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.
SCE provided a business update for November 2016. The document discusses SCE's strategy to produce shareholder value through sustained earnings and dividend growth led by increasing SCE's rate base. SCE plans to invest $23 billion in capital projects from 2016-2020, including $2.3 billion for grid modernization. This capital investment is expected to drive SCE's average annual rate base growth of 8.5% over the period. Regulatory filings like the 2018 GRC seek approval for these planned expenditures and revenue requirements.
The document provides an overview 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.
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 AES Corporation reported its third quarter 2016 financial results. Key points include:
- Adjusted EPS decreased to $0.32 per share from $0.38 per share in Q3 2015 due to foreign exchange impacts and restructuring in Chile.
- Proportional free cash flow was $400 million, down from $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES has 3,389 MW of generation projects under construction globally that are expected to come online through 2019.
The document provides an overview of AES Corporation's financial results for the second quarter of 2016. Some key points:
- Adjusted EPS decreased to $0.17 per share compared to $0.26 in Q2 2015, driven by lower margins in Brazil and MCAC SBUs and the impact of foreign currency devaluations.
- Proportional free cash flow increased to $417 million from $62 million in Q2 2015, reflecting the collection of outstanding receivables in Bulgaria.
- Results were generally in line with expectations and the company is on track to achieve its full-year guidance targets.
The document provides an overview of AES Corporation's business strategy and financial expectations. AES is reshaping its business mix to focus on projects with long-term US dollar contracts, capitalizing on growth in key markets. It expects double-digit earnings and free cash flow growth through 2020 as it brings new projects online and strengthens its balance sheet by paying down debt. AES provided guidance for 2016 of $1-1.35 billion in proportional free cash flow and $0.95-1.05 in adjusted EPS, and expects average annual growth rates of over 10% and 12-16%, respectively, from 2017-2018.
The AES Corporation released its first quarter 2016 financial review which included the following key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and Brazil, and a higher quarterly tax rate.
- Proportional free cash flow was $253 million, in line with 2015 levels, with decreases in the US, Andes, Europe, and MCAC SBUs offset by increases in Brazil and Asia.
- The company is on track to achieve its $150 million, 3-year cost reduction program and its $7.5 billion construction program is advancing on schedule and will be the major driver of future
The 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.
SCE provided a business update for November 2016. The document discusses SCE's strategy to produce shareholder value through sustained earnings and dividend growth led by increasing SCE's rate base. SCE plans to invest $23 billion in capital projects from 2016-2020, including $2.3 billion for grid modernization. This capital investment is expected to drive SCE's average annual rate base growth of 8.5% over the period. Regulatory filings like the 2018 GRC seek approval for these planned expenditures and revenue requirements.
The document provides an overview 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.
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 AES Corporation reported its third quarter 2016 financial results. Key points include:
- Adjusted EPS decreased to $0.32 per share from $0.38 per share in Q3 2015 due to foreign exchange impacts and restructuring in Chile.
- Proportional free cash flow was $400 million, down from $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES has 3,389 MW of generation projects under construction globally that are expected to come online through 2019.
The document provides an overview of AES Corporation's financial results for the second quarter of 2016. Some key points:
- Adjusted EPS decreased to $0.17 per share compared to $0.26 in Q2 2015, driven by lower margins in Brazil and MCAC SBUs and the impact of foreign currency devaluations.
- Proportional free cash flow increased to $417 million from $62 million in Q2 2015, reflecting the collection of outstanding receivables in Bulgaria.
- Results were generally in line with expectations and the company is on track to achieve its full-year guidance targets.
The document provides an overview of AES Corporation's business strategy and financial expectations. AES is reshaping its business mix to focus on projects with long-term US dollar contracts, capitalizing on growth in key markets. It expects double-digit earnings and free cash flow growth through 2020 as it brings new projects online and strengthens its balance sheet by paying down debt. AES provided guidance for 2016 of $1-1.35 billion in proportional free cash flow and $0.95-1.05 in adjusted EPS, and expects average annual growth rates of over 10% and 12-16%, respectively, from 2017-2018.
The AES Corporation released its first quarter 2016 financial review which included the following key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and Brazil, and a higher quarterly tax rate.
- Proportional free cash flow was $253 million, in line with 2015 levels, with decreases in the US, Andes, Europe, and MCAC SBUs offset by increases in Brazil and Asia.
- The company is on track to achieve its $150 million, 3-year cost reduction program and its $7.5 billion construction program is advancing on schedule and will be the major driver of future
The 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.
Sunoco LP provides an investor presentation covering forward-looking statements, non-GAAP measures, an overview of the partnership including its retail and wholesale segments, and highlights compelling investment opportunities through its leading market position, track record of stable cash flows, diversified business and geography, experienced management team, and organic and acquisition growth opportunities. The presentation also reviews Sunoco LP's history, recent acquisitions, emerging acquisition, brand portfolio, merchandising, real estate assets, lines of business, liquidity and capital structure, and debt maturity profile.
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.
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.
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.
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.
UGI Utilities is Pennsylvania's second largest natural gas distribution company serving over 626,000 customers. It has a constructive regulatory environment and opportunities for growth supported by its proximity to the Marcellus Shale reserves. UGI Utilities achieved record capital investment in 2016 of over $260 million and added approximately 16,000 new customers. It expects to continue strong capital investment to increase system reliability and support growth, growing its rate base and net income 5-7% annually.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
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.
BGC Partners reported first quarter 2016 earnings. Financial highlights included revenues of $660.1 million, up 17.1% from the first quarter of 2015. Pre-tax distributable earnings were $90.8 million, up 20.7% year-over-year. The company saw revenue growth across all regions. BGC's board also declared a quarterly cash dividend of $0.16 per share, an increase of 14.3% from the prior year. Financial Services revenues increased 23% due to the acquisition of GFI Group, while pre-tax earnings for the segment rose over 31% and margins expanded. Real Estate Services revenues grew over 7% from organic growth and acquisitions.
September 2016 general investor presentationv v final 9 14-16irbgcpartners
BGC Partners reported strong year-over-year growth in distributable earnings for the second quarter of 2016 and full year 2015. For the second quarter, pre-tax distributable earnings increased 6.7% year-over-year driven by growth in the Financial Services segment, particularly in its fully electronic FENICS business. BGC's business is diversified by geography, asset class, and between its Financial Services and Real Estate Services segments. The company has a track record of successful acquisitions that have been accretive to earnings.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
June 2016 general investor presentationirbgcpartners
This presentation provides an overview of BGC Partners, a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's diversified revenue streams, growth opportunities through acquisitions and hiring, and expectations around cost savings and future dividend payments. Key metrics on revenue, earnings, and staffing are presented for the first quarter of 2016 and full year 2015 to illustrate the company's financial performance and stability.
SCE filed its 2018 General Rate Case application in September 2016 requesting a revenue requirement increase of $196 million or 2.5% for 2018. Intervenors ORA and TURN filed testimony proposing lower spending levels that would result in smaller revenue requirement increases or decreases. SCE rebuttal testimony defended its requested spending levels and forecasted rate base growth of 8.3% annually from 2017-2020. Key upcoming regulatory proceedings for SCE include the 2018 GRC, cost of capital, and programs related to grid modernization, transportation electrification, and distributed energy resources.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
The document provides an overview of SemGroup Corporation and Rose Rock Midstream's use of non-GAAP financial measures like Adjusted EBITDA to evaluate performance in addition to GAAP measures. It explains that while non-GAAP measures provide additional information, they have limitations and may not be comparable between companies. Reconciliations of non-GAAP to GAAP measures are provided on their websites. The document also presents financial information, operational details, growth strategies and capital expenditure plans for SemGroup's crude oil and natural gas businesses.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' focus on execution of their growth strategy, commitment to a strong balance sheet and disciplined capital program. Specific projects highlighted include expansion of the Nautilus system in the Delaware Basin, Arrow Debottlenecking phases 1 and 2 in the Bakken, and the Orla processing plant and pipeline. These projects are expected to provide significant incremental annual cash flow of over $120 million by 2021.
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 is an investor presentation for Sunoco LP (SUN) that provides an overview of the company and its financial performance. Some key points:
- SUN has rapidly increased its scale and diversification through four dropdown acquisitions from Energy Transfer Partners totaling over $5 billion.
- The company has a balanced portfolio of retail fuel, wholesale fuel distribution, and convenience stores/merchandise that generates stable cash flows across commodity cycles.
- In the second quarter of 2016, SUN increased retail fuel gallons sold slightly while growing wholesale fuel gallons more significantly. Merchandise sales and margins also increased year-over-year.
The document is an interest rate swap term sheet between Blackrock and DBS for a 5 year swap. Counterparty A will pay a floating rate of 3M LIBOR + 0 bps and receive a fixed rate of 5.231%. The notional amount is $4,500,000. The termination date is 9/16/2014. The purpose of the trade is for modifying duration, changing risk, and targeting returns.
Despite a sluggish economic recovery, Americans continue to shell out ever-growing amounts during high-spending times of the year. Take, for example, the record $4.7 billion consumers spent on movie tickets during the summer of 2013 and their total holiday purchases, which have been climbing steadily since 2010 after a two-year drop. During the run-up to these free-spending periods, companies put in many long hours devising sales strategies to maximize consumer engagement and ROI. Consumers plan ahead, too, relying on friends, family, social media and mobile devices to research products, land the best deals and discover the ultimate customer experience.
During these times, loyalty programs take center stage – not just in the retail sector but also in financial services. And some exciting recent developments have helped financial services loyalty programs turn the image of the faceless, unresponsive bank into one that is driving genuine customer engagement year-round, including:
• The evolving importance of Big Data and its accumulation and analysis beyond traditional loyalty metrics. Financial services, like other verticals, are learning to cater holistically to customers. What can a brand learn about program members outside of how they shop, what they buy and how they interact with their financial institution? How does their lifestyle impact their loyalty experience?
