EX-99 4 ex99-2.txt EXHIBIT 99.2 EXHIBIT 99.2 Page 1 [Exelon logo] Income Statement ---------------------------------------------------------- ($ millions except per share data) 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 - Diluted (millions) 325 322 EPS - Diluted ($) 4.44 4.43 One-Time Adjustments 0.39 0.06 EPS from Operations ($) 4.83 4.49 ---------------------------------------------------------- Page 2 [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 6,237 6,880 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 3 [Exelon logo] Cash Flow ----------------------------------------------------------------------------- ($ millions) 2002 2001 ------------ ---- ---- Net Cash Flows 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) ----------------------------------------------------------------------------- Net Cash Flows 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) ----------------------------------------------------------------------------- Net Cash Flows 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 4 [Exelon logo] Cash Flow - 2003 Forecast -------------------------------------------------------------------------------- ($ millions) 2003 Estimate* ------------ -------------- Net Income** 1,600 Pension Contribution (350) Non-cash adjustments, Working Cap. changes, Decomm., etc. 2,050 -------------------------------------------------------------------------------- Net Cash Flows from Operations 3,300 -------------------------------------------------------------------------------- Cap Ex including Nuclear Fuel ComEd (720) PECO (270) Genco (960) Enterprises (30) Corporate and Other (30) -------------------------------------------------------------------------------- Net Cash Flows Used in Investing Activities (2,010) -------------------------------------------------------------------------------- Transition Bond Payments (580) Common Dividends (600) Net Cash Flows Used in Financing Activities (1,180) -------------------------------------------------------------------------------- Increase in Cash 110 -------------------------------------------------------------------------------- *Excludes impact of potential asset transactions **Excludes cumulative effect of change in accounting principle (FAS 143). Page 5 [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 6 [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 7 Stock Statistics
----------------------------------------------------------------------------------------------------------------------------------| | Market Price Data | Earnings Per Share | ----------------------------------------------------------------------------------------------------------------------------------| | Close 52-Week Mo. Chg. YTD Chg. | 2003E 2003/2002 2004E 2004/2003| Company | 1/31/03 High Low % % | $ Chg. (%) $ Chg. (%) | ----------------------------------------------------------------------------------------------------------------------------------| Exelon | 50.93 | 56.99 | 37.85 | -3.5 | -3.5 | 4.90 | 1.4 | 5.12 | 4.5 | Entergy | 44.45 | 48.38 | 32.12 | -2.5 | -2.5 | 3.85 | 1.0 | 4.09 | 6.2 | FirstEnergy | 31.20 | 39.12 | 24.85 | -5.4 | -5.4 | 3.26 | 15.6 | 3.56 | 9.2 | FPL Group | 58.39 | 65.31 | 45.00 | -2.9 | -2.9 | 4.87 | 1.5 | 5.10 | 4.7 | Progress Energy | 40.41 | 52.70 | 32.84 | -6.9 | -6.9 | 3.70 | -2.9 | 3.87 | 4.6 | Southern Co. | 28.17 | 31.14 | 23.22 | -0.8 | -0.8 | 1.84 | -1.1 | 1.94 | 5.4 | Peer Average | | | | -3.6 | -3.6 | 3.74 | 2.6 | 3.95 | 5.8 | | | | | | | | | | | Allegheny Energy* | 8.40 | 43.86 | 2.95 | 11.1 | 11.1 | 1.32 | 7.3 | 1.52 | 15.2 | American Elec Pwr | 23.62 | 48.80 | 15.10 | -13.6 | -13.6 | 2.40 | -17.0 | 2.46 | 2.5 | Cinergy | 31.70 | 37.19 | 25.40 | -6.0 | -6.0 | 2.62 | -2.2 | 2.75 | 5.0 | Dominion Resources | 54.19 | 67.06 | 35.40 | -1.3 | -1.3 | 4.72 | -2.3 | 4.97 | 5.3 | DTE Energy | 41.92 | 49.50 | 33.05 | -9.7 | -9.7 | 3.98 | 3.9 | 4.13 | 3.8 | Duke Energy | 17.03 | 39.60 | 15.77 | -12.9 | -12.9 | 1.43 | -23.9 | 1.47 | 2.8 | PPL Resources | 35.00 | 39.95 | 26.00 | 0.9 | 0.9 | 3.61 | 2.0 | 3.77 | 4.4 | PS Enterprise Group | 35.28 | 47.25 | 20.00 | 9.9 | 9.9 | 3.76 | 0.0 | 3.82 | 1.6 | TXU | 18.35 | 57.05 | 10.10 | -1.8 | -1.8 | 2.02 | -16.5 | 2.08 | 3.0 | Xcel Energy | 11.02 | 26.71 | 5.12 | 0.2 | 0.2 | 1.27 | -11.2 | 1.24 | -2.4 | Elec. Avg. (16 companies)| | | | -2.8 | -2.8 | 3.10 | -2.8 | 3.24 | 4.7 | | | | | | | | | | | S&P Electrics | 113.12 | 154.04 | 91.21 | -3.7 | -3.7 | NA | NA | NA | NA | Philadelphia Util. Avg. | 246.93 | 352.63 | 202.82 | -4.2 | -4.2 | NA | NA | NA | NA | S&P 500 | 855.70 | 1173.84 | 768.58 | -2.7 | -2.7 | 44.13 | 13.6 | 49.98 | 13.3 | ----------------------------------------------------------------------------------------------------------------------------------|
---------------------------------------------------------------------------------------| | P/E Dividend | ---------------------------------------------------------------------------------------| | 2003E 2004E Rate Yield Payout | Company | X X $ % % | ---------------------------------------------------------------------------------------| Exelon | 10.4 | 9.9 | 1.84 | 3.6 | 37.6 | Entergy | 11.5 | 10.9 | 1.40 | 3.1 | 36.4 | FirstEnergy | 9.6 | 8.8 | 1.50 | 4.8 | 46.0 | FPL Group | 12.0 | 11.4 | 2.32 | 4.0 | 47.6 | Progress Energy | 10.9 | 10.4 | 2.24 | 5.5 | 60.5 | Southern Co. | 15.3 | 14.5 | 1.37 | 4.9 | 74.5 | Peer Average | 11.6 | 11.0 | 1.78 | 4.3 | 50.4 | | | | | | | Allegheny Energy* | 6.4 | 5.5 | 0.00 | 0.0 | 0.0 | American Elec Pwr | 9.8 | 9.6 | 2.40 | 10.2 | 100.0 | Cinergy | 12.1 | 11.5 | 1.84 | 5.8 | 70.2 | Dominion Resources | 11.5 | 10.9 | 2.58 | 4.8 | 54.7 | DTE Energy | 10.5 | 10.2 | 2.06 | 4.9 | 51.8 | Duke Energy | 11.9 | 11.6 | 1.10 | 6.5 | 76.9 | PPL Resources | 9.7 | 9.3 | 1.44 | 4.1 | 39.9 | PS Enterprise Group | 9.4 | 9.2 | 2.16 | 6.1 | 57.4 | TXU | 9.1 | 8.8 | 0.50 | 2.7 | 24.8 | Xcel Energy | 8.7 | 8.9 | 0.75 | 6.8 | 59.1 | Elec. Avg. (16 companies) | 10.5 | 10.1 | 1.59 | 4.9 | 52.3 | | | | | | | S&P Electrics | NA | NA | NA | NA | NA | Philadelphia Util. Avg. | NA | NA | NA | NA | NA | S&P 500 | 19.4 | 17.1 | 16.06 | 1.9 | 36.4 | ---------------------------------------------------------------------------------------|
*Allegheny Energy's 2003/2002 EPS change based on 2002 consensus estimate. (Source: Thomson Financial) [This page includes a bar graph entitled "2003 P/Es Relative to S&P 500". The vertical axis is marked to start from 0.0 at the bottom and to increase by 0.2 per demarcation to 1.0 at the top; the horizontal axis is marked with the names of the companies listed in the following table; and the data for each company is displayed using bars:] 31-Dec 31-Jan EXC 0.60 0.54 ETR 0.66 0.60 FE 0.56 0.49 FPL 0.68 0.62 PGN 0.63 0.56 SO 0.86 0.79 Peer Avg 0.66 0.60 AYE 0.24 0.33 AEP 0.53 0.51 CIN 0.70 0.62 D 0.64 0.59 DTE 0.64 0.54 DUK 0.59 0.61 PPL 0.53 0.50 PEG 0.47 0.48 TXU 0.50 0.47 XEL 0.45 0.45 Elec Avg 0.58 0.55