980 802,000 Manatee Plant Unit No. 1 Residual Oil 1976 775,000 Unit No. 2 Residual Oil 1977 775,000 Martin Plant Unit No. 1 Residual Oil 1979 775,000 Unit No. 2 Residual Oil 1981 775,000 Fort Myers Gas Turbine Residual Oil 1978 85,000 Net Capability and Peak Load Megawatts Megawatts 13,000 CII 1

Cu O CCI I Martin No. 1 12,000 tCII Ft. Myers Ch CI Manatee No. 2 11,000 CI Manatee No. 1 10,000 ICI Palatka IA crr

~ 60 Minute Net Peak Load 1975-1979 Estimated crI St. Lucis No. 1 9,000 8,000 7,000 C) Peak Loads-MW CCI ccrc 6,000 N v ICI 60 Minute Net C9 IA 1964 2,372 CIC I

CO 1965 2,529 5,000 1966- 2,914 CII CII 1967- 3,160 IO C9 1968 3I789 4,000 1969- 4,329 1970 5,001 0 Evj 1971 5,378 3,000 CII 1972 6,011 1973 6,894 1974 7,235 2,000 1975- 7,600 1976 8,080 1977 8,710 1I000 1978 9I390 1979 10,120 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79

Revenue and Rates FPL rates except for wholesale sales, are regulated by the Florida Public Service Commission (FPSC). Rates for wholesale sales are regulated by the Federal Power Commission.

In 1973, rate increases totaling $ 60.8 million became effective, in three steps.

On August 2, 1974, the Company filed a petition with the Florida Public Service Commission for a rate increase of

$ 143 million based on an estimated 1974 test year and 1974 year-end rate base, seeking to establish a rate of return of 9.12/o to 9.28 h. Approximately $ 50 million of the requested rate increase would reflect proposed accounting and regulatory changes designed to improve cash flow without increasing earnings. The principal proposed changes are (a) the inclusion of $ 200 million of additional construction work in progress in the rate base, with concomitant reduction in the Allowance for Funds Used During Construction, and (b) full normalization of book-tax timing differences. Direct testimony of FPL witnesses was held in November 1974. If the Commission has not rendered a decision by April 2, 1975, the proposed rates based on the $ 143 million will be put into effect under bond subject to refund. At the cross-examination hearings in March, 1975, FPL presented testimony based on actual data for the 1974 test year which increased the request for rate relief to $ 164.8 million to produce a rate of return of 9.32k.

In November 1974, FPL filed a motion with the Florida Public Service Commission seeking partial interim rate relief in the amount of approximately $ 69 million on an annual basis. The request was based on the 8.57/o minimum rate of return approved by the Commission in 1973 and was part of the $ 143 million request filed in August 1974.

On January 10, 1975, the Commission issued an order granting the full amount of the interim rate relief, subject to refund and under bond pending final determination of FPL's full rate request. The increase went into effect with meter readings on and after January 28, 1975. The Public Counsel of Florida has appealed the order.

All FPL rate schedules contain a fossil fuel adjustment clause which gives effect to changes in efficiency and the cost of fossil fuel as well as the generation mix of fossil and nuclear, and includes the fuel portion of purchased power.

In November 1974, the Commission issued an order Financial in the general investigation of the fossil fuel adjustment and clause. The order, among other things, required public notice and monthly hearings for changes in the level of Statistical fuel adjustment charges, and adopted a new clause, Tables substantially similar to the previous one, covering fossil fuel and purchased power.

Florida Public Service Commission William T. Mayo, Chairman (Term expires January 1979)

William H. Bevis (Term expires January 1979)

Paula F. Hawkins (Term expires January 1977)

COnSOjjdated BajanCe Sheet (Year End) 1974 1973 1972 1971 1970 1969 1964 ASSETS: (Thousands of Dollars)

Electric Utility Plant (at original cost):

In service . $ 2,461,325 $ 2,2031795 $ 1,896,925 $ 1,574,260 $ 1,402,214 $ 1,268,966 $ 770,133 Held for future use . 51,481 29,441 26,063 10,691 18,852 12,701 2,825 Less accumulated depreciation .......... 486,212 423,712 371,291 332,485 297,225 266,393 150,734 Net . 2,026,594 1,809,524 1,551,697 1,252,466 1,123,841 1,015,274 622,224 Construction work in progress ........... 715,740 407,001 379,843 394,484 242,221 148,256 69,016 Nuclear fuel 23,651 23,708 23,104 11,138 Electric utility plant less accumulated depreciation ..... 2,766,185 2,240,233 1,954,644 1,658,088 1,366,062 1,163,530 691,240 Other Property And Investments:

Storm damage reserve fund ............. 13,838 13,233 12,699 12,202 11,712 11,268 8,720 Construction funds held by Trustee ...... 18,921 8,802 Non-utility property, etc................. 2,651 1,128 3,346 500 434 475 492 Total other property ft investments . 35,410 23,163 16,045 12,702 12,146 1'f,743 9,212 Current Assets:

Cash and cash items 2,972 2,865 1,578 9,155 10,685 26,767 10,543 Accounts receivable:

Customers, less reserve............... 63,127 49,531 37)933 30,266 23,028 21,655 13,813 Employees and miscellaneous ......... 3,826 6,168 4,494 3,398 3,211 2,612 1,275 Fossil fuel stock-at average cost

....... 37,921 15I336 7,721 4,670 3,390 3,352 2,258 Materials and supplies at average cost net 60,852 51.146 38.781 37,814 34,334 29,914 15,812 Other current assets ................... 13,268 7,374 6,533 4,392 4,960 3,875 2,297 Total current assets .............. 181,966 132,420 97,040 89,695 79,608 88,175 45,998 Deferred Debits 8,869 4,378 508 578 235 625 865 Total . $ 2,992,430 $ 2,400,194 $ 2,068,237 $ 1,761,063 $ 1,458,051 $ 1,264,073 $ 747,315 LIABILITIES:

Shareholders'quity:

Preferred stock $ 186,250 $ 136,250 $ 96,250 $ 36,250 $ 36,250 $ 36,250 $ 36,250 Common stock 613,907 613,907 569,095 502,335 299,242 299,242 234,202 Capital stock premium and expense ...... (3,090) (2,433) (2,199) (2,193) (2,105) (2,039) (2,007)

Retained earnings ...................... 260,892 212,107 148,058 95,936 200,774 172,800 58,537 Total common equity ............. 871,709 823,581 714,954 596,078 497,911 470,003 290,732 Total shareholders'quity ......... 1,057,959 959,831 811,204 632,328 534,161 506,253 326,982 Long-Term Debt 1,454,591 11120,645 965,639 860,021 670,519 600,926 263,961 Total capitalization ............... 2,512,550 2,080,476 1,776,843 1,492,349 1,204,680 1,107,179 590,943 Current Liabilities:

Notes payable 132,469 37,000 80,504 58,800 71,624 36 17,000 Long-term notes current portion ........ 11,597 Accounts payable trade ............... 35,222 25,830 18>616 19,946 15,181 10,008 6,173 Customers'eposits ................... 50,833 46,723 42,209 38,297 35,037 32,233 22,859 Income taxes accrued .................. 6,236 15,269 6,871 13,621 14,497 13,344 26,643 Other taxes accrued ................... 30,666 23,890 16,813 'l4,'f 26 11,959 10,781 7,257 Interest accrued 31,086 21,960 16,429 14,458 8,854 5,746 3,950 Other current liabilities ................. 37,796 37,918 26,115 29,776 26,168 18,914 31,360 Total current liabilities ........... 335,905 208,590 207,557 189,024 183,320 91,062 115,242 Deferred Credits:

Unamortized investment credit .......... 47,248 39I781 30,516 19,278 17,160 16,864 4,213 Contract retentions 6,651 7,183 10,740 9,453 8,742 8,505 Accumulated deferred income taxes ..... 73,009 44,312 24,033 15,681 12,354 12,296 17,100 Other deferred credits .................. 1,203 4,656 4,666 5,165 5,332 4,602 2,144 Total deferred credits ............ 128,111 95,932 69,955 49,577 43,588 42,267 23,457 Reserves:

