energy future holindings _080205
TRANSCRIPT
Second Quarter 2005 Earnings Discussion
August 2, 2005
Slide 1: Safe Harbor Statement & Regulation G
This presentation contains forward-looking statements, which are subject to various risks and uncertainties. Discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in the Company's earnings release and SEC filings.
Regulation GThis presentation includes certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparableGAAP measure is included in the appendix of the printed version of the slides and the version included on the company’s website at www.txucorp.com under Investor Resources/Presentations.
TXU Corp. Consolidated
208%208%
Operational Earnings Contribution by SegmentQ2 04 vs. Q2 05; YTD 04 vs. YTD 05; $ per diluted share
Slide 2: Solid Performance By All Core Businesses …
TXU Energy Holdings
TXU Electric Delivery
TXU Corp. Consolidated
TXU Energy Holdings
TXU Electric Delivery
218%218%
94%94%
177%177%
191%191%
86%86%
0.51
1.57
Q2 04 Q2 05
0.93
2.58
YTD 04 YTD 05
0.45
1.43
Q2 04 Q2 05
0.78
2.27
YTD 04 YTD 05
0.35
0.65
YTD 04 YTD 05
0.35
Q2 04 Q2 05
0.18
Slide 3: … Enabled By An Industrial Skill Set
Operational Excellence
• Top decile throughput • World class industrial
production costs• Industry leading
reliability• Lean corporate SG&A
Market Leadership
• Superior customer service/ brand management
• Customer segmentation and pricing
• Distinctive commodity sourcing
Risk/Return Mindset
• Strict capital allocation discipline
• Risk/return restructuring
• Commodity risk management
Performance Management
• High performance culture• Integrated performance measurement system• Employee development• Incentives linked to key value drivers
Slide 4: Operational Excellence Is Reflected In Improved Production Levels …
Capacity Factor1
Q2 04 vs. Q2 05; percent
Plant Outage Days- PlannedQ2 04 vs. Q2 05; days
Plant Outage Days- PlannedQ2 04 vs. Q2 05; days
Lignite Units
4%4%
Capacity Factor1
Q2 04 vs. Q2 05; percent
Nuclear Units
3%3%
19%19%
1 Excludes planned outages and economic back-down.
2%2%
Improved production results added ~ $30 million of contribution margin for the quarter.Improved production results added ~ $30 million of contribution margin for the quarter.
62.1 63.5
Q2 04 Q2 05
33.327.0
Q2 04 Q2 05
92.9
96.2
Q2 04 Q2 05
98.5
101.4
Q2 04 Q2 05
Slide 5: … And Improved Productivity And Cost Management
Operating Costs – TXU Energy HoldingsQ2 04 vs. Q2 05; $ millions
Lignite Fuel CostsQ2 04 vs. Q2 05; $/MWh
Nuclear Fuel CostsQ2 04 vs. Q2 05; $/MWh
SG&A Expense1 – TXU Energy HoldingsQ2 04 vs. Q2 05; $ millions
1%1%
12.36 12.02
Q2 04 Q2 05
4.25 4.20
Q2 04 Q2 05
160113
Q2 04 Q2 05
3%3%
12%12% 29%29%
1 Q2 04 excludes $3 million of special items.
Improved costs results added ~ $74 million of EBIT for the quarter.Improved costs results added ~ $74 million of EBIT for the quarter.
200
177
Q2 04 Q2 05
Retail Bad DebtQ2 04 vs. Q2 05; $ millions
Slide 6: TXU Energy’s Operational Metrics Improved For The Quarter …
PUC Complaints/100K CustomersQ2 04 vs. Q2 05; number of
Call Answer TimesQ2 04 vs. Q2 05; seconds
Time In IVR Q2 04 vs. Q2 05; seconds
55%55%
56%56% 5%5%
21%21%
Source: PUC complaint data via Regulatory Compliance Services; TXU Energy
12
27
Q2 04 Q2 05
9978
Q2 04 Q2 05
22 21
Q2 04 Q2 05
20
9
Q2 04 Q2 05
Gas Prices: NYMEX vs. Embedded PTB Fuel FactorQ2 04 vs. Q2 05; $/MMBtu
(2)%Net margin3
8.61Average gas price($/MMBtu)1
7.87Gas price embedded in PTB ($/MMBtu)
3%Headroom at average gas price2
N. Texas Residential PTB
Economics
1 NYMEX 12 month strip as of 08/01/05 closing.2 Based on average customer usage of ~16,000 kWh/yr. Headroom defined as PTB rate – cost of energy (avg. NYMEX 12 mo. strip x 8.0 heat rate x
assumed 25% - 28% for load shaping, congestion, line losses and other ancillary costs) - avg. wires cost (based on published TXU Electric Delivery Rates, excluding clawback).
