Energy Future $102 million 2013 loss plunges $417 million from 2012

By Caroline Salls

Pittsburgh, April 30 - Energy Future Intermediate Holding Co. LLC reported a $102 million net loss for the year ended Dec. 31, a significant decline from the $315 million of net income posted for 2012, according to a 10-K filed Wednesday with the Securities and Exchange Commission.

The company said the $417 million net loss change was driven by a decrease in interest income, an increase in interest expense and a reserve against the income tax receivable from Energy Future Holdings Corp., partially offset by higher equity in earnings of Oncor Holdings.

Affiliates' interest income decreased $314 million to $284 million in 2013, reflecting the reclassification of affiliate debt that resulted in interest received being recorded as an increase in membership interests instead of interest income, the 10-K said.

Energy Future said this impact was partially offset by $284 million in interest income in 2013 that represented previous mark-to-market gains on holdings of affiliate debt reclassified from accumulated other comprehensive income.

The company had $242 million in cash and cash equivalents at Dec. 31, down from $424 million at the beginning of 2013.

According to the 10-K, cash used in operating activities totaled $428 million in 2013 and $202 million in 2012, respectively.

Energy Future said the $226 million change reflected $267 million in higher interest payments and a decrease of $184 million in interest received on affiliate debt, partially offset by a decrease of $185 million in income taxes paid to Energy Future Holdings Corp. and $66 million in higher cash distributions from Oncor Holdings.

Energy Future, a Dallas-based power generation company and utility operator, filed bankruptcy on April 29 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-10979.

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