- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
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.
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.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
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
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
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.
- Genworth MI Canada reported financial results for Q1 2016, with premiums written down 45% quarter-over-quarter due to targeted underwriting changes and a smaller transactional insurance market. The loss ratio was 24%, up slightly from the previous quarter.
- Key themes for 2016 include new capital standards for mortgage insurers being implemented in 2017, a focus on underwriting quality, and moderately lower premiums written with expected growth of over 5% in premiums earned.
- The portfolio quality of new insurance written continues to improve compared to 2007/08 levels, with steadily rising credit scores and stable debt servicing ratios.
This document discusses Genworth MI Canada Inc., a residential mortgage insurer in Canada. It provides the following information:
- Genworth has a proven business model as the largest private residential mortgage insurer in Canada. It has helped over 1 million families achieve homeownership.
- For 2016, Genworth expects regulatory changes, a modestly smaller mortgage originations market, and economic factors like low oil prices to impact its business. It forecasts moderately lower total premiums written but modest growth in premiums earned.
- Genworth maintains a strong financial position with a 2015 loss ratio of 21% and capital ratio of 233%. It expects its 2016 loss ratio to be in the range of 25-40% given economic assumptions.
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.
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.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
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
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
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.
- Genworth MI Canada reported financial results for Q1 2016, with premiums written down 45% quarter-over-quarter due to targeted underwriting changes and a smaller transactional insurance market. The loss ratio was 24%, up slightly from the previous quarter.
- Key themes for 2016 include new capital standards for mortgage insurers being implemented in 2017, a focus on underwriting quality, and moderately lower premiums written with expected growth of over 5% in premiums earned.
- The portfolio quality of new insurance written continues to improve compared to 2007/08 levels, with steadily rising credit scores and stable debt servicing ratios.
This document discusses Genworth MI Canada Inc., a residential mortgage insurer in Canada. It provides the following information:
- Genworth has a proven business model as the largest private residential mortgage insurer in Canada. It has helped over 1 million families achieve homeownership.
- For 2016, Genworth expects regulatory changes, a modestly smaller mortgage originations market, and economic factors like low oil prices to impact its business. It forecasts moderately lower total premiums written but modest growth in premiums earned.
- Genworth maintains a strong financial position with a 2015 loss ratio of 21% and capital ratio of 233%. It expects its 2016 loss ratio to be in the range of 25-40% given economic assumptions.
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.
This document discusses AES Corporation's strategy of reshaping its business mix by adding long-term contracted projects, capitalizing on growth in key markets, and expecting double-digit earnings and cash flow growth. It provides an overview of AES' business units and major construction projects, outlines guidance for 2016-2018 of high single-digit adjusted EPS growth and over 10% annual free cash flow growth, and discusses risk mitigation efforts like reducing debt and hedging currency exposure.
The document is a presentation by Tom O'Flynn, Executive Vice President & Chief Financial Officer of AES Corporation, given at the Wolfe Power & Gas Leaders Conference on September 30, 2015. It contains forward-looking statements and provides an overview of AES Corporation, including its strategic business units, growth drivers, financial metrics, capital allocation plans, and assumptions. Key points include AES operating in six strategic business units, an $7 billion construction program driving 10-15% annual free cash flow growth, expected adjusted EPS growth of 6-8% annually from 2016-2018, and a capital allocation plan prioritizing debt reduction, dividends, and share repurchases.
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
This document provides an overview of The AES Corporation and contains forward-looking statements. It summarizes AES's business operations across four continents with 36 GW in operation and 6 GW under construction. It also outlines AES's value proposition, financial metrics, growth drivers through 2018 including a largely funded construction program, and capital allocation plans through 2018 that are expected to increase shareholder value.
The document 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.
This document provides an overview of Genworth MI Canada Inc., including its financial results, strategic priorities, investment portfolio, and capital strength. Some key points include: Genworth achieved strong top and bottom line growth in 2014 driven by higher mortgage insurance premium volume and rate increases. It maintains a high quality, diversified insured mortgage portfolio and investment portfolio. Genworth's capital levels significantly exceed regulatory requirements, with an MCT ratio of 185% as of 2014, allowing it to return capital to shareholders through dividend increases and share repurchases.
The document provides an earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
Genworth MI Canada Inc. reported its second quarter 2017 results. Key highlights included:
- Premiums written of $170 million, up 33% quarter-over-quarter but down 32% year-over-year.
- A loss ratio of 3%, driven by lower new delinquencies and favourable loss reserve development.
- Operating net income of $126 million, up 17% quarter-over-quarter and 28% year-over-year.
- Ongoing capital strength with a Minimum Capital Test ratio of 167%.
This presentation provides an earnings call summary for the third quarter of 2017:
- Net revenue increased 7.7% to $3.2 billion and net income increased 13.0% to $685 million. Adjusted property EBITDA rose 6.0% to $1.21 billion.
- Macao operations saw a 3.8% increase in adjusted property EBITDA to $652 million. The Parisian Macao continued ramping up.
- Marina Bay Sands adjusted property EBITDA increased 13.0% to $442 million.
- The company returned $653 million to shareholders through dividends of $578 million and $75 million in share repurchases.
Amg investor presentation november 2014 finaljdiluzio
The document is an investor presentation for AMG Advanced Metallurgical Group N.V. It provides an overview of AMG, including its business segments of AMG Processing, AMG Mining, and AMG Engineering. Key financial highlights are presented, showing AMG's revenue, EBITDA, gross profit, and progress on reducing debt and improving cash flow. The presentation contains forward-looking statements and disclaimers around the information provided.
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.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
Visa inc. q4 and fy 2017 financial results conference call presentationvisainc
- Visa reported strong fiscal fourth quarter 2017 financial results, with net income of $2.1 billion and net operating revenues increasing 14% to $4.9 billion, driven by continued growth in payments volume, cross-border volume, and processed transactions.
- Payments volume grew 24% nominally and 39% on a constant dollar basis for the quarter ended June 2017 compared to the prior year. Total cards increased 20% to over 3.1 billion.
- Operating margin was 66% for the fourth quarter of 2017 compared to 64% adjusted non-GAAP for the prior year, as operating expenses grew at a slower rate than net operating revenues.
The operations report discusses first quarter 2017 execution across EnLink's asset portfolio. Key highlights include expansion projects in Central Oklahoma bringing total processing capacity to nearly 1 Bcf/d by year-end. In the Delaware Basin, the Lobo system is expanding its capacity to 185 MMcf/d. The Ascension pipeline began operations in Louisiana. In the Midland Basin, the Chickadee crude oil gathering system became operational. Overall, EnLink continues focused execution across its integrated asset base.
Nielsen reported its second quarter 2016 results. Revenue increased 4.5% to $1.6 billion driven by growth in the Watch and Developing Markets segments. Adjusted EBITDA rose 6.5% to $490 million and adjusted earnings per share increased 9.2% to $0.71. Nielsen reiterated its full year 2016 guidance for revenue growth between 4-6% and adjusted EBITDA margin expansion of 50-70 basis points. The company continues executing on its strategic initiatives such as Total Audience Measurement and expanding in emerging markets.
The presentation discusses Las Vegas Sands' second quarter 2017 earnings results and provides an overview of the company. Key points include:
- Net revenue increased 18.6% year-over-year to $3.14 billion and net income increased 61.9% to $638 million.
- Adjusted property EBITDA increased 26.5% to $1.21 billion, with growth in Macao and Singapore properties.
- The company remains committed to returning capital to shareholders through dividends and share repurchases, having returned over $17 billion since 2012.
- Las Vegas Sands has a strong balance sheet with $2.32 billion in cash and $7.93 billion in net debt as
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclosures about forward-looking statements, use of non-GAAP information, and SEC definitions. The document then summarizes Devon's asset portfolio, with a focus on its STACK and Delaware Basin positions, and outlines its strategic plans to increase capital efficiency and production growth through 2017.
This document provides an investor presentation for Intact Financial Corporation, the largest property and casualty insurer in Canada. Some key points:
- Intact has over $7 billion in direct premiums written and is the largest P&C insurer in Canada.
- It has a $13.4 billion investment portfolio and a proven track record of acquiring and consolidating other insurers in Canada.
- Intact aims to outperform the P&C industry by beating its return on equity by 5 points annually through initiatives like claims management, pricing and segmentation, and investments and capital management.
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 is Prudential Financial's 2007 Annual Report. It summarizes that in 2007:
- Prudential continued to grow its businesses and capitalize on opportunities, with all operating divisions posting double-digit earnings growth.
- It strengthened its financial position and delivered solid financial performance and shareholder value, with a 21% increase in earnings per share.
- It remains well-positioned for future growth due to its diverse business mix, risk management capabilities, and strong talent base.
