EX-99 15 ex_j.txt EXHIBIT J Exhibit J Southern Energy, Inc. Mobile Energy Services Company Income Statement Current Period: Dec. 99 Currency: USD Company-(Mobile Energy Services Holding, Inc. Consolidated)
Current Period --------------------------------------------------------------------------------------------------------------------------- Actual Budget Variance Variance % --------------------------------------------------------------------------------------------------------------------------- Demand Charges 4,934,927 5,503,107 -568,180 -10% Variable Charges 3,270,491 3,121,788 148,703 5% Compressed Air -30,450 60,000 -90,450 -151% Ash Disposal Revenue 69,674 57,000 12,674 22% Power Sales (SCEM) 0 0 0 n/m --------------------------------------------------------------------------------------------------------------------------- Total Revenue 8,244,642 8,741,895 -497,253 -6% --------------------------------------------------------------------------------------------------------------------------- Purchased Gas 1,706,537 1,677,267 -29,270 -2% Purchased Coal 591,053 645,182 54,129 8% Purchased Biomass 0 369,619 369,619 100% --------------------------------------------------------------------------------------------------------------------------- Total Fuel Expenses 2,297,590 2,692,068 394,478 15% --------------------------------------------------------------------------------------------------------------------------- Salaries & Wages 1,125,299 547,706 -577,593 -105% Fringe Benefits 323,281 274,965 -48,316 -18% Travel 9,913 12,600 2,687 21% Maintenance 99,289 292,375 193,086 66% Chemicals 90,377 100,505 10,128 10% Water and Effluent -15,049 81,500 96,549 118% Hauling Ash 69,674 57,000 -12,674 -22% Environmental & Permitting 2,634 10,450 7,816 75% Tools, Supplies, & Equip Rental 34,498 42,500 8,002 19% Other Operating Expenses 9,299 1,400 -7,899 -564% Shared Services 33,480 24,789 -8,691 -35% Insurance 65,609 90,000 24,391 27% Taxes other than Income 45,625 50,000 4,375 9% General & Administrative 845,396 145,750 -699,646 -480% SEI 139,296 111,000 -28,296 -25% SCS 102,192 21,400 -80,792 -378% --------------------------------------------------------------------------------------------------------------------------- Total O&M Expenses 2,980,813 1,863,940 -1,116,873 -60% --------------------------------------------------------------------------------------------------------------------------- Equity in MESC LLS Earnings 0 0 0 0 Depreciation & Amortization 1,142,908 1,055,419 -87,489 -8% Interest Expense 175,023 2,395,186 2,220,163 93% Interest Income -62,468 -12,270 50,198 -409% Impairment Loss 0 0 0 N/M Minority Interest 0 0 0 N/M --------------------------------------------------------------------------------------------------------------------------- Income (Loss) Before Tax 1,709,775 744,550 965,225 130% Income Tax Exp (Benefit) 776,725 284,789 -491,936 -173% --------------------------------------------------------------------------------------------------------------------------- Net Income (Loss) 933,050 459,761 473,289 103% ---------------------------------------------------------------------------------------------------------------------------
Southern Energy, Inc. Mobile Energy Services Company Income Statement Current Period: Dec. 99 Currency: USD Company-(Mobile Energy Services Holding, Inc. Consolidated) Year to Date --------------------------------------------------------------------------------------------------------------------------- Actual Budget Variance Variance % Annual Budget --------------------------------------------------------------------------------------------------------------------------- Demand Charges 59,385,611 60,461,642 -1,076,031 -2% 60,461,642 Variable Charges 30,778,110 28,483,367 2,294,743 8% 28,483,367 Compressed Air 447,623 720,000 -272,377 -38% 720,000 Ash Disposal Revenue 654,873 702,000 -47,127 -7% 702,000 Power Sales (SCEM) 1,496,814 0 1,496,814 N/M 0 --------------------------------------------------------------------------------------------------------------------------- Total Revenue 92,763,031 90,367,009 2,396,022 3% 90,367,009 --------------------------------------------------------------------------------------------------------------------------- Purchased Gas 11,459,111 8,713,579 -2,745,532 -32% 8,713,579 Purchased Coal 4,518,157 5,005,463 487,306 10% 5,005,463 Purchased Biomass 0 1,275,653 1,275,653 100% 1,275,653 --------------------------------------------------------------------------------------------------------------------------- Total Fuel Expenses 15,977,268 14,994,695 -982,573 -7% 14,994,695 --------------------------------------------------------------------------------------------------------------------------- Salaries & Wages 8,745,207 8,134,652 -610,555 -8% 8,134,652 Fringe Benefits 2,982,859 3,444,272 461,413 13% 3,444,272 Travel 219,985 203,700 -16,285 -8% 203,700 Maintenance 6,914,831 9,245,572 2,330,741 25% 9,245,572 Chemicals 1,238,108 1,500,053 261,945 17% 1,500,053 Water and Effluent 556,180 918,000 361,820 39% 918,000 Hauling Ash 652,946 702,000 49,054 7% 702,000 Environmental & Permitting 201,676 216,000 14,324 7% 216,000 Tools, Supplies, & Equip Rental 292,663 380,100 87,437 23% 380,100 Other Operating Expenses 62,697 17,000 -45,697 -269% 17,000 Shared Services 251,277 297,468 46,191 16% 297,468 Insurance 942,867 1,084,000 141,133 13% 1,084,000 Taxes other than Income 547,971 600,000 52,029 9% 600,000 General & Administrative 9,312,810 2,160,100 -7,152,710 -331% 2,160,100 SEI 1,382,884 1,293,000 -89,884 -7% 1,293,000 SCS 915,776 256,800 -658,976 -257% 256,800 --------------------------------------------------------------------------------------------------------------------------- Total O&M Expenses 35,220,737 30,452,717 -4,768,020 -16% 30,452,717 --------------------------------------------------------------------------------------------------------------------------- Equity in MESC LLS Earnings 0 0 0 Depreciation & Amortization 12,974,528 12,591,317 -383,211 -3% 12,591,317 Interest Expense 3,200,164 28,875,574 25,675,410 89% 28,875,574 Interest Income -653,494 -121,473 532,021 -438% -121,473 Impairment Loss 95,541,494 0 -95,541,494 N/M 0 Minority Interest 242,541 0 -242,541 N/M 0 --------------------------------------------------------------------------------------------------------------------------- Income (Loss) Before Tax -69,740,296 3,574,180 -73,314,476 -2051% 3,574,180 Income Tax Exp (Benefit) -26,552,963 1,367,119 27,920,083 2042% 1,367,119 --------------------------------------------------------------------------------------------------------------------------- Net Income (Loss) -43,187,333 2,207,061 -45,394,393 -2057% 2,207,061 ---------------------------------------------------------------------------------------------------------------------------
Southern Energy, Inc. Mobile Energy Services Income Statement 100% Current Period: DEC-98 Currency: USD No specific company requested Current Period ............. ............ .............. .............. Actual Budget Variance Variance % ............. ............ .............. .............. Revenues Demand Charges 4,747,907 4,656,873 91,034 2% Variable Charges 2,409,885 2,616,181 -206,296 -8% Compressed Air Sales 27,485 83,500 -56,015 -67% Ash Disposal Revenue 65,625 57,000 8,625 15% ............. ............ .............. .......... Total Revenues 7,250,902 7,413,554 -162,652 -2% ............. ............ .............. .......... Fuel Expense: 0 Purchased Gas 638,357 586,919 -51,438 -9% Purchased Coal 370,392 395,038 24,646 6% ............. ............ .............. .......... Total Fuel Expenses 1,008,749 981,957 -26,792 -3% ............. ............ .............. .......... O&M Expense Salaries & Wages 1,194,372 686,974 -507,398 -74% Fringe Benefits & Payroll Taxes 140,228 293,806 153,578 52% Travel, Meals & Relocation 24,854 12,600 -12,254 -97% Maintenance 323,875 347,800 23,925 7% Chemicals 109,511 96,000 13,511 14% Water & Efficient -195,916 61,500 257,416 419% Hauling Ash 65,625 57,000 -8,625 -15% Asbestos Removal 0 0 0 n/m Environmental & Permitting 8,123 6,250 -1,873 -30% Tools, Supplies & Equipment Rental 13,368 36,600 23,232 63% Other Operating Expenses 6,669 7,000 331 5% Shared Services 23,866 24,789 923 4% Insurance 84,931 90,000 5,069 6% Taxes Other Than Income Taxes 45,625 50,000 4,375 9% General & Administrative 1,342,375 102,550 -1,239,825 -1209% SBI 138,322 80,000 -58,322 -73% SCS 13,181 10,000 -3,181 -32% ............. ............ .............. .......... Total O&M Expenses 3,339,009 1,962,869 -1,376,140 -70% ............. ............ .............. .......... Depreciation & Amortization 1,053,108 1,052,451 -657 0% Interest Expense - Long Term Debt 2,372,925 2,435,308 62,383 3% Interst Income -138,043 -55,000 83,043 -151% Other 325 0 -325 n/m Minority Interest -3,960 0 3,960 n/m ............. ............ .............. .......... Income Before Income Tax -381,214 1,035,969 -1,417,183 -137% Income Tax -145,258 396,258 541,516 137% ............. ............ .............. .......... Book Net Income -235,956 639,711 -875,667 -137% ............. ............ .............. .......... Financial Highlight Lag 10,945 0 -10,945 ***** Financial Highlight Tax -3,831 0 3,831 ***** ............. ............ .............. .......... Financial Highlight Net -243,070 639,711 -882,781 -138% ............. ............ .............. ..........
Southern Energy, Inc. Mobile Energy Services Income Statement 100% Current Period: DEC-98 Currency: USD No specific company requested Year to Date ................ ............. .............. ............................. Actual Budget Variance Variance % Annual Budget ................ ............. .............. ............................. Revenues Demand Charges 57,271,789 57,457,310 -185,521 0% 57,457,310 Variable Charges 25,807,625 26,203,699 -396,074 -2% 26,203,699 Compressed Air Sales 669,486 720,000 -50,514 -7% 720,000 Ash Disposal Revenue 657,443 702,000 -44,557 -6% 702,000 ............. ............. .............. ............ .............. Total Revenues 84,406,342 85,083,009 -676,667 -1% 85,083,009 ............. ............. .............. ............ .............. Fuel Expense: Purchased Gas 4,150,532 4,561,655 411,123 9% 4,561,655 Purchased Coal 3,417,353 3,999,702 582,349 15% 3,999,702 ............. ............. .............. ............ .............. Total Fuel Expenses 7,567,985 8,561,357 993,372 12% 8,561,357 ............. ............. .............. ............ .............. O&M Expense Salaries & Wages 8,809,471 8,305,507 -503,964 -6% 8,305,507 Fringe Benefits & Payroll Taxes 2,595,293 3,599,188 1,003,895 28% 3,599,188 Travel, Meals & Relocation 166,793 203,700 36,907 18% 203,700 Maintenance 6,485,577 7,851,000 239,190 3% 7,851,000 Chemicals 1,303,110 1,542,300 239,190 16% 1,542,300 Water & Efficient 387,749 838,000 450,251 54% 838,000 Hauling Ash 657,443 702,000 44,557 6% 702,000 Asbestos Removal 0 0 0 N/M 0 Environmental & Permitting 175,933 202,000 26,067 13% 202,000 Tools, Supplies & Equipment Rental 352,137 287,600 -64,537 -22% 287,600 Other Operating Expenses 39,554 84,000 44,446 53% 84,000 Shared Services 286,415 297,468 11,053 4% 297,468 Insurance 1,001,382 1,084,000 82,618 8% 1,084,000 Taxes Other Than Income Taxes 548,197 600,000 51,803 9% 600,000 General & Administrative 4,827,251 1,260,700 -3,566,551 -283% 1,260,700 SBI 1,160,949 913,000 -247,949 -27% 913,000 SCS 186,245 120,000 -66,245 -55% 120,000 ............. ............. .............. ............ .............. Total O&M Expenses 28,983,499 27,890,463 -1,093,036 -4% 27,890,463 ............. ............. .............. ............ .............. Depreciation & Amortization 12,394,054 12,522,553 128,499 1% 12,522,553 Interest Expense - Long Term Debt 29,140,100 29,429,205 289,105 1% 29,429,205 Interst Income -950,946 -660,000 290,946 -44% -660,000 Other 328 0 -328 N/M 0 Minority Interest 71,576 0 -71,576 0 ............. ............. .............. ............ .............. Income Before Income Tax 7,199,747 7,339,430 -139,683 -2% 7,339,430 Income Tax 2,754,460 2,807,334 52,874 2% 2,807,334 ............. ............. .............. .............. Book Net Income 4,445,287 4,532,096 -86,809 -2% 4,532,096 ............. ............. .............. .............. Financial Highlight Lag -75,295 0 75,295 ***** 0 Financial Highlight Tax 26,353 0 -26,353 ***** 0 ............. ............. .............. ............ .............. Financial Highlight Net 4,494,228 4,532,096 -37,868 -1% 4,532,096 ............. ............. .............. ............ ..............
