Spreadsheet: tracy_geaccone__40271__AEL 06 01
Sheet: Forecast

Azurix Europe Ltd
Current Forecast
Actuals through June 2001
(USD thousands)
 |  | ex rate | 1.4775 | 1.4525 | 1.4451 | 1.458 | 1.4346 | 1.4265 | 1.402 | 1.421 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.419
 |  |  | 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
Other revenue
Trade revenue |  |  | 32082 | 31596 | 33904 |  | 33230 | 34171 | 33398 |  | 32414 | 32578 | 32547 |  | 32648 | 32384 | 32314
 | Operating revenues
 | Sales growth %
Operating and maintenance expense |  |  | -9203 | -9098 | -11127 |  | -9510 | -11140 | -11040 |  | -9858 | -9822 | -9941 |  | -9830 | -9833 | -9807
General and administrative expense |  |  | -2439 | -2282 | -2566 |  | -3393 | -2382 | -2690 |  | -2415 | -2398 | -2252 |  | -2244 | -2275 | -2228
 | Total operating expenses
 | % of total sales
Equity in gain/(loss) of unconsolidated affiliates
EBITDA
Margin %
Goodwill amortization expense |  |  | -1637 | -1609 | -1600 |  | -1589 | -1580 | -1553 |  | -1540 | -1551 | -1551 |  | -1540 | -1540 | -1540
Concession rights amortization expense |  |  |  | 0 | 0
Depreciation and other amortization expense |  |  | -6582 | -6529 | -6354 |  | -6694 | -6575 | -6985 |  | -6406 | -6405 | -6407 |  | -6440 | -6440 | -6446
 | Total depreciation & amortization
EBIT
Margin %
 | 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) |  | -4685 | -4507 | -4599 |  | -5005 | -5033 | -4066 |  | -4914 | -5040 | -5110 |  | -5054 | -4774 | -4817
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 |  |  | -427 | -434 | -463 |  | -1661 | -971 | -996 |  | -420 | -420 | -420 |  | -420 | -420 | -420
Income tax expense, deferred |  |  | -2325 | -2321 | -2312 |  | -926 | -1741 | -1590 |  | -2240 | -2240 | -2240 |  | -2310 | -2310 | -2420
 | Total income tax expense
Net Income