- 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.
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.
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.
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.
SCE filed its 2018 General Rate Case application in September 2016 requesting a revenue requirement increase of $196 million or 2.5% for 2018. Intervenors ORA and TURN filed testimony proposing lower spending levels that would result in smaller revenue requirement increases or decreases. SCE rebuttal testimony defended its requested spending levels and forecasted rate base growth of 8.3% annually from 2017-2020. Key upcoming regulatory proceedings for SCE include the 2018 GRC, cost of capital, and programs related to grid modernization, transportation electrification, and distributed energy resources.
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.
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.
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.
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.
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.
SCE filed its 2018 General Rate Case application in September 2016 requesting a revenue requirement increase of $196 million or 2.5% for 2018. Intervenors ORA and TURN filed testimony proposing lower spending levels that would result in smaller revenue requirement increases or decreases. SCE rebuttal testimony defended its requested spending levels and forecasted rate base growth of 8.3% annually from 2017-2020. Key upcoming regulatory proceedings for SCE include the 2018 GRC, cost of capital, and programs related to grid modernization, transportation electrification, and distributed energy resources.
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.
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.
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.
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.
- SCE forecasts $18.6 billion in capital expenditures from 2017-2020, including $1.8 billion for grid modernization during the 2018 GRC period.
- SCE's historical rate base grew at a compounded annual rate of 7% from 2011-2016 and core earnings grew at 5% annually over the same period.
- Key drivers of future growth include ongoing infrastructure investment, grid modernization to integrate renewables, and expanding electric transportation.
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.
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 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.
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.
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.
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 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.
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.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
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
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
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.
SCE provided a business update for November 2016. The document discusses SCE's strategy to produce shareholder value through sustained earnings and dividend growth led by increasing SCE's rate base. SCE plans to invest $23 billion in capital projects from 2016-2020, including $2.3 billion for grid modernization. This capital investment is expected to drive SCE's average annual rate base growth of 8.5% over the period. Regulatory filings like the 2018 GRC seek approval for these planned expenditures and revenue requirements.
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
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.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights key investor metrics like 2017 adjusted EBITDA guidance and leverage ratios, and outlines growth initiatives focused on the Bakken, Delaware Permian, and Marcellus regions. Specific projects discussed that will drive growth in 2018 and beyond include the Nautilus gathering system, Bear Den processing plants, and the Orla processing plant.
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.
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.
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.
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.
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.
- SCE forecasts $18.6 billion in capital expenditures from 2017-2020, including $1.8 billion for grid modernization during the 2018 GRC period.
- SCE's historical rate base grew at a compounded annual rate of 7% from 2011-2016 and core earnings grew at 5% annually over the same period.
- Key drivers of future growth include ongoing infrastructure investment, grid modernization to integrate renewables, and expanding electric transportation.
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.
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 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.
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.
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.
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 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.
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.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
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
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
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.
SCE provided a business update for November 2016. The document discusses SCE's strategy to produce shareholder value through sustained earnings and dividend growth led by increasing SCE's rate base. SCE plans to invest $23 billion in capital projects from 2016-2020, including $2.3 billion for grid modernization. This capital investment is expected to drive SCE's average annual rate base growth of 8.5% over the period. Regulatory filings like the 2018 GRC seek approval for these planned expenditures and revenue requirements.
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
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.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, highlights key investor metrics like 2017 adjusted EBITDA guidance and leverage ratios, and outlines growth initiatives focused on the Bakken, Delaware Permian, and Marcellus regions. Specific projects discussed that will drive growth in 2018 and beyond include the Nautilus gathering system, Bear Den processing plants, and the Orla processing plant.
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.
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.
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.
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.
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.
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.
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.
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' diversified portfolio across different regions, growth strategies focused on leveraging existing platforms and partnerships, a construction program adding nearly 7,000 MW through 2018, and financial outlook projecting adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
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 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.
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.
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.
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 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 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.
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
- The document provides an overview and financial review of AES Corporation's Q2 2015 results, including adjusted EPS of $0.25, proportional free cash flow of $62 million, and consolidated net cash provided by operating activities of $153 million.
- It reaffirms AES' full-year 2015 guidance and discusses key business updates, such as the commissioning of new power plants, formation of a joint venture in Mexico, and $700 million in returns to shareholders including debt repayments.
- A breakdown of Q2 2015 financial results is also provided for each of AES' Strategic Business Units, with explanations of factors contributing to increases or decreases in adjusted PTC and proportional free cash flow compared to Q2
05 11-15 first quarter 2015 financial review finalAES_BigSky
- The document is the AES Corporation's financial review for the first quarter of 2015.
- AES achieved several strategic milestones in the quarter, including commissioning the 1,240 MW Mong Duong 2 project in Vietnam six months early and signing agreements to sell assets for $105 million.
- Financially, AES generated $265 million in proportional free cash flow and $0.25 in adjusted EPS for the quarter, and reaffirmed its full-year guidance ranges.
Similar to 05 08-17 first quarter 2017 financial review final (17)
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2. 2Contains Forward-Looking Statements
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 58 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’ 2016 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.
Reconciliation to U.S. GAAP Financial Information
The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G
under the Securities Exchange Act of 1934, as amended. Schedules are included herein that reconcile
the non-GAAP financial measures included in the following presentation to the most directly
comparable financial measures calculated and presented in accordance with U.S. GAAP.
Safe Harbor Disclosure
3. 3Contains Forward-Looking Statements
l Advanced our construction program, which will be the major
contributor to our cash flow and earnings growth over the next four
years
l Capitalized on our existing platform to further enhance future growth
by targeting long-term, U.S. Dollar-denominated contracts
l Taken steps to lessen our carbon intensity and merchant exposure to
reduce operational and financial risk
l Continued our efforts to strengthen our credit profile by prepaying
$300 million of Parent debt
„ Increases Parent Free Cash Flow1 by lowering interest expense.
l On track to achieve our $400 million cost reduction and revenue
enhancement program
Q1 2017 Financial Review Call
1. A non-GAAP financial measure. See Appendix for definition.
4. 4Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Q1 2017 Financial Results
Q1 2017 Q1 2016
FY 2017
Guidance
% of 2017
Guidance
Midpoint
Adjusted EPS1 $0.17 $0.15 $1.00-$1.10 16%
Consolidated Net Cash Provided
by Operating Activities
$703 $640 $2,000-$2,800 29%
Consolidated Free Cash Flow1 $546 $490 $1,400-$2,000 32%
l Reaffirming 2017 guidance and average annual growth rate of 8%-10% through 2020
in all metrics, including:
„ Adjusted EPS1
„ Consolidated Free Cash Flow1
„ Parent Free Cash Flow1
„ Dividend
5. 5Contains Forward-Looking Statements
3,399 MW Expected to Come On-Line Through 2019
1. Includes: 122 MW DPP Conversion (Dominican Republic), 20 MW Dominican Energy Storage (Dominican Republic) and 20 MW Distributed Energy (US).
