This document summarizes an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007 and year-to-date 2008 compared to year-to-date 2007. It also provides an overview of the operational results and strategic initiatives of EFH Corp.'s subsidiaries Oncor, TXU Energy, and Luminant during Q3 2008. Key highlights include lower adjusted operating earnings due to higher purchased power and fuel costs as well as the impact of Hurricane Ike, progress on construction of new generation plants by Luminant, and the sale of a minority interest in Oncor.
energy future holindings Q408InvestorCallDeck_FINALfinance29
The document provides an overview of EFH Corp.'s Q4 2008 investor call. It includes a safe harbor statement noting forward-looking statements are subject to risks and uncertainties. The agenda covers financial and operational overviews, a review of 2008, and Q&A. Charts show EFH Corp. and TCEH adjusted EBITDA was near 2008 plan. Key drivers of lower earnings from Q4 2007 to Q4 2008 included lost margins, higher purchased power costs, and outages. Oncor delivered slightly less energy year-over-year. Luminant's nuclear plants exceeded capacity targets while lignite/coal plants were impacted by unplanned outages. TXU Energy experienced residential customer growth but volume declines in
Tribune Company reported its fourth quarter and full year 2002 results. For the fourth quarter, revenues increased 8% year-over-year and net income increased 24%. Operating profit before restructuring charges increased 33% due to cost reductions. For the full year, revenues increased 2% and net income increased 43% due to restructuring initiatives and asset sales. Earnings per share increased 22% in the fourth quarter and 45% for the full year, reflecting continued improvement.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
- Tribune Company reported third quarter 2002 revenues of $1.34 billion, up 5% from adjusted 2001 results.
- Operating profit before restructuring charges was $322.2 million in 2002 compared to $207.2 million in adjusted 2001, an increase of 56%.
- Net income for the quarter was $236.8 million compared to a net loss of $85.1 million in adjusted 2001, driven by gains on sales of subsidiaries and non-operating items.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
This document provides supplemental financial information for The Black & Decker Corporation for the years 2007, 2006 and 2005. It includes sales, segment profit, depreciation, capital expenditures and other data for the company's three business segments - Power Tools & Accessories, Hardware & Home Improvement, and Fastening & Assembly Systems. It also provides a reconciliation of segment profit to consolidated earnings before income taxes. The information is presented in tables and is translated to budgeted foreign exchange rates for 2008 for comparability across years.
energy future holindings Q408InvestorCallDeck_FINALfinance29
The document provides an overview of EFH Corp.'s Q4 2008 investor call. It includes a safe harbor statement noting forward-looking statements are subject to risks and uncertainties. The agenda covers financial and operational overviews, a review of 2008, and Q&A. Charts show EFH Corp. and TCEH adjusted EBITDA was near 2008 plan. Key drivers of lower earnings from Q4 2007 to Q4 2008 included lost margins, higher purchased power costs, and outages. Oncor delivered slightly less energy year-over-year. Luminant's nuclear plants exceeded capacity targets while lignite/coal plants were impacted by unplanned outages. TXU Energy experienced residential customer growth but volume declines in
Tribune Company reported its fourth quarter and full year 2002 results. For the fourth quarter, revenues increased 8% year-over-year and net income increased 24%. Operating profit before restructuring charges increased 33% due to cost reductions. For the full year, revenues increased 2% and net income increased 43% due to restructuring initiatives and asset sales. Earnings per share increased 22% in the fourth quarter and 45% for the full year, reflecting continued improvement.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
- GMAC reported a preliminary Q3 2007 loss of $1.6 billion compared to a loss of $173 million in Q3 2006. The loss was driven by disappointing results at ResCap including a $455 million goodwill impairment.
- Excluding ResCap, GMAC's Q3 operating income was $665 million, 51% above Q3 2006. However, ResCap reported a loss of $1.806 billion for the quarter.
- Results at ResCap reflect unprecedented disruptions in global capital markets, leading ResCap to implement a significant restructuring of its mortgage operations.
- Tribune Company reported third quarter 2002 revenues of $1.34 billion, up 5% from adjusted 2001 results.
- Operating profit before restructuring charges was $322.2 million in 2002 compared to $207.2 million in adjusted 2001, an increase of 56%.
- Net income for the quarter was $236.8 million compared to a net loss of $85.1 million in adjusted 2001, driven by gains on sales of subsidiaries and non-operating items.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
This document provides supplemental financial information for The Black & Decker Corporation for the years 2007, 2006 and 2005. It includes sales, segment profit, depreciation, capital expenditures and other data for the company's three business segments - Power Tools & Accessories, Hardware & Home Improvement, and Fastening & Assembly Systems. It also provides a reconciliation of segment profit to consolidated earnings before income taxes. The information is presented in tables and is translated to budgeted foreign exchange rates for 2008 for comparability across years.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
El Paso Corporation reported financial and operational results for the first quarter of 2006. Key highlights included:
- EBIT of $888 million, up significantly from $463 million in the first quarter of 2005.
- Pipelines segment EBIT of $478 million, up 16% year-over-year, driven by growth projects and acquisitions.
- Exploration and Production segment EBIT of $199 million, in line with prior year despite lower production volumes impacted by hurricanes.
- $1.3 billion in gross debt reduction year-to-date through asset sales and cash flow. Balance sheet metrics continue to improve.
- 130 Bcf of 2007 production hedged to provide
This document summarizes the financial performance of a company for the third quarter and fiscal year ending June 30, 2005 compared to the prior year. It shows that net sales increased 6% for the quarter and 5% for the year. Earnings from continuing operations were $156 million for the quarter and $517 million for the year. The company also had significant earnings from discontinued operations of $579 million for the year from the sale of a business unit.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
This annual report summarizes FMC Technologies' financial and operational performance in 2002, their first full year as an independent company.
Key highlights include:
- Earnings before accounting changes increased to $0.96 per share, and revenues grew to $2.07 billion.
- Order backlog increased to $1.15 billion, up from $960.7 million the prior year.
- Energy Systems sales and earnings improved due to strong demand for subsea systems, partially offsetting declines in other product lines.
- The company paid down $97 million in debt since 2001 and eliminated $33 million in lease obligations.
- FMC Technologies' stock price increased over 24% from the time of their
1. The document provides reconciliation of equity and total comprehensive income from previous GAAP to IFRS as of April 1, 2010 and for the year ended March 31, 2011 for XYZ Ltd.
