Energy Future Intermediate Holding CO LLC - FORM 10-Q - EX-99.(C) - ADJUSTED EBITDA RECONCILIATION ENERGY FUTURE HOLDINGS CORP. - April 30, 2012

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - Energy Future Intermediate Holding CO LLCFinancial_Report.xls
10-Q - FORM 10-Q - Energy Future Intermediate Holding CO LLCefih-3312012x10q.htm
EX-99.(B) - ADJUSTED EBITDA RECONCILIATION ENERGY FUTURE INTERMEDIATE HOLDING COMPANY LLC - Energy Future Intermediate Holding CO LLCefih-2012331xexhibit99b.htm
EX-31.(A) - CERTIFICATION OF JOHN YOUNG - Energy Future Intermediate Holding CO LLCefih-2012331xexhibit31a.htm
EX-32.(B) - CERTIFICATION OF PAUL M. KEGLEVIC - Energy Future Intermediate Holding CO LLCefih-2012331xexhibit32b.htm
EX-99.(A) - TWELVE MONTHS ENDED MARCH 31, 2012 STATEMENT OF INCOME - Energy Future Intermediate Holding CO LLCefih-2012331xexhibit99a.htm
EX-32.(A) - CERTIFICATION OF JOHN YOUNG - Energy Future Intermediate Holding CO LLCefih-2012331xexhibit32a.htm
EX-31.(B) - CERTIFICATION OF PAUL M. KEGLEVIC - Energy Future Intermediate Holding CO LLCefih-2012331xexhibit31b.htm


Exhibit 99(c)

Energy Future Holdings Corp. Consolidated
Adjusted EBITDA Reconciliation
(millions of dollars)

 
Three Months Ended
March 31, 2012
 
Three Months Ended
March 31, 2011
 
Twelve Months Ended
March 31, 2012
 
Twelve Months Ended
March 31, 2011
Net loss
$
(304
)
 
$
(362
)
 
$
(1,855
)
 
$
(3,529
)
Income tax benefit
(180
)
 
(215
)
 
(1,099
)
 
(29
)
Interest expense and related charges
785

 
643

 
4,436

 
3,243

Depreciation and amortization
337

 
369

 
1,467

 
1,434

EBITDA
$
638

 
$
435

 
$
2,949

 
$
1,119

Oncor distributions/dividends
36

 
16

 
136

 
155

Interest income
(2
)
 
(2
)
 
(2
)
 
(2
)
Amortization of nuclear fuel
42

 
37

 
147

 
139

Purchase accounting adjustments (a)
21

 
50

 
175

 
204

Impairment of goodwill
—

 
—

 
—

 
4,100

Impairment and write-down of other assets (b)
1

 
—

 
434

 
15

Debt extinguishment gains
—

 
—

 
(51
)
 
(1,800
)
Equity in earnings of unconsolidated subsidiary
(57
)
 
(50
)
 
(293
)
 
(264
)
Unrealized net (gain) loss resulting from hedging and trading transactions
152

 
316

 
(222
)
 
89

EBITDA amount attributable to consolidated unrestricted subsidiaries
—

 
—

 
—

 
1

Amortization of "day one" net loss on Sandow 5 power purchase agreement
—

 
—

 
—

 
(16
)
Noncash compensation expense (c)
4

 
—

 
17

 
9

Severance expense
1

 
3

 
5

 
3

Transition and business optimization costs (d)
9

 
5

 
43

 
9

Transaction and merger expenses (e)
10

 
9

 
38

 
43

Restructuring and other (f)
(1
)
 
(25
)
 
97

 
(132
)
Expenses incurred to upgrade or expand a generation station (g)
26

 
36

 
100

 
100

Adjusted EBITDA per Incurrence Covenant
$
880

 
$
830

 
$
3,573

 
$
3,772

Add Oncor Adjusted EBITDA (reduced by Oncor Holdings distributions)
350

 
336

 
1,537

 
1,358

Adjusted EBITDA per Restricted Payments Covenant
$
1,230

 
$
1,166

 
$
5,110

 
$
5,130

___________
(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. Twelve months ended 2012 includes $46 million related to an asset sale.
(b)
Impairment of assets in the twelve months ended 2012 includes impairment of emission allowances and certain mining assets due to EPA rule issued in July 2011.
(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, as well as professional fees and other costs related to generation plant reliability and supply chain efficiency initiatives.
(e)
Transaction and merger expenses primarily represent Sponsor Group management fees.
(f)
Restructuring and other includes gains on termination of a long-term power sales contract and settlement of amounts due from hedging/trading counterparty, fees related to the April 2011 amendment and extension of the TCEH Senior Secured Facilities, 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