1. AES Corporation
First Quarter 2005 Financial Review
May 5, 2005
10:00am EDT
The Global Power Company

2. Safe Harbor Disclosure
Certain statements in the following presentation regarding AES’s
business operations may constitute “forward looking statements” as
defined by the Securities and Exchange Commission.
Such statements are not historical facts, but are predictions about the
future which inherently involve risks and uncertainties, and these risks
and uncertainties could cause our actual results to differ from those
contained in the forward looking statements. In addition, AES disclaims
any obligation to update any forward looking statement to reflect events
or circumstances after the date hereof.
We urge investors to read our descriptions and discussions of these risks
that are contained under the section “Cautionary Statements and Risk
Factors” in the Company’s Annual Report on Form 10K for the year
ended December 31, 2004 as well as our other SEC filings.
2 1Q05 Financial Review www.aes.com

3. First Quarter 2005 Highlights
($ Millions except earnings per share and percent)
First First
Quarter Quarter Revenue Comparison
2005 2004 Change Quarter-Over-Quarter (QOQ)
Revenues $2,645 $2,257 17% New Projects 1%
Volume/Price/Mix 13%
Gross Margin $782 $680 15%
Currency 3%
as % of Sales 29.6% 30.1% (50) b.p. Total 17%
Income Before Income $350 $201 74%
Taxes and Minority
Interest (IBT&MI)
Diluted EPS from $0.20 $0.12 67%
Continuing Operations
Adjusted EPS* $0.17 $0.17 --
Return on Invested 9.8% 8.7% 110 b.p.
Capital (ROIC)**
* Non-GAAP measure. See page 4.
** Non-GAAP measure. See Appendix.
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4. Reconciliation of Adjusted
Earnings Per Share
($ Per share)
First First
Quarter Quarter
2005 2004
Adjusted Earnings Per Share* $0.17 $0.17
FAS 133 Mark-to-Market Gains/(Losses)** -- (0.05)
Currency Transaction Gains/(Losses) 0.03 0.01
Net Asset Gains/(Losses and Impairments) -- --
Debt Retirement Gains/(Losses) -- (0.01)
Diluted Earnings Per Share From Continuing Operations $0.20 $0.12
* Adjusted earnings per share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing
operations excluding gains or losses associated with (a) mark-to-market amounts related to FAS 133 derivative
transactions, (b) foreign currency transaction impacts on the net monetary position related to Brazil, Venezuela, and
Argentina, (c) significant asset gains or losses due to disposition transactions and impairments, and (d) early
retirement of recourse debt. AES believes that adjusted earnings per share 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 associated with mark-to-market gains or losses related to certain
derivative transactions, currency transaction gains or losses, periodic strategic decisions to dispose of certain assets
which may influence results in a given period, and the early retirement of corporate debt.
** The first quarter 2004 includes $(0.03) related to Chile debt restructuring costs.
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5. First Quarter
Cash Flow Highlights
($ Millions)
First First
Quarter Quarter
2005 2004
Subsidiary-Only
Subsidiary Net Cash from Operating Activities* $674 $530
Consolidated
Net Cash from Operating Activities $520 $402
Free Cash Flow* $396 $280
Parent-Only
Subsidiary Distributions* $195 $204
Return of Capital from Subsidiaries* $2 $3
Recourse Debt Repayment -- $351
* Non-GAAP measure. See Appendix.
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6. First Quarter
Subsidiary Distributions
($ Millions)
First Quarter 2005 Subsidiary Distributions*
North South Europe/
America America Caribbean Asia Africa Total
Large Utilities -- --
$48 -- $21 $69
Contract
Generation 53 -- 6 29 7 95
Competitive
Supply 27 2 1 -- -- 30
Growth
--
Distribution -- 1 -- -- 1
Total* $128 $3 $28 $29 $7 $195
73% of Distributions Were from North American Large Utilities and
Worldwide Contract Generation in the First Quarter.
* Non-GAAP measure. See Appendix.
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7. Large Utilities
Segment Highlights
($ Millions except as noted)
First First
Quarter Quarter %
2005 2004 Change Segment Highlights
Revenues $1,007 $818 23% • Revenues increased largely as a result
of tariff and revenue improvement as
Gross Margin $252 $194 30%
well as favorable currency effects in
as % of Sales 25.0% 23.7% 130 b.p. Brazil.