2. Significant adjustments include higher property, plant, and equipment, recognition of intangible assets and financial assets at fair value, inclusion of overhead in inventory, and recognition of pension liabilities and deferred taxes.
3. Total equity increased by Rs. 538 lakhs and total comprehensive income decreased by Rs. 111 lakhs primarily due to the above adjustments.
El Paso Corporation reported second quarter 2006 diluted EPS from continuing operations of $0.21, which included a $0.02 gain from production hedges. The company achieved $487 million in EBIT and $1.4 billion in cash flow from operations. El Paso reduced gross debt by $3 billion through July 2006 through strong cash flow and asset sales, bringing net debt down to $14.45 billion. The company made continued progress on legacy legal issues while pipelines, exploration and production, and other businesses performed well during the quarter.
The document provides preliminary results for GM's second quarter of 2008. It reported an adjusted net loss of $6.3 billion compared to net income of $1.3 billion in the second quarter of 2007. Several one-time charges were taken that negatively impacted results, including $3.3 billion for a special attrition program in the US. Weak industry conditions in North America significantly reduced GM's revenue and market share for the quarter. Actions were announced to improve GM's liquidity by $15 billion through 2009 to address the challenging operating environment.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
This document provides supplemental financial information about The Black & Decker Corporation's business segments for the years 2004-2006 and quarters 2005-2006. It includes tables showing sales, segment profit, depreciation, capital expenditures, and reconciliations to consolidated operating income and earnings before taxes by segment and year/quarter. The information is presented in US dollars and has been translated to the Corporation's 2007 budgeted foreign exchange rates for comparability over time.
This document provides financial data for MGM Resorts International's Las Vegas Strip properties for Q4 2008 and full year 2008. It shows revenues, occupancy rates, average daily rates and other key metrics. Revenues declined from the prior year for all properties. Occupancy rates remained high but average daily rates decreased. Total EBITDA for the Strip properties was $280 million for Q4 2008 and $1.64 billion for full year 2008.
The document contains monthly and yearly sales, revenue, and volume data for Ashland Aqualon Functional Ingredients from 2005-2009. It shows that sales/shipping day, revenue, and volume generally increased year-over-year with some seasonal fluctuations. It also notes that data from October 2008 and earlier comes from before Ashland acquired Hercules' Aqualon Group in November 2008.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
This document provides financial highlights and key metrics for MGM Mirage for the years 1998-2002. It summarizes that in 2002, MGM Mirage achieved record net revenues of over $4 billion and record earnings per share of $1.83, up 73% from 2001. It also reduced its debt by $314 million through repayments and repurchased $208 million of its own stock. MGM Mirage invested $295 million in its existing properties and new development projects.
C. John Wilder, CEO of TXU, presented at the Deutsche Bank Annual Electric Power Conference on June 15, 2005. He outlined TXU's strategy of becoming an industrial energy company focused on delivering top quartile financial performance through operational excellence, market leadership, and a risk/return mindset. Wilder also discussed TXU's goals of achieving balanced financial performance through earnings power, returns, and financial flexibility. Finally, he provided an outlook for 2005-2006 that anticipated earnings growth while acknowledging uncertainty from natural gas prices and customer demand.
1) First Data was acquired by affiliates of Kohlberg Kravis Roberts & Co. in September 2007 in one of the largest leveraged buyouts in history.
2) In 2007, First Data maintained or enhanced its market leadership positions in key markets such as merchant acquiring and debit processing.
3) For the year, First Data added nearly $1 billion in new revenue through organic growth and acquisitions internationally.
The document discusses several uses of Coca-Cola and Pepsi for cleaning purposes such as removing rust, stains, grease, and corrosion. It then warns about the acidic pH of soft drinks and their lack of nutritional value, suggesting they can damage teeth, bones, and digestive health. Examples given include someone dying from drinking too much Coke and a tooth dissolving in Pepsi. The document requests forwarding to increase awareness of potential health risks from soft drinks.
energy future holindings 2006ProxyStatementfinance29
The document is the notice and proxy statement for the 2006 annual meeting of shareholders of TXU Corp. It provides information about the date, time, and location of the meeting and the matters to be voted on, including the election of directors, approval of auditor selection, approval of amendments to the bylaws and certificate of formation, and a shareholder proposal. It also provides instructions for shareholders on how to vote and other general information relevant to the annual meeting.
The document contains financial data for Ashland Hercules Water Technologies from 2005-2009. It shows average sales and revenue increased each year peaking in 2008 and 2009. Gross profit percentages declined after peaking in 2005-2007, falling to a low in 2009. The acquisition of additional businesses in 2006 and 2008 affected the comparisons of financial data year-to-year.
energy future holindings TCEH10QMar2008_Finalfinance29
Texas Competitive Electric Holdings Company LLC (TCEH) reported a net loss of $1.2 billion for the first quarter of 2008, compared to net income of $9 million for the first quarter of 2007. Key factors contributing to the loss included higher fuel and purchased power costs, as well as increased interest expenses related to debt incurred from the leveraged buyout in late 2007. Other comprehensive loss totaled $410 million due to decreases in the fair value of cash flow hedges held by TCEH. Cash flows used in operating activities totaled $1.2 billion for the first quarter of 2008.
energy future holindings 040108_Conf_Call_Deck_FINALfinance29
The document is a transcript from an investor call held by EFH Corp. on April 1, 2008. It includes:
1) A safe harbor statement noting discussions of risks and uncertainties that could cause actual results to differ from projections.
2) Information on EFH Corp.'s adjusted EBITDA for 2006-2007, which dropped 13% due to factors including price discounts, increased fuel costs, and lower customer volumes.
3) Details on operational highlights and commitments from Luminant, TXU Energy, and Oncor regarding goals like emissions reductions, customer assistance programs, and capital investment.
This document provides an annual report for TXU Corp. for 2005. It includes highlights of TXU's financial and operating performance for 2005 compared to 2004, showing improvements across key metrics. It also includes the Chairman's letter discussing TXU's transformation into a higher performing company through operational excellence, cost reductions, and improved reliability and customer service. The Chairman expresses pride in employees' response to hurricanes and outlines goals to further improve performance.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
El Paso Corporation reported financial and operational results for the first quarter of 2006. Key highlights included:
- EBIT of $888 million, up significantly from $463 million in the first quarter of 2005.
