This document provides unaudited pro forma condensed consolidated financial statements for Texas Competitive Electric Holdings Company LLC (TCEH) that give effect to TCEH's merger with EFH Corp. and related financing transactions. The pro forma adjustments include:
1) Allocating the estimated purchase price from the merger to tangible and intangible assets and liabilities based on preliminary fair value estimates
2) Reflecting the impact of new debt issued and existing debt repaid to complete the merger
3) Adjusting historical financials to reflect the merger and related transactions as if they occurred on January 1, 2006
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
when will pi network coin be available on crypto exchange.
energy future holindings QuarterlyFinancialsProFormas
1. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TCEH derived these unaudited pro forma condensed consolidated financial statements by applying pro
forma adjustments to the historical consolidated financial statements set forth in its Quarterly Report in Form 10-Q
Format for the quarterly period ended September 30, 2007. Capitalized terms and abbreviations used but not
defined herein have the meanings ascribed to them under the heading “GLOSSARY.”
The unaudited pro forma condensed consolidated balance sheet as of September 30, 2007 gives effect to
(a) the Merger and the related financing transactions (the “Merger Transactions”), including the issuance of the
existing cash pay notes and the application of the proceeds therefrom, along with cash on hand, to repay all of the
outstanding borrowings under the TCEH Senior Interim Facility (which is referred to as the “Interim Facility
Refinancing”), as if the Merger Transactions and the Interim Facility Refinancing had occurred on such date. The
unaudited pro forma condensed consolidated income statements for the nine months ended September 30, 2007,
the year ended December 31, 2006 and the nine months ended September 30, 2006 give effect to the Merger
Transactions and the Interim Facility Refinancing as if the Merger Transactions and Interim Facility Refinancing
had occurred on January 1, 2006. In addition, in connection with the Merger, EFH Corp. contributed certain of
Luminant Construction’s assets and liabilities to TCEH, including the three new lignite coal-fueled generation units
currently under development. Accordingly, as Luminant Construction and TCEH are under the common control of
EFH Corp., these pro forma financial statements reflect the historical results of those certain assets and liabilities
of Luminant Construction for all periods in which common control exists (2006 forward). The unaudited pro forma
condensed consolidated financial statements are provided for informational purposes only and are not necessarily
indicative of what TCEH’s financial position or results of operations would have been if the Merger Transactions
and the Interim Facility Refinancing had occurred as of the dates indicated, or what TCEH’s financial position or
results of operations will be for any future periods. Assumptions underlying the pro forma adjustments are
described in the accompanying notes, which should be read in conjunction with these unaudited pro forma
condensed consolidated financial statements and with the following information:
unaudited condensed consolidated financial statements and accompanying notes of TCEH as of
September 30, 2007 and for the three- and nine-month periods ended September 30, 2007 and 2006;
and
audited consolidated financial statements and accompanying notes of TCEH as of December 31, 2006
and 2005 and for each of the three years ended December 31, 2006.
The Merger was accounted for as a business combination using the purchase method of accounting in
accordance with the provisions of SFAS No. 141. For purposes of the Merger, EFH Corp., the indirect parent of
TCEH, is the acquired entity. Accordingly, TCEH has adjusted its historical financial information to give effect to
the impact of the consideration paid in connection with the Merger. In the unaudited condensed consolidated pro
forma balance sheet, Texas Holdings’ cost to acquire EFH Corp. has been allocated to the assets to be acquired
and liabilities to be assumed based on management’s preliminary valuation estimates. For purposes of
developing pro forma adjustments, TCEH assumed that the historical values of current assets acquired and
current liabilities assumed approximate their fair values, which may change as a result of fair valuation of certain
of TCEH’s assets including intangible assets and liabilities. A final determination of the purchase accounting
adjustments, including the allocation of the purchase price to the assets acquired and liabilities assumed based
on their respective fair values has not yet occurred. Accordingly, the purchase accounting adjustments with
respect to the Merger made in connection with the development of these unaudited pro forma condensed
consolidated financial statements are preliminary and have been made solely for purposes of developing such pro
forma financial data. Therefore, final purchase accounting adjustments are subject to revisions based on final
determinations of fair values, which may differ materially from the values used herein and may cause future
results of operations to differ from the pro forma financial data presented.
