Entergy Corporation's 2007 annual report summarizes the company's financial results and strategic initiatives for the year. The report discusses Entergy's plans to spin off its non-utility nuclear business and form a nuclear services joint venture. This transaction is aimed at unlocking the full value of the non-utility nuclear assets for shareholders. The report also highlights Entergy's focus on operational excellence, portfolio transformation strategies in its utility business, and regulatory recovery from hurricanes Katrina and Rita.
Entergy Corporation is an integrated energy company that generates and distributes electricity. In 2006, Entergy generated approximately 30,000 megawatts of power and distributed electricity to 2.6 million customers across 4 states. The annual report highlights Entergy's financial results for 2006, including operating revenues of $10.9 billion and net income of $1.1 billion. It also summarizes Entergy's electricity generation and distribution data and employee headcount. The letter to stakeholders discusses Entergy's commitment to sustainable growth principles and recovering from the impacts of the 2005 hurricanes through various cost recovery efforts across its service territories.
The document discusses managing the economy without economic growth. It argues that growth is not possible over the long term due to finite resources and waste absorption capacity. A no-growth economy need not result in disaster if macro demand and supply are stabilized. With the right policies, including carbon pricing and a shorter work week, unemployment and poverty could be avoided even without growth. The document questions conventional measures of economic success and proposes alternative foundations for an ecological macroeconomics within planetary boundaries.
The document is Sempra Energy's 1999 annual report. It summarizes the company's strong financial performance in 1999, exceeding earnings growth targets. However, total shareholder return did not increase. As a result, Sempra Energy is undertaking a strategic realignment to become a leading global energy services company focused on meeting changing customer needs. Key steps include investments in growing domestic and international businesses and a reduced dividend to increase financial flexibility for growth.
xcel energy 2007 Earnings Release Presentation10252007finance26
The document summarizes Xcel Energy's third quarter 2007 earnings results and provides guidance for 2007 and 2008. Some of the accomplishments in the third quarter included strong earnings results, regulatory approvals, and an S&P credit rating upgrade. Earnings per share for the third quarter were $0.58 compared to $0.53 the previous year. For 2007, utility operations are expected to contribute $1.51-$1.55 per share while total earnings are forecasted to be $1.31-$1.35 per share. The 2008 guidance estimates utility operations will contribute $1.61-$1.71 per share and total earnings of $1.45-$1.55 per share.
Bueller Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Advanced Planning For the Ultra High Net Worth.The recordings for this program can be found at http://tinyurl.com/6yojnrt.
Learn more at www.inknowvision.com
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
The document is Southern Company's 2003 annual report. It summarizes the company's strong financial and operational performance in 2003, with earnings of $1.47 billion, or $2.03 per share. It discusses the company's focus on its core businesses of power generation and delivery in the Southeast US. The report also announces that Chairman and CEO Allen Franklin will retire in July 2004, and that David Ratcliffe will succeed him as president in April and CEO in July. Ratcliffe expresses confidence in Southern Company's strategy and people to continue its record of success.
Bellatrix Exploration April 2012 Corporate PresentationCompany Spotlight
This corporate presentation provides an overview of Bellatrix Exploration Ltd.'s corporate snapshot, strategy, financial forecasts, commodity risk management, capital expenditures plan, and production growth. Some key points:
- Bellatrix has over 100 million common shares outstanding and insider ownership of approximately 13.3%. Production is forecasted to be between 16,500-17,000 boe/d in 2012, increasing to 19,000-19,500 boe/d by year-end.
- The company's strategy focuses on exploiting its Cardium and Notikewin core areas through horizontal drilling and fracturing to drive growth. It aims to increase its oil and liquids weighting while maintaining low finding and development costs.
-
Taiwan Synthetic Rubber Corporation (TSRC) reported 3Q11 earnings that were in line with expectations and 32% above analyst consensus estimates. While revenue increased 1% quarter-over-quarter and 67% year-over-year, gross profits rose 3% quarter-over-quarter and 99% year-over-year. The analyst maintains a Buy rating and NT$97 target price, expecting TSRC to benefit from continued margin expansion as butadiene prices decline more than synthetic rubber product prices. Downside risks include lower-than-expected tire demand and high raw material prices.
