Spreadsheet: rick_buy__32861__Houston earnings analysis 07112001 Cassandra
Sheet: Houston analysis 05112001 Cass

 | 2000 |  |  |  | 2000 | 2001 |  |  |  | 2001
All figures are in $m | Q1 | Q2 | Q3 | Q4 | YTD | Q1 | Q2 | Q3 | Q4 to 2/11 | YTD
Gas and Power Operations
Origination (see overleaf) | 15810 | 37800 | 53800 | 37600 | 145010 | 11577 | 21400 | 17300 |  | 50277
Trading |  |  |  |  | 0 |  |  |  |  | 0
UK Gas | -7490 | -63881 | 414 | 33738 | -37219 | 30435 | 7937 | 8211 | 34454 | 81037
UK Power | 120306 | -16419 | 27577 | 86228 | 217692 | 172945 | 91677 | 7497 | 48527 | 320646
Continental Power | -39012 | 5857 | 9447 | -16549 | -40257 | 4472 | 9898 | 8042 | 3611 | 26023
Scandinavian Power | 5090 | 450 | 4222 | 39 | 9801 | -34394 | 20862 | -9052 | -8727 | -31311
Australian Power |  |  |  | 2201 | 2201 | 5707 | 2652 | 3259 | 220 | 11838
Japan Power |  |  |  |  | 0 | 82 | 11 | -16 | 21 | 98
Structured Commodity Derivatives | 23606 | 6337 | -10832 | -39185 | -20074 | -44896 | -64095 | 25146 | -41009 | -124854
Market Movements |  |  |  |  | 0 |  |  |  |  | 0
Other Trading Activities - NETA |  |  |  |  | 0 | 0 |  |  |  | 0
Significant Non-Recurring Items |  |  |  |  |  |  |  |  |  | 0
ETOL |  |  |  |  | 0 |  |  |  |  | 0
ETOL I, II, III (SFAS 125) |  |  |  | 104600 | 104600 | 22000 | 36800 | 7000 |  | 65800
Watershed and hedges |  |  |  | 30400 | 30400 |  | 14600 | 20600 |  | 35200
Sutton Bridge |  |  |  |  | 0 |  |  |  |  | 0
Sale of Equity | 5383 | 3613 |  |  | 8996 |  |  |  |  | 0
Novation of CTA |  | 132000 |  |  | 132000 |  |  |  |  | 0
Margaux II (Riva SFAS 125) |  |  |  | 36800 | 36800 |  |  |  |  | 0
Margaux accretion |  |  |  |  |  |  | -14511 |  |  | -14511
Sub Total | 123693 | 105757 | 84628 | 275872 | 589950 | 167928 | 127231 | 87987 | 37097 | 420243
Asset Positions (see overleaf) | 1230 | 2350 | 2209 | 3400 | 9189 | -8250 | 16430 | 6670 | 0 | 14850
Total Gas and Power Operations | 124923 | 108107 | 86837 | 279272 | 599139 | 159678 | 143661 | 94657 | 37097 | 435093
Credit Trading | 0 | 135.8607223326285 | 2656.726946617027 | 2734.260145957289 | 5526.847814906945 | 2974.998731222065 | 21855.94972526613 | -21350.28837751321 | -768 | 2712.660078974983
Credit Trading Origination (portfolio trades) |  |  |  |  |  |  |  | 20000 |  | 20000
Metals Trading | 0 | -492.8735087 | 34286.5122815 | 5415.562545674818 | 39209.20131847481 | -1091.50172644639 | 19093 | 37853.40859583579 | 10800 | 66654.90686938941
Merchant Fair Value Portfolio | -2400.246080933181 | 8852.366458946375 | 20124.49598396261 | -4077.264045551784 | 22499.35231642402 | 7623.661294961753 | -6209.928874917153 | 0.0008495214406138984 |  | 1413.733269566041
Financial / Executive Books (incl FX reval adj) | 21477.11045126085 | 9398.8402403534 | 17096.12380379667 | 10455.58738258666 | 58427.66187799758 | 32706.75219129428 | -2126.498907909861 | 13265.63543356308 | 4819 | 48664.8887169475
Sub Total | 143999.8643703277 | 126001.1939129324 | 161000.8590158763 | 293800.146028667 | 724802.0633278034 | 201891.9104910317 | 176273.5219424391 | 144425.7565014071 | 51948 | 574539.188934878
Liquids Trading | 30330.7298396072 | 13867.9838695157 | 0 | 0 | 44198.7137091229 | 0 | 0 | 0 |  | 0
EES (Europe's 50%) | 8038.880003361767 | 10871.840137655 | 15004.01497693604 | 10098.29637784736 | 44013.03149580018 | 18621.54119601745 | 21822.23197879852 | 16742.56673388007 | 2925 | 60111.33990869604
Total per SAP / DPR | 182369.4742132966 | 150741.0179201031 | 176004.8739928124 | 303898.4424065144 | 813013.8085327264 | 220513.4516870491 | 198095.7539212376 | 161168.3232352872 | 54873 | 634650.528843574