The impacts and adjustments in these unaudited pro forma condensed consolidated financial statements
are based on events directly related to the Merger Transactions and the Interim Facility Refinancing and do not
represent projections or forward-looking statements. The unaudited pro forma financial data is for informational
purposes only and should not be considered indicative of actual results that would have been achieved had these
events actually been consummated on the dates indicated and do not purport to indicate results of operations as
of any future date or for any future period. Further, the unaudited pro forma condensed consolidated financial
statements do not reflect the impact of restructuring activities, cost savings, management compensation,
nonrecurring charges, annual management fees, employee termination costs, affiliate interest income, and other
exit costs that may result from or in connection with the Merger. For example, the unaudited pro forma financial
data does not give effect to the $35 million annual management fee to be paid to the Sponsors. The unaudited
pro forma condensed consolidated financial statements do not include certain transaction costs that may be
expensed versus capitalized as part of the purchase price. The historical results of TCEH and its subsidiaries are
not necessarily indicative of the results that may be expected in any future period after the close of the Merger.
2. In preparing the unaudited pro forma condensed consolidated financial statements, the primary adjustments
to the historical financial statements of TCEH and its subsidiaries were purchase accounting adjustments that
include adjustments necessary to (i) allocate the estimated purchase price to the tangible and intangible assets
and liabilities of TCEH and its subsidiaries based on their estimated fair values; and (ii) adjust for the impacts
related to debt and other financing expected to be issued and retired to consummate the Merger.
3. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007
Transaction
Historical(a) Adjustments Pro Forma
(in millions)
Operating Revenues .................................................................. $ 6,300 $ (273)b $ 6,027
Costs and expenses:
Fuel, purchased power costs and delivery fees ................ $ 3,082 $ 119 c $ 3,201
459 459
Operating costs.................................................................
244 253 d 497
Depreciation and amortization ..........................................
435 38 e 473
Selling, general and administrative expenses ...................
78 78
Franchise and revenue-based taxes.................................
(15) (15)
Other Income ....................................................................
(53) (53)
Other deductions...............................................................
(259) (259)
Interest income .................................................................
305 1,657 f 1,962
Interest expense and related charges...............................
Total costs and expenses........................................................... $ 4,276 $ 2,067 $ 6,343
Income (loss) from continuing operations before income taxes.. $ 2,024 $ (2,340) $ (316)
642 (819)g (177)
Income tax expense (benefit) .....................................................
Income (loss) from continuing operations................................... $ 1,382 $ (1,521) $ (139)
See accompanying Notes to Unaudited Pro Forma Condensed Consolidated Income Statements, which are an
integral part of these statements.
4. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2006
Transaction
Historical(a) Adjustments Pro Forma
(in millions)
Operating Revenues ................................................................... $ 9,595 $ (35)b $ 9,560
Costs and expenses:
Fuel, purchased power costs and delivery fees ................. $ 3,922 $ 158 c $ 4,080
613 613
Operating costs..................................................................
333 338 d 671
Depreciation and amortization ...........................................
532 39 e 571
Selling, general and administrative expenses ....................
126 126
Franchise and revenue-based taxes..................................
(25) (25)
Other Income .....................................................................
200 200
Other deductions................................................................
(202) (202)
Interest income ..................................................................
384 2,210 f 2,594
Interest expense and related charges................................
Total costs and expenses............................................................ $ 5,883 $ 2,745 $ 8,628
Income (loss) from continuing operations before income taxes... $ 3,712 $ (2,780) $ 932
1,277 (973)g 304
Income tax expense (benefit) ......................................................
Income (loss) from continuing operations.................................... $ 2,435 $ (1,807) $ 628
See accompanying Notes to Unaudited Pro Forma Condensed Consolidated Income Statements, which are an
integral part of these statements.
5. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
Transaction
Historical(a) Pro Forma
Adjustments
(in millions)
Operating Revenues .................................................................. $ 7,569 $ (56)b $ 7,513
Costs and expenses:
Fuel, purchased power costs and delivery fees ................ $ 3,075 $ 119 c $ 3,194
447 447
Operating costs.................................................................
251 253 d 504
Depreciation and amortization ..........................................
383 22 e 405
Selling, general and administrative expenses ...................
84 84
Franchise and revenue-based taxes.................................
(11) (11)
Other Income ....................................................................
198 198
Other deductions...............................................................
(137) (137)
Interest income .................................................................
310 1,657 f 1,967
Interest expense and related charges...............................