3 Net margin includes impact of SG&A, bad debt, income taxes at 35% rate, revenue taxes of 1.8%.Source: NYMEX, PUC, TXU Energy estimates
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05
NYMEX 12 month forward curveQ2 04 Q2 05
Fuel Factor Adjustment (FFA) to $7.87
Slide 7: … As Commodity Prices Continue To Challenge Retail Economics
Campaign Economics1 - Illustrative05; mixed measures
Slide 8: Sustaining The Profitability Of Competitive Offers Is Challenging In This Commodity Environment
Date June 1 July 1 Aug 1
Gas Price ($/MMBtu) 7.04 7.74 8.61Heat Rate (MMBtu/MWh) 7.8 8.1 8.0
Headroom2 (%) 18 10 3Discount (%) -7 -7 -7Gross Margin (%) 11 3 -4
Timing of campaign alone can considerably change the outlook of the opportunity3
1 Based on average customer usage of ~16,000 kWh/yr. 2 Headroom defined as PTB rate less cost of energy (avg. NYMEX 12 month strip x heat rate x assumed 25% - 28% for load shaping, congestion, line
losses and other ancillary costs) less average wires cost (based on published TXU Electric Delivery Rates, excluding clawback).3 Example highlights commodity considerations. A complete opportunity evaluation would need to include additional campaign costs (customer
incentives, cost of acquisition, bad debt, SG&A) and campaign risks (campaign performance, load forecasting, incremental price volatility, wires rates, early termination, and execution/operations).
Source: NYMEX, PUC, TXU Energy estimates
Slide 9: Customer Churn Is Driven In Part By Competitive Intensity And Bad Debt Management
Full-year retail bad debt is expected to be $30-40 million less than 2004.At headroom levels of 10% (headroom at current forward curves is 3%), this is
economically equivalent to more than 10% customer churn.1
Full-year retail bad debt is expected to be $30-40 million less than 2004.At headroom levels of 10% (headroom at current forward curves is 3%), this is
economically equivalent to more than 10% customer churn.1
1 Native residential excluding drops to AREP.
Retail Bad Debt Expense03-05E; $ millions
4.4
2.2
3.9
59%78%
46%
22%
54%
41%
1H03 1H04 1H05
55-65
12095
03 04 05E
Customer Churn1
1H 03-1H 05; percent
Premise losses due to collections related activitiesPremise losses due to competitive activities
Higher customer loss rates driven by collections and competitor activity …
… are more than offset by customer mix and bad debt improvements
Slide 10: Applying The Risk Return Mindset Has Resulted In Significant Improvement In TXU’s Risk ProfileMajor Business Risks03-05; $ billions and $ per share
December 03
Enterprise value
05E normalized FCF per share
$18.7 billion
$2.52
$27.8 billion
$3.75
$32.6 billion
$7.00 – $7.45
• Underwater gas hedge• Poor financial forecasting• Poor performance management• High fixed costs• Poor customer service• Underfunded capital programs• Weak governance• Uneconomic leases/contracts• Litigation• Unregulated pension costs• Above market OPEB• Substantial bad debt• Legislative risk• Single plant nuclear risk• Environmental risk• Gas price/heat rate risk
October 04• Uneconomic leases/contracts• Litigation• Unregulated pension costs• Above market OPEB• Substantial bad debt• Legislative risk• Single plant nuclear risk• Environmental risk• Gas price/heat rate risk
• Single plant nuclear risk• Environmental risk• Gas price/heat rate risk
June 05
Slide 11: Electric Delivery Operational Earnings Improved Substantially
Electric Delivery Segment - Operational Earnings ReconciliationQ2 04 to Q2 05; $ millions and $ per share
0.039SG&A0.013Franchise and revenue based taxes
(0.01)(3)Other income and deductions 0.013Net interest
(0.02)(6)Income taxes0.09-Effect of reduced shares
-(1)Operating costs
86
(25)
4660
$ Millions
0.14Contribution margin (revenues)
(0.08)Depreciation and amortization
0.35Q2 05 operational earnings
0.18Q2 04 operational earnings$ Per ShareEarnings Factor
