I'. TransmIssIon & Dhstribuuon Enron ~Trensportaton Services Poland Genemi Total Wanamisslon £ Distribution Wholesale Energy Operations & Services ~~Amaflcas flu' 6 Global Markets - o . C~4 indusMal Mark.ls NetWoflcs~V ~ prcbnI Masts.- ENRON EARNINGS RELEASE - EXTERNAL FORMA r (hflDMsoIDgrm, flt~lnns1S) First Quarter 2001 Plan Update Forecast $ 130.0 $ $ 130.0 IWO - 100.0 230.0 - 230.0 231.2 - 4T6 8.5 25.7 88,9 40.5 Global Fbignce NI 4.1.1 GlobdE&P~L~C.Abr,t 4.? lntmnatiar.oI prior period coals (4.5) repayS (35.1) IasstoEES~ 0.9 Sbwlwedrrsnsncuans - .-j LOLC ~ Total Wholesale Cmp.* ,.0tA .4iok~~. Rhythms - Litton Energy aetyices ifnglneerfng & Construotion A. class from Wholesale Enroll Broadband Services Corporate and Oilier Azurtx Enron RW,OWtIS Energy Co~,.-rM4A 1L Olsen Fuels if non InvesbnentPartnn Gowmta & Other Eweoses Stnjctrod Transactions Recta,. from/to Wholesale I@t* Corporate & Cliff -Wi- * 48.0 (30.4) (0.9) 231.2 76.0 41.8 as (4.?) Bat 40.6 10.0 - (4.5) - (35.1) - 0.9 - 100.0 (25.91 8.9 - ~O~9) , - 56.0 - (69.4) (17.1) .vW. (lad) (16.3) (0.1) (81.8) ~t«=~ '~ ~k *0 - (101.1) Overview INCOME BEFORE INT., M.L £ INC. TAXES IMuest E,q~sms, Net OMdends on Pretentd Stock of Subsldisuies Minority Intent PRE-TAX INCOME Inoeruie Tax Expense NET INCOME - RECURRING OPLUTEDePS Rocurling Huv~sostrg TOTAL DILUTED EPS 507.3 48.0 8.0 (0.9) 66.0 (GSA) (17.1) S (10.0) (10.3) (0.1) (61.8) 4.0 * (to¶.1I 113.9 __________ 796.7 203.1 18,4 23.7 S61.5 143.4 $ 408.1 = $ 046 C 685.0 26.0% Ito 25.9 (0.1) 0.1 $ - $ - 706.7 203.2 16.4 23.8 561 .~ 143.3 5 408.0 $ OA6 5 0.48 Avg shares outstanding - ORated Effective Tax ftsta. Rocuning Earnings ~ ~Il9lT In&'o~ r~t - L~nw ns., *65.0 28.0% - 2000 'Actual $ 127.0 106.3 233.2 Al viOC &owth .4% 137.5 67.7 50.0 (14.2) 61.5 104.4 4.1 (4.0) (8.6) 17.4 17 0 416.3 7.9 3.4 6.6 10.9 10,31 37% 18114 (0.0) 11.9 ras) (0.4) (35,7) 6.8 (17.4) (44,1) 62.4.0 161,1 18,1 3~.0 408.9 72.2 1 337.1 $ 0.40 $ 0.40 28% 26% 35% 21 ¶4 15% 861.9 17.6% GOVERNMENT ~, EXHIBIT EC001942612 4469 Corn No N 04-C025 I ~ A t. r ECM Other 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before lid. expense & Income Taxes Interest Expense 3rd Party Interest expense Intercompany capital charge expense (Income) Other intercompany interest expense (income) Other - including capitafized interest Minority interest Pre.tax income income Tax V - ~6 Net income before Financing Costs INCOMF BEFORE INTEREST SZPENSEANO INCOME TAXES IflCLUDES OUTSIDE (NOT INTERCOMPANY) INWRUT INcONE. C,ThMNi0~ whv ..i. ~.I t.IJr 74 10'0I 7.J.AM -A EC 001942613 tb.. A Variance ExplanatIons (Items greater than $1.0) - j interest -. Hot. WIT - Eipense Taxes Income Plan 4.0 3.4 (3.0) 3.6 Variance -; u.n - 0.0 0.0 0.0 Variance 0.0 0.0 00 0.0 Other .0.0 . 0.0 0.0 0.0 Current Forecast ±±L ~ -I Enron Global Finance 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before kit. E~cpunse & Income Taxes Interest Expense 3rd Party Jntereat expense Intercompany capital charge expense (income) Other intercompany interest expense (Income) Other: Including capitalized interest Pretested StocI~ Pro-tax income Income Tax Not Income before Financing Costs 1st Quarter Variance From Forecast Plan Plan Plan 49.6 48.6 0.0 0.0 0.4 0.4 0.0 0.0 1.5 1.5* 0.0 00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 0.0 0.0 0.0 47.6 47.6 0.0 0.0 6.2 6. 