The document summarizes Nationwide Financial's 2004 annual report. It discusses how in 2004, Nationwide Financial implemented changes to better align its operations with key market segments. This included appointing new leadership and instilling greater financial discipline. As a result, Nationwide Financial's total revenues increased 6% to $4.2 billion and net operating earnings rose 17% to $531 million in 2004. Looking ahead to 2005, Nationwide Financial's top priority will be strengthening its operating model while building platforms to capture growth opportunities by focusing on financial discipline, distribution strategy, and understanding consumer needs.
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.
This document discusses AES Corporation's strategy of reshaping its business mix by adding long-term contracted projects, capitalizing on growth in key markets, and expecting double-digit earnings and cash flow growth. It provides an overview of AES' business units and major construction projects, outlines guidance for 2016-2018 of high single-digit adjusted EPS growth and over 10% annual free cash flow growth, and discusses risk mitigation efforts like reducing debt and hedging currency exposure.
The document is a presentation by Tom O'Flynn, Executive Vice President & Chief Financial Officer of AES Corporation, given at the Wolfe Power & Gas Leaders Conference on September 30, 2015. It contains forward-looking statements and provides an overview of AES Corporation, including its strategic business units, growth drivers, financial metrics, capital allocation plans, and assumptions. Key points include AES operating in six strategic business units, an $7 billion construction program driving 10-15% annual free cash flow growth, expected adjusted EPS growth of 6-8% annually from 2016-2018, and a capital allocation plan prioritizing debt reduction, dividends, and share repurchases.
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
This document provides an overview of The AES Corporation and contains forward-looking statements. It summarizes AES's business operations across four continents with 36 GW in operation and 6 GW under construction. It also outlines AES's value proposition, financial metrics, growth drivers through 2018 including a largely funded construction program, and capital allocation plans through 2018 that are expected to increase shareholder value.
The document 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.
This document provides an overview of Genworth MI Canada Inc., including its financial results, strategic priorities, investment portfolio, and capital strength. Some key points include: Genworth achieved strong top and bottom line growth in 2014 driven by higher mortgage insurance premium volume and rate increases. It maintains a high quality, diversified insured mortgage portfolio and investment portfolio. Genworth's capital levels significantly exceed regulatory requirements, with an MCT ratio of 185% as of 2014, allowing it to return capital to shareholders through dividend increases and share repurchases.
The document provides an earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
Genworth MI Canada Inc. reported its second quarter 2017 results. Key highlights included:
- Premiums written of $170 million, up 33% quarter-over-quarter but down 32% year-over-year.
- A loss ratio of 3%, driven by lower new delinquencies and favourable loss reserve development.
- Operating net income of $126 million, up 17% quarter-over-quarter and 28% year-over-year.
- Ongoing capital strength with a Minimum Capital Test ratio of 167%.
This presentation provides an earnings call summary for the third quarter of 2017:
- Net revenue increased 7.7% to $3.2 billion and net income increased 13.0% to $685 million. Adjusted property EBITDA rose 6.0% to $1.21 billion.
- Macao operations saw a 3.8% increase in adjusted property EBITDA to $652 million. The Parisian Macao continued ramping up.
- Marina Bay Sands adjusted property EBITDA increased 13.0% to $442 million.
- The company returned $653 million to shareholders through dividends of $578 million and $75 million in share repurchases.
Amg investor presentation november 2014 finaljdiluzio
The document is an investor presentation for AMG Advanced Metallurgical Group N.V. It provides an overview of AMG, including its business segments of AMG Processing, AMG Mining, and AMG Engineering. Key financial highlights are presented, showing AMG's revenue, EBITDA, gross profit, and progress on reducing debt and improving cash flow. The presentation contains forward-looking statements and disclaimers around the information provided.
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.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
Visa inc. q4 and fy 2017 financial results conference call presentationvisainc
- Visa reported strong fiscal fourth quarter 2017 financial results, with net income of $2.1 billion and net operating revenues increasing 14% to $4.9 billion, driven by continued growth in payments volume, cross-border volume, and processed transactions.
- Payments volume grew 24% nominally and 39% on a constant dollar basis for the quarter ended June 2017 compared to the prior year. Total cards increased 20% to over 3.1 billion.
- Operating margin was 66% for the fourth quarter of 2017 compared to 64% adjusted non-GAAP for the prior year, as operating expenses grew at a slower rate than net operating revenues.
The operations report discusses first quarter 2017 execution across EnLink's asset portfolio. Key highlights include expansion projects in Central Oklahoma bringing total processing capacity to nearly 1 Bcf/d by year-end. In the Delaware Basin, the Lobo system is expanding its capacity to 185 MMcf/d. The Ascension pipeline began operations in Louisiana. In the Midland Basin, the Chickadee crude oil gathering system became operational. Overall, EnLink continues focused execution across its integrated asset base.
Nielsen reported its second quarter 2016 results. Revenue increased 4.5% to $1.6 billion driven by growth in the Watch and Developing Markets segments. Adjusted EBITDA rose 6.5% to $490 million and adjusted earnings per share increased 9.2% to $0.71. Nielsen reiterated its full year 2016 guidance for revenue growth between 4-6% and adjusted EBITDA margin expansion of 50-70 basis points. The company continues executing on its strategic initiatives such as Total Audience Measurement and expanding in emerging markets.
The presentation discusses Las Vegas Sands' second quarter 2017 earnings results and provides an overview of the company. Key points include:
- Net revenue increased 18.6% year-over-year to $3.14 billion and net income increased 61.9% to $638 million.
- Adjusted property EBITDA increased 26.5% to $1.21 billion, with growth in Macao and Singapore properties.
- The company remains committed to returning capital to shareholders through dividends and share repurchases, having returned over $17 billion since 2012.
- Las Vegas Sands has a strong balance sheet with $2.32 billion in cash and $7.93 billion in net debt as
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclosures about forward-looking statements, use of non-GAAP information, and SEC definitions. The document then summarizes Devon's asset portfolio, with a focus on its STACK and Delaware Basin positions, and outlines its strategic plans to increase capital efficiency and production growth through 2017.
This document provides an investor presentation for Intact Financial Corporation, the largest property and casualty insurer in Canada. Some key points:
- Intact has over $7 billion in direct premiums written and is the largest P&C insurer in Canada.
- It has a $13.4 billion investment portfolio and a proven track record of acquiring and consolidating other insurers in Canada.
- Intact aims to outperform the P&C industry by beating its return on equity by 5 points annually through initiatives like claims management, pricing and segmentation, and investments and capital management.
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 is Prudential Financial's 2007 Annual Report. It summarizes that in 2007:
- Prudential continued to grow its businesses and capitalize on opportunities, with all operating divisions posting double-digit earnings growth.
- It strengthened its financial position and delivered solid financial performance and shareholder value, with a 21% increase in earnings per share.
- It remains well-positioned for future growth due to its diverse business mix, risk management capabilities, and strong talent base.
The document summarizes Nationwide Financial's 2004 annual report. It discusses how in 2004, Nationwide Financial implemented changes to better align its operations with key market segments. This included appointing new leadership and instilling greater financial discipline. As a result, Nationwide Financial's total revenues increased 6% to $4.2 billion and net operating earnings rose 17% to $531 million in 2004. Looking ahead to 2005, Nationwide Financial's top priority will be strengthening its operating model while building platforms to capture growth opportunities by focusing on financial discipline, distribution strategy, and understanding consumer needs.
The mayor of Lenexa gave the annual State of the City address. In 3 sentences or less, the summary is:
The mayor discussed the results of the 2015 citizen survey, upcoming city projects like a new recreation center and public market, and improvements made in the last year like additional parks, gathering spaces, and a high credit rating. The presentation included drawings from local children and thanked citizens for their participation in the city's development.
CMW - June 2014 Annual Financial ReportBrad Sheahon
Cromwell Property Group delivered strong financial results in FY2014, with operating profit up 43% to a record $146.7 million. Statutory profit increased 295% to $182.5 million. Distributions were up 5% to 7.6 cents per security. Net tangible assets per security increased to $0.73. Gearing was reduced to 42%. The funds management business continued to grow strongly, with operating profit up 30% to $8.3 million. Cromwell remains focused on delivering predictable, growing distributions through active management of its property portfolio and funds management business. Guidance for FY2015 is for operating earnings of at least 8.3 cents per security and distributions of 7.85 cents per
The document provides an agenda and overview of a field trip to Hammerfest, Norway to visit the Goliat oil field. It summarizes Eni's phaseable development approach, which focuses on quickly translating resources to reserves through integrated reservoir modeling and uncertainty quantification. It aims to reduce risks and accelerate project timelines. Eni applies strict cost controls through modular design, framework agreements, and integration of commissioning and operations. The document also summarizes key details of the giant Zohr gas field discovery offshore Egypt and Eni's long involvement in developing fields in Norway.
