Exelon Corporation · NASDAQ:EXC
Exelon — Merrill Lynch Global Power & Gas Leaders Conference 2004
13 slides from Exelon's conference presentation, Sep 29, 2004
Slide 1: Leading The Way
Leading The Way John W. Rowe Chairman & CEO Merrill Lynch Global Power & Gas Leaders Conference New York City September 29, 2004
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking
Slide 3: Exelon
Exelon * Operating capacity at 12/31/03; includes long-term contracts and excludes Sithe and New England assets Sources: Company reports, Thomson Financial, Bloomberg
Slide 4: Total Return Comparisons
Total Return Comparisons 1/1/00 - 8/31/04 Source: Bloomberg
Slide 5: Peer Comparisons
Peer Comparisons Sources: Thomson Financial, Bloomberg Market data as of 9/21/04 CAGR = Compound annual growth rate *Exelon estimates: excludes transition debt interest, EXC coverage ratio also excludes Boston Generating Facility debt ** Edison International reinstated dividend 1/04. Note: See prese
Slide 6: Primary Investor Issues
Primary Investor Issues Illinois 2007 Market Structure Low Yield M&A Considerations
Slide 7: Illinois Restructuring in 2007
Illinois Restructuring in 2007 Structure of the 2007 market is still undefined The ICC is expected to issue a report in November of 2004 Stakeholders are tending toward a competitive procurement process, e.g. an auction similar to New Jersey Exelon Generation's nuclear fleet is well positioned regar
Slide 8: Yield
Yield Today, Exelon's yield is below the industry average Cash from operations has improved significantly (Exelon Way, sales growth, improved margins) Cash flow in 2004 is being used to strengthen the balance sheet As a result, Exelon's balance sheet and credit measures will be superior to most of o
Slide 9: M&A Considerations
M&A Considerations Continued media speculation and inquiry about acquisition activity by Exelon Our policy is not to comment on rumors, and no statement by Exelon past or present is intended to offer any guidance on any specific acquisition opportunities, discussions or activities. Thus, any such co
Slide 10: Industry Trends
Industry Trends Evolving mix of competition and regulation Improving power market fundamentals Increasing energy prices Growing environmental concerns Low cost, low emissions generation fleet Large retail base Successful cost reduction program Strong balance sheet Exelon's Platform
Slide 11: Well Positioned for Continued Outperformance
Well Positioned for Continued Outperformance P/E ratio is still approximately 10% below peer group On track to make 2004 adjusted (non-GAAP) operating EPS guidance of $2.75-$2.90 despite mild summer 50-60% dividend payout planned for full year 2005 not yet fully reflected in the share price Exceedin
Slide 12: Appendix
Exelon. APPENDIX
Slide 13: 2004/2005 Earnings Guidance
2004/2005 Earnings Guidance* Exelon's adjusted (non-GAAP) operating earnings for 2004 are expected to be in the range of $2.75 to $2.90 per share and for 2005 in the range of $2.85 to $3.05 per share. Our outlook for adjusted (non-GAAP) operating earnings excludes income resulting from investments i
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