This document provides an overview of The AES Corporation, including its business operations, portfolio, growth drivers, and financial guidance. Some key points:
- AES operates in 6 strategic business units across 21 countries, with over 34,000 MW of power generation capacity.
- The company has taken steps to reduce risk and complexity by exiting non-core markets and improving profitability. It is also pursuing a $1.5 billion construction program that is 70% funded and expected to drive earnings growth through 2018.
- For 2015, AES provides Adjusted EPS guidance of $1.25-$1.35 per share, and proportional free cash flow guidance of $1-1.35 billion. It expects to allocate
04 15-15 april investor presentation wc-finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 driven by new businesses coming online, despite currency and commodity headwinds. Beyond 2015, AES expects average annual adjusted EPS growth of 6-8% through 2018 from its $1.5 billion construction program that is already 70% funded.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
The document is a presentation by Tom O'Flynn, Executive Vice President & Chief Financial Officer of AES Corporation, given at the Wolfe Power & Gas Leaders Conference on September 30, 2015. It contains forward-looking statements and provides an overview of AES Corporation, including its strategic business units, growth drivers, financial metrics, capital allocation plans, and assumptions. Key points include AES operating in six strategic business units, an $7 billion construction program driving 10-15% annual free cash flow growth, expected adjusted EPS growth of 6-8% annually from 2016-2018, and a capital allocation plan prioritizing debt reduction, dividends, and share repurchases.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Aveda energy investor presentation september 2013AvedaEnergy
This investor presentation provides an overview of Aveda Transportation and Energy Services, a growing provider of specialized oilfield hauling and rentals in Western Canada and the US. The summary highlights Aveda's experienced management team, financial performance showing consecutive quarters of revenue growth, and growth strategy focused on organic expansion and acquisitions to capitalize on opportunities in key North American oil and gas plays.
04 15-15 april investor presentation wc-finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 driven by new businesses coming online, despite currency and commodity headwinds. Beyond 2015, AES expects average annual adjusted EPS growth of 6-8% through 2018 from its $1.5 billion construction program that is already 70% funded.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
The document is a presentation by Tom O'Flynn, Executive Vice President & Chief Financial Officer of AES Corporation, given at the Wolfe Power & Gas Leaders Conference on September 30, 2015. It contains forward-looking statements and provides an overview of AES Corporation, including its strategic business units, growth drivers, financial metrics, capital allocation plans, and assumptions. Key points include AES operating in six strategic business units, an $7 billion construction program driving 10-15% annual free cash flow growth, expected adjusted EPS growth of 6-8% annually from 2016-2018, and a capital allocation plan prioritizing debt reduction, dividends, and share repurchases.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Aveda energy investor presentation september 2013AvedaEnergy
This investor presentation provides an overview of Aveda Transportation and Energy Services, a growing provider of specialized oilfield hauling and rentals in Western Canada and the US. The summary highlights Aveda's experienced management team, financial performance showing consecutive quarters of revenue growth, and growth strategy focused on organic expansion and acquisitions to capitalize on opportunities in key North American oil and gas plays.
- Masonite reported 3Q16 net sales of $489.6 million, up 3% from 3Q15. Adjusted EBITDA increased 29% to $65.1 million.
- North American residential sales grew 11% due to strength in both retail and wholesale channels. Adjusted EBITDA margin expanded 210 bps.
- Europe sales declined 11% from foreign exchange impacts, but adjusted EBITDA grew 34% driven by portfolio optimization and higher average selling prices.
- Architectural sales grew 3% and adjusted EBITDA margin increased 110 bps from price increases.
- The company remains focused on operational efficiencies, new product innovation, and digital strategies to support long-term growth
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
Genworth MI Canada reported its financial results for the second quarter of 2015. Premiums written increased 57% quarter-over-quarter and 28% year-over-year to $205 million due to higher premium rates, market share gains, and a larger origination market. The loss ratio improved to 17%, down 5 percentage points from the previous quarter. Net operating income was $92 million, down 5% from the previous quarter primarily due to a one-time tax adjustment in Q1 2015. The company maintained a strong capital position with an MCT ratio of 231%.
Genworth MI Canada Inc. - Investor Presentation May/June 2013genworth_financial
1) Genworth MI Canada Inc. reported solid results for the first quarter of 2013, with net operating income of $85 million, an operating return on equity of 12%, and operating earnings per share of $0.86.
2) The company wrote $84 million in new mortgage insurance premiums in Q1 2013 and maintained a strong capital position with a minimum capital test ratio of 216%.
3) The company has a high quality investment portfolio of $5.3 billion, with 49% invested in federal and provincial bonds and a pre-tax yield of 3.7%.
Csod investor deck third quarter1052015ircornerstone
Cornerstone provides a corporate overview and highlights its evolution over the past 15 years. It discusses the opportunity in the market to address changing work needs. Cornerstone has grown to over 2,000 clients, 22 million users, and a presence in 191 countries. It aims to reach $1 billion in revenue by continuing to innovate and expand across market segments, industries, and within its existing client base.
This document provides an overview of Genworth MI Canada Inc., including its financial results, strategic priorities, investment portfolio, and capital strength. Some key points include: Genworth achieved strong top and bottom line growth in 2014 driven by higher mortgage insurance premium volume and rate increases. It maintains a high quality, diversified insured mortgage portfolio and investment portfolio. Genworth's capital levels significantly exceed regulatory requirements, with an MCT ratio of 185% as of 2014, allowing it to return capital to shareholders through dividend increases and share repurchases.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance compared to industry averages over 10 years in return on equity, combined ratio, and premium growth. Intact attributes its success to significant scale advantages, sophisticated pricing and underwriting, in-house claims expertise, and a proven acquisition strategy. The presentation discusses Intact's financial strength and avenues for future growth through firming market conditions, developing existing platforms, consolidating the Canadian market, and expanding beyond existing markets.
The AES Corporation released its first quarter 2016 financial review which included the following key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and Brazil, and a higher quarterly tax rate.
- Proportional free cash flow was $253 million, in line with 2015 levels, with decreases in the US, Andes, Europe, and MCAC SBUs offset by increases in Brazil and Asia.
- The company is on track to achieve its $150 million, 3-year cost reduction program and its $7.5 billion construction program is advancing on schedule and will be the major driver of future
Amg investor presentation november 2014 finaljdiluzio
The document is an investor presentation for AMG Advanced Metallurgical Group N.V. It provides an overview of AMG, including its business segments of AMG Processing, AMG Mining, and AMG Engineering. Key financial highlights are presented, showing AMG's revenue, EBITDA, gross profit, and progress on reducing debt and improving cash flow. The presentation contains forward-looking statements and disclaimers around the information provided.
This document provides an investor presentation for Intact Financial Corporation, the largest property and casualty insurer in Canada. Some key points:
- Intact has over $7 billion in direct premiums written and is the largest P&C insurer in Canada.
- It has a $13.4 billion investment portfolio and a proven track record of acquiring and consolidating other insurers in Canada.
- Intact aims to outperform the P&C industry by beating its return on equity by 5 points annually through initiatives like claims management, pricing and segmentation, and investments and capital management.
Phillips 66 reported adjusted earnings of $710 million for the fourth quarter of 2015. Refining adjusted earnings declined from the previous quarter due to lower realized margins. Midstream earnings increased due to higher volumes on transportation pipelines and contributions from PSXP. Chemicals earnings decreased because of planned turnaround impacts and lower cash chain margins. Marketing and Specialties earnings declined slightly from favorable global margins in the previous quarter.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
This document contains forward-looking statements about Tyson Foods' expected performance. It cautions readers that actual results may differ due to various risks and uncertainties. These risks include changes in general economic conditions, fluctuations in input and raw material costs, market conditions for finished products, successful business rationalization efforts, risks associated with commodity purchasing, access to foreign markets, outbreaks of livestock disease, availability and costs of labor and contract growers, issues related to food safety and recalls, changes in consumer preferences, loss of large customers, adverse litigation results, impacts of natural disasters and other factors. The document provides this disclaimer to avoid liability for forward-looking statements that may not come to pass.
Atento reported its fiscal 2016 first quarter results with the following highlights:
- Revenue increased 2.5% year-over-year to $419.4 million driven by 16% growth in the Americas region.
- Adjusted EBITDA grew 5.6% year-over-year to $48.8 million with margins expanding 30 basis points to 11.6%.
- The company remains focused on balancing growth, profitability, and liquidity while diversifying its revenue base and customer portfolio.
- Atento reaffirmed its full-year 2016 guidance targets and expects continued progress on its strategic initiatives.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclosures about forward-looking statements, use of non-GAAP information, and SEC definitions. The document then summarizes Devon's asset portfolio, with a focus on its STACK and Delaware Basin positions, and outlines its strategic plans to increase capital efficiency and production growth through 2017.
Salesforce reported record quarterly revenue of over $1 billion and continued strong growth across key metrics like deferred revenue and customer retention rates. The company is making significant investments in technology, markets, and distribution to expand its total addressable market, especially in marketing automation through acquisitions like ExactTarget. Salesforce is developing the Salesforce1 platform to connect customers, partners, employees and devices through an "API first" approach.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
This investor presentation provides an update on Phillips 66's strategy and growth opportunities through 2018. Key points include plans to enhance returns across refining, midstream, chemicals and marketing businesses for $2.5 billion in EBITDA growth. Major midstream projects include expanding the Sweeny hub and building pipelines. Chemical projects include expanding US Gulf Coast facilities. Refining improvements aim to increase margins. Marketing will focus on fuel brands and high-value exports.
This investor presentation by Devon Energy provides an overview of the company, highlights recent operational successes, and outlines the strategic plan and capital investment approach for 2017. Key aspects include ramping up activity in core assets like the STACK and Delaware Basin plays to accelerate production and cash flow growth, achieving significant cost savings and efficiency gains, and maintaining a strong financial position.
This document provides an overview and summary of The AES Corporation's presentation at the Wolfe Research Power & Gas Leaders Conference on September 18, 2014. The presentation discusses AES' diversified portfolio of generation and utility businesses, its strategy to reduce risk, drive growth and enhance returns, and its outlook for 2014-2018 which includes adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
This document provides an executive summary and overview of AES Corporation's business operations and capital allocation plans for 2014 and 2015. Key points include:
- AES has a diversified portfolio of contracted generation and utility businesses around the world.
- The company is executing a strategy of reducing costs, exiting some markets to improve returns, and leveraging existing platforms for profitable growth.
- AES expects to allocate over 75% of its discretionary cash to debt repayment, investments in growth projects, and increasing shareholder dividends and returns through 2018.
- The company forecasts average annual adjusted EPS growth of 5-6% and total shareholder returns of around 8% over the 2014-2018 period.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
- Masonite reported 3Q16 net sales of $489.6 million, up 3% from 3Q15. Adjusted EBITDA increased 29% to $65.1 million.
- North American residential sales grew 11% due to strength in both retail and wholesale channels. Adjusted EBITDA margin expanded 210 bps.