2. Includes: 1,320 MW OPGC 2 (India), 671 MW Eagle Valley CCGT (US) and 380 MW Colón (Panama).
3. Includes: 531 Alto Maipo (Chile) and 335 MW Masinloc 2 (Philippines).
On Track to Complete Projects Under Construction
3,399
4,783
1621
2,3712
8663
1,384
2017 2018 2019 Total Under
Construction
2020-2021 Total
Under Construction Southland Repowering
6. 6Contains Forward-Looking Statements
531 MW Hydro, COD1: 1H 2019
Alto Maipo in Chile
l Cost overruns resulting from
tunneling challenges reaffirmed by
independent engineer in the range
of 10%-20%
l Secured financing commitments
for up to 22% of the project cost
($460 million, including
contingency)
„ $117 million funded by AES Gener
„ $343 million funded by project
lenders, main contractor and
minority partner
l Project ~52% complete – in line
with our expectations
1. Commercial Operations Date.
7. 7Contains Forward-Looking Statements
671 MW CCGT, COD1: 1H 2018
Eagle Valley in Indiana
l EPC contractor subcontracting
some work to accelerate recovery
plan
„ Projecting substantial completion
before year-end 2017
l Achieved several significant EPC
milestones and expect first fire to
occur by Q3 2017
1. Commercial Operations Date.
8. 8Contains Forward-Looking Statements
1,320 MW Coal, COD1: 2H 2018
OPGC 2 in India
l Making progress on construction of
the main complex and mine
development
1. Commercial Operations Date.
9. 9Contains Forward-Looking Statements
380 MW CCGT & 180,000 m3 LNG Tank and Regasification Facility,
COD1: 1H 2018 (CCGT) and 2019 (LNG)
Colón in Panama
l 10-year, U.S. Dollar-denominated
PPA
l One-quarter of LNG tank to be
used for CCGT, leaving up to 60
TBTU annual capacity available for
third party sales
l Signed JV with ENGIE to market
and sell excess LNG capacity to
downstream customers in Central
America and the Caribbean
1. Commercial Operations Date.
10. 10Contains Forward-Looking Statements
394 MW in Operation, Construction or Late Stage Development;
82 MW of Third Party Sales
World Leader in Battery-Based Energy Storage
l Operation, construction or late
stage development
„ 166 MW in operation
„ 20 MW under construction and
coming on-line in 2017
„ 208 MW in advanced stage
development
l Third party sales
„ Delivered largest battery installation
of 37.5 MW, four-hour duration, to
SDG&E
„ Awarded an additional 40 MW
project by SDG&E
11. 11Contains Forward-Looking Statements
$ in Millions
1. Cost reductions 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.
$90 $250
$53
$57
$50
$100
$25
$25
$150
2012 2013 2014 2016 2017-2018
Estimate
2019
Estimate
2020
Estimate
Total
Performance Excellence1
On Track to Achieve $400 Run Rate through 2020
$400
12. 12Contains Forward-Looking Statements
l Exiting 3.7 GW of merchant coal-fired generation in
Kazakhstan and Ohio
„ 26% of coal-fired capacity
„ 70% of merchant coal-fired exposure
„ Selling 2.4 GW for $74 million and shutting down 1.3 GW
l Only remaining assets in Kazakhstan are two plants with 1 GW
of hydro capacity under a concession that expires in Q4 2017;
expect to exit Kazakhstan following expiration
Reshaping Our Portfolio to Reduce Risk
13. 13Contains Forward-Looking Statements
1,384 MW Gas and Energy Storage,
COD1: 2020 (Gas) and 2021 (Energy Storage)
Southland Repowering in California
l 20-year PPAs with Southern
California Edison
l In April, received final
environmental approvals
l On track for financial close and to
begin construction by mid-2017
l $2.3 billion total project cost
„ AES equity of ~$400 million
1. Commercial Operations Date.
14. 14Contains Forward-Looking Statements
1,274 MW1 Solar and Wind Portfolio;
10,000 MW1 Renewable Development Pipeline
1. MW stated in DC.
sPower Acquisition Expected to Close by Third Quarter 2017
l 1,274 MW have 21-year contracts
with A-rated, large utilities and
end-users in U.S.
l Team of 90 professionals with
extensive development,
construction and operating
experience
l Partnering with AIMCo, a $95
billion Canadian pension fund, as
our 50% partner
l Funding our $382 million share of
equity largely from cash on hand
from the sale of Sul (Brazil)
15. 15Contains Forward-Looking Statements
Well-Positioned to Capitalize on
Attractive Opportunities in Mexico
Tietê Signed Previously
Announced Wind Acquisition
Renewables in Mexico and Brazil
l JV with Grupo Bal, one of the
largest industrial groups in Mexico
l Market reforms promote bilateral
contracts and significant growth
potential
l In exclusive discussions to sign
25-year, U.S. Dollar-denominated
contracts for 366 MW
l 386 MW Alto de Sertão II project
l Located in State of Bahia
l Average remaining contract life of
18 years
l Will diversify Tietê’s generation mix
from 100% hydro and contribute
stable cash flows
l R$600 million transaction enables
Tietê to capitalize on its debt
capacity
16. 16Contains Forward-Looking Statements
l Growth driven by:
„ Completion of projects under construction
„ Cost savings and revenue enhancement initiative
„ Lower interest expense as we continue to de-lever
„ Attractive returns from recent acquisitions and development
pipeline
Expect 8%-10% Average Annual Growth in Earnings and Cash
Flow Through 2020
17. 17Contains Forward-Looking Statements
2017-2020; $ in Millions
Note: Guidance as of May 8, 2017.