Entergy Corporation is an integrated energy company that generates and distributes electricity. In 2006, Entergy generated approximately 30,000 megawatts of power and distributed electricity to 2.6 million customers across 4 states. The annual report highlights Entergy's financial results for 2006, including operating revenues of $10.9 billion and net income of $1.1 billion. It also summarizes Entergy's electricity generation and distribution data and employee headcount. The letter to stakeholders discusses Entergy's commitment to sustainable growth principles and recovering from the impacts of the 2005 hurricanes through various cost recovery efforts across its service territories.
The document discusses managing the economy without economic growth. It argues that growth is not possible over the long term due to finite resources and waste absorption capacity. A no-growth economy need not result in disaster if macro demand and supply are stabilized. With the right policies, including carbon pricing and a shorter work week, unemployment and poverty could be avoided even without growth. The document questions conventional measures of economic success and proposes alternative foundations for an ecological macroeconomics within planetary boundaries.
The document is Sempra Energy's 1999 annual report. It summarizes the company's strong financial performance in 1999, exceeding earnings growth targets. However, total shareholder return did not increase. As a result, Sempra Energy is undertaking a strategic realignment to become a leading global energy services company focused on meeting changing customer needs. Key steps include investments in growing domestic and international businesses and a reduced dividend to increase financial flexibility for growth.
xcel energy 2007 Earnings Release Presentation10252007finance26
The document summarizes Xcel Energy's third quarter 2007 earnings results and provides guidance for 2007 and 2008. Some of the accomplishments in the third quarter included strong earnings results, regulatory approvals, and an S&P credit rating upgrade. Earnings per share for the third quarter were $0.58 compared to $0.53 the previous year. For 2007, utility operations are expected to contribute $1.51-$1.55 per share while total earnings are forecasted to be $1.31-$1.35 per share. The 2008 guidance estimates utility operations will contribute $1.61-$1.71 per share and total earnings of $1.45-$1.55 per share.
Bueller Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Advanced Planning For the Ultra High Net Worth.The recordings for this program can be found at http://tinyurl.com/6yojnrt.
Learn more at www.inknowvision.com
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
The document is Southern Company's 2003 annual report. It summarizes the company's strong financial and operational performance in 2003, with earnings of $1.47 billion, or $2.03 per share. It discusses the company's focus on its core businesses of power generation and delivery in the Southeast US. The report also announces that Chairman and CEO Allen Franklin will retire in July 2004, and that David Ratcliffe will succeed him as president in April and CEO in July. Ratcliffe expresses confidence in Southern Company's strategy and people to continue its record of success.
Bellatrix Exploration April 2012 Corporate PresentationCompany Spotlight
This corporate presentation provides an overview of Bellatrix Exploration Ltd.'s corporate snapshot, strategy, financial forecasts, commodity risk management, capital expenditures plan, and production growth. Some key points:
- Bellatrix has over 100 million common shares outstanding and insider ownership of approximately 13.3%. Production is forecasted to be between 16,500-17,000 boe/d in 2012, increasing to 19,000-19,500 boe/d by year-end.
- The company's strategy focuses on exploiting its Cardium and Notikewin core areas through horizontal drilling and fracturing to drive growth. It aims to increase its oil and liquids weighting while maintaining low finding and development costs.
-
Taiwan Synthetic Rubber Corporation (TSRC) reported 3Q11 earnings that were in line with expectations and 32% above analyst consensus estimates. While revenue increased 1% quarter-over-quarter and 67% year-over-year, gross profits rose 3% quarter-over-quarter and 99% year-over-year. The analyst maintains a Buy rating and NT$97 target price, expecting TSRC to benefit from continued margin expansion as butadiene prices decline more than synthetic rubber product prices. Downside risks include lower-than-expected tire demand and high raw material prices.
1) Auto-Owners Insurance Group had a profitable year in 2007, with over $4.5 billion in net written premiums, though premiums decreased slightly from 2006. They experienced their second highest losses from weather events.
2) The Life Company reached $3.5 billion in life insurance issued, their highest amount ever. Assets for the Group grew to over $13.6 billion.
3) Construction began on a new 95,000 square foot data center to protect computer operations from severe weather and ensure continuous service for agents and policyholders.
The section of Solutions for America discusses the President's budget, the rise of welfare and the collapse of marriage, among other things. It offers several solutions for fixing these broken institutions.