Storm damage . 13,838 13,233 12,699 12,202 11,712 11,268 10,123 Injuries and damages and other .......... 2,026 1,963 1 183

~ 1,295 1,810 2,184 2,404 Total reserves 15,864 15,196 13,882 13,497 'I3,522 13,452 12,527 Contributions In Aid Of Construction ....... 16,616 12,941 10,113 5,'l46 Total ...,.................,..... $ 2,992,430 $ 2,400,194 $ 2,068.237 $ 1,761,063 $ 1,458,051 $ 1,264,073 $ 747,315 10

Consolidated Statement of Income 1974 1973 1972 1971 1970 1989 1964 OPERATING REVENUES: (Thousands of Dollars)

Revenue from electric energy sales $ 943,297 $ 709,853 $ 567,334 $ 482,752 $ 414,295 $ 367,794 $ 234,761 Other revenues . 7,758 4,159 3,509 2,078 1,757 1,716 961 Total operating revenues .......... 951,055 714,012 570,843 484,830 416,052 369,510 235,722 OPERATING EXPENSES:

Fuel Oil 338,695 153,639 122,250 76,993 44,508 35,111 Fuel Gas .............................. 47,748 43,192 41,964 26,727 Fuel Nuclear .. 13,672 7,775 183 45,108 42,249 37,797 13,794 Total fuel 400,115 204,606 164,397 122,101 86,757 72,908 40,521 Other production operation .............. 20,725 17,337 11,256 9,444 7,635 6,280 3,787 Interchange power net .................. (4,215) (5,500) 3,136 700 (1,694) (1,051) 75 Transmission operation .................. 3,981 3,406 2,765 2,411 2,173 2,042 1,018 Distribution operation ................... 30,844 29,125 25,546 22,818 21,368 17,851 9,112 Customer accounting, sales and administrative

& general operation ................... 86,186 76,042 60,054 51,892 50,762 42,208 25,741 Maintenance 57,472 51,290 41,830 36,948 31,438 23,476 12,902 Total operation and maintenance .... 595,108 376,306 308,984 246,314 198,439 163,714 93,156 Depreciation and amortization .............. 74,775 64,815 52,898 47,195 42,327 38,247 27,888 Taxes other than income taxes .............. 71,241 59,746 47,071 40,677 35,266 31,365 18,386 Federal income taxes 12,736 28,713 23,500 37,582 42,203 49,386 42,727 State income taxes ........................ 2,405 4,560 3,939 Income taxes deferred 28,698 20,279 8,353 3,326 59 (923) (869)

Charge equivalent to the investment credit ... 9,254 10,624 12,621 2,921 1,056 3,024 1,999 Amortization of investment credit ............ (1,786) (1,360) (920) (803) (761) (640) (93)

Total operating expenses .......... 792,431 563,683 456,446 377,212 318,589 284,173 183,194 OPERATING INCOME 158,624 150,329 114,397 107,618 97,463 85,337 52,528 OTHER INCOME (DEDUCTIONS):

Net allowance for funds used during construction 39,907 25,961 30,444 18,052 Taxes on other income .................... 11,637 6,729 8,507 5,536 (175) (551) (303)

Other . (1,695) 662 (87) (148) 314 1,164 134 Other income ...............

net 49,849 33,352 38,864 23,440 139 613 (169)

INCOME BEFORE INTEREST CHARGES ....... 208,473 183,681 153,261 131,058 97,602 85,950 52,359 INTEREST CHARGES:

Interest on mortgage bonds................. 78,723 61,913 53,666 46,077 34,730 30,359 9,912 Interest on other long-term debt ............. 9,892 7,214 3,004 562 248 248 275 Other Interest 14,384 5,996 6,774 5,418 3,397 1,916 2,077 Total interest charges ............. 102,999 75,123 63,444 52,057 38,375 32,523 12,264 NET INCOME 105,474 108,558 89,817 79,001 59,227 53,427 40,095 Preferred dividend requirements ............ 11,654 6,533 2,076 1,615 1,615 1,615 1,615 NET INCOME APPLICABLE TO COMMON STOCK $ 93,820 $ 102,025 $ 87,741 $ 77,386 $ 57,612 $ 51,812 $ 38,480 EARNINGS PER SHARE OF COMMON STOCK .. $ 2.76 $ 3.09 $ 2.69 $ 2.56 $ 1.97 $ 1.86 S 1.41

Consolidated Statement of Changes in Financial Position Total Total 1974 1973 1972 1971 1970 1970-1974 1965-1974 SOURCE OF FUNDS: (Thousands of Dollars)

Current operations:

Net income $ 105,474 $ 108,558 $ 89,817 $ 79,001 $ 59,227 $ 442,077 $ 679,230 Depreciation 74,775 64,815 52,898 47,195 42,327 282,010 445,683 Charge equivalent to the investment credit and deferred income taxes, less amortization 36,165 29,543 20,054 5,444 354 91,560 99,596, Net allowance for funds used during construction (39,907) (25,961) (30,444) (18,052) (114,364) (114,364)

Total 176,507 176,955 132,325 113,588 101,908 701,283 1,110,145 Sale of First Mortgage Bonds ............... 225,151 120,363 50,391 180,791 70,071 646,767 989,948 Reimbursement by Trustee from Pollution Control Revenue Bonds for construction expenditures 21,713 27,198 48,911 48,911 Issuance of other long-term debt ...,........ 129,531 44 63,608 10,000 203,183 2031183 Sale of common stock 44,812 66,760 53,092 164,664 229,704 Sale of preferred stock

.................... 50,000 40,013 60,079 150,092 150,092 Other sources net . 5,343 7,938 2,179 7,269 9,402 32,131 57,656 Decrease in working capital ................ 77,769 11,187 100,826 189,782 205,357 Total $ 686,014 $ 417,323 $ 386,529 $ 364,740 $ 282,207 $ 2,136,813 $ 2,994,996 APPLICATION OF FUNDS:

Construction expenditures .......... $ 564,823 $ 332,820 $ 327,302 $ 312,913 $ 250,108 $ 1,787,966 $ 2,436,047 Construction funds held by Trustee . 6,832 6,832 6,832 Nuclear fuel . 143 604 11,966 ~

11,138 23,851 23,851 Retirement and current maturity of long-term debt 50,252 750 7,625 58,627 58,627 Dividends paid 56,688 44,509 37,695 33,839 31,253 203,984 327,230 Other applications . 7,276 4,293 1,g41 2,467 846 16,823 21,748 Increase in working capital ........ 34,347 4,383 38,730 120,661 Total $ 686,014 $ 417,323 $ 386,529 $ 364,740 $ 282,207 $ 2,136,813 $ 2,994,996 CHANGE IN WORKING CAPITAL EFFECTED BY:

Increase (Decrease) in current assets:

Cash $ 107 $ 1,287 $ (7,576) $ 1,219 $ 1,015 $ (3,948) $ (4,058)

Temporary investments .................. (2,750) (17,097) (19,847) (3,500)

Accounts receivable 11,254 13,272 8,762 7,426 1,971 42,685 51,866 Materials and supplies ................... 9,707 12,364 967 3,480 4,420 30,938 45,039 Fossil fuel stock . 22,584 7,616 3,052 1,279 38 34,569 35,663 Other changes net 5,894 841 2,141 (568) 1,086 9,394 10I971 Decrease (Increase) in current liabilities:

Notes payable (106,656) 43,504 (21,704) 12,811 (71,588) (143,633) (126,633)

Accounts payable . (9,802) (7,214) ,1,330 (4,764) (5,173) (25,623) (30,739)

Customers'eposits (4,110) (4,514) (3,912) (3,260) (2,804) (18,600) (27,974)

Income taxes accrued ................... 9,033 (8,398) 6,750 876 (1,153) 7,108 20,407 Other taxes accrued (6,776) (7,077) (2,686) (2,167) (1,178) (19,884) (23,408)

