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 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
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
05 08-17 first quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its first quarter 2017 financial review, which contained forward-looking statements and non-GAAP financial measures with required reconciliations.
- Key highlights included progress on major construction projects, cost savings initiatives, and plans to reduce merchant coal exposure and carbon intensity.
- AES reaffirmed its 2017 guidance targets and average annual 8-10% growth rate through 2020.
The AES Corporation released its first quarter 2017 financial review. Some key points include:
- AES is on track to achieve its $400 million cost reduction and revenue enhancement program by 2020.
- AES is advancing its construction program which will contribute significantly to earnings and cash flow growth through 2021.
- AES is reshaping its portfolio to reduce risk by exiting 3.7GW of merchant coal assets in Kazakhstan and Ohio.
- AES is well positioned for future growth through projects under construction, acquisitions like sPower, and an $8-10 billion renewable development pipeline.
- AES expects average annual earnings and cash flow growth of 8-10% through 2020.
This document provides an executive summary and overview of AES Corporation's business operations and capital allocation plans for 2014 and 2015. Key points include:
- AES has a diversified portfolio of contracted generation and utility businesses around the world.
- The company is executing a strategy of reducing costs, exiting some markets to improve returns, and leveraging existing platforms for profitable growth.
- AES expects to allocate over 75% of its discretionary cash to debt repayment, investments in growth projects, and increasing shareholder dividends and returns through 2018.
- The company forecasts average annual adjusted EPS growth of 5-6% and total shareholder returns of around 8% over the 2014-2018 period.
The document 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.
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.
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 is Origin Energy's 2013 Annual Report. It provides an overview of Origin Energy's financial performance for the 2013 fiscal year, including a decrease in statutory profit to $378 million due to factors such as losses on financial instruments and increased retail transformation expenditures. Underlying profit decreased 15% to $760 million. Key highlights included sufficient liquidity to fund Australia Pacific LNG requirements, underlying business performance, and operating effectiveness improving in Energy Markets. The report discusses future prospects such as delivering the Australia Pacific LNG project on schedule and improving performance across existing businesses.
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 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.
Enbridge Inc. Third Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
John K. Whelen, Executive Vice President & Chief Financial Officer, Enbridge Inc.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
NiSource reported 2012 earnings that were in line with guidance. Key accomplishments included executing infrastructure investment plans and outlining a $1.8 billion capital program for 2013. Earnings were expected to grow 5-7% annually due to ongoing infrastructure investments. For 2013, NiSource expected earnings of $1.50-$1.60 per share due to continued success of its balanced business strategy and inventory of investment opportunities. Solid progress was made across NiSource's pipeline, electric, and gas distribution businesses through infrastructure modernization and growth projects.
Enbridge Inc. Second Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
John K. Whelen, Executive Vice President & Chief Financial Officer, Enbridge Inc.
This transcript summarizes the Q1 2008 earnings call for Spectra Energy Corp. In the call, Fred Fowler, the President and CEO, and Greg Ebel, the CFO, discussed Spectra Energy's strong financial results for Q1 2008. They announced two value-enhancing initiatives - a plan to repurchase up to $600 million of Spectra Energy shares, and a recommendation to increase the quarterly dividend from $0.23 to $0.25 per share. Fowler and Ebel believe these moves will reward investors and illustrate the company's underlying value and earnings potential. They also discussed segment results, capital expansion plans, credit metrics, and an outlook for continued strong performance in 2008.
Jp energy mlpa conference jun2016-finalir_jpenergy
MLPA Investor Conference held in June 2016. The presentation discusses JP Energy Partners LP (JPEP), a publicly traded MLP that operates in crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales. It provides an overview of each segment's assets and operations. The presentation also notes that JPEP has achieved growth through acquisitions and expansion projects since its inception in 2013.
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.
MPX Energia S.A. is a Brazilian energy company operating since 2012. It currently operates over 1.7 GW of power generation capacity from coal and gas plants. By 2013, additional gas and coal plants totaling 1.1 GW will come online, providing minimum annual revenues of $761 million. MPX also holds a portfolio of licensed thermal and wind power projects totaling 10 GW. It has natural gas exploration and production assets in the Parnaiba Basin through a 33.3% stake in OGX Maranhão. A transaction is proposed whereby E.ON will acquire a 36% stake in MPX to strengthen its capital structure and execution capabilities as it develops its portfolio of energy assets to meet Brazil
The document provides an August 2018 update on Chesapeake Energy Corporation's business strategies and operations. It discusses plans to use proceeds from an asset sale to reduce debt, goals of achieving a net debt to EBITDA ratio of 2x and free cash flow neutrality. Production from the Powder River Basin is growing rapidly and is expected to increase 90% in 2018 and 100% in 2019, driven largely by oil growth from the Turner area where 18 wells are currently producing. Drilling and completion costs in the Turner area have improved. The company has a diverse portfolio across five basins with an inventory of potential locations.
KBR announced its fourth quarter and full year 2007 financial results. For the fourth quarter, KBR reported net income of $71 million compared to $43 million in the prior year quarter. However, income from continuing operations was $48 million compared to $45 million in 2006. For the full year, KBR reported record net income of $302 million compared to $168 million in 2006. KBR also announced several new contract awards totaling over $250 million and the successful completion of projects in China, Nigeria, and Venezuela during the quarter.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, growth drivers, and financial guidance. Some key points:
- AES operates in 6 strategic business units across 21 countries, with over 34,000 MW of power generation capacity.
- The company has taken steps to reduce risk and complexity by exiting non-core markets and improving profitability. It is also pursuing a $1.5 billion construction program that is 70% funded and expected to drive earnings growth through 2018.
- For 2015, AES provides Adjusted EPS guidance of $1.25-$1.35 per share, and proportional free cash flow guidance of $1-1.35 billion. It expects to allocate
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
05 08-17 first quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its first quarter 2017 financial review, which contained forward-looking statements and non-GAAP financial measures with required reconciliations.
- Key highlights included progress on major construction projects, cost savings initiatives, and plans to reduce merchant coal exposure and carbon intensity.
- AES reaffirmed its 2017 guidance targets and average annual 8-10% growth rate through 2020.
The AES Corporation released its first quarter 2017 financial review. Some key points include:
- AES is on track to achieve its $400 million cost reduction and revenue enhancement program by 2020.
- AES is advancing its construction program which will contribute significantly to earnings and cash flow growth through 2021.
- AES is reshaping its portfolio to reduce risk by exiting 3.7GW of merchant coal assets in Kazakhstan and Ohio.
- AES is well positioned for future growth through projects under construction, acquisitions like sPower, and an $8-10 billion renewable development pipeline.
- AES expects average annual earnings and cash flow growth of 8-10% through 2020.
This document provides an executive summary and overview of AES Corporation's business operations and capital allocation plans for 2014 and 2015. Key points include:
- AES has a diversified portfolio of contracted generation and utility businesses around the world.
- The company is executing a strategy of reducing costs, exiting some markets to improve returns, and leveraging existing platforms for profitable growth.
- AES expects to allocate over 75% of its discretionary cash to debt repayment, investments in growth projects, and increasing shareholder dividends and returns through 2018.
- The company forecasts average annual adjusted EPS growth of 5-6% and total shareholder returns of around 8% over the 2014-2018 period.
The document 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.
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.
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 is Origin Energy's 2013 Annual Report. It provides an overview of Origin Energy's financial performance for the 2013 fiscal year, including a decrease in statutory profit to $378 million due to factors such as losses on financial instruments and increased retail transformation expenditures. Underlying profit decreased 15% to $760 million. Key highlights included sufficient liquidity to fund Australia Pacific LNG requirements, underlying business performance, and operating effectiveness improving in Energy Markets. The report discusses future prospects such as delivering the Australia Pacific LNG project on schedule and improving performance across existing businesses.
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 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.
Enbridge Inc. Third Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
John K. Whelen, Executive Vice President & Chief Financial Officer, Enbridge Inc.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
NiSource reported 2012 earnings that were in line with guidance. Key accomplishments included executing infrastructure investment plans and outlining a $1.8 billion capital program for 2013. Earnings were expected to grow 5-7% annually due to ongoing infrastructure investments. For 2013, NiSource expected earnings of $1.50-$1.60 per share due to continued success of its balanced business strategy and inventory of investment opportunities. Solid progress was made across NiSource's pipeline, electric, and gas distribution businesses through infrastructure modernization and growth projects.
Enbridge Inc. Second Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
John K. Whelen, Executive Vice President & Chief Financial Officer, Enbridge Inc.
This transcript summarizes the Q1 2008 earnings call for Spectra Energy Corp. In the call, Fred Fowler, the President and CEO, and Greg Ebel, the CFO, discussed Spectra Energy's strong financial results for Q1 2008. They announced two value-enhancing initiatives - a plan to repurchase up to $600 million of Spectra Energy shares, and a recommendation to increase the quarterly dividend from $0.23 to $0.25 per share. Fowler and Ebel believe these moves will reward investors and illustrate the company's underlying value and earnings potential. They also discussed segment results, capital expansion plans, credit metrics, and an outlook for continued strong performance in 2008.
Jp energy mlpa conference jun2016-finalir_jpenergy
MLPA Investor Conference held in June 2016. The presentation discusses JP Energy Partners LP (JPEP), a publicly traded MLP that operates in crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales. It provides an overview of each segment's assets and operations. The presentation also notes that JPEP has achieved growth through acquisitions and expansion projects since its inception in 2013.
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.
MPX Energia S.A. is a Brazilian energy company operating since 2012. It currently operates over 1.7 GW of power generation capacity from coal and gas plants. By 2013, additional gas and coal plants totaling 1.1 GW will come online, providing minimum annual revenues of $761 million. MPX also holds a portfolio of licensed thermal and wind power projects totaling 10 GW. It has natural gas exploration and production assets in the Parnaiba Basin through a 33.3% stake in OGX Maranhão. A transaction is proposed whereby E.ON will acquire a 36% stake in MPX to strengthen its capital structure and execution capabilities as it develops its portfolio of energy assets to meet Brazil
The document provides an August 2018 update on Chesapeake Energy Corporation's business strategies and operations. It discusses plans to use proceeds from an asset sale to reduce debt, goals of achieving a net debt to EBITDA ratio of 2x and free cash flow neutrality. Production from the Powder River Basin is growing rapidly and is expected to increase 90% in 2018 and 100% in 2019, driven largely by oil growth from the Turner area where 18 wells are currently producing. Drilling and completion costs in the Turner area have improved. The company has a diverse portfolio across five basins with an inventory of potential locations.
