Energy Future Intermediate Holding CO LLC - FORM 10-Q - EX-99.(C) - EFH CONSOLIDATED ADJUSTED EBITDA RECONCILIATION - July 28, 2011

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EXCEL - IDEA: XBRL DOCUMENT - Energy Future Intermediate Holding CO LLCFinancial_Report.xls
EX-31.(B) - 302 CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CFO - Energy Future Intermediate Holding CO LLCdex31b.htm
EX-32.(B) - 906 CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CFO - Energy Future Intermediate Holding CO LLCdex32b.htm
EX-31.(A) - 302 CERTIFICATION OF CHAIR, PRESIDENT AND CHIEF EXECUTIVE - Energy Future Intermediate Holding CO LLCdex31a.htm
EX-99.(B) - EFIH CONSOLIDATED ADJUSTED EBITDA RECONCILIATION - Energy Future Intermediate Holding CO LLCdex99b.htm
EX-32.(A) - 906 CERTIFICATION OF CHAIR, PRESIDENT AND CHIEF EXECUTIVE - Energy Future Intermediate Holding CO LLCdex32a.htm
EX-99.(A) - CONDENSED STATEMENT OF CONSOLIDATED INCOME - Energy Future Intermediate Holding CO LLCdex99a.htm
10-Q - FORM 10-Q - Energy Future Intermediate Holding CO LLCd10q.htm

Exhibit 99(c)

Energy Future Holdings Corp. Consolidated

Adjusted EBITDA Reconciliation

 

     Six Months
Ended
June 30, 2011		     Six Months
Ended
June 30, 2010		     Twelve Months
Ended
June 30, 2011		     Twelve Months
Ended
June 30, 2010		  
     (millions of dollars)  

Net loss attributable to EFH Corp.

    $ (1,066 )    $ (71 )    $ (3,807 )    $ (14 ) 

Income tax expense (benefit)

      (599 )      (35 )      (175 )      47   

Interest expense and related charges

      1,945        2,074        3,425        3,890   

Depreciation and amortization

      740        692        1,455        1,616   
                                   

EBITDA

    $ 1,020      $ 2,660      $ 898      $ 5,539   

Oncor EBITDA

      —          —          —          (718 ) 

Oncor Holdings distributions

      32        87        114        227   

Interest income

      (2 )      (9 )      (3 )      (42 ) 

Amortization of nuclear fuel

      69        64        145        111   

Purchase accounting adjustments (a)

      138        114        234        280   

Impairment of goodwill

      —          —          4,100        —     

Impairment of assets and inventory write down (b)

      1        2        14        42   

Net gain on debt exchange offers

      (25 )      (143 )      (1,696 )      (230 ) 

Net income attributable to noncontrolling interests

      —          —          (1 )      36   

Equity in earnings of unconsolidated subsidiary

      (122 )      (122 )      (276 )      (122 ) 

EBITDA amount attributable to consolidated unrestricted subsidiaries

      —          —          —          1   

Unrealized net (gain) loss resulting from hedging transactions

      385        (848 )      13        (1,364 ) 

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

      —          (11 )      (11 )      (20 ) 

Losses on sale of receivables

      —          —          —          5   

Noncash compensation expenses (c)

      3        13        8        12   

Severance expense

      5        3        5        5   

Transition and business optimization costs (d)

      14        —          18        3   

Transaction and merger expenses (e)

      18        24        41        63   

Restructuring and other (f)

      73        —          (42 )      (25 ) 

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

      100        100        100        100   
                                   

Adjusted EBITDA per Incurrence Covenant

    $ 1,709      $ 1,934      $ 3,661      $ 3,903   

Add Oncor Adjusted EBITDA (reduced by Oncor Holdings distributions)

      723        632        1,446        1,213   
                                   

Adjusted EBITDA per Restricted Payments Covenant

    $ 2,432      $ 2,566      $ 5,107      $ 5,116   
                                   

 

(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 land and charges related to the 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 incentive compensation expenses and professional fees primarily for retail billing and customer care systems enhancements.

(e)

Transaction and merger expenses include costs related to the Merger and abandoned strategic transactions, the Sponsor Group management fee, outsourcing transition costs, administrative costs related to the cancelled program to develop coal-fueled generation facilities 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