Contract retentions (2,474) (2,439) 3,092 (611) (813) (3,245) (4,505)

Tax collections payable .................. (3,704) (1l405) (107) (337) (889) (6,442) (8,806)

Interest accrued . (9,126) (5,531) (1,971) (5,604) (3,108) (25,340) (27,136)

Other changes net 6,300 (7,959) 675 (2,647) (5,553) (9,184) 8,117 INCREASE (DECREASE) IN WORKING CAPITAL $ (77,769) $ 34,347 $ (11,187) $ 4,383 $ (100,826) $ (151,052) $ (84,696)

Retained Earnings, lncorne Tax Statistics and Financial Statistics 1974 1973 1972 1971 1970 1969 1964 CONSOLIDATED STATEMENT OF RETAINED EARNINGS (000)

Balance at beginning of year $ 212,107 $ 148,058 $ 95,936 $ 200,774 $ 172,800 $ 147,537 $ 38,670 Net income 105,474 108,558 89,817 79,001 59,227 53,427 40,095 Total . 317,581 256,616 185,753 279,775 232,027 200,964 78,765 Deduct cash dividends Preferred stock:

4.50% (all series) . 1,181 1,181 1,181 1,181 1,181 1,181 1,181 4.32% series D 216 216 216 216 216 216 216 4.35% series E 218 218 218 218 218 218 218 7.28% series F 4,368 4,465 7.40% series G 3,264 9.25% series H 2,326 Common stock 45,116 38,429 36,080 32,224 29,638 26,549 18,632 Total after dividends 260,892 212,107 148,058 245,936 200,774 172,800 58,518 Transfer to common stock (150,000)

Other net 19 Balance at end of year . $ 260,892 $ 212,107 $ 148,058 $ 95,936 $ 200,774 $ 172,800 $ 58,537 INCOME TAX (as a percent of pretax income)

Computed at statutory rate ............ 48.0% 48.0% 48.0% 48.0% 49.2% 52.8% N.A.

Increases (Reductions) in tax resulting from:

Pension costs and taxes capitalized . (3.3) (2.4) (3.6) (3.1) (.9) (4)

Allowance for funds used during construction ............ (13.2) (7.6) (11.3) (7.4)

Depreciation (3.5) (3.2) (4.3) (4.0) (3.7) (1.6)

State income taxes net of Federal tax benefits ............ 1.5 1.9 1.6 Others net (2.2) (2.7) (2) (1 3) (2.7) (1 8)

Recorded income tax expense ......... 27.3% 34 0% 30.2% 32.2% 41.9% 49 0%

TIMES INTEREST EARNED Before Taxes Interest on mortgage bonds .. 3.2 3.9 3.6 3.7 4.0 4.5 9.7 Interest on long-term debt,... 2.8 3.5 3.4 3.6 4.0 4.5 9.5 Total interest charges .... 2.4 3.2 3.0 3.2 3.7 4.2 7.9 After Taxes Interest on mortgage bonds .......... 2.6 3.0 2.9 2.8 2.8 2.8 5.3 Interest on long-term debt .......,.... 2.4 2.7 2.7 2.8 2.8 2.8 5.1 Total interest charges ............... 2.0 2.4 2.4 2.5 2.5 2.6 4.3 FIXED CHARGE COVERAGE (SEC basis) .. 2.4 3.1 3.0 3.2 3.6 4.2 7.2 TIMES INTEREST AND PREFERRED DIVIDENDS EARNED (After Taxes) 1.8 2.2 2.3 2.4 2.4 2.5 3.8 EMBEDDED COST OF LONG-TERM DEBT

(% )-YEAR END . 7.27 6.43 6.18 6.08 5.65 5.36 3.97 13

Long-Term Debt December 31, 1974 Principal Unamortized Series Due Amount Premium Total (Thousands of Dollars)

First Mortgage Bonds:

8'/ July 1975 70,000 $ 7'6 70,007 3% July 1977 10,000 10,016 3V2% . June 1978 11,000 26 11,026 3% June 1979 10,000 24 10,024 8V2% August 1980 50,000 111 50,111 3V2% November 1981 10,000 25 10,025 8%% (issued May 1974) .... May 1982 100,000 146 100,146 37/20/ April 1983 15,000 75 15,075 3V2% November 1984 10,000 7 10,007 April 1986 'l5,000 21 15,021 3'%2/2%

.... ............... ~ ..... ~ ~ ~ ~ ~ ~ December 1986 15,000 35 15,035 4V2% . May 1987 15,000 73 15,073 4V2% April 1988 20,000 54 20,054 5% June 1989 25,000 18 25,018 4V2% August 1992 25,000 81 25,081 4%% April 1994 35,000 314 35,314 4V2% March 1995 40,000 331 40,331 5% December 1995 40,000 504 40,504 6% December 1996 40,000 134 40,134 6V2% December 1997 60,000 107 60,107 June 1998 60,000 594 60,594 7% December 1998 50,000 490 50,490 8% June 1999 50,000 216 50,216 January 2001 80,000 105 80,105 7'%2/i%

September 2001 100,000 596 100,596 Ys% June 2002 50,000 358 50,358 7V2% January 2003 70,000 209 70,209 8V2% (issued January 1974) January 2004 125,000 75 125,075 Total first mortgage bonds . 1,201,000 4,752 1,205,752 10V~% Notes (issued November 1974) . November 1981 125>000 312 125,312 Note, 1% over prime . February 1982 10,584 10,584 Bank Notes (under term loan agreement) June 1979 50,000 50,000 Installment Purchase and Security Contracts:

Dade County, 5.40% October 2007 33,850 33,850 St. Lucio County, 6% (issued February 1974) January 2004 25,000 25,000 Promissory Notes:

7V2% November 1976 14 14 4% February 1976 66 66 6% (assumed August 1974) Various to January 1987 4,013 4,013 Total long-term debt $ 1,449,527 $ 5,064 $ 1,454,591

'Interest is based on the current commercial loan interest rate up to a maximum average interest rate of 7%% over the term of the loan.

14

Shareholders'quity, Capitalization Percentages and Common Stock Statistics SCHEDULE OF PREFERRED STOCK AND COMMON STOCK EQUITY, DECEMBER 31, 1974 PREFERRED STOCK ($ 100 PAR VALUE, CUMULATIVE) . Amount Series (Thousands of Dollars) 4.50/o (including A, B, C) $ 26,250 4.32/o D 5,000 4.35o/o E 5,000 7.28o/o F 60,000 7.40o/o G 40,000 9.25/o H (issued May 1974) 50,000 Total preferred stock .. 186,250 COMMON STOCK EQUITY Common stock . 613,907 Capital stock premium and expense Premium on preferred stock 210 Preferred stock expense (deduction) (1,245)

Common stock expense (deduction) (2,055)

Total stock premium and expense (3,090)

Retained earnings . 260,892 Total common stock equity . 871,709 TOTAL SHAREHOLDERS'QUITY . $ 1,057,959 TOTAL CAPITALIZATION $ 2,512,550 1973 1972 1971 1970 1969 1964 CAPITALIZATIONPERCENTAGES YEAR END STOCK'974 Long-term debt 57.9 53.9 54.3 57.6 55.7 54.3 44.7 Preferred stock 7.4 6.5 5.4 2.4 3.0 3.3 6.1 Common stock equity . 34.7 39.6 40.3 40.0 41.3 42.4 49.2 COMMON Shares year end (000) .................. 34,050 34,050 32,800 30,800 29,200 29,200 27,200 Shares weighted average (000) ........... 34,050 33,057 32,576 30,276 29,200 27,876 27,200 Earnings per share weighted average .'.... $ 2.76 $ 3.09 $ 2.69 $ 2.56 $ 1.97 $ 1.86 $ 1.41 Allowance for funds used during construction per share (included In earnings per share) . $ 1.17 $ 0.79 $ 0.93 $ 0.60 Dividends paid per share .............,.... $ 1.325 $ 1.160 $ 1.100 $ 1.060 $ 1.015 $ 0.955 $ 0.685 Dividend payout, /o 48.1 37.5 40.9 41.6 51.4 51.2 48.4 Dividend rate at year end .................. $ 1.36 $ 1.22 $ 1.10 $ 1.06 $ 1.06 $ 1.00 $ 0.70 Market value (NYSE)

High . 29V4 40Vs 44Vs 38Vs 37'7 38Vs 42Vs Low . 13Vs 23V4 28 28Vs Vs 32Vs 35ys Close 24Vs 39% 36Vs 36Vs 34 37r/s 15'.6 Price earnings ratio (close) ................ 8.0 14.6 14.2 18.3 18.3 26.9 Book value end of year .................. $ 25.60 $ 24.19 $ 21.80 $ 19.35 $ 17.05 $ 16.10 $ 10.69 Earnings on average equity, /o ............. 11.1 13.3 13.4 14.2 11.9 11.9 13.7 Number of shareholders ................... 30,297 28,973 28,941 26,719 26,946 27,096 30,032

'All years adjusted for 2 for 1 stock split May 1972.