KBR announced its fourth quarter and full year 2007 financial results. For the fourth quarter, KBR reported net income of $71 million compared to $43 million in the prior year quarter. However, income from continuing operations was $48 million compared to $45 million in 2006. For the full year, KBR reported record net income of $302 million compared to $168 million in 2006. KBR also announced several new contract awards totaling over $250 million and the successful completion of projects in China, Nigeria, and Venezuela during the quarter.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, growth drivers, and financial guidance. Some key points:
- AES operates in 6 strategic business units across 21 countries, with over 34,000 MW of power generation capacity.
- The company has taken steps to reduce risk and complexity by exiting non-core markets and improving profitability. It is also pursuing a $1.5 billion construction program that is 70% funded and expected to drive earnings growth through 2018.
- For 2015, AES provides Adjusted EPS guidance of $1.25-$1.35 per share, and proportional free cash flow guidance of $1-1.35 billion. It expects to allocate
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
This corporate presentation provides an overview of Denbury Resources, a company that uses carbon dioxide enhanced oil recovery (CO2 EOR) to produce oil from mature oil fields. Some key points:
- Denbury has over 1,100 miles of CO2 pipelines and a large inventory of mature oil fields that it acquires and develops using CO2 EOR.
- CO2 EOR has provided Denbury with a 29% compound annual growth rate in production since 1999 and over 90 million barrels of oil produced to date.
- Denbury estimates there are over 1 billion barrels of potential oil reserves recoverable across its Gulf Coast and Rocky Mountain regions using CO2 EOR.
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 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.
This document provides an overview and executive summary of The AES Corporation's business operations and strategy. It discusses AES' diversified portfolio of generation and utility businesses, 80% of which are contracted or regulated utilities. The presentation outlines AES' strategic pillars of reducing risk and complexity while driving growth and enhancing returns. It also provides financial projections, showing expected adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018, as well as proportional free cash flow growth of 10-15% annually from 2014-2018.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation including forward-looking statements and key assumptions. It summarizes AES' business operations across six strategic business units, with 34,732 MW in operation globally. The presentation discusses AES' value proposition, growth drivers through 2018 such as its construction program, and capital allocation plan through 2018. It provides guidance for 2015 adjusted EPS and proportional free cash flow, and outlines various risk factors and sensitivities.
ClubCorp delivered strong first quarter 2016 results, with record revenue and adjusted EBITDA. Same-store revenue grew 4.0% year-over-year, while adjusted EBITDA increased 7.4%. Approximately 51% of members were enrolled in the O.N.E membership program or similar offerings. In the first quarter, ClubCorp acquired two new golf and country clubs and has 18 reinvention projects planned for 2016. The company continues to execute on its three-pronged growth strategy of organic growth, reinvention, and acquisitions.
The document provides an overview of ClubCorp's fiscal year 2015 performance and execution of its three-pronged growth strategy. Some key points:
- FY2015 revenue was a record $1.053 billion, up 19% year-over-year, with adjusted EBITDA of $234 million, also up 19%. Membership excluding managed clubs grew 2.8% to approximately 173,000.
- Same-store revenue grew 3% and adjusted EBITDA grew 6%, with margins improving 100 basis points. Approximately 50% of members were enrolled in the O.N.E. upgrade program.
- In FY2015, ClubCorp acquired nine clubs and completed reinvention at 21 clubs. It
NYSE:DNR is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has significant CO2 reserves. Its core assets have long lives and large estimated original oil in place that could potentially be recovered through CO2 flooding. The company is reducing costs and debt in response to low oil prices while continuing to optimize its operations and preserve liquidity. It provided 2016 capital and production guidance focused on its low decline, oil-weighted assets.
- The document provides an overview of ClubCorp's fiscal 2016 third quarter performance and financial results.
- Key highlights include year-over-year revenue growth of 1.6% and adjusted EBITDA growth of 7.5% for the third quarter. Nine reinvention projects were completed and seven more are still in progress for 2016.
- Golf and country club revenue increased 2.3% year-over-year for the third quarter while adjusted EBITDA grew 3.1%, and same-store revenue and adjusted EBITDA also increased.
The document discusses a new policy that will impact employee benefits. It outlines changes to healthcare coverage including raising deductibles and increasing costs for dependents. The changes are an effort to control rising costs and will take effect at the start of the next fiscal year.
- Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery (EOR) in the Gulf Coast and Rocky Mountain regions of the United States.
- CO2 EOR has the potential to recover billions of barrels of additional oil at Denbury's fields and elsewhere in the US. Denbury owns extensive CO2 pipelines and reserves that provide a strategic advantage for their EOR operations.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing their business, reducing debt, and preserving cash and liquidity.
1) The document reports on ClubCorp's fiscal 2016 second quarter performance, with key highlights including revenue growth of 2.0% year-over-year to $269.0 million and adjusted EBITDA growth of 5.3% year-over-year to $63.3 million.
2) ClubCorp continues to execute on its three-pronged growth strategy of organic growth, reinvention of existing clubs, and acquisitions. In 2016, ClubCorp has completed two acquisitions and has 18 reinvention projects underway.
3) ClubCorp delivers a differentiated and resilient membership-based business model focused on affluent consumers. The company's Optimal Network Experiences offering now has over
Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has access to large CO2 reserves. Denbury estimates there is potential to recover up to 16 billion gross barrels using CO2 EOR in its operating areas in the Gulf Coast and Rocky Mountain regions. The company is focusing on reducing costs and debt in response to low oil prices. It has significantly improved CO2 efficiency and reduced cash operating costs per barrel. Denbury has ample CO2 supply for several years with no major capital required.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
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 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.
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.
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
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 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 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
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.
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.
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.
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.
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.
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.
05 08-18 first quarter 2018 financial review final-am plan bAES_BigSky
The document provides an overview of AES Corporation's financial results for the first quarter of 2018. Key points include:
- Adjusted EPS of $0.28, reaffirming full-year outlook through 2020.
- Completed restructuring of the Alto Maipo hydroelectric project in Chile to significantly reduce risks.
- Implemented a new $100 million annual cost reduction program.
- Closed sales of thermal generation assets to further transform the portfolio.
- Advanced several profitable renewable growth projects under construction.
The document provides an overview of AES Corporation's financial results for the second quarter of 2016. Some key points:
- Adjusted EPS decreased to $0.17 per share compared to $0.26 in Q2 2015, driven by lower margins in Brazil and MCAC SBUs and the impact of foreign currency devaluations.
- Proportional free cash flow increased to $417 million from $62 million in Q2 2015, reflecting the collection of outstanding receivables in Bulgaria.
- Results were generally in line with expectations and the company is on track to achieve its full-year guidance targets.
The document 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.
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.
Similar to 11 06-14 third quarter 2014 financial review final (16)
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
2. Safe Harbor Disclosure
Certain statements in the following presentation regarding AES’ business operations may
constitute “forward-looking statements.” Such forward-looking statements include, but are
not limited to, those related to future earnings growth and financial and operating
performance. Forward-looking statements are not intended to be a guarantee of future
results, but instead constitute AES’ current expectations based on reasonable assumptions.
Forecasted financial information is based on certain material assumptions. These
assumptions include, but are not limited to accurate projections of future interest rates,
commodity prices and foreign currency pricing, continued normal or better levels of
operating performance and electricity demand at our distribution companies and operational
performance at our generation businesses consistent with historical levels, as well as
achievements of planned productivity improvements and incremental growth from
investments at investment levels and rates of return consistent with prior experience. For
additional assumptions see Slide 62 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’ 2013 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.
Contains Forward-Looking Statements 2
3. Third Quarter 2014 Earnings Call
Agenda Key Takeaways
l Q3 2014 results and outlook
l Macro trends
l Accomplishments since Q2 2014
earnings call
l Capital allocation framework
l Q3 2014 financial review
l 2014-2015 Parent capital allocation plans
l Guidance and expectations
l Revising near-term expectations due to
macro impacts
l Reaffirming long-term earnings and cash
flow outlook driven by projects under
construction
l Construction pipeline represents $9
billion of total project costs and 7,141
MW (majority of AES’ equity
commitments already funded)
l Expect to return up to $480 million to
shareholders in 2014 – the highest
annual cash back to shareholders in
AES’ history
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 3
4. Revised Full Year 2014 Adjusted EPS1 Guidance
$1.34
$0.05
Expect Low End
of $1.30-$1.38
($0.07)-
($0.10)
($0.06)
$0.08 ($0.02)
($0.02)
$1.25-$1.31
Mid-Point of
2014 Guidance
Given on
2/26/14
Hydrology Lower Plant
Availability at
DPL & Masinloc
Operations,
Accelerated
G&A Savings &
Capital
Allocation
Reversals of
Liabilities in Q2
2014 (Sul &
Kazakhstan)
2014 Guidance
Given on 8/7/14
Hydrology -
Now Expect
($0.10) Impact
vs. ($0.07)-
($0.10)
Previously
Modest
Increase in
Effective Tax
Rate
2014 Guidance
Given on
11/6/14
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 4
5. Macro Trends
l Projecting normal hydrological conditions in 2015
l Weaker foreign currencies, lower GDP growth and higher interest rates
in Brazil have a negative impact on Adjusted EPS1 in 2015 and 2016;