Carbon pricing and small to medium sized businessesTurlough Guerin
This document provides a summary of business news and events in Greater Dandenong, Victoria from June to September 2011. It discusses the success of several recent business events in the region, including the Melbourne Food and Wine Festival and the Greater Dandenong Chamber of Commerce Platinum Regional Business Awards. It also promotes upcoming events, such as the Shortest Lunch on June 22nd. The document addresses the issue of carbon pricing and its potential impacts and opportunities for small to medium businesses. An expert article encourages businesses to understand how carbon flows through their operations in order to identify risks and opportunities from a future carbon price.
Fifth Third Bancorp reported third quarter 2007 earnings of $376 million, or $0.71 per diluted share. Net interest income increased 2% sequentially and 6% year-over-year. Average loans grew 2% sequentially and 6% year-over-year. Noninterest income grew 2% sequentially and 9% year-over-year, driven by increases in electronic payment processing, service charges on deposits, and corporate banking revenue. Credit quality remained challenging with provision for loan and lease losses up 14% sequentially.
This document is the 2001 annual report for WPS Resources Corporation. It provides highlights of the company's financial performance for 2001 including revenues, income, earnings per share, and other metrics. It also summarizes the company's business segments and subsidiaries. The report discusses strategic actions taken by the company in 2001 including acquisitions, construction projects, and ownership changes. It provides an overview from the CEO on the company's performance and positioning for continued growth and profitability.
This document provides a financial supplement to Aetna's third quarter 2006 earnings press release. It includes tables with statistics on health care enrollment, revenues, costs, and margins. Key details include:
- Health care and group insurance statistics such as premiums, fees, costs, and medical cost ratios for the third quarter and first nine months of 2006 compared to the same periods in 2005.
- Consolidated membership numbers for medical, dental, pharmacy, and group insurance as of September 30, 2006 compared to prior periods.
- Consolidating statements of income and balance sheets for Aetna's business segments for the third quarter of 2006.
- Reconciliations of certain reported amounts to
xcel energy _25/2007EarningsReleasePresentationfinance26
This document summarizes the earnings results of a company for the first quarter of 2007 compared to 2006. Key points include:
- EPS for the quarter was $0.28 compared to $0.36 in 2006, with higher natural gas margins offset by higher expenses.
- Electric margins were flat due to various factors including a rate increase and weather, offset by fuel cost recoveries.
- Gas margins increased $18 million primarily due to weather and rate increases.
- O&M expenses increased $26 million mainly from higher plant outage and employee benefit costs.
- The company reached a settlement in a Texas rate case and has pending gas rate cases in several states.
- 2007 EPS guidance is $1
2010 City Of Bethlehem Finance And Budget PresentationNachman Shelef
The document provides information from the 2010 City of Bethlehem Finance & Budget Presentation. It discusses the city's budget expenses and revenues for 2010, significant cost increases from 2009 to 2010, trends in real estate valuations and tax revenues, goals for casino host fees, increases in public safety spending and staffing, new public safety equipment and technology, efforts to reduce crime rates, and how Bethlehem's crime rates compare to other cities in Pennsylvania.
The document summarizes a paper that proposes a new method for commercial mortgage lenders to explicitly factor energy risk and building energy efficiency into mortgage underwriting. It finds that standard underwriting does not account for risks from volatile energy prices, which can significantly impact building cash flows. The authors develop a model to simulate cash flows under different energy price scenarios and incorporate these risks into loan valuations. The results show loan valuations are 8.5% lower when accounting for energy, with larger reductions for larger buildings and loans. The paper concludes this method can help lenders more accurately price loans based on location-specific energy risks and efficiency levels.
An Enhanced Annuity pays a higher retirement income if you have a medical condition that reduces your life expectancy, as the insurance company expects to pay out for a shorter period. Research shows over two-thirds of retirees could benefit from an Enhanced Annuity, with smokers receiving up to 13% more income and the seriously ill receiving significantly higher incomes. Consulting an advisor can help determine if an Enhanced Annuity makes sense for an individual based on their health and maximize their retirement income.
This document provides an overview of Ameren Corporation's presentation at the Citi Power, Gas & Utilities Conference on June 5-6, 2008. The presentation discusses Ameren's regulated electric and gas utility businesses in Missouri and Illinois, its non-rate-regulated generation business, and provides its financial outlook and earnings guidance for 2008. The presentation also reviews Ameren's investment plans and growth opportunities across its businesses.
