EX-99 4 exhibit99-2.txt EXHIBIT 99.2 EXHIBIT 99.2 Page 1 [Exelon logo] Income Statement ------------------------------------ ---------- ---------- ($ millions) 2002 2001 Revenues 14,955 14,918 Revenue Net Fuel 9,693 9,828 EBIT 3,679 3,503 Net Income 1,440 1,428 Avg. Shares (millions) 325 322 EPS ($) 4.44 4.43 One-Time Adjustments 0.39 0.06 EPS from Operations ($) 4.83 4.49 ------------------------------------ ---------- ---------- Page 2 [Exelon logo] Cash Flow ------------------------------------------------- ---------- ---------- ($ millions) 2002 2001 Cash from Operations 3,614 3,615 Capital Expenditures (2,150) (2,088) Acquisitions (445) (30) Proceeds - Nuclear Decomm. Trust 1,612 1,624 Investment - Nuclear Decomm. Trust (1,824) (1,863) Other 269 (35) ----------------------------------------------------------------------- Cash Used in Investing (2,538) (2,392) ----------------------------------------------------------------------- Issuance of Long-Term Debt 1,223 2,270 Retirement of Long-Term Debt (2,134) (1,860) Change in Short-Term Debt 321 (1,013) Common Dividends Paid (563) (583) Other 61 (78) ----------------------------------------------------------------------- Cash Used in Financing (1,092) (1,264) ----------------------------------------------------------------------- Change in Cash and Cash Equiv. (16) (41) Cash and Cash Equiv. - Beginning 485 526 Cash and Cash Equiv. - Ending 469 485 ------------------------------------------------- ---------- ---------- Page 3 [Exelon logo] Balance Sheet ------------------------------------------- ----------------- ---------------- ($ millions) 2002 2001 Total Long-Term Debt 13,127 12,879 Notes Payable 681 360 Notes Payable - Related Party 534 - Long-Term Debt Due within 1 Year 1,402 1,406 Total Debt 15,744 14,645 Transition Bonds Included in Total Debt 6,296 6,962 Preferred Securities of Subs. 595 613 Total Shareholders' Equity 7,742 8,102 Total Capital 24,081 23,360 ROE 18.2% 18.6% Total Debt/Total Capital 65% 63% Total Debt/Total Cap. ex Trans. Bonds 53% 47% ------------------------------------------- ----------------- ---------------- Page 4 [Exelon logo] Overview of Generation Assets and Investments Our generation assets and investments at 1/1/03 consist of the following: Type of Capacity Capacity (MW) Owned Generation Assets (1) Nuclear ...................................................... 14,547 Fossil ....................................................... 8,210 Hydro ........................................................ 1,584 ------ 24,341 Long-Term Contracts ............................................. 13,900 AmerGen (2) ..................................................... 1,241 Sithe (2) ....................................................... 659 ------ Available Resources ............................................. 40,141 Under Construction or in Advanced Development (1) ............... 2,536 ------ Total Resources .................................... 42,677 ------ (1)Based on Generation's ownership, includes Exelon New England plants. (2)Based on Generation's ownership. Page 5 [Exelon logo] The Exelon Way Exelon will continue to find ways to "Live Up To Our Commitments" while "Performing at World-Class Levels" o Process Improvement o Capital and Operating Efficiencies o Revenue Enhancements o Cost Control that will position us to "Invest In Our Consolidating Industry." Page 6 [Exelon logo] The Exelon Way Definition -> As Is Analysis -> To Be Design -> Implement -> Track Results An Exelon approach to create value and improve competitive position: o Pursue change at all levels across Exelon o Changes will be deeper and longer term than recent successes in Cost Management Initiative o Will involve participation for all levels Goal: $300 to $600 million annually in cash beginning 2004