Total costs and expenses........................................................... $ 4,600 $ 2,051 $ 6,651
Income (loss) from continuing operations before income taxes.. $ 2,969 $ (2,107) $ 862
1,022 (737)g 285
Income tax expense (benefit) .....................................................
Income (loss) from continuing operations................................... $ 1,947 $ (1,370) $ 577
See accompanying Notes to Unaudited Pro Forma Condensed Consolidated Income Statements, which are an
integral part of these statements.
6. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED INCOME STATEMENTS
(a) Historical presentation—The amounts presented for TCEH are derived from the historical audited
consolidated income statements for the year ended December 31, 2006 and TCEH’s historical unaudited
condensed consolidated income statements for the nine month periods ended September 30, 2007 and
September 30, 2006.
(b) Revenues—represents the pro forma adjustments required to record the amortization related to the fair
value of intangible liabilities related to sales contracts and other legal or economic rights. For purposes of
this adjustment, amortization was determined based on straight-line method over an estimated useful life
of 31 years. These adjustments increased revenues by approximately $17 million, $23 million and $17
million for the nine month period ended September 30, 2007, the year ended December 31, 2006 and the
nine month period ended September 30, 2006, respectively. Additionally, the pro forma adjustment
reflects the historical mark-to-market earnings impact of certain derivative transactions of TXU Generation
Development Company LLC that were contributed into TCEH by EFH Corp. immediately prior to the
closing of the Merger. These adjustments decreased operating revenues by approximately $290 million,
$58 million and $73 million for the nine month period ended September 30, 2007, the year ended
December 31, 2006 and the nine month period ended September 30, 2006, respectively. These items are
required to be made to the operating revenue line item in the income statement since the activity
associated with the underlying contracts or other legal or economic rights have historically been reported
as a component of operating revenue.
(c) Fuel, purchase power costs and delivery fees—represents pro forma adjustments required to record the
amortization related to the fair value of intangible assets related to contracts, and other legal or economic
rights. For purposes of this adjustment, amortization was determined for different categories of intangible
assets based on a straight-line method over useful lives ranging from 15 to 28 years. These adjustments
increased costs and expenses by approximately $119 million, $158 million and $119 million for the nine
month period ended September 30, 2007, the year ended December 31, 2006 and the nine month period
ended September 30, 2006, respectively. These adjustments were required to be made to the fuel,
purchase power costs and delivery fees line item in the income statement since the activity associated
with the underlying contracts, and other legal or economic rights is reported as a component of costs.
Adjustments also include additional amortization expense for adjustments to nuclear fuel balances
included in property, plant and equipment in the balance sheet.
(d) Depreciation and amortization expense—represents the pro forma adjustment required to adjust in
property, plant and equipment to record power generation assets and other tangible property at their
respective fair values as well as to record the fair value of customer-based intangible assets. For
purposes of this adjustment, depreciation and amortization was determined for different categories of
property based on a straight-line method over estimated useful lives ranging from 7 to 45 years. These
adjustments increased depreciation expense approximately $253 million, $338 million and $253 million for
the nine month period ended September 30, 2007, the year ended December 31, 2006 and the nine
month period ended September 30, 2006, respectively. An increase or decrease in the fair value of these
assets of $500 million would result in an increase or decrease in depreciation and amortization expense of
approximately $21 million and $16 million on an annual and nine months basis, respectively.
(e) Selling, general and administrative expense—represents pro forma adjustments to reflect additional
historical expenses recognized by TXU Generation Development Company LLC that were contributed into
TCEH by EFH Corp. immediately prior to closing of the Merger.
7. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED INCOME STATEMENTS—Continued
(f) Interest expense—represents pro forma adjustments related to the increase in interest expense as a
result of the borrowings made in connection with the Merger Transactions, less certain interest expense
associated with the debt that is to be repaid as part of the Merger Transactions. In connection with the
Merger, approximately $26,978 million of new debt was incurred by TCEH, with approximately $4,088
million of existing debt repaid, resulting in a net increase in debt of approximately $22,890 million. This
increase in debt significantly increased the overall interest expense for TCEH. An incremental one-eighth
percent increase or decrease in the assumed weighted average rates would increase or decrease interest
expense by approximately $21 million on an annual basis and $16 million over a nine month period.