in 2017 and 2018 impact offset by improvements at DPL
„ Current foreign currency exchange rates reflect higher devaluation, primarily
the Euro and Brazilian Real
„ In Brazil, decline in expected GDP growth from 3% to 1%, higher inflation
and resulting higher interest rates
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 5
6. Maritza (Bulgaria) Update
l Newly-appointed energy regulator increased the end-user tariff by 10%
– a step towards improving NEK’s (our offtaker) liquidity
l Reassured by the regulator that our capacity is critical to the Bulgarian
electric system and will remain an important part of the energy mix
l After elections in October, awaiting formation of new government
before resuming meaningful conversations on outstanding issues
l NEK receivables update
„ As of September 30, 2014: $226 million outstanding, of which $64 million is
not yet due and $74 million is overdue for less than 90 days
„ Year-to-date: $200 million received
Contains Forward-Looking Statements 6
7. OPGC 2 (India) Update
l The Supreme Court of India recently canceled most private sector coal
allocations, including the allocation for the 1,320 MW OPGC 2 project
currently under construction
„ OPGC 2 expected to come on-line in the first half of 2018
„ Does not affect 420 MW OPGC 1, which is already operating
l Pursuing multiple options to secure fuel supply for OPGC 2
„ Project located in the State of Odisha, which has the second largest coal
reserves in India
„ OPGC 2 is being built adjacent to OPGC 1, which is currently utilizing coal
supplied by Coal India from a local mine
Contains Forward-Looking Statements 7
8. Reducing Complexity and Expanding Access to Capital
$ in Millions
Announced Transactions
Since Q2 2014 Earnings Call
Achieved $2 Billion Asset Sale
Proceeds Target One Year Early1
l Announced 3 transactions ($382
million in proceeds); sold at 13x
2015 P/E:
„ AES Entek (Turkey JV): $125 million
„ UK Wind: $161 million
„ AES Dominicana minority interest
(Dominican Republic): $96 million $900
$2,387
$234
$871
$382
2011-2012 2013 2014
Announced
Before Q2
2014
Earnings
Call
2014
Announced
Since Q2
2014
Earnings
Call
Total
1. See Slide 46 for details.
Contains Forward-Looking Statements 8
9. Leveraging Our Platforms: Projects Under Construction Yield
More Than 15% ROE1
MW Additions by Year
4,741 MW, Plus 2,400 MW of MATS
Upgrades Under Construction
AES Equity Investments of
$1.5 Billion
2,400
1,525 572
793
1,851
2015 2016 2017 2018
New Capacity Under Construction IPL MATS
33%
35%
Asia
1%
31%
US
Chile2
MCAC
1. Based on 2018 contributions from all projects under construction and IPL MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to
come on-line in 2H 2018. Weighted Average Return on Equity is net income divided by AES equity contribution.
2. AES Gener, listed in Santiago.
Note: These are some of our construction projects. Other projects not currently on this slide, whether developed through acquisitions or otherwise, may be brought on-line
before these projects. In addition, some of these examples may not close or be completed as anticipated, or they may be delayed, due to uncertainty inherent in
the development process.
Contains Forward-Looking Statements 9
10. Leveraging Our Platforms: Expansion of Dominican Power
Partners (DPP, Dominican Republic)
Increasing Capacity by 122 MW to 358 MW
l Signed a 6-year PPA with a state
enterprise
l Utilizing debt capacity in the
Dominican Republic to fund 100% of
project cost with $260 million in non-recourse
financing
l Began construction
l Operations expected in the first half
of 2017
Contains Forward-Looking Statements 10
11. Leveraging Our Platforms: Estrella del Mar I Power Barge
(Panama)
Recently-Acquired 72 MW Fuel Oil-Fired Power Barge
l Signed a 5-year PPA with a state-generation
company
l Operations expected in early 2015
Contains Forward-Looking Statements 11
12. Leveraging Our Platforms: Development at Southland
(California)
Awarded 20-Year PPAs for 1,384 MW of Capacity
l 1,284 MW of gas-fired capacity
„ Construction expected to begin in
2017 and commercial operations in
2020
l 100 MW of interconnected battery-based
energy storage
„ First time energy storage awarded a
long-term PPA, when competing
against traditional peaking capacity
„ Commercial operations expected in
2021
l Total project cost expected to be
$1.9 billion
l Well-positioned to bid on future
capacity offerings
Contains Forward-Looking Statements 12
13. Leveraging Our Platforms: Development at IPL (Indiana)
Environmental Compliance Investments
l Applied for approval from the
Indiana Utility Regulatory
Commission for $332 million
investment
„ Compliance with wastewater
regulations
w Operations expected in the second half
of 2017
„ Conversion of 410 MW Harding Street
Station Unit 7 from coal to natural gas
w Expected completion in the first half of
2016
Contains Forward-Looking Statements 13
14. Invested $3.71 Billion of Discretionary Cash in Shareholder
Returns, Debt Paydown and Select Growth Projects
September 2011-December 2014; $ in Millions
$831
$1,604
Shareholder Dividend
$1,008
$293
Investments in
Subsidiaries2
Debt Prepayment and
Refinancing
Share Buyback:
72 million shares at
$12.43 Per Share
78% of Discretionary Cash Allocated to Deleveraging
and Returning Cash to Shareholders
1. Full year 2014 amounts estimated.
2. Excludes $2.3 billion investment in DPL in 2011.
Contains Forward-Looking Statements 14
15. Investment of $2.9 Billion1 of Discretionary Cash Will Increase
Shareholder Value
$1,900
$580
Shareholder
Dividend2
$400
2015-2018; $ in Millions
Committed
Investments in
Projects Under
Construction
Allocated Amongst:
● Growth projects to
compete against
share repurchases
● Dividend growth
Additional Asset Sales Would Increase Available Discretionary Cash
1. Includes: $300 million beginning cash; $165 million asset sale proceeds ($125 million from sale of AES Entek joint venture in Turkey and $40
million from sale of Sonel, Kribi and Dibamba in Cameroon); and Parent Free Cash Flow of $2,400 million, which is based on $525 million in
2015, growing at the low-end of our 10%-15% cash flow growth rate through 2018.
2. Assumes constant 2014 dividend payment of $145 million each year through 2018.
Contains Forward-Looking Statements 15
16. Dividend Policy: Payout Ratio Target of 30%-40% of
Sustainable Parent Free Cash Flow (Parent FCF)1
$ in Millions
l Dividend level is tied to Parent FCF1
„ 2015 Parent FCF1 expectation: $475-
$575
„ Expect Parent FCF1 to grow in-line
with Proportional FCF1 average annual
growth of 10%-15% through 2018
l Current payout ratio is at the low-end
of the target range
l Dividend level typically reviewed
with Board in December
23% 23%
29%2
~$1203 ~$120 ~$145
Parent FCF1 $521 $516 $465-$535
1. A non-GAAP financial measure.
2. Based on mid-point of $465-$535 million range.
3. Annualized; initiated dividend in fourth quarter 2012 for $30 million.
2012 2013 2014
Contains Forward-Looking Statements 16
17. Q3 2014 Financial Review
l Q3 2014 results
„ Adjusted EPS1
„ Adjusted PTC1 by Strategic Business Unit (SBU)
„ Proportional Free Cash Flow1 (Prop FCF)
l 2014 and 2015 Parent capital allocation plan
l Guidance and expectations
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 17
18. Q3 2014 Adjusted EPS1 Decreased $0.022
$0.39
$0.37
($0.02) ($0.01) ($0.01)
$0.01 $0.01
Q3 2013 SBUs Outage
(Masinloc,
Philippines)
Sale of Minority
Interest in
Masinloc
(Philippines)
Capital Allocation Tax Q3 2014
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 18
19. Expect FY 2014 Adjusted EPS1 Impact from Poor Hydrology of
$0.10 Per Share, Including $0.06 YTD 2014
Brazil
l System inflows lower
relative to 2013, resulting
in higher spot prices
l Tietê had to cover short
position in the open
market
l System reservoir levels
currently 23% vs.
historical average of
45%
l Rainy season begins at
the end of November
Panama Colombia & Chile
l Inflows improving
l Encouraged by reservoir
recovery in September
and October
l Chivor had stronger
inflows versus the rest of
the country, leading to
favorable short-term
sales at attractive prices
for Chivor
Brazil Panama Colombia & Chile
Q3 2014 Adjusted EPS1 Impact ($0.04) ($0.01) $0.03
Q3 2013 Adjusted EPS1 Impact - ($0.03) ($0.01)
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 19
20. Q3 2014 Adjusted PTC1 Summary
$ in Millions
SBU Q3 2014 Q3 2013 Variance Key Drivers
US $156 $132 $24 + Higher non-bypassable revenues at DPL
+ Higher contributions from wind businesses
Andes $120 $109 $11 + Higher volumes and prices in Colombia
Brazil - $84 ($84) - Poor hydrology at Tietê
- Higher costs at Sul and Eletropaulo
MCAC $124 $96 $28
+ Higher rates and lower fuel costs in the
Dominican Republic
+ Results of proactive steps to mitigate impact
from hydrology in Panama
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 20
21. Q3 2014 Adjusted PTC1 Summary (Continued)
$ in Millions, Except Per Share Amounts
SBU Q3 2014 Q3 2013 Variance Key Drivers
EMEA $79 $66 $13
+ Higher availability at Maritza in
Bulgaria
+ Contributions from IPP4 in Jordan,
which came on-line in July 2014
Asia $2 $30 ($28) - Outage and sale of minority interest
at Masinloc in the Philippines
Total SBUs $481 $517 ($36)
Corp/Other ($127) ($130) $3
Total AES
Adjusted PTC1 $354 $387 ($33)
Adjusted Effective
Tax Rate 25% 27%
Diluted Share
Count 725 747
ADJUSTED EPS1 $0.37 $0.39 ($0.02)
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Includes $7 million and $22 million of after-tax adjusted equity in earnings for third quarter 2014 and third quarter 2013, respectively.
Contains Forward-Looking Statements 21
22. Year-to-Date 2014 Adjusted PTC1 and Adjusted EPS1
$ in Millions
YTD 2014 YTD 2013
FY 2014 Modeling
Range2 as of
11/6/14
Total SBUs $1,356 $1,401 $1,800-$1,960
Corp/Other ($419) ($455) ($530)-($570)
Total AES
Adjusted PTC1,2 $937 $946 $1,270-$1,390
Adjusted Effective
Tax Rate 32% 22% 31%-33%
Diluted Share Count 727 749 724
ADJUSTED EPS1 $0.89 $1.01 $1.25-$1.31
1. A non-GAAP financial metric. See Appendix for definition and reconciliation.
2. Includes $46 million and $51 million of after-tax adjusted equity in earnings for year-to-date 2014 and 2013, respectively.