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 1/31/00 2/29/00 -------------------------------- Operating Revenues Budgeted Demand Charges 5,057,878 $5,288,712 Budgeted Processing Charges 2,886,563 $2,439,327 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $60,000 $60,000 Budgeted Ash Diposal Revenue $44,000 $57,000 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ----------------------------- Net Revenue Variance 2,099,588) $3,357,481 MESC Cash from Operations 5,948,853 $11,202,520 Monthly Normal Operating Cash Requirements (4) 6,550,353) ($4,946,899) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations 2,701,088) $9,613,102 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $71,287 $71,287 Interest on MESC Cash Balance to MESC Account $62,397 $45,740 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements 2,567,404) $9,730,128 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts 2,567,404 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations 2,567,404 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow $0 ($1,000,000) Actual or Forecast of Allocated Development Cost ($8,105) ($4,154) Contingency Reserve Balance - ($47,494) Project Collateral Requirements $0 $0 Total Monthly Cogenerations Project Cash Requirements ($8,105) ($1,051,648) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $0 $0 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $8,105 $1,051,648 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $8,105 $1,051,648 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC ($109,729) ($1,050,648) Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $11,299,383 $8,614,145 Cash Currently Available in Bondholder Account (1) $9,800,000 $9,800,000 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $0 $8,105
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 3/31/00 4/30/00 ----------------------------------- Operating Revenues Budgeted Demand Charges $1,463,386 $1,463,386 Budgeted Processing Charges $2,749,907 $2,552,720 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $66,967 $63,161 Budgeted Ash Diposal Revenue $55,000 $55,000 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ----------------------------------- Net Revenue Variance $3,775,713 ($452,235) MESC Cash from Operations $8,110,973 $3,682,032 Monthly Normal Operating Cash Requirements (4) ($4,168,524) ($5,071,528) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $3,942,449 ($1,389,496) Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $71,287 $71,287 Interest on MESC Cash Balance to MESC Account $95,412 $72,165 Interest on KC Settlement Payment to MESC Account $0 $0 ------------------------------------ Monthly Cash Available to Meet MESC Operating Cash Requirements $4,109,148 ($1,246,045) Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $1,246,045 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $1,246,045 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow $0 ($37,200) Actual or Forecast of Allocated Development Cost ($32,931) ($40,359) Contingency Reserve Balance ($47,494) ($47,494) Project Collateral Requirements $0 ($4,000,000) Total Monthly Cogenerations Project Cash Requirements ($80,424) ($4,125,053) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $47,494 $47,494 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $32,931 $4,077,559 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $80,424 $4,125,053 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC $4,004,268 ($4,077,559) Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 $0 SEI Project Contributions $0 $0 $0 Cogeneration Development Financing Account $0 $0 $0 Cash Balance in MESC Accounts $11,299,383 $24,038,737 $14,637,574 Cash Currently Available in Bondholder Account (1) $9,800,000 $9,800,000 $9,800,000 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $0 $80,424 $4,125,053
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 5/31/00 6/30/00 --------------------------------------- Operating Revenues Budgeted Demand Charges $1,463,384 $1,463,385 Budgeted Processing Charges $2,608,756 $2,532,202 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $44,109 $20,148 Budgeted Ash Diposal Revenue $56,597 $54,413 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 --------------------------------------- Net Revenue Variance $406,949 $192,519 MESC Cash from Operations $4,579,795 $4,262,667 Monthly Normal Operating Cash Requirements (4) ($4,886,523) ($5,008,896) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations ($306,728) ($746,229) Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $71,287 $71,287 Interest on MESC Cash Balance to MESC Account $52,892 $71,135 Interest on KC Settlement Payment to MESC Account $266,162 $153,821 --------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $83,613 ($449,987) Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $449,987 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $449,987 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($3,750) ($3,750) Actual or Forecast of Allocated Development Cost ($288,838) ($271,550) Contingency Reserve Balance ($47,494) ($47,494) Project Collateral Requirements ($4,500,000) ($5,000,000) Total Monthly Cogenerations Project Cash Requirements ($4,840,081) ($5,322,793) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $4,047,494 $4,547,494 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $792,588 $775,300 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $4,840,081 $5,322,793 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC ($792,588) ($786,432) Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $13,052,399 $11,040,681 Cash Currently Available in Bondholder Account (1) $9,800,000 $9,800,000 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $4,840,081 $5,322,793
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 7/31/00 8/31/00 ------------------------------------------ Operating Revenues Budgeted Demand Charges $1,077,413 $1,077,413 Budgeted Processing Charges $2,960,193 $2,980,979 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $60,667 $62,051 Budgeted Ash Diposal Revenue $55,000 $55,000 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $50,000 $50,000 ------------------------------------------ Net Revenue Variance MESC Cash from Operations $4,203,273 $4,225,443 Monthly Normal Operating Cash Requirements (4) ($4,730,130) ($5,372,551) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations ($526,857) ($1,147,108) Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $71,287 $45,122 Interest on MESC Cash Balance to MESC Account $53,179 $46,375 Interest on KC Settlement Payment to MESC Account $152,750 $152,750 ---------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements ($249,641) ($902,861) Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $249,641 $902,861 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $249,641 $902,861 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($7,500) ($142,500) Actual or Forecast of Allocated Development Cost ($155,569) ($115,521) Contingency Reserve Balance ($47,494) ($54,750) Project Collateral Requirements ($6,000,000) ($7,000,000) Total Monthly Cogenerations Project Cash Requirements ($6,210,563) ($7,312,771) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $5,047,494 $6,047,494 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $1,163,069 $1,265,278 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $6,210,563 $7,312,771 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $5,000,000 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $5,000,000 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) ($432,143) ($432,143 MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $9,627,971 $7,459,832 Cash Currently Available in Bondholder Account (1) $9,367,857 $13,935,714 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $6,210,563 $7,312,771
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 9/30/00 10/31/00 ---------------------------------------- Operating Revenues Budgeted Demand Charges $1,077,413 $1,077,413 Budgeted Processing Charges $2,914,455 $3,096,907 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $65,181 $67,682 Budgeted Ash Diposal Revenue $55,000 $55,000 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $15,000 $0 ------------------------------------ Net Revenue Variance MESC Cash from Operations $4,127,049 $4,297,002 Monthly Normal Operating Cash Requirements (4) ($5,882,314) ($7,285,898) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations ($1,755,265) ($2,988,896) Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $67,124 $63,983 Interest on MESC Cash Balance to MESC Account $35,932 $23,192 Interest on KC Settlement Payment to MESC Account $152,750 $152,750 ---------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements ($1,499,460) ($2,748,972) Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $1,499,460 $2,748,972 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $1,499,460 $2,748,972 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($58,064) ($66,507) Actual or Forecast of Allocated Development Cost ($84,845) ($102,489) Contingency Reserve Balance ($57,311) ($60,256) Project Collateral Requirements ($8,000,000) ($9,114,550) Total Monthly Cogenerations Project Cash Requirements ($8,200,220) ($9,343,803) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $23,212 Roll-Over of Prior-Month Collateral & Contingency $7,054,750 $8,057,311 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $1,263,280 Cash from MESC Account $1,145,470 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $8,200,220 $9,343,803 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $2,119,094 $0 Maintenance Guaranty Funds Made Available By Southern $2,700,000 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $4,819,094 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) ($432,143) ($432,143) MESC Contribution to Pulp Mill Preservation ($110,000) ($110,000) Reserve for Reliability Penalty Paid to KCTC ($110,000) Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $4,819,094 $3,555,814 Cash Balance in MESC Accounts $4,814,902 $2,065,930 Cash Currently Available in Bondholder Account (1) $13,283,571 $12,741,428 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $8,200,220 $9,343,803
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 11/30/00 12/31/00 ------------------------------------- Operating Revenues Budgeted Demand Charges $1,077,413 $1,077,413 Budgeted Processing Charges $3,007,523 $3,282,006 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $67,682 $67,134 Budgeted Ash Diposal Revenue $55,000 $55,000 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 -------------------------------------- Net Revenue Variance MESC Cash from Operations $4,207,618 $4,481,553 Monthly Normal Operating Cash Requirements (4) ($6,383,063) ($6,307,874) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations ($2,175,445) ($1,826,322) Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $61,371 $58,760 Interest on MESC Cash Balance to MESC Account $9,951 $552 Interest on KC Settlement Payment to MESC Account $152,750 $152,750 ------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements ($1,951,373) ($1,614,260) Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $1,951,373 $114,557 Cash from Bondholder Account $0 $1,499,702 Total of Other Available Funds Committed to Operations $1,951,373 $1,614,260 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($783,105) ($458,235) Actual or Forecast of Allocated Development Cost ($53,361) ($51,846) Contingency Reserve Balance ($100,122) ($123,440) Project Collateral Requirements ($10,329,550) ($10,329,550) Total Monthly Cogenerations Project Cash Requirements ($11,266,138) ($10,963,072) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $17,127 $7,136 Roll-Over of Prior-Month Collateral & Contingency $9,174,806 $10,429,672 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $2,074,205 $526,263 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $11,266,138 $10,963,072 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) ($432,143) ($432,143) MESC Contribution to Pulp Mill Preservation ($110,000) ($110,000) Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $1,481,609 $955,346 Cash Balance in MESC Accounts $114,557 $0 Cash Currently Available in Bondholder Account (1) $12,199,285 $10,157,440 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $11,266,138 $10,963,072