- Europe sales declined 11% from foreign exchange impacts, but adjusted EBITDA grew 34% driven by portfolio optimization and higher average selling prices.
- Architectural sales grew 3% and adjusted EBITDA margin increased 110 bps from price increases.
- The company remains focused on operational efficiencies, new product innovation, and digital strategies to support long-term growth
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
Genworth MI Canada reported its financial results for the second quarter of 2015. Premiums written increased 57% quarter-over-quarter and 28% year-over-year to $205 million due to higher premium rates, market share gains, and a larger origination market. The loss ratio improved to 17%, down 5 percentage points from the previous quarter. Net operating income was $92 million, down 5% from the previous quarter primarily due to a one-time tax adjustment in Q1 2015. The company maintained a strong capital position with an MCT ratio of 231%.
Genworth MI Canada Inc. - Investor Presentation May/June 2013genworth_financial
1) Genworth MI Canada Inc. reported solid results for the first quarter of 2013, with net operating income of $85 million, an operating return on equity of 12%, and operating earnings per share of $0.86.
2) The company wrote $84 million in new mortgage insurance premiums in Q1 2013 and maintained a strong capital position with a minimum capital test ratio of 216%.
3) The company has a high quality investment portfolio of $5.3 billion, with 49% invested in federal and provincial bonds and a pre-tax yield of 3.7%.
Csod investor deck third quarter1052015ircornerstone
Cornerstone provides a corporate overview and highlights its evolution over the past 15 years. It discusses the opportunity in the market to address changing work needs. Cornerstone has grown to over 2,000 clients, 22 million users, and a presence in 191 countries. It aims to reach $1 billion in revenue by continuing to innovate and expand across market segments, industries, and within its existing client base.
This document provides an overview of Genworth MI Canada Inc., including its financial results, strategic priorities, investment portfolio, and capital strength. Some key points include: Genworth achieved strong top and bottom line growth in 2014 driven by higher mortgage insurance premium volume and rate increases. It maintains a high quality, diversified insured mortgage portfolio and investment portfolio. Genworth's capital levels significantly exceed regulatory requirements, with an MCT ratio of 185% as of 2014, allowing it to return capital to shareholders through dividend increases and share repurchases.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance compared to industry averages over 10 years in return on equity, combined ratio, and premium growth. Intact attributes its success to significant scale advantages, sophisticated pricing and underwriting, in-house claims expertise, and a proven acquisition strategy. The presentation discusses Intact's financial strength and avenues for future growth through firming market conditions, developing existing platforms, consolidating the Canadian market, and expanding beyond existing markets.
The AES Corporation released its first quarter 2016 financial review which included the following key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and Brazil, and a higher quarterly tax rate.
- Proportional free cash flow was $253 million, in line with 2015 levels, with decreases in the US, Andes, Europe, and MCAC SBUs offset by increases in Brazil and Asia.
- The company is on track to achieve its $150 million, 3-year cost reduction program and its $7.5 billion construction program is advancing on schedule and will be the major driver of future
Amg investor presentation november 2014 finaljdiluzio
The document is an investor presentation for AMG Advanced Metallurgical Group N.V. It provides an overview of AMG, including its business segments of AMG Processing, AMG Mining, and AMG Engineering. Key financial highlights are presented, showing AMG's revenue, EBITDA, gross profit, and progress on reducing debt and improving cash flow. The presentation contains forward-looking statements and disclaimers around the information provided.
This document provides an investor presentation for Intact Financial Corporation, the largest property and casualty insurer in Canada. Some key points:
- Intact has over $7 billion in direct premiums written and is the largest P&C insurer in Canada.
- It has a $13.4 billion investment portfolio and a proven track record of acquiring and consolidating other insurers in Canada.
- Intact aims to outperform the P&C industry by beating its return on equity by 5 points annually through initiatives like claims management, pricing and segmentation, and investments and capital management.
Phillips 66 reported adjusted earnings of $710 million for the fourth quarter of 2015. Refining adjusted earnings declined from the previous quarter due to lower realized margins. Midstream earnings increased due to higher volumes on transportation pipelines and contributions from PSXP. Chemicals earnings decreased because of planned turnaround impacts and lower cash chain margins. Marketing and Specialties earnings declined slightly from favorable global margins in the previous quarter.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
This document contains forward-looking statements about Tyson Foods' expected performance. It cautions readers that actual results may differ due to various risks and uncertainties. These risks include changes in general economic conditions, fluctuations in input and raw material costs, market conditions for finished products, successful business rationalization efforts, risks associated with commodity purchasing, access to foreign markets, outbreaks of livestock disease, availability and costs of labor and contract growers, issues related to food safety and recalls, changes in consumer preferences, loss of large customers, adverse litigation results, impacts of natural disasters and other factors. The document provides this disclaimer to avoid liability for forward-looking statements that may not come to pass.
Atento reported its fiscal 2016 first quarter results with the following highlights:
- Revenue increased 2.5% year-over-year to $419.4 million driven by 16% growth in the Americas region.
- Adjusted EBITDA grew 5.6% year-over-year to $48.8 million with margins expanding 30 basis points to 11.6%.
- The company remains focused on balancing growth, profitability, and liquidity while diversifying its revenue base and customer portfolio.
- Atento reaffirmed its full-year 2016 guidance targets and expects continued progress on its strategic initiatives.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclosures about forward-looking statements, use of non-GAAP information, and SEC definitions. The document then summarizes Devon's asset portfolio, with a focus on its STACK and Delaware Basin positions, and outlines its strategic plans to increase capital efficiency and production growth through 2017.
Salesforce reported record quarterly revenue of over $1 billion and continued strong growth across key metrics like deferred revenue and customer retention rates. The company is making significant investments in technology, markets, and distribution to expand its total addressable market, especially in marketing automation through acquisitions like ExactTarget. Salesforce is developing the Salesforce1 platform to connect customers, partners, employees and devices through an "API first" approach.
Delta is positioned to grow earnings and cash flow in 2016 through modest capacity growth, lower fuel prices providing a $3 billion tailwind, and momentum from commercial initiatives. Delta's international joint ventures and equity partnerships enhance its network and provide higher quality service for customers, while improving profitability compared to operating internationally alone. Delta's transatlantic joint ventures produce above-average margins and moving decision making for its transatlantic business to Amsterdam will further accelerate benefits.
This investor presentation provides an update on Phillips 66's strategy and growth opportunities through 2018. Key points include plans to enhance returns across refining, midstream, chemicals and marketing businesses for $2.5 billion in EBITDA growth. Major midstream projects include expanding the Sweeny hub and building pipelines. Chemical projects include expanding US Gulf Coast facilities. Refining improvements aim to increase margins. Marketing will focus on fuel brands and high-value exports.
This investor presentation by Devon Energy provides an overview of the company, highlights recent operational successes, and outlines the strategic plan and capital investment approach for 2017. Key aspects include ramping up activity in core assets like the STACK and Delaware Basin plays to accelerate production and cash flow growth, achieving significant cost savings and efficiency gains, and maintaining a strong financial position.
This document provides an overview and summary of The AES Corporation's presentation at the Wolfe Research Power & Gas Leaders Conference on September 18, 2014. The presentation discusses AES' diversified portfolio of generation and utility businesses, its strategy to reduce risk, drive growth and enhance returns, and its outlook for 2014-2018 which includes adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
This document provides an executive summary and overview of AES Corporation's business operations and capital allocation plans for 2014 and 2015. Key points include:
- AES has a diversified portfolio of contracted generation and utility businesses around the world.
- The company is executing a strategy of reducing costs, exiting some markets to improve returns, and leveraging existing platforms for profitable growth.
- AES expects to allocate over 75% of its discretionary cash to debt repayment, investments in growth projects, and increasing shareholder dividends and returns through 2018.
- The company forecasts average annual adjusted EPS growth of 5-6% and total shareholder returns of around 8% over the 2014-2018 period.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
The document provides an overview and financial review of AES Corporation's second quarter 2014 results. Some key points:
- Adjusted EPS for Q2 2014 was $0.28, achieving $2 billion in asset sale proceeds a year early.
- Construction is underway on over 4,500 MW of new capacity projects and 2,400 MW of environmental upgrades by 2018.
- Partnerships are expanding access to capital while leveraging existing platforms drives growth.
- Cost reduction initiatives are on track to lower global overhead expenses by $200 million by 2015.
- 2014 guidance is reaffirmed despite some impacts from dry hydrology conditions.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
This document provides an overview and executive summary of The AES Corporation's business operations and strategy. It discusses AES' diversified portfolio of generation and utility businesses, 80% of which are contracted or regulated utilities. The presentation outlines AES' strategic pillars of reducing risk and complexity while driving growth and enhancing returns. It also provides financial projections, showing expected adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018, as well as proportional free cash flow growth of 10-15% annually from 2014-2018.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation including forward-looking statements and key assumptions. It summarizes AES' business operations across six strategic business units, with 34,732 MW in operation globally. The presentation discusses AES' value proposition, growth drivers through 2018 such as its construction program, and capital allocation plan through 2018. It provides guidance for 2015 adjusted EPS and proportional free cash flow, and outlines various risk factors and sensitivities.
This document provides an overview and summary of The AES Corporation's business operations from the perspective of Andrés Gluski, President and CEO, during a presentation at the Barclays CEO Energy-Power Conference on September 2, 2014. The summary includes highlights about AES' accomplishments, strategic focus on reducing risk and selectively investing in growth, and outlook for delivering higher risk-adjusted returns through 2018. Key growth drivers include AES' global construction program, leveraging existing platforms, and attracting partners to reduce costs and risks.
The document provides an overview and financial review of AES Corporation's third quarter 2014 results. Key points include:
1) Adjusted EPS decreased $0.02 from Q3 2013 due to poor hydrology conditions in Brazil and an outage at Masinloc power plant in the Philippines, partially offset by higher contributions from other business units.
2) Full year 2014 adjusted EPS guidance is lowered to a range of $1.30-$1.38 primarily due to an estimated $0.10 per share impact from weak hydrology.
3) Adjusted PTC declined $36 million year-over-year across business units, with a $84 million decrease in Brazil due to hydrology issues offsetting increases
12 15-14 december investor presentation finalAES_BigSky
The document discusses AES Corporation's forward-looking statements and contains assumptions about future performance. It provides an executive summary of AES' strategy to decrease costs, reduce complexity, leverage existing platforms, and bring in partners. AES has a diversified portfolio of generation and utilities assets, with 80% under long-term contracts. The company is executing projects that yield returns over 15% and developing new capacity. It has invested cash in shareholder returns, debt paydown, and growth projects.
11 06-14 third quarter 2014 financial review finalAES_BigSky
The document discusses AES Corporation's third quarter 2014 financial results and outlook. Key points include:
- Q3 2014 adjusted EPS decreased $0.02 from Q3 2013 due to poor hydrology conditions impacting Brazil and Panama.
- Full year 2014 adjusted EPS is expected to be negatively impacted by $0.10 due to hydrology, including $0.06 year-to-date.