Additionally, this adjustment includes interest amounts arising from the fair valuation of the existing debt of
TCEH that remained outstanding after the Merger. The final determination of the fair value of the debt will
be based on the prevailing market interest rates that were in effect at the time of the closing of the Merger
and the necessary adjustment will be amortized as an increase (in the case of a discount to par value) or
a decrease (in the case of a premium to par value) to interest expense over the remaining life of each
debt issuance.
Further, this adjustment includes amounts to reduce interest expense for the removal of existing deferred
financing costs, as well as the addition of interest expense associated with the estimated deferred
financing costs of the debt issued in connection with the Merger.
Interest Expense Adjustments:
9 months 12 months
(in millions of dollars)
Cash interest....................................................................................... $ 1,591 $ 2,122
53 71
Amortization of deferred financial costs ..............................................
13 17
Purchase accounting impacts .............................................................
Total .......................................................................................... $ 1,657 $ 2,210
(g) Income tax provision—represents the pro forma tax effect of the above adjustments based on an
estimated statutory rate of approximately 35%. This estimate could change based on changes in the
applicable tax rates and finalization of the tax position of TCEH and its subsidiaries.
8. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2007
Historical Transaction
Pro Forma
(a) Adjustments
(in millions of dollars)
Cash and cash equivalents............................................................... $ 628 $ (270)b $ 358
804 804
Trade accounts receivable—net .......................................................
3,729 (3,729)c —
Advances to parent ...........................................................................
1,500 (1,500)c —
Note receivable from parent..............................................................
328 328
Inventories ........................................................................................
398 398
Commodity and other derivative contractual assets..........................
175 175
Accumulated deferred income taxes.................................................
211 (148)d 63
Margin deposits related to commodity positions ...............................
57 57
Other current assets .........................................................................
7,830 (5,647) 2,183
Total current assets ..........................................................................
49 1,250 e 1,299
Restricted cash .................................................................................
532 130 f 662
Investments ......................................................................................
10,343 8,615 g,n 18,958
Property, plant and equipment—net .................................................
517 19,971 h 20,488
Goodwill ............................................................................................
— 3,575 i 3,575
Intangible assets ...............................................................................
79 79
Commodity and other derivative contractual assets..........................
158 394 j 552
Other noncurrent assets ...................................................................
Total assets ...................................................................................... $ 19,508 $ 28,288 $ 47,796
Short-term borrowings ...................................................................... $ 1,825 $ (1,825)k $ —
1,263 (1,263)k —
Long-term debt due currently ............................................................
670 670
Trade accounts payable....................................................................
134 134
Trade accounts and other payables—affiliates .................................
162 162
Commodity and other derivative contractual liabilities ......................
116 116
Margin deposits related to commodity positions ...............................
85 85
Accrued income taxes payable to parent ..........................................
64 64
Accrued taxes other than income......................................................
233 (3)l 230
Other current liabilities ......................................................................
4,552 (3,091) 1,461
Total current liabilities .......................................................................
Accumulated deferred income taxes................................................. 2,886 4,098 m 6,984
Investment tax credits ....................................................................... 300 300
Commodity and other derivative contractual liabilities ...................... 438 366 n 804
Notes or other liabilities due affiliates................................................ 305 305
Long-term debt, less amounts due currently..................................... 2,749 25,716 k 28,465
Other noncurrent liabilities and deferred credits ............................... 1,400 645 l 2,045
12,630 27,734 40,364
Total liabilities ...................................................................................
6,878 554 o 7,432
Membership Interests .......................................................................
Total liabilities and Membership Interests ......................................... $ 19,508 $ 28,288 $ 47,796
See accompanying Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheet, which are an integral
part of these statements.
9. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED BALANCE SHEET
(a) Historical Presentation—The amounts presented for TCEH are derived from the historical unaudited
condensed consolidated balance sheet as of September 30, 2007.
(b) Cash and Cash Equivalents—represents the pro forma adjustments required to reflect changes resulting
from the payment of certain transaction fees and the return of margin deposits related to commodity
positions associated with the implementation of the Commodity Collateral Posting Facility.
(c) Affiliated and Parent Advances/Notes—represents pro forma adjustment for the settlement of these
historical advances and notes between TCEH and its affiliates of EFH Corp. respectively.
(d) Margin deposits related to commodity positions—represents pro forma adjustments for the return of
certain margin deposits related to commodity positions that were returned to TCEH as part of the
implementation of the TCEH Commodity Collateral Posting Facility.