The document provides an overview of Ameren Corporation's annual finance meeting on May 21, 2008. It includes presentations on Ameren's business segments, financial outlook, earnings guidance, and long-term financial targets. The presentations emphasize Ameren's focus on operational excellence and regulated investment to support earnings growth and a strong dividend.
Blake Lapthorn and Lane Clark & Peacock LLP Southern Pensions conference - 24...Blake Morgan
The document summarizes the agenda and presentations for the Southern Pensions conference on November 24, 2011. Nicola Walker will discuss challenges in assessing scheme liabilities, including issues around equalization, GMP equalization, drafting problems, and data quality. Richard Murphy will address steps trustees and employers can take today and tomorrow to derisk schemes, including progressive buy-ins. He emphasizes the importance of good data for managing risk and uncertainty. The conference aims to help attendees address the challenges of defined benefit schemes in the current environment.
BlocPower aims to provide no-money-down solar and energy efficiency solutions to underserved communities through innovative financing and partnerships. They will aggregate groups of property owners to access capital and complete installations, saving customers money while hiring local residents. If successful, BlocPower could help reduce energy costs and carbon emissions in low-income areas while creating jobs and economic opportunity.
This document summarizes Michael Fraizer's presentation at the Merrill Lynch Conference on February 12, 2008. The key points are:
1) Genworth reported operating EPS of $3.07 and operating ROE of 11.0% for 2007, with international operations contributing 50% of earnings and U.S. mortgage insurance contributing 11%.
2) Genworth's strategy focuses on delivering financial security across products like mortgage insurance, life insurance, long-term care insurance, and wealth management. The company aims to expand in higher-growth international and fee-based businesses.
3) Genworth has a strong international presence in mortgage insurance, payment protection insurance, and retirement products across over 25 countries. International operations
This document is the transcript of an earnings call for Eastman Kodak Company for Q2 2008.
The key points are:
1) Kodak reported revenue growth of 1% for Q2 driven by digital camera, printer, and digital plate sales, offset by declines in traditional film.
2) Gross profit margins declined to 23.5% due to higher commodity costs and investments in consumer inkjet and digital printing.
3) Kodak announced a $125 million increase in investments in consumer inkjet, digital printing, and workflow products.
4) For the full year, Kodak expects revenue growth of 0-2% and earnings from operations at the low
The document outlines the Code of Business Conduct and Ethics for employees of Entergy Corporation. It details 9 sections that establish ethical guidelines regarding conflicts of interest, corporate opportunities, confidentiality, protection of company assets, fair dealing, compliance with laws, special provisions for executives, waivers to the code, and consequences for failing to comply. The code is intended to provide guidance to employees on ethical risks and foster an honest and accountable culture within the company.
Eastman Kodak Company reported financial results for the fourth quarter and full year of 2007. Key highlights include:
- Q4 earnings of $92 million, up from a $15 million loss in the year-ago period. Digital revenue grew 15% in Q4 driven by growth in all digital businesses.
- The company met or exceeded all 2007 financial goals including an 8% increase in digital revenue, $176 million in digital earnings, and $333 million in net cash generation.
- Sales totaled $3.22 billion for Q4, up 4% from the prior year. Digital revenue was $2.26 billion, up 15%, while traditional revenue declined 15%.
-
The document provides reconciliations for several non-GAAP financial measures referenced by Kodak's CEO and CFO during an earnings call to the most directly comparable GAAP measures. These include reconciliations of projected digital EFO, digital revenue growth, investable cash flow, EBITDA, interest expense, and traditional earnings/digital losses to their related GAAP measures. The reconciliations are provided to give investors the same financial data used internally by management to properly assess the company's underlying performance.
Kodak reported positive fourth quarter earnings of $17 million, despite a 9% drop in annual sales to $3.821 billion. Digital earnings grew to $271 million for the quarter, driven by improved margins in consumer digital and graphic communications. For the full year, digital earnings increased by $271 million, exceeding the decline in traditional earnings for the first time. Cash levels totaled $1.469 billion at year-end, and debt was reduced by over $800 million in 2006. Kodak expects to conclude restructuring efforts in 2007 to transition fully to a digital business model.
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Diluted earnings per share rose 18% to $2.95. The company continued to invest in its businesses, adding capabilities and talent to better serve major clients globally. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diversified portfolio to navigate potential economic challenges while continuing to deliver consistent long-term results.
1) Auto-Owners Insurance Group had a profitable year in 2007, with over $4.5 billion in net written premiums, though premiums decreased slightly from 2006. They experienced their second highest losses from weather events.