- Eni reported its Q3 2012 results, highlighting production growth in E&P driven by increasing Libyan volumes and exploration successes.
- Adjusted operating profit fell slightly to €4,361 million while adjusted net profit was stable at €1,777 million.
- Net debt was reduced through asset sales and operating cash flow, falling to €19.6 billion at the end of September.
- Oil and gas production increased 8.9% year-on-year to 1,678 kboe/d for the first nine months, with significant growth in Africa.
2014 Eni's Q4 and Preliminary Full Year Results Eni
- Eni reported its Q4 and full year 2014 results, with adjusted net profit down 16% and adjusted operating profit down 9% year-over-year.
- Upstream oil and gas production was down 21% due to planned divestments, but excluding Russia was up 0.6%. Reserves replacement ratio for 2014 was 112%.
- Refining and Marketing performance improved by over 50% compared to 2013, with the Standard Eni Refining Margin turning positive.
- Cash flow from operations for 2014 was the highest in the last 6 years, up 40% compared to 2013. Net debt was reduced and leverage improved.
Eni reported its H1 2015 results and strategy update, highlighting the following:
1) All mid-downstream segments were profitable, production grew strongly in E&P, and cost reductions led to savings of over €1.4 billion.
2) Oil and gas production increased 9% compared to H1 2014, and 2015 guidance was raised from 5% to over 7% growth.
3) Exploration performance was robust with resources of 500 million boe found at a cost below $2/boe.
4) Mid-downstream segments exceeded economic targets and accelerated breakeven points in chemicals and refining.
Eni reported positive results for Q1 2015 with increases in oil and gas production and adjusted EBIT. Production increased 7.2% compared to the same period last year. Midstream and downstream EBIT adjusted was over €0.4 billion and cash flow from operations was €2.3 billion. Capex was in line with guidance and leverage remained flat at 22%. Strong performance was achieved despite weak market conditions.
Eni achieved several milestones in its transformation including selling a 12.5% stake in Saipem for €5.1 billion, reducing total net debt. Production increased 9% in the first 9 months of 2015 compared to the same period in 2014, with over 1.2 billion barrels of oil equivalent discovered. The downstream segment achieved positive cash flow. Exploration and production saw higher production and discovered volumes while refining and marketing and chemicals both achieved positive earnings. Cash flow from operations covered 55% of capital expenditures.
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.
- The document provides an overview and financial review of AES Corporation's Q2 2015 results, including adjusted EPS of $0.25, proportional free cash flow of $62 million, and consolidated net cash provided by operating activities of $153 million.
- It reaffirms AES' full-year 2015 guidance and discusses key business updates, such as the commissioning of new power plants, formation of a joint venture in Mexico, and $700 million in returns to shareholders including debt repayments.
- A breakdown of Q2 2015 financial results is also provided for each of AES' Strategic Business Units, with explanations of factors contributing to increases or decreases in adjusted PTC and proportional free cash flow compared to Q2
05 11-15 first quarter 2015 financial review finalAES_BigSky
- The document is the AES Corporation's financial review for the first quarter of 2015.
- AES achieved several strategic milestones in the quarter, including commissioning the 1,240 MW Mong Duong 2 project in Vietnam six months early and signing agreements to sell assets for $105 million.
- Financially, AES generated $265 million in proportional free cash flow and $0.25 in adjusted EPS for the quarter, and reaffirmed its full-year guidance ranges.
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 $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES continues to expand its natural gas and renewable generation portfolio through its construction program.
Eni: second quarter and first half of 2016 resultsEni
Claudio Descalzi, Eni’s Chief Executive Officer, commented:
“Eni has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment. Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d’Agri and the disruptions in Nigeria. Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months. In mid and downstream, we have achieved positive results across all of our operations due to restructuring and efficiency measures which will continue as planned. Our strategy, including the optimization initiatives and a reduced cost base, has allowed us to absorb part of the impact of a low oil price scenario with a positive contribution of €1 billion to EBIT. We are maintaining our strong balance sheet, funding capex with our cash flow at a Brent price of 50$/bl. On this basis I will propose an interim dividend of €0.40 per share to the Board.”
Atento provided its second quarter results for fiscal year 2016, highlighting growth, profitability, and liquidary priorities. Revenue declined slightly on a constant currency basis due to macroeconomic pressures in Brazil, though growth in the Americas nearly offset this. Adjusted EBITDA increased slightly with margins stable at 12%. Free cash flow before interest was strong at $39.4 million due to working capital improvements. Atento reaffirmed full year 2016 guidance and remains focused on balancing growth, profits, and reducing debt levels.
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.
Atento reported its fiscal 2016 first quarter results with the following highlights:
- Revenue increased 2.5% year-over-year to $419.4 million driven by 16% growth in the Americas region.
- Adjusted EBITDA grew 5.6% year-over-year to $48.8 million with margins expanding 30 basis points to 11.6%.
- The company remains focused on balancing growth, profitability, and liquidity while diversifying its revenue base and customer portfolio.
- Atento reaffirmed its full-year 2016 guidance targets and expects continued progress on its strategic initiatives.
Atento reported its financial results for the fourth quarter and full year of 2015. Revenue grew 8.4% in Q4 and 9.6% for the full year, driven by new client wins and growth in higher-value solutions. Adjusted EBITDA grew 6.7% for the full year despite margin compression from inflation and new client ramp-ups. For 2016, Atento expects revenue growth of 1-5% and adjusted EBITDA margins of 11-12%, focusing on growth, profitability, and debt reduction.
The document provides guidance for Valeant Pharmaceuticals' 2015 financial outlook. It projects revenue of $9.2-9.3 billion, representing 14-15% growth over 2014. Cash EPS is projected at $10.10-10.40, a 21-25% increase. Adjusted cash flow from operations is projected to be over $3.1 billion, a 25%+ increase. The guidance assumes continued strong organic growth across business units and key product launches delivering over $500 million in revenues.
Atento baird global service conference june 8 2016atentoinvestors
Atento reported financial results for the first quarter of 2016. Revenue increased 2.5% year-over-year to $419 million driven by 16% growth in the Americas region. Adjusted EBITDA grew 5.6% to $48.8 million with margins expanding 30 basis points. The company won over 2,700 new workstations, over half from new clients, and continued diversifying its revenue base. Atento reaffirmed its full-year 2016 guidance and remains focused on balancing growth, profitability and reducing debt levels.
Atento reported its fiscal 2016 fourth quarter and full year results. Revenue declined 4.2% in Q4 but grew 2.4% from multisector clients. Adjusted EBITDA margin was maintained at 13.3% in Q4 through cost discipline. Strong free cash flow of $90 million was generated in Q4. For the full year, revenues declined 1.4% while adjusted EBITDA margins, free cash flow, and leverage met objectives. Management expects a return to revenue growth of 1-5% in fiscal 2017 through continued multisector expansion while maintaining margins and cash generation.
Atento provided an investor presentation summarizing its third quarter performance and long term strategy. Key highlights included 9.4% revenue growth and 4.2% increase in adjusted EBITDA. Adjusted EBITDA margin declined 120 basis points due to shifts in country and revenue mix. The presentation discussed progress on strategic initiatives like growth in non-telco verticals and solutions. Atento is well positioned for long term growth in the CRM/BPO market, but near term macro challenges could pressure margins.
09 25-17 wolfe power & gas leaders conference finalAES_BigSky
The document provides an overview of the AES Corporation's presentation at the Wolfe Power & Gas Leaders Conference on September 26, 2017. It discusses AES' business operations, financial projections, growth strategies and capital allocation plans. Key points include AES targeting 8-10% annual growth in EPS and free cash flow through 2020, increasing its average contract length to 10 years by adding over 8 GW of new capacity, and improving risk profiles by reducing coal exposure and increasing US dollar-denominated cash flows.
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.
- Atento reported strong financial results for the first quarter of 2015, with 9.5% constant currency revenue growth and 11.8% constant currency adjusted EBITDA growth.
- Revenue growth was driven by double digit constant currency growth in Brazil and the Americas regions. Adjusted EBITDA margins increased 10 basis points.
- The company continued to enhance its capital structure and balance sheet, lowering its net leverage ratio to 1.4x from 2.2x in the prior year period through significant debt repayment.
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.
- 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
Hillenbrand is a global diversified industrial company pursuing growth and building value. In Q1 2016:
- Revenue decreased 12% to $352 million due to lower demand in the Process Equipment Group.
- Adjusted EPS declined 16% to $0.41 per share.
- The acquisition of Red Valve expanded Hillenbrand's presence in the flow control industry.
- Guidance for full year 2016 expects 0-2% constant currency revenue growth and adjusted EPS of $2.05-$2.15.
The document provides an earnings summary and outlook for Q2 2016. Key points include:
- Adjusted EPS was above guidance despite a challenging macro environment.