• The growing need for FIs to get moving on mobile while attracting, engaging and retaining Millennials – a generation poised for significant spending power, but whose loyalty remains up for grabs. Banks need to be where their customers are and increasingly that means offering them an on-the-go experience that is seamless, intuitive and fun.
• The fundamental rethinking of how a customer’s predicted long-term economic value – commonly known as customer lifetime value (CLV) – is determined. FIs must embrace CLV as the total amount customers could spend over time if properly engaged, with transactional barriers removed.
These trends – and additional insights – are at the heart of the Kobie Quarterly Review: Financial Services edition. Its goal is simple: to educate readers about the evolving loyalty landscape in specific industries and where it’s heading. Our Quarterly Review also offers suggestions and analyses on how brands can improve their loyalty efforts, discussions on mobile technology and today’s two-way brand-consumer dialogue.
We hope the Kobie Quarterly Review: Financial Services edition broadens your appreciation for what loyalty programs are all about - a way for brands and customers to truly develop genuine relationships – relationships that can grow as robust as the most revered financial institutions.
Tell us what you think and keep the conversation going.
Michael Hemsey, President
Kobie Marketing
Sunoco LP provides an investor presentation covering forward-looking statements, non-GAAP measures, an overview of the partnership including its retail and wholesale segments, and highlights compelling investment opportunities through its leading market position, track record of stable cash flows, diversified business and geography, experienced management team, and organic and acquisition growth opportunities. The presentation also reviews Sunoco LP's history, recent acquisitions, emerging acquisition, brand portfolio, merchandising, real estate assets, lines of business, liquidity and capital structure, and debt maturity profile.
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.
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.
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.
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.
UGI Utilities is Pennsylvania's second largest natural gas distribution company serving over 626,000 customers. It has a constructive regulatory environment and opportunities for growth supported by its proximity to the Marcellus Shale reserves. UGI Utilities achieved record capital investment in 2016 of over $260 million and added approximately 16,000 new customers. It expects to continue strong capital investment to increase system reliability and support growth, growing its rate base and net income 5-7% annually.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
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.
BGC Partners reported first quarter 2016 earnings. Financial highlights included revenues of $660.1 million, up 17.1% from the first quarter of 2015. Pre-tax distributable earnings were $90.8 million, up 20.7% year-over-year. The company saw revenue growth across all regions. BGC's board also declared a quarterly cash dividend of $0.16 per share, an increase of 14.3% from the prior year. Financial Services revenues increased 23% due to the acquisition of GFI Group, while pre-tax earnings for the segment rose over 31% and margins expanded. Real Estate Services revenues grew over 7% from organic growth and acquisitions.
September 2016 general investor presentationv v final 9 14-16irbgcpartners
BGC Partners reported strong year-over-year growth in distributable earnings for the second quarter of 2016 and full year 2015. For the second quarter, pre-tax distributable earnings increased 6.7% year-over-year driven by growth in the Financial Services segment, particularly in its fully electronic FENICS business. BGC's business is diversified by geography, asset class, and between its Financial Services and Real Estate Services segments. The company has a track record of successful acquisitions that have been accretive to earnings.
This document provides an overview of SemGroup's non-GAAP financial measures, forward-looking statements, and strategy for creating shareholder value. It discusses SemGroup's stable cash flows derived from long-term contracts and investment-grade counterparties. The presentation also outlines SemGroup's crude oil and natural gas assets located in key North American basins and its strategy to pursue organic growth and strategic acquisitions.
June 2016 general investor presentationirbgcpartners
This presentation provides an overview of BGC Partners, a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's diversified revenue streams, growth opportunities through acquisitions and hiring, and expectations around cost savings and future dividend payments. Key metrics on revenue, earnings, and staffing are presented for the first quarter of 2016 and full year 2015 to illustrate the company's financial performance and stability.
SCE filed its 2018 General Rate Case application in September 2016 requesting a revenue requirement increase of $196 million or 2.5% for 2018. Intervenors ORA and TURN filed testimony proposing lower spending levels that would result in smaller revenue requirement increases or decreases. SCE rebuttal testimony defended its requested spending levels and forecasted rate base growth of 8.3% annually from 2017-2020. Key upcoming regulatory proceedings for SCE include the 2018 GRC, cost of capital, and programs related to grid modernization, transportation electrification, and distributed energy resources.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
The document provides an overview of SemGroup Corporation and Rose Rock Midstream's use of non-GAAP financial measures like Adjusted EBITDA to evaluate performance in addition to GAAP measures. It explains that while non-GAAP measures provide additional information, they have limitations and may not be comparable between companies. Reconciliations of non-GAAP to GAAP measures are provided on their websites. The document also presents financial information, operational details, growth strategies and capital expenditure plans for SemGroup's crude oil and natural gas businesses.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights the companies' focus on execution of their growth strategy, commitment to a strong balance sheet and disciplined capital program. Specific projects highlighted include expansion of the Nautilus system in the Delaware Basin, Arrow Debottlenecking phases 1 and 2 in the Bakken, and the Orla processing plant and pipeline. These projects are expected to provide significant incremental annual cash flow of over $120 million by 2021.
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 is an investor presentation for Sunoco LP (SUN) that provides an overview of the company and its financial performance. Some key points:
- SUN has rapidly increased its scale and diversification through four dropdown acquisitions from Energy Transfer Partners totaling over $5 billion.
- The company has a balanced portfolio of retail fuel, wholesale fuel distribution, and convenience stores/merchandise that generates stable cash flows across commodity cycles.
- In the second quarter of 2016, SUN increased retail fuel gallons sold slightly while growing wholesale fuel gallons more significantly. Merchandise sales and margins also increased year-over-year.
The document is an interest rate swap term sheet between Blackrock and DBS for a 5 year swap. Counterparty A will pay a floating rate of 3M LIBOR + 0 bps and receive a fixed rate of 5.231%. The notional amount is $4,500,000. The termination date is 9/16/2014. The purpose of the trade is for modifying duration, changing risk, and targeting returns.
Despite a sluggish economic recovery, Americans continue to shell out ever-growing amounts during high-spending times of the year. Take, for example, the record $4.7 billion consumers spent on movie tickets during the summer of 2013 and their total holiday purchases, which have been climbing steadily since 2010 after a two-year drop. During the run-up to these free-spending periods, companies put in many long hours devising sales strategies to maximize consumer engagement and ROI. Consumers plan ahead, too, relying on friends, family, social media and mobile devices to research products, land the best deals and discover the ultimate customer experience.
During these times, loyalty programs take center stage – not just in the retail sector but also in financial services. And some exciting recent developments have helped financial services loyalty programs turn the image of the faceless, unresponsive bank into one that is driving genuine customer engagement year-round, including:
• The evolving importance of Big Data and its accumulation and analysis beyond traditional loyalty metrics. Financial services, like other verticals, are learning to cater holistically to customers. What can a brand learn about program members outside of how they shop, what they buy and how they interact with their financial institution? How does their lifestyle impact their loyalty experience?
• The growing need for FIs to get moving on mobile while attracting, engaging and retaining Millennials – a generation poised for significant spending power, but whose loyalty remains up for grabs. Banks need to be where their customers are and increasingly that means offering them an on-the-go experience that is seamless, intuitive and fun.
• The fundamental rethinking of how a customer’s predicted long-term economic value – commonly known as customer lifetime value (CLV) – is determined. FIs must embrace CLV as the total amount customers could spend over time if properly engaged, with transactional barriers removed.
These trends – and additional insights – are at the heart of the Kobie Quarterly Review: Financial Services edition. Its goal is simple: to educate readers about the evolving loyalty landscape in specific industries and where it’s heading. Our Quarterly Review also offers suggestions and analyses on how brands can improve their loyalty efforts, discussions on mobile technology and today’s two-way brand-consumer dialogue.
We hope the Kobie Quarterly Review: Financial Services edition broadens your appreciation for what loyalty programs are all about - a way for brands and customers to truly develop genuine relationships – relationships that can grow as robust as the most revered financial institutions.
Tell us what you think and keep the conversation going.
Michael Hemsey, President
Kobie Marketing
Here's a summary of how review engagements are changing once SSARS 21 is implemented. The effective date of SSARS 21 is for periods ending on or after December 15, 2015.
CPA Horizons 2025 Report from in-person future forums and electronic questions for a total of over 8,000 CPAs participating in a conversation about the future.
MACPA's Business Learning Institute designed and led the in-person future forums through an eight city two-a-day tour to get the wisdom of the crowd.
Beyond the Click: SlideShare as a Lead Generation ToolEquilibria, Inc.
SlideShare is one of the world's largest content marketing platforms. Yet, many businesses (of all sizes) and subject matter experts are still unaware of its potential as a viable source of leads.
This case study, originally presented at the 2016 Minitab Insights Conference, documents the journey I took in determining if I could apply Six Sigma techniques to analyze data from SlideShare and eventually use those insights to increase my company's online sales.
That is in fact, the million dollar question - "What happens beyond a content viewer's click? Can an increase in content engagement lead to an increase in online sales"?
Find out the answer in my presentation!
It includes a process flow map as well as a summary of all project deliverables.
Sustainability – as a conceptual framework for the organization of priorities and allocation of resources – provides a unique platform for reducing costs, identifying and managing risk, enhancing brand, and driving innovation. No other business priority offers as rich a set of benefits over time - benefits that create, enhance and preserve lasting value for all stakeholders.