2) The Life Company reached $3.5 billion in life insurance issued, their highest amount ever. Assets for the Group grew to over $13.6 billion.
3) Construction began on a new 95,000 square foot data center to protect computer operations from severe weather and ensure continuous service for agents and policyholders.
The section of Solutions for America discusses the President's budget, the rise of welfare and the collapse of marriage, among other things. It offers several solutions for fixing these broken institutions.
Carbon pricing and small to medium sized businessesTurlough Guerin
This document provides a summary of business news and events in Greater Dandenong, Victoria from June to September 2011. It discusses the success of several recent business events in the region, including the Melbourne Food and Wine Festival and the Greater Dandenong Chamber of Commerce Platinum Regional Business Awards. It also promotes upcoming events, such as the Shortest Lunch on June 22nd. The document addresses the issue of carbon pricing and its potential impacts and opportunities for small to medium businesses. An expert article encourages businesses to understand how carbon flows through their operations in order to identify risks and opportunities from a future carbon price.
Fifth Third Bancorp reported third quarter 2007 earnings of $376 million, or $0.71 per diluted share. Net interest income increased 2% sequentially and 6% year-over-year. Average loans grew 2% sequentially and 6% year-over-year. Noninterest income grew 2% sequentially and 9% year-over-year, driven by increases in electronic payment processing, service charges on deposits, and corporate banking revenue. Credit quality remained challenging with provision for loan and lease losses up 14% sequentially.
This document is the 2001 annual report for WPS Resources Corporation. It provides highlights of the company's financial performance for 2001 including revenues, income, earnings per share, and other metrics. It also summarizes the company's business segments and subsidiaries. The report discusses strategic actions taken by the company in 2001 including acquisitions, construction projects, and ownership changes. It provides an overview from the CEO on the company's performance and positioning for continued growth and profitability.
This document provides a financial supplement to Aetna's third quarter 2006 earnings press release. It includes tables with statistics on health care enrollment, revenues, costs, and margins. Key details include:
- Health care and group insurance statistics such as premiums, fees, costs, and medical cost ratios for the third quarter and first nine months of 2006 compared to the same periods in 2005.
- Consolidated membership numbers for medical, dental, pharmacy, and group insurance as of September 30, 2006 compared to prior periods.
- Consolidating statements of income and balance sheets for Aetna's business segments for the third quarter of 2006.
- Reconciliations of certain reported amounts to
xcel energy _25/2007EarningsReleasePresentationfinance26
This document summarizes the earnings results of a company for the first quarter of 2007 compared to 2006. Key points include:
- EPS for the quarter was $0.28 compared to $0.36 in 2006, with higher natural gas margins offset by higher expenses.
- Electric margins were flat due to various factors including a rate increase and weather, offset by fuel cost recoveries.
- Gas margins increased $18 million primarily due to weather and rate increases.
- O&M expenses increased $26 million mainly from higher plant outage and employee benefit costs.
- The company reached a settlement in a Texas rate case and has pending gas rate cases in several states.
- 2007 EPS guidance is $1
2010 City Of Bethlehem Finance And Budget PresentationNachman Shelef
The document provides information from the 2010 City of Bethlehem Finance & Budget Presentation. It discusses the city's budget expenses and revenues for 2010, significant cost increases from 2009 to 2010, trends in real estate valuations and tax revenues, goals for casino host fees, increases in public safety spending and staffing, new public safety equipment and technology, efforts to reduce crime rates, and how Bethlehem's crime rates compare to other cities in Pennsylvania.
The document summarizes a paper that proposes a new method for commercial mortgage lenders to explicitly factor energy risk and building energy efficiency into mortgage underwriting. It finds that standard underwriting does not account for risks from volatile energy prices, which can significantly impact building cash flows. The authors develop a model to simulate cash flows under different energy price scenarios and incorporate these risks into loan valuations. The results show loan valuations are 8.5% lower when accounting for energy, with larger reductions for larger buildings and loans. The paper concludes this method can help lenders more accurately price loans based on location-specific energy risks and efficiency levels.
An Enhanced Annuity pays a higher retirement income if you have a medical condition that reduces your life expectancy, as the insurance company expects to pay out for a shorter period. Research shows over two-thirds of retirees could benefit from an Enhanced Annuity, with smokers receiving up to 13% more income and the seriously ill receiving significantly higher incomes. Consulting an advisor can help determine if an Enhanced Annuity makes sense for an individual based on their health and maximize their retirement income.
