Exhibit 99.4
Disclosure Statement - Exhibit D - Projections - Regulation G Reconciliation
DYNEGY INC.
Projections Exhibit (1)
(IN MILLIONS)
| | Dynegy Consolidated - 2012 By Quarter | | Dynegy Consolidated | |
| | Q1 2012 | | Q2 2012 | | Q3 2012 | | Q4 2012 | | 2012E | | 2013E | | 2014E | | 2015E | |
Gross Margin | | $ | 169.0 | | $ | 168.7 | | $ | 265.3 | | $ | 159.5 | | $ | 762.5 | | $ | 792.3 | | $ | 625.7 | | $ | 690.2 | |
Plus / (Less): | | | | | | | | | | | | | | | | | |
Mark-to-market gains, net | | (15.6 | ) | (33.0 | ) | (50.3 | ) | (33.4 | ) | (132.2 | ) | (1.9 | ) | — | | — | |
Independence amortization expense | | 9.7 | | 9.7 | | 9.7 | | 9.7 | | 38.8 | | 39.0 | | 31 | | (5.0 | ) |
Adjusted Gross Margin | | 163.1 | | 145.4 | | 224.7 | | 135.8 | | 669.1 | | 829.4 | | 656.7 | | 685.2 | |
Operating Expenses | | (84.1 | ) | (97.0 | ) | (73.7 | ) | (73.1 | ) | (327.9 | ) | (283.5 | ) | (279.2 | ) | (279.5 | ) |
General and Administrative Expense | | (25.2 | ) | (23.7 | ) | (23.4 | ) | (23.8 | ) | (96.1 | ) | (86.2 | ) | (86.0 | ) | (85.9 | ) |
| | | | | | | | | | | | | | | | | |
Adjusted EBITDA | | $ | 53.8 | | $ | 24.7 | | $ | 127.7 | | $ | 38.9 | | $ | 245.1 | | $ | 459.7 | | $ | 291.5 | | $ | 319.8 | |
CASH FLOW Projections Exhibit
(IN MILLIONS)
| | Dynegy Consolidated - 2012 By Quarter | | Dynegy Consolidated | |
| | Q1 2012 | | Q2 2012 | | Q3 2012 | | Q4 2012 | | 2012E | | 2013E | | 2014E | | 2015E | |
Cash Flow from Operations | | 3.5 | | 12.6 | | 111.5 | | 10.7 | | 138.3 | | 195.4 | | 29.1 | | 60.2 | |
Maintenance Capital Expenditures | | (22.4 | ) | (28.9 | ) | (26.3 | ) | (63.7 | ) | (141.4 | ) | (118.5 | ) | (121.3 | ) | (77.0 | ) |
Environmental Capital Expenditures | | (24.9 | ) | (20.7 | ) | (19.5 | ) | (21.1 | ) | (86.2 | ) | (23.4 | ) | (6.5 | ) | (9.0 | ) |
Free Cash Flow | | (43.8 | ) | (37.0 | ) | 65.7 | | (74.1 | ) | (89.3 | ) | 53.5 | | (98.7 | ) | (25.8 | ) |
Plus: Interest Payments | | 39.4 | | 39.3 | | 39.2 | | 76.3 | | 194.2 | | 254.3 | | 258.4 | | 256.4 | |
Unlevered Cash Flow | | $ | 4.4 | | $ | 2.3 | | $ | 104.9 | | $ | 2.2 | | $ | 104.9 | | $ | 307.8 | | $ | 159.7 | | $ | 230.6 | |
| | | | | | | | | | | | | | | | | |
Net Cash Provided (Used) in Investing Activities | | $ | (47.3 | ) | $ | (104.6 | ) | $ | (45.8 | ) | $ | 155.3 | | $ | (42.4 | ) | $ | (107.3 | ) | $ | (89.1 | ) | $ | (85.6 | ) |
| | | | | | | | | | | | | | | | | |
Net Cash Used in Financing Activities | | $ | (23.1 | ) | $ | (557.9 | ) | $ | (4.3 | ) | $ | (169.3 | ) | $ | (754.4 | ) | $ | (34.9 | ) | $ | (38.7 | ) | $ | (0.4 | ) |
| | Dynegy Consolidated - 2012 By Quarter | | Dynegy Consolidated | |
| | Q1 2012 | | Q2 2012 | | Q3 2012 | | Q4 2012 | | 2012E | | 2013E | | 2014E | | 2015E | |
Net Income (Loss) | | $ | (33.0 | ) | $ | (116.8 | ) | $ | 1.0 | | $ | (63.3 | ) | $ | (212.5 | ) | $ | (148.3 | ) | $ | (309.6 | ) | $ | (339.1 | ) |
Add Back: | | | | | | | | | | | | | | | | | |
Income Tax Expense (Benefit) | | (22.1 | ) | (78.0 | ) | 1.1 | | (42.4 | ) | (141.1 | ) | (99.0 | ) | (206.0 | ) | (226.0 | ) |
Interest Expense | | 40.9 | | 167.8 | | 90.5 | | 89.2 | | 388.4 | | 350.9 | | 454.7 | | 571.6 | |
Depreciation and Amortization Expense | | 73.9 | | 75.0 | | 75.7 | | 79.1 | | 303.7 | | 319.0 | | 321.4 | | 318.3 | |
EBITDA | | 59.7 | | 48.0 | | 168.3 | | 62.6 | | 338.5 | | 422.6 | | 260.5 | | 324.8 | |
Plus / (Less): | | | | | | | | | | | | | | | | | |
Independence amortization expense | | 9.7 | | 9.7 | | 9.7 | | 9.7 | | 38.8 | | 39.0 | | 31 | | (5.0 | ) |
Mark-to-market gains, net | | (15.6 | ) | (33.0 | ) | (50.3 | ) | (33.4 | ) | (132.2 | ) | (1.9 | ) | — | | — | |
Adjusted EBITDA | | 53.8 | | 24.7 | | 127.7 | | 38.9 | | 245.1 | | 459.7 | | 291.5 | | 319.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net Debt
(IN MILLIONS)
| | Dynegy Consolidated - 2012 By Quarter | | Dynegy Consolidated | |
| | Q1 2012 | | Q2 2012 | | Q3 2012 | | Q4 2012 | | 2012E | | 2013E | | 2014E | | 2015E | |
| | | | | | | | | | | | | | | | | |
Total Debt | | $ | 5,261.8 | | $ | 2,702.3 | | $ | 2,698.0 | | $ | 2,528.7 | | $ | 2,528.7 | | $ | 2,493.8 | | $ | 2,455.0 | | $ | 2,454.6 | |
Less: | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents | | (778.2 | ) | (128.4 | ) | (189.9 | ) | (186.7 | ) | (186.7 | ) | (239.8 | ) | (141.1 | ) | (115.3 | ) |
Unused Collateral Restricted Cash | | (272.2 | ) | (272.2 | ) | (271.9 | ) | (145.0 | ) | (145.0 | ) | (145.0 | ) | (145.0 | ) | (145.0 | ) |
Net Debt | | $ | 4,211.5 | | $ | 2,301.6 | | $ | 2,236.2 | | $ | 2,197.0 | | $ | 2,197.0 | | $ | 2,109.0 | | $ | 2,168.9 | | $ | 2,194.3 | |
(1) Net Income (Loss), EBITDA and Adjusted EBITDA exclude the impact of any gain or loss that may result at the Chapter 11 emergence date. In addition, estimated transaction and restructuring costs of $100 million as well as estimated accrued interest of $72 million associated with the new notes has been included in 2012 Net Cash Used in Financing Activities.
