$ millions and $ per diluted share unless otherwise noted
| Operational Earnings | 2006 | 2006 | 2005 | 2005 | 2003 | 2003 |
|---|---|---|---|---|---|---|
| Net income (loss) available for common stock | 2,552 | 5.46 | 1,712 | 2.50 | 560 | 0.81 |
| Income from discontinued operations, net of tax effect | (87) | (0.19) | (5) | (0.01) | (74) | (0.10) |
| Extraordinary loss, net of tax effect | - | - | 50 | 0.10 | - | - |
| Cumulative effect of changes in accounting principles, net of tax effect | - | - | 8 | 0.20 | 58 | 0.08 |
| Operations subsequently discontinued, principally TXU Gas and TXU Australia | - | - | - | - | 171 | 0.22 |
| Effect of ASR true-up | - | - | - | 1.02 | - | - |
| Effect of share dilution/rounding | - | 0.01 | - | - | - | - |
| Special items | 127 | 0.27 | (137) | (0.28) | - | - |
| Operational earnings | 2,592 | 5.55 | 1,628 | 3.35 | 715 | 1.01 |
| Return on Average Invested Capital (ROIC) | 2006 | 2005 | 20031 | 20032 | ||
| Net income | 2,552 | 1,722 | 582 | 582 | ||
| After-tax net interest expense and related charges* | 510 | 490 | 605 | 486 | ||
| Total return (on net income) (a) | 3,062 | 2,212 | 1,187 | 1,068 | ||
| Operational earnings | 2,592 | 1,628 | 715 | 544 | ||
| Preference stock dividends | - | 10 | 22 | 22 | ||
| After-tax net interest expense and related charges* | 510 | 490 | 605 | 486 | ||
| Total return (on operational earnings) (b) | 3,102 | 2,128 | 1,342 | 1,052 | ||
| Average total capitalization (c) | 14,301 | 13,692 | 20,496 | 18,831 | ||
| ROIC based on adjusted net income (%) (a) / (c) | 21.4 | 16.2 | 5.8 | 5.7 | ||
| ROIC based on adjusted operational earnings (%) (b) / (c) | 21.7 | 15.5 | 6.5 | 5.6 | ||
| * After-tax net interest expense and related charges: | ||||||
| Interest expense and related charges | 830 | 802 | 975 | 784 | ||
| Interest income | (46) | (48) | (44) | (36) | ||
| Net | 784 | 754 | 931 | 748 | ||
| Tax at 35% | (274) | (264) | (326) | (262) | ||
| Net of tax | 510 | 490 | 605 | 486 | ||
| Interest and Debt Coverage Ratios | 2006 | 2005 | 20032 | 20033 | ||
| Cash provided by operating activities | 4,954 | 2,793 | 2,798 | 2,413 | ||
| Reconciling adjustments from cash flow statement | (2,489) | (1,018) | (2,061) | (1,847) | ||
| Income from continuing operations3 | 2,465 | 1,775 | 737 | 566 | ||
| Income tax expense | 1,263 | 632 | 314 | 252 | ||
| Interest expense and related charges | 830 | 802 | 975 | 784 | ||
| Interest income | (46) | (48) | (44) | (36) | ||
| Depreciation and amortization | 830 | 776 | 886 | 724 | ||
| EBITDA | 5,342 | 3,937 | 2,868 | 2,290 | ||
| Special items | 127 | 2 | - | - | ||
| EBITDA (excluding special items) (d) | 5,469 | 3,939 | 2,868 | 2,290 | ||
| Interest expense and related charges | 830 | 802 | 975 | 784 | ||
| Amortization of debt discount and issuance expense | (16) | (18) | (39) | (31) | ||
| Capitalized interest | 47 | 17 | 12 | 12 | ||
| Cash interest expense (e) | 861 | 801 | 948 | 765 | ||
| Total debt | 12,607 | 13,380 | 14,403 | 12,590 | ||
| Transition bonds | (1,074) | (1,167) | (500) | (500) | ||
| Debt-related restricted cash | (241) | - | (525) | (525) | ||
| Debt (f) | 11,292 | 12,213 | 13,378 | 11,565 | ||
| EBITDA/interest (ratio) (d) / (e) | 6.4 | 4.9 | 3.0 | 3.0 | ||
| Debt/EBITDA (ratio) (f) / (d) | 2.1 | 3.1 | 4.7 | 5.1 | ||
| Cash provided by operating activities + cash interest expense/cash interest expense (ratio) | 6.8 | 4.5 | 4.0 | 4.2 | ||
| Total debt/cash flow from operating activities (ratio) | 2.5 | 4.8 | 5.1 | 5.2 | ||
| Normalized Operating and Free Cash Flow | 2006 | 2005 | 20032 | 20033 | ||
| Cash provided by operating activities | 4,954 | 2,793 | 2,798 | 2,413 | ||
| Special items | 22 | 109 | - | - | ||
| 2003 tax refund | - | - | (601) | (601) | ||
| 2002 collections in 2003 | - | - | (337) | (337) | ||
| Normalized operating cash flow | 4,976 | 2,902 | 1,860 | 1,475 | ||
| Capital expenditures | (2,180) | (1,047) | (956) | (721) | ||
| Nuclear fuel | (117) | (57) | (44) | (44) | ||
| Normalized free cash flow | 2,679 | 1,798 | 860 | 710 | ||
1 As originally reported, which includes operations subsequently discontinued, principally TXU Gas and TXU Australia.
2 Reclassified for discontinued operations in accordance with GAAP.
3 Before extraordinary items and cumulative effects of changes in accounting principles.
