Slide 1: Second Quarter 2005 Earnings Teleconference
Entergy Second Quarter 2005 Earnings Teleconference J. Wayne Leonard Chief Executive Officer Leo Denault Executive Vice President and Chief Financial Officer & August 1, 2005 = Entergy
Slide 2: Safe Harbor and Reg G Compliance
Safe Harbor and Reg G Compliance In this presentation and from time to time, Entergy makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "“forwart-laoking staterients" within the meaning of the Private Sec
Slide 3: 2Q As-Reported and Operational Earnings Comparison
24 Quarter As-Reported and Operational Earnings Comparison Earnings Per Share 2Q04 vs. 2Q05 $1.33 $1.33 $1.14 $1.08" Nucl al = $0.04 = ($0.02) | 2Q04 2Q04 2Q05 2Q05 As-Reported Operational As-Reported Operational Special Items Special Items Entergy-Koch Trading $0.05 None Gulf South Pipeline $0.01 T
Slide 4: Quarter Earnings Contribution by Business
24 Quarter Earnings Contribution by Business Utility, Parent & Other EPS 2004 vs. 2Q05 1005 1.08 0.83 0.83 2004 2005 Performance Drivers Sales growth despite industrial cogen loss Higher unbilled revenues Retum to normal weather Lower interest expense Tax benefits Increased benefits costs Higher nuc
Slide 5: Net Cash Flow from Operating Activities
Net Cash Flow from Operating Activities Net Cash Flow from Operating Acti ‘Ss 2004 vs. 2005; $M 530 266 2004 2005 <Timing events including changes in deferred fuel receivables +Customer credits agreed to in the Louisiana global settlement sIncreased pension funding sIncreased cash tax payments Net C
Slide 6: Financial Metrics
Financial Metrics RoC ROE 12 Months Ended; % 12 Months Ended; % J 64 oo 93 2004 2005 2004 2005 CdAsreported [i Operational Cash Flow Interest Coverage Debt to Capital Ratios 12 Months Ended ) % 69 474 456 bots jj 2004 2005 2004 2005 qpPebtto ay Net Debt to Page 5 of 12 Capita Net Capital
Slide 7: Share Repurchase Program
Share Repurchase Program Shares Repurchased 04-05; Millions 16.6 @ average price of $64Ishare 5.6 @ average price of $68/share 3.6 @ average price of $72Ishare FY04 1005 2005 Shares Outstanding 4Q02-2Q05; Millions 2.005 Shares Outstanding; Millions cad Ending basic 210 TATE ASIC 230 211 Average full
Slide 8: 2005 Earnings Guidance
2005 Earnings Guidance As-Reported & Operational EPS Current 05 Guidance $4.60 - $4.85 Non- Nucl $3. Whi | Ass ($0.0: Current 05 Guidance Key 05 Guidance Assumptions Utility, Parent_& Other e@ Normal weather © Increased revenue due to rate actions and sales growth e Increased O&M expense from inflat
Slide 9: Progress Report on 2005 Initiatives
Progress Report on 2005 Initiatives Utility, Parent & Other Nuclear ©@eceee90e009 Share Repurchases ELI Rate Case Louisiana Global Settlement Texas Legislation System Agreement Case PPA Case Generation Market Power Independent Coordinator of Transmission (ICT) Perryville Purchase by Mid-Year Supply
Slide 10: Q&A Session
Q&A Session = Entergy
Slide 11: Appendix: Reg G Reconciliation
Appendix: Reg G Reconciliation EPS Contribution by Business Reconciliation of GAAP to Non-GAAP Meas ures Second Quarter 2005 vs. 2004 (Per share inUS.$) Second Quarter 2005 2004 Utility, Parent & Other As-Reparted 1.08 0.83 Less Special Items : E Operational Te 0.83 Entergy Nuclear As-Reparted 0.27
Slide 12: Appendix: Reg G Reconciliation
Appendix: Reg G Reconciliation Financial Metrics Reconciliation of GAAP to Non-GAAP Measures Second Quarter 2005 vs. 2004 G in millions) Second Quarter 2005 2008 As-eported eamings-ralling 12 months (A) 896 739 Preferred dividends 25 2B Tax effected interest expense 288 308 As-eported earings, rolli
Slide 13: Appendix: Reg G Reconciliation
Appendix: Reg G Reconciliation Financial Metrics Reconciliation of GAAP to Non-GAAP Measures Second Quarter 2005 vs. 2004 (& in millions) Second Quarter 2005 2004 Gross debt (A) 7 Less cash and cash equivalents (8) 615 558 Net debt (C) 7925. ‘7618 Total capitalization (D) 16886 © 17,252 Less cash an