1. Includes: $100 million beginning cash; $800 million asset sale proceeds; and Parent Free Cash Flow of $2,900 million, which is based on the mid-point of
2017 guidance of $625 million, growing at the mid-point of our 8%-10% average annual growth rate through 2020.
2. Assumes constant payment of $0.12 per share each quarter on 662 million shares outstanding.
Allocating $3.8 Billion1 Discretionary Cash Through 2020 to
Maximize Risk-Adjusted Returns
$1,340
$1,270
$425
$382
$341 Unallocated
Discretionary Cash
l 8%-10% dividend
growth
l Modest Parent de-
levering
l Investments in
natural gas and
renewable projects
(e.g. Southland)
2017 Parent Debt
Prepayment
sPower
Acquisition
Committed
Investments in
Subsidiaries
Shareholder
Dividend2
18. 18Contains Forward-Looking Statements
l Q1 2017 results
„ Adjusted EPS1
„ Consolidated Free Cash Flow1 and Adjusted PTC1 by Strategic
Business Unit (SBU)
l 2017 Parent capital allocation plan
l 2017 Guidance and 2018-2020 expectations
1. A non-GAAP financial measure. See Appendix for definition.
Q1 2017 Financial Review
19. 19Contains Forward-Looking Statements
$0.15
$0.17$0.02
Q1 2016 SBUs Tax Q1 2017
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 2017 Adjusted EPS1 Increased $0.02
+ Settlement of a legal
dispute at Uruguaiana
in Brazil
+ Foreign currency
appreciation
+ Higher availability in
Mexico
- Contract termination
and ESP rates at DPL
in Ohio
- PPA restructuring at
Maritza in Bulgaria
$0.00
Q1 2017: 41%
Q1 2016: 47%
20. 20Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Increased $56;
Adjusted PTC1 Increased $5
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results
l Margins improved primarily in MCAC,
Brazil and Andes
l Higher Adjusted PTC1 also reflects the
successful settlement of a legal dispute
in Brazil, partially offset by a gain on a
contract termination in the US in 2016
l Higher Consolidated FCF1 also reflects
lower working capital requirements in
Andes and MCAC
$237
$278
$185 $190
$0
$100
$200
$300
$400
$500
$600
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$490
$546
21. 21Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Decreased $51;
Adjusted PTC1 Decreased $37
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results: US SBU
l Margins declined due to the impact
from a major planned outage in Hawaii
and reversion to prior ESP rates at DPL
l Adjusted PTC1 also decreased as a
result of a gain on a contract
termination in 2016, related to DPL’s
competitive retail business
l Lower Consolidated FCF1 also reflects
higher purchased power and fuel costs
at DPL
$10
$16
$85
$48
$0
$20
$40
$60
$80
$100
$120
$140
$160
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$143
$92
22. 22Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Increased $87;
Adjusted PTC1 Increased $27
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results: Andes SBU
l Margins improved due to higher
reservoir levels and generation in
Colombia
l Higher Adjusted PTC1 also reflects
foreign currency impact on receivables
and debt prepayments
l Higher Consolidated FCF1 also reflects
lower income and withholding tax
payments at Gener
$16
$44
$61
$88
$0
$20
$40
$60
$80
$100
$120
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$20
$107
23. 23Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Increased $22;
Adjusted PTC1 Increased $34
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results: Brazil SBU
l Margins improved primarily due to
higher spot sales at Tietê and the 24%
appreciation of the Brazilian Real
l Higher Adjusted PTC1 also reflects the
successful settlement of a legal dispute
at Uruguaiana
l Consolidated FCF1 improved primarily
due to the drivers above, partially offset
by the impact from the recovery of high
purchased power costs in 2016 at
Eletropaulo
$162
$162
$5
$39
$0
$50
$100
$150
$200
$250
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$196
$218
24. 24Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Increased $52;
Adjusted PTC1 Increased $11
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results: MCAC SBU
l Margins improved primarily due to
higher availability in Mexico
l Higher Consolidated FCF1 also reflects
lower tax payments and working capital
requirements in the Dominican
Republic
$8
$48
$59
$0
$10
$20
$30
$40
$50
$60
$70
$80
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$13
$65
25. 25Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Increased $5;
Adjusted PTC1 Decreased $14
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results: Europe SBU
l Margins declined due to the capacity
price reduction following the successful
collection of receivables at Maritza in
Bulgaria
l Higher Consolidated FCF1 also reflects
lower environmental capex and higher
collections in the United Kingdom
$5
$7
$69
$55
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$81
$86
26. 26Contains Forward-Looking Statements
$ in Millions
Consolidated FCF1 Decreased $6;
Adjusted PTC1 Flat
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Q1 Financial Results: Asia SBU
l Margins were flat
l Lower Consolidated FCF1 reflects
higher working capital requirements at
Mong Duong in Vietnam
$44
$41
$22 $22
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Q1 2016 Q1 2017 Q1 2016 Q1 2017
FCF Attributable to NCI
Consolidated
FCF1
Adjusted
PTC1
1
$87
$81
27. 27Contains Forward-Looking Statements
Regulatory Developments in Ohio – Dayton Power & Light
(DP&L)
l In March, reached settlement agreement with PUCO Staff and various
intervenors on ESP
„ Distribution Modernization Rider of $105 million/year over three years with potential
for two-year extension
„ Approval of Smart Grid and Distribution Investment Riders
„ Commence sale process for Miami Fort, Zimmer and Conesville (1 GW)
l Evidentiary hearing concluded April 11, 2017
l PUCO approval expected by late June/early July
l Committed to:
„ Exiting 100% of coal capacity by June 2018 (2.1 GW)
„ Exploring strategic options for remaining generation (1 GW peakers)
„ Reducing debt
Taking Active Steps Towards DPL Becoming a Stable and Growing T&D
Business
28. 28Contains Forward-Looking Statements
Improving Our Debt Profile
$6,515
$4,4171
($530) ($308) ($419) ($240) ($301) ($300)
Total Parent
Debt as of
December 31,
2011
2012 2013 2014 2015 2016 2017 Total Parent
Debt as of
March 31,
2017
Reduced Parent Debt by 32% or $2.1 Billion
($ in Millions)
6.4x
5.0x
4.6x
2011 2016 Expected 2017
Improving Parent Leverage
Debt2/(Parent Free Cash Flow3 + Interest)
1. Excludes $127 million in borrowings under Parent credit facilities.
2. Includes equity credit for a portion of our existing Trust Preferred III securities.
3. A non-GAAP financial measure. See Appendix for reconciliation and definition.
29. 29Contains Forward-Looking Statements
$ in Millions
Discretionary Cash – Sources
($1,495-$1,595)
Discretionary Cash – Uses
($1,495-$1,595)
1. Includes announced asset sale proceeds of: approximately $300 million (Sul, Brazil) and at least $500 million asset sale proceeds target.
2. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
2017 Parent Capital Allocation Plan
$100
$575-
$675
$1,495-
$1,595
$800
$20
Beginning
Cash
Asset Sales
Proceeds
Parent FCF Return of
Capital
Total
Discretionary
Cash
$50 $55-
$155
$317
$350
$382
$341
21
Target Closing
Cash Balance
Shareholder
Dividend
Unallocated
Discretionary Cash
Investments in
Subsidiaries
Maximizing Discretionary Cash to Increase Risk-Adjusted Returns
for Shareholders
Debt
Prepayment
sPower
Acquisition
30. 30Contains Forward-Looking Statements
FY 2017 Guidance
Adjusted EPS1 $1.00-$1.10
Consolidated Net Cash Provided by Operating Activities $2,000-$2,800
Consolidated Free Cash Flow1 $1,400-$2,000
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Reaffirming 2017 Guidance
l Based on foreign currency and commodity forward curves as of March 31, 2017
31. 31Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
Reaffirming Expectations Through 2020
FY 2016 Guidance &
Expectations
2020 Expectations
Adjusted EPS1 $0.95-$1.05
8%-10% growth off mid-
point of 2016 guidance
Consolidated Net Cash Provided by
Operating Activities
$2,000-$2,900 N/A
Consolidated Free Cash Flow1 $1,300-$2,200
8%-10% growth off mid-
point of 2016 guidance
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
l $0.20 of expected Adjusted EPS1 growth in 2018 is higher than 8%-10% average annual growth
„ 2.5 GW, or 75%, of construction capacity coming on-line with invested equity of ~$700 million
„ Cost savings and revenue enhancement initiatives and operating improvements
„ Contributions from growth in renewables, including sPower, and benefits of lower Parent
interest expense
32. 32Contains Forward-Looking Statements
l Advancing our construction program, which is the key driver of our earnings
and cash flow growth
l Capitalizing on the advantages from our existing platform in markets where
we have a strong position to make investments to ensure growth beyond
2020
l Rebalancing our portfolio to reduce risk and complexity, by exiting non-core
businesses and redeploying the proceeds consistent with our capital
allocation framework
l Prepaying Parent debt to achieve investment grade credit metrics
l Optimizing our cost structure to improve operational efficiency and achieve
our $400 million in annual savings target by 2020.
Conclusion
Expect Total Return of at Least 12%:
8%-10% Average Annual Growth, Plus ~4% Dividend Yield
33. 33Contains Forward-Looking Statements
l Q1 Adjusted EPS1 Roll-Up Slide 34
l Listed Subs & Public Filers Slide 35
l SBU Modeling Disclosures Slides 36-37
l DPL Inc. Modeling Disclosures Slide 38
l DP&L and DPL Inc. Debt Maturities Slide 39
l Parent Only Cash Flow Slides 40-43
l 2017 Guidance and Expectations Through 2020 Slides 44-46
l Currencies and Commodities Slides 47-49
l AES Modeling Disclosures Slide 50
l Full Year 2017 Adjusted PTC1 Modeling Ranges Slide 51
l Construction Program Slides 52-53
l Reconciliations Slides 54-57
l Assumptions & Definitions Slides 58-59
1. A non-GAAP financial measure.
Appendix
34. 34Contains Forward-Looking Statements
Q1 2017 Q1 2016 Variance
Adjusted PTC1
US $48 $85 ($37)
Andes $88 $61 $27
Brazil $39 $5 $34
MCAC $59 $48 $11
Europe $55 $69 ($14)
Asia $22 $22 -
Total SBUs $311 $290 $21
Corp/Other ($121) ($105) ($16)
Total AES Adjusted PTC1,2 $190 $185 $5
Adjusted Effective Tax Rate 41% 47%
Diluted Share Count 662 663
ADJUSTED EPS1 $0.17 $0.15 $0.02
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Slide 55 for reconciliation to the nearest GAAP measure and “definitions”.
2. Includes $7 million and $6 million of after-tax equity in earnings for Q1 2017 and Q1 2016, respectively.
Q1 2017 Adjusted EPS1 Roll-Up
35. 35Contains Forward-Looking Statements
AES SBU/Reporting Country US Andes/Chile Brazil
AES Company IPL DPL AES Gener2 Eletropaulo2 Tietê2
$ in Millions Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016
US GAAP RECONCILIATION
AES Business Unit Adjusted Earnings1,3 $18 $22 $2 $22 $39 $14 $1 ($1) $11 $5
Adjusted PTC1,3 Public Filer (Stand-alone) $27 $31 $3 $33 $55 $44 $1 ($1) $15 $7
Impact of AES Differences from Public Filings - (4) - - - - - - - -
AES Business Unit Adjusted PTC1 $27 $27 $3 $33 $55 $44 $1 ($1) $15 $7
Unrealized Derivatives (Losses)/Gains - - - ($2) $5 - - - - -
Unrealized Foreign Currency Transaction Losses - - - - ($3) $5 - - - -
Impairment Losses - - ($66) - - - - - - -
Disposition/Acquisition Gains - - ($20) $22 - - - - - -
Loss on Extinguishment of Debt - - - ($3) ($2) ($2) - - - -
Non-Controlling Interest before Tax $12 $10 - - $32 $24 $3 ($4) $49 $25
Income Tax Benefit/(Expenses) ($12) ($12) $31 ($19) ($25) ($49) ($2) $1 ($20) ($9)
US GAAP Income/(Loss) from Continuing
Operations4 $27 $25 ($52) $31 $62 $22 $2 ($4) $44 $23
Adjustment to Depreciation & Amortization5 ($10) ($10) ($7) ($6) ($3) ($3)
Adjustment to Regulatory Liabilities & Assets - - - - - -
Adjustment to Taxes6 $8 $32 ($3) ($6) - -
Other Adjustments ($11) ($4) $12 $25 ($1) ($1)
IFRS Net Income $49 $40 $4 $9 $40 $19
BRL-USD Implied Exchange Rate 3.2296 3.3790 3.1468 3.8943
This table provides financial data of those operating subsidiaries of AES that are publicly listed or have publicly filed financial information on a stand-alone basis. The table provides a
reconciliation of the subsidiary’s Adjusted PTC as it is included in AES consolidated Adjusted PTC with the subsidiary’s income/(loss) from continuing operations under US GAAP
and the subsidiary’s locally IFRS reported net income, if applicable. Readers should consult the subsidiary’s publicly filed reports for further details of such subsidiary’s results of
operations.