- Pipelines segment EBIT of $478 million, up 16% year-over-year, driven by growth projects and acquisitions.
- Exploration and Production segment EBIT of $199 million, in line with prior year despite lower production volumes impacted by hurricanes.
- $1.3 billion in gross debt reduction year-to-date through asset sales and cash flow. Balance sheet metrics continue to improve.
- 130 Bcf of 2007 production hedged to provide
This document summarizes the financial performance of a company for the third quarter and fiscal year ending June 30, 2005 compared to the prior year. It shows that net sales increased 6% for the quarter and 5% for the year. Earnings from continuing operations were $156 million for the quarter and $517 million for the year. The company also had significant earnings from discontinued operations of $579 million for the year from the sale of a business unit.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
This annual report summarizes FMC Technologies' financial and operational performance in 2002, their first full year as an independent company.
Key highlights include:
- Earnings before accounting changes increased to $0.96 per share, and revenues grew to $2.07 billion.
- Order backlog increased to $1.15 billion, up from $960.7 million the prior year.
- Energy Systems sales and earnings improved due to strong demand for subsea systems, partially offsetting declines in other product lines.
- The company paid down $97 million in debt since 2001 and eliminated $33 million in lease obligations.
- FMC Technologies' stock price increased over 24% from the time of their
1. The document provides reconciliation of equity and total comprehensive income from previous GAAP to IFRS as of April 1, 2010 and for the year ended March 31, 2011 for XYZ Ltd.
2. Significant adjustments include higher property, plant, and equipment, recognition of intangible assets and financial assets at fair value, inclusion of overhead in inventory, and recognition of pension liabilities and deferred taxes.
3. Total equity increased by Rs. 538 lakhs and total comprehensive income decreased by Rs. 111 lakhs primarily due to the above adjustments.
El Paso Corporation reported second quarter 2006 diluted EPS from continuing operations of $0.21, which included a $0.02 gain from production hedges. The company achieved $487 million in EBIT and $1.4 billion in cash flow from operations. El Paso reduced gross debt by $3 billion through July 2006 through strong cash flow and asset sales, bringing net debt down to $14.45 billion. The company made continued progress on legacy legal issues while pipelines, exploration and production, and other businesses performed well during the quarter.
The document provides preliminary results for GM's second quarter of 2008. It reported an adjusted net loss of $6.3 billion compared to net income of $1.3 billion in the second quarter of 2007. Several one-time charges were taken that negatively impacted results, including $3.3 billion for a special attrition program in the US. Weak industry conditions in North America significantly reduced GM's revenue and market share for the quarter. Actions were announced to improve GM's liquidity by $15 billion through 2009 to address the challenging operating environment.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
This document provides supplemental financial information about The Black & Decker Corporation's business segments for the years 2004-2006 and quarters 2005-2006. It includes tables showing sales, segment profit, depreciation, capital expenditures, and reconciliations to consolidated operating income and earnings before taxes by segment and year/quarter. The information is presented in US dollars and has been translated to the Corporation's 2007 budgeted foreign exchange rates for comparability over time.
This document provides financial data for MGM Resorts International's Las Vegas Strip properties for Q4 2008 and full year 2008. It shows revenues, occupancy rates, average daily rates and other key metrics. Revenues declined from the prior year for all properties. Occupancy rates remained high but average daily rates decreased. Total EBITDA for the Strip properties was $280 million for Q4 2008 and $1.64 billion for full year 2008.
The document contains monthly and yearly sales, revenue, and volume data for Ashland Aqualon Functional Ingredients from 2005-2009. It shows that sales/shipping day, revenue, and volume generally increased year-over-year with some seasonal fluctuations. It also notes that data from October 2008 and earlier comes from before Ashland acquired Hercules' Aqualon Group in November 2008.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
This document provides financial highlights and key metrics for MGM Mirage for the years 1998-2002. It summarizes that in 2002, MGM Mirage achieved record net revenues of over $4 billion and record earnings per share of $1.83, up 73% from 2001. It also reduced its debt by $314 million through repayments and repurchased $208 million of its own stock. MGM Mirage invested $295 million in its existing properties and new development projects.
C. John Wilder, CEO of TXU, presented at the Deutsche Bank Annual Electric Power Conference on June 15, 2005. He outlined TXU's strategy of becoming an industrial energy company focused on delivering top quartile financial performance through operational excellence, market leadership, and a risk/return mindset. Wilder also discussed TXU's goals of achieving balanced financial performance through earnings power, returns, and financial flexibility. Finally, he provided an outlook for 2005-2006 that anticipated earnings growth while acknowledging uncertainty from natural gas prices and customer demand.
1) First Data was acquired by affiliates of Kohlberg Kravis Roberts & Co. in September 2007 in one of the largest leveraged buyouts in history.
2) In 2007, First Data maintained or enhanced its market leadership positions in key markets such as merchant acquiring and debit processing.
3) For the year, First Data added nearly $1 billion in new revenue through organic growth and acquisitions internationally.
The document discusses several uses of Coca-Cola and Pepsi for cleaning purposes such as removing rust, stains, grease, and corrosion. It then warns about the acidic pH of soft drinks and their lack of nutritional value, suggesting they can damage teeth, bones, and digestive health. Examples given include someone dying from drinking too much Coke and a tooth dissolving in Pepsi. The document requests forwarding to increase awareness of potential health risks from soft drinks.
energy future holindings 2006ProxyStatementfinance29
The document is the notice and proxy statement for the 2006 annual meeting of shareholders of TXU Corp. It provides information about the date, time, and location of the meeting and the matters to be voted on, including the election of directors, approval of auditor selection, approval of amendments to the bylaws and certificate of formation, and a shareholder proposal. It also provides instructions for shareholders on how to vote and other general information relevant to the annual meeting.
The document contains financial data for Ashland Hercules Water Technologies from 2005-2009. It shows average sales and revenue increased each year peaking in 2008 and 2009. Gross profit percentages declined after peaking in 2005-2007, falling to a low in 2009. The acquisition of additional businesses in 2006 and 2008 affected the comparisons of financial data year-to-year.
energy future holindings TCEH10QMar2008_Finalfinance29
Texas Competitive Electric Holdings Company LLC (TCEH) reported a net loss of $1.2 billion for the first quarter of 2008, compared to net income of $9 million for the first quarter of 2007. Key factors contributing to the loss included higher fuel and purchased power costs, as well as increased interest expenses related to debt incurred from the leveraged buyout in late 2007. Other comprehensive loss totaled $410 million due to decreases in the fair value of cash flow hedges held by TCEH. Cash flows used in operating activities totaled $1.2 billion for the first quarter of 2008.
energy future holindings 040108_Conf_Call_Deck_FINALfinance29
The document is a transcript from an investor call held by EFH Corp. on April 1, 2008. It includes:
1) A safe harbor statement noting discussions of risks and uncertainties that could cause actual results to differ from projections.