- Q3 2014 adjusted PTC increased at the US, Andes and MCAC SBUs but decreased at Brazil and Asia SBUs compared to Q3 2013.
- The company expects to return up to $480 million to shareholders in 2014 through dividends and share repurchases, representing
This corporate presentation provides an overview of Denbury Resources, a company that uses carbon dioxide enhanced oil recovery (CO2 EOR) to produce oil from mature oil fields. Some key points:
- Denbury has over 1,100 miles of CO2 pipelines and a large inventory of mature oil fields that it acquires and develops using CO2 EOR.
- CO2 EOR has provided Denbury with a 29% compound annual growth rate in production since 1999 and over 90 million barrels of oil produced to date.
- Denbury estimates there are over 1 billion barrels of potential oil reserves recoverable across its Gulf Coast and Rocky Mountain regions using CO2 EOR.
ClubCorp delivered strong first quarter 2016 results, with record revenue and adjusted EBITDA. Same-store revenue grew 4.0% year-over-year, while adjusted EBITDA increased 7.4%. Approximately 51% of members were enrolled in the O.N.E membership program or similar offerings. In the first quarter, ClubCorp acquired two new golf and country clubs and has 18 reinvention projects planned for 2016. The company continues to execute on its three-pronged growth strategy of organic growth, reinvention, and acquisitions.
NYSE:DNR is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has significant CO2 reserves. Its core assets have long lives and large estimated original oil in place that could potentially be recovered through CO2 flooding. The company is reducing costs and debt in response to low oil prices while continuing to optimize its operations and preserve liquidity. It provided 2016 capital and production guidance focused on its low decline, oil-weighted assets.
The document provides an overview of ClubCorp's fiscal year 2015 performance and execution of its three-pronged growth strategy. Some key points:
- FY2015 revenue was a record $1.053 billion, up 19% year-over-year, with adjusted EBITDA of $234 million, also up 19%. Membership excluding managed clubs grew 2.8% to approximately 173,000.
- Same-store revenue grew 3% and adjusted EBITDA grew 6%, with margins improving 100 basis points. Approximately 50% of members were enrolled in the O.N.E. upgrade program.
- In FY2015, ClubCorp acquired nine clubs and completed reinvention at 21 clubs. It
- The document provides an overview of ClubCorp's fiscal 2016 third quarter performance and financial results.
- Key highlights include year-over-year revenue growth of 1.6% and adjusted EBITDA growth of 7.5% for the third quarter. Nine reinvention projects were completed and seven more are still in progress for 2016.
- Golf and country club revenue increased 2.3% year-over-year for the third quarter while adjusted EBITDA grew 3.1%, and same-store revenue and adjusted EBITDA also increased.
The document discusses a new policy that will impact employee benefits. It outlines changes to healthcare coverage including raising deductibles and increasing costs for dependents. The changes are an effort to control rising costs and will take effect at the start of the next fiscal year.
1) The document reports on ClubCorp's fiscal 2016 second quarter performance, with key highlights including revenue growth of 2.0% year-over-year to $269.0 million and adjusted EBITDA growth of 5.3% year-over-year to $63.3 million.
2) ClubCorp continues to execute on its three-pronged growth strategy of organic growth, reinvention of existing clubs, and acquisitions. In 2016, ClubCorp has completed two acquisitions and has 18 reinvention projects underway.
3) ClubCorp delivers a differentiated and resilient membership-based business model focused on affluent consumers. The company's Optimal Network Experiences offering now has over
- Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery (EOR) in the Gulf Coast and Rocky Mountain regions of the United States.
- CO2 EOR has the potential to recover billions of barrels of additional oil at Denbury's fields and elsewhere in the US. Denbury owns extensive CO2 pipelines and reserves that provide a strategic advantage for their EOR operations.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing their business, reducing debt, and preserving cash and liquidity.
Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has access to large CO2 reserves. Denbury estimates there is potential to recover up to 16 billion gross barrels using CO2 EOR in its operating areas in the Gulf Coast and Rocky Mountain regions. The company is focusing on reducing costs and debt in response to low oil prices. It has significantly improved CO2 efficiency and reduced cash operating costs per barrel. Denbury has ample CO2 supply for several years with no major capital required.
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 due to various challenges, but sees growth of 6-8% annually through 2018 as projects under construction come online. AES also expects proportional free cash flow of $1-1.35 billion in 2015 and 10-15% annual growth through 2018, driving future capital allocation opportunities.
This document provides an overview of The AES Corporation and contains forward-looking statements. It summarizes AES's business operations across four continents with 36 GW in operation and 6 GW under construction. It also outlines AES's value proposition, financial metrics, growth drivers through 2018 including a largely funded construction program, and capital allocation plans through 2018 that are expected to increase shareholder value.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
03 27-17 march investor presentation finalAES_BigSky
The document provides an overview of The AES Corporation's 2017-2020 strategic roadmap. It discusses AES' diversified portfolio of generation and utility businesses, focus on growth in high-growth markets, and targets of 8-10% average annual growth in key metrics through 2020. AES plans to allocate $3.75 billion in discretionary cash through 2020 to maximize returns, including investments in natural gas and renewable projects. The presentation also covers AES' cost savings initiatives, debt reduction goals, and regulatory developments regarding its Dayton Power and Light subsidiary.
04 03-17 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including forward-looking statements and non-GAAP financial measures. It summarizes AES' diversified power generation portfolio across six strategic business units. It outlines targets for 8-10% average annual growth in free cash flow, EPS, and dividends through 2020. Key drivers of growth include construction projects, cost savings initiatives, and internally generated cash. The presentation provides details on AES' major construction projects and improving credit metrics with a goal of investment grade ratings by 2020.
This document discusses AES Corporation's strategy of reshaping its business mix by adding long-term contracted projects, capitalizing on growth in key markets, and expecting double-digit earnings and cash flow growth. It provides an overview of AES' business units and major construction projects, outlines guidance for 2016-2018 of high single-digit adjusted EPS growth and over 10% annual free cash flow growth, and discusses risk mitigation efforts like reducing debt and hedging currency exposure.
The document provides an overview and summary of AES Corporation's first quarter 2016 financial review. Some key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and expiration of a power purchase agreement in Brazil.
- Proportional free cash flow was $253 million, in line with 2015 levels, with lower margins in the US, Brazil and Europe offset by higher collections in Brazil and the US.
- AES is on track to achieve its $150 million, 3-year cost reduction program and sees growth driven by its $7.5 billion construction program through 2018.
09 25-17 wolfe power & gas leaders conference finalAES_BigSky
The document provides an overview of the AES Corporation's presentation at the Wolfe Power & Gas Leaders Conference on September 26, 2017. It discusses AES' business operations, financial projections, growth strategies and capital allocation plans. Key points include AES targeting 8-10% annual growth in EPS and free cash flow through 2020, increasing its average contract length to 10 years by adding over 8 GW of new capacity, and improving risk profiles by reducing coal exposure and increasing US dollar-denominated cash flows.
Bank of America Merrill Lynch 2015 Transportation ConferenceDelta_Airlines
- Delta has delivered strong financial performance through industry-leading operations, strategic growth initiatives, and cost productivity measures.
- It has significantly improved earnings, margins, returns on capital, and cash generation over the last few years and is on track for record results in 2015.
- Delta maintains a balanced capital allocation strategy of reinvesting in its business, strengthening its balance sheet by reducing debt, and returning cash to shareholders through dividends and stock repurchases.
Capital return-announcement-with-non-gaapsDelta_Airlines
Delta provided projections for its future financial performance from 2015-2017. It expects to significantly improve its operating margin to between 14-16% through cost productivity and capacity discipline. Delta plans to generate $7-8 billion in annual operating cash flow and $4-5 billion in free cash flow, which it will use to continue strengthening its balance sheet and increase returns to shareholders. By maintaining its disciplined capital investment of $2.5-3 billion annually and implementing its financial framework, Delta believes it can achieve 15%+ annual EPS growth and a ROIC of 20-25% over the next three years.
Investor roadshow presentation april 2016 final-v5TrueBlueInc
- The document is an investor presentation that provides an overview of TrueBlue and its business outlook.
- TrueBlue has grown organically and through acquisitions to become a $2.7 billion company providing staffing, workforce management, and recruiting solutions.
- For fiscal year 2016, TrueBlue expects revenue of $2.8-2.9 billion and adjusted EBITDA of $158-172 million, reflecting challenges from slower organic growth and margin pressure.
North American residential segment net sales increased 14% to $348.2 million and adjusted EBITDA increased 19% to $55.7 million in 2Q16. The Europe segment net sales increased 7% to $82.2 million and adjusted EBITDA increased 59% to $12.8 million. Architectural segment net sales increased 2% to $77.6 million but adjusted EBITDA decreased 6% to $7.7 million. Overall, Masonite's consolidated net sales increased 8% to $514 million and adjusted EBITDA increased 16% to $68.5 million in 2Q16.
- Masonite's 2Q16 earnings presentation highlights double digit Adjusted EBITDA growth driven by increased residential volume and average unit pricing. Net sales increased 8% to $514 million and Adjusted EBITDA grew 16% to $68.5 million.
- The North American residential segment saw strong performance from new products and double digit volume growth, though average unit pricing faced some offsetting dynamics. The European segment benefited from portfolio optimization despite impacts from a weak British pound. The architectural segment saw flat volume and lower productivity impacted results.
- Key investments include a new Florida expansion to serve growth markets and digital initiatives to enhance customer platforms and create an e-commerce working platform.
Atento reported its third quarter 2015 results. Revenue grew 9.4% year-over-year to $476.2 million driven by growth in Latin America of 11.7%. Adjusted EBITDA increased 4.2% to $65.8 million, with margins of 13.8%. Adjusted EPS grew 35.4% to $0.31. Atento reaffirmed its full year 2015 guidance for revenue growth between 6-9% and adjusted EBITDA margins between 13-13.5%. While macroeconomic headwinds present challenges, Atento remains focused on its strategic initiatives to drive growth, operational excellence, and strengthen its competitive position.
12 12-16 barclays beaver creek utilities conference finalAES_BigSky
The document provides an overview of AES Corporation's business operations and growth strategy:
- AES operates in key high-growth markets with scale and locational advantages as a low-cost provider.
- The company is pursuing a $6.4 billion construction program to capitalize on these positions, funded through debt and equity.
- AES aims to strengthen its balance sheet by growing free cash flow, reducing debt, and achieving investment grade credit ratings by 2020. This will support disciplined growth and dividend increases.
Atento provided an investor presentation summarizing its third quarter performance and long term strategy. Key highlights included 9.4% revenue growth and 4.2% increase in adjusted EBITDA. Adjusted EBITDA margin declined 120 basis points due to shifts in country and revenue mix. The presentation discussed progress on strategic initiatives like growth in non-telco verticals and solutions. Atento is well positioned for long term growth in the CRM/BPO market, but near term macro challenges could pressure margins.
