Spreadsheet: kevin_hyatt__19604__Base Model 111601
Sheet: Consumers DCF

 |  |  |  |  | Warning Flag:
INCOME STATEMENT ($000)
 |  |  |  |  |  | Projected Fiscal Year Ending December 31,
 |  |  | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011
 |  |  |  |  | Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11
TOTAL REVENUE
OPERATING EXPENSES
EBITDA
Rev per Exp $
Operating Margin
INT & OTHER INCOME |  |  | -33 | 18 | 0 | 0
UNCONSOLIDATED INCOME |  |  | 0 | 0 | 0 | 0
DEPRICIATION & AMORTIZATION |  |  | 484 | 595 | 637
EBIT
TAXES
Current Taxes |  |  | 100 | 64 | 60 | 0
Deferred Taxes |  |  | 0 | 0 | 0 | 0
TOTAL TAXES
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | EBITDA
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X
CASH FLOW FROM OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Multiple of
CAPEX
TOTAL CASH FLOW AVAILABLE TO INVESTORS
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hard -Code
 |  |  |  |  |  | Purchase |  | Potential |  | Net Present Value
 |  |  |  |  |  | Price | Multiple | Buyer
 |  |  |  |  | Loop
 |  |  |  |  |  | 27999.04823489962
REVENUE PROJECTIONS ($000)
 |  |  |  |  |  | Projected Fiscal Year Ending December 31,
 |  |  | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011
 | 1=On, 0=Off
Electric Utility | 1
Gas Utility | 1
Natual Gas Transmission | 0
Independent Power Production | 0
Oil & Gas E&P | 0
Marketing, Services and Trading | 0
International Energy Distribution | 0
Other | 0
Total Revenues
GROWTH RATES
Electric Utility |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Gas Utility |  |  |  |  |  |  | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02
Natual Gas Transmission |  |  |  |  |  |  | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03
Independent Power Production |  |  |  |  |  |  | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02
Oil & Gas Exploration and Production |  |  |  |  |  |  | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03
Marketing, Services and Trading |  |  |  |  |  |  | 1.25 | 1.25 | 1.15 | 1.15 | 1.05 | 1.05 | 0.95 | 0.95 | 0.85 | 0.85
International Energy Distribution |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Other |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
EXPENSE PROJECTIONS ($000)
 |  |  |  |  |  | Projected Fiscal Year Ending December 31,
 | 1=On, 0=Off |  | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011
Fuel for Electric Generation | 1
Purchased Pwr: Mkt, Srvcs & Trade | 0
Purchased and Interchange Power | 0
Purchased Power - Related Parties | 0
Cost of Gas Sold - Mkt, Srvcs & Trade | 0
Cost of Gas Sold | 0
Other Operating Expenses | 0
Maintenance | 0
Total Expenses
GROWTH RATES
Fuel for Electric Generation |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Purchased Pwr: Mkt, Srvcs & Trade |  |  |  |  |  |  | 1.25 | 1.25 | 1.15 | 1.15 | 1.05 | 1.05 | 0.95 | 0.95 | 0.85 | 0.85
Purchased and Interchange Power |  |  |  |  |  |  | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03
Purchased Power - Related Parties |  |  |  |  |  |  | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02
Cost of Gas Sold - Mkt, Srvcs & Trade |  |  |  |  |  |  | 1.25 | 1.25 | 1.15 | 1.15 | 1.05 | 1.05 | 0.95 | 0.95 | 0.85 | 0.85
Cost of Gas Sold |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Other Operating Expenses |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Maintenance |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
CAPITAL EXPENDITURE PROJECTIONS ($000'S)
 |  |  |  |  |  | Projected Fiscal Year Ending December 31,
 |  |  | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011
 | 1=On, 0=Off |  |  |  | Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11
Consumers Electric Operations | 1
Consumers Gas Operations | 1
Natural Gas Transmission | 0
Independent Power Production | 0
Oil and Gas E&P | 0
Marketing, Services and Trading | 0
International Energy Distribution | 0
Other | 0
Total CAPEX
GROWTH RATES
Consumers Electric Operations |  |  |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Consumers Gas Operations |  |  |  |  |  |  |  |  | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02
Natural Gas Transmission |  |  |  |  |  |  |  |  | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03
Independent Power Production |  |  |  |  |  |  |  |  | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 | 1.02
Oil and Gas Exploration and Production |  |  |  |  |  |  |  |  | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03
Marketing, Services and Trading |  |  |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
International Energy Distribution |  |  |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
Other |  |  |  |  |  |  |  |  | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01
DEPRECIATION PROJECTIONS ($000'S)
 |  |  |  |  |  | Projected Fiscal Year Ending December 31,
 |  |  | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011
 |  |  |  |  | Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11
Book Depreciation
Purchase Price
Capital Expenditures
Total Book Depreciation
Tax Depreciation |  |  |  |  |  |  | 0.05 | 0.095 | 0.0855 | 0.077 | 0.0693 | 0.0623 | 0.059 | 0.059 | 0.0591 | 0.059 | 0.0591
Purchase Price
Capital Expenditures
Total Tax Depreciation