2) Information on EFH Corp.'s adjusted EBITDA for 2006-2007, which dropped 13% due to factors including price discounts, increased fuel costs, and lower customer volumes.
3) Details on operational highlights and commitments from Luminant, TXU Energy, and Oncor regarding goals like emissions reductions, customer assistance programs, and capital investment.
This document provides an annual report for TXU Corp. for 2005. It includes highlights of TXU's financial and operating performance for 2005 compared to 2004, showing improvements across key metrics. It also includes the Chairman's letter discussing TXU's transformation into a higher performing company through operational excellence, cost reductions, and improved reliability and customer service. The Chairman expresses pride in employees' response to hurricanes and outlines goals to further improve performance.
The document lists universities in the US and Canada that offer Master's of Science programs in Geographic Information Systems (GIS). Some top programs mentioned are at the University of Idaho, Southern Illinois University, Arizona State University, Colorado School of Mines, Columbia University, and the University of Minnesota. The list provides over 20 American universities with GIS programs for the student to consider.
The document summarizes MGM Mirage's efforts to promote diversity in 2001. It discusses establishing an organizational structure and strategic plan to implement a company-wide diversity initiative. It also notes developing partnerships locally and nationally and creating metrics to track progress. The goal is to overcome complex, deeply rooted societal issues through collaboration rather than quick fixes. While some progress was made, the most important accomplishments were developing partnerships, a specific plan, and measurements to guide future efforts.
energy future holindings EFCHoldingsQuarterlyFinancialsProFormasfinance29
The document provides unaudited pro forma condensed consolidated financial statements for Energy Future Competitive Holdings. It summarizes adjustments made to the historical financial statements to reflect the impact of a merger and related financing transactions as if they occurred on January 1, 2006. The primary adjustments allocated an estimated purchase price to assets and liabilities acquired and adjusted for debt issued and retired to complete the merger. It provides a pro forma condensed consolidated income statement for the nine months ended September 30, 2007 which shows adjustments made to operating revenues, expenses, and interest expense to reflect the transactions.
The document discusses applications of quantum cryptography, specifically quantum key distribution (QKD). It provides an overview of the history and basic concepts of QKD, including the BB84 protocol. The document also describes implementations of QKD networks, including a DARPA project that used QKD to generate keys for VPNs. Key attributes of QKD are discussed such as confidentiality, authentication, and resistance to certain attacks.
The Sherwin-Williams Company reported another successful year in 2003. Net sales increased 4.3% to $5.41 billion and income increased 6.9% to $332.1 million. Diluted earnings per share reached a new record high of $2.26, a 10.8% increase over 2002. Cash flow exceeded $550 million for the third consecutive year, allowing investments in capital expenditures, acquisitions, dividend payments, and share repurchases. All operating segments increased sales except Automotive Finishes. The Company added new stores and products, increased market share, and benefited from operational excellence initiatives.
energy future holindings TCEH10QSep2008_Finalfinance29
- Texas Competitive Electric Holdings Company LLC (TCEH) reported financial results for the third quarter and first nine months of 2008 in an unaudited quarterly report.
- For the third quarter, TCEH reported net income of $3.6 billion compared to net income of $974 million in the prior year period. However, for the first nine months TCEH reported a net loss of $811 million compared to net income of $1.2 billion in the prior year period.
- Key drivers of the financial results included high volatility in commodity hedging and trading markets, which led to significant net gains in the third quarter but losses for the first nine months.
energy future holindings C5FAEDA1-AFD1-4F8B-8760-B53021EDDA04_Q408_Investor_C...finance29
The document provides an overview of EFH Corp.'s Q4 2008 investor call. It includes a safe harbor statement noting forward-looking statements are subject to risks and uncertainties. The agenda covers financial and operational overviews, a review of 2008, and Q&A. Charts show EFH Corp. and TCEH adjusted EBITDA was near plan and key drivers of changes in adjusted operating results from Q4 2007 to Q4 2008 and 2007 to 2008. Oncor, Luminant, and TXU Energy operational results for Q4 2008 and 2008 are also presented. The document discusses EFH Corp. liquidity and 2008 accomplishments and challenges.
energy future holindings Q408InvestorCallDeck_FINALfinance29
The document provides an overview of EFH Corp.'s Q4 2008 investor call. It includes a safe harbor statement noting forward-looking statements are subject to risks and uncertainties. The agenda covers financial and operational overviews, a review of 2008, and Q&A. Charts show EFH Corp. and TCEH adjusted EBITDA was near plan and key drivers of changes in adjusted operating results from Q4 2007 to Q4 2008 and 2007 to 2008. Oncor, Luminant, and TXU Energy operational results for Q4 2008 and 2008 are also presented. The document discusses EFH Corp. liquidity and 2008 accomplishments and challenges.
energy future holindings C5FAEDA1-AFD1-4F8B-8760-B53021EDDA04_Q408_Investor_C...finance29
The document provides an overview of EFH Corp.'s Q4 2008 investor call. It includes a safe harbor statement noting forward-looking statements are subject to risks and uncertainties. The agenda covers financial and operational overviews, a review of 2008, and Q&A. Charts show EFH Corp. and TCEH adjusted EBITDA was near plan and key drivers of changes in adjusted operating results from Q4 2007 to Q4 2008 and 2007 to 2008. Oncor, Luminant, and TXU Energy operational results for Q4 2008 and 2008 are also presented. The document closes with a review of 2008 accomplishments and challenges/focus areas going forward.
energy future holindings 081908_Q208_Investor_Call_Deck_FINALfinance29
The document is the transcript from an investor call held by EFH Corp. on August 19, 2008. It includes:
1) A safe harbor statement noting forward-looking statements are subject to risks and uncertainties outlined in SEC filings.
2) An agenda for the call including discussions of financial overview, strategy/operational results, and Q&A.