15

Financial Statistics DISTRIBUTION OF INCOME BEFORE 1974 1973 1972 1971 1970 1969 1964 INTEREST PERCENT Interest charges . 49.4 40.9 41.4 39.7 39.3 37.8 23.4 Preferred dividend requirements ........ 5.6 3.6 1.4 1.2 1.7 1.9 3.1 Net income applicable to common stock .. 45.0 55.5 57.2 59.1 59.0 60.3 73.5 PERCENT OF OPERATING REVENUE Operating Expenses Fuel - oil 35.6 15.9 9.5 11.3 Fuel - gas 5.0 6.0 7.4 9.3 10.2 10.2 5.9 Fuel - nuclear 1.5 1.1 Nil Total fuel . 42.1 28.6 28.8 25.2 20.9 19.7 17.2 Other generation expenses & interchange . 1.7 1.6 2.5 2.1 1.4 1.4 1.6 Transmission-operation ................. .4 .5 .5 .5 .5 .6 .4 Distribution-operation 3.2 4.1 4.5 4.7 5.1 4.8 3.9 Customer accounting, sales and administrative and general operation .. 9.1 10.6 10.5 10.7 12.2 11.5 10.9 Maintenance . 6.0 7.2 7.3 7.6 7.6 6.3 5.5 Depreciation and amortization .....,..... 7.9 9.1 9.3 9.7 10.2 10.3 11.8 Taxes other than income ................ 9.9'1.5 7.5 8.4 8.3 8.4 8.5 8.5 7.8 Income taxes .

Total operating expenses .........

5.4 83.3 14.3'1.4 8.8 78.9 8.3 80.0 16.0'0.7 8.9 77.8 10.2 76.6 13.8 76.9 18.6 77.7 Operating income . 16.7 21.1 20.0 222 23.4 23.1 223 Other income net 5.2 4.6 6.8 4.8 .2 (,1)

Income before interest 21.9 25.7 26.8 27.0 23.4 23.3 22.2 Interest charges . 10,8 10.5 11.1 10.7 9.2 8.8 5.2 Net income 11.1 15.2'9 15.7 16.3'3 14.2 14.5 17.0 Preferred dividend requirements ........... '.2

.4 .4 .4 .7 Net income applicable to common stock .... 15.3 13.8 14.1 16.3 OPERATING REVENUE, EXPENSES AND INCOME MILLS PER KWH SOLD Revenue Revenue from energy sales ............... 28.9 21.9 19.6 18.7 17.9 18.0 21.4 Other revenue . 2 .1 .1 .1 .1 .1 .1 Total operating revenue ............ 29.1 22.0 19.7 18.8 18.0 18.1 21.5 Operating expenses Fuel - oil 10,3 4.7 4.2 3.0 1.9 1.7 2.4 Fuel - gas, 1.5 1.3 1.5 1.8 1.8 1.8 1.3 Fuel - nuclear . .4 3 Nil Total fuel 12.2 6.3 5.7 4.8 3.7 3.5 3.7 Other generation expense and interchange . .5 ,4 .5 .4 .3 .3 .3 Transmission - operation ................. .1 .1 .1 .1 .1 .1 Distribution - operation .9 .9 .9 .9 .9 .8 Customer accounting, sales and administrative & general - operation ..... 2.6 2.3 2.1 2.0 2.2 2.0 2.4 Maintenance . 1.8 1.6 1.4 1.4 1.4 1.2 1.2 Total operation and maintenance .... 18.1 11.6 10.7 9.5 8.6 8.0 8.5 Depreciation and amortization ............ 2.3 2.0 1.8 1.8 1.8 1.9 2.5 Taxes other than income ................. 2.2 1.8 1.6 1.6 1.5 1.5 1.7 Income taxes . 1.6 2.0 1.6 1.7 1.9 2.5 4.0 Total operating expenses .......... 24.2 17.4 15.7 14.6 13.8 13.9 16.7 Operating income . 4.9 4.6 4.0 4.2 4.2 4.2 4.8 Other income net 1.5 1.0 1.3 .9 Income before interest .................... 6.4 5.6 5.3 5.1 4.2 4.2 4.8 Interest charges .............. ~ . ~ 3.1 2.3 2.2 2.0 1.6 1.6 1.1 Net income 3.3 3.3 3.1 3.1 2.6 2.6 3.7 Preferred dividend requirements ............ .4 .2 .1 .1 .1 .1 .2 Net income applicable to common .......... 2.9 3.1 3.0 3.0 2.5 2.5 3.5

  • Includes Allowance for Funds Used During Construction equal to 4.2% of revenue in 1974, 3.6% in 1973, 5.3% In 1972 and 3.7% in 1971.

16

UtilityPlant Statistics DETAIL OF UTILITY PLANT IN SERVICE 1974 1973 1972 1971 1970 1969 1964 (000) YEAR END Production Steam . S 542,408 $ 540,429 $ 492,219 $ 439,598 $ 420,604 $ 423,437 $ 264,148 Nuclear 235,512 231,254 108,724 Gas turbines 166,236 109,942 109,833 70,906 33,575 Total production ............. 944,156 881,625 710,776 510,504 454,179 423,437 264,148 Transmission . 407,754 341,198 308,799 283,906 255,015 240,399 142,667 Distribution 1,053,394 930,745 828,588 719,799 639,313 559,628 339,305 General and other . 85,973 75,315 71,083 60,051 53,707 45,502 24,013 Contributions In aid of construction Unclassified (29,952) (25,088) (22,321)

Total plant in service ......... $ 2,461,325 $ 2,203,795 $ 1,896,925 $ 1,574,260 $ 1,402,214 $ 1,268,966 $ 770,133 DEPRECIABLE PLANT $ 2,400,306 $ 2,144,350 $ 1,850,942 $ 1,535,745 $ 1,367,341 $ 1,235,825 $ 752,351

SUMMARY

OF NET CHANGE IN PLANT (000)

Nuclear fuel S 143 S 604 $ 11,966 S 11,138 $ $ S Gross additions (net of transfers) .......... 607,239 355,349 361,989 330,965 250,345 149,245 90,677 Equipment refunds and adJustments ........ (48)

Contributions in aid of construction ........ (3,041) (1,506) (22,321)

To(al 604,341 354,447 351,634 342,103 250,345 149,197 90,677 Less plant retired or sold ................. 15,889 16,438 16,272 14,817 16,981 7,915 20,571 Net change In total plant .......... $ 588,452 $ 338,009 $ 335,362 $ 327,286 S 233,364 $ 141,282 $ 70,106 PLANT RATIOS (all at Year End)