(e) Restricted cash—represents pro forma adjustment related to the increase in restricted cash representing
cash received from the TCEH Letter of Credit Facility, which was fully funded at the close of the Merger.
(f) Investments—represents the pro forma adjustment required to adjust certain investments in real estate to
their fair values.
(g) Property, Plant & Equipment—represents the pro forma adjustment required to record power generation
assets, nuclear fuel, and other property, plant and equipment at fair value. This adjustment also includes
the elimination of existing accumulated depreciation recorded to date as the property will have a new cost
basis to be depreciated. Additionally, this adjustment includes amounts related to fair value estimates for
real estate and development projects in process that are currently not part of TCEH’s operations. All of
these adjustments were determined by using management’s estimates and assumptions related to the fair
value of the assets based on current market indicators for fuel prices, emissions and regulatory costs,
electricity prices, operation and maintenance costs, readily observable real estate transactions, and other
market factors. The estimated fair values used in this adjustment are preliminary and are significantly
affected by assumptions, changes in which could materially change the resulting fair values. The net
increase in property, plant, and equipment will be depreciated over the estimated remaining useful lives of
related depreciable assets, which range from 7 to 45 years, while the increase in value related to real
estate will not be depreciated for financial reporting purposes.
(h) Goodwill—represents the excess of the purchase price of the transaction over the estimated fair values of
the assets acquired and liabilities assumed. The estimated purchase price of $29,828 million for TCEH
was made by an allocation of the total purchase price of EFH Corp. based on the relative enterprise value
of TCEH. Under the purchase method of accounting, the total estimated purchase price is allocated to all
tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair
values on the date the transaction is consummated (for purposes of this unaudited pro forma condensed
consolidated balance sheet that date is assumed to be September 30, 2007). The fair value estimates of
the assets and liabilities in this pro forma condensed consolidated balance sheet are preliminary and were
developed solely to be used in these statements. Additionally, the fair value estimates are subject to
revisions based on a multitude of factors and additional information that may come to TCEH’s attention in
the future, all of which could have a material affect on the ultimate valuation. The following table
summarizes the allocation of fair value to the assets and liabilities of TCEH:
10. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED BALANCE SHEET—Continued
Fair Value
Item
(in millions
of dollars)
$ (18,958)
Property, plant and equipment ..................................................................................
(1,657)
Cash and restricted cash ..........................................................................................
(477)
Commodity and other derivative contractual assets..................................................
(1,427)
Other current assets..................................................................................................
(662)
Investments...............................................................................................................
(3,575)
Intangibles.................................................................................................................
(552)
Other noncurrent assets............................................................................................
966
Commodity and other derivative contractual liabilities...............................................
1,299
Other current liabilities ..............................................................................................
6,984
Accumulated deferred income taxes .........................................................................
28,465
Long-term debt, less amounts due currently .............................................................
2,650
Other noncurrent liabilities ........................................................................................
7,432
Membership Interests................................................................................................
Goodwill .................................................................................................................... $ 20,488
In accordance with SFAS No. 142, “Goodwill and Other Intangible Assets,” goodwill is not amortized but is
required to undergo impairment tests at least annually or more frequently if facts and circumstances
indicate an impairment may have occurred. If an impairment exists, goodwill is immediately written down
to its fair value through a charge to earnings. Accordingly, goodwill arising from the Merger will be subject
to an impairment test at least annually.
Other amounts included in this pro forma adjustment are based on the removal of previously existing
goodwill on TCEH’s balance sheet of approximately $517 million.
(i) Intangible assets—represents the pro forma adjustment required to recognize certain identifiable
intangible assets of TCEH and its subsidiaries. Intangible assets arise due to certain contractual, legal, or
other economic rights, as well as customer relationships, that are separately identifiable from other
assets. Several of the intangible assets relate to contracts in our power generation or wholesale business
that are not accounted for under mark-to-market accounting since the contracts are not considered
derivatives or have been elected to be treated as normal purchases or normal sales under SFAS No. 133.
Additionally, an intangible asset will be recognized for the value of environmental emission credits
allocated to our power generation fleet by regulatory bodies. The adjustment for emission credits was
determined based on current market information utilizing a discounted cash flow valuation. All of the
valuations of these intangibles are preliminary and could be materially affected by changes in market
prices of fuel, electricity, emission credits, customer revenue streams, and other market factors. The total
amount of all intangible assets recognized in this adjustment is approximately $3,575 million.