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 1/31/01 2/28/01 ---------------------------------------- Operating Revenues Budgeted Demand Charges $894,685 $894,685 Budgeted Processing Charges $3,200,350 $2,901,860 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $67,585 $65,753 Budgeted Ash Diposal Revenue $56,100 $56,100 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ---------------------------------------- Net Revenue Variance MESC Cash from Operations $4,218,720 $3,918,398 Monthly Normal Operating Cash Requirements (4) ($3,982,665) ($3,459,307) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $236,054 $459,092 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $48,925 $43,130 Interest on MESC Cash Balance to MESC Account $0 $1,137 Interest on KC Settlement Payment to MESC Account $534,625 $0 -------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $819,604 $503,359 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($1,239,239.39) ($1,277,091) Actual or Forecast of Allocated Development Cost ($36,180) ($36,553) Contingency Reserve Balance ($168,859) ($216,204) Project Collateral Requirements ($10,329,550) ($10,329,550) Total Monthly Cogenerations Project Cash Requirements ($11,773,828) ($11,859,398) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $4,602 $0 Roll-Over of Prior-Month Collateral & Contingency $10,452,990 $10,498,409 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $955,346 $0 Cash from MESC Account $0 $236,054 Cash from (to) Bondholder Account $360,890 $1,124,935 Total of Other Available Funds Committed to Cogen Project $11,773,828 $11,859,398 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) ($732,143) ($432,143) MESC Contribution to Pulp Mill Preservation ($110,000) ($110,000) Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $236,054 $459,092 Cash Currently Available in Bondholder Account (1) $8,954,407 $7,829,472 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $11,773,828 $11,859,398
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 3/31/01 4/30/01 ---------------------------------------- Operating Revenues Budgeted Demand Charges $1,087,219 $1,087,219 Budgeted Processing Charges $3,058,853 $2,873,865 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $68,306 $64,424 Budgeted Ash Diposal Revenue $56,100 $56,100 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ---------------------------------------- Net Revenue Variance MESC Cash from Operations $4,270,479 $4,081,608 Monthly Normal Operating Cash Requirements (4) ($3,754,564) ($4,444,737) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $515,914 ($363,128) Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $37,712 $31,356 Interest on MESC Cash Balance to MESC Account $2,211 $2,485 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $555,837 ($329,288) Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $329,288 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $329,288 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($1,678,128) ($38,583,604 Actual or Forecast of Allocated Development Cost ($32,865) ($34,356 Contingency Reserve Balance ($283,971) ($797,364 Project Collateral Requirements ($10,329,550) ($1,215,000 Total Monthly Cogenerations Project Cash Requirements ($12,324,514) ($40,630,325 Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $179,758 Roll-Over of Prior-Month Collateral & Contingency $10,545,754 $10,613,521 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $29,837,046 Cash from MESC Account $459,092 $0 Cash from (to) Bondholder Account $1,319,669 $0 Total of Other Available Funds Committed to Cogen Project $12,324,514 $40,630,325 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $57,706,432 $ Financing Cost Reserve ($8,062,000) $ KC Settlement Payment $0 $ Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $ Cash Paid-Out to Bondholders $0 $ MESH Funds Made Available by Southern $0 $ Maintenance Guaranty Funds Made Available By Southern $0 $ Initial Funding of LTSA and Operational C/T Spare Parts $0 $ Total of Other Sources of Cash $49,644,432 $ Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) ($732,143) ($432,14 MESC Contribution to Pulp Mill Preservation ($110,000) ($110,00 Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $ SEI Project Contributions $0 $ Cogeneration Development Financing Account $37,319,918 $7,482,87 Cash Balance in MESC Accounts $515,914 $186,62 Cash Currently Available in Bondholder Account (1) $6,509,803 $6,509,80 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing) $12,324,514 $0
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 5/31/01 6/30/01 -------------------------------------------- Operating Revenues Budgeted Demand Charges $1,087,219 $1,098,961 Budgeted Processing Charges $3,042,541 $2,905,592 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $60,959 $65,450 Budgeted Ash Diposal Revenue $56,100 $56,100 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $216,300 ----------------------------------------- Net Revenue Variance MESC Cash from Operations $4,246,819 $4,342,404 Monthly Normal Operating Cash Requirements (4) ($3,752,372) ($3,672,749) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $494,447 $669,655 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $31,356 $31,356 Interest on MESC Cash Balance to MESC Account $899 $3,281 Interest on KC Settlement Payment to MESC Account $0 $0 --------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $526,702 $704,291 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($2,202,804) ($2,453,616) Actual or Forecast of Allocated Development Cost ($28,066) ($23,044) Contingency Reserve Balance ($891,846) ($999,100) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($4,337,716) ($4,690,760) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $36,042 $10,373 Roll-Over of Prior-Month Collateral & Contingency $2,012,364 $2,106,846 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $2,289,309 $2,153,563 Cash from MESC Account $0 $419,978 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $4,337,716 $4,690,760 Funding Shortfall None None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $30,800,000 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts ($3,040,000) $0 Total of Other Sources of Cash ($3,040,000) $30,800,000 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims ($5,032,396) Unpaid Trade Claims (Estimated) (9) $2,982,396 Unpaid Professional Fees (Hold-Back) (Estimated) $425,000 Unpaid Professional Fees (Current Month) (Estimated) $425,000 Contingent Professional Fees $1,200,000 Unclassified: Allowed Priority Tax Claims $0 Class 1: Allowed Priority Claims $0 Class 2: Allowed Working Capital Claims $0 Class 3: Southern Post-Petition Claims (8) ($4,900,000) Post-Petition O&M Claims (Estimated) $0 Turbine Option Fee $2,900,000 Reserve for Severance Costs $2,000,000 Unpaid Cogneration Development Costs (Estimated) $0 Class 4: Allowed First Mortgage Bondholder Claims $0 Class 5: Allowed Tax-Exempt Bondholder Claims $0 Class 6: Allowed Other Secured Claims $0 Class 7: Allowed Unsecured Claims (Estimated) ($431,286) Class 8: Allowed Southern Pre-Petition Claims $0 Class 9: Mobile Energy Equity Interest $0 Class 10: Holding Equity Claims $0 Bondholder Professional Fees--Paid from Bondholder Account (6) ($432,143) ($832,143) MESC Contribution to Pulp Mill Preservation ($110,000) ($110,000) Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $2,153,563 $30,800,000 Cash Balance in MESC Accounts $681,074 $930,750 Cash Currently Available in Bondholder Account (1) $6,509,803 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 7/31/01 8/31/01 ---------------------------------------- Operating Revenues Budgeted Demand Charges $1,098,961 $1,098,961 Budgeted Processing Charges $3,019,397 $3,040,599 Budgeted Pulp Mill Revenues (5) $0 $0 Budgeted Compressed Air Charges $61,880 $63,292 Budgeted Ash Diposal Revenue $56,100 $56,100 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $270,375 $270,375 ---------------------------------------- Net Revenue Variance MESC Cash from Operations $4,506,714 $4,529,327 Monthly Normal Operating Cash Requirements (4) ($3,362,271) ($3,362,271) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $1,144,442 $1,167,055 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $4,483 $9,996 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $1,177,282 $1,205,407 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($2,715,368) ($4,001,138) Actual or Forecast of Allocated Development Cost ($32,484) ($34,714) Contingency Reserve Balance ($2,410,469) ($2,599,960) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($6,373,322) ($7,850,812) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $148,353 $129,034 Roll-Over of Prior-Month Collateral & Contingency $2,214,100 $3,625,469 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $4,010,868 $4,096,308 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $6,373,322 $7,850,812 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $26,789,132 $22,692,823 Cash Balance in MESC Accounts $2,075,192 $3,242,248 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 9/30/01 10/31/01 ------------------------------------------- Operating Revenues Budgeted Demand Charges $1,098,961 $1,098,961 Budgeted Processing Charges $2,972,744 $3,158,846 Budgeted Pulp Mill Revenues (5) $0 $978,528 Budgeted Compressed Air Charges $66,485 $69,036 Budgeted Ash Diposal Revenue $56,100 $56,100 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $216,300 $0 -------------------------------------- Net Revenue Variance MESC Cash from Operations $4,410,590 $5,361,471 Monthly Normal Operating Cash Requirements (4) ($3,557,135) ($3,671,955) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $853,455 $1,689,515 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $15,617 $19,728 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $897,429 $1,737,599 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($2,994,061) ($5,338,767) Actual or Forecast of Allocated Development Cost ($34,499) ($37,324) Contingency Reserve Balance ($2,734,738) ($2,996,453) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($6,978,298) ($9,587,544) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $109,304 $94,594 Roll-Over of Prior-Month Collateral & Contingency $3,814,960 $3,949,738 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $3,054,034 $5,543,212 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $6,978,298 $9,587,544 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Opening Projected Balance of Other Available Fund Accounts Balance SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $19,638,789 $14,095,577 Cash Balance in MESC Accounts $4,095,703 $5,785,218 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 11/30/01 12/31/01 ------------------------------------- Operating Revenues Budgeted Demand Charges $1,098,961 $1,098,961 Budgeted Processing Charges $3,067,674 $3,347,646 Budgeted Pulp Mill Revenues (5) $978,528 $978,528 Budgeted Compressed Air Charges $69,036 $68,477 Budgeted Ash Diposal Revenue $56,100 $56,100 