energy future holindings liability
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TXU divested disadvantaged businesses and used the proceeds to reduce debt and repurchase stock, improving its financial flexibility. It will implement a conservative dividend policy with high growth supported by a strong credit profile. The dividend is sustainable under stress scenarios and follows a disciplined capital allocation process that balances reinvestment, debt repayment, and returns to shareholders and debt holders.
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![Liability Management And Dividend Policy We Divested Disadvantaged Businesses, Deploying Proceeds To Improve Financial Flexibility… … By Reducing Debt… … And Repurchasing Stock… … Resulting In Top Quartile Financial Flexibility… Financial metrics for SPELEC 1 (n=20) 03-05 2 ; Various measures Top 1 st Quartile Median 3 rd Quartile Total debt/EBITDA (X) 2.1 3.3 3.6 4.1 6.9 29.3 41.3 46.0 50.2 73.1 EBITDA/Interest (X) 4.7 4.3 3.3 0.5 6.7 1 S&P Electric Utility Index 2 Quartile based on LTM as of June 04 performance; TXU 05 performance based on current guidance; updated for balance sheet restructuring through Sep 04; TXU 03 includes discontinued operations; 2 Total Capitalization uses market value of equity TXU 05E 4 th Quartile TXU 03 Key focus of liability management strategy will be to simplify, clarify and reduce the cost of financing our activities 1 Includes net cash proceeds of $475 million from sale of TXU Communications 04E-05E; $ billions 1 Excluding securitization debt 2 Assumes 100% success rate of tender offer Period end diluted shares 04-05; Number of shares Q104 Q2 Q3 Q4E 04E ,[object Object],[object Object],Average diluted shares 04-05; Number of shares 0.8 Issuance of Securitization Bonds 4.7 ,[object Object],1.8 ,[object Object],5.0 Short Term Borrowings Divestment of assets Sources of funds 16.3 3.0 1.0 ,[object Object],Operating cash flow Cash on balance sheet (including restricted cash) 2.1 Cash used in investing 0.3 Discontinued Ops and other 0.8 Common dividends 4.0 Stock repurchases 1.1 ,[object Object],0.8 ,[object Object],Repurchase of Exchangeable Preferred Membership Interests Uses of funds 16.3 Total uses of funds 1.8 5.4 Debt transferred with divested assets Scheduled retirements of debt (including CEUs) 1 2 3 4 Total debt/ enterprise value 2 (%) 4.8 #5 3.2 #4 3.0 #16 64.4 #19 4.8 #18 42.8 #8 (1.8) Debt transferred with divested assets (0.4) Settlement of corporate equity units (1.5) Retirement of corporate equity units and convertible senior notes 2 (0.6) Repurchase of equity preferred membership interest Debt Reduction Plan 03-05; $ billions 5.0 Additional borrowing and amortizations 13.9 ,[object Object],(2.3) Early retirement of other debt 11.6 (0.7) ,[object Object],Scheduled retirement of debt 03 04E 05E 379 319 240](https://image.slidesharecdn.com/1162853/85/energy-future-holindings-liability-1-320.jpg)
![Liability Management And Dividend Policy … We Will Issue A Conservative Dividend With A High Performance Growth Rate The Decision Is Supported By A Strong Credit Profile… … And Is Sustainable Under Multiple Stress Scenarios 1 Enterprise value (EV) defined as market value of equity + total debt ,[object Object],[object Object],[object Object],[object Object],Plan Total payout ratio 04-06; % of net income 60% threshold Based On Our Disciplined Capital Allocation Process… “ Customer” Capital Debt Holders Yes Reinvest -ment Excess Yes, if Debt Reduction Yes, until Yes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Excess Excess Repurchases or Distributions Retained For Investment Excess Equity Holders Dividend Payout Oper/ Divest Cash Flow TXU Business Units ,[object Object],[object Object],[object Object],[object Object],75% Total Payout Cap EBITDA / interest Dividend payout ratio vs credit quality EBITDA / interest Total payout ratio vs credit quality Source : Deutsche Bank, June 30 2004 TXU (Average 05E-07E) TXU (Average 05E-07E) Total debt / EBITDA Dividend payout ratio vs credit quality Total payout ratio vs credit quality Total debt / EBITDA Dividend payout ratio Total payout ratio Total payout ratio Dividend payout ratio TXU (Average 05E-07E) TXU (Average 05E-07E) 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile 1 st Quartile 2 nd Quartile 3 rd Quartile 4 th Quartile Dividend growth rate 1994-2003; % TXU 05E TXU LTM TXU 05E TXU (94-03) Dividend payout (TTM) 03-04; % of earnings 5 6 7 8](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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The objective of the Case Debriefings is to revisit the cases in light of the class discussions and demonstrate your comprehension of salient issues, frameworks used for analysis, and the implications of the courses of action considered during the case discussions.