3) Summaries of key operational results for Luminant including solid nuclear performance and progress on new plant construction, and for TXU Energy including customer growth and initiatives.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had a $1 billion year-over-year swing in profits.
- Pipelines saw a 22% increase in earnings from 2005 and set a record. Exploration and production replaced 108% of production.
- For the fourth quarter, earnings were adjusted upwards by $122 million due to an alliance capacity buyout.
- For the full year, earnings were adjusted upwards by $122 million due to the buyout but adjusted downwards by $159 million due to income tax settlements and $172 million due to production hed
This document discusses General Motors' use of non-GAAP financial measures in its earnings releases and analyst presentations. It provides definitions for four non-GAAP measures - adjusted net income, adjusted earnings before tax, managerial cash flow, and GM North America vehicle revenue per unit. It also lists adjustments made to arrive at these non-GAAP figures from the reported GAAP measures. Management believes the non-GAAP measures provide useful supplemental information for assessing performance and making operational and investment decisions.
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
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public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise grouplibrary.corporate-ifinance20
This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise grouplibrary.corporate-ifinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's operating earnings were relatively flat quarter-over-quarter, while PSE&G's operating earnings declined slightly due to higher energy costs and lower margins, offset partially by O&M savings. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
Similar to energy future holindings Q3_08_Investor_Call_Deck_FINAL (20)
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain the meaning or significance of this number.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided, so a concise 3 sentence summary cannot capture much meaningful information from this very brief document.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
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2. Safe Harbor Statement
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 EFH Corp.'s filings with the Securities and Exchange
Commission (SEC). In addition to the risks and uncertainties set forth in EFH Corp.'s SEC
filings, the forward-looking statements in this presentation regarding the company’s long-
term hedging program could be affected by, among other things: any change in the ERCOT
electricity market, including a regulatory or legislative change, that results in wholesale
electricity prices not being largely driven by natural gas prices; any decrease in market heat
rates as the long-term hedging program does not mitigate exposure to changes in market
heat rates; the unwillingness or failure of any hedge counterparty or the lender under the
commodity collateral posting facility to perform its obligations under a long-term hedge
agreement or the facility, as applicable; or any other unforeseen event that results in the
inability to continue to use a first lien to secure a substantial portion of the hedges under
the long-term hedging program. In addition, the forward-looking statements in this
presentation regarding the on-line dates for the company’s new generation plants could be
affected by, among other things, EFH Corp.’s ability to timely manage the construction of
the new plants, labor strikes or labor or materials shortages, and any unexpected judicial
rulings with respect to the plants’ construction permits.
Regulation G
This presentation includes certain non-GAAP financial measures. A reconciliation of these
measures to the most directly comparable GAAP measures is included in the appendix to this
presentation.
1
3. Today’s Agenda
Paul Keglevic
Financial Overview
Financial Overview Executive Vice President & CFO
Strategy and Operational John Young
Strategy and Operational
Results President & CEO
Results
Q&A
Q&A
2
4. EFH Corp. Adjusted (Non-GAAP) Operating Earnings
Consolidated: reconciliation of GAAP net income to adjusted (non-GAAP) operating earnings1 and other
Q3 08 vs. Q3 07 and YTD 08 vs. YTD 07; $ millions and after tax
Factor Q3 08 Q3 07 Change YTD 08 YTD 07 Change
GAAP net income (loss) 3,617 992 2,625 (983) 615 (1,598)
Income from discontinued operations - (13) 13 - (24) 24
Other items excluded from adjusted (non-GAAP)
operating earnings (after tax):
Unrealized mark-to-market net (gains) losses2 (3,978) (309) (3,669) 119 453 (334)
Impairment of emissions allowances 322 - 322 323 - 323
Charge related to Lehman bankruptcy3 17 - 17 17 - 17
Charges related to cancelled development of
generation facilities - 11 (11) - 523 (523)
Credit related to impaired leases4 - (31) 31 - (31) 31
Deferred income tax benefit related to Texas margin tax - - - - (51) 51
Other 1 5 (4) 14 35 (21)
Adjusted (non-GAAP) operating earnings (loss) (21) 655 (676) (510) 1,520 2,030
Other factors
Interest expense and related charges 558 146 412 1,636 415 1,221
Purchase accounting adjustments 151 - 151 497 - 497
All other 113 312
1 See Appendix for Regulation G reconciliations and definition.
2 2008 amounts include $23 million (after tax) in unrealized mark-to-market gains related to interest rate hedges.
3 Represents reserve established against accounts receivable (excluding termination-related costs) from affiliates of Lehman Brothers Holdings, Inc.
arising from commodity hedging and trading activities, all of which were terminated in September 2008. Such affiliates have filed for bankruptcy under
Chapter 11 of the U.S. Bankruptcy Code.
4 Represents 2007 adjustment to the liability recorded in 2004 for leases of certain natural gas-fueled combustion turbines (net of estimated sublease
3
revenues) that were no longer operated for EFH Corp.’s benefit.
5. EFH Corp. and TCEH Adjusted EBITDA (Non-GAAP)
EFH Corp. and TCEH Adjusted EBITDA (non-GAAP)1; $ millions
YTD 08 YTD 07
3,712
3,596
TCEH
Q3 08 Q3 07 2,776
2,776
2,564
2,564
1,458
1,402
1,096
1,096
994
994
Lower YTD 08 results driven by:
Lower Q3 08 results driven by: Lower YTD 08 results driven by:
Lower Q3 08 results driven by:
••15% price reductions for certain
••Higher costs of purchased power 15% price reductions for certain
Higher costs of purchased power
residential customers
and fuel residential customers
and fuel
••Higher costs of purchased power
••Effects of Hurricane Ike Higher costs of purchased power
Effects of Hurricane Ike
and fuel
and fuel
••Effects of Hurricane Ike
Effects of Hurricane Ike
1 See Appendix for Regulation G reconciliations and definition. 4
6. EFH Corp. Liquidity Management
EFH Corp. (excluding Oncor) available liquidity
• In September and October, TCEH drew an
As of 10/31/08; $ millions aggregate ~$2.3 billion of its Revolving
Credit Facility as a result of the credit crisis.
Cash and Equivalents1
As of October 31, ~$1.0 billion had been
repaid due to improved credit market
TCEH Letter of Credit Facility 2
8,050
conditions.