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ------------------------------------- Net Revenue Variance MESC Cash from Operations $5,270,299 $5,549,712 Monthly Normal Operating Cash Requirements (4) ($3,417,670) ($3,781,590) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $1,852,629 $1,768,122 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $27,865 $36,789 Interest on KC Settlement Payment to MESC Account $0 $0 ------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $1,908,851 $1,833,268 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($2,734,958) ($2,366,896) Actual or Forecast of Allocated Development Cost ($33,674) ($35,139) Contingency Reserve Balance ($3,118,034) ($3,220,871) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($7,101,666) ($6,837,906) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $67,894 $54,300 Roll-Over of Prior-Month Collateral & Contingency $4,211,453 $4,333,034 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $2,822,320 $2,450,572 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $7,101,666 $6,837,906 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $11,273,258 $8,822,686 Cash Balance in MESC Accounts $7,637,847 $9,405,970 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 1/31/02 2/28/02 ---------------------------------------- Operating Revenues Budgeted Demand Charges $939,833 $939,833 Budgeted Processing Charges $3,361,849 $3,048,297 Budgeted Pulp Mill Revenues (5) $978,528 $978,528 Budgeted Compressed Air Charges $68,937 $67,068 Budgeted Ash Diposal Revenue $57,222 $57,222 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ---------------------------------------- Net Revenue Variance MESC Cash from Operations $5,406,370 $5,090,949 Monthly Normal Operating Cash Requirements (4) ($2,748,844) ($4,080,631) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $2,657,525 $1,010,318 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $45,305 $58,106 Interest on KC Settlement Payment to MESC Account $0 $0 ------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $2,731,187 $1,096,780 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($2,381,302) ($1,805,980) Actual or Forecast of Allocated Development Cost ($75,919) ($19,625) Contingency Reserve Balance ($3,324,444) ($3,398,718) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($6,996,665) ($6,439,323) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $42,496 $30,366 Roll-Over of Prior-Month Collateral & Contingency $4,435,871 $4,539,444 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $2,518,298 $1,869,513 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $6,996,665 $6,439,323 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $6,304,388 $4,434,875 Cash Balance in MESC Accounts $12,063,495 $13,073,813 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 3/31/02 4/30/02 -------------------------------------- Operating Revenues Budgeted Demand Charges $1,142,083 $1,142,083 Budgeted Processing Charges $3,213,212 $3,018,889 Budgeted Pulp Mill Revenues (5) $978,528 $978,528 Budgeted Compressed Air Charges $69,672 $65,713 Budgeted Ash Diposal Revenue $57,222 $57,222 Budgeted Grid Revenue (CT) $0 $0 Budgeted Grid Revenue (Existing Plant) $0 $0 ------------------------------------- Net Revenue Variance MESC Cash from Operations $5,460,718 $5,262,435 Monthly Normal Operating Cash Requirements (4) ($3,932,754) ($4,471,790) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 $0 Net Operating Cash Available From (Required For) Operations $1,527,964 $790,645 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $62,972 $70,332 Interest on KC Settlement Payment to MESC Account $0 $0 --------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $1,619,293 $889,333 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($1,777,850) ($1,320,387) Actual or Forecast of Allocated Development Cost ($24,660) ($29,598) Contingency Reserve Balance ($3,471,561) ($3,521,110) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($6,489,072) ($6,086,095) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $21,361 $12,431 Roll-Over of Prior-Month Collateral & Contingency $4,613,718 $4,686,561 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $1,853,992 $1,387,102 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $6,489,072 $6,086,095 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $2,580,883 $1,193,781 Cash Balance in MESC Accounts $14,601,777 $14,392,422 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 5/31/02 6/30/02 ------------------------------------------ Operating Revenues Budgeted Demand Charges $1,142,083 $1,154,418 Budgeted Processing Charges $3,196,076 $3,052,217 Budgeted Pulp Mill Revenues (5) $978,528 $978,528 Budgeted Compressed Air Charges $62,178 $66,759 Budgeted Ash Diposal Revenue $57,222 $57,222 Budgeted Grid Revenue (CT) $0 $2,179,179 Budgeted Grid Revenue (Existing Plant) $0 $222,789 ------------------------------------------ Net Revenue Variance MESC Cash from Operations $5,436,089 $7,711,112 Monthly Normal Operating Cash Requirements (4) ($3,306,778) ($4,378,258) Monthly C/T Non-Fuel Operating Cash Requirements (7) $0 ($385,857) Net Operating Cash Available From (Required For) Operations $2,129,311 $2,946,997 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $74,140 $84,140 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $2,231,807 $3,059,494 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($1,179,224) ($710,990) Actual or Forecast of Allocated Development Cost ($31,137) ($32,694) Contingency Reserve Balance ($3,563,471) ($3,581,988) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($5,988,832) ($5,540,671) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $5,750 $0 Roll-Over of Prior-Month Collateral & Contingency $4,736,110 $4,778,471 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $1,193,781 $0 Cash from MESC Account $53,191 $762,200 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $5,988,832 $5,540,671 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $17,468,541 $19,653,339 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 7/31/02 8/31/02 ----------------------------------------- Operating Revenues Budgeted Demand Charges $1,154,418 $1,154,418 Budgeted Processing Charges $3,171,765 $3,194,036 Budgeted Pulp Mill Revenues (5) $978,528 $978,528 Budgeted Compressed Air Charges $63,118 $64,558 Budgeted Ash Diposal Revenue $57,222 $57,222 Budgeted Grid Revenue (CT) $3,631,964 $3,631,964 Budgeted Grid Revenue (Existing Plant) $278,486 $278,486 ----------------------------------------- Net Revenue Variance MESC Cash from Operations $9,335,502 $9,359,213 Monthly Normal Operating Cash Requirements (4) ($4,241,189) ($4,241,189) Monthly C/T Non-Fuel Operating Cash Requirements (7) ($385,857) ($385,857) Net Operating Cash Available From (Required For) Operations $4,708,455 $4,732,167 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $94,664 $115,362 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $4,831,475 $4,875,885 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($347,981) ($3,382,072) Actual or Forecast of Allocated Development Cost ($45,434) ($32,188) Contingency Reserve Balance ($3,599,692) ($3,771,913) Project Collateral Requirements ($1,215,000) ($1,215,000) Total Monthly Cogenerations Project Cash Requirements ($5,208,107) ($8,401,173) Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $4,796,988 $4,814,692 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $411,119 $3,586,480 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $5,208,107 $8,401,173 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $23,950,675 $25,096,361 Cash Currently Available in Bondholder Account (1) $5,887,134 $5,887,134 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 9/30/02 10/31/02 -------------------------------------------- Operating Revenues Budgeted Demand Charges $1,154,418 $1,154,418 Budgeted Processing Charges $3,122,758 $3,318,250 Budgeted Pulp Mill Revenues (5) $978,528 $1,007,884 Budgeted Compressed Air Charges $67,814 $70,416 Budgeted Ash Diposal Revenue $57,222 $57,222 Budgeted Grid Revenue (CT) $2,179,179 $1,452,786 Budgeted Grid Revenue (Existing Plant) $222,789 $0 -------------------------------------------- Net Revenue Variance MESC Cash from Operations $7,782,708 $7,060,977 Monthly Normal Operating Cash Requirements (4) ($3,485,488) ($5,232,509) Monthly C/T Non-Fuel Operating Cash Requirements (7) ($385,857) ($385,857) Net Operating Cash Available From (Required For) Operations $3,911,363 $1,442,610 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $28,356 $28,356 Interest on MESC Cash Balance to MESC Account $120,881 $128,178 Interest on KC Settlement Payment to MESC Account $0 $0 -------------------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requiremen $4,060,600 $1,599,145 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow ($57,786) $0 Actual or Forecast of Allocated Development Cost ($2,335,603) $0 Contingency Reserve Balance ($3,774,840) $0 Project Collateral Requirements ($1,215,000) $0 Total Monthly Cogenerations Project Cash Requirements ($7,383,229) $0 Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $4,986,913 $4,989,840 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $2,396,316 $0 Cash from (to) Bondholder Account $0 ($4,989,840) Total of Other Available Funds Committed to Cogen Project $7,383,229 $0 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $26,611,408 $28,054,019 Cash Currently Available in Bondholder Account (1) $5,887,134 $14,651,814 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation
Mobile Energy Services Sources and Uses of Cash Month Ending Month Ending 11/30/02 12/31/02 ---------------------------------- Operating Revenues Budgeted Demand Charges $1,154,418 $1,154,418 Budgeted Processing Charges $3,222,478 $3,516,578 Budgeted Pulp Mill Revenues (5) $1,007,884 $1,007,884 Budgeted Compressed Air Charges $70,416 $69,846 Budgeted Ash Diposal Revenue $57,222 $57,222 Budgeted Grid Revenue (CT) $726,393 $726,393 Budgeted Grid Revenue (Existing Plant) $0 $0 ----------------------------------- Net Revenue Variance MESC Cash from Operations $6,238,811 $6,532,341 Monthly Normal Operating Cash Requirements (4) ($6,022,649) ($5,964,944) Monthly C/T Non-Fuel Operating Cash Requirements (7) ($385,857) ($385,857) Net Operating Cash Available From (Required For) Operations ($169,695) $181,540 Interest Revenue (projections assume LIBOR=5.78% APR) Interest on Bondholder Cash Balance to Bondholder Account $70,573 $70,573 Interest on MESC Cash Balance to MESC Account $135,127 $135,127 Interest on KC Settlement Payment to MESC Account $0 $0 ----------------------------------- Monthly Cash Available to Meet MESC Operating Cash Requirements $36,005 $387,240 Excess Cash Provided to Fund Operating Shortfalls Cash from MESC Accounts $0 $0 Cash from Bondholder Account $0 $0 Total of Other Available Funds Committed to Operations $0 $0 Funding Shortfall None None Monthly Cogeneration Project Cash Requirements Construction/Procurement Cash Flow $0 $0 Actual or Forecast of Allocated Development Cost $0 $0 Contingency Reserve Balance $0 $0 Project Collateral Requirements $0 $0 Total Monthly Cogenerations Project Cash Requirements $0 $0 Cash Provided to Cogneration Development Project Interest on Cogen Development Account Balance to Development Account $0 $0 Roll-Over of Prior-Month Collateral & Contingency $0 $0 Other MESC Funds $0 $0 SEI Project Advances $0 $0 Cogeneration Development Financing Account $0 $0 Cash from MESC Account $0 $0 Cash from (to) Bondholder Account $0 $0 Total of Other Available Funds Committed to Cogen Project $0 $0 Funding Shortfall None None Other (Uses) Sources of Cash Cogeneration Project Debt (Debtor-In-Possession Financing/Long-Term Financing) $0 $0 Financing Cost Reserve $0 $0 KC Settlement Payment $0 $0 Change in Treatment of Cash Reserved by Bondholders for Professional Fees (3) $0 $0 Cash Paid-Out to Bondholders $0 $0 MESH Funds Made Available by Southern $0 $0 Maintenance Guaranty Funds Made Available By Southern $0 $0 Initial Funding of LTSA and Operational C/T Spare Parts $0 $0 Total of Other Sources of Cash $0 $0 Other Net Monthly Cash Disbursements--To (From) MESC Cash Paid Out at POR Confirmation Unclassified: Allowed Admin. Claims Unpaid Trade Claims (Estimated) (9) Unpaid Professional Fees (Hold-Back) (Estimated) Unpaid Professional Fees (Current Month) (Estimated) Contingent Professional Fees Unclassified: Allowed Priority Tax Claims Class 1: Allowed Priority Claims Class 2: Allowed Working Capital Claims Class 3: Southern Post-Petition Claims (8) Post-Petition O&M Claims (Estimated) Turbine Option Fee Reserve for Severance Costs Unpaid Cogneration Development Costs (Estimated) Class 4: Allowed First Mortgage Bondholder Claims Class 5: Allowed Tax-Exempt Bondholder Claims Class 6: Allowed Other Secured Claims Class 7: Allowed Unsecured Claims (Estimated) Class 8: Allowed Southern Pre-Petition Claims Class 9: Mobile Energy Equity Interest Class 10: Holding Equity Claims Bondholder Professional Fees--Paid from Bondholder Account (6) MESC Contribution to Pulp Mill Preservation Reserve for Reliability Penalty Paid to KCTC Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 $0 SEI Project Contributions $0 $0 Cogeneration Development Financing Account $0 $0 Cash Balance in MESC Accounts $28,054,019 $28,054,019 Cash Currently Available in Bondholder Account (1) $14,651,814 $14,651,814 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
