Financial Highlights |
|||
| For the years ended September 30 (in millions) | 2005 |
2004 |
% Change |
| Summary statements of income | |||
| Operating revenues | $ 7,794 |
$ 7,533 |
3 |
| Operating expenses | (6,503) |
(5,873) |
11 |
| Operating income | 1,291 |
1,660 |
(22) |
| Other income, net | 33 |
37 |
(11) |
| Unrealized gains (losses) on derivative contracts, net | 3 |
(7) |
NM |
| Interest expense, net | (1,242) |
(1,304) |
(5) |
| Net income | $ 85 |
$ 386 |
(78) |
| Unless otherwise indicated, years (2005, 2004, etc.) in this report refer to TVA's fiscal years ended September 30. | |||
Guide to using TVA’s Annual Report and Information Statement
This 2005 Annual Report is intended to provide highlighted information of interest about TVA's business and operations during the 2005 fiscal year. The Annual Report should be read in conjunction with the 2005 Information Statement, which is attached to this report. The Information Statement provides additional financial, operational and descriptive information, including financial statements for TVA’s fiscal year 2005. The Information Statement also provides important information about various risks to which TVA is exposed in the course of its operations, which may be important to consider before investing in any TVA securities.
The 2005 TVA Annual Report and 2005 Information Statement do not contain all information about specific TVA securities that is important for making investment decisions. Please refer to the appropriate Offering Circular, or relevant supplements, for detailed information on TVA securities.