TCEH Revolving Credit Facility 3
1,250
• Lehman is a defaulting lender under the
TCEH Delayed Draw Term Loan Facility 4 TCEH Revolving Credit Facility.
5,648
• On October 31, EFH Corp. and TCEH elected
2,700 893
to use the PIK feature of their respective
Toggle Notes to defer payment of ~$233
3,927
1,499
million of future interest payments to
1,562 replace the loss of the Lehman-related
liquidity and to provide additional financial
357
4,100
flexibility.
3,256 1,166
• On November 5, EFH Corp. closed on the
842
sale of a minority interest in Oncor and
received proceeds of approximately $1.25
Availability 5
Facility Limit LOCs/Cash Borrowings
billion (net of closing costs).
EFH Corp. and TCEH have sufficient liquidity to meet their anticipated ongoing liquidity needs,
EFH Corp. and TCEH have sufficient liquidity to meet their anticipated ongoing liquidity needs,
but will continue to monitor dislocated market conditions to ensure financial flexibility.
but will continue to monitor dislocated market conditions to ensure financial flexibility.
1 Includes cash and cash equivalents as well as $242 million of similar investments in U.S. government securities that are in the process of liquidation.
2 Cash borrowings of $1.250 billion were drawn on this facility at the closing of the Merger and have been retained as restricted cash. Letters of credit are supported by
the restricted cash.
3 Facility to be used for letters of credit and borrowings for general corporate purposes.
4 Facility to be used during the two-year period commencing on date of merger to fund expenditures for constructing certain new generation facilities and environmental
upgrades of existing generation facilities, including previously incurred expenditures not yet funded under this facility.
5 Availability includes undrawn commitments from subsidiaries of Lehman Brothers Holdings Inc. (Lehman). As of October 31, 2008, undrawn amounts totaled
approximately $134 million under the TCEH Revolving Credit Facility and approximately $14 million under the TCEH Delayed Draw Term Loan Facility. Availability
under the TCEH Revolving Credit Facility and the TCEH Delayed Draw Term Loan Facility excludes approximately $35 million and $2 million, respectively, of
5
requested draws by TCEH that have not been funded by the Lehman subsidiary as of October 31, 2008.
7. Today’s Agenda
Paul Keglevic
Financial Overview
Financial Overview Executive Vice President & CFO
Strategy and Operational John Young
Strategy and Operational
Results President & CEO
Results
Q&A
Q&A
6
8. Oncor
Q3 08 Operational Results
Total electric energy delivered; GWh
Hurricane IKE
Restored electricity service in less than
Q3 08 Q3 07 YTD 08 YTD 07
seven days to approximately 238,000
84,038
customers in East Texas 3%
81,523
Restoration costs of ~$20 - $25 million YTD
(pre tax) recorded as a regulatory asset
Regulatory
31,546 31,558
AMS deployment plan approved by the
PUC in August; $2.21 per month
surcharge for average residential
customers effective January 1, 2009
Filed plan with the PUC to build a Warmer weather in Q3 08 offset by lower average consumption
significant portion of the CREZ project in
Electricity distribution points of delivery
West Texas
End of period, thousands of meters
Merger-related commitments
Announced agreement to sell an
9/30/08 9/30/07
approximate 20% minority interest in
3,116 3,087
August; closed on the sale for ~$1.25
1%
billion on November 5
Continued implementation of $100 million
incremental conservation and energy
efficiency programs
Other
Oncor credit ratings upgraded to BBB+ by
S&P and Baa3 by Moody’s
Growth below ERCOT estimated CAGR of 1.9%
Closed on $1.5 billion debt issuance
7
9. TXU Energy
Total residential customers
Q3 08 Operational Results
end of period, thousands
4% year-over-year growth in 9/30/08 9/30/07
residential customers and 15 1,927 1,858
4%
consecutive months of residential
customer growth
Lower average residential revenues
reflecting 15% price discount and
price protections
~$20 - $25 million (pre tax) negative 15 consecutive months of residential customer growth
impact from Hurricane Ike driven by
Average residential revenues
power procured in advance for $ per MWh
impacted customers
Q3 08 Q3 07 YTD 08 YTD 07
Merger-related commitments
139.0 139.0
138.3 4%
133.9
Continued additional 10% low YTD
income discount and summer
disconnect protections
Continued deployment of $100
million demand side
management and energy
conservation programs Reflects 15% residential price discount implemented in 2007
8
10. Luminant
Q3 08 Operational Results
Nuclear generation and capacity factors
Commenced refueling outage at
GWh, percent
Comanche Peak nuclear station on
September 27th - safely completed on Q3 08 Q3 07 YTD 08 YTD 07
6%
October 16th - 2nd shortest refueling in 95.6 90.8
YTD
company history 14,448
13,664
Received U.S. Department of Interior’s
“Director’s Award” for “extraordinary” 98.4 100.6
5,110
4,996
reforestation practices
Strong performance from the nuclear fleet
Lignite/coal fuel costs1
Lignite/coal generation and capacity factors
$/MWh
GWh, percent
Q3 08 Q3 07 YTD 08 YTD 07
Q3 08 Q3 07 YTD 08 YTD 07
89.7
15.83 87.7
15.39 14.31
14.18 34,297
33,697
95.8
95.0
12,353
12,240
Continued pressures on fuel costs
Solid performance from lignite/coal fleet
1
9
Includes depreciation and amortization of lignite mining costs.
11. Luminant’s Solid-Fuel Development Program Progressing
Sandow Unit 5 Oak Grove Steam Electric Station
Rockdale, Texas Robertson County, Texas
Estimated net capacity 581 MW Estimated net capacity 1,600 MW
Primary fuel TX Lignite Primary fuel TX Lignite
Percent complete at 9/30/081 ~75% Percent complete at 9/30/081 ~65%
Commercial operation date Mid 2009 Commercial operation date Late 2009/Mid 2010
Luminant’s construction of three new lignite-fueled generating units continues to
Luminant’s construction of three new lignite-fueled generating units continues to
track on time and on budget with the majority of the costs fixed.
track on time and on budget with the majority of the costs fixed.
10
1 Estimates related to construction only. Design and procurement are essentially complete.
12. Luminant is Pursuing the Construction of a
Next-Generation Nuclear Facility
Luminant is…
…partnering with … and leveraging existing
a world-class site, water rights, and
equipment provider… leadership team.