(1) Assumes $5 million reserved to pay professional fees. (2) Assumes interest paid on Bondholder account balance plus $5M; Assumes $5M paid out 1/1/01 for professional fees. (3) Reserve shown as held in Bondholder Account (4) Includes Debtor Professional Fees (5) Assumes that Pulp Mill Payments are 1 month in arrears; Account Receivable of $979k at the end of 2001 (6) Fees paid prior to July 2000 are not included in this Schedule (7) Costs related to start-up and commissioning of Cogeneration Project are included in project costs. (8) Does not include GE Turbine Costs under Amendment No. 1 to MESC Cogeneration Development Agreement. (9) Trade Claims are expected to be paid through Operating Budget as normal course of business prior to POR Confirmation Ending Balances Projected Balance of Other Available Fund Accounts SEI Turbine Financing $0 SEI Project Contributions $0 Cogeneration Development Financing Account $0 Cash Balance in MESC Accounts $3,000,000 Cash Currently Available in Bondholder Account (1) $39,887,372 MESC Investment & Reserves in Cogeneration Project(Pre-Project Finance Closing)
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 1/31/00 2/29/00 3/31/00 ---------------------------------------------------- Operating Cash Requirements Fuel: Coal 415,365 498,470 528,896 Fuel: CT Fuel: Natural Gas 1,706,537 1,340,434 1,299,786 Fuel: 7TG - - - Fuel: Biomass - - 240,313 Fuel: Secondary Dispatch Fuel: Purchased Power Total Fuel 2,121,902 1,838,904 2,068,995 Ash Hauling (1) 69,674 65,322 66,298 Compressed Air (1) - - - Biomass O&M Expenses - - - Hourly Payroll 1,412,055 202,768 297,836 Other Employee Deductions 4,343 2,647 2,469 SEI Billing - - - Salaried Employees 252,156 216,358 227,579 Overhead Reimbursement 181,091 163,715 194,379 Home Office Wages & Salaries Hourly Employee Pension and Benefits Engineering Services SCS Legal Fees & Audit Fees Allocated Rent & Depreciation Allocated G&A/Support Interconnection Service Fee (Market Power Operations) Hourly Labor Direct Deposit (Scott CU) 44,989 45,908 57,383 Hourly Labor 401(k) (Merrill Lynch) 55,207 18,967 78,719 Hourly Group Health Insurance (BCBS) 44,948 44,296 44,795 Workers Comp. And Other Benefits 16,229 15,281 14,850 Insurance Property - - - Maintenance 312,378 247,305 339,701 Major Maintenance 5 TG Major - - 67 Training Expense 1,350 158 - Chemicals 19,100 68,504 78,204 Safety Supplies 677 8,899 772 Environmental Services/Permits 8,603 5,505 5,011 General & Administrative Expense 116,787 148,596 112,854 Shared Services (1) - - - Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 26,285 - 171,104 Engineering/Consulting Fees 62,112 51,663 43,746 Availability Penalty - - - Business License Renewal 55,000 - - Alabama Privelege Tax - - - Debtors' Professional Fees 143,303 233,808 282,399 ------------------------------------------- Total O&M Costs 4,948,189 3,378,604 4,087,161 Capital Costs 1,456,874 1,537,930 40,609 Cash Flow Net 6,405,063 4,916,534 4,127,770 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 4/30/00 5/31/00 6/30/00 --------------------------------------------------------- Operating Cash Requirements Fuel: Coal 410,623 506,231 387,107 Fuel: CT Fuel: Natural Gas 1,488,610 1,579,040 1,548,832 Fuel: 7TG - - - Fuel: Biomass 334,089 277,035 386,024 Fuel: Secondary Dispatch Fuel: Purchased Power Total Fuel 2,233,322 2,362,306 2,321,964 Ash Hauling (1) 56,597 54,414 55,349 Compressed Air (1) - - - Biomass O&M Expenses - - - Hourly Payroll 178,145 252,465 207,443 Other Employee Deductions 2,562 2,002 3,704 SEI Billing - - - Salaried Employees 416,941 242,564 242,284 Overhead Reimbursement 215,894 202,185 202,178 Home Office Wages & Salaries Hourly Employee Pension and Benefits Engineering Services SCS Legal Fees & Audit Fees Allocated Rent & Depreciation Allocated G&A/Support Interconnection Service Fee (Market Power Operations) Hourly Labor Direct Deposit (Scott CU) 45,452 76,247 46,030 Hourly Labor 401(k) (Merrill Lynch) 38,947 40,190 49,999 Hourly Group Health Insurance (BCBS) 44,651 44,226 51,747 Workers Comp. And Other Benefits 14,914 18,244 12,843 Insurance Property 362,089 - - Maintenance 546,535 587,466 660,806 Major Maintenance 5 TG Major - - - Training Expense 3,275 860 11,200 Chemicals 57,424 93,993 100,695 Safety Supplies 584 291 1,160 Environmental Services/Permits 13,412 2,249 4,730 General & Administrative Expense 125,042 113,762 87,511 Shared Services (1) - - - Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 13,249 - 32,686 Engineering/Consulting Fees 67,372 42,085 53,989 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax 15,250 - - Debtors' Professional Fees 400,190 132,083 146,902 -------------------------------------------------------- Total O&M Costs 4,851,847 4,267,632 4,293,220 Capital Costs 188,739 582,031 669,638 Cash Flow Net 5,040,586 4,849,663 4,962,858 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 7/31/00 8/31/00 9/30/00 ---------------------------------------------------------------- Operating Cash Requirements Fuel: Coal 515,647 498,655 484,899 Fuel: CT Fuel: Natural Gas 1,991,885 1,800,002 1,847,669 Fuel: 7TG - 119,374 - Fuel: Biomass 301,016 460,580 460,580 Fuel: Secondary Dispatch Fuel: Purchased Power Total Fuel 2,808,548 2,878,611 2,793,148 Ash Hauling (1) 51,027 65,000 53,000 Compressed Air (1) - 62,051 65,181 Biomass O&M Expenses Hourly Payroll 193,937 303,753 293,951 Other Employee Deductions 1,702 4,000 4,000 SEI Billing - - - Salaried Employees 252,212 256,844 256,844 Overhead Reimbursement 155,901 - Home Office Wages & Salaries - 26,300 26,300 Hourly Employee Pension and Benefits - 89,207 89,149 Engineering Services SCS - 17,694 17,964 Legal Fees & Audit Fees - 75,000 75,000 Allocated Rent & Depreciation - 1,344 1,344 Allocated G&A/Support - 62,500 62,500 Interconnection Service Fee (Market Power Operations) - 5.716 5,716 Hourly Labor Direct Deposit (Scott CU) 41,068 45,000 45,000 Hourly Labor 401(k) (Merrill Lynch) 17,611 10,158 9,830 Hourly Group Health Insurance (BCBS) 43,976 16,380 16,380 Workers Comp. And Other Benefits 10,379 10,000 10,000 Insurance Property - - - Maintenance 227,528 192,450 282,450 Major Maintenance 5 TG Major - 150,000 200,000 Training Expense - 16,500 16,500 Chemicals 70,239 65,722 65,722 Safety Supplies 1,160 6,000 6,000 Environmental Services/Permits 6,302 11,500 11,500 General & Administrative Expense 79,883 88,454 88,454 Shared Services (1) - - - Property Tax - - 375,000 Utilities Gross Receipt Tax (2) - - - Water & Effluent 16,343 16,343 16,343 Engineering/Consulting Fees 24,817 158,750 175,750 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax - - - Debtors' Professional Fees 422,857 630,449 422,857 -------------------------------------------------- Total O&M Costs 4,425,490 5,265,727 5,485,884 Capital Costs 240,000 269,000 352,000 Cash Flow Net 4,665,490 5,534,727 5,837,884 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 10/31/00 11/30/00 12/31/00 ------------------------------------------------ Operating Cash Requirements Fuel: Coal 484,899 498,655 498,655 Fuel: CT Fuel: Natural Gas 2,004,915 2,101,095 2,346,600 Fuel: 7TG - - - Fuel: Biomass 410,353 453,586 471,228 Fuel: Secondary Dispatch Fuel: Purchased Power Total Fuel 2,900,167 3,053,336 3,316,483 Ash Hauling (1) 56,000 44,000 57,000 Compressed Air (1) 67,682 67,682 67,134 Biomass O&M Expenses Hourly Payroll 344,391 300,354 303,759 Other Employee Deductions 4,000 4,000 4,000 SEI Billing - - - Salaried Employees 256,844 256,844 256,844 Overhead Reimbursement - - - Home Office Wages & Salaries 26,300 26,300 26,300 Hourly Employee Pension and Benefit 90,566 89,093 89,027 Engineering Services SCS 17,964 17,964 17,964 Legal Fees & Audit Fees 75,000 75,000 75,000 Allocated Rent & Depreciation 1,344 1,344 1,344 Allocated G&A/Support Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) 45,000 45,000 45,000 Hourly Labor 401(k) (Merrill Lynch) 11,517 10,044 10,158 Hourly Group Health Insurance (BCBS) 16,380 16,380 16,380 Workers Comp. And Other Benefits 10,000 10,000 10,000 Insurance Property - - - Maintenance 579,450 342,450 192,450 Major Maintenance 5 TG Major 400,000 250,000 - Training Expense 16,500 16,500 16,500 Chemicals 65,722 65,722 65,722 Safety Supplies 6,000 6,000 6,000 Environmental Services/Permits 136,500 11,500 11,500 General & Administrative Expense 87,954 90,204 90,884 Shared Services (1) - - - Property Tax - - 225,000 Utilities Gross Receipt Tax (2) - - - Water & Effluent 16,343 16,343 16,343 Engineering/Consulting Fees 158,750 158,750 175,250 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax - - - Debtors' Professional Fees 422,857 422,857 422,857 ---------------------------------------------- Total O&M Costs 5,881,731 5,466,167 5,587,399 Capital Costs Cash Flow Net 7,239,731 6,342,167 6,265,399 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 1/31/01 2/28/01 3/31/01 ------------------------------------------------------------------- Operating Cash Requirements Fuel: Coal 516,526 466,540 516,526 Fuel: CT - - - Fuel: Natural Gas 1,331,458 1,287,687 1,476,269 Fuel: 7TG - - - Fuel: Biomass 323,751 292,421 323,751 Fuel: Secondary Dispatch - - - Fuel: Purchased Power - - - Total Fuel 2,171,736 2,046,648 2,316,547 Ash Hauling (1) 55,000 55,000 55,000 Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses 71,119 64,236 71,119 Hourly Payroll 181,343 175,410 190,331 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,186 131,186 131,186 Overhead Reimbursement - - - Home Office Wages & Salaries 15,713 15,713 15,713 Hourly Employee Pension and Benefits 53,205 53,009 53,592 Engineering Services SCS 5,974 5,974 5,974 Legal Fees & Audit Fees 5,974 20,910 20,910 Allocated Rent & Depreciation - - - Allocated G&A/Support - - - Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 5,979 5,783 6,365 Hourly Group Health Insurance (BCBS) 9,786 9,786 9,786 Workers Comp. And Other Benefits 5,974 5,974 5,974 Insurance Property 400,000 - 2,390 Maintenance 102,430 102,430 102,430 Major Maintenance 5 TG Major - - - Training Expense 9,858 9,858 