1. A non-GAAP financial measure. Reconciliation provided above. See “definitions” for descriptions of adjustments.
2. The listed subsidiary is a public filer in its home country and reports its financial results locally under IFRS. Accordingly certain adjustments presented under IFRS Reconciliation are required to account
for differences between US GAAP and local IFRS standards.
3. Total Adjusted PTC, US GAAP Income from continuing operations and intervening adjustments are calculated before the elimination of inter-segment transactions such as revenue and expenses related to
the transfer of electricity from AES generation plants to AES utilities within Brazil.
4. Represents the income/(loss) from continuing operations of the subsidiary included in the consolidated operating results of AES under US GAAP.
5. Adjustment to depreciation and amortization expense represents additional expense required due primarily to basis differences of long-lived and intangible assets under IFRS for each reporting period.
6. Adjustment to taxes represents mainly differences relating to the goodwill tax benefit resulting from the restructuring of Brazilian subsidiaries that increased tax basis in long-term assets (Eletropaulo) and
depreciation for the difference in cost basis of PP&E (Eletropaulo and Tietê).
Q1 2017 Adjusted PTC1: Reconciliation to Public Financials of
Listed Subsidiaries & Public Filers
37. 37Contains Forward-Looking Statements
Total Debt
Cash & Cash Equivalents, Restricted Cash, Short-Term Investments,
Debt Service Reserves & Other Deposits
Consolidated Attributable to NCI Ownership-Adjusted Consolidated Attributable to NCI Ownership-Adjusted
US $5,057 ($770) $4,287 $281 ($15) $266
DPL $1,852 - $1,852 $63 - $63
IPL $2,560 ($768) $1,792 $37 ($11) $26
Andes $4,033 ($1,587) $2,446 $669 ($210) $459
AES Gener $3,703 ($1,587) $2,116 $514 ($210) $304
Brazil1 $1,486 ($1,202) $284 $929 ($698) $231
Tietê $452 ($342) $110 $233 ($177) $56
Eletropaulo $1,034 ($860) $174 $564 ($469) $95
MCAC $2,631 ($434) $2,197 $512 ($113) $399
EMEA $906 ($246) $660 $163 ($32) $131
Asia $1,721 ($843) $878 $294 ($141) $153
Subtotal $15,834 ($5,082) $10,752 $2,848 ($1,209) $1,639
Corp/Other $4,500 - $4,500 $278 - $278
TOTAL $20,334 ($5,082) $15,252 $3,126 ($1,209) $1,917
$ in Millions
1. In addition to total debt, Eletropaulo has $1,182 million of pension plan liabilities. AES owns 17% of Eletropaulo.
Q1 2017 Modeling Disclosures
38. 38Contains Forward-Looking Statements
Balance of Year
2017 Full Year 2018 Full Year 2019
Volume Production (TWh) 7.8 5.6 2.8
% Volume Hedged ~58% ~24% ~11%
Average Hedged Dark Spread ($/MWh) $14.06 $17.33 N/A
EBITDA Generation Business1 ($ in Millions) ~$45 to $50 per year
EBITDA DPL Inc. including Generation and T&D
($ in Millions) ~$275 to $300 per year
Reference Prices2
Henry Hub Natural Gas ($/mmbtu) $3.30 $3.03 $2.83
AEP-Dayton Hub ATC Prices ($/MWh) $31 $31 $29
EBITDA Sensitivities (with Existing Hedges) ($ in Millions)
+10% AD Hub Energy Price ATC ($/MWh) $11
$13 $7
-10% AD Hub Energy Price ATC ($/MWh) ($11)
($13) ($7)
Based on Market Conditions and Hedged Position as of March 31, 2017
Note: Data assume the exit of Stuart and Killen mid-2018, Miami Fort and Zimmer mid-2017, and Conesville in early 2018.
1. Includes capacity premium performance results.
2. Balance of Year 2017 (April-December) and Full Year 2018-2019 based on forward curves as of March 31, 2017.
DPL Inc. Modeling Disclosures
39. 39Contains Forward-Looking Statements
Series Interest Rate Maturity
Amount
Outstanding as of
March 31, 2017
Remarks
2016 FMB Secured B Loan Variable Aug. 2022 $443.9 ● Redeemable at 101% of par
2006 OH Air Quality PCBs 4.8% Sept. 2036 $100.0 ● Redeemable at par on any day
2015 Direct Purchase Tax Exempt TL Variable Aug. 2020 (put) $200.0 ● Redeemable at par on any day
Total Pollution Control Various Various $300.0
Wright-Patterson AFB Note 4.2% Feb. 2061 $17.9 ● No redemption option
2015 DP&L Revolver Variable July 2020 - ● Redeemable at par on any day
DP&L Preferred 3.8% N/A $0.0 ● Redeemed in Q4 2016
Total DP&L $761.8
2018 Term Loan Variable May 2018 $118.8 ● No redemption penalty
2016 Senior Unsecured 6.5% Oct. 2016 $0.0 ● Retired in Q4 2016
2019 Senior Unsecured 6.75% Oct. 2019 $200.0 ● Callable at make-whole T+50
2021 Senior Unsecured 7.25% Oct. 2021 $780.0 ● Callable at make-whole T+50
Total Senior Unsecured Bonds Various Various $980.0
2015 DPL Revolver Variable July 2020 - ● Redeemable at par on any day
2001 Cap Trust II Securities 8.125% Sept. 2031 $15.6 ● Non-callable
Total DPL Inc. $1,114.4
TOTAL $1,876.2
$ in Millions
Non-Recourse Debt at DP&L and DPL Inc.