This document provides an overview of Ameren Corporation's presentation at the Citi Power, Gas & Utilities Conference on June 5-6, 2008. The presentation discusses Ameren's regulated electric and gas utility businesses in Missouri and Illinois, its non-rate-regulated generation business, and provides its financial outlook and earnings guidance for 2008. The presentation also reviews Ameren's investment plans and growth opportunities across its businesses.
The document provides an overview of Ameren Corporation's annual finance meeting on May 21, 2008. It includes presentations on Ameren's business segments, financial outlook, earnings guidance, and long-term financial targets. The presentations emphasize Ameren's focus on operational excellence and regulated investment to support earnings growth and a strong dividend.
Blake Lapthorn and Lane Clark & Peacock LLP Southern Pensions conference - 24...Blake Morgan
The document summarizes the agenda and presentations for the Southern Pensions conference on November 24, 2011. Nicola Walker will discuss challenges in assessing scheme liabilities, including issues around equalization, GMP equalization, drafting problems, and data quality. Richard Murphy will address steps trustees and employers can take today and tomorrow to derisk schemes, including progressive buy-ins. He emphasizes the importance of good data for managing risk and uncertainty. The conference aims to help attendees address the challenges of defined benefit schemes in the current environment.
BlocPower aims to provide no-money-down solar and energy efficiency solutions to underserved communities through innovative financing and partnerships. They will aggregate groups of property owners to access capital and complete installations, saving customers money while hiring local residents. If successful, BlocPower could help reduce energy costs and carbon emissions in low-income areas while creating jobs and economic opportunity.
This document summarizes Michael Fraizer's presentation at the Merrill Lynch Conference on February 12, 2008. The key points are:
1) Genworth reported operating EPS of $3.07 and operating ROE of 11.0% for 2007, with international operations contributing 50% of earnings and U.S. mortgage insurance contributing 11%.
2) Genworth's strategy focuses on delivering financial security across products like mortgage insurance, life insurance, long-term care insurance, and wealth management. The company aims to expand in higher-growth international and fee-based businesses.
3) Genworth has a strong international presence in mortgage insurance, payment protection insurance, and retirement products across over 25 countries. International operations
This document is the transcript of an earnings call for Eastman Kodak Company for Q2 2008.
The key points are:
1) Kodak reported revenue growth of 1% for Q2 driven by digital camera, printer, and digital plate sales, offset by declines in traditional film.
2) Gross profit margins declined to 23.5% due to higher commodity costs and investments in consumer inkjet and digital printing.
3) Kodak announced a $125 million increase in investments in consumer inkjet, digital printing, and workflow products.
4) For the full year, Kodak expects revenue growth of 0-2% and earnings from operations at the low
The document outlines the Code of Business Conduct and Ethics for employees of Entergy Corporation. It details 9 sections that establish ethical guidelines regarding conflicts of interest, corporate opportunities, confidentiality, protection of company assets, fair dealing, compliance with laws, special provisions for executives, waivers to the code, and consequences for failing to comply. The code is intended to provide guidance to employees on ethical risks and foster an honest and accountable culture within the company.
Eastman Kodak Company reported financial results for the fourth quarter and full year of 2007. Key highlights include:
- Q4 earnings of $92 million, up from a $15 million loss in the year-ago period. Digital revenue grew 15% in Q4 driven by growth in all digital businesses.
- The company met or exceeded all 2007 financial goals including an 8% increase in digital revenue, $176 million in digital earnings, and $333 million in net cash generation.
- Sales totaled $3.22 billion for Q4, up 4% from the prior year. Digital revenue was $2.26 billion, up 15%, while traditional revenue declined 15%.
-
The document provides reconciliations for several non-GAAP financial measures referenced by Kodak's CEO and CFO during an earnings call to the most directly comparable GAAP measures. These include reconciliations of projected digital EFO, digital revenue growth, investable cash flow, EBITDA, interest expense, and traditional earnings/digital losses to their related GAAP measures. The reconciliations are provided to give investors the same financial data used internally by management to properly assess the company's underlying performance.
