Page
|
|
Report
of
Independent Registered Public Accounting Firm
|
1
|
Statements
of
Net Assets Available for Plan Benefits at
|
|
December
30,
2004 and 2003
|
2
|
Statements
of
Changes in Net Assets Available for Plan Benefits
|
|
for
the Years
Ended December 30, 2004 and 2003
|
3
|
Notes
to
Financial Statements
|
4-14
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Assets
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2004
|
2003
|
|||||
Investment
in
FirstEnergy Corp. Savings Plan Master Trust
|
$
|
1,853,724,935
|
$
|
1,686,661,351
|
|||
Participant
loans
|
33,342,687
|
30,412,933
|
|||||
Net assets available for benefits
|
$
|
1,887,067,622
|
$
|
1,717,074,284
|
|||
2004
|
2003
|
||||||
Additions:
|
|||||||
Contributions:
|
|||||||
Employee
|
$
|
74,444,070
|
$
|
76,674,175
|
|||
Employer
|
35,508,355
|
31,398,910
|
|||||
Total contributions
|
109,952,425
|
108,073,085
|
|||||
Investment
income:
|
|||||||
Interest and dividends
|
67,559,695
|
51,151,845
|
|||||
Net appreciation in fair value
|
|||||||
of investments (Note 5)
|
129,549,163
|
202,582,607
|
|||||
Total investment income
|
197,108,858
|
253,734,452
|
|||||
Transfer of assets from other plans, net (Note 10)
|
-
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622,421,986
|
|||||
Total additions
|
307,061,283
|
984,229,523
|
|||||
Deductions:
|
|||||||
Distributions to Participants
|
(125,626,144
|
)
|
(85,489,592
|
)
|
|||
ESOP interest
|
(9,655,000
|
)
|
(12,585,000
|
)
|
|||
Fees
|
(1,786,801
|
)
|
(1,818,910
|
)
|
|||
Total deductions
|
(137,067,945
|
)
|
(99,893,502
|
)
|
|||
Increase
in
net assets available for benefits
|
169,993,338
|
884,336,021
|
|||||
Net
assets
available for plan benefits, beginning of year
|
1,717,074,284
|
832,738,263
|
|||||
Net
assets
available for plan benefits, end of year
|
$
|
1,887,067,622
|
$
|
1,717,074,284
|
|||
1. |
Description
of the Plan
|
2. |
Summary
of Accounting Policies
|
3. |
Plan
Termination
|
4. |
Descriptions
of Funds
|
5. |
Investments
|
The
Plan’s
investments are maintained in investment funds and shares of common
stock
of FirstEnergy and DQE, as described in Note 4.
|
2004
|
2003
|
||||||
Cash
and cash
equivalents
|
$
|
4,413,164
|
$
|
2,315,659
|
|||
FirstEnergy
common stock
|
482,330,366
|
451,241,964
|
|||||
Capital
preservation investments
|
400,849,081
|
399,717,572
|
|||||
Domestic
equity stocks
|
650,220,569
|
592,993,503
|
|||||
International
equity stocks
|
81,428,430
|
62,551,072
|
|||||
Other
equities
|
44,696,947
|
41,968,897
|
|||||
Balanced
|
221,074,046
|
194,564,782
|
|||||
Bonds
|
64,422,141
|
69,085,404
|
|||||
Participant
Loans
|
34,432,222
|
31,392,124
|
|||||
Interest
receivable
|
1,960,698
|
1,803,494
|
|||||
Pending
sale
transactions
|
520,905
|
427,549
|
|||||
ESOP
liability
|
(60,850,000
|
)
|
(96,550,000
|
)
|
|||
Accrued
Fees
|
(70,130
|
)
|
(92,269
|
)
|
|||
Total investments at fair value
|
$
|
1,925,428,439
|
$
|
1,751,419,751
|
|||
2004
|
2003
|
||||||
Dividends
and
interest income
|
$
|
68,767,393
|
$
|
52,227,151
|
|||
Net
appreciation in fair value of investments
|
131,305,351
|
206,270,785
|
|||||
Net
investment
gain
|
$
|
200,072,744
|
$
|
258,497,936
|
|||
2004
|
2003
|
||||||
Bonds
|
$
|
(241,769
|
)
|
$
|
307,405
|
||
Domestic
stocks
|
52,494,169
|
126,125,298
|
|||||
International
stocks
|
11,717,082
|
14,607,363
|
|||||
Balanced
Funds
|
12,502,349
|
27,625,478
|
|||||
FirstEnergy
common stock
|
54,833,520
|
29,874,694
|
|||||
Total
|
$
|
131,305,351
|
$
|
198,540,238
|
|||
2004
|
2003
|
||||||
FirstEnergy
Common Stock
|
$
|
425,558,024
|
$
|
357,453,913
|
|||
Capital
Preservation Fund
|
402,465,704
|
401,399,723
|
|||||
S&P
500
Index Fund
|
312,414,499
|
301,830,321
|
|||||
Armada
Equity
Growth Fund
|
103,503,938
|
122,663,398
|
|||||
Moderate
Growth Lifestyle Fund
|
119,698,151
|
110,678,295
|
|||||
6. |
Non-Participant
Directed Investments
|
2004
|
2003
|
|||||||||
Assets:
|
||||||||||
FirstEnergy
common stock
|
$
|
289,984,482
|
$
|
231,085,956
|
||||||
Net assets available for plan benefits
|
$
|
289,984,482
|
* |
$
|
231,085,956
|
* | ||||
Changes
in net
assets available for plan benefits:
|
||||||||||
Employer
contributions
|
$
|
31,847,951
|
$
|
27,791,575
|
||||||
Interest
and
dividends
|
13,737,816
|
14,254,896
|
||||||||
Net
appreciation in fair value
|
||||||||||
of
investments
|
39,831,042
|
22,840,018
|
||||||||
Distributions
to Participants
|
(14,969,571
|
)
|
(8,022,813
|
)
|
||||||
Transfers,
net
|
(1,893,703
|
)
|
(2,135,415
|
)
|
||||||
Conversions
|
-
|
3,724,629
|
||||||||
ESOP
interest
expense/Fees
|
(9,655,009
|
)
|
(12,585,000
|
)
|
||||||
Increase
in
net assets available for plan benefits
|
$
|
58,898,526
|
$
|
45,867,890
|
||||||
*
Net of ESOP
loan of $60.9 million and $96.6 million, respectively.
|
7. |
Contributions
|
8. |
Tax
Considerations
|
9. |
Party-In-Interest
Transactions
|
10. |
Transfers
of Net Assets into the
Plan
|
11. |
Guaranteed
Investment Contract
|
12. |
Risks
and Uncertainties
|
13. |
Plan
Amendment
|
23 |
Consent
of
Independent Registered Public Accounting
Firm
|
FIRSTENERGY
CORP.
|
|
SAVINGS
PLAN
|
|
June
24,
2005
|
|
Date
|
|
By:
/s/
Wendy
E.Stark
|
|
Wendy E.Stark
|
|
Chairperson
|
|
Savings Plan Committee
|