EX-99.01 5 k61050ex99-01.txt UNAUDITED CASH FLOW DATA FOR YRS. ENDED 2000, 1999 1 EXHIBIT 99.01 MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP SELECTED PRO FORMA OPERATING CASH FLOW DATA (a) FOR THE YEARS 2000 AND 1999 (In Millions of Dollars) (Unaudited)
2000 1999 ------ ------ Revenue ------- Power Purchase Agreement $564 $572 Steam and Electric Power Agreement 31 27 Other Revenue 11 9 Interest on Revenue Account 9 7 ------ ------ Total Revenue 615 615 ------ ------ Operating Expenses ------------------ Fuel, transportation, storage 233 246 Operations and maintenance 47 37 Property, other taxes 29 28 Other (b) 33 37 ------ ------ Total Operating Expenses 342 348 ------ ------ Net Operating Income $273 $267 ====== ====== Lease Payments $286 $266 Coverage Ratios --------------- Senior Interest 7.10 4.81 Senior Debt Service 1.48 1.43 Total Interest 2.91 2.29 Total Debt Service 1.14 1.08
(a) The above table presents selected pro forma information on operating cash flows of MCV in a format consistent with that presented in the Feasibility Study to the Prospectus filed as part of MCV's Registration Statement on Form S-1 (File No. 33-3977). This format is used to compute various debt service coverage ratios on an annual basis by aligning annual operating cash flows with the semi-annual rent payments made in July and January of each year. For example, the cash flow presented for 2000 reflects revenues and expenses associated with 2000 activity, as well as the Lease rental payments made on July 23, 2000, and January 23, 2001. In addition to the revenues presented in this table, interest income on reserves totaled $13.4 million in 2000 and $9.3 million in 1999. (b) Includes use of funds available for payment of spare parts, maintenance and capital expenditures that had been reserved in prior years and funding of reserves for future spare parts, maintenance and capital expenditures.