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Fourth Quarter 2001
Safe Harbor Statement: Any statements made herein about future operating results or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ substantially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in FPL Group's 2000 SEC Form 10-K/A.
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Solid Fourth Quarter 2001 Performance for FPL Group
Up 10%Net Income
($ millions)
$0.62$0.68
$106$115
00 01 0100
EPS
Up 8%
*excluding non-recurring expenses and the positive effect of FAS 133.
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FPL Group 2001 Earnings
Up 7%Net Income($ millions)
$4.38$4.69
$745 $792
00 01 0100
EPS Up 6%
*excluding non-recurring expenses and the positive effect of FAS 133.
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FAS 133 EffectsFull Year 2001
($ million)
Change Cumulative Effect (1/1/01) ($ 2)
Mark-to-Market Adj. $ 10 $ 8
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Net Income($ millions)
EPS
0100
$92
$109
01 00
Strong Growth at FPL Fourth Quarter 2001
$0.65$0.54
Up 20% Up 18%
*excluding non-recurring expenses.
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Net Income($ millions)
EPS
0100
$645$695
01 00
Strong 2001 at FPL Full Year 2001
$4.11$3.79
Up 8% Up 8%
*excluding non-recurring expenses.
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Higher Retail Kilowatt-hour Sales
Fourth Quarter 2001
2.1% customer growth +
2.1% increase in usage per customer
4.2% increase in kwh sales
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Higher Retail Kilowatt-hour Sales
Full Year 2001
2.3% customer growth +
0.4% increase in usage per customer
2.7% increase in kwh sales
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O&M
00
$317 $324
01
FPL: Higher O&MLower Depreciation
Fourth Quarter 2001($ millions) Depreciation
$253$226
00 01
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O&M
00
$1,062 $1,082
01
FPL: Higher O&M Lower Depreciation
Full Year 2001($ millions) Depreciation
00
$975$898
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Aug
Rate Proceeding Timeline2001-2002
MFR Filings Completed
Service Hearings
Hearings
StaffRecommendation
Rate Case Decision
RatesFinalized
Discovery
Oct Nov JunMayAprFeb MarJanDec Jul Sep
Settlement Alternative
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FPL 2001 Highlights
Plant Availability:
92%
Nuclear Fleet
87%
FPL Industry Avg.
Fossil Fleet
95%87%
FPL Industry Avg.
Service Unavailability
69 min.
107 min.
FPL Industry Avg.
*Industry Average based on 2000 data.
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0100
FPL Energy’s Fourth Quarter 2001 Earnings Up
0100
Net Income($ millions)
$9$10
EPS
$0.05$0.06
Up 20%Up 11%
*excluding non-recurring expenses and the positive effect of FAS 133.
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FPL Energy Earnings Growth Full year 2001
0100
Net Income($ millions)
$83
$105
0100
EPS
$0.49
$0.62
Up 27%Up 27%
*excluding non-recurring expenses and the positive effect of FAS 133.
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FPL Energy Earnings Drivers
• Capacity Additions: Lamar Unit #2: 495 net-MW gas
plant in Texas Additional 843 MW of wind assets Doswell Expansion: 171 MW
peaking unit
• Contribution from trading and hedging activities
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0
2,000
4,000
6,000
8,000
10,000
Strong Future at FPL Energy(projected operating net-MWs)
98 99 00 01 0297 03
5,063 MW
DoswellWoodward MountainStatelineMontfortKing MountainGray County
Existing Projects
RISEBastropBlytheBayswater
Marcus HookIDC Bellingham
10,000+ MW
04
CalhounForney
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Potential Financing Options
• Non-recourse debt
• Traditional debt
• Hybrid securities Such as equity-linked or convertible
securities
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01 00 Change FPL $0.65 $0.54 $ .11
FPL Energy .06 .05 .01Corporate and Other (.03) .03 (.06)
$0.68 $0.62 $ .06
Earnings Per ShareContributions
Fourth Quarter 2001
*excluding non-recurring expenses and the positive effect of FAS 133.
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$ / ShareFPL: Customer Growth .05 Usage offset by refund provision .03 O&M (.03) Depreciation .09 Other (.03) Total FPL .11FPL Energy .01Corporate and Other (.06)
Total FPL Group .06
Fourth Quarter EPS Factors
*excluding non-recurring expenses and the positive effect of FAS 133.
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01 00 Change FPL $4.11 $3.79 $ .32
FPL Energy .62 .49 .13Corporate and Other (.04) .10 (.14)
$4.69 $4.38 $ .31
Earnings Per ShareContributions
Full Year 2001
*excluding non-recurring expenses and the positive effect of FAS 133.
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$ / ShareFPL: Customer Growth .24 Usage offset by refund provision (.07) O&M (.11) Depreciation .27 Other (.01) Total FPL .32FPL Energy .13Corporate and Other (.14)
Total FPL Group .31
FPL Group 2001 EPS Factors
*excluding non-recurring expenses and the positive effect of FAS 133.
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