IBT&MI $153 $117 31% • Demand increased in Brazil and
Venezuela and declined slightly at IPL
in the U.S.
Revenue Comparison (QOQ) % Change
• Gross margin increased largely from
Volume/Price/Mix 18%
revenue improvements.
New Projects --
Currency (Net) 5%
Total 23%
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8. Growth Distribution
Segment Highlights
($ Millions except as noted)
First First
Quarter Quarter %
2005 2004 Change Segment Highlights
Revenues $374 $328 14% • Revenues increased as a result of
higher tariffs and demand in all
Gross Margin $73 $63 16%
businesses, led by Sul in Brazil and
as % of Sales 19.5% 19.2% 30 b.p. Sonel in Cameroon and from favorable
currency effects.
IBT&MI $45 $31 45%
• Gross margin increased as a result of
the higher revenues and favorable
Revenue Comparison (QOQ) % Change
hydrology at Sonel, which reduced
Volume/Price/Mix 9% operating costs.
New Projects --
Currency (Net) 5%
Total 14%
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9. Contract Generation
Segment Highlights
($ Millions except as noted)
First First
Quarter Quarter %
2005 2004 Change Segment Highlights
Revenues $985 $868 13% • Revenues increased as a result of
higher prices and higher demand in
Gross Margin $393 $359 9%
Chile and Brazil, together with
as % of Sales 39.9% 41.4% (150) b.p. contributions from new Ras Laffan
project and favorable currency effects.
IBT&MI $252 $190 33%
• Gross margin increased as a result of
higher revenues, partially impacted by
Revenue Comparison (QOQ) % Change
price escalations not offsetting higher
Volume/Price/Mix 9% fuel costs and increased purchased
electricity costs in Chile, and from a
New Projects 2%
scheduled contract price reduction in
Currency (Net) 2% the U.S.
Total 13% • IBT&MI in the first quarter of 2004
includes a $22 million expense related
to Chile financial restructuring.
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10. Competitive Supply
Segment Highlights
($ Millions except as noted)
First First
Quarter Quarter %
2005 2004 Change Segment Highlights
Revenues $279 $243 15% • Revenues increased as a result of
higher prices and higher demand,
Gross Margin $64 $64 --
especially in Argentina and Kazakhstan,
as % of Sales 22.9% 26.3% (340) b.p. and from favorable currency effects.
IBT&MI $53 $55 (4)% • Gross margin was flat, and was
impacted by higher fuel costs relative to
realized prices in the U.S. and
Revenue Comparison (QOQ) % Change
Argentina, and forced outages in the
Volume/Price/Mix 13% U.S.
New Projects --
Currency (Net) 2%
Total 15%
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11. Appendix
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12. 2005 Guidance Elements:
Income Statement
Contains Forward Looking Statements
Guidance Element 2005 Guidance
Revenue Growth 4%
Gross Margin Expansion 50 b.p.
(Increase As % of Revenues)
Business Segment IBT&MI $2.0 billion
(Excludes Corporate Costs of $650 Million)
Allocated by Segment as a % of Total
• Contract Generation 43%
• Large Utilities 37%
• Competitive Supply 12%
• Growth Distribution 8%
Tax Rate 36%
Adjusted EPS* $0.83
Adjusted EPS Factors* ($0.07)
Diluted EPS From Continuing Operations $0.76
* Non-GAAP measure. See page 4.
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13. 2005 Guidance Elements:
Cash Flow and Sensitivities
Contains Forward Looking Statements
Guidance Element 2005 Guidance
Free Cash Flow* $1.2 - $1.3 billion
Maintenance Capital Expenditures $700 million
Net Cash From Operating Activities $1.9 - $2.0 billion
Subsidiary Distributions $1.0 billion
Parent Growth Investments and Capital Expenditures** $150 million
Parent Debt Repayment $600 million by Early 2006
Other
Foreign Currency Sensitivity (Annual) 10% Move in Currency Basket is Approximately
+/- $0.06 per Diluted Share
Interest Rate Sensitivity (Annual) 100 b.p. Move in Short-Term Interest Rates is
Approximately +/- $0.03 per Diluted Share
See other assumptions on page 18.
