EX-99 4 exhibit99-2.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] 2003 EPS Guidance: $4.80-$5.00 [This slide is a waterfall chart entitled "Expected EPS Drivers" starts with "2002 Actual" EPS of $4.44, adds a net EPS gain of $0.39 from "AT&T Wireless Sale/SFAS 142/Severance", and illustrates that Exelon expects the following drivers to add or subtract from EPS, as indicated, to reach $4.94-$4.99: $4.44 (2002 Actual) + $0.39 (AT&T Wireless Sale/SFAS 142/Severance) - $0.08 (Weather) + $0.25 (Midwest Gen) + $0.11 (Fewer Nuclear Refueling Outages) - $0.07 (FAS 143) - $0.20 (Exelon New England / Sithe Energies) - $0.24 (Pension/Other Post-Retirement Benefit Costs) + $0.16 (Enterprises Breakeven) + $0.13 (Interest Savings) + $0.05-$0.10 (Delivery Sales Growth) = $4.94-$4.99. On the right side of the chart, the chart identifies additional "Risks and Opportunities" that Exelon expects may affect EPS as follows:] Cost Management Initiative Carryover + Higher Market Prices + Economic/Political Environment - The Exelon Way +