Accumulated depreciation as a percent of-Totai plant (excluding nuclear fuel) ........ 15.1 16.0 16.1 16.8 17.9 18.6 17.9 Plant in service . 19.8 19.2 19.6 21.1 21.2 21.0 19.6 Depreciable plant 20.3 19.7 20.1 21.6 21.7 21.6 20.0 Plant in service per-Dollar of revenue $ 2.59 S 3.09 $ 3.32 $ 3.25 $ 3.37 S 3.43 S 3.27 Thousand KWH sold ........ 75.24 6'7.88 65.57 61.04 . 60.66 62.07 70.40 KW of capacity . 273.03 265.23 281.39 273.26 263.92 249.65 285.13 Customer 1,429.47 1,348.30 1,252.78 1,125.52 1,078.07 1,039.16 826.83 Percentage of mortgage debt to-Total utility plant (excluding nuclear fuel) .. 37.2 38.3 38.7 42.6 39.9 41.5 30.4 Net utility plant (excluding nuclear fuel) ... 43.8 45.6 46.2 51.1 48.5 51.0 37.0 Percentage of total debt to-

'Total utility plant (excluding nuclear fuel) .. 45.1 42.4 41.9 43.4 40.3 42.0 31.4 Net utility plant (excluding nuclear tuel) ... 53.0 50.6 50.0 52.2 49.1 51.6 38.2 CWIP as percent of net utility plant (excluding nuclear fuel) .................. 26.1 18.4 19.7 24.0 17.7 12.7 10.0 Operating revenue as a percent of plant in service 38.6 32.4 30.1 30.8 29.7 29.1 30.6 Operating revenue as a percent of net utility plant (excluding nuclear fuel) ............ 34.7 32.2 29.6 29.4 30.5 31.8 34.1 Operating income as a percent of net utility plant (excluding nuclear fuel) ............. 5.8 6.8 5.9 6.5 7.1 7.3 7.6 17

Customers, Sales and Revenue Statistics (see notes below for various recfasslficatlons of customers.)

CUSTOMERS YEAR END 1974 1973 1972 1971 1970 1969 1984 Residential 1,541,861 1,460,029 1,349,667 1,247,352 1,159,306 1,086,360 824,223 Commercial ................... 169,222 167,732 144,948 134,223 124,513 118,420 94,577 Industrial . 9,090 S,129 5,291 5,135 5,091 5,002 4,253 Other Sales To Public Authorities 1,628 1,570 14,228 11,944 11,733 11,340 8,360 Other Electric Utilities .......... 40 43 37 37 31 29 20 Total ................... 1,721,841 1,634,503 1,514,171 1,398,691 1,300,674 1,221,1 51 931,433 CUSTOMERS YEAR END PERCENT CHANGE FROM PREVIOUS YEAR Residential 5.6 8.2 8.2 7.6 6.7 6.6 5.2 Commercial ................... .9 15.7 8.0 7.8 5.1 5.8 2.4 Industrial . 77.2 (3.1) 3.0 .9 1.8 5.3 2.0 Other Sales To Public Authorities 3.7 (89.0) 19.1 1.8 3.5 8.0 19.3 Other Electric Utilities .......... (7.0) 16.2 19.4 6.9 7.4 (13.0)

Total ................... 5.3 7.9 8.3 7.5 6.5 6.5 5.0 CUSTOMERS AVERAGE Residential . 1,498,262 1,397,228 1,289,027 1,194,015 1,115,070 1,045,744 798,649 Commercial ................... 168,991 158,977 139,743 129,371 121,353 115,712 93,265 Industrial . 7,147 5,275 5,208 5,116 5,055 4,924 4,199 Other Sales To Public Authorities 1,596 6,129 12,099 11,880 11,616 10,938 7,700 Other Electric Utilities .......... 39 39 37 34 30 29 21 Total ................... 1,676,035 1,567,648 1,446,114 1,340,416 1,253,124 1,177,347 903,834 KWH SALES (000)

Residential . 16,802,406 16,822,976 14,652,751 13,080,408 11,814,172 10,277,902 5,061,242 Commercial ......... ~ ~....... 11,041,205 10,180,485 8,389,494 7,394,967 6,475,639 5,689,152 3,495,504 Industrial ....... 2.645,724 2,754,969 2,468,343 2,236,290 2,044,013 1,813,880 1,500,229 Other Sales To Public Authorities 746,991 11358,640 2,295,132 2,129,657 1,995,258 2,015,657 660,655 Other Electric Utilities 1,474,810 1,350,030 1,122,088 947,230 786,299 648,581 221,255 Total ......... 32,711,136 32,467,100 28,927,808 25,788,552 23,115,381 20,445,172 10,938,885 KWH SALES PERCENT Residential . 51.4 51.8 50.7 50.7 51.1 50.3 46.3 Commercial ................... 33.7 31.3 29.0 28.7 28.0 27.8 32.0 Industrial ..................... 8.1 8.5 8.5 8.7 8.9 8.9 13.7 Other Sales To Public Authorities 2.3 4.2 7.9 8.2 8.6 9.8 6.0 Other Electric Utilities .......... 4.5 4.2 3.9 37 3.4 32 2.0 Total .....'.............. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 KWH SALES PERCENT CHANGE FROM PREVIOUS YEAR Residential .................... (1) 14.8 12.0 10.7 14.9 19.0 13.6 Commercial ................... 8.5 21.3 13.4 14.2 13.8 8.3 9.0 Industrial (4 0) 11.6 10.4 9.4 12.7 (18.2) 10.0 Other Sales To Public Authorities (45.0) (40.8) 7.8 6.7 (1.0) 77.5 22.7 Other Electric Utilities .......... 9.2 20.3 18.5 20.5 21.2 28.0 17.4 Total ................... .8 12.2 12.2 11.6 13.1 15.2 12.2 NASA and USAF at Cape Canaveral transferred from Industrial to Other Sales To Public Authorities effective November, 1968.

During May and June, 1973, approximately 12,600 customers were transferred from Other Sales To Public Authorities as follows:

7,000 to Residential; 5,600 to Commercial.

During 1974, customers previously being classified as Residential and Commercial were transferred to Industrial.

Customers, Sates and Revenue Statlsties (See notes below for various reciassiiications of customors.)

REVENUE FROM ENERGY SALES (000) 1974 1973 1972 1971 1970 1969 1964 Residential $ 496,307 $ 382,215 $ 302,850 $ 258,271 $ 223,330 $ 196,009 $ 110,584 Commercial ................... 333,062 238,867 178,795 151,842 129,028 114,566 86,681 Industrial . 63,301 46,594 36,246 30,874 26,555 23,786 22,107 Other Sales To Public Authorities 21,457 25,824 37,477 32,664 28,581 27,912 13,326 Other Electric Utilities .......... 29,170 16,353 11,966 9,101 6,801 5,521 2,063 Total ................... $ 943,297 $ 709,853 $ 567,334 $ 482,752 $ 414,295 $ 367,794 $ 234,761 REVENUE FROM ENERGY SALES (%)