- Transportation orders remained solid while Industrial orders grew quarter-over-quarter.
- Guidance for Q3 2016 projects adjusted EPS growth of 14% year-over-year.
- Full year 2016 guidance reiterates sales of $12.1-12.5 billion and adjusted EPS of $3.90-4.10.
Q2 2016 earnings call presentation final v2Hillenbrand_IR
Hillenbrand provides a Q2 2016 earnings presentation covering their consolidated and segment financial performance. Some key points:
- Consolidated revenue decreased 4% to $387 million due to an 8% decline in Batesville revenue, while adjusted EPS of $0.49 was in line with prior year.
- The Process Equipment Group saw 2% lower revenue but improved adjusted EBITDA margins. Batesville also improved adjusted EBITDA margins despite an 8% revenue decline.
- For fiscal year 2016, Hillenbrand expects total revenue to decline 2-4% on a constant currency basis and adjusted EPS in the range of $2.05 to $2.15.
The quarterly PowerPoint slide deck sent to investors for 1Q16, from CONE Midstream. CONE is a joint venture between CONSOL Energy and Noble Energy with pipelines exclusively in the Marcellus/Utica region.
20150215 broadspectrum investor presentationT Bone
Broadspectrum reported strong results for the first half of FY2016, with underlying EBITDA of $125 million and underlying NPAT of $28 million. The company has continued to strengthen its balance sheet, reducing net debt to $460 million and improving its leverage ratio to 1.7x. Recent contract wins post half-year, including an extension with the Department of Immigration and Border Protection, are expected to further improve Broadspectrum's financial position in FY2016 and beyond.
Atento reported its fiscal 2016 third quarter results. Revenue declined 3.3% year-over-year to $443.7 million due to macroeconomic challenges, though the decline is slowing. Adjusted EBITDA was $60.5 million with margins of 13.6%, up from the prior quarter. Cash flow generation was strong with $46.7 million in free cash flow before interest. Atento also reaffirmed and extended its strategic relationship with Telefónica.
Similar to AES 50th Annual EEI Financial Conference (20)
The document discusses AES Corporation's business operations and contains forward-looking statements. It notes that certain statements constitute forward-looking statements and are based on reasonable assumptions, but actual results could differ materially from projections. It also includes reconciliations of non-GAAP financial measures. AES operates power plants globally with over 33,000 MW in operation and is improving its risk profile by reducing debt, extending contract durations, decreasing carbon intensity, implementing cost savings, and growing renewables profitably.
The document discusses AES Corporation's presentation at the JP Morgan Energy Conference. It contains forward-looking statements regarding AES's business operations, earnings growth, and financial and operating performance through 2020. It notes AES's portfolio transformation to longer-term contracted generation and regulated utilities, ongoing efficiency initiatives, and profitable growth through investments in renewables, LNG, and new technologies. AES expects 8-10% average annual growth in adjusted EPS and parent free cash flow through 2020.
05 08-18 first quarter 2018 financial review final-am plan bAES_BigSky
The document provides an overview of AES Corporation's financial results for the first quarter of 2018. Key points include:
- Adjusted EPS of $0.28, reaffirming full-year outlook through 2020.
- Completed restructuring of the Alto Maipo hydroelectric project in Chile to significantly reduce risks.
- Implemented a new $100 million annual cost reduction program.
- Closed sales of thermal generation assets to further transform the portfolio.
- Advanced several profitable renewable growth projects under construction.
The document is the 2018 Annual Meeting presentation for The AES Corporation. It contains forward-looking statements regarding AES's future earnings growth, financial and operating performance. It discusses AES's strategy of transforming and simplifying its portfolio through asset sales and replacing coal capacity with renewables and natural gas. This is aimed at achieving 8-10% annual growth in adjusted EPS and parent free cash flow through 2020 and investment grade credit metrics by 2019, while reducing carbon intensity. In 2017 AES grew through renewable investments and acquiring sPower, and expects further growth in 2018 by adding over 2 GW of new projects.
02 27-18 march investor presentation finalAES_BigSky
The document discusses AES Corporation's business operations and future plans. It states that AES aims to deliver 8-10% average annual growth in earnings and parent free cash flow through 2020. It also aims to achieve investment grade credit metrics in 2019 and reduce its carbon intensity by 25% from 2016-2020 and 50% by 2030. AES expects to achieve $500 million in cost savings by 2020 and is adding 4.4 GW of new capacity through projects under construction by 2020 to transform and simplify its portfolio.
The AES Corporation reported its fourth quarter and full year 2017 financial results. Key highlights included:
- Adjusted EPS of $1.08 for the full year, toward the upper end of guidance.
- Plans to realize $100 million in additional annual cost savings through reorganization.
- Expects to leverage platforms by adding over 8 GW of new capacity by 2020.
- Is reshaping its portfolio through acquiring over 2 GW of renewable projects in 2017 and announcing exit of 4.3 GW of coal generation.
- Aims to reduce its carbon intensity by 25% from 2016 to 2020.
02 27-18 fourth quarter & fy 2017 financial review finalAES_BigSky
The AES Corporation reported its fourth quarter and full year 2017 financial results. Key highlights include:
- Adjusted EPS of $1.08 for the full year, toward the upper end of guidance.
- Expect to achieve $500 million in annual cost savings by 2020, increasing the target by $100 million.
- Leveraging platforms by adding over 8 GW of new capacity under construction or in advanced development by 2020.
- Reshaping the portfolio through acquiring over 2 GW of renewable projects in 2017 and announcing the exit of 4.3 GW of coal generation.
- On track to reduce carbon intensity by 25% from 2016 to 2020 and 50% from 2016 to 2030.
01 11-18 evercore isi utilities ceo retreat finalAES_BigSky
The document discusses AES Corporation's business operations and provides forward-looking statements. It notes that AES' portfolio is around 80% contracted and US dollar-denominated. It outlines AES' strategic business units and their expected adjusted pre-tax contributions for 2017. The document also summarizes AES' plans to invest in natural gas, renewable projects, and energy storage to reduce carbon intensity and improve risk-adjusted returns through 2020.
The document provides an overview of The AES Corporation's presentation at the EEI Financial Conference in November 2017. It discusses AES' business operations and growth strategy, including expanding its renewable energy portfolio through projects under construction totaling 2,232 MW by 2018 and 8,437 MW by 2020. It also discusses AES' focus on reshaping its portfolio to reduce carbon intensity and improve risk-adjusted returns through investments in natural gas, renewable energy projects with long-term contracts, and growing markets. The document contains forward-looking statements and includes assumptions and safe harbor disclosures.
Aes barclays ceo energy-power conference finalAES_BigSky
This document provides an overview of The AES Corporation and its business strategy and outlook. Some key points:
- AES operates in several strategic business units globally, with the largest portions of its business in the US, Andes region, and Mexico/Central America/Caribbean.
- It has a portfolio of long-term contracted generation assets that is approximately 80% US dollar denominated.
- AES has several large construction projects underway that will come online between 2018-2020, increasing its contracted portfolio.
- The company aims to strengthen its balance sheet, grow key metrics like free cash flow by 8-10% annually through 2020, and reshape its business mix toward gas and renewables.
08 08-17 second quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its Second Quarter 2017 Financial Review, which contained forward-looking statements and non-GAAP financial measures.
- Key highlights included adjusted EPS increasing $0.08 to $0.25 driven by higher availability in MCAC and Argentina, and reaffirming 2017 guidance and expectations through 2020.
- Projects totaling 4,659 MW are under construction and expected to come online through 2020, and AES acquired or has agreements for 1.8 GW of wind and solar to be added through 2020.
05 08-17 first quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its first quarter 2017 financial review, which contained forward-looking statements and non-GAAP financial measures with required reconciliations.
- Key highlights included progress on major construction projects, cost savings initiatives, and plans to reduce merchant coal exposure and carbon intensity.
- AES reaffirmed its 2017 guidance targets and average annual 8-10% growth rate through 2020.
The AES Corporation released its first quarter 2017 financial review. Some key points include:
- AES is on track to achieve its $400 million cost reduction and revenue enhancement program by 2020.
- AES is advancing its construction program which will contribute significantly to earnings and cash flow growth through 2021.
- AES is reshaping its portfolio to reduce risk by exiting 3.7GW of merchant coal assets in Kazakhstan and Ohio.
- AES is well positioned for future growth through projects under construction, acquisitions like sPower, and an $8-10 billion renewable development pipeline.
- AES expects average annual earnings and cash flow growth of 8-10% through 2020.
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.
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.
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.
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.
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.
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 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.
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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.