This document analyzes an investment in a leading global foodservice retailer. It provides company information, reviews market data, and analyzes the company's finances. The financial analysis shows the company has experienced steady revenue, income, and dividend growth in recent years. It is also highly profitable, efficient, liquid, and able to cover its debts based on various financial metrics compared to competitors. Based on this analysis, the document recommends a strong buy position in the company.
This slideshare is from the webinar on Lessons learned and business case for a rapid RPA with Lee Ward, EGM at Leading Global Infrastructure and Facilities Management organisation.
The document outlines 5 common reasons for pursuing a CPA license: 1) It is required for many public accounting jobs; 2) CPAs enjoy higher earning potential over their career, up to $1 million more in take-home salary; 3) CPAs are more likely to be promoted into leadership and management roles; 4) CPAs have a broad range of career opportunities across fields like auditing, consulting, IT, and tax services; 5) CPAs are widely respected and trusted professionals.
Uber is a platform that connects passengers to drivers of available car services. The Uber mobile app allows passengers to electronically hail a car based on their location, and all ride transactions are automatically billed to the passenger's credit card on file. While taxis have faced little change to their business model since the 1940s, Uber has disrupted the transportation industry by creating a convenient and reliable ride-hailing service through a smartphone application.
This is a template that MBA or undergraduate business students can use for case study presentations for class or case competitions. It's bare bones, meant to explain the flow of information and suggest some frameworks to use to discuss the problem in a case.
UX, ethnography and possibilities: for Libraries, Museums and ArchivesNed Potter
1) The document discusses how the University of York Library has used various user experience (UX) techniques like ethnographic observation and interviews to better understand user needs and behaviors.
2) Some changes implemented based on UX findings include installing hot water taps, changing hours, and adding blankets - aimed at improving the small details of user experience.
3) The presentation encourages other libraries, archives and museums to try incorporating UX techniques like behavioral mapping and cognitive interviews to inform design changes that enhance services for users.
TEDx Manchester: AI & The Future of WorkVolker Hirsch
TEDx Manchester talk on artificial intelligence (AI) and how the ascent of AI and robotics impacts our future work environments.
The video of the talk is now also available here: https://youtu.be/dRw4d2Si8LA
2016 Wolfe Research Power & Gas Leaders ConferenceAES_BigSky
- The AES Corporation is an energy company led by Tom O'Flynn, Executive Vice President & CFO.
- The presentation contains forward-looking statements and discusses AES' business strategy, financial projections, and growth expectations through 2021.
- AES expects double-digit growth in free cash flow and earnings driven by $7.8 billion in construction projects under way that will come online between now and 2021.
The document provides an overview 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 and summary of The AES Corporation's presentation at the Wolfe Research Power & Gas Leaders Conference on September 18, 2014. The presentation discusses AES' diversified portfolio of generation and utility businesses, its strategy to reduce risk, drive growth and enhance returns, and its outlook for 2014-2018 which includes adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
This document 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.
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.
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.
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.
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.
This document provides an overview and summary of The AES Corporation's business operations from the perspective of Andrés Gluski, President and CEO, during a presentation at the Barclays CEO Energy-Power Conference on September 2, 2014. The summary includes highlights about AES' diversified portfolio across different regions, growth strategies focused on leveraging existing platforms and partnerships, a construction program adding nearly 7,000 MW through 2018, and financial outlook projecting adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
This document provides an overview and summary of The AES Corporation's business operations from the perspective of Andrés Gluski, President and CEO, during a presentation at the Barclays CEO Energy-Power Conference on September 2, 2014. The summary includes highlights about AES' accomplishments, strategic focus on reducing risk and selectively investing in growth, and outlook for delivering higher risk-adjusted returns through 2018. Key growth drivers include AES' global construction program, leveraging existing platforms, and attracting partners to reduce costs and risks.
The document provides an overview of The AES Corporation's presentation at the EEI Financial Conference in November 2017. It discusses AES' business operations and growth strategy, including expanding its renewable energy portfolio through projects under construction totaling 2,232 MW by 2018 and 8,437 MW by 2020. It also discusses AES' focus on reshaping its portfolio to reduce carbon intensity and improve risk-adjusted returns through investments in natural gas, renewable energy projects with long-term contracts, and growing markets. The document contains forward-looking statements and includes assumptions and safe harbor disclosures.
The AES Corporation reported its 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.
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
The document is 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.
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.
04 15-15 april investor presentation wc-finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 driven by new businesses coming online, despite currency and commodity headwinds. Beyond 2015, AES expects average annual adjusted EPS growth of 6-8% through 2018 from its $1.5 billion construction program that is already 70% funded.
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 due to various challenges, but sees growth of 6-8% annually through 2018 as projects under construction come online. AES also expects proportional free cash flow of $1-1.35 billion in 2015 and 10-15% annual growth through 2018, driving future capital allocation opportunities.
- 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
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.
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.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
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.
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4study presented by a Big 4
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
The E-Way Bill revolutionizes logistics by digitizing the documentation of goods transport, ensuring transparency, tax compliance, and streamlined processes. This mandatory, electronic system reduces delays, enhances accountability, and combats tax evasion, benefiting businesses and authorities alike. Embrace the E-Way Bill for efficient, reliable transportation operations.
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.
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 67 and the Appendix to this
presentation. Actual results could differ materially from those projected in our forward-looking
statements due to risks, uncertainties and other factors. Important factors that could affect actual
results are discussed in AES’ filings with the Securities and Exchange Commission including but not
limited to the risks discussed under Item 1A “Risk Factors” and Item 7: “Management’s Discussion &
Analysis” in AES’ 2016 Annual Report on Form 10-K, as well as our other SEC filings. AES undertakes
no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Reconciliation to U.S. GAAP Financial Information
The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G
under the Securities Exchange Act of 1934, as amended. Schedules are included herein that reconcile
the non-GAAP financial measures included in the following presentation to the most directly
comparable financial measures calculated and presented in accordance with U.S. GAAP.
3. 3Contains Forward-Looking Statements
Q4 and Full Year 2016 Financial Review Call
Delivered on 2016 guidance
Positive developments across our businesses and markets
Making good progress to conclude pending rate case at DPL in Ohio
On track to achieve $350 million run rate cost savings through 2018
Targeting an additional $50 million in run rate savings by 2020
Expect to complete 3,389 MW of projects under construction through 2019
Continuing to exit non-core assets
Announced $500 million in proceeds in 2016, targeting at least $500 million in 2017
sPower acquisition is accretive and will help reposition our portfolio
Initiating 2017 guidance and expect to deliver 8% to 10% average annual
growth in free cash flow, Adjusted EPS and shareholder dividend through
2020
4. 4Contains Forward-Looking Statements
Key Trends and Developments
GDP & Electricity
Demand
ArgentinaChile
Rebound in commodity
prices is helping GDP
and electricity demand
In Brazil, demand
expected to grow 1% in
2017 versus a decline of
3% in 2016
In Chile, demand
expected to grow 2% to
3% versus 1% in 2016
More restrictive rules
for long-term capacity
auctions in Chile favor
serious bids
Winning bidders who do
not develop the projects
they were awarded will
face significant
penalties
Encouraged by positive
developments in
Argentina
Government increased
electricity tariff and
linked generation tariff
to U.S. Dollar
Recently raised $300
million, 7-year bond at
7.75% by utilizing a
portion of the debt
capacity at existing
businesses
Receiving dividends
from our businesses
5. 5Contains Forward-Looking Statements
23%
29%18%
30%
Leveraging Our Platforms: $6.4 Billion Construction
Program Funded with Combination of Debt and Equity
$1.1 Billion AES Equity Commitment, of Which Only $250 Million Is
Still To Be Funded
US
Chile
Asia
Panama
6. 6Contains Forward-Looking Statements
49% complete versus 40% at the time of third quarter call in November
Continue to expect cost overruns of 10%-20% ($200-$400 million) of project cost
Signed term sheet for financing commitments for up to 22% of project cost for cost
overruns and contingencies
Brought in EPC contractor as a minority partner
Funded by a combination of project lenders, AES Gener, Minera los Pelambres and EPC
contractor
No material change in project capital structure with 60% debt and 40% equity
Continue to see long-term value in the project
Diversifies generation mix in Chile
Locational advantage
Long expected life
Construction Update
531 MW Alto Maipo Run-of-River Project in Chile
7. 7Contains Forward-Looking Statements
3,389 MW Under Construction and Expected to Come On-Line Through
2019
1. Includes: 122 MW DPP Conversion (Dominican Republic), 20 MW Dominican Energy Storage (Dominican Republic) and 10 MW Distributed Energy (US).
2. Includes: 1,320 MW OPGC 2 (India), 671 MW Eagle Valley CCGT (US) and 380 MW Colón (Panama).
3. Includes: 531 Alto Maipo (Chile) and 335 MW Masinloc 2 (Philippines).
2,976
7,749
1521
2,3712
8663
3,389
1,384
2016 2017 2018 2019 Total Under
Construction
2020-2021 Total
Completed Under Construction Southland Repowering
In 2016, Brought On-Line 2,976 MW of Construction
Projects – On Time and On Budget
Leveraging Our Platform for Long-Term Growth
8. 8Contains Forward-Looking Statements
Attributes of Future Growth Projects
Natural gas generation and infrastructure projects, as well as
renewables
Long-term, U.S. Dollar-denominated contracts
Reduction of carbon intensity
Offer attractive risk-adjusted returns
Focusing on Accretive and Credit-Positive Projects
9. 9Contains Forward-Looking Statements
sPower Acquisition: Redeploying Asset Sale Proceeds into
Renewable Growth Platform
1,274 MW have 21-year contracts with
A-rated, large utilities and end-users in
U.S.