Reported Earnings Per ShareQ2 04 vs. Q2 05; $ per diluted share
Slide 12: TXU Corp. Earnings Improved Substantially
Q2 05Q2 04
Q2 05Q2 04
Operational EarningsQ2 04 vs. Q2 05; $ millions
Q2 05Q2 04
Operational Earnings Per ShareQ2 04 vs. Q2 05; $ per diluted share
127%127%
Reported EarningsQ2 04 vs. Q2 05; $ millions
208%208%
Q2 05Q2 04(598)
375
(1.87)
1.39
0.51
1.57
168
381
Slide 13: TXU Corp. Operational Earnings Improved In Each Segment
Consolidated – Operational Earnings ReconciliationQ2 04 to Q2 05; $millions and $ per share after tax
0.43-Effect of reduced shares
0.0826Electric Delivery segment
381
(10)
197
168
$ Millions
0.58Energy Holdings segment
(0.03)Corporate expenses
1.57Q2 05 operational earnings
0.51Q2 04 operational earnings
$ Per ShareEarnings Factor
Slide 14: Energy Holdings Operational Earnings Improved Substantially
Energy Holdings Segment - Operational Earnings ReconciliationQ2 04 to Q2 05; $ millions and $ per share
0.1447SG&A0.013Franchise and revenue based taxes
(0.04)(12)Other income and deductions 0.013Net interest
(0.36)(122)Income taxes0.40-Effect of reduced shares
0.0723Operating costs
347
11
244150
$ Millions
0.72Contribution margin
0.03Depreciation and amortization
1.43Q2 05 operational earnings
0.45Q2 04 operational earnings$ Per ShareEarnings Factor
Slide 15: TXU Corp. Financial Flexibility Measures And Cash From Operations Continue To Improve
Consolidated – Financial Flexibility MeasuresTwelve Months Ended 6/30/05 and 6/30/04; $ millions and ratios
4.04.5
12,784712
3,2206/30/05
5.03.4
12,287721
2,4666/30/04
32.41.1EBITDA/interest
(1.2)(9)Cash interest expense
(1.0)
497
754Change
30.6EBITDA1
4.0Debt 2
(20.0)Debt/EBITDA
% ChangeFinancial Flexibility Measure
61(26)
(507)594
YTD 05
85(47)
(355)487
YTD 04
(42.8)(152)Capital expenditures
(24)21
107Change
22.0Cash provided by operating activities
44.7Nuclear fuel(28.2)Free cash flow
% ChangeCash Flow Factor
Consolidated – Cash and Free Cash FlowYTD 05 and YTD 04; $ millions
1 Adjusted for special items as shown on Table 12.2 Excludes transition bonds and debt-related restricted cash as shown on Tables 11 and 12.
Slide 16: Forward Natural Gas Prices And Heat Rates Increased In The Second Quarter And Year-To-Date
Declining ERCOT reserve margins have caused market heat-rates to expand. This expansion combined with increasing natural gas prices has driven a significant
increase in ERCOT forward power prices.
Declining ERCOT reserve margins have caused market heat-rates to expand. This expansion combined with increasing natural gas prices has driven a significant
increase in ERCOT forward power prices.
1 NYMEX close prices for forward 12 month calendar strip as of dates indicated.2 TXU forward price curve for 12 month calendar strip as of dates indicated. Curves are derived from OTC market-observed prices.3 8/05 prices as of close of business 8/1/05.
NYMEX NG Contract Prices1
12/31/04 to 8/01/05; $/MMBtuERCOT North Zone 7x24 Heat Rates2
12/31/04 to 8/01/05; MMBtu/MWh
5.50
6.00
6.50
7.00
7.50
8.00
8.50
12/04 2/05 4/05 6/05 8/053
$/M
MB
tu
Cal 06Cal 07
7.50
7.70
7.90
8.10
8.30
12/04 2/05 4/05 6/05 8/053
MM
Btu
/MW
h
Cal 06Cal 07
Slide 17: TXU’s Natural Gas Position Is Balanced In 05 But Becomes Long Over Time…
1 Estimate based on projected market heat rates, price-to-beat volumes net of churn rates, planned production levels, and current contract positions.2 Since TXU gas plants run close to the margin (when market heat rate approx=plant heat rate) the net position is approximately 0. If gas plants are
able to run at more positive spark spreads, they will make the gas equivalent position longer. 3 Other items include wholesale heat rate positions that do not create incremental natural gas price exposure.4 Assumes no fuel factor adjustment.5 05 numbers are representative of full year positions. 05 net positions show positions as of June 30, 2005.