World economy charts case study presented by a Big 4
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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. 2Contains Forward-Looking Statements
Safe Harbor Disclosure
Certain statements in the following presentation regarding AES’ business operations may
constitute “forward-looking statements.” Such forward-looking statements include, but are
not limited to, those related to future earnings growth and financial and operating
performance. Forward-looking statements are not intended to be a guarantee of future
results, but instead constitute AES’ current expectations based on reasonable assumptions.
Forecasted financial information is based on certain material assumptions. These
assumptions include, but are not limited to accurate projections of future interest rates,
commodity prices and foreign currency pricing, continued normal or better levels of
operating performance and electricity demand at our distribution companies and operational
performance at our generation businesses consistent with historical levels, as well as
achievements of planned productivity improvements and incremental growth from
investments at investment levels and rates of return consistent with prior experience. For
additional assumptions see Slide 41 and the Appendix to this presentation. Actual results
could differ materially from those projected in our forward-looking statements due to risks,
uncertainties and other factors. Important factors that could affect actual results are
discussed in AES’ filings with the Securities and Exchange Commission including but not
limited to the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s
Discussion & Analysis in AES’ 2014 Annual Report on Form 10-K, as well as our other SEC
filings. AES undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
3. 3Contains Forward-Looking Statements
1. A non-GAAP financial measure. See Appendix for definition.
Table of Contents
Who We Are Slides 4-7
Guidance & Expectations Slides 8-14
2015-2016 Earnings & Proportional Free Cash Flow1 Slide 12
2016 Guidance (Prior vs. Current) Slide 13
2016-2018 Growth (Earnings vs. Proportional Free Cash Flow1) Slide 14
Capital Allocation Slides 15-20
Conclusion Slide 21
Appendix Slides 22-43
5. 5Contains Forward-Looking Statements
= 2016 Expected Adjusted Pre-Tax Contribution (PTC)1
1. A non-GAAP financial measure. See Appendix for definition and reconciliation. 2016 Adjusted PTC of $1.5 billion before Corporate charges of $0.4 billion.
2. Mexico, Central America and the Caribbean.
Businesses Managed in Six Strategic Business Units (SBUs)
%
United
States
Chile
Argentina
Brazil
Mexico
Panama
El Salvador
Dominican Republic
Bulgaria
Jordan
UK
Netherlands
Kazakhstan
Philippines
Vietnam
India
Sri Lanka
Puerto Rico
Colombia
27%
US
28%
Andes
23%
MCAC2
13%
Europe
3%
Brazil
6%
Asia
6. 6Contains Forward-Looking Statements
17%
39%
26%
18%
82% of Businesses are Contracted Generation or Utilities
2016 Expected Adjusted PTC1
by Type of Business and Contract Length
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Average of medium- and long-term contracts. PPA MW-weighted average is adjusted for AES’ ownership stake.
Generation:
Medium-Term Contract
(2-5 Years)
Generation:
Long-Term Contract
(5-25 Years)
Generation:
Short-Term Sales
(< 2 Years)
Utilities
Average Remaining Contract Term is 7 Years2
7. 7Contains Forward-Looking Statements
33%
47%
20%
203
2,935
793
1,851
Year-to-Go
2015
2016 2017 2018
Average Annual Cash Flow Growth of at Least 10% Through
2018 is Driven by Projects Under Construction
80% of Required Equity for Projects
in the Americas
5,782 MW Under Construction
$7 Billion Total Cost; AES Equity Commitment of $1.1 Billion, of
Which Only $160 Million is Still to be Funded
US
Andes
Asia
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.
9. 9Contains Forward-Looking Statements
Expect 2015-2018 Average Annual Growth of at Least 10% in
Cash Flow Versus Prior Expectation of 10%-15%
Parent Free Cash Flow1 Available
for Discretionary Uses
$475-
$575
$575-
$675
At least
10%
Average
Annual
Growth
2015 2016 2017-2018
Proportional Free Cash Flow1
Guidance
$1,000-
$1,350
$1,125-
$1,475
At Least
10%
Average
Annual
Growth
2015 2016 2017-2018
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
10. 10Contains Forward-Looking Statements
2017-2018 Average Annual Growth of 12%-16% Off Lower 2016 Base vs. 6%-
8% Previously
Lowering 2016-2018 Adjusted EPS1, Primarily Reflecting Macro
Headwinds
Flat to Modest
Growth2
$1.05-
$1.15
2016 2018
Previous Revised
~($0.20)
~($0.06)
Taking Actions to Narrow Impact Over Time
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Off prior 2015 guidance of $1.25-$1.35.
11. 11Contains Forward-Looking Statements
Adjusted EPS1: Prior 2016 Expectation v. New 2016 Guidance
Flat to Modest
Growth
$1.05-
$1.15
($0.15)
($0.05) ($0.04)
$0.05
Prior 2016
Expectation
FX/Commodities Lower Demand &
Higher Interest
Rates in Brazil
Regulatory
Changes & El Niño
Additional Cost
Savings & Revenue
Enhancement
Initiatives
New 2016
Guidance
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
12. 12Contains Forward-Looking Statements
Expecting Strong Growth in Proportional Free Cash Flow1 in
2016, Despite Lower Earnings Outlook
$ in Millions
Note: Current guidance and implied guidance as of November 5, 2015.
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Current 2015 implied net income based on mid-point of Adjusted EPS guidance of $1.18-$1.25 and 673 million shares outstanding. Current 2016 implied net income based on mid-
point of Adjusted EPS guidance of $1.05-$1.15 and 673 million shares outstanding.
3. Includes: restructuring at Guacolda in Chile of $66 million and Eletropaulo cable reversal of $26 million pre-tax.
Proportional Free Cash Flow1
$1,175
$1,300$75 $5 $45
Current 2015
Guidance
Net Change
in Margin
Lower
Maintenance
Capex
Change in
Working
Capital &
Other
Current 2016
Guidance
Earnings (Net Income)2
$820
$740
($65)3
($90)
$75
Current 2015
Implied Net
Income
2015 Non-
Cash
Adjustments
Higher
Depreciation
in 2016
Net Change
in Margin
Current 2016
Implied Net
Income
2015 Earnings Include Non-Cash Adjustments; 2016 Outlook
Reflects Higher Depreciation and Lower Maintenance Capex
13. 13Contains Forward-Looking Statements
Bridge from Earnings2 Variance to Proportional Free Cash Flow1 Variance
2016 Proportional Free Cash Flow12016 Earnings2 (Net Income)
Prior Versus Current 2016 Guidance: Proportional Free Cash
Flow1 Less Impacted Than Earnings Due to Working Capital
Management
$ in Millions
Note: Prior guidance and implied guidance as of May 11, 2015. Current guidance and implied guidance as of November 5, 2015.
1. A non-GAAP financial measure. See Appendix for definition and reconciliation. Prior 2016 implied guidance based on 10%-15% growth off 2015 guidance of $1,000-$1,350.
2. Prior 2016 implied net income based on prior implied Adjusted EPS guidance of $1.30 and 673 million shares outstanding. Current 2016 implied net income based on mid-point of
Adjusted EPS guidance of $1.05-$1.15 and 673 million shares outstanding.
$875 $740
($135)
Prior Implied Net
Income
Change Current Implied Net
Income
$1,325 $1,300
($25)
Prior Implied Guidance Change Current Guidance
($135)
($25)$85
$10 $15
Earnings Variance Working Capital
Improvement, Primarily
at IPL & AES Gener
Mong Duong Lease
Accounting (Non-Cash)
Other Proportional Free Cash
Flow Variance
14. 14Contains Forward-Looking Statements
2016-2018 Proportional Free Cash Flow1 Growth Driven Largely
by Higher Earnings2
$ in Millions
Proportional Free Cash Flow1Earnings2 (Net Income)
Note: Prior implied guidance as of May 11, 2015. Current implied guidance as of November 5, 2015.
1. A non-GAAP financial measure. See Appendix for definition and reconciliation. Current 2018 implied guidance based on 10% average annual growth off 2016 guidance of $1,125-
$1,475.
2. Current 2016 implied net income based on mid-point of Adjusted EPS guidance of $1.05-$1.15 and 673 million shares outstanding. Current 2018 implied guidance based on mid-point
of expected average annual growth of 12%-16% off mid-point of 2016 Adjusted EPS guidance of $1.05-$1.15 and 673 million shares outstanding.
