Exhibit 99.1
SELECTED FINANCIAL DATA
Exelon
Exelon and Generation have reclassified their December 31, 2004 and previous financial statements for the presentation of certain businesses as discontinued operations within Exelon’s and Generation’s Consolidated Statements of Income and a change in the reportable segments presented by Exelon. As discussed in Notes 25 and 26 of Exelon’s Notes to Consolidated Financial Statements, on January 31, 2005, subsidiaries of Generation completed a series of transactions that resulted in Generation’s sale of its investment in Sithe. In addition, during 2004 and 2003, Exelon sold or unwound substantially all components of Enterprises and AllEnergy Gas & Electric Marketing LLC (AllEnergy), a business within Exelon Energy. As a result, the results of operations and any gain or loss on the sale of qualifying components of Enterprises have been presented as discontinued operations within Exelon’s Consolidated Statements of Income. As Exelon sold or wound down substantially all components of Enterprises, Exelon determined that it would no longer present Enterprises as a reportable segment. Accordingly, the remaining Enterprises businesses are reported within “Other.”
The selected financial data presented below has been derived from the audited consolidated financial statements of Exelon. This data is qualified in its entirety by reference to and should be read in conjunction with Exelon’s Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operation filed as Exhibit 99.2 to this current report on Form 8-K.
Results for 2000 reflect the effects of the merger of Exelon Corporation, Unicom and PECO on October 20, 2000. That merger was accounted for using the purchase method of accounting with PECO as the acquiring company. Accordingly, financial results for 2000 consist of PECO’s results for 2000 and Unicom’s results after October 20, 2000.
For the Years Ended December 31, | |||||||||||||||||||||
in millions, except for per share data | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Statement of Income data: | |||||||||||||||||||||
Operating revenues | $ | 14,133 | $ | 15,148 | $ | 14,060 | $ | 13,978 | $ | 7,060 | |||||||||||
Operating income | 3,499 | 2,409 | 3,280 | 3,406 | 1,562 | ||||||||||||||||
Income from continuing operations | $ | 1,870 | $ | 892 | $ | 1,690 | $ | 1,448 | $ | 606 | |||||||||||
Loss from discontinued operations | (29 | ) | (99 | ) | (20 | ) | (32 | ) | (44 | ) | |||||||||||
Income before cumulative effect of changes in accounting principles | 1,841 | 793 | 1,670 | 1,416 | 562 | ||||||||||||||||
Cumulative effect of changes in accounting principles (net of income taxes) | 23 | 112 | (230 | ) | 12 | 24 | |||||||||||||||
Net income | $ | 1,864 | $ | 905 | $ | 1,440 | $ | 1,428 | $ | 586 | |||||||||||
Earnings per average common share (diluted): | |||||||||||||||||||||
Income from continuing operations | $ | 2.79 | $ | 1.36 | $ | 2.60 | $ | 2.24 | $ | 1.49 | |||||||||||
Loss from discontinued operations | (0.04 | ) | (0.15 | ) | (0.03 | ) | (0.05 | ) | (0.11 | ) | |||||||||||
Income before cumulative effect of changes in accounting principles | 2.75 | 1.21 | 2.57 | 2.19 | 1.38 | ||||||||||||||||
Cumulative effect of changes in accounting principles (net of income taxes) | 0.03 | 0.17 | (0.35 | ) | 0.02 | 0.06 | |||||||||||||||
Net income | $ | 2.78 | $ | 1.38 | $ | 2.22 | $ | 2.21 | $ | 1.44 | |||||||||||
Dividends per common share | $ | 1.26 | $ | 0.96 | $ | 0.88 | $ | 0.91 | $ | 0.46 | |||||||||||
Average shares of common stock | |||||||||||||||||||||
outstanding — diluted | 669 | 657 | 649 | 645 | 408 | ||||||||||||||||
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December 31, | |||||||||||||||||||||
in millions | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Balance Sheet data: | |||||||||||||||||||||
Current assets | $ | 3,926 | $ | 4,561 | $ | 4,125 | $ | 3,735 | $ | 4,151 | |||||||||||
Property, plant and equipment, net | 21,482 | 20,630 | 17,957 | 14,665 | 15,914 | ||||||||||||||||
Noncurrent regulatory assets | 4,790 | 5,226 | 5,546 | 5,774 | 6,045 | ||||||||||||||||
Goodwill | 4,705 | 4,719 | 4,992 | 5,335 | 5,186 | ||||||||||||||||
Other deferred debits and other assets | 7,867 | 6,800 | 5,249 | 5,460 | 5,378 | ||||||||||||||||
Total assets | $ | 42,770 | $ | 41,936 | $ | 37,869 | $ | 34,969 | $ | 36,674 | |||||||||||
Current liabilities | $ | 4,882 | $ | 5,720 | $ | 5,874 | $ | 4,370 | $ | 4,993 | |||||||||||
Long-term debt, including long-term debt to financing trusts(a) | 12,148 | 13,489 | 13,127 | 12,879 | 12,958 | ||||||||||||||||
Regulatory liabilities | 2,204 | 1,891 | 486 | 225 | 1,888 | ||||||||||||||||
Other deferred credits and other liabilities | 13,984 | 12,246 | 9,968 | 8,749 | 8,959 | ||||||||||||||||
Minority interest | 42 | — | 77 | 31 | 31 | ||||||||||||||||
Preferred securities of subsidiaries(a) | 87 | 87 | 595 | 613 | 630 | ||||||||||||||||
Shareholders’ equity | 9,423 | 8,503 | 7,742 | 8,102 | 7,215 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 42,770 | $ | 41,936 | $ | 37,869 | $ | 34,969 | $ | 36,674 | |||||||||||
(a) | The mandatorily redeemable preferred securities of ComEd and PECO were reclassified as long-term debt to financing trusts in 2003 in accordance with FIN 46-R and FIN 46, “Consolidation of Variable Interest Entities” (FIN 46). |
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