The adjustments related to intangible assets will be amortized over the estimated remaining contractual
terms ranging from 4 to 34 years, except for the TXU Energy Trademark, which will not be amortized but
will be subject to periodic impairment tests.
11. TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED BALANCE SHEET—Continued
(j) Other noncurrent assets—represents the pro forma adjustments to eliminate $40 million of deferred
financing costs related to existing debt issuances and to recognize deferred financing costs of $494
million associated with new debt issued related to the Merger.
(k) Long-term debt and short-term borrowings—represents pro forma adjustments for the issuance of new
debt in connection with the Merger Transactions, as well as adjustments for the repayment of existing
debt of TCEH and the Interim Facility Refinancing.
Also included in this adjustment is the effect of the fair valuation of the existing debt of TCEH and its
subsidiaries that remained after the close of the Merger. Those adjustments resulted in an estimated net
discount to debt of approximately $262 million. The final determination of the fair value of the debt will be
based on prevailing market interest rates that were in effect at the time of the completion of the Merger
and the necessary adjustment will be amortized as an increase (in the case of a discount to par value) or
a decrease (in the case of a premium to par value) to interest expense over the remaining life of each
debt issuance.
The total pro forma adjustments related to debt are as follows (in millions):
Expected repayment of current debt ........................................................ $ (1,825)
(2,263)
Expected repayment of long-term debt ....................................................
26,978
New long-term debt in connection with the Merger ..................................
(262)
Discount on existing debt.........................................................................
Total adjustment ............................................................................. $ 22,628
(l) Other current and noncurrent liabilities—represents pro forma adjustments to record various unfavorable
operating contracts related to transactions that contain unfavorable pricing terms. The amounts relate to
power sales agreements, fuel procurement agreements, operating leases and other contracts that are not
currently recognized in the historical financial statements. The aggregate adjustment is approximately
$701 million for these contracts. These adjustments were developed using estimated fair values based on
current market information. The resulting calculations are preliminary and the final determination of the
value of these liabilities will be materially impacted by changes in market prices of fuel, electricity, and
other market factors at their fair value.
(m) Deferred taxes—represents pro forma adjustments to record additional net deferred income tax liabilities
to account for the differences between book and tax basis of net assets acquired arising from the fair
value adjustments. This adjustment was based on an estimated statutory tax rate of approximately 35%,
which could change based on changes in the applicable tax rates and finalization of the combined entity’s
tax position.
(n) Luminant Construction—represents pro forma adjustments to reflect the movement of certain assets and
liabilities from TXU Generation Development Company into TCEH. These assets and liabilities consist of
construction work-in process balances related to the Oak Grove and Sandow 5 projects and natural gas
hedges associated with the long-term hedging program. The adjustment is required for assets contributed
to a subsidiary under common control, resulting in an increase in net assets and equity. The adjustment
approximated a $1,742 million increase to property, plant and equipment and a $366 million increase to
commodity and other derivative contract liabilities.
(o) Membership Interests—represents pro forma adjustments for eliminating the historical membership
interests of TCEH and the estimated fair value of its equity.
12. GLOSSARY
When the following terms and abbreviations appear in the text of these unaudited pro forma condensed
consolidated financial statements, they have the meanings indicated below.
legislation that restructured the electric utility industry in Texas to
1999 Restructuring Legislation
provide for retail competition
TCEH’s Annual Report on Form 10-K for the year ended December
2006 Form 10-K
31, 2006
Adjusted EBITDA means EBITDA adjusted to exclude non-cash
Adjusted EBITDA
items, unusual items and other adjustments allowable under certain
debt arrangements for purposes of covenant compliance under those
debt arrangements. EBITDA means net income adjusted to exclude
the effects of income taxes, interest expense and depreciation and
amortization. Adjusted EBITDA and EBITDA are not recognized
terms under GAAP and, thus, are non-GAAP financial measures.
TCEH is providing Adjusted EBITDA in this document solely
because of the important role that Adjusted EBITDA plays in
respect of the certain covenants contained in the debt arrangements.
TCEH does not intend for Adjusted EBITDA (or EBITDA) 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. Additionally,
TCEH does not intend for Adjusted EBITDA (or EBITDA) to be
used as a measure of free cash flow available for management’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, TCEH’s presentation of Adjusted EBITDA (and
EBITDA) may not be comparable to similarly titled measures of
other companies.