HEAVY INDUSTRIES, LTD.
Luminant filed aacombined construction and operating license application (COLA) with the Nuclear
Luminant filed combined construction and operating license application (COLA) with the Nuclear
Regulatory Commission and part 11of its loan guarantee application with the Department of Energy
Regulatory Commission and part of its loan guarantee application with the Department of Energy
for two new nuclear generation units, having approximately 1,700 MW (gross) each, at its existing
for two new nuclear generation units, having approximately 1,700 MW (gross) each, at its existing
Comanche Peak nuclear generation site.
Comanche Peak nuclear generation site.
11
13. Today’s Agenda
Paul Keglevic
Financial Overview
Financial Overview Executive Vice President & CFO
Strategy and Operational John Young
Strategy and Operational
Results President & CEO
Results
Q&A
Q&A
12
15. Appendix –
Additional Slides and
Regulation G Reconciliations
16. Unrealized Mark-To-Market Impact Of Hedging
Unrealized mark-to-market impact of the long-term hedging program
6/30/08 vs. 9/30/08; Mixed measures
Factor Measure 2008 2009 2010 2011 2012 2013 2014 Total
6/30/08
Natural gas hedges mm MMBtu ~75 ~353 ~508 ~521 ~492 ~400 ~73 ~2,422
Average hedge price1 $/MMBtu ~$8.21 ~$8.26 ~$7.89 ~$7.56 ~$7.36 ~$7.25 ~$7.82
Natural gas prices $/MMBtu ~$13.63 ~$12.47 ~$11.24 ~$10.78 ~$10.74 ~$10.90 ~$11.12
Cum. MTM loss at 6/30/082 $ billions ~($0.5) ~($1.5) ~($1.6) ~($1.5) ~($1.4) ~($1.2) ($0.2) ~($7.9)
9/30/08
Natural gas hedges mm MMBtu ~35 ~282 ~469 ~502 ~492 ~300 ~87 ~2,167
Average hedge price1 $/MMBtu ~$8.36 ~$8.16 ~$7.82 ~$7.56 ~$7.36 ~$7.19 ~$7.82
Natural gas prices $/MMBtu ~$7.61 ~$8.15 ~$8.58 ~$8.54 ~$8.41 ~$8.30 ~$8.30
Cum. MTM loss at 9/30/082 $ billions ~$0.0 ~($0.1) ~($0.4) ~($0.6) ~($0.4) ~($0.3) ~$0.1 ~($1.7)
Q3 08 MTM gain $ billions ~$0.5 ~$1.4 ~$1.2 ~$1.0 ~$0.9 ~$0.9 ~$0.3 ~$6.2
Reductions in natural gas prices during Q3 08 resulted in aa$6.2 billion ($4.0 billion after tax)
Reductions in natural gas prices during Q3 08 resulted in $6.2 billion ($4.0 billion after tax)
unrealized mark-to-market net gain in GAAP income.
unrealized mark-to-market net gain in GAAP income.
1 Weighted average prices are based on sales prices of short positions in the corporate natural gas hedge program based on NYMEX Henry Hub. 2014
hedge price represents collar floor price.
2 MTM values are shown on a discounted basis and include the effects of all transactions in the corporate hedge program including offsetting purchases
(for re-balancing) and natural gas basis deals. 15
17. TCEH Has Significantly Hedged Luminant’s
Natural Gas Position
Natural gas position estimate1
09-13; million MMBtu
601 600
599 579
568
58 65 101
40
502 492
Un-hedged 278
464
Hedged2 528
541 536
Corporate 499
300
NG Hedges
301
238
2009 2010 2011 2012 2013
Total or
Factor Measure 2009 2010 2011 2012 2013 Average
Natural gas hedging program mm MMBtu ~238 ~464 ~502 ~492 ~300 ~2,000
Average price3 $/MMBtu $8.16 $7.82 $7.56 $7.36 $7.19 $7.62
Overall estimated percent of total
TCEH/Luminant NG position hedged1 Percent ~93% ~90% ~89% ~83% ~52% ~82%
TCEH has hedged approximately 82% of Luminant’s estimated Henry Hub-based natural gas
TCEH has hedged approximately 82% of Luminant’s estimated Henry Hub-based natural gas
exposure from 2009-2013. More than 95% of the hedge positions are supported directly by aafirst
exposure from 2009-2013. More than 95% of the hedge positions are supported directly by first
lien or by the TCEH Commodity Collateral Posting Facility.
lien or by the TCEH Commodity Collateral Posting Facility.
1 As of 10/24/08 and assumes conversion of power positions based on a ~8.0 heat rate with natural gas being on the margin ~75-95% of the time (when coal is forecast to
be on the margin, no natural gas position is assumed to be generated).
2 Includes corporate natural gas hedge program and retail/wholesale effects.
16
3 Weighted average prices are based on actual sales prices of short positions in the corporate natural gas hedge program based on NYMEX Henry Hub.
18. Financial Definitions
Measure Definition
Adjusted (non-GAAP) Net income (loss) adjusted for items representing income or losses that are not reflective of continuing operations.
Operating Earnings These items include unrealized mark-to-market gains and losses, results of discontinued operations and other
charges, credits or gains that are unusual or nonrecurring. EFH Corp. uses adjusted (non-GAAP) operating
earnings as a measure of performance and believes that analysis of the business by external users is enhanced by
visibility to both net income prepared in accordance with GAAP and adjusted (non-GAAP) operating earnings.
Adjusted EBITDA EBITDA adjusted to exclude interest income, non-cash items, unusual items, interest income and other
(non-GAAP) adjustments allowable under the EFH Corp. Senior Notes bond indenture. Adjusted EBITDA plays an important
role in respect of certain covenants contained in the EFH Corp. Senior Notes. Adjusted EBITDA is not intended to
be an alternative to net income as a measure of operating performance or an alternative to cash flows from
operating activities as a measure of liquidity or an alternative to any other measure of financial performance
presented in accordance with GAAP, nor is it intended to be used as a measure of free cash flow available for EFH
Corp.’s discretionary use, as the measure excludes certain cash requirements such as interest payments, tax
payments and other debt service requirements. Because not all companies use identical calculations, Adjusted
EBITDA may not be comparable to similarly titled measures of other companies.
EBITDA Income (loss) from continuing operations before interest expense and related charges, income tax expense
(non-GAAP) (benefit) and depreciation and amortization.