Team of 90 professionals with extensive
development, construction and
operating experience
Partnering with AIMCo, a $95 billion
Canadian pension fund, as our 50%
partner
Funding our $382 million share of equity
largely from cash on hand from the sale
of Sul (Brazil)
1,274 MW Solar and Wind Portfolio;
10,000 MW Renewable Development Pipeline
Acquisition Provides Stable Cash Flows and Offers a Better Renewable
Growth Platform
18%
15%
11%
10%
10%
10%
10%
8%
6%
2%
SCE
LADWP
PacifiCorp
Municipalities
PG&E
Duke
SCPPA
CDWR
Other
LIPA
10. 10Contains Forward-Looking Statements
Average remaining contract life of 18 years
Will diversify Tietê’s generation mix from 100% hydro and contribute stable
cash flows
R$650 million transaction enables Tietê to capitalize on its R$1.5 billion debt
capacity
Tietê’s Acquisition of Renova’s Wind Business in Brazil
386 MW Alto de Sertão II Wind Business in State of Bahia
11. 11Contains Forward-Looking Statements
Follows previously signed supply agreement with ENGIE for Colón in
Panama, which is currently under construction
Jointly marketing 0.7 million tonnes per annum of LNG through the Andres
terminal in the Dominican Republic
Currently utilize 50% of the capacity for existing power plants in the Dominican
Republic
Significant potential to maximize value of the terminal through sales to
downstream customers in the Dominican Republic and the Caribbean
Partnership with ENGIE positions us to offer long-term source of reliable
energy at competitive prices to electric generation and industrial customers
LNG in the Dominican Republic
Partnership Agreement with ENGIE
12. 12Contains Forward-Looking Statements
$ in Millions
1. Cost reductions reflected in General and Administrative Expense (G&A), as well as Cost of Sales. Some of the previously reported 2012 and 2013 G&A
Expense related to administrative costs at our SBUs has been reclassified to Cost of Sales.
$90
$350$53
$57
$50
$100
$25
$25
$50
2012 2013 2014 2016 2017-2018
Estimate
2019
Estimate
2020
Estimate
Total
Performance Excellence
On Track to Achieve $350 Run Rate through 2018;
Additional $50 Run Rate Expected by 2020
$400
13. 13Contains Forward-Looking Statements
$ in Millions
Continuing to Reshape Our Portfolio and Improve Overall
Risk Profile
Achieved $3.6 Billion in Asset Sale Proceeds;
Expect at Least $500 Million in 2017
$900
$3,608
$234
$1,207
$757
$510
$500
2011-2012 2013 2014 2015 2016 2011-2016
Total
2017
Estimate
14. 14Contains Forward-Looking Statements
$ in Millions
Reduced Parent Debt by 28% or $1.8 Billion
$6,515
$4,717
($530)
($308)
($419) ($240)
($301)
Total Debt
as of
December
31, 2011
2012 2013 2014 2015 2016 Total Debt
as of
December
31, 2016
15. 15Contains Forward-Looking Statements
1. A non-GAAP financial measure. See Appendix for definition.
Q4 and Full Year 2016 Financial Review
Q4 and FY 2016 results
Adjusted EPS1
Proportional Free Cash Flow1 and Adjusted PTC1 by Strategic
Business Unit (SBU)
2016 Parent capital allocation plan
2017 Guidance and 2018-2020 expectations
2017 Parent capital allocation plan
16. 16Contains Forward-Looking Statements
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Full Year 2016 Adjusted EPS1 Decreased $0.27
$1.25
$0.98($0.09)
($0.15)
($0.11)
$0.06 $0.02
FY 2015 SBUs Other FX Tax Capital
Allocation/Asset
Sales
FY 2016
- Chivor in
Colombia
- Tietê in
Brazil
+ IPL in the
US
- Restructuring
gain at
Guacolda in
Chile in 2015
- Reversal of a
liability at
Eletropaulo in
Brazil in 2015
- Reserve taken
against
reimbursements
in 2016
- Kazakhstan
Tenge
- Argentine
Peso
- Colombian
Peso
2015 tax rate: 29%
2016 tax rate: 23%
17. 17Contains Forward-Looking Statements
Full Year Financial Results
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Margins declined due to lower
contributions primarily in the US,
Brazil and Europe
Lower Adjusted PTC1 also reflects:
Restructuring of Guacolda in Chile
that benefitted 2015
Reserve taken against
reimbursements in 2016
Higher Proportional Free Cash
Flow1 also reflects:
Settlement of overdue receivable at
Maritza in Bulgaria in 2016
Higher collections at distribution
businesses, Eletropaulo and Sul, in
Brazil
Proportional Free Cash Flow1
Increased $176
$1,241 $1,417
FY 2015 FY 2016
Adjusted PTC1
Decreased $335
$1,177
$842
FY 2015 FY 2016
18. 18Contains Forward-Looking Statements
Full Year Financial Results: US SBU
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Margins declined primarily due to
lower wholesale prices and lower
contributions from regulated
customers at DPL, partially offset
by 2016’s rate case and
environmental upgrades at IPL
Higher Proportional Free Cash
Flow1 also reflects lower working
capital requirements, including
lower fuel purchases associated
with the conversion from coal-fired
to gas-fired generation at IPL
Proportional Free Cash Flow1
Increased $23
$591 $614
FY 2015 FY 2016
Adjusted PTC1
Decreased $13
$360 $347
FY 2015 FY 2016
19. 19Contains Forward-Looking Statements
Full Year Financial Results: Andes SBU
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Margins declined primarily due to
lower energy prices in Colombia
and the devaluation of the
Colombian and Argentine Pesos
Lower Adjusted PTC1 also reflects
restructuring of Guacolda in Chile
that benefitted 2015
Higher Proportional Free Cash
Flow1 also reflects higher
collections in Argentina and
Colombia
Proportional Free Cash Flow1
Increased $40
$224 $264
FY 2015 FY 2016
Adjusted PTC1
Decreased $92
$482 $390
FY 2015 FY 2016
20. 20Contains Forward-Looking Statements
Full Year Financial Results: Brazil SBU
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Margin declined due to:
Expiration of Tietê’s PPA at end of
2015
Reversal of a liability at Eletropaulo
that was favorable in 2015
Higher Proportional Free Cash
Flow1 also reflects higher
collections at Eletropaulo and Sul
Proportional Free Cash Flow1
Increased $139
($29)
$110
FY 2015 FY 2016
Adjusted PTC1
Decreased $89
$118
$29
FY 2015 FY 2016
21. 21Contains Forward-Looking Statements
Full Year Financial Results: MCAC SBU
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Margins declined primarily due to
lower availability stemming from
completed outages in Mexico
Lower Adjusted PTC1 also reflects
reserve taken against
reimbursements in 2016
Lower Proportional Free Cash
Flow1 also reflects a large
settlement of overdue receivables
in the Dominican Republic in 2015
Proportional Free Cash Flow1
Decreased $330
$498
$168
FY 2015 FY 2016
Adjusted PTC1
Decreased $60
$327 $267
FY 2015 FY 2016
22. 22Contains Forward-Looking Statements
Full Year Financial Results: Europe SBU
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Margins declined due to the 35%
devaluation of the Kazakhstan
Tenge, and a contracted capacity
price reduction at Maritza in
Bulgaria following the successful
settlement of overdue receivables
in 2016
Higher Proportional Free Cash
Flow1 also reflects the settlement of
receivables at Maritza
Proportional Free Cash Flow1
Increased $314
$238
$552
FY 2015 FY 2016
Adjusted PTC1
Decreased $48
$235 $187
FY 2015 FY 2016
23. 23Contains Forward-Looking Statements
Full Year Financial Results: Asia SBU
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Higher Proportional Free Cash
Flow1 reflects steady margins and
lower working capital requirements
at Mong Duong in Vietnam,
following commencement of
operations in 2015
Proportional Free Cash Flow1
Increased $49
$87
$136
FY 2015 FY 2016
Adjusted PTC1
$96 $96
FY 2015 FY 2016
24. 24Contains Forward-Looking Statements
Remain in active discussions with PUCO Staff and intervenors on ESP filing
In January, reached settlement agreement with various intervenors on ESP filing
Staff was not a party to agreement
Plan proposes riders of $125 million per year over five years, earmarked for debt
reduction and investment in distribution infrastructure
Distribution Modernization Rider (DMR): $90 million per year for debt reduction
Distribution Investment Rider (DIR-B): $35 million per year for distribution investment
Plan also calls for DP&L to exit 2.1 GW of coal generation
Evidentiary hearings set to begin March 8, 2017
Expect a ruling to be effective in late Q2 2017 or early Q3 2017 that will support the
progression towards becoming a stable and growing T&D business
Business Update
Regulatory Developments in Ohio – Dayton Power & Light (DP&L)
25. 25Contains Forward-Looking Statements
Tax Reform Update
Key Tax Reform Uncertainties
Lower tax rate
Interest deductibility
Immediate expensing
One-time tax on foreign earnings
Territorial or worldwide regime
AES is Well Positioned
No material cash consequences
Diverse global portfolio
Overall impact could be slightly
positive to slightly negative
Recurring EPS impacts driven by:
- Interest deduction
+ Rate change
+ International rules
26. 26Contains Forward-Looking Statements
$240 $469
$966
$3,042
2016 2017 2018 2019 2020 2021 2022-2029
Improving Our Debt Profile
No Parent Debt Maturities1 Until 2019
($ in Millions, $4,717 Total Debt)
Improving Parent Leverage
Debt2/(Parent Free Cash Flow3 + Interest)
6.4x
5.0x
2011 2016
1. As of December 31, 2016.
2. Includes equity credit for a portion of our existing Trust Preferred III securities.
3. A non-GAAP financial measure. See Appendix for reconciliation and definition.
27. 27Contains Forward-Looking Statements
2016 Parent Capital Allocation Plan
$ in Millions
1. Includes asset sale proceeds of: $40 million (Sonel, Kribi and Dibamba, Cameroon), $21 million (IPP4 partnership, Jordan), $9 million (Kelanitissa, Sri Lanka)
and $114 million (AES Sul, Brazil). Approximately $300 million of the proceeds related to the sale of Sul will be received in 2017 after meeting the required
notice period for distributions.
2. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Discretionary Cash – Uses
($1,175)
Discretionary Cash – Sources
($1,175)
$400
$579 $1,175
$184
$12
Beginning
Cash
Asset Sales
Proceeds
Parent FCF Return of
Capital
Total
Discretionary
Cash
2
1
$100
$79
$290
$394
$312
Closing Cash
Balance
Investments in
Subsidiaries
Shareholder
Dividend
Debt
Prepayment
Maximizing Discretionary Cash to Increase Risk-Adjusted Returns
for Shareholders
Completed
Share
Buyback
28. 28Contains Forward-Looking Statements
2017 Guidance Assumptions
Based on foreign currency and commodity forward curves as of
December 31, 2016
Effective tax rate of 31%-33%
At least $500 million in equity proceeds from asset sales in 2017 that
will be reallocated in 2017 and 2018
Dilution impact from the timing of planned asset sales is expected to
be $0.03-$0.04
As a part of the Company’s strategic shift to reduce AES’ exposure to
the Brazilian distribution business, 2017 guidance assumes
deconsolidation of Eletropaulo
29. 29Contains Forward-Looking Statements
$ in Millions
Consolidated Free Cash Flow1 Growth
$1,750
$1,400-$2,000
2016 Expectation Mid-Point 2017 Guidance 2020 Expectation
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
2. 2016 Actual: $2,215 million.
Noncontrolling Interests Represent 30%-40%
2
30. 30Contains Forward-Looking Statements
$ in Millions
Parent Free Cash Flow1 Growth
$575
$575-$675
2016 Expectation Mid-Point 2017 Expectation 2020 Expectation
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
2. 2016 Actual: $579 million.
2
31. 31Contains Forward-Looking Statements
$ in Millions
Adjusted EPS1 Growth
$1.00
$1.00-$1.10
2016 Guidance Mid-Point 2017 Guidance 2020 Expectation
1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
2. 2016 Actual: $0.98 million.
+ Projects under construction,
including DPP (Dominican
Republic)
+ Capital allocation (e.g. sPower,
lower Parent interest)
+ Cost savings
+ Reserve against
reimbursements taken in 2016
+ Improved availability in MCAC
- Tax rate
- Asset sale dilution
+ Projects under construction,
including Colón (Panama),
OPGC 2 (India), Eagle Valley
(US)
+ Capital allocation (e.g. growth
investments, lower Parent
interest)
+ Cost savings
+ Operational improvements at
SBUs
2
32. 32Contains Forward-Looking Statements
2017 Parent Capital Allocation Plan
$ in Millions
1. Includes announced asset sale proceeds of: approximately $300 million (Sul, Brazil) and at least $500 million asset sale proceeds target.
2. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
Discretionary Cash – Uses
($1,490-$1,690)
Discretionary Cash – Sources
($1,490-$1,690)
$100
$575-
$675
$1,490-
$1,690
$800
$15
Beginning
Cash
Asset Sales
Proceeds
Parent FCF Return of
Capital
Total
Discretionary
Cash
2
1
$50
$240-
$340
$318
$250
$382
$200-
$300
Target Closing
Cash Balance
Shareholder
Dividend
Unallocated
Discretionary
Cash
Investments in
Subsidiaries
Maximizing Discretionary Cash to Increase Risk-Adjusted Returns
for Shareholders
Debt
Prepayment
sPower
Acquisition
33. 33Contains Forward-Looking Statements
2017-2020; $ in Millions
Note: Guidance as of February 27, 2017.
1. Assumes constant payment of $0.12 per share each quarter on 662 million shares outstanding.
2. Assumes sources as follows: Parent Free Cash Flow of $2.8 billion, which is based on the mid-point of 2016 expectation of $575 million, growing at 9%
through 2020; approximately $800 million in asset sale proceeds (approximately $300 million from sale of Sul in Brazil and at least $500 million asset sale
proceeds target in 2017); and $100 million closing cash balance as of December 31, 2016.
Allocating $3.7 Billion Discretionary Cash Through 2020 to
Maximize Risk-Adjusted Returns
$1,530
$1,270
$325
$382
$200-
$300
Unallocated
Discretionary Cash2
8%-10% dividend
growth
Modest Parent de-
levering
Investments in
natural gas and
renewable projects
(e.g. Southland)
Debt Prepayment
sPower
Acquisition
Committed
Investments in
Subsidiaries
Shareholder
Dividend1
34. 34Contains Forward-Looking Statements
8%-10% Growth in All
Key Metrics Through 2020
Strengthening
Our Balance Sheet
Capitalizing on Our
Advantaged Position
Conclusion
Scale in key high-growth
markets
Low-cost provider with
locational advantages
Free cash flow
Earnings per share
Dividend
Growing free cash flow
Reducing debt
Investment grade credit
stats by 2020
Long-term, U.S. Dollar-
denominated contracts
Increasing focus on gas
and renewables
Reshaping
Our Business Mix
35. 35Contains Forward-Looking Statements
1. A non-GAAP financial measure.
Appendix
Q4 Adjusted EPS1 Slide 36
Q4 & Full Year Adjusted EPS1 Roll-Up Slide 37
Q4 Proportional Free Cash Flow1 & Adjusted PTC1 Slides 38-44
Listed Subs & Public Filers Slide 45
SBU Modeling Disclosures Slides 46-48
DPL Inc. Modeling Disclosures Slide 49
DP&L and DPL Inc. Debt Maturities Slide 50
Parent Only Cash Flow Slides 51-54
Currencies and Commodities Slides 55-57
AES Modeling Disclosures Slide 58
Full Year 2017 Adjusted PTC1 Modeling Ranges Slide 59
Construction Program Slide 60
Reconciliations Slides 61-66
Assumptions & Definitions Slides 67-69
36. 36Contains Forward-Looking Statements
1. A non-GAAP financial measure. See Slide 63 for reconciliation to the nearest GAAP measure and “definitions”.
Q4 2016 Adjusted EPS1 Decreased $0.01
$0.36 $0.35
($0.05)
($0.06)
($0.01)
$0.11
Q4 2015 SBUs Other FX Tax Q4 2016
- Chivor in
Colombia
- Tietê in Brazil
- Maritza in
Bulgaria
+ IPL in the US
- Reserve taken
against
reimbursements
in 2016
37. 37Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Slides 63 and 64 for reconciliation to the nearest GAAP measure and “definitions”.
2. Includes $7 million and $10 million of after-tax equity in earnings for Q4 2016 and Q4 2015, respectively, and $31 million and $87 million for FY 2016 and FY
2015, respectively.
Q4 and Full Year 2016 Adjusted EPS1 Roll-Up
Q4 2016 Q4 2015 Variance FY 2016 FY 2015 Variance
Adjusted PTC1
US $90 $97 ($7) $347 $360 ($13)
Andes $111 $160 ($49) $390 $482 ($92)
Brazil $11 $21 ($10) $29 $118 ($89)
MCAC $70 $79 ($9) $267 $327 ($60)
Europe $60 $64 ($4) $187 $235 ($48)
Asia $26 $30 ($4) $96 $96 -
Total SBUs $368 $451 ($83) $1,316 $1,618 ($302)
Corp/Other ($143) ($111) ($32) ($474) ($441) ($33)
Total AES Adjusted
PTC1,2 $225 $340 ($115) $842 $1,177 ($335)
Adjusted Effective Tax Rate (3%) 30% (33%) 23% 29% (6%)
Diluted Share Count 659 674 (15) 662 689 (27)
ADJUSTED EPS1 $0.35 $0.36 ($0.01) $0.98 $1.25 ($0.27)