Capgemini Energy LP, a subsidiary of Cap Gemini North America
Capgemini
Inc. that provides business process support services to TCEH
Refers to TCEH’s senior secured cash posting credit facility, which
Commodity Collateral Posting
is expected to fund the cash posting requirements for a significant
Facility
portion of TCEH’s long-term hedging program that is not otherwise
secured by means of a first lien.
Refers to Energy Future Competitive Holdings Company (formerly
EFC Holdings
TXU US Holdings Company), a subsidiary of EFH Corp. and the
parent of TCEH, and/or its consolidated subsidiaries, depending on
context. This document occasionally makes references to EFC
Holdings when describing actions, rights or obligations of its
subsidiaries. These references reflect the fact that the subsidiaries
are consolidated with EFC Holdings for financial reporting
purposes. However, these references should not be interpreted to
imply that EFC Holdings is actually undertaking the action or has
the rights or obligations of the relevant subsidiary company or that
the subsidiary company is undertaking an action or has the rights or
obligations of EFC Holdings or of any other affiliate.
13. Refers to Energy Future Holdings Corp. (formerly TXU Corp.), a
EFH Corp.
holding company, and/or its consolidated subsidiaries, depending
on context. This document occasionally makes references to EFH
Corp. when describing actions, rights or obligations of its
subsidiaries. These references reflect the fact that the subsidiaries
are consolidated with EFH Corp. for financial reporting purposes.
However, these references should not be interpreted to imply that
EFH Corp. is actually undertaking the action or has the rights or
obligations of the relevant subsidiary company or that the
subsidiary company is undertaking an action or has the rights or
obligations of EFH Corp. or of any other affiliate.
US Environmental Protection Agency
EPA
engineering, procurement and construction
EPC
Electric Reliability Council of Texas, the Independent System
ERCOT
Operator and the regional coordinator of various electricity systems
within Texas
Financial Accounting Standards Board, the designated organization
FASB
in the private sector for establishing standards for financial
accounting and reporting
US Federal Energy Regulatory Commission
FERC
Financial Accounting Standards Board Interpretation
FIN
FIN No. 45, “Guarantor’s Accounting and Disclosure Requirements
FIN 45
for Guarantees, Including Indirect Guarantees of Indebtedness of
Others – An Interpretation of FASB Statements No. 5, 57, and 107
and Rescission of FASB Interpretation No. 34”
FIN No. 48, “Accounting for Uncertainty in Income Taxes”
FIN 48
Fitch Ratings, Ltd. (a credit rating agency)
Fitch
FASB Staff Position
FSP
generally accepted accounting principles
GAAP
Gigawatt-hours
GWh
the territory, largely in north Texas, being served by EFH Corp.’s
historical service territory
regulated electric utility subsidiary at the time of entering retail
competition on January 1, 2002
US Internal Revenue Service
IRS
kilowatt-hours
kWh
London Interbank Offered Rate. An interest rate at which banks
LIBOR
can borrow funds, in marketable size, from other banks in the
London interbank market.
Refers to subsidiaries (formerly referred to as TXU DevCo) of
Luminant Construction
TCEH established for the purpose of developing and constructing
new generation facilities. In connection with the Merger, certain of
these subsidiaries that were subsidiaries of EFH Corp. became
subsidiaries of TCEH, and certain assets of EFH Corp. subsidiaries
were transferred to subsidiaries of TCEH.
Luminant Energy Company LLC (formerly TXU Portfolio
Luminant Energy
Management Company LP), a subsidiary of TCEH that engages in
certain wholesale markets activities
14. Refers to wholly-owned subsidiaries of TCEH engaged in
Luminant Entities
competitive market activities consisting of electricity generation,
development and construction of new generation facilities,
wholesale energy sales and purchases as well as commodity risk
management and trading activities, all largely in Texas.
Refers to subsidiaries of TCEH engaged in electricity generation
Luminant Power
activities.
Heat rate is a measure of the efficiency of converting a fuel source
market heat rate
to electricity. The market heat rate is based on the price offer of the
marginal supplier in Texas (generally natural gas plants) in
generating electricity and is calculated by dividing the wholesale
market price of electricity by the market price of natural gas.
The transaction referred to in quot;Merger Agreementquot; immediately
Merger
below that was completed on October 10, 2007.
Agreement and Plan of Merger, dated February 25, 2007, under
Merger Agreement
which Texas Holdings agreed to acquire EFH Corp.