Contains Forward-Looking Statements 22
23. Proportional Free Cash Flow (Prop FCF)1
$ in Millions
l Reducing full year 2014 Prop FCF1
from a range of $1,000-$1,300 to
$900-$1,000
„ Driven by higher working capital
requirements in Brazil, Bulgaria and
Chile
l Expect to generate $300-$400
during fourth quarter 2014, in line
with fourth quarter 2013 results of
$349
Q3 YTD Full Year
2014 $427 $604 $900-$1,000
2013 $397 $923 $1,271
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 23
24. 2014 Parent Capital Allocation Plan
$ in Millions
Discretionary Cash – Sources
($1,675-$1,745)
Discretionary Cash – Uses
($1,675-$1,745)
$132
$465-$535 $43
$1,035
$1,675-
$1,745
Cash
Balance as of
December
31, 2013
Asset Sales
Proceeds
2
Parent FCF Return of
Capital &
Other
Total
Discretionary
Cash
$100
Target Closing
Cash Balance
$109-
$279
$330
Shareholder
Dividend
$145
$559-
$659
$150
Outstanding
Buyback
Authorization
$182
1
To be Allocated
Debt
Completed Share
Buyback
Prepayment and
Refinancing3
Investments in
Subsidiaries
77% of Discretionary Cash Allocated to Deleveraging
and Returning $477 Million to Shareholders
1. Includes announced or closed asset sale proceeds net of transaction costs of: $435 million (Masinloc in the Philippines), $176 million (solar), $153 million (Sonel,
Kribi and Dibamba in Cameroon), $156 million (UK Wind), $78 million (Dominican Republic), $27 million (3 US wind facilities) and $8 million (India wind).
2. A non-GAAP financial metric. See Appendix for definition and reconciliation.
3. Includes $460 million recourse debt prepayment, associated premiums and $12 million net use of cash related to first half 2014 refinancings. Also includes
approximately $125 million, or 50% of additional asset sale proceeds received since our Q2 earnings call on August 7, 2014, to maintain credit neutrality.
Contains Forward-Looking Statements 24
25. 2015 Parent Capital Allocation Plan
$ in Millions
Discretionary Cash – Sources
($950-$1,050)
Discretionary Cash – Uses
($950-$1,050)
$300
$475-$575 $50
$125
$950-
$1,050
Beginning
Cash
Announced
Asset Sales
Proceeds
3
Parent FCF Return of
Capital &
Other
Total
Discretionary
Cash
Target Closing
Cash Balance
$100
$505-
$605
$145
Current
Shareholder
Dividend4
$200
1
Committed
Investments in
Subsidiaries
2
New Growth Investments Will Compete Against Share Repurchases;
Ample Capacity to Increase Shareholder Dividend
1. Includes $100 million target closing cash balance and $200 million unallocated discretionary cash from 2014.
2. Includes announced asset sale proceeds of: $125 (AES Entek joint venture in Turkey).
3. A non-GAAP financial metric. See Appendix for definition and reconciliation.
4. Assumes constant 2014 dividend payment of $145 million.
To be Allocated
Contains Forward-Looking Statements 25
26. Providing 2015 Adjusted EPS1 Guidance Range; Updating
2016-2018 Growth Expectations
2015 and 2016 Earnings Power Affected by ~$0.05 from Macroeconomic Factors;
2017 and 2018 Unchanged
$1.30-$1.40
4%-6%
Growth Off
2014
Guidance of
$1.30-$1.38
Provided on
2/26/14
Flat to
Modest
Growth Off
2015 Implied
Guidance
Provided on
2/26/14
Flat to Modest
Growth Off
2015
Guidance
Provided on
11/6/14
6%-8%
Growth Off
2016
Implied
Guidance
Provided on
2/26/14
8%-10%
Growth Off
Implied
2016
Guidance
Provided on
11/6/14
2015 2016 2017-2018
Previous (2/26/14) Current (11/6/14)
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 26
27. Key Assumptions for 2015 Guidance
l Return to normal hydrology in 2015
l Currency and commodity forward curves as of October 15, 2014
l 31% to 33% effective tax rate, which assumes that the CFC look-through
rule is extended
„ If not extended, the impact could be negative $0.06 on Adjusted EPS1, with
no impact on cash flow due to $3 billion in outstanding NOLs
1. A non-GAAP financial measure. See Appendix for definition.
Contains Forward-Looking Statements 27
28. Proportional Free Cash Flow (Prop FCF)1 Expectations
$ in Millions
$900-$1,000
$1,000-$1,350
2016-2018
10%-15%
Average Annual
Growth
Key Drivers
+ 7,141 MW of projects under
construction on-line through
2018
+ Maintenance capex lower
than depreciation from new
businesses
+ Mong Duong (Vietnam) lease
accounting
+ Completion of environmental
capex in Chile
Key Drivers
+ US (DPL): Improved
availability
+ Andes (Gener): Improved
operations; lower
environmental capex
+ Brazil & MCAC: Improved
hydrology and working capital
recovery
2014 2015 2016-2018
Strong and Growing Proportional Free Cash Flow1
Drives Increasing Total Return
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 28
29. Key Takeaways
l Executing on our strategic objectives
l $2.4 billion in announced asset sales achieved one year early; exiting 9
countries
l Construction pipeline represents $9 billion in total project costs and
7,141 MW of new capacity and upgrades
l Expect to return up to $480 million to shareholders in 2014 through
dividends and share buybacks – the highest in AES’ history
l Significant capacity to return cash to shareholders and invest in growth
projects in the future
Contains Forward-Looking Statements 29
31. Q3 2014 Adjusted EPS1 Decreased $0.022
$0.39
$0.37
$0.02 $0.01
($0.08)
$0.03 $0.01
($0.03)
$0.01 $0.01
Q3 2013 US Andes Brazil MCAC EMEA Asia Tax Rate Share
Count
Q3 2014
1. A non-GAAP financial measure. See reconciliation on Slide 55 and “definitions”.
2. Adjusted EPS impacts assume weighted average tax rate of 25% and share count of 725 million.
Contains Forward-Looking Statements 31
32. YTD 2014 Adjusted EPS1 Decreased $0.122
$1.01
$0.89
($0.02)
($0.02)
$0.02
$0.02
($0.06)
$0.03
($0.12)
$0.03
YTD 2013 US Brazil MCAC EMEA Asia Corporate Tax Rate Share
Count
YTD 2014
1. A non-GAAP financial measure. See reconciliation on Slide 56 and “definitions”.
2. Adjusted EPS impacts assume weighted average tax rate of 32% and share count of 727 million.
Contains Forward-Looking Statements 32
33. Year-to-Date 2014 Adjusted EPS1 Roll-Up
$ in Millions, Except Per Share Amounts YTD 2014 YTD 2013 Variance
Adjusted PTC1
US $311 $328 ($17)
Andes $277 $278 ($1)
Brazil $184 $204 ($20)
MCAC $284 $256 $28
EMEA $267 $234 $33
Asia $33 $101 ($68)
Total SBUs $1,356 $1,401 ($45)
Corp/Other ($419) ($455) $36
Total AES Adjusted PTC1,2 $937 $946 ($9)
Adjusted Effective Tax Rate 32% 22%
Diluted Share Count 727 749
ADJUSTED EPS1 $0.89 $1.01 ($0.12)
1. A non-GAAP financial measure. See reconciliation on Slide 56 and “definitions”.
2. Includes $51 million and $51 million of after-tax equity in earnings for year-to-date 2014 and year-to-date 2013, respectively.
Contains Forward-Looking Statements 33
34. Full Year 2014 Adjusted EPS1 Guidance of $1.25-$1.31
$ in Millions
SBU
Prior 2014
Adjusted PTC1
Modeling Range2
(Provided
2/26/14)
Direction vs.
Prior Range
Current 2014
Adjusted PTC1
Modeling Range2
(Provided
11/6/14)
Drivers
US $390-$440 + $430-$460 + IPL favorable wholesale margin
+ Wind performance
Andes $370-$415 + $410-$450 + Hydrology in Colombia
Brazil $250-$290 − $235-$255 - Tietê hydrology
+ Sul reversal of a loss contingency
MCAC $390-$450 − $340-$370 - Hydrology in Panama
EMEA $360-$400 − $350-$370 - Kilroot dark spreads
Asia $95-$125 − $35-$55 - Masinloc outages and sell-down
Total SBUs $1,855-$2,120 $1,800-$1,960
Corp/Other ($600)-($630) ($530)-($570) + Lower Parent interest expense
+ Lower G&A
Total AES Adjusted PTC1,2 $1,250-$1,490 $1,270-$1,390
Adjusted Effective Tax Rate 30%-32% 31%-33%
Diluted Share Count 730 724
ADJUSTED EPS1 $1.30-$1.38 $1.25-$1.31
1. A non-GAAP financial metric. See Slide 59 for reconciliation and “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
Contains Forward-Looking Statements 34
35. Full Year 2015 Adjusted PTC1 Modeling Range
$ in Millions
SBU Adjusted PTC1 Modeling
Range2 Drivers
US $450-$490 + DPL operating performance
Andes $390-$430 - Hydrology in Colombia
Brazil $200-$230 - 2014 one-time gain at Sul in Q2 2014
MCAC $395-$435 + Hydrology in Panama
- Ancillary services in the Dominican Republic
EMEA $260-$300
- Ebute contract step-down
- 2014 one-time gain in Kazakhstan in Q2 2014
- FX
Asia $60-$80 + Masinloc performance
Total SBUs $1,755-$1,965
Corp/Other ($500)-($540) + Lower G&A
+ Lower Parent interest expense
Total AES Adjusted
PTC1,2 $1,255-$1,425
1. A non-GAAP financial metric. See Slide 60 for reconciliation and “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings. Modeling ranges provided on November 6, 2014.