40. 40Contains Forward-Looking Statements
$ in Millions
Q1
2017 2016
Sources
Total Subsidiary Distributions1 $209 $85
Proceeds from Asset Sales, Net $289 $11
Financing Proceeds, Net - -
Increased/(Decreased) Credit Facility Commitments - -
Issuance of Common Stock, Net - -
Total Returns of Capital Distributions & Project Financing Proceeds - $16
Beginning Parent Company Liquidity2 $894 $1,138
TOTAL SOURCES $1,392 $1,250
Uses
Repayments of Debt ($341) ($116)
Shareholder Dividend ($79) ($73)
Repurchase of Equity - ($79)
Investments in Subsidiaries, Net ($60) ($139)
Cash for Development, Selling, General & Administrative and Taxes ($119) ($84)
Cash Payments for Interest ($74) ($74)
Changes in Letters of Credit and Other, Net - ($10)
Ending Parent Company Liquidity2 ($719) ($675)
TOTAL USES ($1,392) ($1,250)
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
Parent Sources and Uses of Liquidity
41. 41Contains Forward-Looking Statements
Subsidiary Distributions1 by SBU
Q1 2017
US $19
Andes $79
Brazil -
MCAC -
Europe $106
Asia $1
Corporate & Other2 $4
TOTAL $209
$ in Millions
1. See “definitions”.
2. Corporate & Other includes Global Insurance.
Q1 2017 Subsidiary Distributions1
Top Ten Subsidiary Distributions1 by Business
Q1 2017
Business Amount Business Amount
Argentina (Andes) $79
Global Insurance (Corporate &
Other) $4
Maritza (Europe) $73 Ballylumford (Europe) $2
IPALCO (US) $18 Kavarna (Europe) $2
Elsta (Europe) $16 Amman East (Europe) $2
Kilroot (Europe) $10 Laurel Mountain (US) $1
42. 42Contains Forward-Looking Statements
$ in Millions
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
3. Qualified Holding Company. See “assumptions”.
Reconciliation of Subsidiary Distributions1 and Parent Liquidity2
Quarter Ended
March 31,
2017
December 31,
2016
September 30,
2016
June 30,
2016
Total Subsidiary Distributions1 to Parent & QHCs3 $209 $426 $265 $337
Total Return of Capital Distributions to Parent & QHCs3 - $12 $4 $14
Total Subsidiary Distributions1 & Returns of Capital to
Parent $209 $438 $269 $351
Balance as of
March 31,
2017
December 31,
2016
September 30,
2016
June 30,
2016
Cash at Parent & QHCs3 $52 $100 $42 $30
Availability Under Credit Facilities $667 $794 $519 $733
Ending Liquidity $719 $894 $561 $763
43. 43Contains Forward-Looking Statements
2011 2016 2017
Parent Free Cash Flow1 (a) $586 $579 $625
Interest (b) $390 $305 $280
Parent Free Cash Flow1 before Interest (a + b) $976 $884 $905
Debt2 $6,256 $4,458 $4,158
DEBT2/(PARENT FREE CASH FLOW1 + INTEREST) 6.4x 5.0x 4.6x
$ in Millions
1. A non-GAAP financial measure. See “definitions”. 2011 and 2016 reflect actual results. 2017 represents the mid-point of 2017 guidance.
2. Includes equity credit for a portion of our existing Trust Preferred III securities.
Reconciliation of Parent Leverage
44. 44Contains Forward-Looking Statements
$1.00
$1.00-$1.10
2016 Guidance Mid-Point 2017 Guidance 2020 Expectation
1. A non-GAAP financial measure. See Slides 56 and 57 for reconciliation to the nearest GAAP measure and “definitions”.
2. 2016 Actual: $0.98.
Adjusted EPS1 Growth
8%-10% Average Annual Growth
+ Projects under construction,
including DPP (Dominican
Republic)
+ Capital allocation (e.g. sPower,
lower Parent interest)
+ Cost savings
+ Reserve against
reimbursements taken in 2016
+ Improved availability in MCAC
- Tax rate
- Asset sale dilution
+ Projects under construction,
including Colón (Panama),
OPGC 2 (India), Eagle Valley
(US)
+ Capital allocation (e.g. growth
investments, lower Parent
interest)
+ Cost savings
+ Operational improvements at
SBUs
2
Growth in 2018 Adjusted EPS1 Expected to be Higher than 8%-10% due to
New Businesses Coming On-Line and Cost Savings
45. 45Contains Forward-Looking Statements
$575
$575-$675
2016 Expectation Mid-Point 2017 Expectation 2020 Expectation
$ in Millions
1. A non-GAAP financial measure. See Slides 56 and 57 for reconciliation to the nearest GAAP measure and “definitions”.
2. 2016 Actual: $579 million.
Parent Free Cash Flow1 Growth
8%-10% Average Annual Growth
2
46. 46Contains Forward-Looking Statements
$1,750
$1,400-$2,000
2016 Expectation Mid-Point 2017 Guidance 2020 Expectation
$ in Millions
1. A non-GAAP financial measure. See Slides 56 and 57 for reconciliation to the nearest GAAP measure and “definitions”.
2. 2016 Actual: $2,244 million.
Consolidated Free Cash Flow1 Growth
8%-10% Average Annual Growth
Noncontrolling Interests Represent 30%-40% of Consolidated Free Cash
Flow1
2
47. 47Contains Forward-Looking Statements
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over year-to-go 2017 is forecasted to have a change in EPS of approximately $0.025
10% appreciation in USD against the
following key currencies is forecasted to
have the following negative EPS impacts:
Balance of Year 2017
Average Rate Sensitivity
Brazilian Real (BRL) 3.23 Less than $0.005
Colombian Peso (COP) 2,931 Less than $0.005
Euro (EUR) 1.07 Less than $0.005
Great British Pound (GBP) 1.26 Less than $0.005
Kazakhstan Tenge (KZT) 325 Less than $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
Balance of Year 2017
Average Rate Sensitivity
Illinois Basin Coal $35/ton
$0.005, negative correlation
Rotterdam Coal (API 2) $71/ton
NYMEX WTI Crude Oil $51/bbl
Less than $0.005, positive correlation
IPE Brent Crude Oil $54/bbl
NYMEX Henry Hub Natural Gas $3.3/mmbtu
$0.005, positive correlation
UK National Balancing Point Natural Gas £0.4/therm
US Power (DPL) – PJM AD Hub $ 31/MWh $0.01, positive correlation
Note: Guidance provided on May 8, 2017. 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 year-to-go 2017 Adjusted EPS. Actual results may differ from the
sensitivities provided due to execution of risk management strategies, local market dynamics and operational factors. Full year 2017 guidance is based on
currency and commodity forward curves and forecasts as of March 31, 2017. 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. Please see Item 1 of the Form 10-Q for a more complete
discussion of this topic. AES has exposure to multiple coal, oil, and natural gas, and power indices; forward curves are provided for representative liquid markets.