This document provides an overview and summary of Greif's March 2018 investor meetings. It includes the following key points:
1) It outlines Greif's business segments and their fiscal 2017 revenues and operating profits before special items. It also notes Greif's goal to be the leading global industrial packaging solutions provider.
2) It summarizes Greif's financial commitments and targets for 2020, including commitments for increased net sales, gross profit, and operating profit before special items compared to 2017 levels. It also sets goals for decreased SG&A expenses by 2020.
3) It shows Greif's net debt to EBITDA ratio has decreased from 2.8x in Q4 2015 to 2.1x
The document provides an earnings summary and outlook for Q2 2016. Key points include:
- Adjusted EPS was above guidance despite a challenging macro environment.
- Transportation orders remained solid while Industrial orders grew quarter-over-quarter.
- Guidance for Q3 2016 projects adjusted EPS growth of 14% year-over-year.
- Full year 2016 guidance reiterates sales of $12.1-12.5 billion and adjusted EPS of $3.90-4.10.
2018 annual meeting of shareholders finalgreif2015
- The document outlines highlights from Greif's 2018 Annual Meeting of Stockholders, including fiscal year 2017 financial results, strategic priorities, and new 2020 financial commitments.
- Key FY2017 results included 9% revenue growth, 9% growth in operating profit before special items, and 21% growth in Class A earnings per share before special items.
- Greif's strategic priorities are focused on people and teams, customer service excellence, and financial performance. New 2020 targets include sales of $3.87 billion and free cash flow of $230-270 million.
- Phillips 66 is a diversified energy manufacturing and logistics company with refining, midstream, chemicals, and marketing and specialties businesses.
- It has a portfolio of leading downstream businesses that generate resilient cash flow through the commodity cycle.
- The company pursues growth in its midstream and chemicals businesses while maintaining financial flexibility and returning capital to shareholders.
Similar to 03 30-15 april investor presentation final (20)
The document discusses AES Corporation's business operations and contains forward-looking statements. It notes that certain statements constitute forward-looking statements and are based on reasonable assumptions, but actual results could differ materially from projections. It also includes reconciliations of non-GAAP financial measures. AES operates power plants globally with over 33,000 MW in operation and is improving its risk profile by reducing debt, extending contract durations, decreasing carbon intensity, implementing cost savings, and growing renewables profitably.
The document discusses AES Corporation's presentation at the JP Morgan Energy Conference. It contains forward-looking statements regarding AES's business operations, earnings growth, and financial and operating performance through 2020. It notes AES's portfolio transformation to longer-term contracted generation and regulated utilities, ongoing efficiency initiatives, and profitable growth through investments in renewables, LNG, and new technologies. AES expects 8-10% average annual growth in adjusted EPS and parent free cash flow through 2020.
05 08-18 first quarter 2018 financial review final-am plan bAES_BigSky
The document provides an overview of AES Corporation's financial results for the first quarter of 2018. Key points include:
- Adjusted EPS of $0.28, reaffirming full-year outlook through 2020.
- Completed restructuring of the Alto Maipo hydroelectric project in Chile to significantly reduce risks.
- Implemented a new $100 million annual cost reduction program.
- Closed sales of thermal generation assets to further transform the portfolio.
- Advanced several profitable renewable growth projects under construction.
The document is the 2018 Annual Meeting presentation for The AES Corporation. It contains forward-looking statements regarding AES's future earnings growth, financial and operating performance. It discusses AES's strategy of transforming and simplifying its portfolio through asset sales and replacing coal capacity with renewables and natural gas. This is aimed at achieving 8-10% annual growth in adjusted EPS and parent free cash flow through 2020 and investment grade credit metrics by 2019, while reducing carbon intensity. In 2017 AES grew through renewable investments and acquiring sPower, and expects further growth in 2018 by adding over 2 GW of new projects.
02 27-18 march investor presentation finalAES_BigSky
The document discusses AES Corporation's business operations and future plans. It states that AES aims to deliver 8-10% average annual growth in earnings and parent free cash flow through 2020. It also aims to achieve investment grade credit metrics in 2019 and reduce its carbon intensity by 25% from 2016-2020 and 50% by 2030. AES expects to achieve $500 million in cost savings by 2020 and is adding 4.4 GW of new capacity through projects under construction by 2020 to transform and simplify its portfolio.
The AES Corporation reported its fourth quarter and full year 2017 financial results. Key highlights included:
- Adjusted EPS of $1.08 for the full year, toward the upper end of guidance.
- Plans to realize $100 million in additional annual cost savings through reorganization.
- Expects to leverage platforms by adding over 8 GW of new capacity by 2020.
- Is reshaping its portfolio through acquiring over 2 GW of renewable projects in 2017 and announcing exit of 4.3 GW of coal generation.
- Aims to reduce its carbon intensity by 25% from 2016 to 2020.
02 27-18 fourth quarter & fy 2017 financial review finalAES_BigSky
The AES Corporation reported its fourth quarter and full year 2017 financial results. Key highlights include:
- Adjusted EPS of $1.08 for the full year, toward the upper end of guidance.
- Expect to achieve $500 million in annual cost savings by 2020, increasing the target by $100 million.
- Leveraging platforms by adding over 8 GW of new capacity under construction or in advanced development by 2020.
- Reshaping the portfolio through acquiring over 2 GW of renewable projects in 2017 and announcing the exit of 4.3 GW of coal generation.
- On track to reduce carbon intensity by 25% from 2016 to 2020 and 50% from 2016 to 2030.
01 11-18 evercore isi utilities ceo retreat finalAES_BigSky
The document discusses AES Corporation's business operations and provides forward-looking statements. It notes that AES' portfolio is around 80% contracted and US dollar-denominated. It outlines AES' strategic business units and their expected adjusted pre-tax contributions for 2017. The document also summarizes AES' plans to invest in natural gas, renewable projects, and energy storage to reduce carbon intensity and improve risk-adjusted returns through 2020.
The document provides an overview of The AES Corporation's presentation at the EEI Financial Conference in November 2017. It discusses AES' business operations and growth strategy, including expanding its renewable energy portfolio through projects under construction totaling 2,232 MW by 2018 and 8,437 MW by 2020. It also discusses AES' focus on reshaping its portfolio to reduce carbon intensity and improve risk-adjusted returns through investments in natural gas, renewable energy projects with long-term contracts, and growing markets. The document contains forward-looking statements and includes assumptions and safe harbor disclosures.
Aes barclays ceo energy-power conference finalAES_BigSky
This document provides an overview of The AES Corporation and its business strategy and outlook. Some key points:
- AES operates in several strategic business units globally, with the largest portions of its business in the US, Andes region, and Mexico/Central America/Caribbean.
- It has a portfolio of long-term contracted generation assets that is approximately 80% US dollar denominated.
- AES has several large construction projects underway that will come online between 2018-2020, increasing its contracted portfolio.
- The company aims to strengthen its balance sheet, grow key metrics like free cash flow by 8-10% annually through 2020, and reshape its business mix toward gas and renewables.
08 08-17 second quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its Second Quarter 2017 Financial Review, which contained forward-looking statements and non-GAAP financial measures.
- Key highlights included adjusted EPS increasing $0.08 to $0.25 driven by higher availability in MCAC and Argentina, and reaffirming 2017 guidance and expectations through 2020.
- Projects totaling 4,659 MW are under construction and expected to come online through 2020, and AES acquired or has agreements for 1.8 GW of wind and solar to be added through 2020.
05 08-17 first quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its first quarter 2017 financial review, which contained forward-looking statements and non-GAAP financial measures with required reconciliations.
- Key highlights included progress on major construction projects, cost savings initiatives, and plans to reduce merchant coal exposure and carbon intensity.
- AES reaffirmed its 2017 guidance targets and average annual 8-10% growth rate through 2020.
The AES Corporation released its first quarter 2017 financial review. Some key points include:
- AES is on track to achieve its $400 million cost reduction and revenue enhancement program by 2020.
- AES is advancing its construction program which will contribute significantly to earnings and cash flow growth through 2021.
- AES is reshaping its portfolio to reduce risk by exiting 3.7GW of merchant coal assets in Kazakhstan and Ohio.
- AES is well positioned for future growth through projects under construction, acquisitions like sPower, and an $8-10 billion renewable development pipeline.
- AES expects average annual earnings and cash flow growth of 8-10% through 2020.
The document provides an overview of AES Corporation's fourth quarter and full year 2016 financial results. Some key points:
- AES delivered on its 2016 guidance and made progress reducing costs and exiting non-core assets.
- It expects to complete $3.4 billion worth of power projects under construction by 2019.
- AES aims to achieve $350 million in annual cost savings by 2018 and an additional $50 million by 2020 through its Performance Excellence program.
- For 2017, AES expects to deliver 8-10% average annual growth in free cash flow, adjusted EPS, and shareholder dividends through 2020.
The document provides an overview of AES Corporation's Q3 2016 financial results and business outlook. Some key points:
- Q3 2016 adjusted EPS decreased year-over-year due to foreign exchange impacts and restructuring costs in Chile, though results were in line with expectations.
- The US business saw improved margins from rate cases and plant upgrades. The Andes region saw lower fuel costs but impacts from currency devaluation.
- AES has $3.4 billion of construction projects under way through 2019 across multiple countries.
- At Dayton Power & Light, AES is seeking a distribution rider through regulatory filings to support investment and credit ratings.
11 04-16 third quarter 2016 financial review final (revised mw appendix)AES_BigSky
The AES Corporation reported its third quarter 2016 financial results. Key points include:
- Adjusted EPS decreased to $0.32 per share from $0.38 per share in Q3 2015 due to foreign exchange impacts and restructuring in Chile.
- Proportional free cash flow was $400 million, down from $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES continues to expand its natural gas and renewable generation portfolio through its construction program.
The AES Corporation reported its third quarter 2016 financial results. Key points include:
- Adjusted EPS decreased to $0.32 per share from $0.38 per share in Q3 2015 due to foreign exchange impacts and restructuring in Chile.
- Proportional free cash flow was $400 million, down from $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES has 3,389 MW of generation projects under construction globally that are expected to come online through 2019.
2016 Wolfe Research Power & Gas Leaders ConferenceAES_BigSky
- The AES Corporation is an energy company led by Tom O'Flynn, Executive Vice President & CFO.
- The presentation contains forward-looking statements and discusses AES' business strategy, financial projections, and growth expectations through 2021.
- AES expects double-digit growth in free cash flow and earnings driven by $7.8 billion in construction projects under way that will come online between now and 2021.
The document provides an overview of AES Corporation's financial results for the second quarter of 2016. Some key points:
- Adjusted EPS decreased to $0.17 per share compared to $0.26 in Q2 2015, driven by lower margins in Brazil and MCAC SBUs and the impact of foreign currency devaluations.
- Proportional free cash flow increased to $417 million from $62 million in Q2 2015, reflecting the collection of outstanding receivables in Bulgaria.
- Results were generally in line with expectations and the company is on track to achieve its full-year guidance targets.