Contains Forward-Looking Statements 35
36. 2015 Adjusted EPS1 Guidance Range of $1.30-$1.40
$1.25-$1.31
$0.10 $1.30-$1.40 $0.06
($0.05) ($0.05)
2014 Guidance Poor Hydrology in
2014 - Expect
Normal Hydrology
in 2015
Lower Plant
Availability at DPL &
Masinloc in 2014
Reversals of Other
Liabilities in Q2
2014 (Sul &
Kazakhstan)
Macro Headwinds
(FX and Brazil:
Lower GDP Growth
and Higher Interest
Rates) in 2015
2015 Guidance
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 36
37. Adjusted EPS1 Growth Drivers
$1.25-$1.31
$1.30-$1.40
8%-10%
Average
Annual
Growth
+ Completion of Mong
Duong 2
+ Full year of operations in
Jordan
+ Capital allocation
+ Lower plant availability at
DPL & Masinloc in 2014
+ Normal hydrology
- FX & Brazil
- One-time gains in 2014
2016: Expect flat
to modest growth,
despite $0.08
headwind at Tietê
+ Completion of
572 MW Cochrane
project under construction
+ Rate base growth at IPL
(US), including 2,400 MW
of MATS upgrades
+ Full year of operations
from projects coming on-line
in 2015
+ Capital allocation
– Tietê contract step-down
+ Performance
improvement
+ Capital allocation
+ 2017: Completion of 793
MW under construction
+ 2018: Completion of
1,851 MW under
construction
2014 2015 2016 2017-2018
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Contains Forward-Looking Statements 37
38. Third Quarter Adjusted PTC1: Reconciliation to Public
Financials of Listed Subsidiaries & Public Filers
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.
AES SBU/Reporting Country US Andes/Chile Brazil
AES Company IPL DPL AES Gener2 Eletropaulo2 Tietê2
$ in Millions Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013
US GAAP Reconciliation
Business Unit Adjusted Earnings to AES 1,3 30 27 38 33 3 44 2 10 (9) 24
AES Business Unit Adjusted PTC1 44 43 59 45 91 59 4 14 (13) 36
Impact of AES Adjustments excluded from Public
Filings - - - - - 1 - - - -
Adjusted PTC1,3 Public Filer (Stand-alone) 44 43 59 45 91 60 4 14 (13) 36
Unrealized Derivatives (Losses)/Gains - - (2) (1) (1) - - - - -
Unrealized Foreign Currency Transaction Losses - - - - (11) 4 - - - -
Impairment Losses - - - - - - - - - -
Disposition/Acquisition Gains - - - - - - - - - -
Loss on extinguishment of debt - - - - (2) - - - - -
Non-Controlling Interest before Tax - 1 1 1 30 29 35 75 (34) 121
Income Tax Benefit/(Expenses) (13) (16) 41 (11) (120) (24) (13) (26) 15 (53)
US GAAP Income/(Loss) from Continuing Operations4 31 28 99 34 (13) 69 26 63 (32) 104
IFRS Reconciliation
Adjustment to Depreciation & Amortization5 (13) (15) (13) (11) (5) (6)
Adjustment to Regulatory Liabilities & Assets6 65 (62) - -
Adjustment to Taxes7 84 6 (16) 19 4 2
Other Adjustments 11 (13) (5) 4 (3) (2)
IFRS Net Income 69 47 57 13 (36) 98
BRL-USD Implied Exchange Rate 2.2984 2.1230 2.3003 2.2884
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 regulatory assets and liabilities in Brazil is required as IFRS does not recognize such assets or liabilities.
7. Adjustment to taxes represents mainly differences relating to the regulatory assets and liabilities impact on revenue (Eletropaulo) and depreciation for the difference in cost basis of PP&E (Eletropaulo and
Tiete).
Contains Forward-Looking Statements 38
40. Q3 2014 Modeling Disclosures
$ in Millions
Total Debt Cash & Cash Equivalents, Restricted Cash, Short-Term Investments,
Debt Service Reserves & Other Deposits
Consolidated Adjustment Factor Proportional Consolidated Adjustment Factor Proportional
US $4,983 - $4,983 $445 - $445
DPL $2,264 - $2,264 $127 - $127
IPL $2,001 - $2,001 $123 - $123
Andes $3,206 ($1,034) $2,172 $542 ($159) $383
AES Gener $3,010 ($1,034) $1,976 $381 ($126) $255
Brazil1 $2,318 ($1,499) $819 $918 ($661) $257
Tietê $448 ($339) $109 $107 ($81) $26
Eletropaulo $1,382 ($1,160) $222 $582 ($485) $97
MCAC $2,308 ($292) $2,016 $513 ($66) $447
EMEA $1,341 ($227) $1,114 $202 ($26) $176
Asia $1,563 ($766) $797 $214 ($35) $179
Subtotal $15,719 ($3,818) $11,901 $2,834 ($947) $1,887
Corp/Other $5,347 - $5,347 $489 - $489
TOTAL $21,066 ($3,818) $17,248 $3,323 ($947) $2,376
1. In addition to total debt, Eletropaulo has $1.1 billion of pension plan liabilities. AES owns 16% of Eletropaulo.
Contains Forward-Looking Statements 40
41. DPL Inc. Modeling Disclosures
Based on Market Conditions and Hedged Position as of September 30, 2014
Full Year 2014 Full Year 2015 Full Year 2016
Volume Production (TWh) 14 13 13
% Volume Hedged >85% ~70% ~35%
EBITDA Generation Business1,2 ($ in Millions) $100 to $110 per year
EBITDA DPL Inc. including Generation and T&D
($ in Millions) ~ $350 per year
Reference Prices
Henry Hub Natural Gas ($/mmbtu) 4.0 4.0 4.1
AEP-Dayton Hub ATC Prices ($/MWh) 44 38 37
EBITDA Sensitivities (with Existing Hedges)3 ($ in Millions)
+/-10% Henry Hub Natural Gas <$5 $10 $35
1. Includes DPL’s competitive retail segment.
2. Excludes capacity premium performance uplift.
3. Gas price sensitivities are based on an calculated gas-power relationship. There is some degree of asymmetry considering dispatch capabilities
of units.
Contains Forward-Looking Statements 41
42. Non-Recourse Debt at DP&L and DPL Inc.
$ in Millions
Series Interest Rate Maturity Amount Outstanding as of
September 30, 2014 Remarks
2013 First Mortgage Bonds 1.875% September 2016 $445.0 ● Callable at make-whole T
+20
2006 OH Air Quality Pollution
Control 4.8% September 2036 $100.0 ● Non-callable; callable at par
in September 2016
2005 Boone County, KY
Pollution Control 4.7% January 2028 $35.3 ● Non-callable; callable at par
in July 2015
2005 OH Air Quality Pollution
Control 4.8% January 2034 $137.8 ● Non-callable; callable at par
in July 2015
2005 OH Water Quality
Pollution Control 4.8% January 2034 $41.3 ● Non-callable; callable at par
in July 2015
2008 OH Air Quality Pollution
Control VDRNs Variable November 2040 $100.0 ● Callable at par
Total Pollution Control Various Various $414.4
Wright-Patterson AFB Note 4.2% February 2061 $18.3 ● No contractual
prepayment option
DP&L Preferred 3.8% N/A $22.9 ● Redeemable at pre-established
premium
Total DP&L $901.0
2018 Term Loan Variable May 2018 $160.0 ● No prepayment penalty
2011 Senior Unsecured 6.50% October 2016 $430.0 ● Callable at make-whole T
+50
2011 Senior Unsecured 7.25% October 2021 $780.0 ● Callable at make-whole T
+50
Total Senior Unsecured Various Various $1,210
2001 Cap Trust II Securities 8.125% September 2031 $20.6 ● Non-callable
Total DPL Inc. $1,390.6
TOTAL $2,291.6
Contains Forward-Looking Statements 42
43. Parent Sources & Uses of Liquidity
$ in Millions
SOURCES
Total Subsidiary Distributions1 $295 $348 $736 $858
Proceeds from Asset Sales, Net $649 $31 $838 $240
Financing Proceeds, Net - - $1,508 $746
Increased/(Decreased) Credit Facility Commitments - - - -
Issuance of Common Stock, Net $2 $8 $3 $11
Total Returns of Capital Distributions & Project Financing
Proceeds $31 - $66 $163
Beginning Parent Company Liquidity2 $694 $908 $931 $1,106
Total Sources $1,671 $1,295 $4,082 $3,124
USES
Repayments of Debt ($356) ($2) ($2,018) ($1,208)
Shareholder Dividend ($36) ($30) ($109) ($89)
Repurchase of Equity ($108) ($45) ($140) ($62)
Investments in Subsidiaries, Net ($5) ($100) ($263) ($187)
Cash for Development, Selling, General & Administrative
and Taxes ($51) ($53) ($215) ($246)
Cash Payments for Interest ($85) ($62) ($280) ($303)
Changes in Letters of Credit and Other, Net ($2) ($10) ($29) ($36)
Ending Parent Company Liquidity2 ($1,028) ($993) ($1,028) ($993)
Total Uses ($1,671) ($1,295) ($4,082) ($3,124)