Sensitivities are rounded to the nearest $0.005 cent per share.
1. The move is applied to the floating interest rate portfolio balances as of March 31, 2017.
Full Year 2017 Guidance Estimated Sensitivities
48. 48Contains Forward-Looking Statements
2017 Adjusted PTC1
by Currency Exposure
2017 Full Year FX Sensitivity2,3
by SBU (Cents Per Share)
1. Before Corporate Charges. A non-GAAP financial measure. See “definitions”.
2. Sensitivity represents full year 2017 exposure to a 10% appreciation of USD relative to foreign currency as of December 31, 2016.
3. Andes includes Argentina and Colombia businesses only due to limited translational impact of USD appreciation to Chilean businesses.
2017 Foreign Exchange (FX) Risk Mitigated Through Structuring
of Our Businesses and Active Hedging
l 2017 correlated FX risk after hedges is $0.015 for 10% USD appreciation
l 80% of 2017 earnings effectively USD
„ USD-based economies (i.e. U.S., Panama)
„ Structuring of our contracts
l FX risk mitigated on a rolling basis by shorter-term active FX hedging programs
0.5
1.0
0.5
1.5
1.0 1.0
1.5
US Andes Brazil MCAC Europe Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
80%
5%
7%
5%
1% 2%
USD-
Equivalent
GBPKZT
EUR
COP
BRL
49. 49Contains Forward-Looking Statements
Full Year 2019 Adjusted EPS1 Commodity Sensitivity2 for 10%
Change in Commodity Prices
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.
Commodity Exposure is Mostly Hedged in the Medium- to Long-
Term
(2.0)
0.0
2.0
4.0
6.0
Coal Gas Oil DPL Power
CentsPerShare
50. 50Contains Forward-Looking Statements
Parent Company Cash Flow Assumptions 2017
Subsidiary Distributions (a) $1,145-$1,245
Cash Interest (b) $280
Corporate Overhead $150
Parent-Funded SBU Overhead $100
Business Development $40
Cash for Development, General & Administrative
and Tax (c)
$290
PARENT FREE CASH FLOW1 (a – b – c) $575-$675
$ in Millions
1. A non-GAAP financial measure. See “definitions”.
AES Modeling Disclosures
51. 51Contains Forward-Looking Statements
SBU
2017 Adjusted PTC
Modeling Ranges as of
2/27/171
Drivers of Growth Versus 2016
US $365-$415 + New businesses, including sPower
Andes $400-$450 + Argentina reforms
+ Higher contracting levels at Chivor
Brazil $60-$80 + Gain on legal settlement
MCAC $350-$400
+ COD of DPP
+ Higher availability in Puerto Rico and Mexico
+ Reserve taken against reimbursements in 2016
Europe $145-$175 - Lower generation volume in the United Kingdom
Asia $80-$100 - Lower tariff in India
Total SBUs $1,400-$1,620
Corp/Other ($450)-($525)
Total AES Adjusted PTC1,2 $950-$1,095
$ in Millions
1. A non-GAAP financial metric. See “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
Full Year 2017 Adjusted PTC1 Modeling Ranges
52. 52Contains Forward-Looking Statements
$1.2 Billion AES Equity Commitment, of Which Only $200 Million Is
Still To Be Funded
Leveraging Our Platforms: $6.9 Billion Construction Program
Funded with Combination of Debt and Equity
21%
34%17%
28%
US
Chile
Asia
Panama
53. 53Contains Forward-Looking Statements
Project Country AES Ownership Fuel
Gross
MW
Expected
COD Total Capex
Total
AES
Equity
ROE Comments
Construction Projects Coming On-Line 2017-2019
DPP Conversion
Dominican
Republic
90% Gas 122 1H 2017 $260 $0
IPL Wastewater US-IN 70% Coal 2H 2017 $224 $71
Environmental (NPDES)
upgrades of 1,864 MW
Eagle Valley CCGT US-IN 70% Gas 671 1H 2018 $590 $186
Colón Panama 50% Gas 380 1H 2018 $995 $205
Regasification and LNG
storage tank expected on-line in
2019
OPGC 2 India 49% Coal 1,320 2H 2018 $1,585 $227
Alto Maipo Chile 40% Hydro 531 1H 2019 $2,513 $413
Masinloc 2 Philippines 51% Coal 335 1H 2019 $740 $110
Total 3,359 $6,907 $1,212
ROE1 ~12%
Weighted average; net
income divided by AES
equity contribution
CASH YIELD1 ~13%
Weighted average;
subsidiary distributions
divided by AES equity
contribution
$ in Millions, Unless Otherwise Stated
1. Based on projections. See our 2016 Form 10-K for further discussion of development and construction risks. Based on 3-year average contributions from all
projects under construction and IPL wastewater upgrades, once all projects under construction are completed.
Attractive Returns from Construction Pipeline
54. 54Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
Reconciliation of Q1 Capex and Free Cash Flow1
Consolidated Q1
2017 2016
Operational Capex (a) $152 $162
Environmental Capex (b) $24 $87
Maintenance Capex (a + b) $176 $249
Growth Capex (c) $324 $401
TOTAL CAPEX2 (a + b + c) $500 $650
Consolidated Q1
2017 2016
Operating Cash Flow $703 $640
Add: Capital Expenditures Related to Service
Concession Assets $1 $24
Less: Maintenance Capex, net of Reinsurance Proceeds
and Non-Recoverable Environmental Capex ($158) ($174)
CONSOLIDATED FREE CASH FLOW1 $546 $490
55. 55Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
Q1 2017 Q1 2016
Net of NCI2
Per Share
(Diluted) Net
of NCI2
Net of NCI2
Per Share
(Diluted) Net
of NCI2
Income (Loss) from Continuing Operations Attributable to AES and
Diluted EPS ($24) ($0.04) $135 $0.20
Add: Income Tax Benefit from Continuing Operations Attributable to
AES $20 $61
Pre-Tax Contribution ($4) $196
Adjustments
Unrealized Derivative Gains ($1) - ($34) ($0.05)
Unrealized Foreign Currency Transaction Gains ($9) ($0.01) ($9) ($0.01)