Residential 52.6 53.8 53.4 53.5 53.9 53.3 47.1 Commercial ................... 35.3 33.7 31.5 31.4 31.1 31.1 36.9 Industrial . 6.7 6.6 6.4 6.4 6.4 6.5 9.4 Other Sales To Public Authorities 2.3 3.6 6.6 6.8 6.9 7.6 5.7 Other Electric Utilities .......... 3.1 23 2.1 1.9 1.7 1.5 .9 Total ................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 REVENUE FROM ENERGY SALES PERCENT CHANGE FROM PREVIOUS YEAR Residential . 29.9 26.2 17.3 15.6 13.9 16.4 7.6 Commercial ................,... 39.4 33.6 17.8 17.7 12.6 9.5 5.1 Industrial . 35.9 28.6 17.4 16.3 11.6 (10.5) 4.4 Other Sales To Public Authorities (16.9) (31.1) 14.7 14.3 2.4 44.4 15.9 Other Electric Utilities .......... 78.4 36.7 31.5 33.8 23.2 27.6 12.7 Total ................... 32.9 25.1 17.5 16.5 12.6 13.8 6.8 REVENUE FROM ENERGY SALES If PER KWH Residential . 2.95 2.27 2.07 1.97 1.89 1.91 2.18 Commercial ................... 3.02 2.35 2.13 2.05 1.99 2.01 2.48 Industrial . 2.39 1.69 1.47 1.38 1.30 1.31 1.47 Other Sales To Public Authorities 2.87 1.90 1.63 1.53 1.43 1.38 2.02 Other Electric Utilities .......... 1.98 1.21 1.07 .96 .86 .85 .93 Total ................... 2.88 2.19 1.96 1.87 1.79 1.80 2.15 REVENUE FROM ENERGY SALES PER CUSTOMER Residential . $ 331.26 $ 273.55 S 234.94 $ 216.30 $ 200,28 S 187.43 $ 138.46 Commercial ................... 1,970.89 1,502.53 1,279.46 1,173.69 1,063.25 990.10 929.40 Industrial . 8,856.98 8,832.98 6,959.68 6,034.79 5,253.21 4,830.63 5,264.89 Other Sales To Public Authorities 13,444.26 4,213.49 3,097.53 2,749.49 2,460.49 2,551.84 1,730.60 Other Electric Utilities .......... 747,938.28 419,302.62 323,405.41 267,676.47 226,700.00 190,379.31 98,238.81 Total ................... $ 562.81 S 452.81 S 392.32 $ 360.15 $ 330.61 S 312.39 S 259.74 KWH SALES PER CUSTOMER Residential . 11,215 12,040 11,367 10,955 10,595 9,828 6,337 Commercial ................... 65,336 64,037 60,035 57.161 53,362 49,166 37,479 Industrial . 370,187 522,269 473,952 437,117 404,355 368,375 357,282 Other Sales To Public Authorities 468,039 221,674 189,696 179,264 171,768 184,280 85,799 Other Electric Utilities .......... 37,815,649 34,616,165 30,326,703 27,859,706 26,209,967 22,364,862 10,535,952 Total ................... 19,517 20,711 20,004 19,239 18,446 17,365 12,103 NASA and USAF at Cape Canaveral transferred from Industrial to Other Sales To Public Authorities effective November, 1968.

During May and June, 1973, approximately 12,600 customers were transferred from Other Sales To Public Authorities as follows:

7,000 to Residential; 5,600 to Commercial.

During 1974, customers previously being classified as Residential and Commercial were transferred to Industrial.

Generating Statistics KWH GENERATED. INTERCHANGED 1974 1973 1972 1971 1970 1969 1964 (000)

Steam - oil 17,745,016 21,165,730 20,514,233 17,097,377 14,512,415 11,978,754 8,331,080 Steam - gas 9,154,69S 8,794,363 9,229,634 9,948,178 10,634,762 10,383,050 3,676,631 Total steam ............. 26,899,777 29,960,093 29,743,867 27,045,555 25,147,177 22,361,804 12,007,711 Gas turbine-oil ................. 683,554 226,130 892,577 495,097 Gas turbine - gas ................. 161,524 716,476 497,794 224,846 243,148 Total gas turbines ........ 845,078 942,606 1,390,371 719,943 243,148 Nuclear 7,877,326 4,431,556 43,394 Other 751 2,216 3,394 2,173 3,875 2,062 23 Generated - net 35,622,866 35,336,471 31,181,026 27,767,671 25,394,200 22,363,866 12,007,734 Turkey Point start-up ......,...... 249,497 22,632 Interchanged - net ................ (157,812) (401,364) 294,675 116,220 (281,477) (145,802) 9,637 Company use and losses .......... 2,753,918 2,717,504 2,570,525 2,095,339 1,997,342 1,772,892 1,078,486 Energy sold ................. 32,711,136 32,467,100 28,927,808 25,788,552 23,115,381 20,445,172 10,938,885 GENERATION BY FUEL TYPE (%)

Oil 49.8 59.9 65.8 61.6 57.2 53.6 69.4 Gas . 25.7 24.9 29.6 35.8 41.9 46.4 30.6 Gas turbines 2.4 2.7 4.5 2.6 .9 Nuclear 22.1 12.5 .1 NET CAPABILITY KW (year end)

Lauderdale 1,183,000 1,178,000 1,178,000 734,000 730,000 290,000 323,000 Riviera . 692,000 694,000 694,000 694,000 694,000 694,000 694,000 Miami . 45,000 45,000 45,000 45,000 45,000 45,000 45,000 Cutler . 330,000 327,000 327,000 327,000 327,000 327,000 327,000 Sanford 918,000 903,000 524,000 145,000 145,000 145,000 145,000 Palatka .. 113,000 114,000 114,000 114,000 114,000 114,000 114,000 Ft. Myers 1,207,000, 525,000 525,000 525,000 525,000 556,000 145,000 Port Everglades ............... 1,657,500 1,643,500 1,643,500 1,643,500 1,199,500 1,254,500 830,000 Cape Canaveral ............... 762,000 760,000 760,000 760,000 760,000 822,000 Turkey Point . 2,107,500 2,119,500 1,446,500 773,500 773,500 835,500 Sarasota 45,000 Miami Beach . 33,000 Total . 9,015,000 8,309,000 7,257,000 5,761,000 5,313,000 5,083,000 2,701,000 CAPABILITY AT THE TIME OF PEAK .. 9,015,000 8,309,000 6,057,000 5,761,000 5,313,000 5,083,000 2,457,000 PEAK DEMAND-KW (60 minute-net) .. 7,235,000 6,894,000 6,011,000 5,378,000 5,001,000 4,329,000 2,372,000 RESERVE CAPABILITY  % at time of peak 24.6 20.5 7.1 6.2 17.4 3.6 LOAD FACTOR- (60 minute) 56 58 60 59 57 59 58 20

Fuel and Other Stat(sties 1974 1973 1972 1971 1970 1969 FUEL Barrels oil used (000) 30,058 34,663 35,133 27,632 22,762 18,687 12,818 Cost per barrel $ 11.27 $ 4.43 $ 3.48 $ 2.79 $ 1.96 $ 1.88 $ 2.09 MCF gas used (000) 100,495 105,632 106,743 113,310 115,870 108,634 40,564 Cost per MCF $ 0.475 $ 0.409 $ 0.392 $ 0.398 $ 0.365 $ 0.348 $ 0.340 Nuclear fuel consumed (MmBtu) ..... 86,512,131 48,837,000 639,000 Total barrels equivalent used (000) ... 58,973 58,395 51,407 44,800 40,318 35,147 18,964 Average cost per barrel equivalent ... $ 6.78 $ 3.50 $ 3.20 $ 2.73 $ 2.15 $ 2.07 $ 2.14 Average cost per barrel equivalent-

% increase (decrease) ........... 93.7 9.4 17.2 27.0 3.9 (1.0) (1.4)

FUEL COST PER MILLION BTU Oil . 183.6r, 72.3f! 55.2r. 44.1g 31.2g 29.94 32.94 Gas 47.5f! 40 9$ 39 2g 39 8r. 36 4c 34 34.0r.

Gas turbines - oil . 198.1r. 82.1I'8.9r. 8t'6.8r.

Gas turbines- gas . 47.7C 40.5tf 40.2c 39.6c 37.3r.

Nuclear 15.8if 15.9I! 28.7r.