Purchase Accounting The purchase method of accounting for a business combination as prescribed by Statement of Financial
Accounting Standards No. 141, “Business Combinations,” whereby the cost or “purchase price” of a business
combination, representing the amount paid for the equity and direct transaction costs, are allocated to identifiable
assets and liabilities (including intangible assets) based upon their fair values. The excess of the purchase price
over the fair values of assets and liabilities is recorded as goodwill.
GAAP Generally accepted accounting principles
17
19. Table 1: EFH Corp. Adjusted EBITDA Reconciliation
Q3 08, Q3 07, YTD 08 and YTD 07
$ millions
Description Q3 08 Q3 07 YTD 08 YTD 07
Net income (loss) 3,617 992 (983) 615
Income tax expense (benefit) 2,001 506 (462) 212
Interest expense and related charges 831 226 2,505 644
Depreciation and amortization 431 209 1,217 612
EBITDA 6,880 1,933 2,277 2,083
Adjustments to EBITDA (pre-tax):
Oncor EBITDA (429) (393) (1,088) (995)
Oncor distributions/dividends 78 75 213 251
Interest income (9) (18) (22) (53)
Amortization of nuclear fuel 20 20 55 50
Purchase accounting adjustments1 80 - 325 -
Impairment of assets and inventory write down2 503 17 512 812
Unrealized net (gain) or loss resulting from hedging transactions (6,142) (479) 221 703
Losses on sale of receivables 9 10 22 28
Income from discontinued operations, net of tax effect - (13) - (24)
Non-cash compensation expenses (FAS 123R)3 14 10 24 23
Severance expense4 1 - 1 -
Equity losses of unconsolidated affiliate engaged in broadband
over power lines - - - 1
Note: Table and footnotes to this table continue on following page 18
20. Table 1: EFH Corp. Adjusted EBITDA Reconciliation (continued from previous page)
Q3 08, Q3 07, YTD 08 and YTD 07
$ millions
Factor Q3 08 Q3 07 YTD 08 YTD 07
Transition and business optimization costs5 14 3 38 15
Transaction and merger expenses6 18 10 44 87
Restructuring and other7 26 (38) 32 (33)
Expenses incurred to upgrade or expand a generation station8 - - 100 4
Adjusted EBITDA per Incurrence Covenant 1,063 1,137 2,754 2,952
Add back Oncor adjustments 339 321 842 760
Adjusted EBITDA per Restricted Payments Covenants 1,402 1,458 3,596 3,712
1 Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements,
environmental credits, coal purchase contracts and power purchase agreements and the stepped up value of nuclear fuel. Also included are certain
credits not recognized in net income due to purchase accounting.
2 Impairment of assets includes the impairment of emission allowances (SO2 and NOX) and charges related to the impairment of assets and
transportation and storage of materials related to canceled coal-fueled generation facilities.
3 Non-cash compensation expenses exclude capitalized amounts.
4 Severance expense includes amounts incurred related to outsourcing, restructuring and other amounts deemed to be in excess of normal recurring
amounts.
5 Transition and business optimization costs include professional fees primarily for retail billing and customer care systems enhancements and
incentive compensation.
6 Transaction and merger expenses include costs related to the Merger, abandoned strategic transactions and a terminated joint venture. Also include
administrative costs related to the canceled program to develop coal-fueled generation facilities, the management fees paid to EFH Corp.’s owners
and costs related to certain growth initiatives
7 Restructuring and other includes a litigation accrual and a charge related to the Lehman bankruptcy. 2007 periods include credits related to impaired
combustion turbine leases and other restructuring and non-recurring activities.
8 Expenses incurred to upgrade or expand a generation station reflect non-capital outage costs.
19
21. Table 2: TCEH Adjusted EBITDA Reconciliation
Q3 08, Q3 07, YTD 08 and YTD 07
$ millions
Description Q3 08 Q3 07 YTD 08 YTD 07
Net income (loss) 3,629 974 (811) 1,180
Income tax expense (benefit) 2,010 501 (425) 529
Interest expense and related charges 581 117 1,756 310
Depreciation and amortization 296 84 827 245
EBITDA 6,516 1,676 1,347 2,264
Adjustments to EBITDA (pre-tax):
Interest income (20) (97) (45) (260)
Amortization of nuclear fuel 20 20 55 50
Purchase accounting adjustments1 68 - 290 -
Impairment of assets and inventory write down2 500 - 502 -
Unrealized net (gain) or loss resulting from hedging transactions (6,142) (479) 221 703
Losses on sale of receivables 9 10 22 28
Non-cash compensation expenses (FAS 123R)3 5 3 8 7
Severance expense4 1 - 1 -
Transition and business optimization costs5 12 - 30 12
Note: Table and footnotes to this table continue on following page 20
22. Table 2: TCEH Adjusted EBITDA Reconciliation (continued from previous page)
Q3 08, Q3 07, YTD 08 and YTD 07
$ millions
Factor Q3 08 Q3 07 YTD 08 YTD 07
Transaction and merger expenses6 (6) - 1 -
Restructuring and other7 32 (37) 32 (32)
Expenses incurred to upgrade or expand a generation station8 - - 100 4
Adjusted EBITDA 995 1,096 2,564 2,776
1 Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements,
environmental credits, coal purchase contracts and power purchase agreements and the stepped up value of nuclear fuel. Also included are certain
credits not recognized in net income due to purchase accounting.
2 Impairment of assets includes the impairment of emission allowances (SO2 and NOX) and charges related to the transportation and storage of
materials related to canceled coal-fueled generation facilities.
3 Non-cash compensation expenses exclude capitalized amounts.
4 Severance expense includes amounts incurred related to outsourcing, restructuring and other amounts deemed to be in excess of normal recurring
amounts.
5 Transition and business optimization costs include professional fees primarily for retail billing and customer care systems enhancements and
incentive compensation.
6 Transaction and merger expenses include costs related to the Merger, abandoned strategic transactions and a terminated joint venture. Also include
administrative costs related to the canceled program to develop coal-fueled generation facilities and costs related to certain growth initiatives.
7 Restructuring and other includes a litigation accrual and a charge related to the Lehman bankruptcy. 2007 periods include credits related to impaired
combustion turbine leases and other restructuring and non-recurring activities.
8 Expenses incurred to upgrade or expand a generation station reflect non-capital outage costs.
21