70-90
(405-425)
495
5
0
490
06 Nat Gas Position1
Million MMBtu
115-130
(350-365)
480
0
0
480
07 Nat Gas Position1
Million MMBtu
0Gas plants2
(488)Retail4493Total sources
13PPAs/tolls/other3
5Net position
480
05 Nat Gas Position1,5
Million MMBtu
Baseload production
TXU’s exposure to natural gas prices goes from long 5 million MMBtu in 2005 to long 115-130 million MMBtu in 2007 (in other words, a +/-$1/MMBtu shift in the
2007 natural gas price curve impacts EBITDA by +/-$115-$130 million).
TXU’s exposure to natural gas prices goes from long 5 million MMBtu in 2005 to long 115-130 million MMBtu in 2007 (in other words, a +/-$1/MMBtu shift in the
2007 natural gas price curve impacts EBITDA by +/-$115-$130 million).
Slide 18: … As Does The Company’s Heat Rate Position
20-22
(52-54)
74
4
8
62
06 Heat Rate Position1
TWh
28-30
(44-46)
74
4
10
60
07 Heat Rate Position1
TWh
8Gas plants
(61)Retail277Total sources
9PPAs/tolls/other
16Net underlying position
60
05 Heat Rate Position1,3
TWhBaseload production
TXU’s exposure to ERCOT market heat rates grows from being long 16 TWh in 2005 to being long 28-30 TWh in 2007.
TXU’s exposure to ERCOT market heat rates grows from being long 16 TWh in 2005 to being long 28-30 TWh in 2007.
1 Estimate based on projected price-to-beat volumes net of churn rates, planned production levels, and current contract positions.2 Assumes no fuel factor adjustment.3 05 numbers are representative of full year positions. 05 net positions show positions as of June 30, 2005.
Slide 19: The Increases In Natural Gas Prices And Heat Rates Positively Impact TXU
Based on current curves/position estimates, the following thumbrules apply2:Gas price: +/- $1/MMBtu ~ +/- 80 million in EBITDA in 06Heat rate: +/- 1 MMBtu/MWh ~ +/- $180 million in EBITDA in 06
Based on current curves/position estimates, the following thumbrules apply2:Gas price: +/- $1/MMBtu ~ +/- 80 million in EBITDA in 06Heat rate: +/- 1 MMBtu/MWh ~ +/- $180 million in EBITDA in 06
69230(137)(297)7.71
(10)
82
242
8.00
132 57(93)(267)8.052
33
303
8.572
Gas price ($/MMBtu)
(162)
27
6.00
(32)
210
7.711
(188)9.0
(314)
4.00
7.5
Heat rate(MMBtu/MWh)
Estimated EBITDA Impact Relative to 2006 Guidance06E; $ millions
1 Based on forward curves as of March 31st, 2005.2 Based on forward curves as of August 1st, 2005.
As of August 1st, 2005
As of March 31st, 2005
Slide 20: TXU’s Financial Profile Has Significantly ImprovedOperational EPS1
03-05E; $ per shareNormalized FCF3
03-05E; $ billions
EBITDA1/interest 03-05E; ratio
3.0
4.8-4.94.0
62%62%
0.7
1.7-1.8
1.0
04 05E03
1.58
6.25-6.45
2.82 302%302%
04 05E03
04 05E031 Results are from continuing operations excluding special items.2 2003 normalized operating cash flow (OCF) ($2.4B) excluding cash tax refund ($0.6B) and 2002 collections; 2004 normalized OCF ($1.8B) excluding
special items (-$0.3B); 2005 normalized OCF excludes an estimated $125 million of special items.3 Normalized free cash flow is defined as normalized operating cash flow less capital expenditures and nuclear fuel.4 Total debt excludes transition bonds.