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
Q3 YTD
2014 2013 2014 2013
Contains Forward-Looking Statements 43
44. Q3 2014 Subsidiary Distributions1
Subsidiary Distributions1 by SBU
$ in Millions Q3 2014 YTD 2014
US $81 $188
Andes $43 $86
Brazil $37 $69
MCAC $28 $151
EMEA $68 $120
Asia $36 $71
Corporate & Other2 $2 $51
TOTAL $295 $736
Top Ten Subsidiary Distributions1 by Business
Q3 2014 YTD 2014
Business Amount Business Amount Business Amount Business Amount
Gener (Andes) $43 Andres (MCAC) $19 Andres (MCAC) $109 Kilroot (EMEA) $52
Brasiliana
(Brazil) $36 Southland (US) $14 Gener (Andes) $86 Global Insurance
(Corporate & Other) $49
IPALCO (US) $35 Warrior Run (US) $14 IPALCO (US) $78 Southland (US) $39
Kilroot (EMEA) $35 Shady Point (US) $13 Masinloc (Asia) $63 Los Mina (MCAC) $25
Masinloc (Asia) $32 Ballylumford
(EMEA) $9 Brasiliana (Brazil) $53 Laurel Mountain (US) $24
1. See “definitions”.
2. Corporate & Other includes Global Insurance and solar.
Contains Forward-Looking Statements 44
45. Reconciliation of Subsidiary Distributions1 & Parent Liquidity2
$ in Millions
Quarter Ended
September 30,
2014 June 30, 2014 March 31, 2014 December 31,
2013
Total Subsidiary Distributions1 to Parent & QHCs3 $295 $210 $232 $402
Total Return of Capital Distributions to Parent & QHCs3 $31 $26 $9 $30
Total Subsidiary Distributions1 & Returns of Capital to
Parent $326 $236 $241 $432
$ in Millions
Cash at Parent & QHCs3 $229 $15 $26 $132
Availability Under Credit Facilities $799 $679 $799 $799
Ending Liquidity $1,028 $694 $825 $931
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
3. Qualified Holding Company. See “assumptions”.
Balance as of
September 30,
2014 June 30, 2014 March 31, 2014 December 31,
2013
Contains Forward-Looking Statements 45
46. Narrowing Our Geographic Focus: Since September 2011,
Exited 9 Countries
$ in Millions
Business Country
AES Share of Proceeds
September 2011- December Remarks
2012 2013 2014 Total
Atimus (Telecom) Brazil $284 $284 Non-core asset; Paid down $197
million1 in debt at Brasiliana subsidiary
Bohemia Czech Republic $12 $12 Limited growth
Edes and Edelap Argentina $4 $4 Underperforming businesses
Cartagena Spain $229 $24 $253 No expansion potential
Red Oak and Ironwood U.S. $228 $228 No expansion potential
French Wind France $42 $42 Limited growth/
no competitive advantage
Hydro, Coal and Wind China $87 $46 $133 Limited growth/
no competitive advantage
Tisza II Hungary $14 $14 Limited growth/
no competitive advantage
Two Distribution Companies Ukraine $108 $108 Limited growth/
no competitive advantage
Trinidad Trinidad $30 $30 Limited growth/
no competitive advantage
Wind Turbines U.S. $26 $26 No suitable project
Sonel, Dibamba and Kribi Cameroon $2022 $202
Wind Project & Pipeline India & Poland $16 $16
3 Wind Projects U.S. $22 $22 Limited growth
Silver Ridge Power (Solar) Various $178 $178
Masinloc Partnership Philippines $453 $453
4 Wind Projects United Kingdom $161 $161
Dominicana Partnership Dominican Republic $96 $96
Turkey JV Turkey $125 $125
TOTAL $900 $234 $1,253 $2,387
1. AES owns 46% of its Brasiliana subsidiary. Proceeds and debt reflect AES’ ownership percentage.
2. $40 million to be received in 2016.
Contains Forward-Looking Statements 46
47. Year-to-Go 2014 Guidance Estimated Sensitivities
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over YTG 2014 is equal to a change in EPS of approximately $0.01
l 10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
YTG 2014
Average Rate Sensitivity
Argentine Peso (ARS) 8.72 Less than $0.005
Brazilian Real (BRL) 2.48 Less than $0.005
Euro 1.28 Less than $0.005
Great British Pound (GBP) 1.60 Less than $0.005
Kazakhstan Tenge (KZT) 182.1 Less than $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
YTG 2014
Average Rate Sensitivity
NYMEX Coal $52/ton Less than $0.005,
Rotterdam Coal (API 2) $71/ton negative correlation
NYMEX WTI Crude Oil $81/bbl
$0.005, positive correlation
IPE Brent Crude Oil $84/bbl
NYMEX Henry Hub Natural Gas $3.8/mmbtu
$0.005, positive correlation
UK National Balancing Point Natural Gas £0.56/therm
Note: Guidance provided on November 6, 2014. 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 YTG (October-December) 2014
adjusted EPS. Actual results may differ from the sensitivities provided due to execution of risk management strategies, local market dynamics and
operational factors. 2014 guidance is based on currency and commodity forward curves and forecasts as of October 15, 2014. There are inherent
uncertainties in the forecasting process and actual results may differ from projections. The Company undertakes no obligation to update the
guidance presented today. Please see Item 3 of the Form 10-Q for a more complete discussion of this topic. AES has exposure to multiple coal, oil,
and natural gas indices; forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest ½ cent per share.
1. The move is applied to the floating interest rate portfolio balances as of September 30, 2014.
Contains Forward-Looking Statements 47
48. 2015 Guidance Estimated Sensitivities
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over FY 2015 is equal to a change in EPS of approximately $0.03
l 10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
2015
Average Rate Sensitivity
Argentine Peso (ARS) 11.56 Less than $0.005
Brazilian Real (BRL) 2.63 $0.020
Colombian Peso (COP) 2,125.7 $0.015
Euro (EUR) 1.29 $0.015
Great British Pound (GBP) 1.60 $0.005
Kazakhstan Tenge (KZT) 191.5 $0.005
10% increase in commodity prices is
2015
forecasted to have the following EPS
impacts:
Average Rate Sensitivity
NYMEX Coal $56/ton
$0.020, negative correlation
Rotterdam Coal (API 2) $72/ton
NYMEX WTI Crude Oil $79/bbl
$0.010, positive correlation
IPE Brent Crude Oil $87/bbl
NYMEX Henry Hub Natural Gas $3.8/mmbtu
$0.025, positive correlation
UK National Balancing Point Natural Gas £0.56/therm
Note: Guidance provided on November 6, 2014. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to
illustrate the magnitude and direction of changing market factors on AES’ results. Estimates show the impact on full year 2015 adjusted EPS. Actual
results may differ from the sensitivities provided due to execution of risk management strategies, local market dynamics and operational factors. 2015
guidance is based on currency and commodity forward curves and forecasts as of October 15, 2014. There are inherent uncertainties in the
forecasting process and actual results may differ from projections. The Company undertakes no obligation to update the guidance presented today.
Please see Item 3 of the Form 10-Q for a more complete discussion of this topic. AES has exposure to multiple coal, oil, and natural gas indices;
forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest ½ cent per share.
1. The move is applied to the floating interest rate portfolio balances as of September 30, 2014.
Contains Forward-Looking Statements 48
49. 2015 Foreign Exchange (FX) Risk Mitigated Through
Structuring of Our Businesses and Active Hedging
2015 Full Year FX Sensitivity2,3
by SBU (Cents Per Share)
2015 Adjusted PTC1: $2 Billion
FX Risk by Currency
USD-Equivalent
EUR
8%
COP
7%
GBP
4%
KZT
4%
Other FX
2%
BRL 63%
12%
0.5
0.5
0.5
0.0 3.5
1.5
2.0
0.0
2.5
US Andes Brazil MCAC EMEA Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
l 2015 correlated FX risk after hedges is $0.03 for 10% USD appreciation
l 63% of 2015 earnings effectively USD
„ USD-based economies (i.e. U.S., Panama)
„ Structuring of our PPAs
l FX risk mitigated on 12-month rolling basis by shorter-term active FX hedging programs
1. Before Corporate Charges. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Sensitivity represents full year 2015 exposure to a 10% appreciation of USD relative to foreign currency as of October 15, 2014.
3. Andes includes Argentina and Colombia businesses only due to limited translational impact of USD appreciation to Chilean businesses.
Contains Forward-Looking Statements 49
50. Commodity Exposure is Largely Hedged Through 2015, Long
on Natural Gas and Oil in Medium- to Long-Term
Full Year 2017 Adjusted EPS1 Commodity Sensitivity2
for 10% Change in Commodity Prices
8.0
6.0
4.0
2.0
0.0
(2.0)
(4.0)
(6.0)
Coal Gas Oil Correlated Total
Cents Per Share
l Primarily hedged in 2014 – correlated full year sensitivity as of December 31, 2013 was
$0.025, balance of year as of October 15, 2014 is $0.005
l Mostly hedged through 2015, more open positions in a longer term is the primary driver of
increase in commodity sensitivity
1. A non-GAAP financial measure. See Appendix for definition.
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 and oil price movements.
Contains Forward-Looking Statements 50
51. AES Modeling Disclosures – 2014
$ in Millions 2014 Assumptions
Income Statement Assumptions
Adjusted PTC1 $1,270-$1,390
Tax Rate 31%-33%
Diluted Share Count 724
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,125-$1,195
Cash Interest (b) $380
Cash for Development, General & Administrative and Tax (c) $280
Parent Free Cash Flow (a – b – c) $465-$535
1. A non-GAAP financial measure. See reconciliation on Slide 59 and “definitions”.
Contains Forward-Looking Statements 51
52. AES Modeling Disclosures – 2015
$ in Millions 2015 Assumptions
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,075-$1,175
Cash Interest (b) $350
Cash for Development, General & Administrative and Tax (c) $250
Parent Free Cash Flow (a – b – c) $475-$575
1. A non-GAAP financial measure. See reconciliation on Slide 60 and “definitions”.
Contains Forward-Looking Statements 52
53. Attractive Returns from 2015-2018 Construction Pipeline
$ in Millions, Unless Otherwise Stated
Project Country AES Ownership Fuel Gross
MW
Expected
COD Total Capex Total AES
Equity ROE Comments
Construction Projects Coming On-Line 2014-2018
Tunjita Colombia 71% Hydro 20 1H 2015 $67 $21 Lease capital structure at Chivor
Warrior Run ES US-MD 100% Energy Storage 20 1H 2015 $8 $8
Estrella del Mar I Panama 50% Fuel Oil 72 1H 2015 $50 $8
Guacolda V Chile 35% Coal 152 2H 2015 $454 $48
Mong Duong 2 Vietnam 51% Coal 1,240 2H 2015 $1,948 $249
Andes Solar Chile 71% Solar 21 2H 2015 $44 $22
IPL MATS US-IN 100% Coal 1H 2016 $511 $230 Environmental (MATS) upgrades
of 2,400 MW
Cochrane Chile 42% Coal
Energy Storage
532
40 2H 2016 $1,350 $130
Eagle Valley CCGT US-IN 100% Gas 671 1H 2017 $585 $263
DPP Conversion Dominican
Republic 92% Gas 122 1H 2017 $260 $0
OPGC 2 India 49% Coal 1,320 1H 2018 $1,600 $225
Alto Maipo Chile 42% Hydro 531 2H 2018 $2,050 $335
ROE2 IN 2018 >15%
Weighted average; net income
divided by AES equity
contribution
CASH YIELD2 IN 2018 ~16%
Weighted average; subsidiary
distributions divided by AES
equity contribution
1. AES equity contribution equal to 71% of AES Gener’s equity contribution to the project.
2. Based on projections. See our 2013 Form 10-K for further discussion of development and construction risks. Based on 2018 contributions from
all projects under construction and IPL MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to come on-line in
2H 2018.