38. 38Contains Forward-Looking Statements
Q4 Financial Results
$ in Millions
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
Margins declined due to lower
contributions in Andes, US and
Brazil
Lower Adjusted PTC1 also reflects
reserve taken against
reimbursements in 2016
Higher Proportional Free Cash
Flow1 also reflects higher
collections in Bulgaria and in Andes
Proportional Free Cash Flow1
Increased $54
$293 $347
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $115
$340
$225
Q4 2015 Q4 2016
39. 39Contains Forward-Looking Statements
Q4 Financial Results: US SBU
$ in Millions
Margins declined due to higher
depreciation at Southland, as well
as lower wholesale prices and
lower contributions from regulated
customers at DPL
Higher Proportional Free Cash
Flow1 also reflects lower working
capital requirements at DPL,
including the impact of inventory
optimization efforts
Proportional Free Cash Flow1
Increased $31
$114
$145
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $7
$97 $90
Q4 2015 Q4 2016
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
40. 40Contains Forward-Looking Statements
Q4 Financial Results: Andes SBU
$ in Millions
Margins primarily due to lower
energy prices in Colombia
Lower Adjusted PTC1 also reflects
Higher Proportional Free Cash
Flow1 also reflects higher
collections in Argentina and
Colombia
Proportional Free Cash Flow1
Increased $19
$93 $112
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $49
$160
$111
Q4 2015 Q4 2016
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
41. 41Contains Forward-Looking Statements
Q4 Financial Results: Brazil SBU
$ in Millions
Margins declined primarily due to
the expiration of Tietê’s PPA at end
of 2015
Proportional Free Cash Flow1
Decreased $3
$7 $4
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $10
$21
$11
Q4 2015 Q4 2016
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
42. 42Contains Forward-Looking Statements
Q4 Financial Results: MCAC SBU
$ in Millions
Margins improved due to higher
contracted and spot energy sales in
the Dominican Republic
Lower Adjusted PTC1 also reflects
reserve taken against
reimbursements in 2016
Lower Proportional Free Cash
Flow1 also reflects timing of spot
LNG cargoes in the Dominican
Republic
Proportional Free Cash Flow1
Decreased $37
$107
$70
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $9
$79 $70
Q4 2015 Q4 2016
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
43. 43Contains Forward-Looking Statements
Q4 Financial Results: Europe SBU
$ in Millions
Margins declined due to a
contracted capacity price reduction
at Maritza in Bulgaria following the
settlement of overdue receivables
in 2016
Higher Proportional Free Cash
Flow1 also reflects improved
collections at Maritza
Proportional Free Cash Flow1
Increased $59
$31
$90
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $4
$64 $60
Q4 2015 Q4 2016
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
44. 44Contains Forward-Looking Statements
Q4 Financial Results: Asia SBU
$ in Millions
Margins were stable
Lower Adjusted PTC1 also reflects
lower interest income at Mong
Duong in Vietnam
Proportional Free Cash Flow1
Decreased $2
$28 $26
Q4 2015 Q4 2016
Adjusted PTC1
Decreased $4
$30 $26
Q4 2015 Q4 2016
1. A non-GAAP financial measure. See Slides 61 and 63 for reconciliation to the nearest GAAP measure and “definitions”.
45. 45Contains Forward-Looking Statements
This table provides financial data of those operating subsidiaries of AES that are publicly listed or have publicly filed financial information on a stand-alone basis. The table provides
a reconciliation of the subsidiary’s Adjusted PTC as it is included in AES consolidated Adjusted PTC with the subsidiary’s income/(loss) from continuing operations under US GAAP
and the subsidiary’s locally IFRS reported net income, if applicable. Readers should consult the subsidiary’s publicly filed reports for further details of such subsidiary’s results of
operations.
1. A non-GAAP financial measure. Reconciliation provided above. See “definitions” for descriptions of adjustments.
2. The listed subsidiary is a public filer in its home country and reports its financial results locally under IFRS. Accordingly certain adjustments presented under IFRS Reconciliation are required to account
for differences between US GAAP and local IFRS standards.
3. Total Adjusted PTC, US GAAP Income from continuing operations and intervening adjustments are calculated before the elimination of inter-segment transactions such as revenue and expenses related
to the transfer of electricity from AES generation plants to AES utilities within Brazil.
4. Represents the income/(loss) from continuing operations of the subsidiary included in the consolidated operating results of AES under US GAAP.
5. Adjustment to depreciation and amortization expense represents additional expense required due primarily to basis differences of long-lived and intangible assets under IFRS for each reporting period.
6. Adjustment to taxes represents mainly differences relating to the goodwill tax benefit resulting from the restructuring of Brazilian subsidiaries that increased tax basis in long-term assets (Eletropaulo) and
depreciation for the difference in cost basis of PP&E (Eletropaulo and Tietê).
FY 2016 Adjusted PTC1: Reconciliation to Public Financials
of Listed Subsidiaries & Public Filers
AES SBU/Reporting Country US Andes/Chile Brazil
AES Company IPL DPL AES Gener2 Eletropaulo2 Tietê2
$ in Millions FY 2016 FY 2015 FY 2016 FY 2015 FY 2016 FY 2015 FY 2016 FY 2015 FY 2016 FY 2015
US GAAP Reconciliation
AES Business Unit Adjusted Earnings1,3 $93 $58 $52 $79 $167 $232 $28 $17 $26 $55
Adjusted PTC1,3 Public Filer (Stand-alone) $135 $88 $91 $104 $269 $342 ($8) $26 $36 $82
Impact of AES Differences from Public Filings ($4) $4 - - $1 $2 - - - -
AES Business Unit Adjusted PTC1 $131 $92 $91 $104 $270 $344 ($8) $26 $36 $82
Unrealized Derivatives (Losses)/Gains - - $4 ($6) $2 $4 - - - -
Unrealized Foreign Currency Transaction Losses - - - - $2 $12 - - $1 ($1)
Impairment Losses - - ($859) ($317) - - - - - -
Disposition/Acquisition Gains - - $22 $1 - - - - - -
Loss on Extinguishment of Debt - ($17) ($3) ($2) ($3) ($21) - - - -
Non-Controlling Interest before Tax $57 $20 - $1 $138 $129 ($40) $139 $123 $263
Income Tax Benefit/(Expenses) ($59) ($33) $260 ($19) ($157) ($146) $219 ($56) ($47) ($114)
US GAAP Income/(Loss) from Continuing
Operations4 $129 $62 ($485) ($238) $252 $322 $171 $109 $113 $230
Adjustment to Depreciation & Amortization5 ($40) ($42) ($25) ($41) ($14) ($14)
Adjustment to Regulatory Liabilities & Assets - - - ($157) - -
Adjustment to Taxes6 $50 $15 ($217) $38 $10 $6
Other Adjustments ($5) ($45) $78 $85 ($6) ($2)
IFRS Net Income $258 $250 $7 $34 $103 $220
BRL-USD Implied Exchange Rate 3.1414 2.9470 3.4687 3.3027
49. 49Contains Forward-Looking Statements
Based on Market Conditions and Hedged Position as of December 31,
2016
Note: Includes output of existing generation assets as of December 31, 2016, excluding Stuart unit 1. Data does not assume the exit of 2.1 GW of coal generation
as contemplated in DP&L’s ESP proceeding.
1. Includes capacity premium performance results.
2. Full Year 2017-2019 based on forward curves as of December 31, 2016.
DPL Inc. Modeling Disclosures
Full Year 2017 Full Year 2018 Full Year 2019
Volume Production (TWh) 12.8 11.7 12.3
% Volume Hedged ~62% ~8% 0%
Average Hedged Dark Spread ($/MWh) $13.09 $15.17 N/A
EBITDA Generation Business1 ($ in Millions) ~$70 to $90 per year
EBITDA DPL Inc. including Generation and T&D
($ in Millions)
~$330 to $360 per year
Reference Prices2
Henry Hub Natural Gas ($/mmbtu) $3.63 $3.14 $2.87
AEP-Dayton Hub ATC Prices ($/MWh) $32 $31 $29
EBITDA Sensitivities (with Existing Hedges) ($ in Millions)
+10% AD Hub Energy Price ATC ($/MWh) $14 $33 $36
-10% AD Hub Energy Price ATC ($/MWh) ($14) ($33) ($36)
50. 50Contains Forward-Looking Statements
$ in Millions
Non-Recourse Debt at DP&L and DPL Inc.
Series Interest
Rate Maturity
Amount
Outstanding as of
December 31,
2016
Remarks
2016 FMB Secured B Loan Variable Aug. 2022 $445.0 ● Redeemable at 101% of par
2006 OH Air Quality PCBs 4.8% Sept. 2036 $100.0 ● Non-callable; at par in Sept. 2016
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 $18.0 ● No prepayment option
2015 DP&L Revolver Variable July 2020 - ● Pre-payable on any day
DP&L Preferred 3.8% N/A $0.0 ● Redeemed in Q4 2016
Total DP&L $763.0
2018 Term Loan Variable May 2018 $125.0 ● No prepayment penalty
2016 Senior Unsecured 6.5% Oct. 2016 $0.0 ● Retired in Q4 2016
2019 Senior Unsecured 6.75% Oct. 2019 $200.0 ● Callable at make-whole T+50
2021 Senior Unsecured 7.25% Oct. 2021 $780.0 ● Callable at make-whole T+50
Total Senior Unsecured Bonds Various Various $980.0
2015 DPL Revolver Variable July 2020 - ● Pre-payable on any day
2001 Cap Trust II Securities 8.125% Sept. 2031 $15.6 ● Non-callable
Total DPL Inc. $1,120.6
TOTAL $1,883.6
51. 51Contains Forward-Looking Statements
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
Parent Sources and Uses of Liquidity
$ in Millions
Q4 FY
2016 2015 2016 2015
SOURCES
Total Subsidiary Distributions1 $426 $555 $1,112 $1,057
Proceeds from Asset Sales, Net $114 $211 $184 $537
Financing Proceeds, Net - - $495 $570
Increased/(Decreased) Credit Facility Commitments - - - -
Issuance of Common Stock, Net - - $1 $5
Total Returns of Capital Distributions & Project Financing Proceeds $12 - $30 $8
Beginning Parent Company Liquidity2 $561 $631 $1,138 $1,246
Total Sources $1,113 $1,397 $2,960 $3,423
USES
Repayments of Debt - - ($807) ($915)
Shareholder Dividend ($73) ($67) ($290) ($276)
Repurchase of Equity - ($73) ($79) ($481)
Investments in Subsidiaries, Net ($25) ($42) ($394) ($114)
Cash for Development, Selling, General & Administrative and Taxes ($41) ($30) ($228) ($208)
Cash Payments for Interest ($79) ($78) ($305) ($319)
Changes in Letters of Credit and Other, Net ($1) $31 $37 $28
Ending Parent Company Liquidity2 ($894) ($1,138) ($894) ($1,138)
Total Uses ($1,113) ($1,397) ($2,960) ($3,423)