0.0 0.0 41.4 41.4 0.0 0.0 * INCOME BEFORE INTEREST EXPENSI ANt INCOME TAXES INCLUDES OUTSIOE (NOT INTERCOMPANY) INTEREST INCON!. CM*MPV~UdJ *~ ~w#isiapU bow, ,,.nd EC O~i9426I4 Variance Explanations Iftems greater than £1.0) Interest Not EDIT Expense Taxes Income Plan 40.5 i.g 6.2 41.4 VarIance 0.0 0.0 0.0 0.0 Variance o.o 0.0 - a.o 0.0 Other o.0 0.0 0.0 0.0 Current Poracast 49.5 1.9 6.2 41.4 = C Financing Costs 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before mt. Expense & Income Taxes Interest Expense 3rd Party Interest expense Intercompany capital charge expense (Income) Other Intercompany interest expense (Income) Other - Including capitalized interest Preferred Stack Pro-tax Income Income Tax Net Income before Financing Costs lit Quarter Variance From Forecast Plan Plan Pta 0.0 0.0 0.0 0.0 150.3 150.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0,0 0.0 0.0 0.0 15.6 15.6 0.0 0.0 (185,9) (165.9) 0.0 0.0 60.6 60.5 0.0 0.0 106.4) (105.4 0.0 0.0 * rNCOM~ BEFORE INTERUT XPENSE AND INCOME TAXES INCLUDES OUTmOE (NO? IN1UCOMPANY) INThREST INCON~. C3tEMP¶1001 wevMhs*4J.'24 flZIOh tO Aid EC 001g4z5J5 Variance Exolanatipns fitems greater than $1.0) Interest Net IBIT Expense Taxes Income Plan 0.0 165.9 (60.5) - '(105.4) Variance 0.0 0.0 0.0 9.0 VarIance 0.0 0.0 0.0 0.0 Other 0.0 0.0 110 0.0 Current Forecast 0.0 165.9 (60.8) 108,41 4 Enron Networks 2001 FIRST QUARTER FORECAST (Millions of Dol!ars) Income Beforo mt. Expense & Income Taxer Interest Expense 3rd Party interest expense Irtercompany capital charge expense (income) Other intercompany ihierest expense (income) Other - Including capitalized interest Preferred SLOCk Pm-tax Incorrie Income Tax Net Income before Financing Costs INCOME BEFORE INTEREST EXPENSE AND INCOME TAXES INCLUDES OUTSIDE (NOT INThROOMPANY) INTEREST INCOME. .o~, '11AM itt Quarter Vaujanco Forecast Plan - Plan Plans (4.7) (4.7) 0.0 0.0 0.0 0.0 0.0 - 0.0 ~0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 (4.7) (4.7) 0.0 0.0 1.6 1.6 0.0 0.0 (3.1 3.1 0.0 0.0 4> t 4. '-7 Variance Explanations (Items omaterthan S1.0~ Initreit Net iBIT Expense Taxes Income Plan -~ (4.7) 0.0 (1.6) - (3,1) VarIance 0.0 0.0 a.o- o.o Variance 00- 0.0 . 0.0 0.0 Other 0.0 0.0 0.0 1 0.0 Current Forecast (4.7) 0.0 ,Jjj (3.1 4 EC 001942618 t Enron Global Markets 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before mt. Expense & Income Taxes~ Interest Expense 3rd Party Interest expense Intercompany capital charge expense (Income) Other Intercompany interest expense Oncome) Other - including capitalized interest Preferred Stock Pm-tax Income Income Tax Net Income before Financing Costs 2»=~o( f" 974 ,/A Jul '~q1Ofl.. let Quarter Variance Front Forecast Plan Plan Plan 44.9 * 0.0 0.3 0.3 0.0 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44.0 44.6 0.0 44.6 15.3 15.3 , - 0.0 ¶5.3 29.3 29.3 0.0 29.3 * INCOME BEFORE INTERESTEXPCNSS AND INCOME TAMES INCLUDES OU?SIOt (NOT IMTEROOMPANY) IN1EREITINOOIRE. axItArd-owI.ni4ma4 10e is pg .4 .~t. variance Explanations (items greater than S1.O~ Interest . Net (BIT Expense Taxes Income Plan . 44.9 0.3 163 29.3 Vazianee 0.0 0.0 0.0 0.0 Variance 0.0 0.0 0.0 0.0 Other 0.0 0.0 0.0 0.0 Current Forecast 44.B 0.3 15.3 29.3 = - EC 001942617 C- .1 .4 Enron Global Meets 2001 FIRST QUARTER FORECAST (MiUions of Dollars) Income Before mt Expense & Income Taxes * Interesl Expense 3rd Party interest expense Intercompany cipftal charge expense (income) Other intercompany interest expense (income) Other - including capitalized Interest Minority Interest Pre.tax income Income T~x 4 4 Net Income befcw Financing Costs >4 .4. - A % r. INCOME RRPORE INTEKUT EXPENSE AND INCOME TAXES ~N~tLjDES CUTBIOC CNOT INTERCOMPANYI inTEREST INCOME. CtXGj4fltWW a~tCtWi~~J2 *b*i&M PM, -v (6001942618 Variance Explanations ~ltems greater tjian.SIAfl Interest Net IBIT Expense Taxes Income Plan ,. 