Spreadsheet: vkaminski__40901__CASH_EPE_0400MyCopy
Sheet: EINC

ENRON BOOK INCOME
Current Year
Calendar Year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Totals
Months Of Operation - Phase I
Months Of Operation - Phase II
Months Of Operation - Phase III
Total Number Of Months
Units Produced (Mwhs)
Enron Earnings From Project Income
Project Earnings Before Depr., Int. &Taxes
Less: US GAAP Depreciation
Less: Interest Expense - Senior Debt
Less: Interest Expense - Subordinated Debt
Less: Fixed Capacity Revenues
Plus: EITF91-6 Levelization Of Earnings
Project Book Income Restated To US GAAP |  |  | (A)
Times: In-Country Effective Tax Rate
Tax Applied To Book Income |  |  | (B)
Project Book Income Restated To US GAAP After Tax |  |  | (A-B)
Times: Enron's Ownership Percentage
 | Subtotal - Enron Earnings From Project Income
Enron Earnings From Other Income / (Expenses)
Plus: INE Dividend Income |  |  | (1)
Less: W/H Tax - INE Dividend Income |  |  | (1)
Less: Political Risk Insurance - Expensed Currently |  |  | (1)
Less: Political Risk Insurance - Capitalized & Amortized |  |  | (1)
Plus: Indemnity Fee - Recognized Currently |  |  | (1)
Plus: Indemnity Fee - Capitalized and Amortized |  |  | (1)
Less: W/H Tax - Indemnity Fee |  |  | (1)
Plus: JVM Management Fee |  |  | (1)
Less: Consulting Fees Paid At Enron Level |  |  | (1)
Less: Houston Overheads Not Included In Project Costs |  |  | (1)
Less: Tax (Exp) / Benefit On (1)'s Above
 | Subtotal - Enron Earnings From Other Income / (Expenses)
Enron Earnings From Bridge Loans
 |  |  | (2)
 |  |  | (2)
 |  |  | (2)
Less: Tax (Exp) / Benefit On (2)'s Above
 | Subtotal - Enron Earnings From Bridge Loans
Enron Combined Book Income
 | Subtotal - Enron Earnings From Project Income
 | Subtotal - Enron Earnings From Other Income / (Expenses)
 | Subtotal - Enron Earnings From Bridge Loans
 | Enron Book Income Prior To Cost Of Funds Charge
 | Less: ENE Cost Of Funds Charge - Expensed Currently |  | (3)
 | Less: ENE Cost Of Funds Charge - Capitalized & Amortized |  | (3)
 | Less: Tax (Exp) / Benefit On (3)'s Above
 | Enron Book Income Including Cost Of Funds Charge
 | Memo: Cumulative Book Income (Prior To Cost Of Funds Charge)
 | Memo: Cumulative Book Income (Including Cost Of Funds Charge)
 |  | w/o COF | w/ COF
Enron Avg Book Income (Years 1-5) - Comm Ops
Enron Avg Book Income (Project Life) - Comm Ops
Enron Equity Payback Year On Book Income
ENE Cost Of Funds Charge Calculation (COF)
Cumulative Equity Used (Common & Preferred)
Less: Cumulative A-T Cashflow Distributed (Common & Preferred)
Plus: Cumulative Bridge Loan Outstanding
Less: Cumulative Interest Income / Fees From Bridge Loan
Plus: Cumulative Subordinated Debt Outstanding
Less: Cumulative Interest Income / Fees From Subordinated Debt
Outstanding Amounts Subject To Cost Of Funds Charge
Times: Enron Cost Of Funds Rate
 | ENE Cost Of Funds Charge / (Benefit)
 | Memo: Cumulative ENE Cost Of Funds Charge / (Benefit)
Levelization Of Earnings
Gross Fixed Capacity Revenue Received (Including Pis/Cofins)
Less: PIS/COFINS
Net Fixed Capacity Revenue Received
Levelized Tariff Per MWh (From Full Comm Ops)
Times: Mwhs
Levelized Revenue
Beginning Deferred Revenue
Plus: Current Year Deferred Revenue
Less: Deferral Recognized
Ending Deferred Revenue