Exhibit 99.5
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Quarter Ended December 31, 2003
(unaudited)
Commercial Businesses |
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Earnings Per Share - diluted - 2002 |
| $ | 0.09 |
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Employee retirement/severance and other charges |
| 0.01 |
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Discontinued operations |
| 0.15 |
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Marketing, trading, and origination |
| (0.01 | ) | |
Generation and supply contracts |
| 0.08 |
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Operating and administrative expenses |
| 0.03 |
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Financing |
| 0.02 |
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Other - net |
| (0.03 | ) | |
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Earnings Per Share - diluted - 2003 |
| $ | 0.34 |
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Regulated Operations |
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Earnings Per Share - diluted - 2002 |
| $ | 0.55 |
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Weather |
| (0.05 | ) | |
Industrial sales - economy |
| (0.01 | ) | |
Other revenue |
| (0.04 | ) | |
Other income and (expenses) - net |
| (0.02 | ) | |
Income tax rate change |
| (0.04 | ) | |
Financing and depreciation |
| (0.09 | ) | |
Other - net |
| (0.04 | ) | |
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Earnings Per Share - diluted - 2003 |
| $ | 0.26 |
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Power Technology & Infrastructure Services |
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Earnings Per Share - diluted - 2002 |
| $ | (0.06 | ) |
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Employee retirement/severance and other charges |
| 0.04 |
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Operating results of investments |
| 0.01 |
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Earnings Per Share - diluted - 2003 |
| $ | (0.01 | ) |
2002 has been reclassified to reflect Vestar’s move from PTIS to Energy Merchant