* Non-GAAP measure. See Appendix.
** Excludes $200 million for project in Spain financed through financing cash flows and interim parent financing of $165 million Texas wind project.
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14. Parent Sources and
Uses of Cash
($ Millions) First
Quarter
2005
Sources
Total Subsidiary Distributions * $195
Proceeds From Asset Sales, Net --
Refinancing Proceeds, Net --
Increased Revolver Commitments --
Issuance of Common Stock, Net 8
Total Returns Of Capital Distributions And Project Financing Proceeds 2
Beginning Liquidity* 643
Total Sources $848
Uses
Repayments of Debt $--
Investments in Subsidiaries, Net (99)
Cash For Development, Selling, General And Administrative And Taxes (54)
Cash Payments For Interest (78)
Other (140)
Ending Liquidity* (477)
Total Uses $(848)
* Non-GAAP financial measure. See Appendix.
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15. Reconciliation of Changes to
Parent and Related Debt Balances
($ Millions)
Debt
Reconciliation
Parent Debt (Including Letters Of Credit) At 12/31/04* $5,250
Scheduled Debt Maturities: --
Mandatory Debt Repayments:
--
Prepayments From Asset Sales
--
Prepayments From Project Financings
End Of Year Cash Sweep --
Discretionary Debt Repayments:
Prepayment Of Debt --
Other** 135
Parent Debt (Including Letters Of Credit) At 3/31/05 $5,385
Less: Letters Of Credit Outstanding At 3/31/05 (222)
Parent Debt (Excluding Letters Of Credit) At 3/31/05 $5,163
* Amounts reflect recourse debt of $5,152 million and $98 million of letters of credit under the parent revolver.
** Other includes $124 million increase in letter of credit, $4 million decrease due to foreign currency changes, $5 million increase due to notes
payable for Director’s and Officer’s Insurance, and $10 million of borrowings outstanding under the corporate revolver.
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16. First Quarter 2005
Consolidated Cash Flow
($ Millions)
AES Corp (1)
Subsidiaries Eliminations Consolidated
Net Cash From Operating Activities $674 $41 $(195) $520
Maintenance Capital Expenditures (122) (2) -- (124)
Growth Capital Expenditures (147) -- -- (147)
Investment In Subsidiaries -- (12) 12 --
Returns Of Capital from Subsidiaries -- 2 (2) --
Net Proceeds From Asset Sales 3 -- -- 3
Sale of Short Term Investments, Net of Purchases 100 -- -- 100
Acquisitions, Net of Cash Acquired -- (85) -- (85)
Decrease In Restricted Cash, Debt Service Reserves and Other Assets 92 2 -- 94
Other (6) (1) -- (7)
Net Cash (For) From Investments (80) (96) 10 (166)
Financing Proceeds For Growth Capital Expenditures -- -- -- --
Financing Proceeds From Other Financings Including Refinancings 411 -- -- 411
Equity Proceeds -- 8 -- 8
Repayments/ Draw Downs (586) 15 -- (571)
Payments For Financing Costs (1) -- -- (1)
Equity Contributions By Parent 12 -- (12) --
Distributions To Parent (195) -- 195 --
Returns Of Capital to Parent (2) -- 2 --
Other (23) -- -- (23)
Net Cash (For) From Financing (384) 23 185 (176)
Increase (Decrease) In Cash & Cash Equivalents 210 (32) -- 178
Effect Of FX (19) -- -- (19)
Beginning Cash And Cash Equivalents Balance 1,105 291 -- 1,396
$1,296 $259 $-- $1,555
Ending Cash And Cash Equivalents Balance
(1) Includes activity at qualified holding companies.
Note: Certain amounts have been netted, condensed and rounded for presentation purposes.