86.9 348 10.9 , 43.2 Latest plan Including reallocation of casts and Eco and Proceribe -. . (0.8) (0.1) (1.3) 0.8 Variance . 7 0.0 0.0 0.0 0.0 Other - 0.0- ~ 0.0 0.0 ~0.0 Current Forecast 89.1 34.7 BA 43.6 - - I- -t ... 4 Enron Investment Partners 2001 FIRST QUARTER FORECAST (Minions of Dollars) Income Before mt. Expense & IncomeTaxes Interest Expense 3rd Party interest expense Intercompany capital charge expense (Income) Other Intercompany interest expense (income) Other - Including capitalized Interest Preferred Stock Pre-tax income income Tax Net Income before Financing Costa * 4 INCOME BEFORE INTEREST EXPeNSE AND INCOME TAXES NCLUOCS OUTSIOE(HOIIJ4TERCOMPANY) iNTERESt INCOME: QMIMPI-4044e1*svaiI4 W24/OI*A4ps S 'S. -t 4. 4-- 'I ECooig42619 -4 a Variance Exolanatlons titems creator than $1.0) . tntemst Net A . DEll Taxes income Plan (0.1) 0.3 (0.1) (0.3) Variance o.c 0.0 0.0 Variance o.o 0,0 0.0 0.0 Other - 0,0 0.0 0.0 - 0.0 Current Forecast (0.1) 0.3 0.3 S - V p Enron Industrial Markets 2001 FIRST QUARTER FORECAST. (Millions of Dollars) Income Before mt Expense & Income Taxes~ Interest Expense 3rd Parly interest expense Intercompany capital charge expense (Income) Other intercompany interest expense (Income). Other - Including capitalized interest Preferred Stock Pro-tax income Income Tax Net Income before Financing Costs * INCOM2 SaFORE INTIREST EXPENSE AND INCOYE TAXES INttUO~S OUTSIDE (NOT INTERCOMPANVI INTEREST INCOME. CA~EIOgN hi MJa~ 2* 1(2441 ~4 PM EC 001942620 ..jt 4 *L - .4 4 Variance Explanations (items master than 81.01 Interest Net IBrI flxpmnse . Tne -- Income plan 8.5 2.7 2.0 3.8 VarIance 0.0 0.0 F 0.0 *& 0.0 Variance ~0.0 0.0 O.OA - 0.0 Other 0.0 0.0 0.0' 0.0 Current Forecast . 8.5 Li 2.0 3.8 S .4 Enron Renewable Energy 2001 FIRST QUARTER FORECAST (Millions of Dollars) 1. Income Before Mt. Expense & Income Taxes* Interest Expense 3rd Party Interest expense Intercompany capital charge expense Oncome) amer intercompany Interest expense (in~ome) Other - including' capitalized interest Preferred Stock Pm-tax income Income Tax Net Income before Financing Coats 4- INCOME BEFORE WTEREST EXP!NSE AND INCOME TAXES INCLUDES OUTSIDE (NOT INTERCOMP'vI INThRGBT INCOMe. CM! MP1~REC rig *4Jsi fl 'asi iii v * 4 -. r EC 001942621 4 Variance Exulanatloris (items greater than $1.0) Interest Net rail Expense Taxes Income Plan ~io.oj s.e (6.6) (93) 'Jnt%Sflce . -. 0.0 0.0. 0.0 0.0 Variance 0.0 0.0 020 0.0 Other >0.0 0.0 o.a 0.0 Current Porecast (10.0) 6.9 (6.6) U Enron Global E&P 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Heron mt. ExVense & Income Taxes Interest Expense 3rd Party Interest expense Interconipany capitol charge expense (income) Other intercompany interest expense (income) Other - IncludIng capitalized interest Preferred Stock Pre-tax Income Income Tax Net Income before FInancInG Costs ist Quarter - Variance Fm. - Forecast Pun Plan Man 10.0 4.7 5.3 4.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (11.0) (11.4) 0.4 (11.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21.0 16.1 4.9 18.1 10.2 8.7 1.5 8.7 10.8 7.4 3.4 7.4 INCOME BEFORE INTEREST EXPENSE AND INCOME TAXES INCLUDES oUT6ID~ INOTIN1S~COMPANY) INTEREST mHCOMt g~~iiM~fl44i $ujJ.n 2* EC 001942622 VarIpnce~xoIanatlonstitemspreatertbanS1.0) '~ Interest Nel IBIT Expense Taxes Income Plan 4,7 (11.4) 8.7 7.4 Plan had 45 days of India production, but forecast has 90 days. 5.3 0.4 1.5 *, 3.4 Variance . .0.0 0.0 0.0 0.0 Other 0,0 0.0 0.0 O.0 Current Forecast 10.0 (11.0) 10.2 10.8