9,858 Chemicals 39,265 39,265 39,265 Safety Supplies 3,585 3,585 3,585 Environmental Services/Permits 6,871 6,871 6,871 General & Administrative Expense 47,795 47,795 47,795 Shared Services (1) 11,949 11,949 11,949 Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,455 10,455 10,455 Engineering/Consulting Fees 23,897 23,897 23,897 Availability Penalty - - - Business License Renewal 55,000 - - Alabama Privelege Tax - - - Debtors' Professional Fees 422,857 422,857 422,857 -------------------------------------------------------------- Total O&M Costs 3,920,082 3,341,723 3,636,981 Capital Costs 123,583 123,583 123,583 Cash Flow Net 4,043,665 3,465,307 3,760,564 (1) Shared Services costs are included in G& (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Ending Month Ending Month Ending Month 4/30/01 5/31/01 6/30/01 ------------------------------------------------------ Operating Cash Requirements Fuel: Coal 416,554 516,526 499,864 Fuel: CT - - - Fuel: Natural Gas 1,565,834 1,471,178 1,423,721 Fuel: 7TG - - - Fuel: Biomass 261,090 323,751 313,308 Fuel: Secondary Dispatch - - - Fuel: Purchased Power - - - Total Fuel 2,243,477 2,311,456 2,236,893 Ash Hauling (1) 55,000 55,000 55,000 Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses 68,824 71,119 68,824 Hourly Payroll 199,220 178,769 175,617 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,186 131,186 131,186 Overhead Reimbursement - - - Home Office Wages & Salaries 15,713 15,713 15,713 Hourly Employee Pension and Benefits 53,889 53,205 53,099 Engineering Services SCS 5,974 5,974 5,974 Legal Fees & Audit Fees 5,974 5,974 5,974 Allocated Rent & Depreciation - - - Allocated G&A/Support Interconnection Service Fee (Market Power Operations) - 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 6,662 5,979 5,873 Hourly Group Health Insurance (BCBS) 9,786 9,786 9,786 Workers Comp. And Other Benefits 5,974 5,974 5,974 Insurance Property - - - Maintenance 875,810 105,119 105,119 Major Maintenance 5 TG Major - 29,872 29,872 Training Expense 9,858 9,858 9,858 Chemicals 39,265 39,265 39,265 Safety Supplies 3,585 3,585 3,585 Environmental Services/Permits 6,871 6,871 6,871 General & Administrative Expense 47,795 47,795 47,795 Shared Services (1) 11,949 11,949 11,949 Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,455 10,455 10,455 Engineering/Consulting Fees 23,897 23,897 23,897 Availability Penalty - - - Business License Renewal 15,250 - - Alabama Privelege Tax - - - Debtors' Professional Fees 422,857 422,857 422,857 -------------------------------------------------- Total O&M Costs 4,342,403 3,634,788 3,555,166 Capital Costs 123,583 123,583 123,583 Cash Flow Net 4,465,987 3,758,372 3,678,749 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 7/31/01 8/31/01 9/30/01 ------------------------------------------------------------------------ Operating Cash Requirements Fuel: Coal 516,526 516,526 499,864 Fuel: CT - - - Fuel: Natural Gas 1,471,178 1,471,178 1,423,721 Fuel: 7TG - - - Fuel: Biomass 323,751 323,751 313,308 Fuel: Secondary Dispatch - - - Fuel: Purchased Power - - - Total Fuel 2,311,456 2,311,456 2,236,893 Ash Hauling (1) 55,000 55,000 55,000 Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses 71,119 71,119 68,824 Hourly Payroll 181,473 181,473 175,617 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,186 131,186 131,186 Overhead Reimbursement - - - Home Office Wages & Salaries 15,713 15,713 15,713 Hourly Employee Pension and Benefits 53,295 53,295 53,261 Engineering Services SCS 5,974 5,974 5,974 Legal Fees & Audit Fees 5,974 5,974 5,974 Allocated Rent & Depreciation - - - Allocated G&A/Support - - - Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 6,069 5,873 6,881 Hourly Group Health Insurance (BCBS) 9,786 9,786 9,786 Workers Comp. And Other Benefits 5,974 5,974 5,974 Insurance Property - - - Maintenance 105,119 105,119 158,888 Major Maintenance 5 TG Major 59,743 59,743 59,743 Training Expense 9,858 9,858 9,858 Chemicals 39,265 39,265 39,265 Safety Supplies 3,585 3,585 3,585 Environmental Services/Permits 6,871 6,871 6,871 General & Administrative Expense 47,795 47,795 47,795 Shared Services (1) 11,949 11,949 11,949 Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,455 10,455 10,455 Engineering/Consulting Fees 23,897 23,897 23,897 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax - - - Debtors' Professional Fees - - - -------------------------------------------------------------- Total O&M Costs 3,244,688 3,244,688 3,439,551 Capital Costs 123,583 123,583 123,583 Cash Flow Net 3,368,271 3,368,271 3,563,135 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 10/31/01 11/30/01 12/31/01 ----------------------------------------------------------------------- Operating Cash Requirements Fuel: Coal 516,526 499,864 516,526 Fuel: CT - - - Fuel: Natural Gas 1,471,178 1,423,721 1,815,814 Fuel: 7TG - - - Fuel: Biomass 323,751 313,308 323,751 Fuel: Secondary Dispatch - - - Fuel: Purchased Power - - - Total Fuel 2,311,456 2,236,893 2,656,091 Ash Hauling (1) 55,000 55,000 55,000 Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses 71,119 68,824 71,119 Hourly Payroll 205,751 179,442 181,476 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,186 131,186 131,186 Overhead Reimbursement - - - Home Office Wages & Salaries 15,713 15,713 15,713 Hourly Employee Pension and Benefit 53,261 54,107 53,227 Engineering Services SCS 5,974 5,974 5,974 Legal Fees & Audit Fees Allocated Rent & Depreciation Allocated G&A/Support Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 5,873 6,881 6,001 Hourly Group Health Insurance (BCBS) 9,786 9,786 9,786 Workers Comp. And Other Benefits 5,974 5,974 5,974 Insurance Property - - - Maintenance 158,888 284,349 149,926 Major Maintenance 5 TG Major 59,743 89,615 149,359 Training Expense 9,858 9,858 9,858 Chemicals 39,265 39,265 39,265 Safety Supplies 3,585 3,585 3,585 Environmental Services/Permits 6,871 81,550 6,871 General & Administrative Expense 47,795 47,795 47,795 Shared Services (1) 11,949 11,949 11,949 Property Tax 224,038 - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,455 10,455 10,455 Engineering/Consulting Fees 23,897 23,897 23,897 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax - - - Debtors' Professional Fees - - - --------------------------------------------------------------- Total O&M Costs 3,554,372 3,300,087 3,664,006 Capital Costs 123,583 123,583 123,583 Cash Flow Net 3,563,135 3,677,955 3,423,670 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 1/31/02 2/28/02 3/31/02 ------------------------------------- Operating Cash Requirements Fuel: Coal - 1,001,943 1,070,717 Fuel: CT - - - Fuel: Natural Gas 1,100,987 1,539,404 1,367,258 Fuel: 7TG - - - Fuel: Biomass 253,464 544,073 474,152 Fuel: Secondary Dispatch - - - Fuel: Purchased Power - - - Total Fuel 1,354,451 3,085,419 2,912,126 Ash Hauling (1) 55,000 55,000 55,000 Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses 71,281 64,383 71,281 Hourly Payroll 181,758 175,811 190,767 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,486 131,486 131,486 Overhead Reimbursement - - - Home Office Wages & Salaries 15,748 15,748 15,748 Hourly Employee Pension and Benefits 53,326 53,130 53,714 Engineering Services SCS 5,988 5,988 5,988 Legal Fees & Audit Fees 5,988 20,958 20,958 Allocated Rent & Depreciation - - - Allocated G&A/Support - - - Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 5,992 5,796 6,380 Hourly Group Health Insurance (BCBS) 9,808 9,808 9,808 Workers Comp. And Other Benefits 5,988 5,988 5,988 Insurance Property 400,915 - 2,395 Maintenance 102,665 102,665 102,665 Major Maintenance 5 TG Major - - - Training Expense 9,880 9,880 9,880 Chemicals 39,354 39,354 39,354 Safety Supplies 3,593 3,593 3,593 Environmental Services/Permits 6,886 6,886 6,886 General & Administrative Expense 47,904 47,904 47,904 Shared Services (1) 11,976 11,976 11,976 Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,479 10,479 10,479 Engineering/Consulting Fees 23,952 23,952 23,952 Availability Penalty - - - Business License Renewal 55,000 - - Alabama Privelege Tax - - - - - Debtors' Professional Fees - - - ------------------------------------- Total O&M Costs 2,682,553 3,959,340 3,811,463 Capital Costs 127,291 127,291 127,291 Cash Flow Net 2,809,844 4,086,631 3,938,754 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 4/30/02 5/31/02 6/30/02 ------------------------------------- Operating Cash Requirements Fuel: Coal 785,074 635,287 - Fuel: CT - - 1,542,065 Fuel: Natural Gas 1,426,949 1,112,625 1,076,734 Fuel: 7TG - - - Fuel: Biomass 474,152 535,333 - Fuel: Secondary Dispatch - - 257,452 Fuel: Purchased Power - - 483,546 Total Fuel 2,686,174 2,283,245 3,359,796 Ash Hauling (1) 55,000 55,000 55,000 Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses 68,982 71,281 68,982 Hourly Payroll 199,676 179,178 176,018 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,486 131,486 131,486 Overhead Reimbursement - - - Home Office Wages & Salaries 15,748 15,748 15,748 Hourly Employee Pension and Benefits 54,012 53,326 53,221 Engineering Services SCS 5,988 5,988 5,988 Legal Fees & Audit Fees 5,988 5,988 5,988 Allocated Rent & Depreciation - - - Allocated G&A/Support - - - Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 6,677 5,992 5,886 Hourly Group Health Insurance (BCBS) 9,808 9,808 9,808 Workers Comp. And Other Benefits 5,988 5,988 5,988 Insurance Property - - - Maintenance 877,813 105,359 105,359 Major Maintenance 5 TG Major - 29,940 29,940 Training Expense 9,880 9,880 9,880 Chemicals 39,354 39,354 39,953 Safety Supplies 3,593 3,593 3,593 Environmental Services/Permits 6,886 6,886 6,886 General & Administrative Expense 47,904 47,904 47,904 Shared Services (1) 11,976 11,976 11,976 Property Tax - - - Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,479 10,479 10,479 Engineering/Consulting Fees 23,952 23,952 23,952 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax 15,250 - - Debtors' Professional Fees - - - ------------------------------------- Total O&M Costs 4,365,750 3,185,487 4,256,967 Capital Costs 127,291 127,291 127,291 Cash Flow Net 4,493,040 3,312,778 4,384,258 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 7/31/02 8/31/02 9/30/02 -------------------------------------- Operating Cash Requirements Fuel: Coal - - - Fuel: CT 2,570,108 2,570,108 1,542,065 Fuel: Natural Gas - - - Fuel: 7TG - - - Fuel: Biomass - - - Fuel: Secondary Dispatch 257,452 257,452 257,452 Fuel: Purchased Power 483,546 483,546 483,546 Total Fuel 3,311,106 3,311,106 2,283,063 Ash Hauling (1) - - - Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses - - - Hourly Payroll 181,888 181,888 176,018 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,486 131,486 131,486 Overhead Reimbursement - - - Home Office Wages & Salaries 15,748 15,748 15,748 Hourly Employee Pension and Benefits 53,417 53,417 53,383 Engineering Services SCS 5,988 5,988 5,988 Legal Fees & Audit Fees 5,988 5,988 5,988 Allocated Rent & Depreciation - - - Allocated G&A/Support - - - Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 6,083 6,083 5,886 Hourly Group Health Insurance (BCBS) 9,808 9,808 9,808 Workers Comp. And Other Benefits 5,988 5,988 5,988 Insurance Property - - - Maintenance 105,359 105,359 159,251 Major Maintenance 5 TG Major 59,880 59,880 59,880 Training Expense 9,880 9,880 9,880 Chemicals 39,354 39,354 39,354 Safety Supplies 3,593 3,593 3,593 Environmental Services/Permits 6,886 6,886 6,886 General & Administrative Expense 47,904 47,904 47,904 Shared Services (1) 11,976 11,976 11,976 Property Tax - - 224,551 Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,479 10,479 10,479 Engineering/Consulting Fees 23,952 23,952 23,952 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax - - - Debtors' Professional