52. 52Contains Forward-Looking Statements
Subsidiary Distributions1 by SBU
Q4 2016 FY 2016
US $136 $295
Andes $5 $76
Brazil $31 $104
MCAC $154 $286
Europe $38 $240
Asia $41 $69
Corporate & Other2 $21 $42
TOTAL $426 $1,112
$ in Millions
1. See “definitions”.
2. Corporate & Other includes Global Insurance.
Q4 and Full Year 2016 Subsidiary Distributions1
Top Ten Subsidiary Distributions1 by Business
Q4 2016 FY 2016
Business Amount Business Amount Business Amount Business Amount
Mountain View IV
(US)
$60 Sul (Brazil) $29
Maritza East
(Europe)
$153
Mountain View IV
(US)
$60
Andres (MCAC) $57 Mong Duong (Asia) $28 Andres (MCAC) $146 Gener (Andes) $57
US Holdco (US) $44
Global Insurance
(Corp & Other)
$21 IPALCO (US) $116 Mong Duong (Asia) $46
Changuinola (MCAC) $36 TEG TEP (MCAC) $20 US Holdco (US) $99
Global Insurance
(Corp & Other)
$41
IPALCO (US) $30 Altai (Europe) $16
AES Holdings Brazil
(Brazil)
$75 Altai (Europe) $40
53. 53Contains Forward-Looking Statements
$ in Millions
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
3. Qualified Holding Company. See “assumptions”.
Reconciliation of Subsidiary Distributions1 and Parent
Liquidity2
Quarter Ended
December 31,
2016
September 30,
2016
June 30,
2016
March 31,
2016
Total Subsidiary Distributions1 to Parent & QHCs3 $426 $265 $337 $85
Total Return of Capital Distributions to Parent & QHCs3 $12 $4 $14 $16
Total Subsidiary Distributions1 & Returns of Capital to
Parent
$438 $269 $351 $101
Balance as of
December 31,
2016
September 30,
2016
June 30,
2016
March 31,
2016
Cash at Parent & QHCs3 $100 $42 $30 $17
Availability Under Credit Facilities $794 $519 $733 $658
Ending Liquidity $894 $561 $763 $675
54. 54Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial measure. See “definitions”.
2. Includes equity credit for a portion of our existing Trust Preferred III securities.
Reconciliation of Parent Leverage
2011 2016
Parent Free Cash Flow1 (a) $586 $579
Interest (b) $390 $305
Parent Free Cash Flow1 before Interest (a + b) $976 $884
Debt2 $6,256 $4,458
DEBT2/(PARENT FREE CASH FLOW1 + INTEREST) 6.4x 5.0x
55. 55Contains Forward-Looking Statements
Interest Rates1
Currencies
Commodity
Sensitivity
100 bps move in interest rates over year-to-go 2017 is equal to a change in EPS of approximately $0.025
10% appreciation in USD against the
following key currencies is equal to the
following negative EPS impacts:
2017
Average Rate Sensitivity
Brazilian Real (BRL) 3.42 $0.01
Colombian Peso (COP) 3,098 $0.005
Euro (EUR) 1.06 Less than $0.005
Great British Pound (GBP) 1.24 Less than $0.005
Kazakhstan Tenge (KZT) 350 $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
2017
Average Rate Sensitivity
Illinois Basin Coal $37/ton
$0.01, negative correlation
Rotterdam Coal (API 2) $70/ton
NYMEX WTI Crude Oil $56/bbl
$0.005, positive correlation
IPE Brent Crude Oil $58/bbl
NYMEX Henry Hub Natural Gas $3.6/mmbtu
$0.005, positive correlation
UK National Balancing Point Natural Gas £0.5/therm
US Power (DPL) – PJM AD Hub $ 32/MWh $0.015, positive correlation
Note: Guidance provided on February 27, 2017. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to illustrate the
magnitude and direction of changing market factors on AES’ results. Estimates show the impact on full year 2017 Adjusted EPS. Actual results may differ from
the sensitivities provided due to execution of risk management strategies, local market dynamics and operational factors. Full year 2017 guidance is based on
currency and commodity forward curves and forecasts as of December 31, 2016. 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 1 of the Form 10-K 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 December 31, 2016.
Full Year 2017 Guidance Estimated Sensitivities
56. 56Contains Forward-Looking Statements
2017 Foreign Exchange (FX) Risk Mitigated Through
Structuring of Our Businesses and Active Hedging
1. Before Corporate Charges. A non-GAAP financial measure. See “definitions”.
2. Sensitivity represents full year 2017 exposure to a 10% appreciation of USD relative to foreign currency as of December 31, 2016.
3. Andes includes Argentina and Colombia businesses only due to limited translational impact of USD appreciation to Chilean businesses.
2017 Full Year FX Sensitivity2,3 by
SBU (Cents Per Share)
0.5
1.0
0.5
1.5
1.0
1.0
1.5
US Andes Brazil MCAC Europe Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
2017 Adjusted PTC1
by Currency Exposure
2017 correlated FX risk after hedges is $0.015 for 10% USD appreciation
80% of 2017 earnings effectively USD
USD-based economies (i.e. U.S., Panama)
Structuring of our contracts
FX risk mitigated on a rolling basis by shorter-term active FX hedging programs
USD-
Equivalent
80%
BRL
5%
COP
7%
EUR
5%
KZT
1%
GBP
2%
57. 57Contains Forward-Looking Statements
1. A non-GAAP financial measure. See “definitions”.
2. Domestic and International sensitivities are combined and assumes each fuel category moves 10%. Adjusted EPS is negatively correlated to coal price
movement, and positively correlated to gas, oil and power price movements.
Commodity Exposure is Mostly Hedged in the Medium- to
Long-Term
Full Year 2019 Adjusted EPS1 Commodity Sensitivity2 for 10%
Change in Commodity Prices
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
6.0
Coal Gas Oil DPL Power
CentsPerShare
Mostly hedged through 2019, more open positions in the longer-term is the primary driver of
increase in commodity sensitivity
58. 58Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial measure. See “definitions”.
AES Modeling Disclosures
2017 Assumptions
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,145-$1,245
Cash Interest (b) $280
Cash for Development, General & Administrative
and Tax (c)
$290
Parent Free Cash Flow1 (a – b – c) $575-$675
59. 59Contains Forward-Looking Statements
$ in Millions
Full Year 2017 Adjusted PTC1 Modeling Ranges
SBU
2017 Adjusted PTC
Modeling Ranges as of
2/27/171
Drivers of Growth Versus 2016
US $365-$415 + New businesses, including sPower
Andes $400-$450 + Argentina reforms
+ Higher contracting levels at Chivor
Brazil $60-$80 + Gain on legal settlement
MCAC $350-$400
+ COD of DPP
+ Higher availability in Puerto Rico and Mexico
+ Reserve taken against reimbursements in 2016
Europe $145-$175 - Lower generation volume in the United Kingdom
Asia $80-$100 - Lower tariff in India
Total SBUs $1,400-$1,620
Corp/Other ($450)-($525)
Total AES Adjusted PTC1,2 $950-$1,095
1. A non-GAAP financial metric. See “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
60. 60Contains Forward-Looking Statements
$ in Millions, Unless Otherwise Stated
1. Based on projections. See our 2016 Form 10-K for further discussion of development and construction risks. Based on 3-year average contributions from all
projects under construction and IPL wastewater upgrades, once all projects under construction are completed.
Attractive Returns from Construction Pipeline
Project Country AES Ownership Fuel
Gross
MW
Expected
COD
Total Capex
Total
AES
Equity
ROE Comments
Construction Projects Coming On-Line 2017-2019
DPP Conversion
Dominican
Republic
90% Gas 122 1H 2017 $260 $0
IPL Wastewater US-IN 70% Coal 2H 2017 $224 $71
Environmental (NPDES)
upgrades of 1,864 MW
Eagle Valley CCGT US-IN 70% Gas 671 1H 2018 $590 $186
Colón Panama 50% Gas 380 1H 2018 $995 $205
Regasification and LNG
storage tank expected on-line
in 2019
OPGC 2 India 49% Coal 1,320 2H 2018 $1,585 $227
Alto Maipo Chile 40% Hydro 531 1H 2019 $2,053 $335
Excluding expected 10%-20%
cost overrun
Masinloc 2 Philippines 51% Coal 335 1H 2019 $740 $110
Total 3,359 $6,447 $1,134
ROE1 ~14%
Weighted average; net
income divided by AES
equity contribution
CASH YIELD1 ~14%
Weighted average;
subsidiary distributions
divided by AES equity
contribution
61. 61Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
Reconciliation of Q4 Capex and Free Cash Flow1
Consolidated Q4
2016 2015
Operational Capex (a) $160 $195
Environmental Capex (b) $33 $129
Maintenance Capex (a + b) $193 $324
Growth Capex (c) $387 $337
Total Capex2 (a + b + c) $580 $661
Consolidated Q4 Proportional1 Q4
2016 2015 2016 2015
Operating Cash Flow $702 $629 $458 $441
Add: Capital Expenditures Related
to Service Concession Assets
$2 $17 $1 $8
Less: Maintenance Capex, net of
Reinsurance Proceeds and Non-
Recoverable Environmental
Capex
$169 $212 $112 $156
Free Cash Flow1 $535 $434 $347 $293
62. 62Contains Forward-Looking Statements
$ in Millions
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
Reconciliation of FY Capex and Free Cash Flow1
Consolidated FY
2016 2015
Operational Capex (a) $624 $612
Environmental Capex (b) $231 $322
Maintenance Capex (a + b) $855 $934
Growth Capex (c) $1,603 $1,524
Total Capex2 (a + b + c) $2,458 $2,458
Consolidated FY Proportional1 FY
2016 2015 2016 2015
Operating Cash Flow $2,884 $2,134 $1,866 $1,657
Add: Capital Expenditures Related
to Service Concession Assets
$29 $165 $15 $84
Less: Maintenance Capex, net of
Reinsurance Proceeds and Non-
Recoverable Environmental
Capex
$669 $672 $464 $500
Free Cash Flow1 $2,244 $1,627 $1,417 $1,241
63. 63Contains Forward-Looking Statements
1. Non-GAAP financial measures. See “definitions”.
2. NCI is defined as Noncontrolling Interests.
3. Amount primarily relates to the losses associated with the sale of SUL of $10 million, or $0.02 per share.
4. Amount primarily relates to asset impairments at DPL of $624 million, or $0.94 per share.
5. Amount primarily relates to asset impairments at DPL of $317 million, or $0.47 per share.
6. Amount primarily relates to the loss on early retirement of debt at Andres of $11 million ($10 million, or $0.01 per share, net of NCI).