The document provides an overview of AES Corporation's business strategy and financial expectations. AES is reshaping its business mix to focus on projects with long-term US dollar contracts, capitalizing on growth in key markets. It expects double-digit earnings and free cash flow growth through 2020 as it brings new projects online and strengthens its balance sheet by paying down debt. AES provided guidance for 2016 of $1-1.35 billion in proportional free cash flow and $0.95-1.05 in adjusted EPS, and expects average annual growth rates of over 10% and 12-16%, respectively, from 2017-2018.
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June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
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2. 2Contains Forward-Looking Statements
Safe Harbor Disclosure
Certain statements in the following presentation regarding AES’ business operations may
constitute “forward-looking statements.” Such forward-looking statements include, but are
not limited to, those related to future earnings growth and financial and operating
performance. Forward-looking statements are not intended to be a guarantee of future
results, but instead constitute AES’ current expectations based on reasonable assumptions.
Forecasted financial information is based on certain material assumptions. These
assumptions include, but are not limited to accurate projections of future interest rates,
commodity prices and foreign currency pricing, continued normal or better levels of
operating performance and electricity demand at our distribution companies and operational
performance at our generation businesses consistent with historical levels, as well as
achievements of planned productivity improvements and incremental growth from
investments at investment levels and rates of return consistent with prior experience. For
additional assumptions see Slide 37 and the Appendix to this presentation. Actual results
could differ materially from those projected in our forward-looking statements due to risks,
uncertainties and other factors. Important factors that could affect actual results are
discussed in AES’ filings with the Securities and Exchange Commission including but not
limited to the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s
Discussion & Analysis in AES’ 2014 Annual Report on Form 10-K, as well as our other SEC
filings. AES undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
3. 3Contains Forward-Looking Statements
Value Proposition
l We have taken significant steps to mitigate the impact of these factors on our earnings
„ Reduced 2015 Adjusted EPS1 guidance by $0.05, despite $0.18 of headwinds; maintained cash
flow and long-term growth rates
l Management track record of successful execution
„ Reducing risk by exiting non-core markets and recycling capital; improving profitability (one-third
reduction in overhead); capital allocation (20% Parent debt reduction, 10% share count reduction
and profitable platform expansions)
l Highly visible growth through 2018
„ Largely funded construction program; $1.5 billion equity investment in existing construction
program, 70% already funded; drives 6%-8% EPS growth in 2017-2018
„ 10%-15% annual free cash flow growth (2015-2018); average EPS growth ~5% annually
(2015-2018)
l Attractive free cash flow valuation
„ $1.175 billion Proportional Free Cash Flow in 2015, offers ~13% free cash flow yield1,2
l Competitive dividend with above-average growth
„ $0.10 quarterly dividend (3.3% annual yield), expected to grow 10% annually
1. A non-GAAP financial measure. See Appendix for definition.
2. Based on mid-point of 2015 guidance of $1,000-$1,350 million and market cap of $8.6 billion.
5. 5Contains Forward-Looking Statements
Who We Are: 34,732 MW in Operation
Fuel Type SBU
33%
38%
24%
5%
36%
23%
9%
9%
19%
4%
1. Renewables includes: hydro, wind, energy storage, biomass and landfill gas.
Oil, Diesel & Pet Coke
Renewables1
Gas
Coal
US
Andes
Brazil
MCAC
Europe
Asia
6. 6Contains Forward-Looking Statements
24%
23%
13%
19%
19%
2%
Who We Are: A Diversified Power Generation and Distribution
Company
$ in Millions; $1.9 Billion Before Corporate Charges of $0.5 Billion
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
US
Andes
Brazil
Asia
Europe
MCAC
Americas
79%
Europe/Asia
21%
7. 7Contains Forward-Looking Statements
Who We Are: 82% of Portfolio Businesses are Contracted or
Utilities
2015 Adjusted PTC1 by Contract Type
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Average of medium- and long-term contracts. PPA MW-weighted average is adjusted for AES’ ownership stake.
Medium-Term
Contract Sales
(2-5 Years) Long-Term
Contract Sales
(5-25 Years)
Short-Term Sales
(< 2 Years) Utilities
Average Remaining Contract Term is 7 Years2
18%
40%
24%
18%
8. 8Contains Forward-Looking Statements
Reducing Complexity: Since September 2011, Exited 10
Countries
$3 Billion in Equity Proceeds from Asset Sales1
$ in Millions
$900
$2,976
$234
$1,842
2011-2012 2013 2014 Total
1. See Slide 32 for details.
9. 9Contains Forward-Looking Statements
Performance Excellence: Improving Efficiencies Across Our
Portfolio
Achieved Reduction of $200 in Global Overhead1 One Year Early
$ in Millions
$90
$200
$53
$57
2012 Actual 2013 Actual 2014 Actual Total
1. Cost reductions will be reflected in General and Administrative Expense (G&A), as well as Cost of Sales. Some of the previously reported 2012 and 2013 G&A
Expense related to administrative costs at our SBUs has been reclassified to Cost of Sales.
Going Forward, Focusing on Additional Cost Savings Initiatives,
Including O&M Reductions
10. 10Contains Forward-Looking Statements
Expanding Access to Capital: Partnerships at the Project and
Business Level
$609
$2,4591$1,850
2013 2014 Total
$ in Millions
Objective: Optimize Our Exposure, Improve Returns and Free-Up
Capital
1. See Slide 33 for details.
11. 11Contains Forward-Looking Statements
Leveraging Our Platforms: Already Funded 70% of $1.5 Billion
in Equity Commitments for Projects Under Construction
7,141 MW Under Construction Yield More Than 15% ROE1
1,525 572
793
1,851
2,400
2015 2016 2017 2018
New Capacity Under Construction IPL MATS
43%
18%3%
36%
1. Based on 2018 contributions from all projects under construction and IPL MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to
come on-line in 2H 2018. Weighted Average Return on Equity is net income divided by AES equity contribution.
Note: These are some of our construction projects. Other projects not currently on this slide, whether developed through acquisitions or otherwise, may be brought on-
line before these projects. In addition, some of these examples may not close or be completed as anticipated, or they may be delayed, due to uncertainty inherent in
the development process.
US
Andes
Asia
MCAC
12. 12Contains Forward-Looking Statements
Leveraging Our Platforms: Energy Storage & Distributed
Energy Provide Additional Growth Opportunities
Energy Storage Distributed Energy
l The most comprehensive and accomplished
fleet of battery-based energy storage in the
world
l 228 MW of battery-based grid resources in
operations or under construction
l Positioned to capitalize on emerging
opportunities in distributed solar PV projects
across our portfolio, particularly in Latin
America
l Focusing on large commercial and industrial
customers
l More than 60 MW of distributed solar PV
projects in operation across the U.S.
13. 13Contains Forward-Looking Statements
Invested $3.7 Billion of Discretionary Cash in Shareholder
Returns, Debt Paydown and Select Growth Projects
$984
$293
$828
$1,603
September 2011-December 2014; $ in Millions
Investments in
Subsidiaries1
Debt Prepayment and
Refinancing
Share Buyback:
78 million shares at
$12.69 Per Share
Shareholder Dividend
78% of Discretionary Cash Allocated to Deleveraging
and Returning Cash to Shareholders
1. Excludes $2.3 billion investment in DPL.
14. 14Contains Forward-Looking Statements
Taking Proactive Steps to Address Various Challenges: 2015
Adjusted EPS1 Guidance Range of $1.25-$1.35
$1.30-$1.40
$0.04 $0.02
($0.10)
$0.04
($0.05) ($0.03)
$0.03
$1.25-$1.35
2015 Guidance as of
11/6/14
Currency/Commodity
Changes
10/15/14-12/31/14
Currency/Commodity
Hedges
10/15/14-12/31/14
Brazil Hydro Other Factors,
Including PPA
Negotiations at Maritza
(Bulgaria)
Revenue
Improvements & Cost
Savings Initiatives
Capital Allocation Tax Opportunities at
Certain Businesses
2015 Guidance as of
2/26/15
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Related to non-consolidated businesses.
2
15. 15Contains Forward-Looking Statements
$1.25-$1.35
2015 Guidance 2016 2017-2018
Adjusted EPS1 Growth Drivers
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Based on mid-point of 2015 Adjusted EPS guidance and growth rates, implying EPS growth of 5% (2015-2018) and current dividend yield of 3.3%.
6%-8% Average
Annual Growth, More
Weighted Toward 2018
+ Completion of Mong Duong 2
and Panama barge
+ Full year of operations in
Jordan
+ Capital allocation
+ Lower plant availability at
DPL & Masinloc in 2014
+ Improved hydrology
- FX & commodities
- One-time gains in 2014
- Other factors, including PPA
negotiations at Maritza
(Bulgaria)
+ Completion of
572 MW Cochrane project
under construction
+ Rate base growth at IPL
(US), including 2,400 MW of
MATS upgrades
+ Full year of operations from
projects coming on-line in
2015
+ Capital allocation
+ Normal hydrology
– Tietê contract step-down
($0.08)
– Tax opportunities realized in
2015
+ Performance improvement
+ Capital allocation
+ 2017: Completion of 793 MW
under construction
+ 2018: Completion of 1,851
MW under construction
Expect Flat
to Modest Growth
Average Annual Total Return of ~8%2
16. 16Contains Forward-Looking Statements
2015 Proportional Free Cash Flow1 Guidance: Recovery of
Working Capital/Receivables & New Businesses Drive Growth
$1,271
$891
$200
$60 $24
$1,000-$1,350
2013 2014 Recovery of
Working Capital
and Receivables
New Businesses
Coming On-Line
in 2015
Other 2015 Guidance
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
● Europe
● Brazil
● Andes
● Asia
● MCAC
17. 17Contains Forward-Looking Statements
Beyond 2015, Proportional Free Cash Flow1 Growth Largely
Driven by Projects Under Construction Coming On-Line
$1,000-$1,350
2015 2016-2018
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Consistent with our current operating portfolio, where in 2014 proportional maintenance capex was $541 million and proportional depreciation was $972 million.
Strong and Growing Proportional Free Cash Flow1
Drives Capital Allocation Opportunities
+ 5,616 MW of projects under construction
on-line 2016-2018
+ Full year of operations from 1,525 MW of
projects on-line in 2015
+ Incremental maintenance capex lower
than incremental depreciation from
construction projects coming on-line2
+ Completion of environmental capex in
Chile
2016-2018
10%-15% Average Annual
Growth
$ in Millions
18. 18Contains Forward-Looking Statements
Investment of $3.5 Billion1 of Discretionary Cash Will Increase
Shareholder Value
$1,750
$1,120
$200 $390
2015-2018; $ in Millions
1. Includes: $507 million beginning cash; $633 million asset sale proceeds ($593 million from sale of a minority interest in IPALCO in the U.S. and $40 million from
sale of Sonel, Kribi and Dibamba in Cameroon); and Parent Free Cash Flow of $2,300 million, which is based on a range of $475-$575 million in 2015, growing at
the low-end of our 10%-15% cash flow growth rate through 2018.