Fees - - - -------------------------------------- Total O&M Costs 4,119,898 4,119,898 3,364,197 Capital Costs 127,291 127,291 127,291 Cash Flow Net 4,247,189 4,247,189 3,491,488 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners Mobile Energy Services Monthly Operating Budget Details Month Ending Month Ending Month Ending 10/31/02 11/30/02 12/31/02 ------------------------------------ Operating Cash Requirements Fuel: Coal - - - Fuel: CT 1,028,043 514,022 514,022 Fuel: Natural Gas - - - Fuel: 7TG - - - Fuel: Biomass - - - Fuel: Secondary Dispatch 1,029,808 1,544,712 1,544,712 Fuel: Purchased Power 1,934,182 2,901,273 2,901,273 Total Fuel 3,992,034 4,960,007 4,960,007 Ash Hauling (1) - - - Compressed Air (1) 67,134 67,134 67,134 Biomass O&M Expenses - - - Hourly Payroll 206,222 179,852 181,891 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 131,486 131,486 131,486 Overhead Reimbursement - - - Home Office Wages & Salaries 15,748 15,748 15,748 Hourly Employee Pension and Benefits 54,231 53,349 53,417 Engineering Services SCS 5,988 5,988 5,988 Legal Fees & Audit Fees 5,988 5,988 5,988 Allocated Rent & Depreciation - - - Allocated G&A/Support - - - Interconnection Service Fee (Market Power Operations) 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - Hourly Labor 401(k) (Merrill Lynch) 6,896 6,014 6,083 Hourly Group Health Insurance (BCBS) 9,808 9,808 9,808 Workers Comp. And Other Benefits 5,988 5,988 5,988 Insurance Property - - - Maintenance 285,000 150,269 105,359 Major Maintenance 5 TG Major 89,820 149,700 - Training Expense 9,880 9,880 9,880 Chemicals 39,354 39,354 39,354 Safety Supplies 3,593 3,593 3,593 Environmental Services/Permits 81,736 6,886 6,886 General & Administrative Expense 47,904 47,904 47,904 Shared Services (1) 11,976 11,976 11,976 Property Tax - - 134,730 Utilities Gross Receipt Tax (2) - - - Water & Effluent 10,479 10,479 10,479 Engineering/Consulting Fees 23,952 23,952 23,952 Availability Penalty - - - Business License Renewal - - - Alabama Privelege Tax - - - Debtors' Professional Fees - - - ------------------------------------ Total O&M Costs 5,111,218 5,901,358 5,843,653 Capital Costs 127,291 127,291 127,291 Cash Flow Net 5,238,509 6,028,649 5,970,944 (1) Shared Services costs are included in G&A during 2000 (2) Costs are passed-through to Mill Owners
Southern Energy, Inc. Mobile Energy Services Company Income Statement Current Period: DEC-00 Current Period Year to Date -------------------------------------------- ------------------------------------------ Annual Actual Budget Variance Variance % Actual Budget Variance Variance % Budget ============================================ ========================================== ======== Demand Charges 1,474,024 1,725,125 -251,101 -15 22,313,249 28,233,656 -5,920,407 -21 28,233,656 Variable Charges 3,951,303 4,529,528 -578,225 -13 32,533,817 43,503,773 -10,969,956 -25 43,503,773 Compressed Air 59,403 67,134 -7,731 -12 733,368 775,180 -41,812 -5 775,180 Ash Disposal Revenue 41,567 57,000 -15,433 -27 655,054 702,000 -46,946 -7 702,000 Power Sales (SCEM) 651,373 0 651,373 n/m 1,028,521 945,000 83,521 9 945,000 ---------- --------- --------- ---- ---------- --------- --------- --- ---------- Total Revenues 6,177,670 6,378,787 -201,117 -3 57,264,009 74,159,609 -16,895,600 -23 74,159,609 Purchased Gas 3,357,129 2,940,289 -416,840 -14 22,352,971 25,414,551 3,061,580 12 25,414,551 Purchased Coal 363,373 833,266 469,893 56 5,452,183 9,540,314 4,088,131 43 9,540,314 Purchased Biomass 443,533 297,600 -145,933 -49 3,522,906 3,360,000 -162,906 -5 3,360,000 ---------- --------- -------- ---- ---------- ---------- ---------- ---- ---------- Total Fuel Expenses 4,164,035 4,071,155 -92,880 -2 31,328,059 38,314,865 6,986,806 18 38,314,865 Salaries & Wages 403,707 446,014 42,307 9 6,649,999 5,722,503 -927,496 -16 5,722,503 Fringe Benefits 101,540 250,177 148,637 59 2,192,229 3,040,232 848,003 28 3,040,232 Travel 11,614 16,903 5,289 31 116,124 223,436 107,312 48 223,436 Maintenance 113,990 226,375 112,385 50 4,492,355 5,397,072 904,717 17 5,397,072 Chemicals 107,864 74,981 -32,883 -44 964,558 900,772 -63,786 -7 900,772 Water & Effluent 16,343 93,442 77,099 83 331,440 1,221,304 889,864 73 1,221,304 Hauling Ash 41,567 57,000 15,433 27 655,054 702,000 46,946 7 702,000 Environmental & Permitting 3,394 8,750 5,356 61 161,820 205,000 43,180 21 205,000 Tools, Supplies & Equip Rental 29,223 36,900 7,677 21 253,125 324,300 71,175 22 324,300 Other Operating Expenses 26,251 1,400 -24,851 -1,775 144,163 16,800 -127,363 -758 16,800 Shared Services 18,823 25,368 6,545 26 231,097 304,416 73,319 24 304,416 Insurance -1,764 63,000 64,764 103 379,829 760,000 380,171 50 760,000 Taxes Other than Income 45,625 50,000 4,375 9 781,018 600,000 -181,017 -30 600,000 General & Administrative -2,553,425 204,375 2,757,800 1,349 1,509,120 2,539,413 1,030,293 41 2,539,413 SEI -31,940 34,644 66,584 192 900,000 398,728 -501,272 -126 398,728 SCS 49,960 18,064 -31,896 -177 782,277 215,974 -566,303 -262 215,974 ---------- --------- -------- ---- ---------- ---------- ---------- ---- ---------- Total O&M Expenses -1,617,226 1,607,393 3,224,619 201 20,544,208 22,571,950 2,027,742 9 22,571,950 ---------- --------- --------- ------ ---------- ---------- ---------- ---- ---------- Depreciation & Amortization 1,123,842 1,128,474 4,632 0 13,546,949 13,487,314 -59,635 0 13,487,314 Interest Expense 178,070 181,734 3,664 2 2,175,815 2,169,960 -5,855 0 2,169,960 Interest Income -240,707 -1,394 239,313 17,167 -2,632,868 -54,059 2,578,809 4,770 -54,059 Gain on Sale of Assets 0 0 0 n/m -1,138 0 1,139 n/m 0 Income (Loss) Before Tax 2,569,656 -608,575 3,178,231 522 -7,697,016 -2,330,421 -5,366,595 -230 -2,330,421 Income Tax Exp (Benefit) 48,460 -232,780 -281,240 -121 87,198 -891,386 -978,584 -110 -891,386 ---------- --------- --------- ------ ---------- ---------- ---------- ---- ---------- Net Income (Loss) 2,521,196 -375,795 2,896,991 771 -7,784,215 -1,439,035 -6,345,180 -441 -1,439,035 ========== ======== ========= ====== ========== ========== ========== ==== =========== Budgeted Reserve 0 -375,795 -375,795 -100 0 -1,439,035 -1,439,035 -100 -1,439,035 Actual Income Reserved -2,521,196 375,795 2,896,991 771 7,784,215 1,439,035 -6,345,180 -441 1,439,035
MOBILE ENERGY SERVICES COMPANY, L.L.C. ASSUMPTIONS TO PROJECTED CASH FLOWS FOR THE YEAR ENDING DECEMBER 31, 2001 1) Pulp Mill preservation costs of $220,000 per month are paid through February 2001. 2) Operator transition fees and expenses of $607,667 are paid in February and $224,183 are paid in March. 3) $200,000 in charges relating to storage of the HRSG unit will be paid in March. 4) Effective Date of the Plan of Reorganization will be July 31, 2001. 5) A fee of $112,500 per quarter will be paid to the new operator under the terms of the proposed contract. These payments will be made in March, June, September and December. 6) The HRSG unit is anticipated to be sold in July 2001 for an estimated sales price of $8.753 million. 7) Natural gas prices for 2001 usage are based upon projected gas costs for each month as of 2/5/2001 in $/MMBtu as shown below: January $ 9.00 February $ 6.29 March $ 5.79 April $ 5.43 May $ 5.34 June $ 5.27 July $ 5.32 August $ 5.31 September $ 5.27 October $ 5.30 November $ 5.35 December $ 5.45 Costs for natural gas are paid one month in arrears. Thus, January's gas usage is assumed to be paid in February 8) The existing Tissue Mill Energy Services Agreement will be reinstated beginning on February 21, 2001. All of January and the first 20 days of February will be billed under the new Tissue Mill Energy Services Agreement. The second 8 days of February will be billed under the terms of the existing Tissue Mill Energy Services Agreement. 9) The new operator is assumed to take over operations as of April 1, 2001. 10) Under the current operator agreement, operations and maintenance expenditures are paid in the current month for certain items while other items are paid one month in arrears. Under the terms of the new operator agreement, estimated operations and maintenance expenditures will be funded one month in advance. This arrangement begins in March 2001 when the estimated operations and maintenance expenditures for April are funded in March. Thus, the O&M costs for 2001 shown in the attached schedules reflect 13 months of operations and maintenance costs. 11) An additional transition fee of $101,900 is assumed to be paid in April. 12) A make-up payment from Kimberly Clark for reinstatement of the existing Tissue Mill Energy Services Agreement as a result of the unwinding of the the KC Settlement is assumed to occur in June 2001of $18,985,116. 13) Any contemplated changes in operating levels by KCTC and Sappi are assumed to occur after December 31, 2001. 14) Interest rate on cash balances is assumed for the forecast period to be: 5.78%: 15) Confirmation costs consist of the following: SEI Claims Turbine Option Fee $ 2,900,000 Severance Payment 1,000,000 Administrative Claims 1,083,265 Unpaid Professional Fees Reserve 850,000 Contingent Professional Fees Reserve 1,200,000 Pre-Petition Trade Claims 431,286 --------------------- $ 7,464,551 ===================== 16) Other Cash Receipts during the month of July 2001 are comprised of the following: Sale of HRSG $ 8,752,800 Collection of amounts owed by KCTC under Existing ESA Billings 18,985,116 --------------------- $ 27,737,916 ===================== Mobile Energy Services Company, L.L.C. Projected Cash Flows For the Year Ending December 31, 2001
Month Ending Month Ending Month Ending Month Ending Month Ending 01/31/01 02/28/01 03/31/01 04/30/01 05/31/01 -------------------------------------------------------------------------- Beginning Cash Balance MESC 11,473,987 9,711,457 6,999,036 4,175,092 2,847,918 MESH 2,161,400 2,161,400 2,161,400 2,161,400 2,161,400 -------------------------------------------------------------------------- Total 13,635,387 11,872,857 9,160,436 6,336,492 5,009,318 Revenues Collected 5,205,556 5,548,754 5,934,247 4,877,308 6,559,648 Interest Income 55,266 46,777 33,712 20,110 13,717 Other Cash Receipts - - - - - Fuel Costs (4,186,974) (5,552,668) (4,388,531) (3,846,964) (3,593,122) O&M Costs (2,023,879) (2,155,283) (3,828,372) (1,607,627) (1,059,348) Operating Capex (275,000) (250,000) (225,000) (170,000) (170,000) -------------------------------------------------------------------------- Net Cash Flow from Operations (1,225,030) (2,362,421) (2,473,944) (727,174) 1,750,896 Cogen Capex (187,500) - - - - -------------------------------------------------------------------------- Net Cash Flow after Cogen Capex (1,412,530) (2,362,421) (2,473,944) (727,174) 1,750,896 Bankruptcy Items Professional fees (350,000) (350,000) (350,000) (600,000) (350,000) Confirmation expenses - - - - - -------------------------------------------------------------------------- Net Cash Flow after Bankruptcy costs (1,762,530) (2,712,421) (2,823,944) (1,327,174) 1,400,896 Reserve for Income Taxes - - - - - -------------------------------------------------------------------------- Net Cash Flow after Tax (1,762,530) (2,712,421) (2,823,944) (1,327,174) 1,400,896 Ending Cash Balance -------------------------------------------------------------------------- MESC 9,711,457 6,999,036 4,175,092 2,847,918 4,248,815 MESH 2,161,400 2,161,400 2,161,400 2,161,400 2,161,400 -------------------------------------------------------------------------- Total $ 11,872,857 $ 9,160,436 $ 6,336,492 $ 5,009,318 $ 6,410,215 ==========================================================================
Mobile Energy Services Company, L.L.C. Projected Cash Flows For the Year Ending December 31, 2001