$740
$970$230
Current 2016 Implied
Net Income
14% Average Annual
Growth
Current 2018 Implied
Net Income
$1,300
$1,575$275
Current 2016
Guidance
10% Average Annual
Growth
Current 2018 Implied
Guidance
16. 16Contains Forward-Looking Statements
Proportional Free Cash Flow1 is Largely Available for Non-
Recourse Debt Pay Down and Parent Capital Allocation
$1,125-$1,475
$575-$675
($450)-($550)
($100)-($250)
2016 Proportional Free
Cash Flow Guidance
Non-Recourse Debt Pay
Down
Timing/Cash Retained at
Subsidiaries for Growth
2016 Parent Free Cash
Flow Expectation
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
$ in Millions
17. 17Contains Forward-Looking Statements
Invested $4.8 Billion of Discretionary Cash in Shareholder
Returns, Debt Pay Down and Select Growth Projects
$1,408
$502
$899
$1,948
September 2011-September 2015; $ in Millions
1. Includes share repurchases through November 4, 2015.
2. Excludes $2.3 billion investment in DPL.
Shareholder Dividend
Debt Prepayment and
Refinancing
Reduced Parent Debt by 23% and Share Count by 14%
Investments in Subsidiaries2
Share Buyback:
111 Million Shares
at $12.66 Per Share1
18. 18Contains Forward-Looking Statements
$ in Millions
$301 $321 $308
$423
$119 $144
$277
2012 2013 2014 2015
Share Repurchases Shareholder Dividend
Maximizing Risk-Adjusted Per Share Returns to Shareholders
Returned $2 Billion to Shareholders 2012-2015
$331
$440 $452
$700
~9% of
Market Cap
19. 19Contains Forward-Looking Statements
$2.6 Billion Available for Value Creation
$1,300
$810
$500-
$600
2016-2018; $ in Millions
1. Includes approximately $160 million in investments in projects under construction.
2. Assumes constant payment of $0.10 per share each quarter on 673 million shares outstanding as of October 30, 2015.
3. Assumes sources as follows: Parent Free Cash Flow of $2.1 billion, which is based on the mid-point of 2016 expectation of $575-$675 million, growing at 10%
through 2018; $190 million in asset sale proceeds ($40 million from sale of Sonel, Kribi and Dibamba in Cameroon, and additional potential asset sales in 2016);
$280 million closing cash balance as of December 31, 2015; and $75 million in return of capital.
Investments in Subsidiaries1
Shareholder Dividend2
Unallocated Discretionary
Cash3
● Dividend growth
● Debt reduction
● Share repurchases
● Incremental investments
in subsidiaries
Does Not Include Up to $1 Billion in Potential Asset Sale Proceeds
20. 20Contains Forward-Looking Statements
$30
$119
$144
$277
2012 2013 2014 2015 Expected 2016-2018
$ in Millions
1. The Company expects the dividend to grow approximately 10% annually, consistent with Parent Free Cash Flow growth of 10% to 15% per year on average through
2018.
Strong and Growing Free Cash Flow Supports Attractive
Dividend Growth
Annual Shareholder Dividend
Expect 10%
Annual
Dividend
Growth1
21. 21Contains Forward-Looking Statements
Conclusion
Management team with proven track record
At least 10% expected average annual growth in Proportional
Free Cash Flow1 and Parent Free Cash Flow1
Quarterly dividend of $0.10 per quarter with expected 10%
annual growth
1. A non-GAAP financial measure. See Appendix for definition.
22. 22Contains Forward-Looking Statements
1. A non-GAAP financial measure.
Appendix
Key Assumptions for 2015-2016 Guidance Slide 23
2015 Guidance Slide 24
Proportional Free Cash Flow1 Growth Drivers Slide 25
Adjusted EPS1 Growth Drivers Slide 26
Construction Program Slide 27
2015-2016 Parent Capital Allocation Plan Slides 28-29
2015-2016 Adjusted PTC1 Modeling Ranges Slides 30-31
Currencies and Commodities Slides 32-35
AES Modeling Disclosures Slide 36
DPL Inc. Modeling Disclosures Slide 37
DP&L and DPL Inc. Debt Maturities Slide 38
Reconciliations Slides 39-40
Assumptions & Definitions Slides 41-43
23. 23Contains Forward-Looking Statements
Key Assumptions for Guidance
2015
Currency and commodity forward curves as of September 30, 2015
(versus June 30, 2015 in prior guidance)
If previously announced agreement at Maritza in Bulgaria does not
close before year-end, expect Proportional Free Cash Flow1 to be in
the low end of the range
Full year tax rate of 29%-31% versus year-to-date tax rate of 28%
and full year 2014 tax rate of 30%
2016-2018
Currency and commodity forward curves as of October 15, 2015
Full year tax rate of 31%-33% versus expected 2015 tax rate of
29%-31%
1. A non-GAAP financial measure. See “definitions”.
24. 24Contains Forward-Looking Statements
Reaffirming Proportional Free Cash Flow1 guidance
On track to achieve Parent Free Cash Flow1 expectation of $475-$575 million
Lowering Adjusted EPS1 guidance from $1.25-$1.35 to $1.18-$1.25, reflecting:
$0.04 impact from foreign currencies and commodities
$0.03 impact from lower demand and higher interest rates in Brazil
$0.02 impact from outages at DPL and AES Hawaii
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Slide 23 for assumptions, Slide 39 for reconciliation and “definitions”.
2015 Guidance: Reaffirming Cash Flow and Lowering Adjusted
EPS1
YTD 2015 YTD 2014
FY 2015
Guidance
Proportional Free Cash Flow1 $948 $604
$1,000-
$1,350
Consolidated Net Cash Provided by Operating Activities $1,505 $1,216
$1,900-
$2,700
Adjusted EPS1 $0.88 $0.89 $1.18-$1.25
25. 25Contains Forward-Looking Statements
Proportional Free Cash Flow1 Drivers
$1,000-$1,300
$1,125-$1,475
Average Annual
Growth of at Least
10%
2015 Guidance 2016 Guidance 2017-2018 Expectations
1. A non-GAAP financial measure. See “definitions”.
+ 5,782 MW of projects under
construction on-line 2016-2018
+ Cost reduction and revenue
enhancement initiatives
$ in Millions
Continued Strong and Growing Proportional Free Cash Flow1
+ Contributions from projects
coming on-line
+ Regulatory asset recovery in
Brazil
+ Improved working capital in
Andes
+ Cost reduction and revenue
enhancement initiatives
- Higher collections in the
Dominican Republic in 2015
- FX and commodities
26. 26Contains Forward-Looking Statements
$1.18-$1.25
$1.05-$1.15
2015 Guidance 2016 Guidance 2017-2018 Expectations
Adjusted EPS1 Growth Drivers
– Tietê contract step-down
– Restructuring at Guacolda in
2015
– FX and commodities
– Eletropaulo cable reversal in
2015
– Maritza contract negotiation
– Tax rate
+ Capital allocation
+ Contributions from projects
coming on-line
+ Cost reduction and revenue
enhancement initiatives
+ 2017: Completion of 793 MW
under construction
+ 2018: Completion of 1,851 MW
under construction
+ Cost reduction and revenue
enhancement initiatives
+ Normal hydrology/higher
generation at Chivor
+ Capital allocation
- FX and commodities
1. A non-GAAP financial measure. See “definitions”.
2017-2018 Average Annual Growth of 12%-16% Off Lower 2016 Base
vs. 6%-8% Previously
27. 27Contains Forward-Looking Statements
$ in Millions, Unless Otherwise Stated
1. AES equity contribution equal to 71% of AES Gener’s equity contribution to the project.
2. CDPQ will invest an additional $135 million in IPALCO through 2016, by funding existing growth and environmental projects at Indianapolis Power & Light (IPL). After completion,
CDPQ’s direct and indirect interests in IPALCO will total 30%, AES will own 85% of AES US Investments and AES US Investments will own 82.35% of IPALCO.
3. Based on projections. See our 2014 Form 10-K for further discussion of development and construction risks. Based on 2018 contributions from all projects under construction and IPL
MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to come on-line in 2H 2018.
Attractive Returns from 2015-2018 Construction Pipeline
Project Country AES Ownership Fuel
Gross
MW
Expected
COD
Total Capex
Total
AES
Equity
ROE Comments
Construction Projects Coming On-Line 2015-2018
Guacolda V Chile 35% Coal 152 2H 2015 $454 $48
Andes Solar Chile 71% Solar 21 2H 2015 $44 $22
Tunjita Colombia 71% Hydro 20 1H 2016 $67 $21 Lease capital structure at Chivor
IPL MATS US-IN 75%2 Coal 1H 2016 $448 $141
Environmental (MATS) upgrades
of 1,713 MW
Harding Street Units 5-
7
US-IN 75%2 Gas 630 1H 2016 $178 $56
Cochrane Chile 42% Coal 532 2H 2016 $1,350 $130
Eagle Valley CCGT US-IN 75%2 Gas 671 1H 2017 $590 $186
DPP Conversion
Dominican
Republic
92% Gas 122 1H 2017 $260 $0
OPGC 2 India 49% Coal 1,320 1H 2018 $1,600 $225
Alto Maipo Chile 42% Hydro 531 2H 2018 $2,050 $335
ROE3 IN 2018 >15%
Weighted average; net income
divided by AES equity
contribution
CASH YIELD2 IN 2018 ~14%
Weighted average; subsidiary
distributions divided by AES
equity contribution
28. 28Contains Forward-Looking Statements
2015 Parent Capital Allocation Plan
$ in Millions
1. Includes announced asset sale proceeds of: $239 million (IPALCO, US partnership), $59 million (Armenia Mountain, US), $30 million (IPP4, Jordan partnership),
$42 million (Italy solar) and $31 million (Spain solar).