Contains Forward-Looking Statements 53
54. 4,741 MW Under Construction1 as of November 5, 2014
Generation (Thermal) Generation (Renewables)
Panama Chile Vietnam Chile US-Indiana Dominican
Republic India Colombia US-Maryland
Chile Chile
Project Estrella del
Mar I Guacolda V Mong
Duong 2 Cochrane
Eagle
Valley
CCGT
DPP
OPGC 2 Tunjita Warrior Run
Conversion ES
Cochrane
ES Alto Maipo
% Owned 50% 35% 51% 42% 100% 92% 49% 71% 100% 42% 42%
Type Fuel Oil Coal Coal Coal Gas Gas Coal Hydro Energy
Storage
Energy
Storage Hydro
Gross MW 72 MW 152 MW 1,240 MW 532 MW 671 MW 122 MW 1,320 MW 20 MW 20 MW 40 MW 531 MW
Expected
Commercial
Operations
Date
1H 2015 2H 2015 2H 2015 2H 2016 1H 2017 1H 2017 1H 2018 1H 2015 1H 2015 2H 2016 2H 2018
1. Does not include 2,400 MW of MATS upgrades at IPL.
Note: These are some of our construction projects. Other projects not currently on this slide, whether developed through acquisitions or otherwise,
may be brought on-line before these projects. In addition, some of these examples may not close or be completed as anticipated, or they may be
delayed, due to uncertainty inherent in the development process.
Contains Forward-Looking Statements 54
55. Reconciliation of Q3 Adjusted PTC1 & Adjusted EPS1
$ in Millions, Except Per Share Amounts
Q3 2014 Q3 2013
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Loss (Income) from Continuing Operations Attributable to AES and
Diluted EPS $488 $0.67 $175 $0.23
Add Back Income Tax Expense from Continuing Operations
Attributable to AES $64 $55
Pre-Tax Contribution $552 $230
Adjustments
Unrealized Derivative (Gains)/Losses3 $11 $0.01 ($7) -
Unrealized Foreign Currency Transaction (Gains)/Losses4 $62 $0.06 ($21) ($0.02)
Disposition/Acquisition (Gains)/Losses ($367) ($0.51)5 ($4) -
Impairment Losses $30 $0.086 $189 $0.187
Loss on Extinguishment of Debt $66 $0.068 - -
ADJUSTED PTC1 & ADJUSTED EPS1 $354 $0.37 $387 $0.39
1. A non-GAAP financial measure. See “definitions”.
2. NCI is defined as Noncontrolling Interests
3. Unrealized derivative (gains) losses were net of income tax per share of $0.01 and $(0.01) in the three months ended September 30, 2014 and 2013, respectively.
4. Unrealized foreign currency transaction (gains) losses were net of income tax per share of $0.04 and $0.01 in the three months ended September 30, 2014 and 2013, respectively.
5. Amount primarily relates to the gain from the sale of a noncontrolling interest in Masinloc for $283 million ($283 million, or $0.39 per share, net of income tax per share of $0.00), the gain from the sale of the
UK wind projects for $78 million ($78 million, or $0.11 per share, net of income tax per share of $0.00), and the tax benefit of $12 million ($0.02 per share) associated with the agreement executed in
September 2014 to sell a noncontrolling interest in our Dominican Republic businesses, and the tax expense of $4 million ($0.01 per share) related to Silver Ridge Power transaction.
6. Amount primarily relates to the other-than-temporary impairment of our equity method investment at Entek of $18 million ($12 million, or $0.02 per share, net of income tax per share of $0.01), the asset
impairment at Ebute of $15 million ($23 million, or $0.03 per share, net of noncontrolling interest of $1 million and of income tax per share of $(0.01)), and a tax benefit of $25 million ($0.03 per share)
associated with the previously recognized goodwill impairment at DPLER.
7. Amount primarily relates to other-than-temporary impairment of our equity method investment at Elsta of $122 million ($89 million, or $0.12 per share, net of income tax per share of $0.04). Amount also
includes asset impairment at Itabo (San Lorenzo) of $15 million ($6 million, or $0.01 per share, net of noncontrolling interest of $8 million and of income tax per share of $0.00) as well as goodwill impairment
at Ebute of $58 million ($43 million, or $0.06 per share, net of income tax per share of $0.02).
8. Amount primarily relates to the loss on early retirement of debt at Corporate of $43 million ($25 million, or $0.03 per share, net of income tax per share of $0.03), at UK wind projects of $18 million ($14 million,
or $0.02 per share, net of income tax per share of $0.01) and at Gener of $8 million ($4 million, or $0.01 per share, net of noncontrolling interest of $2 million and of income tax per share of $0.00).
Contains Forward-Looking Statements 55
56. Reconciliation of Year-to-Date Adjusted PTC1 & Adjusted EPS1
$ in Millions, Except Per Share Amounts
YTD 2014 YTD 2013
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Loss (Income) from Continuing Operations Attributable to AES and
Diluted EPS $583 $0.81 $454 $0.61
Add Back Income Tax Expense from Continuing Operations
Attributable to AES $138 $96
Pre-Tax Contribution $721 $550
Adjustments
Unrealized Derivative (Gains)/Losses3 ($21) ($0.02) ($46) ($0.04)
Unrealized Foreign Currency Transaction (Gains)/Losses4 $96 $0.07 $28 $0.04
Disposition/Acquisition (Gains)/Losses ($366) ($0.51)5 ($30) ($0.03)6
Impairment Losses $295 $0.347 $237 $0.238
Loss on Extinguishment of Debt $213 $0.209 $207 $0.2010
ADJUSTED PTC1 & ADJUSTED EPS1 $937 $0.89 $946 $1.01
1. A non-GAAP financial measure. See “definitions”.
2. NCI is defined as Noncontrolling Interests
3. Unrealized derivative (gains) losses were net of income tax per share of $(0.01) and $(0.03) in the nine months ended September 30, 2014 and 2013, respectively.
4. Unrealized foreign currency transaction (gains) losses were net of income tax per share of $0.04 and $0.01 in the nine months ended September 30, 2014 and 2013, respectively.
5. Amount primarily relates to the gain from the sale of a noncontrolling interest in Masinloc for $283 million ($283 million, or $0.39 per share, net of income tax per share of $0.00), the gain from the sale of the UK wind projects for $78 million ($78 million, or $0.11 per share, net of income tax
per share of $0.00), and the tax benefit of $12 million ($0.02 per share) associated with the agreement executed in September 2014 to sell a noncontrolling interest in our Dominican Republic businesses, and the tax expense of $4 million ($0.01 per share) related to Silver Ridge Power
transaction.
6. Amount primarily relates to the gain from the sale of the remaining 20% interest in Cartagena for $20 million ($14 million, or $0.02 per share, net of income tax per share of $0.01), the gain from the sale of wind turbines for $3 million ($2 million, or $0.00 per share, net of income tax per share
of $0.00), the gain from the sale of Trinidad for $3 million ($2 million, or $0.00 per share, net of income tax per share of $0.00) as well as the gain from the sale of Chengdu, an equity method investment in China for $3 million ($2 million, or $0.00 per share, net of income tax per share of
$0.00).
7. Amount primarily relates to the goodwill impairments at DPLER of $136 million ($117 million, or $0.16 per share, net of income tax per share of $0.03), at Buffalo Gap of $18 million ($18 million, or $0.03 per share, net of income tax per share of $0.00), and asset impairments at Ebute of $67
million ($57 million, or $0.08 per share, net of noncontrolling interest of $3 million and of income tax per share of $0.01), at DPL of $12 million ($8 million, or $0.01 per share, net of income tax per share of $0.01), at Newfield of $11 million ($6 million, or $0.00 per share, net of noncontrolling
interest of $6 million and of income tax per share of $0.00) as well as other-than-temporary impairment of our equity method investment at Silver Ridge Power of $42 million ($28 million, or $0.04 per share, net of income tax per share of $0.02) and at Entek of $18 million ($12 million, or $0.02
per share, net of income tax per share of $0.01).
8. Amount primarily relates to other-than-temporary impairment of our equity method investment at Elsta in the Netherlands of $122 million ($89 million, or $0.12 per share, net of income tax per share of $0.04). Amount also includes asset impairment at Beaver Valley of $46 million ($33 million,
or $0.04 per share, net of income tax per share of $0.02), asset impairment at Itabo (San Lorenzo) of $15 million ($6 million, or $0.01 per share, net of noncontrolling interest of $8 million and of income tax per share of $0.00) as well as goodwill impairment at Ebute of $58 million ($43 million,
or $0.06 per share, net of income tax per share of $0.02).
9. Amount primarily relates to the loss on early retirement of debt at Corporate of $188 million ($123 million, or $0.17 per share, net of income tax per share of $0.01), at UK wind projects of $18 million ($14 million, or $0.02 per share, net of income tax per share of $0.01) and at Gener of $8
million ($4 million, or $0.01 per share, net of noncontrolling interest of $2 million and of income tax per share of $0.00).
10. Amount primarily relates to the loss on early retirement of debt at Corporate of $165 million ($120 million, or $0.16 per share, net of income tax per share of $0.06) and at Masinloc of $43 million ($29 million, or $0.04 per share, net of noncontrolling interest of $3 million and of income tax per
share of $0.01).