7. Amount primarily relates to the per share income tax benefit associated with losses on impairment of $209 million, or $0.32 per share.
8. Amount primarily relates to the per share income tax benefit associated with unrealized derivatives of $49 million, or $0.07 per share.
Reconciliation of Q4 Adjusted PTC1 and Adjusted EPS1
$ in Millions, Except Per Share Amounts
Q4 2016 Q4 2015
Net of NCI2
Per Share
(Diluted) Net
of NCI2
Net of NCI2
Per Share
(Diluted) Net
of NCI2
(Loss) from Continuing Operations Attributable to AES and Diluted
EPS
($200) ($0.30) ($72) ($0.11)
Add: Income Tax Expense (Benefit) from Continuing Operations
Attributable to AES
($214) $162
Pre-Tax Contribution ($414) $90
Adjustments
Unrealized Derivative (Gains) ($10) ($0.02) ($138) ($0.20)
Unrealized Foreign Currency Transaction Losses $9 $0.01 $50 $0.07
Disposition/Acquisition (Gains)/Losses $12 $0.023 ($10) ($0.01)
Impairment Losses $624 $0.954 $328 $0.495
Loss on Extinguishment of Debt $3 - $20 $0.036
Less: Net Income Tax (Benefit)/Expense - ($0.31)7 - $0.098
ADJUSTED PTC1 & ADJUSTED EPS1 $224 $0.35 $340 $0.36
64. 64Contains Forward-Looking Statements
1. Non-GAAP financial measures. See “definitions”.
2. NCI is defined as Noncontrolling Interests.
3. Diluted EPS calculation includes income from continuing operations, net of tax, of $8 million less the $5 million adjustment to retained earnings to record the DP&L redeemable preferred stock at its
redemption value as of December 31, 2016.
4. Amount primarily relates to the loss on deconsolidation of UK Wind of $20 million, or $0.03 per share and losses associated with the sale of Sul of $10 million, or $0.02; partially offset by the gain on sale
of DPLER of $22 million, or $0.03 per share.
5. Amount primarily relates to the gains on the sale of Armenia Mountain of $22 million, or $0.03 per share and from the sale of Solar Spain and Solar Italy of $7 million, or $0.01 per share.
6. Amount primarily relates to asset impairments at DPL of $859 million, or $1.30 per share; $159 million at Buffalo Gap II ($49 million, or $0.07 per share, net of NCI); and $77 million at Buffalo Gap I ($23
million, or $0.03 per share, net of NCI).
7. Amount primarily relates to the goodwill impairment at DPL of $317 million, or $0.46 per share, and asset impairments at Kilroot of $121 million ($119 million, or $0.17 per share, net of NCI), at Buffalo
Gap III of $116 million ($27 million, or $0.04 per share, net of NCI), and at U.K. Wind (Development Projects) of $38 million ($30 million, or $0.04 per share, net of NCI).
8. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $19 million, or $0.03 per share.
9. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $116 million, or $0.17 per share and at IPL of $22 million ($17 million, or $0.02 per share, net of NCI).
10. Amount primarily relates to the per share income tax benefit associated with asset impairment of $332 million, or $0.50 per share.
11. Amount primarily relates to the per share income tax benefit associated with losses on extinguishment of debt of $55 million, or $0.08 per share.
Reconciliation of Full Year Adjusted PTC1 and Adjusted
EPS1
$ in Millions, Except Per Share Amounts
FY 2016 FY 2015
Net of NCI2
Per Share
(Diluted) Net
of NCI2
Net of NCI2
Per Share
(Diluted) Net
of NCI2
Income from Continuing Operations Attributable to AES and Diluted
EPS
$8 $0.003 $331 $0.48
Add: Income Tax Expense (Benefit) from Continuing Operations
Attributable to AES
($148) $275
Pre-Tax Contribution ($140) $606
Adjustments
Unrealized Derivative (Gains) ($9) ($0.02) ($166) ($0.24)
Unrealized Foreign Currency Transaction Losses $23 $0.04 $96 $0.14
Disposition/Acquisition (Gains)/Losses $6 $0.014 ($42) ($0.06)5
Impairment Losses $933 $1.416 $504 $0.737
Loss on Extinguishment of Debt $29 $0.058 $179 $0.269
Less: Net Income Tax (Benefit) - ($0.51)10 - ($0.06)11
ADJUSTED PTC1 & ADJUSTED EPS1 $842 $0.98 $1,177 $1.25
65. 65Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
2. In providing its full year 2016 Adjusted EPS guidance, the Company notes that there could be differences between expected reported earnings and estimated operating
earnings for matters such as, but not limited to: (a) unrealized losses related to derivative transactions, estimated to have no impact on Adjusted EPS; (b) unrealized foreign
currency losses, estimated to be $12 million; (c) gains due to dispositions and acquisitions of business interests, estimated to be $3 million; (d) losses due to impairments,
estimated to be $186 million, related to DP&L and Buffalo Gap I & II; and (e) costs due to the early retirement of debt, estimated to be $18 million. The amounts set forth above
are as of September 30, 2016. At this time, management is not able to estimate the aggregate impact, if any, of these items on reported earnings. Accordingly, the Company is
not able to provide a corresponding GAAP equivalent for its Adjusted EPS guidance.
Reconciliation of 2016 Guidance
2016 Guidance
Proportional Free Cash Flow1 $1,000-$1,350
Consolidated Net Cash Provided by Operating
Activities
$2,000-$2,900
Adjusted EPS1, 2 $0.95-$1.05
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$2,000-$2,900 $500-$1,050 $1,500-$1,850
Maintenance &
Environmental Capital
Expenditures (b)
$600-$800 $200 $400-$600
Free Cash Flow1 (a - b) $1,300-$2,200 $300-$850 $1,000-$1,350
Commodity and foreign currency exchange rates and forward curves as of
September 30, 2016
66. 66Contains Forward-Looking Statements
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
2. In providing its full year 2017 Adjusted EPS guidance, the Company notes that there could be differences between expected reported earnings and estimated operating
earnings for matters such as, but not limited to: (a) unrealized losses related to derivative transactions; (b) unrealized foreign currency losses; (c) gains due to dispositions and
acquisitions of business interests; (d) losses due to impairments; and (e) costs due to the early retirement of debt. At this time, management is not able to estimate the
aggregate impact, if any, of these items on reported earnings. Accordingly, the Company is not able to provide a corresponding GAAP equivalent for its Adjusted EPS
guidance.
Reconciliation of 2017 Guidance
2017 Guidance
Consolidated Net Cash Provided by Operating
Activities
$2,000-$2,800
Consolidated Free Cash Flow1 $1,400-$2,000
Adjusted EPS1, 2 $1.00-$1.10
Reconciliation
Consolidated Net Cash Provided by Operating
Activities (a)
$2,000-$2,800
Maintenance & Environmental Capital
Expenditures (b)
$600-$800
Consolidated Free Cash Flow1 (a - b) $1,400-$2,000
Commodity and foreign currency exchange rates and forward curves as of December
31, 2016
67. 67Contains 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 Key
Performance Indicators (KPIs) such as equivalent forced outage rate and commercial availability may not improve
financial performance at all facilities based on commercial terms and conditions. These benefits will not be fully reflected
in the Company’s consolidated financial results.
The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled
outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to AES, the Parent
Company, however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may
result from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for
investment and related activities outside of the U.S. These investments included equity investments and loans to other
foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash
held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and
QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the
non-recourse nature of most of AES’ indebtedness.
68. 68Contains 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 (adjusted for service concession asset capital expenditures) less
maintenance capital expenditures (including non-recoverable environmental capital expenditures), net of reinsurance proceeds from third parties. AES believes that free
cash flow is a useful measure for evaluating our financial condition because it represents the amount of cash generated by the business after the funding of maintenance
capital expenditures that may be available for investing in growth opportunities or for repaying debt. Free cash flow should not be construed as an alternative to net cash
from operating activities, which is determined in accordance with GAAP.
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.
69. 69Contains Forward-Looking Statements
Definitions (Continued)
Proportional Free Cash Flow – The Company defines Proportional Free Cash Flow as cash flows from operating activities (adjusted for service concession asset capital
expenditures), less maintenance capital expenditures (including non-recoverable environmental capital expenditures and net of reinsurance proceeds), 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. 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.
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 noncontrolling interests for each entity by its corresponding consolidated cash flow metric and are
totaled to the resulting figures. For example, Parent Company A owns 20% of Subsidiary Company B, a consolidated subsidiary. Thus, Subsidiary Company B has an 80%
noncontrolling interest. Assuming a consolidated net cash flow from operating activities of $100 from Subsidiary B, the proportional adjustment factor for Subsidiary B would
equal $80 (or $100 x 80%). The Company calculates the proportional adjustment factor for each consolidated business in this manner and then sums these amounts to
determine the total proportional adjustment factor used in the reconciliation. The proportional adjustment factor may differ from the proportion of income attributable to
noncontrolling 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 consists of cash generated from operating
activities that is retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to,
retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements
at the subsidiaries, retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the
subsidiaries, and other similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding
companies.