2. A non-GAAP financial metric. See “definitions”.
3. Includes $315 million Parent debt prepayment and costs associated with prepayment and refinancing near-term maturities.
Discretionary Cash – Uses
($1,410-$1,510)
Discretionary Cash – Sources
($1,410-$1,510)
$507
$475-
$575
$401
$27
$1,410-
$1,510
Beginning
Cash
Announced
Asset Sales
Proceeds
Parent FCF Return of
Capital from
Operating
Businesses
Total
Discretionary
Cash
$50
$175-
$275
$423
$277
$140
$345
72% Allocated to Debt Prepayment, Dividends & Share
Repurchases
2
1
Completed Share
Buyback
Unallocated
Discretionary
Cash
Target Closing
Cash Balance
Debt Prepayment3
Investments in
Subsidiaries
Shareholder
Dividend
29. 29Contains Forward-Looking Statements
2016 Parent Capital Allocation Plan
$ in Millions
1. Includes announced asset sale proceeds of: $40 million (Sonel, Kribi and Dibamba, Cameroon) and proceeds from additional potential asset sales.
2. A non-GAAP financial metric. See “definitions”.
3. Assumes constant payment of $0.10 per share each quarter on 673 million shares outstanding as of October 30, 2015.
Discretionary Cash – Uses
($1,115-$1,215)
Discretionary Cash – Sources
($1,115-$1,215)
$280
$575-
$675
$190
$70
$1,115-
$1,215
Beginning
Cash
Asset Sales
Proceeds
Parent FCF Return of
Capital from
Operating
Businesses
Total
Discretionary
Cash
$50
$346-
$446
$269
$250
$200
Maximizing Discretionary Cash to Increase Risk-Adjusted Returns
for Shareholders
2
1
Unallocated
Discretionary
Cash
● Dividend growth
● Debt reduction
● Share repurchases
● Incremental
investments in
subsidiaries
Target Closing
Cash BalanceDebt Prepayment
Investments in
Subsidiaries
Shareholder
Dividend3
30. 30Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial metric. See “definitions”. Provided on November 5, 2015.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
Full Year 2015 Adjusted PTC1 Modeling Ranges
SBU 2015 Adjusted PTC
Modeling Ranges1 Drivers of Growth Versus 2014
US $355-$375
+ Lower outages
+ Lower fixed costs
- Lower prices at IPL and DPL
- Lower wind production
Andes $450-$480
+ Guacolda restructuring
+ Higher prices in Colombia
+ Hydrology in Colombia
- FX in Colombia
Brazil $100-$110
- One-time gain at Sul in Q2 2014
- FX
- Lower demand and higher interest rates at Sul
MCAC $325-$340
+ Hydrology in Panama
+ Oil-fired barge in Panama
- Ancillary services in the Dominican Republic
Europe $215-$235
- Sale of Ebute
- One-time gain in Kazakhstan in Q2 2014
- FX
- UK margins
+ IPP4 in Jordan on-line
Asia $85-$95 + Masinloc performance
+ Mong Duong on-line
Total SBUs $1,530-$1,635
Corp/Other ($410)-($445)
Total AES Adjusted PTC1,2 $1,120-$1,190
31. 31Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial metric. See “definitions”. Provided on November 5, 2015.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
Full Year 2016 Adjusted PTC1 Modeling Ranges
SBU 2016 Adjusted PTC
Modeling Ranges1 Drivers of Growth Versus 2015
US $385-$410
+ Better availability in Hawaii
+ Lower fixed costs
- Commodities
- Expiration of Buffalo Gap PPA
Andes $390-$420 - Guacolda restructuring
Brazil $30-$60
- Tietê contract step-down
- Eletropaulo cable reversal in 2015
- Lower demand, higher interest rates and FX
MCAC $330-$360 + Full year of oil-fired barge in Panama
- Ancillary services in the Dominican Republic
Europe $160-$215
- Commodities
- FX
- Maritza PPA negotiations
Asia $85-$105 + Full year of Mong Duong
Total SBUs $1,380-$1,570
Corp/Other ($380)-($455)
Total AES Adjusted PTC1,2 $1,000-$1,115
32. 32Contains Forward-Looking Statements
Interest Rates1
Currencies
Commodity
Sensitivity
100 bps move in interest rates over year-to-go 2015 is equal to a change in EPS of approximately $0.005
10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
2015
Average Rate Sensitivity
Argentine Peso (ARS) 9.83 Less than $0.005
Brazilian Real (BRL) 4.01 Less than $0.005
Colombian Peso (COP) 3,105 Less than $0.005
Euro (EUR) 1.12 Less than $0.005
Great British Pound (GBP) 1.51 Less than $0.005
Kazakhstan Tenge (KZT) 280.5 Less than $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
2015
Average Rate Sensitivity
NYMEX Coal $42/ton
$0.005, negative correlation
Rotterdam Coal (API 2) $51/ton
NYMEX WTI Crude Oil $45/bbl Less than $0.005, positive
correlationIPE Brent Crude Oil $49/bbl
NYMEX Henry Hub Natural Gas $2.6/mmbtu Less than $0.005, positive
correlationUK National Balancing Point Natural Gas £0.42/therm
US Power (DPL) – PJM AD Hub $ 32/MWh $0.005, positive correlation
Note: Guidance provided on November 5, 2015. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to illustrate the magnitude and direction of
changing market factors on AES’ results. Estimates show the impact on year-to-go 2015 Adjusted EPS. Actual results may differ from the sensitivities provided due to execution of risk
management strategies, local market dynamics and operational factors. Year-to-go 2015 guidance is based on currency and commodity forward curves and forecasts as of September 30,
2015. 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, and power 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, 2015.
Year-to-Go 2015 Guidance Estimated Sensitivities
33. 33Contains Forward-Looking Statements
Interest Rates1
Currencies
Commodity
Sensitivity
100 bps move in interest rates over FY 2016 is equal to a change in EPS of approximately $0.020
10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
2016
Average Rate Sensitivity
Argentine Peso (ARS) 14.17 $0.005
Brazilian Real (BRL) 4.13 $0.005
Colombian Peso (COP) 2,988 $0.010
Euro (EUR) 1.14 $0.005
Great British Pound (GBP) 1.54 Less than $0.005
Kazakhstan Tenge (KZT) 315.2 $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
2016
Average Rate Sensitivity
NYMEX Coal $45/ton
$0.015, negative correlation
Rotterdam Coal (API 2) $48/ton
NYMEX WTI Crude Oil $50/bbl
$0.010, positive correlation
IPE Brent Crude Oil $54/bbl
NYMEX Henry Hub Natural Gas $2.8/mmbtu
$0.010, positive correlation
UK National Balancing Point Natural Gas £0.40/therm
US Power (DPL) – PJM AD Hub $ 33/MWh $0.020, positive correlation
Note: Guidance provided on November 5, 2015. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to illustrate the magnitude and direction of
changing market factors on AES’ results. Estimates show the impact on full year 2016 Adjusted EPS. Actual results may differ from the sensitivities provided due to execution of risk
management strategies, local market dynamics and operational factors. Full year 2016 guidance is based on currency and commodity forward curves and forecasts as of October 15, 2015.
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, and power 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 October 15, 2015.
Full Year 2016 Guidance Estimated Sensitivities
34. 34Contains Forward-Looking Statements
2016 Foreign Exchange (FX) Risk Mitigated Through
Structuring of Our Businesses and Active Hedging
1. Before Corporate Charges. A non-GAAP financial measure. See “definitions” and Slide 40 for reconciliation.
2. Sensitivity represents full year 2016 exposure to a 10% appreciation of USD relative to foreign currency as of October 15, 2015.
3. Andes includes Argentina and Colombia businesses only due to limited translational impact of USD appreciation to Chilean businesses.