2. Assumes constant 2015 dividend payment of $280 million each year through 2018.
3. To offset loss of subsidiary distributions due to sale of 30% indirect equity interest in IPALCO.
Committed Investments in
Projects Under Construction
Shareholder
Dividend2
Additional Asset Sales Would Increase Available Discretionary Cash
Discretionary Cash to
be Allocated
● Buyback (current
authorization $400
million)
● Incremental growth
● Debt reduction
● Dividend growth
Credit Neutral
Debt Prepayment3
19. 19Contains Forward-Looking Statements
Value Proposition
l We have taken significant steps to mitigate the impact of these factors on our earnings
„ Reduced 2015 Adjusted EPS1 guidance by $0.05, despite $0.18 of headwinds; maintained cash
flow and long-term growth rates
l Management track record of successful execution
„ Reducing risk by exiting non-core markets and recycling capital; improving profitability (one-third
reduction in overhead); capital allocation (20% Parent debt reduction, 10% share count reduction
and profitable platform expansions)
l Highly visible growth through 2018
„ Largely funded construction program; $1.5 billion equity investment in existing construction
program, 70% already funded; drives 6%-8% EPS growth in 2017-2018
„ 10%-15% annual free cash flow growth (2015-2018); average EPS growth ~5% annually
(2015-2018)
l Attractive free cash flow valuation
„ $1.175 billion Proportional Free Cash Flow in 2015, offers ~13% free cash flow yield1,2
l Competitive dividend with above-average growth
„ $0.10 quarterly dividend (3.3% annual yield), expected to grow 10% annually
1. A non-GAAP financial measure. See Appendix for definition.
2. Based on mid-point of 2015 guidance of $1,000-$1,350 million and market cap of $8.6 billion.
20. 20Contains Forward-Looking Statements
Appendix
l Hydrology Impact on Adjusted EPS1 Slide 21
l Executive Compensation Slide 22
l 2015 Adjusted PTC1 Modeling Ranges Slide 23
l Key Assumptions for 2015 Guidance Slide 24
l 2015 Guidance Estimated Sensitivities Slide 25
l Currency and Commodities Slides 26-27
l 2015 Capital Allocation Plan Slide 28
l Construction Program Slide 29
l DPL Inc. Modeling Disclosures Slide 30
l DP&L and DPL Inc. Debt Maturities Slide 31
l Asset Sales Slide 32
l Partnerships Slide 33
l Reconciliations Slides 34-36
l Assumptions & Definitions Slides 37-39
1. A non-GAAP financial measure.
21. 21Contains Forward-Looking Statements
Hydro Conditions Improving Except in Brazil
1. A non-GAAP financial measure. See Slide 34 for reconciliation and “definitions”. Impact on Adjusted EPS is relative to normal hydrology.
2. Does not include any impact from potential rationing, which could be an additional $0.05 per share.
Colombia, Chile &
Argentina Panama Brazil TOTAL
● Chivor in Colombia
had stronger inflows
versus the rest of the
country, leading to
favorable short-term
sales at attractive
prices for 2014
● Inflows currently 92%
of long-term average
in Colombia
● Expect normal hydro
conditions in 2015
● Inflows have
improved to ~100%
of long-term average
● Spot prices down
65% to $100/MWh
● Expect normal hydro
conditions in 2015
● Expect 2015 hydro
conditions to be
worse than 2014
● Expect to cover
15%-17% of contract
commitment from the
spot market in 2015
versus 10% in 2014
● Government has
capped spot prices at
R$388/MWh in 2015
vs. R$823/MWh in
2014
FY 2013 Adjusted EPS1 Impact ($0.02) ($0.10) ($0.01) ($0.13)
FY 2014 Adjusted EPS1 Impact $0.03 ($0.06) ($0.07) ($0.10)
FY 2015 Adjusted EPS1 Impact - - ($0.05)2 ($0.05)
22. 22Contains Forward-Looking Statements
Executive Compensation Aligned with Shareholders’ Interests
80% of Target Compensation is Tied to Stock Price
and/or Business Performance
20%
22%
29%
17%
12%
Stock Options
Annual Incentive
Performance Stock Units
Restricted Stock Units
Base Salary
Vests over 3 years
50%
EBITDA less Maintenance &
Environmental CapEx (3-Year Average)
50%
Total Shareholder Return
(3-Year vs. S&P 500 Utilities Index)
50% Financial
15% Operations
10% Safety
25% Strategic Objectives
Vests over 3 years
Compensation1 Key Factors
1. 2015 target compensation for CEO and other Executive Officers.
Vests over 3 years
80%Variable
23. 23Contains Forward-Looking Statements
Full Year 2015 Adjusted PTC1 Modeling Ranges
$ in Millions
SBU
Prior 2015 Adjusted
PTC1 Modeling
Range2 (Provided
11/6/14)
Current 2015
Adjusted PTC1
Modeling Range2
(Provided 2/26/15)
Drivers of Growth Versus 2014
US $450-$490 $450-$490
+ Lower outages
- Continued transition to market prices at
DPL
Andes $390-$430 $425-$465
+ Higher contributions from Gener in Chile
- Hydrology in Colombia
Brazil $200-$230 $145-$175
- One-time gain at Sul in Q2 2014
- FX
MCAC $395-$435 $380-$420
+ Hydrology in Panama
+ Oil-fired barge in Panama
- Ancillary services in the Dominican
Republic
Europe $260-$300 $225-$265
- Sale of Ebute
- One-time gain in Kazakhstan in Q2 2014
- FX
- UK margins
- Maritza PPA negotiation
Asia $60-$80 $80-$100
+ Masinloc performance
+ Mong Duong on-line
Total SBUs $1,755-$1,965 $1,705-$1,915
Corp/Other ($500)-($540) ($500)-($540)
Total AES Adjusted PTC1,2 $1,255-$1,425 $1,205-$1,375
1. A non-GAAP financial metric. See “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
24. 24Contains Forward-Looking Statements
Key Assumptions for 2015 Guidance
l No rationing in Brazil
l Currency and commodity forward curves as of December 31, 2014
l 31% to 33% effective tax rate, which assumes that the CFC look-
through rule is extended
„ If not extended, the impact could be negative $0.04-$0.06 on Adjusted
EPS1, with no impact on cash flow due to sufficient U.S. NOLs
1. A non-GAAP financial measure. See “definitions”.
25. 25Contains Forward-Looking Statements
2015 Guidance Estimated Sensitivities
Note: Guidance provided on February 26, 2015. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to illustrate the magnitude
and direction of changing market factors on AES’ results. Estimates show the impact on full year 2015 adjusted EPS. Actual results may differ from the sensitivities
provided due to execution of risk management strategies, local market dynamics and operational factors. 2015 guidance is based on currency and commodity forward
curves and forecasts as of December 31, 2014. There are inherent uncertainties in the forecasting process and actual results may differ from projections. The
Company undertakes no obligation to update the guidance presented today. Please see Item 3 of the Form 10-Q for a more complete discussion of this topic. AES
has exposure to multiple coal, oil, and natural gas indices; forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest ½
cent per share.
1. The move is applied to the floating interest rate portfolio balances as of December 31, 2014.
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over FY 2015 is equal to a change in EPS of approximately $0.03
10% appreciation in USD against the following
key currencies is equal to the following negative
EPS impacts:
2015
Average Rate Sensitivity
Argentine Peso (ARS) 10.12 Less than $0.005
Brazilian Real (BRL) 2.79 $0.015
Colombian Peso (COP) 2,412 $0.010
Euro (EUR) 1.21 $0.010
Great British Pound (GBP) 1.56 Less than $0.005
Kazakhstan Tenge (KZT) 211.8 $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
2015
Average Rate Sensitivity
NYMEX Coal $51/ton
$0.010, negative correlation
Rotterdam Coal (API 2) $66/ton
NYMEX WTI Crude Oil $56/bbl
$0.010, positive correlation
IPE Brent Crude Oil $61/bbl
NYMEX Henry Hub Natural Gas $3.0/mmbtu
$0.015, positive correlation
UK National Balancing Point Natural Gas £0.49/therm
US Power – PJM AD Hub $35.5/MWh $0.010, positive correlation
26. 26Contains Forward-Looking Statements
2015 Full Year FX Sensitivity2,3
by SBU (Cents Per Share)
2015 Adjusted PTC1
by Currency
2015 Foreign Exchange (FX) Risk Mitigated Through
Structuring of Our Businesses and Active Hedging
USD-
Equivalent
69%
BRL
11%
COP
6%
EUR
7%
GBP
2%
KZT
4%
Other FX
1%
1.0
1.5 1.5
2.0
0.0
0.5
1.0
1.0
US Andes Brazil MCAC EMEA Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
1. Before Corporate Charges. A non-GAAP financial measure. See “definitions”.
2. Sensitivity represents full year 2015 exposure to a 10% appreciation of USD relative to foreign currency as of December 31, 2014.
3. Andes includes Argentina and Colombia businesses only due to limited translational impact of USD appreciation to Chilean businesses.
l 2015 correlated FX risk after hedges is $0.02 for 10% USD appreciation
l 69% of 2015 earnings effectively USD
„ USD-based economies (i.e. U.S., Panama)
„ Structuring of our PPAs
l FX risk mitigated on 12-month rolling basis by shorter-term active FX hedging programs
27. 27Contains Forward-Looking Statements
Commodity Exposure is Largely Hedged Through 2016, Long
on Natural Gas and Oil in Medium- to Long-Term
Full Year 2017 Adjusted EPS1 Commodity Sensitivity2
for 10% Change in Commodity Prices
l Mostly hedged through 2016, more open positions in a longer term is the primary driver of
increase in commodity sensitivity
l Coal exposure is largely at DPL and UK; gas exposure is largely in UK; oil exposure is
largely in the Dominican Republic; PJM AD Hub exposure is at DPL
l Based on commodity forward curves and forecasts as of December 31, 2014
1. A non-GAAP financial measure. See “definitions”.
2. Domestic and International sensitivities are combined and assumes each fuel category moves 10%. Adjusted EPS is negatively correlated to coal price
movement, and positively correlated to gas, oil and power price movements.
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
Coal Gas Oil PJM AD Hub
CentsPerShare
28. 28Contains Forward-Looking Statements
$507
$475-$575
$458
$1,440-
$1,540
Beginning Cash Announced
Asset Sales
Proceeds
Parent FCF Total
Discretionary
Cash
2015 Parent Capital Allocation Plan
$ in Millions
Discretionary Cash – Sources
($1,440-$1,540)
Discretionary Cash – Uses
($1,440-$1,540)
$100
$520-
$620
$24
$282
$314
$200
1. Includes announced asset sale proceeds of: $458 million (IPALCO partnership).
2. A non-GAAP financial metric. See Appendix for definition and reconciliation.
3. Includes $214 million investment by IPALCO minority partner CDPQ in 2015 that will be funded directly by CDPQ to IPALCO.