Disposition/Acquisition (Gains) Losses $52 $0.083 ($19) ($0.03)4
Impairment Expense $168 $0.255 $50 $0.086
(Gains) Losses on Extinguishment of Debt ($16) ($0.02)7 $1 -
Less: Net Income Tax (Benefit) - ($0.09)8 - ($0.04)9
ADJUSTED PTC1 & ADJUSTED EPS1 $190 $0.17 $185 $0.15
1. Non-GAAP financial measures. See “definitions”.
2. NCI is defined as Noncontrolling Interests.
3. Amount primarily relates to realized derivative losses associated with the sale of Sul of $38 million, or $0.06 per share; costs associated with early plant closures at DPL of $20
million, or $0.03 per share; partially offset by interest earned on Sul sale proceeds prior to repatriation of $6 million, or $0.01 per share.
4. Amount primarily relates to the gain on sale of DPLER of $22 million, or $0.03 per share.
5. Amount relates to asset impairments at Kazakhstan of $94 million, or $0.14 per share; at DPL of $66 million, or $0.10 per share; and Tait Energy Storage of $8 million, or $0.01
per share.
6. Amount primarily relates to the asset impairment at Buffalo Gap II of $159 million ($49 million, or $0.07 per share, net of NCI).
7. Amount primarily relates to the gain on early retirement of debt at Alicura of $65 million, or $0.10 per share, partially offset by the loss on early retirement of debt at the Parent
Company of $47 million, or $0.07 per share.
8. Amount primarily relates to the income tax benefits associated with asset impairments of $51 million, or $0.08 per share and dispositions of $16 million, or $0.02 per share.
9. Amount primarily relates to the income tax benefit associated with asset impairment of $52 million, or $0.08 per share; partially offset by income tax expense associated with
derivatives of $11 million, or $0.02 per share.
Reconciliation of Q1 Adjusted PTC1 and Adjusted EPS1
56. 56Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
2. Actual 2017 Adjusted EPS was $0.98. The above range is provided as a base for future growth rates. Reconciliation of Adjusted EPS may be found in the Company’s 2016
Form 10-K.
Reconciliation of 2016 Guidance
2016 Guidance
Consolidated Net Cash Provided by Operating
Activities
$2,000-$2,900
Adjusted EPS1,2 $0.95-$1.05
Reconciliation
Consolidated Net Cash Provided by Operating
Activities (a)
$2,000-$2,900
Maintenance & Environmental Capital
Expenditures (b)
$600-$800
Consolidated Free Cash Flow1 (a - b) $1,300-$2,200
l Commodity and foreign currency exchange rates and forward curves as of September
30, 2016
57. 57Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
2. The Company is not able to provide a corresponding GAAP equivalent for its Adjusted EPS guidance. In providing its full year 2017 Adjusted EPS guidance, the Company notes
that there could be differences between expected reported earnings and estimated operating earnings, including the items listed below. Therefore, management is not able to
estimate the aggregate impact, if any, of these items on reported earnings. As of March 31, 2017, the impact of these items was as follows: (a) unrealized gains or losses related
to derivative transactions had no impact, (b) unrealized foreign currency gains or losses represent a gain of $6 million, (c) gains or losses and associated benefits and costs due
to dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds represent a loss of $35 million
(d) losses due to impairments of $117 million and (e) gains, losses and costs due to the early retirement of debt represent a gain of $11 million.
Reconciliation of 2017 Guidance
2017 Guidance
Consolidated Net Cash Provided by Operating
Activities
$2,000-$2,800
Consolidated Free Cash Flow1 $1,400-$2,000
Adjusted EPS1, 2 $1.00-$1.10
Reconciliation
Consolidated Net Cash Provided by Operating
Activities (a)
$2,000-$2,800
Maintenance & Environmental Capital
Expenditures (b)
$600-$800
Consolidated Free Cash Flow1 (a - b) $1,400-$2,000
l Commodity and foreign currency exchange rates and forward curves as of March 31,
2017
58. 58Contains Forward-Looking Statements
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 Key
Performance Indicators (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.
Assumptions
59. 59Contains Forward-Looking Statements
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 and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures, and the tax
impact from the repatriation of sales proceeds, (d) losses due to impairments, and (e) gains, losses and costs due to the early retirement of debt. The GAAP measure most
comparable to adjusted EPS is diluted earnings per share from continuing operations. We believe that adjusted EPS better reflect the underlying business performance of the
Company and are 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 of or acquire business
interests or retire debt, which affect results in a given period or periods. Adjusted EPS should not be construed as alternatives to income from continuing operations
attributable to AES and diluted earnings per share from continuing operations, which are determined in accordance with GAAP. Beginning in the first quarter of 2017, the
definition was revised to exclude associated benefits and costs due to acquisitions, dispositions and early plant closures, including the tax impact of decisions made at the
time of sale to repatriate proceeds.
l Adjusted Pre-Tax Contribution (a non-GAAP financial measure) is defined as pre-tax income from continuing operations attributable to AES excluding gains or losses of the
consolidated entity due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses, (c) gains or losses and associated
benefits and costs due to dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds,
(d) losses due to impairments, and (e) gains, losses and costs due to the early retirement of debt. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax
basis adjusted for the same gains or losses excluded from consolidated entities. The GAAP measure most comparable to adjusted PTC is income from continuing operations
attributable to AES. We believe that adjusted PTC better reflect the underlying business performance of the Company and are 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 of or acquire business interests or retire debt, which affect results in a given period or
periods. In addition, for adjusted PTC, earnings before tax represents the business performance of the Company before the application of statutory income tax rates and tax
adjustments, including the effects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed as
alternatives to income from continuing operations attributable to AES and diluted earnings per share from continuing operations, which are determined in accordance with
GAAP. Beginning in the first quarter of 2017, the definition was revised to exclude associated benefits and costs due to acquisitions, dispositions and early plant closures,
including the tax impact of decisions made at the time of sale to repatriate proceeds.
l Free Cash Flow (a non-GAAP financial measure) is defined as net cash from operating activities (adjusted for service concession asset capital expenditures) 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 generated by the business after the funding of maintenance capital
expenditures that may be available for investing in growth opportunities 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 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.
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.
Definitions