All fuels 107.9r, 55.8r. 51.0f! 42.9I! 33.6r, 32.2r. 33.3g KWH PER BARREL EQUIVALENT .. 604 605 607 620 630 636 633 HEAT RATE (BTU PER KWH)

Steam 10,125 1'0,085 10,126 10,132 10,128 10,112 10,140 Gas turbines ...... 14,063 15,907 14,919 15,067 15,251 Nuclear 10,968 11,160 14,721 System 10,408 10,381 10,346 10,259 10,177 10,112 10,140 PAYROLL STATISTICS Number of employees (year end) ..... 9,769 9,385 8,405 7,688 7,334 6,588 . 4,759 Payroll and Benefits (000)

Charged to construction .......... $ 39,553 $ 36,059 $ 31,680 $ 27,813 $ 20,186 $ 15,013 $

Charged to operation, maintenance, 7,735'1,011 clearing and other . 121,877 110,916 88,503 78,554 73,282 61,780 Total $ 161,430 $ 146,975 $ 120,183 $ 106,367 $ 93,468 $ 76,793

'38,746'ercent of operation & maintenance expenses from payroll and benefits ................ 19.7 28.3 27.5 31.2 36.1 36.7 30.7 Number of customers per employee (year end) 176 174 180 182 177 185 196

'1964 does not include payroll benefits SUBSTATIONS Number 319 309 290 297 287 261 214 Capacity - MVA 44,518 42,032 37,342 35,138 31,142 29,467 11,147 MILES OF ELECTRIC LINES Transmission 3.700 3,531 3,460 3,452 3,255 3,223 2,606 Distribution . 30,453 29,118 27,647 26,405 25,155 24,050 19,736 Total 34,153 32,649 31,107 29,857 28,410 27273 22,342 CUSTOMERS PER MILE - DISTRIBUTION (YEAR END) 57 56 55 53 52 51 47 21

Selected Notes which they were incurred. Accordingly, utility plant is charged and not allowance for funds used during construction is credit-from 1974 Annual Report ed with tho amount capitalized; the amount equivalent to tho (All Financial Statements shown should be considered In con- income tax effect on tho Interest portion of the allowance Is junction with Notes in the Company's Annual Reports for charged to operating expenses and credited to taxes on other appropriate years.) income. The portion of the allowance attributable to funds pro-vided by common stock equity stated as a per cent of the net Income applicable to common stock was 28.6/o ($ .79 per com-mon share) for 1974 and 17.5/o ($ .54 per common share) for 1973.

1.

SUMMARY

OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES Storm Damage Fund and Related Reserve Accounting and reporting policies of the Company are sub- Tho storm damage fund is maintained at an amount equiva-ject to regulation by the Florida Public Service Commission lent to the reserve. Storm damage costs are to be paid from the (FPSC) and the Federal Power Commission (FPC). Tho follow- fund and charged, less related tax effects, to the reserve as ing summarizes the moro significant of these policies. Incurred. Securities held In the fund are recorded at cost which generally approximates market.

Basis of Consolidation Tho consolidated financial statements include the accounts Construction Funds Held By Trustee of the Company and its wholly-owned subsidiaries, Fuel Sup- The Company has entered into Instalment Purchase and ply Service, Inc. and Land Resources Investment Co., both of Security Contracts relating to tho financing of certain pollution which commenced operations during 1974. AII significant fnter- control facilities. Funds not requIred for current construction company balances and transactions have been eliminated. costs are held by the Trustee and invested in short-term securitlos.

Rates and Revenues Revenues, except for revenues arising from wholesale sales Pension and Employee Thrift Plans which are subject to regulation by the FPC, are based on rates The Company has a non-contributory employees'ension approved by the FPSC and are recognized based on monthly plan covering substantially ait employees. Tho Company's cycle billings to customers. The Company's rate schedules con- policy is to fund each year's accrued pension costs, including tain a foSsll fuel adjustment clause which gives effect to amortization of tho estimated unfunded prior service costs over changes in efficiency and tho cost of fossil fuel as well as tho thirty years. An Employee Thrift Plan became eifective Novem-generation mix of fossil and nuclear fuels and includes the fuel ber 1, 1973. Contributions by eligible employees of up to 6/o portion of the energy component of purchased power. Gener- of the employee's base salary are matched 50o/o by the Com-ally, the effects are reflected in customer billings about two pany.

months after tho changes occur.

Federal Investment Tax Credit Electric Utility Plant and Depreciation Tho normalization method is used to account for investment The cost of additions, replacements, and renowals of units credits. The current provision and accrual for Federal Income of property is added to utility plant. Tho cost (estimated, If not taxes are reduced by tho amount of Investment crodit genor-known) of units of property retired, less net salvage, is charged ated and utilized for Income tax purposes and an equivalent to accumulated depreciation. Malntenanco and repairs of prop- charge is mado In tho consolidated statement of Incomo with erty, and replacements and renewals of items determined to be tho credit being made to unamortized Investment credit. These loss than units of property, are charged to operating expenses deferred credits are amortized to Incomo at a rate approxi-maintenance. mating the fives of the related property.

Book depreciation is provided on a straIght-line service-life Deferred Income Taxes basis by primary accounts as dirocted by tho FPSC using tho following rates: Accelerated depreciation is claimed for tax purposes on qualified additions acquired subsequent to January 1, 1970.

Steam production plant .... . 2.86/o

~ 4.00/o Deductions have also been allowed for amortization of certain Other production plant ....... 4.00/o facilities over sixty-month periods. Amounts equivalent to the Transmission plant .......... 1.824/o 3.504/o tax reduction arising from the use of accelerated depreciation Distribution plant ......... .. 1.67/o 5.25/o and amortization (in excess of straight-fine depreciation other-

~

General plant 2.38/o 9.004/o wlso deductible) have been charged against income as pro-Transportation equipment ..... 8.16o/o visions for deferred incomo taxes and credited to accumulated Prior to 1974 nuclear facilities were depreciated at a 3.30/o deferred income taxes.

rate. Effective January 1, 1974, tho Company, pursuant to Certafn overhead costs, tho allowance for funds used during FPSC approval, began using rates for principal components of construction and various other items are either capitalized or nuclear facilities ranging from 3.20/o to 3.80/o. Theso rates deferred for accounting purposes while being deducted or include an estimated negative net salvage value of 19o/o. The eliminated from taxable income for income tax purposes. The effect of this change is not material. resulting tax reductions from these items, as well as additional Allowance for Funds Used During Construction Income tax depreciation resulting from the difference between income tax and book straight-Ilno rates, aro not deferred to The rate for tho allowance for funds used during construc- future periods for accounting purposes except as requIred tion is based upon tho actual capital ratios at the beginning of under an investigatory ordor of the FPSC.

each year applied to the cost rates for each component of capital using (1) as to debt, the actual Interest rate of tho most Earnings Per Sharo rocent long-term debt offering (excluding pollution control EarnIngs per share of common stock (after dividond re-revenue bonds) reduced by the applicable income taxes at quirements on preferred stock) is computed based on the current tax rates, (2) as to preferred stock, the actual dividond weighted average number of common shares outstanding during rate of tho most recent sale of preferred stock and (3) as to the porlod.

common equity, roasonable estimates of the cost of common equity capital. The effective annual rate so applied for 1974 and Reclasslf ication of Financial Statements 1973 is 84/o. Actual Interest costs of pollution control revenue In February 1974, in accordance with two FPC orders, un-bonds, reduced by applicable Incomo taxes, are charged amortized debt expense and premiums were segregated, ex-through the allowance to the specific construction projects for pense being classified as deferred debits and premiums beIng transferred to the long. term debt section of tho balance sheet, and accumulated deferred Income taxes were classified as a deferred credit in the balance sheet.

22

2. PROPOSED ACCOUNTING AND REGULATORY CHANGES rate making purposes and that adequate rate relief be granted Allowance for Funds Used During Construction to offset the reduction in earnings resulting from the additional deferral of Income taxes. If this proposal is accepted by The FPC has published for comment certain proposed re- the FPSC and rate relief is granted, this change in accounting visions of the Uniform System of Accounts relating to the In- for Income taxes should not have a material effect on earnings.

clusion of a portion of construction work in progress in the rate base and discontinuing a portion of the allowance for 3. LEGAL PROCEEDINGS funds used during construction equal to the proportion of elec- Antitrust Suits tric utility plant that is Included in the rate base. The FPSC has issued an order requiring all utilities under Its jurisdiction Two suits have been brought against the Company claiming to furnish information concerning the desirability and probable damages for alfeged violations of the Sherman Act. Both suits effects of treating construction work ln progress and interest seek to recover, among other things, treble damages and at-charged during construction (allowance for funds used during torney's fees. Plaintiffs in one suit seek damages of approxi-construction) In accordance with methods described in the mately $ 10,800,000, before trebling, in their claim that the proposed order. This matter is pending. Company was part of a conspiracy and $ 7,000,000 in their claim that the Company is a monopoly. The second suit is As part of the petition filed with the FPSC seeking an In- claiming damages of approximately $ 2,300,000. Legal counsel crease in rates and charges, the Company Is proposing to In- are of the opinion that there are meritorious defenses; how-clude $ 200,000,000 of additional construction work in progress ever, lf there is any liability, management is of the opinion that, fn the rate base which will reduce the amount of allowance for based on review of such litigation with legal counsel, the final funds used during construction. This proposal, if approved, disposition of the matters will have no material effect on the should not have a material effect on earnings. financial position or results of operations of the Company.