For each case, you should briefly describe the context and the problem, analytical tools used to address the problem, and critical lessons learned. In your reflection essay, you are not expected to replicate the solution. Your discussion should focus on synthesis; you should emphasize what you learned and its practical value.
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Outline:
Case Context
Problem/Analytical Issues
Tools used
Critical lessons learned
Concluding Remarks
Your debriefing should be authentic and not exceed 2 pages excluding charts and tables (12 pt characters) . You should think carefully and write effectively communicating the most critical takeaways from the case discussion. Please submit your work in MS Word doc or docx format.
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1
In 2007, American Cable Communications (ACC) was faced with the decision of whether or not to buy out AirThread Connections (ATC), a large regional cellular provider.
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© Dr. C. Bulent Aybar
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Chapter Six part 4.pdf
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200922440738781.ppt
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1) A list of 20 sources of risk that should be monitored, from international exchange rates to firm-specific management competence.
2) An overview of how loan officers analyze financial statements to understand how firms monitor risks and the financial consequences of risks. Key ratios are used to assess dimensions of risk.
3) A framework for financial statement analysis of risk, examining a firm's ability to generate cash from operations vs. its need for cash in operations, investing, and financing activities. Analysis of short-term liquidity and long-term solvency risk is discussed.
Ch 14
This document discusses financial leverage and its implications for risk and return. It defines financial leverage as the use of fixed-cost funding like debt and preferred shares alongside equity. Measures of financial leverage include debt ratio, debt-to-equity ratio, and interest coverage ratio. While financial leverage can magnify shareholder returns in good times by using low-cost debt, it also magnifies risks through increased volatility of earnings per share. The document also discusses operating leverage and how the combination of financial and operating leverage affects total leverage and risk.
Financial and Operating Leverage
This document discusses financial leverage and operating leverage. It defines key terms like capital structure, financial leverage, operating leverage, and measures of leverage. It explains how financial leverage can magnify returns for shareholders but also increases risk. The combination of financial and operating leverage further impacts earnings per share. The document also distinguishes between operating risk, which depends on variability of sales and expenses, and financial risk, which results from the use of debt.
Financial Planning
The document discusses financial planning and the percentage of sales approach. It provides examples of how to develop pro forma financial statements using the percentage of sales approach. Key aspects include:
- Developing pro forma income statements, balance sheets, and cash flow statements by linking various accounts to projected sales growth rates.
- Determining financing needs and identifying the "plug variable" - the account that is adjusted to make the balance sheet balance.
- Considering constraints like maintaining appropriate current and debt ratios when determining a financing plan.
- Accounting for current capacity usage versus full capacity projections when planning long-term asset needs.