4. To offset loss of subsidiary distributions due to sale of 30% direct and indirect interests in IPALCO.
Target Closing
Cash Balance
Discretionary
Cash to be
Allocated
● Buyback (current
authorization
$400 million)
● Incremental
growth
● Debt reduction
Committed
Investments in
Subsidiaries3
Shareholder
Dividend
New Growth Investments Will Compete Against Share Repurchases
2
1
Debt Prepayment4
Completed Share
Buyback
29. 29Contains Forward-Looking Statements
Attractive Returns from 2015-2018 Construction Pipeline
Project Country AES Ownership Fuel
Gross
MW
Expected
COD Total Capex
Total AES
Equity ROE Comments
Construction Projects Coming On-Line 2014-2018
Tunjita Colombia 71% Hydro 20 1H 2015 $67 $21 Lease capital structure at Chivor
Warrior Run ES US-MD 100% Energy Storage 20 1H 2015 $8 $8
Estrella del Mar I Panama 50% Fuel Oil 72 1H 2015 $50 $8
Guacolda V Chile 35% Coal 152 2H 2015 $454 $48
Mong Duong 2 Vietnam 51% Coal 1,240 2H 2015 $1,948 $249
Andes Solar Chile 71% Solar 21 2H 2015 $44 $22
IPL MATS US-IN 85%2 Coal 1H 2016 $511 $230
Environmental (MATS) upgrades
of 2,400 MW
Cochrane Chile 42%
Coal
Energy Storage
532
40
2H 2016 $1,350 $130
Eagle Valley CCGT US-IN 85%2 Gas 671 1H 2017 $585 $263
DPP Conversion
Dominican
Republic
92% Gas 122 1H 2017 $260 $0
OPGC 2 India 49% Coal 1,320 1H 2018 $1,600 $225
Alto Maipo Chile 42% Hydro 531 2H 2018 $2,050 $335
ROE3 IN 2018 >15%
Weighted average; net income
divided by AES equity
contribution
CASH YIELD3 IN 2018 ~16%
Weighted average; subsidiary
distributions divided by AES
equity contribution
$ in Millions, Unless Otherwise Stated
1. AES equity contribution equal to 71% of AES Gener’s equity contribution to the project.
2. CDPQ will invest an additional $349 million in IPALCO through 2016, in exchange for a 17.65% equity stake, funding existing growth and environmental projects at Indianapolis
Power & Light Company (IPL). After completion of these transactions, CDPQ’s direct and indirect interests in IPALCO will total 30%, AES will own 85% of AES US Investments, and
AES US Investments will own 82.35% of IPALCO.
3. Based on projections. See our 2014 Form 10-K for further discussion of development and construction risks. Based on 2018 contributions from all projects under construction and
IPL MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to come on-line in 2H 2018.
30. 30Contains Forward-Looking Statements
DPL Inc. Modeling Disclosures
Based on Market Conditions and Hedged Position as of December 31, 2014
1. Includes DPL’s competitive retail segment.
2. Excludes capacity premium performance uplift.
3. Gas price sensitivities are based on an calculated gas-power relationship. There is some degree of asymmetry considering dispatch capabilities of units.
Full Year 2015 Full Year 2016 Full Year 2017
Volume Production (TWh) 14 14 13
% Volume Hedged ~67% ~35% ~9%
EBITDA Generation Business1,2 ($ in Millions) $100 to $110 per year
EBITDA DPL Inc. including Generation and T&D
($ in Millions) ~ $350 per year
Reference Prices
Henry Hub Natural Gas ($/mmbtu) 3.0 3.5 3.8
AEP-Dayton Hub ATC Prices ($/MWh) 35.5 35 36
EBITDA Sensitivities (with Existing Hedges)3 ($ in Millions)
+10% Henry Hub Natural Gas $8 $23 $33
-10% Henry Hub Natural Gas -$5 -$20 -$31
31. 31Contains Forward-Looking Statements
Non-Recourse Debt at DP&L and DPL Inc.
Series Interest Rate Maturity
Amount Outstanding as
of December 31, 2014 Remarks
2013 First Mortgage Bonds 1.875% September 2016 $445.0 ● Callable at make-whole T+20
2006 OH Air Quality Pollution Control 4.8% September 2036 $100.0 ● Non-callable; callable at par in Sep 2016
2005 Boone County, KY Pollution
Control 4.7% January 2028 $35.3 ● Non-callable; callable at par in July 2015
2005 OH Air Quality Pollution Control 4.8% January 2034 $137.8 ● Non-callable; callable at par in July 2015
2005 OH Water Quality Pollution
Control 4.8% January 2034 $41.3 ● Non-callable; callable at par in July 2015
2008 OH Air Quality Pollution Control
VDRNs Variable November 2040 $100.0 ● Callable at par
Total Pollution Control Various Various $414.4
Wright-Patterson AFB Note 4.2% February 2061 $18.3 ● No contractual prepayment option
DP&L Preferred 3.8% N/A $22.9
● Redeemable at pre-established
premium
Total DP&L $900.6
2018 Term Loan Variable May 2018 $160.0 ● No prepayment penalty
2016 Senior Unsecured 6.50% October 2016 $130.0 ● Callable make-whole T+50
2019 Senior Unsecured 6.75% October 2019 $200.0 ● Callable at make-whole T+50
2021 Senior Unsecured 7.25% October 2021 $780.0 ● Callable at make-whole T+50
Total Senior Unsecured Various Various $1,110
2001 Cap Trust II Securities 8.125% September 2031 $15.6 ● Non-callable
Total DPL Inc. $1,285.6
TOTAL $2,186.2
$ in Millions
32. 32Contains Forward-Looking Statements
Reducing Complexity: Since September 2011, Exited 10
Countries
Business Country
Proceeds to AES
Remarks
September 2011-
December 2012 2013 2014 Total
Atimus (Telecom) Brazil $284 $284 Non-core asset; Paid down $197 million1 in debt at Brasiliana subsidiary
Bohemia Czech Republic $12 $12 Limited growth
Edes and Edelap Argentina $4 $4 Underperforming businesses
Cartagena Spain $229 $24 $253 No expansion potential
Red Oak and Ironwood U.S. $228 $228 No expansion potential
French Wind France $42 $42 Limited growth/no competitive advantage
Hydro, Coal and Wind China $87 $46 $133 Limited growth/no competitive advantage
Tisza II Hungary $14 $14 Limited growth/no competitive advantage
Two Distribution Companies Ukraine $108 $108 Limited growth/no competitive advantage
Trinidad Trinidad $30 $30 Limited growth/no competitive advantage
Wind Turbines U.S. $26 $26 No suitable project
Sonel, Dibamba and Kribi Cameroon $2022 $202
Wind Project & Pipeline India & Poland $16 $16
3 Wind Projects U.S. $27 $27 Limited growth
Silver Ridge Power (Solar) Various $178 $178
Masinloc Partnership Philippines $443 $443 Strategic partnership
4 Wind Projects United Kingdom $161 $161
Dominicana Partnership Dominican Republic $84 $84 Strategic partnership
Turkey JV Turkey $125 $125
IPALCO Partnership U.S.-Indiana $5953 $5953 Strategic partnership
Ebute Nigeria $11 $11 Limited growth/no competitive advantage
TOTAL $900 $234 $1,842 $2,976
$ in Millions
1. AES owns 46% of its Brasiliana subsidiary. Proceeds and debt reflect AES’ ownership percentage.
2. $40 million to be received in 2016.
3. $351 million to be received in 2015-2016.
33. 33Contains Forward-Looking Statements
Expanding Access to Capital: Strategic Partners Have
Invested $2.5 Billion in Our Subsidiaries
$ in Millions
Business Country Strategic Partner 2013 2014
Cochrane Chile
Mitsubishi
Corporation $145
Alto Maipo Chile
Antofagasta
Minerals $361
Silver Ridge Power (Solar) Various Google $103
Guacolda Chile
Global Infrastructure
Partners (GIP $728
Masinloc Philippines EGCO $443
AES Dominicana Dominican Republic Estrella-Linda $84
IPALCO U.S. CDPQ $595
TOTAL $609 $1,850
34. 34Contains Forward-Looking Statements
Reconciliation of Full Year Adjusted PTC1 & Adjusted EPS1
$ in Millions, Except Per Share Amounts
FY 2014 FY 2013
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Loss (Income) from Continuing Operations Attributable to AES and
Diluted EPS $789 $1.09 $284 $0.38
Add Back Income Tax Expense from Continuing Operations
Attributable to AES $228 $156
Pre-Tax Contribution $1,017 $440
Adjustments
Unrealized Derivative (Gains)/Losses3 ($135) ($0.12) ($57) ($0.05)
Unrealized Foreign Currency Transaction (Gains)/Losses4 $110 $0.14 $41 $0.02
Disposition/Acquisition (Gains)/Losses ($361) ($0.59)5 ($30) ($0.03)6
Impairment Losses $416 $0.537 $588 $0.758
Loss on Extinguishment of Debt $274 $0.259 $225 $0.2210
ADJUSTED PTC1 & ADJUSTED EPS1 $1,321 $1.30 $1,207 $1.29
1. A non-GAAP financial measure. See “definitions”.
2. NCI is defined as Noncontrolling Interests
3. Unrealized derivative (gains) losses were net of income tax per share of $(0.07) and $(0.02) in 2014 and 2013 respectively.
4. Unrealized foreign currency transaction (gains) losses were net of income tax per share of $0.02 and $0.02 in 2014 and 2013 respectively.
5. Amount primarily relates to the gain from the sale of a noncontrolling interest in Masinloc of $283 million ($283 million, or $0.39 per share, net of income tax per share of $0.00), the gain from the sale of the UK wind projects of $78 million ($78 million, or $0.11 per share, net of income tax per
share of $0.00), the loss from the sale of Ebute of $6 million ($6 million, or $0.01 per share, net of income tax per share of $0.00), the loss from the liquidation of AgCert International of $1 million (net benefit of $18 million, or $0.03 per share, including income tax per share of $0.03), the tax
benefit of $24 million ($0.03 per share) related to the Silver Ridge Power transaction, the tax benefit of $18 million ($0.02 per share) associated with the agreement executed in December 2014 to sell a noncontrolling interest in IPALCO, and the tax benefit of $7 million ($0.01 per share)
associated with the sale of a noncontrolling interest in our Dominican Republic businesses.
6. Amount primarily relates to the gain from the sale of the remaining 20% of our interest in Cartagena for $20 million ($15 million, or $0.02 per share, net of income tax per share of $0.01) as well as the gain from the sale of Trinidad for $3 million ($4 million, or $0.01 per share, net of income tax
per share of $0.00).
