Exhibit 99.6
Energy Future Holdings Corp. Consolidated
Adjusted EBITDA Reconciliation
| | | | | | | | |
| | | Year Ended
December 31,
2008 | | | Year Ended
December 31,
2007 | |
| | | (millions of dollars) | |
Net loss attributable to EFH Corp. | | $ | (9,838 | ) | | $ | (637 | ) |
Income tax benefit | | | (471 | ) | | | (364 | ) |
Interest expense and related charges | | | 4,935 | | | | 1,510 | |
Depreciation and amortization | | | 1,610 | | | | 1,049 | |
| | | | | | | | |
EBITDA | | $ | (3,764 | ) | | $ | 1,558 | |
| | | | | | | | |
| | |
Oncor EBITDA | | | (496 | ) | | | (1,291 | ) |
Oncor distributions/dividends (a) | | | 1,582 | | | | 326 | |
Interest income | | | (27 | ) | | | (80 | ) |
Amortization of nuclear fuel | | | 76 | | | | 69 | |
Purchase accounting adjustments (b) | | | 460 | | | | 138 | |
Impairment of goodwill | | | 8,000 | | | | — | |
Impairment of assets and inventory write down (c) | | | 1,221 | | | | 757 | |
Net loss attributable to noncontrolling interests | | | (160 | ) | | | — | |
Unrealized net (gain) or loss resulting from hedging transactions | | | (2,329 | ) | | | 2,278 | |
Losses on sale of receivables | | | 29 | | | | 39 | |
Income from discontinued operations, net of tax effect | | | — | | | | (25 | ) |
Noncash compensation expense (SFAS 123R) (d) | | | 27 | | | | 22 | |
Severance expense (e) | | | 3 | | | | — | |
Equity losses of unconsolidated affiliate engaged in broadband over power lines | | | — | | | | 1 | |
Transition and business optimization costs (f) | | | 45 | | | | 24 | |
Transaction and merger expenses (g) | | | 64 | | | | 150 | |
Insurance settlement proceeds (h) | | | (21 | ) | | | — | |
Restructuring and other (i) | | | 35 | | | | (33 | ) |
Expenses incurred to upgrade or expand a generation station (j) | | | 100 | | | | 5 | |
| | | | | | | | |
Adjusted EBITDA per Incurrence Covenant | | $ | 4,845 | | | $ | 3,938 | |
| | | | | | | | |
Add back Oncor adjustments | | $ | (267 | ) | | $ | 978 | |
| | | | | | | | |
Adjusted EBITDA per Restricted Payments Covenants | | $ | 4,578 | | | $ | 4,916 | |
| | | | | | | | |
| (a) | Includes $1.253 billion distribution of net proceeds from the sale of Oncor noncontrolling interests. |
| (b) | Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental credits, coal purchase contracts, nuclear fuel contracts and power purchase agreements and the stepped up value of nuclear fuel. Also includes certain credits not recognized in net income due to purchase accounting. |
| (c) | Impairment of assets includes impairments of emission allowances and trade name intangible assets, impairment of the natural gas-fueled generation fleet and charges related to the cancelled development of coal-fueled generation plants. |
| (d) | Noncash compensation expenses exclude capitalized amounts. |
| (e) | Severance expense includes amounts incurred related to outsourcing, restructuring and other amounts deemed to be in excess of normal recurring amounts. |
| (f) | Transition and business optimization costs include professional fees primarily for retail billing and customer care systems enhancements and certain incentive compensation. |
| (g) | Transaction and merger expenses include costs related to the Merger, abandoned strategic transactions and a terminated joint-venture. Also includes administrative costs related to the cancelled program to develop coal-fueled generation facilities, the Sponsor management fee, costs related to certain growth initiatives and costs related to the Oncor sale of noncontrolling interests. |
| (h) | Insurance settlement proceeds include the amount received for property damage to certain mining equipment. |
| (i) | Restructuring and other for 2008 includes a litigation accrual and the charge related to the bankruptcy of a subsidiary of Lehman Brothers Holdings Inc., and for 2007 includes credits related to impaired combustion turbine leases and other restructuring initiatives and nonrecurring activities. |
| (j) | Expenses incurred to upgrade or expand a generation station reflect noncapital outage costs. |
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