2013 Financial Statements and Supplemental Inf.docx
2013
Financial Statements and
Supplemental Information
For the Fiscal Year Ended December 31, 2013
1
FINANCIAL SECTION
TABLE OF CONTENTS
Business Profile 2
Financial Summary 3
Frequently Used Terms 4
Quarterly Information 6
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
Functional Earnings 7
Forward-Looking Statements 8
Overview 8
Business Environment and Risk Assessment 8
Review of 2013 and 2012 Results 11
Liquidity and Capital Resources 15
Capital and Exploration Expenditures 20
Taxes 20
Environmental Matters 21
Market Risks, Inflation and Other Uncertainties 21
Critical Accounting Estimates 23
Management’s Report on Internal Control Over Financial Reporting 27
Report of Independent Registered Public Accounting Firm 28
Consolidated Financial Statements
Statement of Income 29
Statement of Comprehensive Income 30
Balance Sheet 31
Statement of Cash Flows 32
Statement of Changes in Equity 33
Notes to Consolidated Financial Statements
1. Summary of Accounting Policies 34
2. Accounting Changes 36
3. Miscellaneous Financial Information 36
4. Other Comprehensive Income Information 37
5. Cash Flow Information 38
6. Additional Working Capital Information 38
7. Equity Company Information 39
8. Investments, Advances and Long-Term Receivables 40
9. Property, Plant and Equipment and Asset Retirement Obligations 41
10. Accounting for Suspended Exploratory Well Costs 42
11. Leased Facilities 44
12. Earnings Per Share 44
13. Financial Instruments and Derivatives 45
14. Long-Term Debt 46
15. Incentive Program 47
16. Litigation and Other Contingencies 48
17. Pension and Other Postretirement Benefits 50
18. Disclosures about Segments and Related Information 58
19. Income, Sales-Based and Other Taxes 61
Supplemental Information on Oil and Gas Exploration and Production Activities 64
Operating Summary 79
Stock Performance Graphs 80
BUSINESS PROFILE
2
Return on Capital and
Earnings After Average Capital Average Capital Exploration
Income Taxes Employed Employed Expenditures
Financial 2013 2012 2013 2012 2013 2012 2013 2012
(millions of dollars) (percent) (millions of dollars)
Upstream
United States 4,191 3,925 59,898 57,631 7.0 6.8 9,145 11,080
Non-U.S. 22,650 25,970 93,071 81,811 24.3 31.7 29,086 25,004
Total 26,841 29,895 152,969 139,442 17.5 21.4 38,231 36,084
Downstream
United States 2,199 3,575 4,757 4,630 46.2 77.2 951 634
Non-U.S. 1,250 9,615 19,673 19,401 6.4 49.6 1,462 1,628
Total 3,449 13,190 24,430 24,031 14.1 54.9 2,413 2,262
Chem ...
energy future holindings driving2
TXU is driving performance improvement across four strategic programs to strengthen its financial position and increase earnings growth. Some initiatives already implemented in 2004 have improved the run rate. The plan expects to significantly improve earnings per share from 2005 to 2007 through initiatives to reduce costs and improve operations. Long term, the plan aims to deliver steady earnings growth and strong returns through productivity gains, capital allocation, and growth in high growth markets.
energy future holindings driving2
TXU is driving performance improvement across four strategic programs to strengthen its financial position and increase earnings growth. Some initiatives already implemented in 2004 have improved the run rate. The plan expects to significantly improve earnings per share from 2005 to 2007 through initiatives to reduce costs and improve operations. Long term, the plan aims to deliver steady earnings growth and strong returns through productivity gains, capital allocation, and growth in high growth markets.
Analysis of financial statement reliance industries
Analysis and interpretation of the financial statements of a company. The financial statement of Reliance Industries is interpreted here.
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Ch_14_LEVERAGE.ppt this is based on the account paper
Ch_14_LEVERAGE.ppt this is based on the account paper
InstructionsThe objective of the Case Debriefings is to revi
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Analysis of Financial Statements.(Ratio analysis, Du Pont system ,Effects of ...
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SFW - FOFA implications, Sum of parts valuation, possible acquirers
SFW - FOFA implications, Sum of parts valuation, possible acquirers
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Financial services sector - implications of FOFA, possible acquires of SFW, S...
Session 9 - Financial Statement Analysis (1) (1).pptx
Session 9 - Financial Statement Analysis (1) (1).pptx
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2013 Financial Statements and Supplemental Inf.docx
2013 Financial Statements and Supplemental Inf.docx
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Bridging the gap: Online job postings, survey data and the assessment of job ...Labour Market Information Council | Conseil de l’information sur le marché du travail
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
学校原件一模一样【微信：741003700 】《(GU毕业证书)美国贡萨加大学毕业证学历证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
How Does CRISIL Evaluate Lenders in India for Credit Ratings
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
学校原件一模一样【微信：741003700 】《(SMU毕业证书)南卫理公会大学毕业证》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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