Customer Deposits Fuel Adjustment Clause Litigation In August 1974 the FPSC issued an order amending the In October and November 1974, six alleged class action rules relating to customer deposits. The order, whIch was to suits were filed against the Company seeking, among other become effective January 1, 1975 but has not become final, things, to enjoin the Company from continuing to charge cus-provides, among other things, for methods of establishIng cus- tomers amounts under the Company's fuel adjustment clause, tomer credit in lieu of deposits as well as the amounts of de- and compensatory and punitive damages or refund of amounts posits. Implementation of this order could result in refunding collected pursuant to the clause for varying periods. These a portion of customer deposits. suits allege, among other things, the illegality of fuel adjust-Promotional Practices ments based on failure to give notice of and hold hearings thereon. Other similar litigation Is pending against other Florida In March 1973 the FPSC Issued an order requiring all electric utilities with respect to fuel adjustment clauses.

utilitIes under its jurisdiction to show cause why certain pro-motional practices and their associated Investments, expenses In November 1974 the FPSC Issued an order which, among and revenues should not be disallowed for rate making pur- other thIngs, (1) required public notice and monthly hearings poses and why such utilities promotional rate schedules should for changes in the level of fuel adjustment charges, (2) adopted not be eliminated from their respective tariffs. A response was a new clause substantially similar to the previous one covering submitted, a public hearing was held and an order, whIch is fossil fuel and purchased power, (3) temporarily froze the being appealed by the Company, was Issued in January 1975. November and December fuel adjustments at the October level Under the order the FPSC would no longer allow the expendi- and separated out, for a new docket, final adjustment of any tures for certain promotional practices in the rate making under or over recovery of fuel adjustment charges for those process. This order is not expected tc have a material effect months, (4) ordered public hearings to consider the adjust-on the consolidated financial statements of the Company. ments for bills to be rendered In the first four months of 1975, and (5) found all fuel adjustment charges previously collected Deferred Income Taxes by utilities to be "valid, lawful and not subject to refund."

The FPC and the FPSC are currently Investigating the For the period 1960 through October 31, 1974, the adoption of comprehensive Interperiod income tax allocation Company's revenues included fossil fuel adjustment charges for public utilities. This would bring the accounting for Income in excess of base rates subject to the jurisdiction of the taxes into conformity with generally accepted accounting prin- FPSC aggregating $ 311,322,000, including $ 153,450,000 and ciples for non-regulated businesses. The FPSC order states $ 34,090,000 for the ten months ended October 31, 1974 and the that "no change In utility rates shall be Involved in this docket year 1973, respectively. Fuel adjustment revenues billed In with respect to any utility, since the sole purpose of this In- November and December 1974 aggregated $ 43,124,000. The vestigation is to ascertain the desirability, and the probable net under recovery resulting from freezIng the clause at the effects, of adopting comprehensive Income tax allocation." This October level was not significant. From 1963 through 1971ad-order does provide, however, that until the investigation can be justrnents through the fossil fuel adjustment clause reducing completed, the amount of "flow through" of the "normal billings to customers aggregated $ 26,090,000. The Company spread" book-tax timing difference of income taxes must be has not calculated the effects of the fossil fuel adjustment held to the lesser of either the actual current year's total clause for periods prior to 1960.

amount of Income taxes resulting from book-tax timing differ-The Company is unable, at this time, to assess the ultimate ences or the amount of income taxes for book-tax timing dif-effects, if any, such proceedings will have on its financial state-ferences being flowed-through for the year ended December ments, although the Company and its General Counsel are of 31, 1972. As the result of this limitation In the amount of in-the opinion that upon the ultimate conclusion of the proceed-come taxes which may be flowed-through, approximately ings, the Company probably will not have liability for refunds

$ 2,258,000 ($ .07 per common share) of additional Income taxes or other damages as a result ol the alleged absence ol notice were deferred in 1974. This limitation did not affect the results and public hearings relating to the fossil fuel adjustment clause.

of operations In 1973.

It, however, the Company is liable for refunds or other damages, Effective January 1, 1975 the Company changed its ac- there could be a material adverse effect on its financial posi-counting practice for income taxes by deferring Income taxes tion, changes in financial position, or results of operations.

relating to all current book-tax timing differences in accord-ance with comprehensive Interperlod Income tax allocation.

As part of the petition filed with the FPSC seekIng an increase in rates and charges, the Company is proposing that compre-hensive interperlod income tax allocation be recognized for 23

Board of Directors Principal Officers GEORGE F. BENNETT R. C. FULLERTON Serving since 1970 Chairman of the Board President MARSHALL McDONALD State Street Investment Corp. President & Chief Executiv e Officer and Federal Street Fund, Inc.

Boston, Mass. E. A. ADOMAT Executive Vice President DAVID BLUMBERG Serving since 1973 F. E. AUTREY President and Director Executive Vice President Planned Development Corp. and J. J. HUDIBURG Cutler Ridge Development Corp. Executive Vice President Miami, Fla.

BEN H. FUQUA GEORGE W. ENGLISH Senior Vice President Serving since 1962 Partner, English, Mccaughan & O'Bryan LOFTIN JOHNSON Chairman Executive Committee, Senior Vice President Landmark Banking Corporation of Florida J. G. SPENCER, JR.

Ft. Lauderdale, Fla. Senior Vice President

'ROBERT H. FITE R. W. WALL, JR.

Serving since 1945 Senior Vice President and Assistant Secretary Former President & Chief Executive Officer L. C. HUNTER Coral Gables, Fla. Group Vice President Operations R. C. FULLERTON Serving since 1964 R. G. MULHOLLAND Chairman of the Board Group Vice President Coral Gables, Fla. Commercial snd Divisions

'JOHN M. McCARTY H. L. ALLEN Serving since 1973 Vice President Attorney Purchasing, Stores 8 Cons tructlon Former Florida State Senator E. L. BIVANS Ft. Pierce, Fla. Vice President MARSHALLMcDONALD System Planning Serving since 1971 A. M. DAVIS, JR.

President & Chief Executive Officer Vice President Miami, Fla.

D. D. DUNLOP

'BENTON W. POWELL Vice President Serving since 1947 Environmental Planning 8 Research Retired. Former Director and Chairman of the Board, R. J. GARDNER Palmer Bank Corporation Vice President Sarasota, Fla. Strategic Planning WILL M. PRESTON W. M. KLEIN Served 1938-9 & 1968 to date Vice President Retired. Former Senior Partner, Miami Division Scott, McCarthy, Preston 8 Steel J. A. LASSETER Miami, Fla. Vice President

'EDGAR H. PRICE, JR. Engineering Serving since 1972 A. D. SCHMIDT President & Director Vice President The Price Co., Inc. Power Resources Bradenton, Fla, ROBERT E. UHRIG

'JOSEPH P. TARAVELLA Vice President Serving since 1972 Nuclear Allalrs President & Chairman of the Board Coral Ridge Properties, Inc. MICHAEL C. COOK Coral Springs, Ffa. Treasurer LEWIS E. WADSWORTH H. P, WILLIAMS,JR.

Serving since 1970 Comptroller President and Director ASTRID PFEIFFER Wadsworth Lumber Co., Inc. Secretary Bunnell, Fla.

'Audit Committee 24

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25

FLORIDA POWER 8 LIGHT COMPANY COMMON STOCK DOLLARS DOLLARS PER SHARE PER SHARE 80 ADJVSTED FOR 2 FOR I STOCK SPLITS IN 19dd, 19d9 AND 1972 70 60 50 20 X EARN NGS 40 40 ONTH LY PRI CE R ANGE 30 30 IOXEARNINGS 20 20 I

10 10 0

1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78

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