Texas Energy Future Merger Sub Corp, a Texas corporation and a
Merger Sub
wholly-owned subsidiary of Texas Holdings that was merged into
EFH Corp. on October 10, 2007
million British thermal units
MMBtu
Moody’s Investors Services, Inc. (a credit rating agency)
Moody’s
megawatts
MW
megawatt-hours
MWh
US Nuclear Regulatory Commission
NRC
refers to Oncor Electric Delivery Company LLC (formerly TXU
Oncor
Electric Delivery Company), a wholly-owned subsidiary of Oncor
Holdings, and/or its consolidated bankruptcy-remote financing
subsidiary, Oncor Electric Delivery Transition Bond Company
LLC, depending on context
Refers to Oncor Electric Delivery Holdings Company LLC, a
Oncor Holdings
wholly-owned subsidiary of Energy Future Intermediate Holding
Company LLC, which is a wholly-owned subsidiary of EFH Corp.
residential and small business customer electricity rates established
price-to-beat rate
by the PUCT that (i) were required to be charged in a REP’s
historical service territories until the earlier of January 1, 2005 or
the date when 40% of the electricity consumed by such customer
classes was supplied by competing REPs, adjusted periodically for
changes in fuel costs, and (ii) were required to be made available to
those customers until January 1, 2007
Public Utility Commission of Texas
PUCT
Texas Public Utility Regulatory Act
PURA
retail electric provider
REP
Railroad Commission of Texas, which has oversight of lignite
RRC
mining activity
Standard & Poor’s Ratings Services, a division of the McGraw Hill
S&P
Companies Inc. (a credit rating agency)
US Securities and Exchange Commission
SEC
15. Statement of Financial Accounting Standards issued by the FASB
SFAS
SFAS No. 34, “Capitalization of Interest Cost”
SFAS 34
SFAS No. 109, “Accounting for Income Taxes”
SFAS 109
SFAS No. 133, “Accounting for Derivative Instruments and
SFAS 133
Hedging Activities” as amended and interpreted
SFAS No. 140, “Accounting for Transfers and Servicing of
SFAS 140
Financial Assets and Extinguishments of Liabilities, a replacement
of FASB Statement 125”
selling, general and administrative
SG&A
Refers to the short-cut method under SFAS 133 that allows entities
short-cut method
to assume no hedge ineffectiveness in a hedging relationship of
interest rate risk if certain conditions are met.
Collectively, the investment funds affiliated with Kohlberg Kravis
Sponsor Group
Roberts & Co. L.P., TPG Capital, L.P. and Goldman Sachs & Co.
Refers to Texas Competitive Electric Holdings Company LLC
TCEH
(formerly TXU Energy Company LLC), a direct subsidiary of EFC
Holdings and an indirect subsidiary of EFH Corp., and/or its
consolidated subsidiaries, depending on context, engaged in
electricity generation, wholesale and retail energy markets and
development and construction activities. This document
occasionally makes references to TCEH when describing actions,
rights or obligations of its subsidiaries. These references reflect the
fact that the subsidiaries are consolidated with TCEH for financial
reporting purposes. However, these references should not be
interpreted to imply that TCEH is actually undertaking the action or
has the rights or obligations of the relevant subsidiary company or
that the subsidiary company is undertaking an action or has the
rights or obligations of TCEH or of any other affiliate.
Refers to TCEH Finance, Inc., a wholly-owned subsidiary of
TCEH Finance
TCEH, formed for the sole purpose of serving as co-issuer with
TCEH of certain debt securities.
Refers to TCEH’s senior secured letter of credit facility in an
TCEH Letter of Credit Facility
aggregate principal amount of up to $1.25 billion.
Texas Commission on Environmental Quality
TCEQ
Refers to Texas Energy Future Holdings Limited Partnership, a
Texas Holdings
Delaware limited partnership controlled by the Sponsor Group that
is the parent of EFH Corp.
Refers to TXU Energy Retail Company LLC (formerly TXU
TXU Energy
Energy Retail Company LP), a subsidiary of TCEH engaged in the
retail sale of power to residential and business customers.
Refers to TXU Generation Development Company LLC, a direct,
TXU Generation Development
wholly-owned subsidiary of EFH Corp. established for the purpose
of developing new generation facilities. This subsidiary did not
become a subsidiary of TCEH in connection with the Merger.
United States of America
US