Spreadsheet: tracy_geaccone__40272__AEL 06 01 (GBP)
Sheet: Forecast

Azurix Europe Ltd
Current Forecast
Actuals through June 2001
(£ sterling 000)
 |  |  | 1st Quarter |  |  |  | 2nd Quarter |  |  |  | 3rd Quarter |  |  |  | 4th Quarter |  |  |  | 2001
 |  |  | Jan | Feb | Mar | Total | Apr | May | Jun | Total | Jul | Aug | Sep | Total | Oct | Nov | Dec | Total | Year
 |  |  | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Forecast | Forecast | Forecast | Forecast | Forecast | Forecast | Forecast | Forecast | Forecast
Fees earned |  |  |  |  |  | 0
Other revenue
Trade revenue |  |  | 21714 | 21753 | 23462 |  | 23162 | 23955 | 23822 |  | 23153 | 23270 | 23248 |  | 23320 | 23132 | 23082
 | Operating revenues
 | Sales growth %
Operating and maintenance expense |  |  | -6229 | -6264 | -7690 |  | -6634 | -7810 | -7875 |  | -7042 | -7016 | -7104 |  | -7022 | -7024 | -7005
General and administrative expense |  |  | -1651 | -1571 | -1776 |  | -2357 | -1670 | -1919 |  | -1725 | -1713 | -1609 |  | -1603 | -1625 | -1592
 | Total operating expenses
 | % of total sales
Equity in gain/(loss) of unconsolidated affiliates |  |  | 0 | 0 | 0 |  | 0
EBITDA
Margin %
Goodwill amortization expense |  |  | -1108 | -1108 | -1108 |  | -1108 | -1108 | -1108 |  | -1100 | -1108 | -1108 |  | -1100 | -1100 | -1100
Concession rights amortization expense |  |  | 0 | 0 | 0 |  | 0 | 0 | 0 |  | 0 | 0 | 0 |  | 0 | 0 | 0
Depreciation and other amortization expense |  |  | -4455 | -4495 | -4401 |  | -4665 | -4609 | -4982 |  | -4576 | -4575 | -4571 |  | -4600 | -4600 | -4604
 | Total depreciation & amortization
EBIT
 | Interest income - AZX Corporate
 | Interest income - AZX Fin. Corp.
 | Interest income - AEL
 | Interest income - Azurix Buenos Aires
 | Interest income - Azurix North America
 | Interest income - Global Industrial
 | Interest income - Azurix Brasil
 | Interest income - Azurix Mexico
 | Interest income - Madera Ranch
 | Interest income - Grand Cayman Desal
 | Interest income - Toluca
 | Interest income - Azurix Cancun SRL
 | Interest income - Mendoza
 | Interest income - To be eliminated
 | Interest income - Other affiliates
Interest income - Total affiliates
Interest income - public |  |  | 0 | 0 | 0 |  | 0 | 0 | 0 |  | 0 | 0 | 0 |  | 0 | 0 | 0
 | Interest expense - AZX Corporate
 | Interest expense - AZX Fin. Corp.
 | Interest expense - AEL
 | Interest expense - Azurix Buenos Aires
 | Interest expense - Azurix North America
 | Interest expense - Global Industrial
 | Interest expense - Azurix Brasil
 | Interest expense - Azurix Mexico
 | Interest expense - Madera Ranch
 | Interest expense - Grand Cayman Desal
 | Interest expense - Toluca
 | Interest expense - [NAME]
 | Interest expense - Mendoza
 | Interest expense - To be eliminated
 | Interest expense - Other affiliates
Interest expense - Total affiliates
Interest expense, gross - public
Amort. & W/O, deferred financing costs
Less:  capitalized interest
 | Net interest income/(expense) |  | -3171 | -3103 | -3185 |  | -3485 | -3528 | -2900 |  | -3510 | -3600 | -3650 |  | -3610 | -3410 | -3441
Minority interest
Profit on sale of Wessex House
Currency transaction gain/(loss)
Other income
 | Total other income
Profit before tax
Margin %
Income tax expense, current |  |  | -289 | -299 | -320 |  | -1150 | -681 | -710 |  | -300 | -300 | -300 |  | -300 | -300 | -300
Income tax expense, deferred |  |  | -1573 | -1597 | -1603 |  | -657 | -1220 | -1134 |  | -1600 | -1600 | -1600 |  | -1650 | -1650 | -1729
 | Total income tax expense
Net Income