150%150%
Total debt4/EBITDA1
03-05E; percent
5.1
3.0-3.24.2
04 05E03
39%39%
ROIC1
03-05E; percent
5.6 161%161%
04 05E03
Normalized OCF2
03-05E; $ billions
1.5
2.6-2.7
2.0
04 05E03
77%77%
14.6
8.4
Slide 21: Understanding TXU’s Short-Term Growth Outlook
0.35Commodity movements7.35 - 7.60Current 06E guidance3
(0.25)Contingency
(0.10)Increased share count2
6.65 – 6.9006E guidance (4th quarter 04)
(0.15)Increased churn and demand elasticity
7.85 – 8.10Pro forma 06E1.20Higher natural gas and wholesale prices1
0.90 – 1.15Expected growth 05E-06E (16%-20%)
7.70 - 7.9506E guidance at 8/1 commodity prices
5.75$ Per Share
05E guidance midpoint (4th quarter 04)Component
Initial revised guidance based on Cal 06 natural gas price of $7.07/MMBtuBased on 8/1/05 Cal 06 gas price of $8.57/MMBtu, the new range would be $7.70 -$7.95
Initial revised guidance based on Cal 06 natural gas price of $7.07/MMBtuBased on 8/1/05 Cal 06 gas price of $8.57/MMBtu, the new range would be $7.70 -$7.95
1 Includes increased wholesale prices due to higher gas prices, and fuel factor adjustments to $7.87/MMBtu natural gas.2 Includes change in dilution due to long-term compensation, increase in share price, other.3 TXU plans to conduct a detailed review of the 06 business plan over the summer and provide an updated outlook in the fall.
Q & ADiscussion
Appendix –Regulation G Reconciliations
Table 1: TXU Corp. Operational Earnings Reconciliation Quarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax
0.03---Effect of share dilution--0.15-Effect of ASR true-up
(0.05)(16)--Extraordinary gain2.65849--Buyback premium on EPMI
168263(5)
(90)5
(330)(598)
Q2 04
1.570.01
(0.02)
1.430.02
0.021.39
Q2 05
0.51381Operational earnings0.782Special items
(0.02)(4)Preference stock dividends
(0.28)383Income (loss) from continuing operations 0.024Preference stock dividends
(1.03)4Discontinued operations (1.87)375Net income (loss) available for common
Q2 04Q2 05
Table 2: TXU Corp. Operational Earnings Reconciliation Year-To-Date June 30, 2005 and 2004 $ millions and $ per share after tax
0.04---Effect of share dilution/rounding--2.05-Effect of ASR true-up
(0.05)(16)--Extraordinary gain2.64849--Buyback premium on EPMI
316288(11)
3911
(380)(425)
YTD 04
2.58(0.63)(0.04)
1.200.04
(0.05)1.21
YTD 05
0.93628Operational earnings0.80(152)Special items
(0.03)(10)Preference stock dividends
0.12790Income (loss) from continuing operations 0.0310Preference stock dividends
(1.18)(11)Discontinued operations (1.32)791Net income (loss) available for common
YTD 04YTD 05
Table 3: TXU Energy Holdings Operational Earnings ReconciliationQuarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax
(0.14)(46)1.42344Net income (loss) available for common
0.501690.012Special items0.01---Effect of share dilution/rounding
150
(19)27
Q2 04
1.43
1.42-
Q2 05
0.45347Operational earnings
(0.06)345Income (loss) from continuing operations 0.081Discontinued operations
Q2 04Q2 05
Table 4: TXU Energy Holdings Operational Earnings ReconciliationYear-To-Date June 30, 2005 and 2004 $ millions and $ per share after tax
(0.02)1--Effect of share dilution/rounding--(0.01)-Effect of ASR true-up/rounding
278180
973067
YTD 04
2.270.02
2.260.022.24
YTD 05
0.78552Operational earnings0.504Special items
0.30548Income (loss) from continuing operations 0.094Discontinued operations 0.21544Net income (loss) available for common
YTD 04YTD 05
Table 5: TXU Electric Delivery Operational Earnings Reconciliation Quarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax
(0.01)---Effect of share dilution/rounding0.0413--Special items
60
47(16)
63
Q2 04
0.35
0.35-
0.35
Q2 05
0.1886Operational earnings
0.1586Income (loss) from continuing operations (0.05)-Extraordinary gain
0.2086Net income (loss) available for common
Q2 04Q2 05
Table 6: TXU Electric Delivery Operational Earnings Reconciliation Year-To-Date June 30, 2005 and 2004 $ millions and $ per share after tax
(0.04)---Effect of share dilution/rounding0.0413-1Special items
126