Contains Forward-Looking Statements 56
57. Reconciliation of Q3 Capex and Free Cash Flow1
$ in Millions
Consolidated Q3
2014 2013
Operational Capex (a) $169 $166
Environmental Capex (b) $62 $72
Maintenance Capex (a + b) $231 $238
Growth Capex (c) $298 $405
Total Capex2 (a + b + c) $529 $643
$ in Millions
Consolidated Q3 Proportional1 Q3
2014 2013 2014 2013
Operating Cash Flow $763 $855 $555 $528
Less Maintenance Capex, net of
Reinsurance Proceeds and Non-
Recoverable Environmental Capex
($185) ($188) ($128) ($131)
Free Cash Flow1 $578 $667 $427 $397
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
Contains Forward-Looking Statements 57
58. Reconciliation of Year-to-Date Capex and Free Cash Flow1
$ in Millions
Consolidated YTD
2014 2013
Operational Capex (a) $458 $526
Environmental Capex (b) $172 $145
Maintenance Capex (a + b) $630 $671
Growth Capex (c) $1,119 $1,095
Total Capex2 (a + b + c) $1,749 $1,766
$ in Millions
Consolidated YTD Proportional1 YTD
2014 2013 2014 2013
Operating Cash Flow $1,216 $2,040 $965 $1,346
Less Maintenance Capex, net of
Reinsurance Proceeds and Non-
($510) ($595) ($361) ($423)
Recoverable Environmental Capex
Free Cash Flow1 $706 $1,445 $604 $923
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
Contains Forward-Looking Statements 58
59. Reconciliation of 2014 Guidance
$ in Millions, Except Per Share Amounts
2014 Guidance
Adjusted EPS1 $1.25-$1.31
Proportional Free Cash Flow1 $900-$1,000
Consolidated Net Cash Provided by Operating
Activities $1,800-$2,200
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$1,800-$2,200 $350-$650 $1,450-$1,550
Maintenance &
Environmental Capital
Expenditures (b)
$650-$850 $200 $450-$650
Free Cash Flow1 (a - b) $1,050-$1,450 $150-$450 $900-$1,000
l Commodity and foreign currency exchange rates forward curves as of October 15, 2014
1. A non-GAAP financial measure. See “definitions”.
Contains Forward-Looking Statements 59
60. Reconciliation of 2015 Guidance
$ in Millions, Except Per Share Amounts
2015 Guidance
Adjusted EPS1 $1.30-$1.40
Proportional Free Cash Flow1 $1,000-$1,350
Consolidated Net Cash Provided by Operating
Activities $2,000-$2,800
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$2,000-$2,800 $350-$800 $1,650-$2,000
Maintenance &
Environmental Capital
Expenditures (b)
$700-$1,000 $200 $500-$800
Free Cash Flow1 (a - b) $1,150-$1,950 $150-$600 $1,000-$1,350
l Commodity and foreign currency exchange rates forward curves as of October 15, 2014
1. A non-GAAP financial measure. See “definitions”.
Contains Forward-Looking Statements 60
61. Reconciliation of Net Debt1 as of September 30, 2014
$ in Millions
Non-Recourse Debt (Current) $2,347
Recourse Debt (Current) -
Non-Recourse Debt (Noncurrent) $13,372
Recourse Debt (Noncurrent) $5,347
Total Debt $21,066
LESS
Cash & Cash Equivalents $1,670
Restricted Cash $487
Short-Term Investments $686
Debt Service Reserves & Other Deposits $480
Total $3,323
NET DEBT $17,743
1. A non-GAAP financial measure. See “definitions”.
Contains Forward-Looking Statements 61
62. Assumptions
Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited
to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses
continue to operate in a manner consistent with or better than prior operating performance, including achievement of
planned productivity improvements including benefits of global sourcing, and in accordance with the provisions of their
relevant contracts or concessions; (c) new business opportunities are available to AES in sufficient quantity to achieve its
growth objectives; (d) no material disruptions or discontinuities occur in the Gross Domestic Product (GDP), foreign
exchange rates, inflation or interest rates during the forecast period; and (e) material business-specific risks as described in
the Company’s SEC filings do not occur individually or cumulatively. In addition, benefits from global sourcing include
avoided costs, reduction in capital project costs versus budgetary estimates, and projected savings based on assumed
spend volume which may or may not actually be achieved. Also, improvement in certain KPIs such as equivalent forced
outage rate and commercial availability may not improve financial performance at all facilities based on commercial terms
and conditions. These benefits will not be fully reflected in the Company’s consolidated financial results.
The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled
outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to AES, the Parent
Company, however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may
result from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for
investment and related activities outside of the U.S. These investments included equity investments and loans to other
foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash
held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and
QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the
non-recourse nature of most of AES’ indebtedness.
Contains Forward-Looking Statements 62
63. Definitions
l Adjusted Earnings Per Share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing operations excluding gains or losses of both consolidated
entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses,
(c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt, adjusted for the
same gains or losses excluded from consolidated entities. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. AES
believes that Adjusted EPS better reflects the underlying business performance of the Company and is considered in the Company’s internal evaluation of financial performance.
Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, losses due to
impairments and strategic decisions to dispose or acquire business interests or retire debt, which affect results in a given period or periods. Adjusted EPS should not be construed
as an alternative to diluted earnings per share from continuing operations, which is determined in accordance with GAAP.
l Adjusted Pre-Tax Contribution (a non-GAAP financial measure) represents pre-tax income from continuing operations attributable to AES excluding gains or losses of both
consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency
gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt,
adjusted for the same gains or losses excluded from consolidated entities. It includes net equity in earnings of affiliates, on an after-tax basis. The GAAP measure most
comparable to Adjusted PTC is income from continuing operations attributable to AES. AES believes that Adjusted PTC better reflects the underlying business performance of the
Company and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses
related to derivative transactions, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose or acquire business interests or retire
debt, which affect results in a given period or periods. Earnings before tax represents the business performance of the Company before the application of statutory income tax
rates and tax adjustments, including the affects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed
as an alternative to income from continuing operations attributable to AES, which is determined in accordance with GAAP.
l Free Cash Flow (a non-GAAP financial measure) is defined as net cash from operating activities less maintenance capital expenditures (including non-recoverable environmental
capital expenditures), net of reinsurance proceeds from third parties. AES believes that free cash flow is a useful measure for evaluating our financial condition because it
represents the amount of cash provided by operations less maintenance capital expenditures as defined by our businesses, that may be available for investing or for repaying
debt. Free cash flow should not be construed as an alternative to net cash from operating activities, which is determined in accordance with GAAP.
l Net Debt (a non-GAAP financial measure) is defined as current and non-current recourse and non-recourse debt less cash and cash equivalents, restricted cash, short term
investments, debt service reserves and other deposits. AES believes that net debt is a useful measure for evaluating our financial condition because it is a standard industry
measure that provides an alternate view of a company’s indebtedness by considering the capacity of cash. It is also a required component of valuation techniques used by
management and the investment community.
l Parent Company Liquidity (a non-GAAP financial measure) is defined as cash at the Parent Company plus availability under corporate credit facilities plus cash at qualified
holding companies (“QHCs”). AES believes that unconsolidated Parent Company liquidity is important to the liquidity position of AES as a Parent Company because of the non-recourse
nature of most of AES’ indebtedness.
l Parent Free Cash Flow (a non-GAAP financial measure) should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in
accordance with GAAP. Parent Free Cash Flow is equal to Subsidiary Distributions less cash used for interest costs, development, general and administrative activities, and tax
payments by the Parent Company. Parent Free Cash Flow is used for dividends, share repurchases, growth investments, recourse debt repayments, and other uses by the
Parent Company.
Contains Forward-Looking Statements 63
64. Definitions (Continued)
l Proportional Metrics – The Company is a holding company that derives its income and cash flows from the activities of its subsidiaries, some of which are not wholly-owned by
the Company. Accordingly, the Company has presented certain financial metrics which are defined as Proportional (a non-GAAP financial measure) to account for the Company’s
ownership interest.
Proportional metrics present the Company’s estimate of its share in the economics of the underlying metric. The Company believes that the Proportional metrics are useful to
investors because they exclude the economic share in the metric presented that is held by non-AES shareholders. For example, Operating Cash Flow is a GAAP metric which
presents the Company’s cash flow from operations on a consolidated basis, including operating cash flow allocable to noncontrolling interests. Proportional Operating Cash Flow
removes the share of operating cash flow allocable to noncontrolling interests and therefore may act as an aid in the valuation the Company.
Proportional metrics are reconciled to the nearest GAAP measure. Certain assumptions have been made to estimate our proportional financial measures. These assumptions
include: (i) the Company’s economic interest has been calculated based on a blended rate for each consolidated business when such business represents multiple legal entities;
(ii) the Company’s economic interest may differ from the percentage implied by the recorded net income or loss attributable to noncontrolling interests or dividends paid during a
given period; (iii) the Company’s economic interest for entities accounted for using the hypothetical liquidation at book value method is 100%; (iv) individual operating
performance of the Company’s equity method investments is not reflected and (v) inter-segment transactions are included as applicable for the metric presented.
The proportional adjustment factor, proportional maintenance capital expenditures (net of reinsurance proceeds), and proportional non-recoverable environmental capital
expenditures are calculated by multiplying the percentage owned by non-controlling interests for each entity by its corresponding consolidated cash flow metric and adding up the
resulting figures. For example, the Company owns approximately 70% of AES Gener, its subsidiary in Chile. Assuming a consolidated net cash flow from operating activities of
$100 from AES Gener, the proportional adjustment factor for AES Gener would equal approximately $30 (or $100 x 30%). The Company calculates the proportional adjustment
factor for each consolidated business in this manner and then adds these amounts together to determine the total proportional adjustment factor used in the reconciliation. The
proportional adjustment factor may differ from the proportion of income attributable to non-controlling interests as a result of (a) non-cash items which impact income but not cash
and (b) AES’ ownership interest in the subsidiary where such items occur.
l Subsidiary Liquidity (a non-GAAP financial measure) is defined as cash and cash equivalents and bank lines of credit at various subsidiaries.
l Subsidiary Distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in accordance with GAAP. Subsidiary
Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities
but instead relies on its subsidiaries’ business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The
reconciliation of the difference between the Subsidiary Distributions and Net Cash Provided by Operating Activities consists of cash generated from operating activities that is
retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to
fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries,
retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other
similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.
Contains Forward-Looking Statements 64