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17. Reconciliation of Subsidiary
Distributions and Parent Liquidity
($ Millions)
Quarter Ended
March 31, December 31, September 30, June 30, March 31, December 31, September 30,
2005 2004 2004 2004 2004 2003 2003
Total subsidiary distributions & returns of capital to Parent
Actual Actual Actual Actual Actual Actual Actual
Subsidiary distributions to Parent $ 190 $ 286 $ 209 $ 292 $ 204 $ 248 $ 312
Net distributions to/(from) QHCs* 5 (9) 12 10 - 7 7
Total subsidiary distributions 195 277 221 302 204 255 319
Returns of capital distributions to Parent 2 3 110 - 3 17 199
Net returns of capital distributions to/(from) QHCs* - - 11 - - 1 (7)
Total returns of capital distributions 2 3 121 - 3 18 192
Combined distributions & return of capital received 197 280 342 302 207 273 511
* (23)
Less: combined net distributions & returns of capital to/(from) QHCs (5) 9 (10) - (8) -
Total subsidiary distributions & returns of capital to Parent $ 192 $ 289 $ 319 $ 292 $ 207 $ 265 $ 511
Liquidity ** Balance at
March 31, December 31, September 30, June 30, March 31,
($ in millions)
2005 2004 2004 2004 2004
Actual Actual Actual Actual Actual
Cash at Parent $ 256 $ 287 $ 525 $ 310 $ 268
Availability under revolver 218 352 325 331 371
*
Cash at QHCs 3 4 13 15 17
Ending liquidity $ 477 $ 643 $ 863 $ 656 $ 656
* See page 18.
** See page 18.
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18. Assumptions
Forecasted financial information is based on certain material assumptions. These
assumptions include, but are not limited to continued normal levels of operating
performance and electricity demand at our distribution companies and operational
performance at our contract generation businesses consistent with historical levels.
* The cash held at qualifying 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. 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 qualifying holding companies is available to the parent, AES uses the
combined measure of subsidiary distributions to parent and qualified holding companies
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’s indebtedness.
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19. Reconciliation of
Cash Flow Items
Net Cash from Operating Activities – First Quarter 2005 ($ Millions)
AES Corp &
Subsidiaries QHCs* Eliminations Consolidated
First Quarter 2005 $674 $41 ($195) $520
Reconciliation of Free Cash Flow ($ Billions)
Definition
• Free Cash Flow – Net Cash from Operating Activities Less Maintenance Capital Expenditures
First First
2005 Quarter Quarter
Guidance 2005 2004
Free Cash Flow $1.2 to $1.3 $0.396 $0.280
Maintenance Capital Expenditures 0.7 0.124 0.122
Net Cash Provided by Operating Activities $1.9 to $2.0 $0.520 $0.402
* Includes qualified holding companies.
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20. Calculation of
Return on Invested Capital
($ Millions except percent)
Rolling Twelve Rolling Twelve
Second Third Fourth First Months Second Third Fourth First Months
Quarter Quarter Quarter Quarter First Quarter Quarter Quarter Quarter Quarter First Quarter
Net Operating Profit After Tax (a) 2003 2003 2003 2004 2004 2004 2004 2004 2005 2005
$1,033
IBT&MI $224 $131 $78 $201 $634 $184 $264 $235 $350
Reported Interest Expense 518 499 468 493 1,978 460 470 487 467 1,884
877
Income Tax Expense (b) 899 206 146 294
192 318
242 222 217
Net Operating Profit After Tax 228
550 388 472 1,714 2040
575
438 517 523
58 50
Income Tax Expense - GAAP 45 65 218 310
59 78 47 126
ROIC (c) 8.7% 9.8%
First First First
Quarter Quarter Quarter
Total Capital (d) 2003 2004 2005
$18,804 $18,744 $18,345
Total Debt
Minority Interest 806 1,165 1,663
1077 1,748
Shareholders Equity (144)
539 678
Debt Service Reserves 410
Total Capital $19,056 $20,447 $21,078
Average Capital (e) $19,752 $20,763
a) Net operating profit after tax , Non-GAAP financial measure, is defined as income before tax and minority interest expense (IBT&MI) plus interest expense less income taxes less tax
benefit on interest expense at the effective tax rate.
b) Quarter income tax expense calculated at quarter effective tax rate, rolling twelve months effective tax rate calculated over rolling twelve months.
c) Return on invested capital (ROIC), Non-GAAP financial measure, is defined as net operating profit after tax divided by average capital calculating over rolling twelve month basis
d) Total capital, Non-GAAP financial measure, is defined as total debt plus minority interest plus shareholders equity less debt service reserves.
e) Average capital is defined as the average of beginning and ending total capital over last twelve months.
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