7. Amount primarily relates to the goodwill impairments at DPLER of $136 million ($136 million, or $0.19 per share, net of income tax per share of $0.00), and at Buffalo Gap of $28 million ($28 million, or $0.04 per share, net of income tax per share of $0.00), and asset impairments at Ebute of
$67 million ($64 million, or $0.09 per share, net of noncontrolling interest of $3 million and of income tax per share of $0.00), at DPL of $12 million ($7 million, or $0.01 per share, net of income tax per share of $0.01), at Newfield of $12 million ($6 million, or $0.01 per share, net of
noncontrolling interest of $6 million and of income tax per share of $0.00), and at Elsta of $41 million ($31 million, or $0.04 per share, net of income tax per share of $0.01), as well as the other-than-temporary impairments of our equity method investment at Silver Ridge Power of $42 million
($27 million, or $0.04 per share, net of income tax per share of $0.02), and at Entek of $86 million ($86 million, or $0.12 per share, net of income tax per share of $0.00).
8. Amount primarily relates to the goodwill impairments at DPL of $307 million ($307 million, or $0.41 per share, net of income tax per share of $0.00), at Ebute of $58 million ($58 million, or $0.08 per share, net of income tax per share of $0.00) and at Mountain View of $7 million ($7 million, or
$0.01 per share, net of income tax per share of $0.00). Amount also includes an other-than-temporary impairment of our equity method investment at Elsta of $129 million ($128 million, or $0.17 per share, net of income tax per share of $0.00) and asset impairments at Beaver Valley of $46
million ($30 million, or $0.04 per share, net of income tax per share of $0.02), at DPL of $26 million ($17 million, or $0.02 per share, net of income tax per share of $0.01), at Itabo (San Lorenzo) of $16 million ($6 million, or $0.01 per share, net of noncontrolling interest of $8 million and of
income tax per share of $0.00), at El Salvador for $4 million ($4 million, or $0.01 per share, net of income tax per share of $0.00).
9. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $200 million ($130 million, or $0.18 per share, net of income tax per share of $0.10), at DPL of $31 million ($20 million, or $0.03 per share, net of income tax per share of $0.02), at Electrica Angamos of
$20 million ($11 million, or $0.02 per share, net of noncontrolling interest of $6 million and of income tax per share of $0.00), at UK wind projects of $18 million ($15 million, or $0.02 per share, net of income tax per share of $0.00), at Warrior Run of $8 million ($5 million, or $0.01 per share,
net of income tax per share of $0.00) and at Gener of $7 million ($4 million, or $0.01 per share, net of noncontrolling interest of $2 million and of income tax per share of $0.00).
10. Amount primarily relates to the loss on early retirement of debt at Parent Company of $165 million ($107 million, or $0.14 per share, net of income tax per share of $0.08), at Masinloc of $43 million ($39 million, or $0.05 per share, net of income tax per share of $0.00) and Changuinola of $14
million ($10 million, or $0.01 per share, net of income tax per share of $0.01).
35. 35Contains Forward-Looking Statements
Reconciliation of Full Year Capex and Free Cash Flow1
$ in Millions
Consolidated Full Year
2014 2013
Operational Capex (a) $666 $760
Environmental Capex (b) $241 $211
Maintenance Capex (a + b) $907 $971
Growth Capex (c) $1,637 $1,608
Total Capex2 (a + b + c) $2,544 $2,579
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
$ in Millions
Consolidated Full Year Proportional1 Full Year
2014 2013 2014 2013
Operating Cash Flow $1,791 $2,715 $1,432 $1,881
Less Maintenance Capex, net of
Reinsurance Proceeds and Non-
Recoverable Environmental Capex
$744 $861 $541 $610
Free Cash Flow1 $1,047 $1,854 $891 $1,271
36. 36Contains Forward-Looking Statements
Reconciliation of 2015 Guidance
2015 Guidance
Adjusted EPS1 $1.25-$1.35
Proportional Free Cash Flow1 $1,000-$1,350
Consolidated Net Cash Provided by Operating
Activities
$1,900-$2,700
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$1,900-$2,700 $300-$750 $1,600-$1,950
Maintenance &
Environmental Capital
Expenditures (b)
$650-$950 $200 $450-$750
Free Cash Flow1 (a - b) $1,100-$1,900 $100-$550 $1,000-$1,350
l Commodity and foreign currency exchange rates forward curves as of December 31,
2014
37. 37Contains Forward-Looking Statements
Assumptions
Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited
to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses
continue to operate in a manner consistent with or better than prior operating performance, including achievement of
planned productivity improvements including benefits of global sourcing, and in accordance with the provisions of their
relevant contracts or concessions; (c) new business opportunities are available to AES in sufficient quantity to achieve its
growth objectives; (d) no material disruptions or discontinuities occur in the Gross Domestic Product (GDP), foreign
exchange rates, inflation or interest rates during the forecast period; and (e) material business-specific risks as described in
the Company’s SEC filings do not occur individually or cumulatively. In addition, benefits from global sourcing include
avoided costs, reduction in capital project costs versus budgetary estimates, and projected savings based on assumed
spend volume which may or may not actually be achieved. Also, improvement in certain KPIs such as equivalent forced
outage rate and commercial availability may not improve financial performance at all facilities based on commercial terms
and conditions. These benefits will not be fully reflected in the Company’s consolidated financial results.
The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled
outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to AES, the Parent
Company, however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may
result from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for
investment and related activities outside of the U.S. These investments included equity investments and loans to other
foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash
held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and
QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the
non-recourse nature of most of AES’ indebtedness.
38. 38Contains Forward-Looking Statements
Definitions
l Adjusted Earnings Per Share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing operations excluding gains or losses of both consolidated
entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses,
(c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt, adjusted for the
same gains or losses excluded from consolidated entities. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. AES
believes that Adjusted EPS better reflects the underlying business performance of the Company and is considered in the Company’s internal evaluation of financial performance.
Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, losses due to
impairments and strategic decisions to dispose or acquire business interests or retire debt, which affect results in a given period or periods. Adjusted EPS should not be construed
as an alternative to diluted earnings per share from continuing operations, which is determined in accordance with GAAP.
l Adjusted Pre-Tax Contribution (a non-GAAP financial measure) represents pre-tax income from continuing operations attributable to AES excluding gains or losses of both
consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency
gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt,
adjusted for the same gains or losses excluded from consolidated entities. It includes net equity in earnings of affiliates, on an after-tax basis. The GAAP measure most
comparable to Adjusted PTC is income from continuing operations attributable to AES. AES believes that Adjusted PTC better reflects the underlying business performance of the
Company and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses
related to derivative transactions, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose or acquire business interests or retire
debt, which affect results in a given period or periods. Earnings before tax represents the business performance of the Company before the application of statutory income tax
rates and tax adjustments, including the affects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed
as an alternative to income from continuing operations attributable to AES, which is determined in accordance with GAAP.
l Free Cash Flow (a non-GAAP financial measure) is defined as net cash from operating activities less maintenance capital expenditures (including non-recoverable environmental
capital expenditures), net of reinsurance proceeds from third parties. AES believes that free cash flow is a useful measure for evaluating our financial condition because it
represents the amount of cash provided by operations less maintenance capital expenditures as defined by our businesses, that may be available for investing or for repaying
debt. Free cash flow should not be construed as an alternative to net cash from operating activities, which is determined in accordance with GAAP.
l Net Debt (a non-GAAP financial measure) is defined as current and non-current recourse and non-recourse debt less cash and cash equivalents, restricted cash, short term
investments, debt service reserves and other deposits. AES believes that net debt is a useful measure for evaluating our financial condition because it is a standard industry
measure that provides an alternate view of a company’s indebtedness by considering the capacity of cash. It is also a required component of valuation techniques used by
management and the investment community.
l Parent Company Liquidity (a non-GAAP financial measure) is defined as cash at the Parent Company plus availability under corporate credit facilities plus cash at qualified
holding companies (“QHCs”). AES believes that unconsolidated Parent Company liquidity is important to the liquidity position of AES as a Parent Company because of the non-
recourse nature of most of AES’ indebtedness.
l Parent Free Cash Flow (a non-GAAP financial measure) should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in
accordance with GAAP. Parent Free Cash Flow is equal to Subsidiary Distributions less cash used for interest costs, development, general and administrative activities, and tax
payments by the Parent Company. Parent Free Cash Flow is used for dividends, share repurchases, growth investments, recourse debt repayments, and other uses by the
Parent Company.
39. 39Contains Forward-Looking Statements
Definitions (Continued)
l Proportional Metrics – The Company is a holding company that derives its income and cash flows from the activities of its subsidiaries, some of which are not wholly-owned by
the Company. Accordingly, the Company has presented certain financial metrics which are defined as Proportional (a non-GAAP financial measure) to account for the Company’s
ownership interest.
Proportional metrics present the Company’s estimate of its share in the economics of the underlying metric. The Company believes that the Proportional metrics are useful to
investors because they exclude the economic share in the metric presented that is held by non-AES shareholders. For example, Operating Cash Flow is a GAAP metric which
presents the Company’s cash flow from operations on a consolidated basis, including operating cash flow allocable to noncontrolling interests. Proportional Operating Cash Flow
removes the share of operating cash flow allocable to noncontrolling interests and therefore may act as an aid in the valuation the Company.
Proportional metrics are reconciled to the nearest GAAP measure. Certain assumptions have been made to estimate our proportional financial measures. These assumptions
include: (i) the Company’s economic interest has been calculated based on a blended rate for each consolidated business when such business represents multiple legal entities;
(ii) the Company’s economic interest may differ from the percentage implied by the recorded net income or loss attributable to noncontrolling interests or dividends paid during a
given period; (iii) the Company’s economic interest for entities accounted for using the hypothetical liquidation at book value method is 100%; (iv) individual operating
performance of the Company’s equity method investments is not reflected and (v) inter-segment transactions are included as applicable for the metric presented.
The proportional adjustment factor, proportional maintenance capital expenditures (net of reinsurance proceeds), and proportional non-recoverable environmental capital
expenditures are calculated by multiplying the percentage owned by non-controlling interests for each entity by its corresponding consolidated cash flow metric and adding up the
resulting figures. For example, the Company owns approximately 70% of AES Gener, its subsidiary in Chile. Assuming a consolidated net cash flow from operating activities of
$100 from AES Gener, the proportional adjustment factor for AES Gener would equal approximately $30 (or $100 x 30%). The Company calculates the proportional adjustment
factor for each consolidated business in this manner and then adds these amounts together to determine the total proportional adjustment factor used in the reconciliation. The
proportional adjustment factor may differ from the proportion of income attributable to non-controlling interests as a result of (a) non-cash items which impact income but not cash
and (b) AES’ ownership interest in the subsidiary where such items occur.
l Subsidiary Liquidity (a non-GAAP financial measure) is defined as cash and cash equivalents and bank lines of credit at various subsidiaries.
l Subsidiary Distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in accordance with GAAP. Subsidiary
Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities
but instead relies on its subsidiaries’ business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The
reconciliation of the difference between the Subsidiary Distributions and Net Cash Provided by Operating Activities consists of cash generated from operating activities that is
retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to
fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries,
retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other
similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.