2016 Full Year FX Sensitivity2,3 by
SBU (Cents Per Share)
2016 Adjusted PTC1
by Currency
USD-
Equivalent
74%
BRL
4%
COP
9%
EUR
5%
ARS
3%
KZT
4%
Other FX
1%
1.0
0.5
1.0
1.5
0.5
0.5
0.5
US Andes Brazil MCAC EMEA Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
2016 correlated FX risk after hedges is $0.015 for 10% USD appreciation
74% of 2015 earnings effectively USD
USD-based economies (i.e. U.S., Panama)
Structuring of our contracts
FX risk mitigated on 12-month rolling basis by shorter-term active FX hedging programs
35. 35Contains Forward-Looking Statements
Commodity Exposure is Largely Hedged Through 2016, Long
on Natural Gas and Oil in Medium- to Long-Term
Full Year 2018 Adjusted EPS1 Commodity Sensitivity2
for 10% Change in Commodity Prices
Mostly hedged through 2016, more open positions in a longer term is the primary driver
of increase in commodity sensitivity
1. A non-GAAP financial measure. See “definitions”.
2. Domestic and International sensitivities are combined and assumes each fuel category moves 10%. Adjusted EPS is negatively correlated to coal price movement,
and positively correlated to gas, oil and power price movements.
(4.0)
(2.0)
0.0
2.0
4.0
Coal Gas Oil DPL Power
CentsPerShare
36. 36Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial measure. See “definitions”.
AES Modeling Disclosures
2015 Assumptions 2016 Assumptions
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,075-$1,175 $1,110-$1,210
Cash Interest (b) $350 $300
Cash for Development, General &
Administrative and Tax (c)
$250 $235
Parent Free Cash Flow1 (a – b – c) $475-$575 $575-$675
37. 37Contains Forward-Looking Statements
Based on Market Conditions and Hedged Position as of September 30, 2015
1. Includes capacity premium performance results.
2. Balance of Year 2015 based on forward curves as of September 30, 2015; Full Year 2016 and Full Year 2017 based on forward curves as of October 15, 2015.
DPL Inc. Modeling Disclosures
Balance of Year
2015
Full Year 2016 Full Year 2017
Volume Production (TWh) 2.4 14.1 12.9
% Volume Hedged ~55% ~50% ~17%
Average Hedge Dark Spread ($/MWh) $13.17 $12.11 $10.70
EBITDA Generation Business1 ($ in Millions) $115 to $125 per year (2016 – 2017)
EBITDA DPL Inc. including Generation and T&D
($ in Millions)
~ $350 per year
Reference Prices2
Henry Hub Natural Gas ($/mmbtu) 2.6 2.8 3.0
AEP-Dayton Hub ATC Prices ($/MWh) 32 33 33
EBITDA Sensitivities (with Existing Hedges) ($ in Millions)
+10% AD Hub Energy Price ATC ($/MWh) $4 $24 $35
-10% AD Hub Energy Price ATC ($/MWh) -$4 -$24 -$35
38. 38Contains Forward-Looking Statements
$ in Millions
Non-Recourse Debt at DP&L and DPL Inc.
Series Interest Rate Maturity Amount Outstanding as
of September 30, 2015 Remarks
2013 First Mortgage Bonds 1.875% Sep 2016 $445.0 ● Callable at make-whole T+20
2005 Boone County, KY PCBs 4.7% Jan 2028 - ● Retired on July 1
2005 OH Air Quality PCBs 4.8% Jan 2034 - ● Retired Aug 3
2005 OH Water Quality PCBs 4.8% Jan 2034 - ● Retired on July 1
2006 OH Air Quality PCBs 4.8% Sep 2036 $100.0 ● Non-callable; at par in Sep 2016
2008 OH Air Quality PCBs (VDRNs) Variable Nov 2040 - ● Retired Aug 3
2015 Direct Purchase Tax Exempt TL Variable Aug 2020 (put) $200.0 ● Redeemable at par on any day
Total Pollution Control Various Various $300.0
Wright-Patterson AFB Note 4.2% Feb 2061 $18.1 ● No prepayment option
2015 DP&L Revolver Variable Jul 2020 $10.0 ● Pre-payable on any day
DP&L Preferred 3.8% N/A $22.9
● Redeemable at pre-established
premium
Total DP&L $796.0
2018 Term Loan Variable May 2018 $125.0 ● No prepayment penalty
2016 Senior Unsecured 6.50% Oct 2016 $130.0 ● Callable make-whole T+50
2019 Senior Unsecured 6.75% Oct 2019 $200.0 ● Callable at make-whole T+50
2021 Senior Unsecured 7.25% Oct 2021 $780.0 ● Callable at make-whole T+50
Total Senior Unsecured Bonds Various Various $1,110
2015 DPL Revolver Variable Jul 2020 - ● Pre-payable on any day
2001 Cap Trust II Securities 8.125% Sep 2031 $15.6 ● Non-callable
Total DPL Inc. $1,250.6
TOTAL $2,046.6
39. 39Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
Reconciliation of 2015 Guidance
2015 Guidance
Proportional Free Cash Flow1 $1,000-$1,350
Consolidated Net Cash Provided by Operating
Activities
$1,900-$2,700
Adjusted EPS1 $1.18-$1.25
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$1,900-$2,700 $300-$750 $1,600-$1,950
Maintenance &
Environmental Capital
Expenditures (b)
$650-$950 $200 $450-$750
Free Cash Flow1 (a - b) $1,100-$1,900 $100-$550 $1,000-$1,350
Commodity and foreign currency exchange rates and forward curves as of September
30, 2015
40. 40Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
Reconciliation of 2016 Guidance
2016 Guidance
Proportional Free Cash Flow1 $1,125-$1,475
Consolidated Net Cash Provided by Operating
Activities
$2,200-$3,000
Adjusted EPS1 $1.05-$1.15
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$2,200-$3,000 $575-$1,025 $1,625-$1,975
Maintenance &
Environmental Capital
Expenditures (b)
$550-$850 $200 $350-$650
Free Cash Flow1 (a - b) $1,500-$2,300 $375-$825 $1,125-$1,475
Commodity and foreign currency exchange rates and forward curves as of October 15,
2015
41. 41Contains Forward-Looking Statements
Assumptions
Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited
to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses
continue to operate in a manner consistent with or better than prior operating performance, including achievement of
planned productivity improvements including benefits of global sourcing, and in accordance with the provisions of their
relevant contracts or concessions; (c) new business opportunities are available to AES in sufficient quantity to achieve its
growth objectives; (d) no material disruptions or discontinuities occur in the Gross Domestic Product (GDP), foreign
exchange rates, inflation or interest rates during the forecast period; and (e) material business-specific risks as described in
the Company’s SEC filings do not occur individually or cumulatively. In addition, benefits from global sourcing include
avoided costs, reduction in capital project costs versus budgetary estimates, and projected savings based on assumed
spend volume which may or may not actually be achieved. Also, improvement in certain KPIs such as equivalent forced
outage rate and commercial availability may not improve financial performance at all facilities based on commercial terms
and conditions. These benefits will not be fully reflected in the Company’s consolidated financial results.
The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled
outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to AES, the Parent
Company, however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may result
from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for
investment and related activities outside of the U.S. These investments included equity investments and loans to other
foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash held
by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and QHCs
as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the
non-recourse nature of most of AES’ indebtedness.
42. 42Contains Forward-Looking Statements
Definitions
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.
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.
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.
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.
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.
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.
43. 43Contains Forward-Looking Statements
Definitions (Continued)
Proportional Free Cash Flow – The Company defines Proportional Free Cash Flow as cash flows from operating activities less maintenance capital expenditures (including
non-recoverable environmental capital expenditures), adjusted for the estimated impact of noncontrolling interests. The proportionate share of cash flows and related
adjustments attributable to noncontrolling interests in our subsidiaries comprise the proportional adjustment factor presented in the reconciliation below. Upon the Company’s
adoption of the accounting guidance for service concession arrangements effective January 1, 2015, capital expenditures related to service concession assets that would have
been classified as investing activities on the Condensed Consolidated Statement of Cash Flows are now classified as operating activities.
Beginning in the first quarter of 2015, the Company changed the definition of Proportional Free Cash Flow to exclude the cash flows for capital expenditures related to service
concession assets that are now classified within net cash provided by operating activities on the Condensed Consolidated Statement of Cash Flows. The proportional adjustment
factor for these capital expenditures is presented in the reconciliation below.
The Company excludes environmental capital expenditures that are expected to be recovered through regulatory, contractual or other mechanisms. An example of recoverable
environmental capital expenditures is IPL’s investment in MATS-related environmental upgrades that are recovered through a tracker.
The GAAP measure most comparable to proportional free cash flow is cash flows from operating activities. We believe that proportional free cash flow better reflects the
underlying business performance of the Company, as it measures the cash generated by the business, after the funding of maintenance capital expenditures, that may be
available for investing or repaying debt or other purposes. Factors in this determination include the impact of noncontrolling interests, where AES consolidates the results of a
subsidiary that is not wholly owned by the Company.
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. Beginning in Q1 2015, the
definition was revised to also exclude cash flows related to service concession assets.
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.
Subsidiary Liquidity (a non-GAAP financial measure) is defined as cash and cash equivalents and bank lines of credit at various subsidiaries.
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 consistsof 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.