Energy Future Intermediate Holding CO LLC - FORM 10-Q - EX-99.3 - ENERGY FUTURE HOLDINGS CORP. CONSOLIDATED ADJUSTED EBITDA - October 27, 2011

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EXCEL - IDEA: XBRL DOCUMENT - Energy Future Intermediate Holding CO LLCFinancial_Report.xls
10-Q - FORM 10-Q - Energy Future Intermediate Holding CO LLCd234147d10q.htm
EX-99.2 - ENERGY FUTURE INTERMEDIATE HOLDING COMPANY LLC CONSOLIDATED ADJUSTED EBITDA - Energy Future Intermediate Holding CO LLCd234147dex992.htm
EX-32.2 - CERTIFICATION OF PAUL M. KEGLEVIC PURSUANT TO SECTION 906 - Energy Future Intermediate Holding CO LLCd234147dex322.htm
EX-31.2 - CERTIFICATION OF PAUL M. KEGLEVIC PURSUANT TO SECTION 302 - Energy Future Intermediate Holding CO LLCd234147dex312.htm
EX-32.1 - CERTIFICATION OF JOHN F. YOUNG PURSUANT TO SECTION 906 - Energy Future Intermediate Holding CO LLCd234147dex321.htm
EX-99.1 - CONDENSED STATEMENT OF CONSOLIDATED INCOME - Energy Future Intermediate Holding CO LLCd234147dex991.htm
EX-31.1 - CERTIFICATION OF JOHN F. YOUNG PURSUANT TO SECTION 302 - Energy Future Intermediate Holding CO LLCd234147dex311.htm

Exhibit 99(c)

Energy Future Holdings Corp. Consolidated

Adjusted EBITDA Reconciliation

 

    Nine Months
Ended
September 30,
2011		     Nine Months
Ended
September 30,
2010		     Twelve Months
Ended
September 30,
2011		     Twelve Months
Ended
September 30,
2010		  
    (millions of dollars)  

Net loss attributable to EFH Corp.

   $ (1,776 )    $ (2,973 )    $ (1,615 )    $ (2,836 ) 

Income tax expense (benefit)

     (1,042 )      336        (989 )      449   

Interest expense and related charges

     3,467        3,092        3,929        3,868   

Depreciation and amortization

     1,119        1,043        1,483        1,511   
 

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA

   $ 1,768      $ 1,498      $ 2,808      $ 2,992   

Oncor EBITDA

     —          —          —          (311 ) 

Oncor Holdings distributions

     64        141        91        239   

Interest income

     (2 )      (9 )      (3 )      (24 ) 

Amortization of nuclear fuel

     104        102        142        130   

Purchase accounting adjustments (a)

     182        159        233        241   

Impairment of goodwill

     —          4,100        —          4,100   

Impairment of assets and inventory write down (b)

     429        3        441        40   

Net gain on debt exchange offers

     (25 )      (1,166 )      (673 )      (1,253 ) 

Net income attributable to noncontrolling interests

     —          —          —          9   

Equity in earnings of unconsolidated subsidiary

     (235 )      (240 )      (272 )      (240 ) 

EBITDA amount attributable to consolidated unrestricted subsidiaries

     —          —          —          1   

Unrealized net (gain) loss resulting from hedging transactions

     247        (1,615 )      641        (2,127 ) 

Amortization of “day one” net loss on Sandow 5 power purchase agreement

     —          (19 )      (2 )      (22 ) 

Losses on sale of receivables

     —          —          —          3   

Noncash compensation expenses (c)

     8        13        13        15   

Severance expense

     54        3        54        4   

Transition and business optimization costs (d)

     30        (2 )      36        1   

Transaction and merger expenses (e)

     27        37        38        53   

Restructuring and other (f)

     74        (1 )      (41 )      (4 ) 

Expenses incurred to upgrade or expand a generation station (g)

     100        100        100        100   
 

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA per Incurrence Covenant

   $ 2,825      $ 3,104      $ 3,606      $ 3,947   

Add Oncor Adjusted EBITDA (reduced by Oncor Holdings

distributions)

     1,206        1,053        1,508        1,248   
 

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA per Restricted Payments Covenant

   $ 4,031      $ 4,157      $ 5,114      $ 5,195   
 

 

 

    

 

 

    

 

 

    

 

 

  

 

 

 

(a)

Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental credits, coal purchase contracts, nuclear fuel contracts and power purchase agreements and the stepped up value of nuclear fuel. Also include certain credits and gains on asset sales not recognized in net income due to purchase accounting.

(b)

Impairment of assets includes impairments of emission allowances and certain assets relating to mining operations due to EPA rule, impairment of land and charges relating to cancelled development of coal-fueled generation facilities.

(c)

Noncash compensation expenses represent amounts recorded under stock-based compensation accounting standards and exclude capitalized amounts.

(d)

Transition and business optimization costs include certain incentive compensation expenses, system development professional fees related to major generation operations and retail billing/customer care computer applications and costs relating to certain growth initiatives.

(e)

Transaction and merger expenses include costs related to the Merger and abandoned strategic transactions, the Sponsor Group management fee, outsourcing transition costs and costs related to certain growth initiatives.

(f)

Restructuring and other includes net third-party fees paid in connection with the amendment and extension of the TCEH Senior Secured Facilities, gains on termination of a long-term power sales contract and settlement of amounts due from a hedging/trading counterparty, and reversal of certain liabilities accrued in purchase accounting.

(g)

Expenses incurred to upgrade or expand a generation station reflect noncapital outage costs.

Energy Future Intermediate Holding CO LLC Reports