Edison International · NYSE:EIX
Edison International — Credit Suisse First Boston Energy Summit 2003
11 slides from Edison International's conference presentation, Feb 4, 2003
Slide 1: Restoring Financial Health
Restoring Financial Health Ted Craver Executive VP, CFO and Treasurer Credit Suisse First Boston Energy Summit February 4, 2003
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking information. The words “expect,” “forecast,” “potential,” “outlook,” “assumes,” and similar expressions are intended to identify forward-looking information that involves risks and uncertainties. Actual results or outcomes could d
Slide 3: EIX Organizational Structure
EIX Organizational Structure Southern The Mission California Edison Group Mission Energy Edison Capital EIX Holding Company EIX companies companies practice practice aa financing financing risk risk discipline discipline that that has has avoided avoided cross -company cross-company guarantees guara
Slide 4: Edison International Overview
Edison International Overview • Each of our businesses continues to take critical steps toward the overall EIX goal of financial recovery • SCE has made significant progress toward improving credit and financial performance, and resolving legal and regulatory issues • At the same time, however, Edis
Slide 5: Financial Outlook
Financial Outlook 2002 EPS 2003 EPS SCE $2.20 $1.93 EC $0.17 $0.15 EME $0.08-$0.18 ($0.10)-$0.10 MEHC ($0.29) ($0.29) Parent/EE ($0.36) ($0.29) Total EIX $1.80-$1.90 $1.40-$1.60 -4-
Slide 6: SCE has made significant progress toward restoring its financial strength
SCE has made significant progress toward restoring its financial strength. • Ratings have improved after PROACT established and bridge financing completed • The PROACT balance as of December 31, 2002 was $574 million, a recovery of about $3.0 billion • On November 20, 2002, the California Supreme Co
Slide 7: Key Regulatory Proceedings
Key Regulatory Proceedings • 2003 CPUC GRC – $286 million revenue increase requested – Final decision expected by 3rd quarter 2003 • SCE allocated about 42% ($1.9 billion) of CDWR’s interim power procurement revenue requirement and 44% ($331 million) of the CDWR bond charge • The December 19, 2002,
Slide 8: Edison Capital Update
Edison Capital Update • Business development activity currently suspended • Cash flow outlook has strengthened and stabilized in 2002 – $300 million in debt retired – Over $400 million in cash projected for year-end 2002 • United Airlines bankruptcy resulted in a $35 million write-down against 4th q
Slide 9: Edison Mission Energy's performance is heavily influenced by wholesale energy prices
Edison Mission Energy’s performance is heavily influenced by wholesale energy prices in the U.S. and U.K. energy markets. • Short-term improvement in mid-west energy market prices due primarily to weather impacts • The bankruptcy of TXU Europe Energy and the subsequent write down of the Lakeland pow
Slide 10: Investment Conclusions
Investment Conclusions • Expected 2003 EPS of $1.40–$1.60 – Normalizing earnings at SCE and Edison Capital together with reduced losses at parent provide stable core EIX earnings – Continued uncertainty in wholesale power markets create earnings variability at EME • Intense focus on balance sheet st
Slide 11: Edison International
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Edison International — Credit Suisse First Boston Energy Summit 2003 on 6ix