ComEd 2004 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2004 ComEd annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 42

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42

Discussion of Financial Results – by Business Segment
Results of Operations by Business Segment
The comparisons of 2004 and 2003 operating results set forth below include intercompany transactions, which are eliminated in
Exelon’s consolidated financial statements.
Transfer of Exelon Energy Company from Enterprises to Generation. Effective January 1, 2004, Enterprises’ competitive retail
sales business, Exelon Energy Company, was transferred to Generation. The 2003 information related to the Enterprises and
Generation segments discussed below has been adjusted to reflect the transfer of Exelon Energy Company from the
Enterprises segment to the Generation segment. Exelon Energy Company’s 2003 results were as follows:
in millions
Total revenues $834
Intersegment revenues 4
Operating revenue and purchased power from affiliates 209
Depreciation and amortization 2
Operating expenses 857
Interest expense 1
Loss before income taxes (29)
Income taxes (11)
Net loss (18)
Income (Loss) Before Cumulative Effect of Changes in Accounting Principles by Business Segment
in millions 2004 2003
Favorable
(Unfavorable)
Variance
Energy Delivery $1,128 $1,170 $ (42)
Generation 641 (259) 900
Enterprises (13) (117) 104
Corporate 85 (1) 86
Total $1,841 $ 793 $1,048
Net Income (Loss) by Business Segment
in millions 2004 2003
Favorable
(Unfavorable)
Variance
Energy Delivery $1,128 $1,175 $ (47)
Generation 673 (151) 824
Enterprises (22) (118) 96
Corporate 85 (1) 86
Total $1,864 $ 905 $959
28 EXELON CORPORATION AND SUBSIDIARY COMPANIES