113(16)129
YTD 04
0.65
0.65-
0.65
YTD 05
0.35158Operational earnings
0.35157Income (loss) from continuing operations (0.05)-Extraordinary gain
0.40157Net income (loss) available for common
YTD 04YTD 05
Table 7: TXU Corp. Operational Earnings Reconciliation Twelve Months Ended December 31, 2004 and 2003 $ per share after tax
1.582.82Operational earnings-2.58Special items
0.010.04Effect of diluted shares calculation(0.06)(0.07)Preference stock dividends
1.630.27Income from continuing operations 0.060.07Preference stock dividends
-2.83Premium on EPMI0.15(0.03)Cum. effect of changes in accounting principles
-(0.05)Extraordinary gain(0.20)(1.26)Discontinued operations
1.62(1.29)Net income (loss) available for common 0304
Table 8: TXU Energy Holdings SG&A Reconciliation Quarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax
(3)-Special items160113Operational selling, general and administrative expenses
163113Selling, general and administrative expenses
Q2 04Q2 05
Table 9: TXU Corp. Normalized Operating and Free Cash Flow Twelve Months Ended December 31, 2004 and 2003 $ millions
(44)(87)Nuclear fuel(721)(912)Capital expenditures
1,4752,042Normalized operating cash flow
7101,043Normalized free cash flow
(337)-2002 collections in 2003(601)-2003 tax refund
-284Special items 2,4131,758Cash provided by operating activities
0304
Table 10: TXU Corp. Return On Average Invested Capital CalculationTwelve Months Ended December 31, 2004 and 2003 $ millions unless otherwise noted
___________
B1,0521,343Total return (based on operational earnings)
748667Net
(36)(28)Interest income
262233Tax at 35%
486434Net of tax
784695Interest expense
544887Operational earnings
5.6
5.7
18,831
486
22
1,068486
582
03
8.4
5.7
16,019
434
22
919434
485
04
(1)After-tax interest expense and related charges net of interest income
Return on average invested capital–based on operational earnings - % (B/C)
Return on average invested capital–based on net income - % (A/C)
CAverage total capitalization
After-tax interest expense and related charges net of interest income(1)
Preference stock dividends
ATotal return (based on net income)After-tax interest expense and related charges net of interest income
Net income
Ref
Table 11: TXU Corp. Total Debt Years Ended June 30, 2005, 2004 and December 31, 2004, 2003 $ millions
10,60810,46312,41211,325All other long-term debt, less due currently
546309--Long-term debt held by sub Trusts
-2,6752101,320Notes payable
7591133838Preferred securities of subs
14,094
534
6/30/04
12,889
229
12/31/04
12,59113,996Total debt
6781,313Long-term debt due currently
Debt
12/31/036/30/05
Table 12: TXU Corp. Interest and Debt Coverage RatiosTwelve Months Ended June 30, 2005, 2004 and December 31, 2004, 2003 $ millions unless otherwise noted
724740760769Depreciation and amortization
7.3
2.6
4.2
4.0
81
1,677
1,758
11,631
-
(1,258)
12,889
680
12
(27)
695
2,740
1,190
1,550
(28)
695
123
12/31/04
7.5
3.6
4.0
4.5
831
1,034
1,865
12,784
-
(1,212)
13,996
712
16
(25)
721
3,220
647
2,573
(41)
721
1,124
6/30/05
3.03.4EBITDA/interest – ratio (A/B)
5.15.0Debt/EBITDA – ratio (D/A)
3.23.3Cash provided by operating activities/cash interest expense – ratio (E/B)
5.28.5Total debt/cash flow from operating activities – ratio (C/E)
E2,4131,662Cash provided by operating activities
1,8471,250Reconciling adjustments from cash flow statement
C12,59114,094Total debt
784739Interest expense and related charges
566412Income from continuing operations
D11,56612,287Total debt less transition bonds and debt-related restricted cash
(525)(525)Debt-related restricted cash
2,2901,945EBITDA
(500)
765
12
(31)
2,290
-
(36)
784
818
12/31/03
(1,282)
721
11
(29)
2,466
521
(27)
739
493
6/30/04
Transition bonds
BCash interest expense
Capitalized interest
Amortization of discount and reacquired debt expense
AEBITDA (excluding special items)
Special Items
Interest income
Interest expense and related charges
Income from continuing operations before taxes and extraordinary items
Ref