 |
| Return on Average Invested Capital (ROIC) |
2004 |
2003 |
| Operational earnings |
887 |
544 |
| Preference stock dividends |
22 |
22 |
| After-tax interest expense and related charges |
434 |
486 |
|
 |
| Total return (on operational earnings) |
1,343 |
1,052 |
|
|
| Average total capitalization |
16,019 |
18,831 |
|
|
ROIC - based on operational earnings (%)
|
8.4 |
5.6 |
| After-tax interest expense and related charges net of interest income: |
| Interest expense |
695 |
784 |
| Interest income |
(28) |
(36) |
|
|
| Net |
667 |
748 |
| Tax at 35% |
233 |
262 |
|
|
| Net of tax |
434 |
486 |
|
|
|
| Interest and Debt Coverage Ratios |
2004 |
2003 |
| Income from continuing operations before taxes and extraordinary items
|
123 |
818 |
| Interest expense and related charges |
695 |
784 |
| Interest income |
(28) |
(36) |
| Depreciation and amortization |
760 |
724 |
| Special items |
1,190 |
|
|
|
| EBITDA |
2,740 |
2,290 |
|
|
| Interest expense and related charges |
695 |
784 |
| Amortization of discount and reacquired debt expense |
(27) |
(31) |
| Capitalized interest |
12 |
12 |
|
|
| Cash interest expense |
680 |
765 |
|
|
| Total Debt
|
12,889 |
12,591 |
| Transition bonds |
(1,258) |
(500) |
| Debt-related restricted cash |
|
(525) |
|
|
| Total debt less transition bonds and debt-related restricted cash |
11,631 |
11,566 |
|
|
| EBITDA/interest (ratio)
|
4.0 |
3.0 |
| Debt/EBITDA (ratio)
|
4.2 |
5.1 |
|
| Normalized Operating and Free Cash Flow |
2004 |
2003 |
| Reported cash provided by operating activities
|
1,758 |
2,413 |
| Special items |
284 |
|
| 2003 tax refund |
|
(601) |
| 2002 collections in 2003 |
|
(337) |
| Counterparty settlement |
|
102 |
| Storm reserves |
51 |
|
| Sale of receivables |
73 |
(100) |
|
|
| Normalized operating cash flow
|
2,166 |
1,477 |
| Capital expenditures |
(912) |
(721) |
| Nuclear fuel |
(87) |
(44) |
|
|
| Normalized free cash flow |
1,167 |
712 |
|
|
|
| Total Debt to Enterprise Value |
2004 |
2003 |
| Debt |
| Notes payable |
210 |
|
| Long-term debt due currently |
229 |
678 |
| Long-term debt held by subsidiary trusts |
|
546 |
| Other long-term debt less amounts due currently |
12,412 |
10,608 |
| Transition bonds |
(1,258) |
(500) |
| Preferred securities of subsidiaries |
38 |
759 |
|
|
| Total debt less transition bonds |
11,631 |
12,091 |
|
|
| Preference stock |
300 |
300 |
|
|
| Market capitalization |
| Shares outstanding |
240 |
324 |
| Price per share of common stock |
64.56 |
23.72 |
|
|
| Total market capitalization |
15,494 |
7,685 |
| Cash and restricted cash |
(202) |
(1,423) |
|
|
| Enterprise value |
27,223 |
18,653 |
|
|
| Debt/enterprise value (%) |
42.7 |
64.8 |