Month Ending Month Ending Month Ending Month Ending Month Ending 06/30/01 07/31/01 08/31/01 09/30/01 10/31/01 ------------------------------------------------------------------------- Beginning Cash Balance MESC 4,248,815 5,644,744 24,966,043 25,719,621 26,222,890 MESH 2,161,400 2,161,400 2,161,400 2,161,400 2,161,400 ------------------------------------------------------------------------- Total 6,410,215 7,806,144 27,127,443 27,881,021 28,384,290 Revenues Collected 6,296,402 6,025,450 5,990,794 5,913,914 5,914,408 Interest Income 20,465 27,189 120,253 123,883 126,307 Other Cash Receipts - 27,737,916 - - - Fuel Costs (3,199,195) (3,170,287) (3,190,936) (3,176,354) (3,266,878) O&M Costs (1,151,742) (1,031,938) (1,024,438) (1,696,128) (1,200,084) Operating Capex (170,000) (170,000) (170,000) (170,000) (170,000) ------------------------------------------------------------------------- Net Cash Flow from Operations 1,795,930 29,418,330 1,725,674 995,315 1,403,753 Cogen Capex - - - - - ------------------------------------------------------------------------- Net Cash Flow after Cogen Capex 1,795,930 29,418,330 1,725,674 995,315 1,403,753 Bankruptcy Items Professional fees (400,000) (400,000) (400,000) (75,000) (25,000) Confirmation expenses - (7,464,551) - - - ------------------------------------------------------------------------- Net Cash Flow after Bankruptcy costs 1,395,930 21,553,779 1,325,674 920,315 1,378,753 Reserve for Income Taxes - (2,232,481) (572,095) (417,046) (592,398) ------------------------------------------------------------------------- Net Cash Flow after Tax 1,395,930 19,321,298 753,579 503,269 786,355 Ending Cash Balance ------------------------------------------------------------------------- MESC 5,644,744 24,966,043 25,719,621 26,222,890 27,009,246 MESH 2,161,400 2,161,400 2,161,400 2,161,400 2,161,400 ------------------------------------------------------------------------- Total $ 7,806,144 $ 27,127,443 $ 27,881,021 $ 28,384,290 $ 29,170,646 =========================================================================
Mobile Energy Services Company, L.L.C. Projected Cash Flows For the Year Ending December 31, 2001
Month Ending Month Ending Total 11/30/01 12/31/01 Year ----------------------------- Beginning Cash Balance MESC 27,009,246 27,640,805 11,473,987 MESH 2,161,400 2,161,400 2,161,400 ------------------------------------------ Total 29,170,646 29,802,205 13,635,387 Revenues Collected 5,947,100 6,357,649 70,571,231 Interest Income 130,095 133,137 850,911 Other Cash Receipts - - 27,737,916 Fuel Costs (3,595,368) (3,698,754) (44,866,031) O&M Costs (1,183,755) (1,310,817) (19,273,411) Operating Capex (170,000) (170,000) (2,280,000) ------------------------------------------ Net Cash Flow from Operations 1,128,071 1,311,215 32,740,616 Cogen Capex - - (187,500) ------------------------------------------ Net Cash Flow after Cogen Capex 1,128,071 1,311,215 32,553,116 Bankruptcy Items Professional fees - - (3,300,000) Confirmation expenses - - (7,464,551) ------------------------------------------ Net Cash Flow after Bankruptcy costs 1,128,071 1,311,215 21,788,565 Reserve for Income Taxes (496,512) (566,565) (4,877,097) ------------------------------------------ Net Cash Flow after Tax 631,559 744,650 16,911,468 Ending Cash Balance ------------------------------------------ MESC 27,640,805 28,385,455 28,385,455 MESH 2,161,400 2,161,400 2,161,400 ------------------------------------------ Total $ 29,802,205 $ 30,546,855 $30,546,855 ==========================================
Mobile Energy Services Company, L.L.C. Projected Cash O&M Expenditures For the Year Ending December 31, 2001
Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending 1/31/01 2/28/01 3/31/01 4/30/01 5/31/01 6/30/01 ---------------------------------------------------------------------------------------- O&M Expenditures Biomass O&M Expenses 71,119 64,236 89,070 89,070 89,070 89,070 Hourly Payroll 282,018 272,786 572,537 272,309 225,000 210,000 Other Employee Deductions - - - - - - SEI Billing - - - - - - Salaried Employees 224,871 224,871 449,742 224,871 180,000 180,000 Overhead Reimbursement - - - - - - Home Office Wages & Salaries 26,300 26,300 52,600 26,300 15,000 15,000 Hourly Employee Pension and Benefits 86,049 86,049 172,098 86,049 83,969 83,969 Engineering Services 4,000 4,000 8,000 4,000 10,100 10,100 Legal Fees & Audit Fees 25,000 25,000 40,583 15,583 15,583 15,583 Allocated Rent & Depreciation 1,344 1,344 2,688 1,344 - - Allocated G&A/Support 62,500 62,500 125,000 62,500 - - Interconnection Service Fee 6,000 6,000 12,000 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) 45,000 45,000 90,000 45,000 - - Hourly Labor 401(k) (Merrill Lynch) 44,000 44,000 88,000 44,000 5,979 5,873 Hourly Group Health Insurance (BCBS) 45,000 45,000 90,000 45,000 30,000 25,000 Workers Comp. And Other Benefits 10,000 10,000 20,001 10,000 10,000 10,000 Insurance Property 400,000 - 2,390 - - - Maintenance 158,500 158,500 617,000 308,500 149,750 149,750 Major Maintenance - - - - - - Training Expense 9,858 9,858 13,858 4,000 4,000 4,000 Chemicals 65,722 65,722 125,722 60,000 60,000 60,000 Safety Supplies 3,585 3,585 5,085 1,500 1,500 1,500 Environmental Services/Permits 6,871 6,871 22,996 16,125 16,125 16,125 General & Administrative Expense 47,795 47,795 103,781 55,986 44,100 44,100 Shared Services 11,949 11,949 30,772 18,823 19,655 19,655 Property Tax - - - - - - Water & Effluent 17,500 17,500 142,267 24,767 24,767 24,767 Engineering/Consulting Fees 93,897 88,750 184,500 68,750 68,750 68,750 Availability Penalty - - - - - - State of Alabama Privilege Tax 231,000 15,250 Business License Renewal 55,000 - HRSG Storage Costs - 200,000 Pulp Mill Preservation Costs 220,000 220,000 - - - - Operator Transition Costs - 607,667 224,183 101,900 Operator Fee 112,500 112,500 ---------------------------------------------------------------------------------------- Total O&M Costs 2,023,879 2,155,283 3,828,372 1,607,627 1,059,348 1,151,742 Capital Costs 275,000 250,000 225,000 170,000 170,000 170,000 Debtors' Professional Fees 350,000 350,000 350,000 600,000 350,000 400,000
Mobile Energy Services Company, L.L.C. Projected Cash O&M Expenditures For the Year Ending December 31, 2001
Month Ending Month Ending Month Ending Month Ending Month Ending 7/31/01 8/31/01 9/30/01 10/31/01 11/30/01 ------------------------------------------------------------------------ O&M Expenditures Biomass O&M Expenses 89,070 89,070 88,456 91,404 88,456 Hourly Payroll 205,000 200,000 190,000 180,000 170,000 Other Employee Deductions - - - - - SEI Billing - - - - - Salaried Employees 180,000 180,000 180,000 180,000 180,000 Overhead Reimbursement - - - - - Home Office Wages & Salaries 15,000 15,000 15,000 15,000 15,000 Hourly Employee Pension and Benefits 83,969 83,969 83,969 83,969 83,969 Engineering Services 10,100 10,100 10,100 10,100 10,100 Legal Fees & Audit Fees 15,583 15,583 15,583 15,583 15,583 Allocated Rent & Depreciation - - - - - Allocated G&A/Support - - - - - Interconnection Service Fee 6,000 6,000 6,000 6,000 6,000 Hourly Labor Direct Deposit (Scott CU) - - - - - Hourly Labor 401(k) (Merrill Lynch) 6,069 6,069 5,873 6,881 6,001 Hourly Group Health Insurance (BCBS) 22,500 20,000 15,000 12,500 10,000 Workers Comp. And Other Benefits 10,000 10,000 10,000 10,000 10,000 Insurance Property - - - - - Maintenance 149,750 149,750 349,750 349,750 349,750 Major Maintenance - - - - - Training Expense 4,000 4,000 4,000 4,000 4,000 Chemicals 60,000 60,000 60,000 60,000 60,000 Safety Supplies 1,500 1,500 1,500 1,500 1,500 Environmental Services/Permits 16,125 16,125 16,125 16,125 16,125 General & Administrative Expense 44,100 44,100 44,100 44,100 44,100 Shared Services 19,655 19,655 19,655 19,655 19,655 Property Tax - - 375,000 - - Water & Effluent 24,767 24,767 24,767 24,767 24,767 Engineering/Consulting Fees 68,750 68,750 68,750 68,750 68,750 Availability Penalty - - - - - State of Alabama Privilege Tax Business License Renewal HRSG Storage Costs Pulp Mill Preservation Costs Operator Transition Costs Operator Fee 112,500 ------------------------------------------------------------------------ Total O&M Costs 1,031,938 1,024,438 1,696,128 1,200,084 1,183,755 Capital Costs 170,000 170,000 170,000 170,000 170,000 Debtors' Professional Fees 400,000 400,000 75,000 25,000 -
Mobile Energy Services Company, L.L.C. Projected Cash O&M Expenditures For the Year Ending December 31, 2001 Month Ending 12/31/01 Total -------------- O&M Expenditures Biomass O&M Expenses 91,404 1,029,496 Hourly Payroll 157,095 2,936,745 Other Employee Deductions - - SEI Billing - - Salaried Employees 180,000 2,564,354 Overhead Reimbursement - - Home Office Wages & Salaries 15,000 251,500 Hourly Employee Pension and Benefits 83,969 1,101,997 Engineering Services 10,100 100,800 Legal Fees & Audit Fees 15,583 230,830 Allocated Rent & Depreciation - 6,720 Allocated G&A/Support - 312,500 Interconnection Service Fee 6,000 78,000 Hourly Labor Direct Deposit (Scott CU) - 225,000 Hourly Labor 401(k) (Merrill Lynch) 6,069 268,812 Hourly Group Health Insurance (BCBS) 9,450 369,450 Workers Comp. And Other Benefits 10,000 130,002 Insurance Property - 402,390 Maintenance 149,750 3,040,500 Major Maintenance - - Training Expense 4,000 69,574 Chemicals 60,000 797,166 Safety Supplies 1,500 25,755 Environmental Services/Permits 16,125 181,863 General & Administrative Expense 44,100 608,157 Shared Services 19,655 230,733 Property Tax 225,000 600,000 Water & Effluent 24,767 400,170 Engineering/Consulting Fees 68,750 985,897 Availability Penalty - - State of Alabama Privilege Tax 246,250 Business License Renewal 55,000 HRSG Storage Costs 200,000 Pulp Mill Preservation Costs 440,000 Operator Transition Costs 933,750 Operator Fee 112,500 450,000 ---------------------------- Total O&M Costs 1,310,817 19,273,411 Capital Costs 170,000 2,280,000 Debtors' Professional Fees - 3,300,000 Mobile Energy Services Company, L.L.C. Projected March Cash O&M Expenditures For the Month Ending March 31, 2001
Month Ending Prefunded Operating Cash Requirements 3/31/01 April Total ---------------------------------------------------------- O&M Expenditures Biomass O&M Expenses - 89,070 89,070 Hourly Payroll 300,228 272,309 572,537 Other Employee Deductions - - - SEI Billing - - - Salaried Employees 224,871 224,871 449,742 Overhead Reimbursement - - - Home Office Wages & Salaries 26,300 26,300 52,600 Hourly Employee Pension and Benefits 86,049 86,049 172,098 Engineering Services SCS 4,000 4,000 8,000 Legal Fees & Audit Fees 25,000 15,583 40,583 Allocated Rent & Depreciation 1,344 1,344 2,688 Allocated G&A/Support 62,500 62,500 125,000 Interconnection Service Fee 6,000 6,000 12,000 Hourly Labor Direct Deposit (Scott CU) 45,000 45,000 90,000 Hourly Labor 401(k) (Merrill Lynch) 44,000 44,000 88,000 Hourly Group Health Insurance (BCBS) 45,000 45,000 90,000 Workers Comp. And Other Benefits 10,000 10,000 20,001 Insurance Property 2,390 - 2,390 Maintenance 308,500 308,500 617,000 Major Maintenance 5 TG Major - - - Training Expense 9,858 4,000 13,858 Chemicals 65,722 60,000 125,722 Safety Supplies 3,585 1,500 5,085 Environmental Services/Permits 6,871 16,125 22,996 General & Administrative Expense 47,795 55,986 103,781 Shared Services 11,949 18,823 30,772 Property Tax - - - Utilities Gross Receipt Tax - - - Water & Effluent 117,500 24,767 142,267 Engineering/Consulting Fees 115,750 68,750 184,500 Availability Penalty - - - State of Alabama Privilege Tax 231,000 - 231,000 Business License Renewal - - HRSG Storage Costs 200,000 - 200,000 Pulp Mill Preservation Costs - - - Operator Transition Costs 224,183 - 224,183 Operator Fee 112,500 - 112,500 ---------------------------------------------------------- Total O&M Costs 2,337,895 1,490,477 3,828,372 ==========================================================