Kodak reported positive fourth quarter earnings of $17 million, despite a 9% drop in annual sales to $3.821 billion. Digital earnings grew to $271 million for the quarter, driven by improved margins in consumer digital and graphic communications. For the full year, digital earnings increased by $271 million, exceeding the decline in traditional earnings for the first time. Cash levels totaled $1.469 billion at year-end, and debt was reduced by over $800 million in 2006. Kodak expects to conclude restructuring efforts in 2007 to transition fully to a digital business model.
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Diluted earnings per share rose 18% to $2.95. The company continued to invest in its businesses, adding capabilities and talent to better serve major clients globally. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diversified portfolio to navigate potential economic challenges while continuing to deliver consistent long-term results.
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Earnings per share rose 18% to $2.95. The company continued to invest in its businesses, expanding capabilities in digital and new markets. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diverse portfolio but economic challenges may impact some clients. The company will focus on consistent long-term results and building capabilities around client needs through organic growth and acquisitions.
This document is Ameren Corporation's 2006 annual report. It highlights that in 2006 Ameren was committed to generating, delivering, and distributing electricity and natural gas safely and reliably while protecting the environment. It also discusses how Ameren worked to reduce plant emissions to meet new clean air regulations, responded effectively to severe storms to restore power to customers, and helped customers adapt to changing energy markets in Illinois. The financial highlights section at the end summarizes Ameren's 2006 financial results including operating revenues, expenses, income, earnings per share, dividends, stock information, assets, liabilities, and capitalization ratios.
This document is the annual report for Omnicom from 2001. It summarizes the company's financial performance for 2001 and compares it to previous years. Some key points:
- Revenue reached $6.89 billion in 2001, a record high, though growth slowed due to economic challenges including the recession and 9/11 attacks.
- Operating income was $968 million and net income was $503 million in 2001. Earnings per share were $2.75 excluding a one-time gain.
- The company achieved all of its financial goals for 2001 except improving operating margins, due to a slowdown in client spending in many industries.
- Omnicom won a record $4.
This document is the annual report for Omnicom from 2001. It provides an overview of the company's financial performance for 2001 compared to previous years, as well as highlights from each of its major advertising agency networks - BBDO Worldwide, DDB Worldwide, and TBWA Worldwide. The report discusses how each agency network expanded its client roster and won various industry awards in 2001 despite challenges from economic slowdown. It also notes some leadership changes that occurred within the company.
Eastman Chemical Company manufactures and markets chemicals, fibers, and plastics worldwide. It provides differentiated coatings, adhesives, specialty plastics, and is the world's largest producer of PET polymers for packaging. In 2004, Eastman reported its highest ever annual sales and profits, driven by growth in all regions, with particularly strong growth in Asia Pacific. Eastman aims to continue growth through technology-driven initiatives in select markets like packaging, electronics, health, and construction.
The Chairman's letter summarizes Interpublic's 2002 annual report. While the company accomplished many notable achievements, including new business wins and major creative awards, its financial performance was disappointing due to revenue declines from the economic recession and lack of cost controls at some agencies. Looking ahead, the Chairman outlines an aggressive turnaround plan focused on strengthening the balance sheet, improving financial accountability and margins, and driving organic growth.
The Chairman's letter summarizes Interpublic's 2002 annual report. While the company accomplished many notable achievements, including winning new business and major creative awards, its financial performance was disappointing due to revenue declines from the economic recession and lack of cost controls at some agencies. Looking ahead, the Chairman outlines an aggressive turnaround plan focused on strengthening the balance sheet, improving financial accountability and margins, and driving organic growth.
BD is a global medical technology company that provides solutions to help improve human health. The 2001 Annual Report discusses BD's commitment to achieving great performance, making contributions to society through innovation, and becoming a great place to work. The report highlights BD's financial results for 2001 which showed revenue growth and net income in line with expectations. It also discusses BD's focus on innovation through new products, commitment to associates through leadership development programs, and vision for continued progress.
allstate Quarterly Investor Information 2003 4th Earnings Press Release finance7
Allstate reported strong financial results for Q4 2003 and full year 2003. Net income increased 71% for Q4 and 138.5% for the full year compared to the previous periods. Operating income also increased significantly. For Q4, property-liability underwriting income increased 272% due to higher premiums and continued favorable loss trends, partially offset by higher catastrophe losses. Allstate also increased its quarterly dividend by 22% and added $1 billion to its share repurchase program. The company expects continued momentum and profitability in 2004.
1) Ecolab reported record financial performance in 2003 with net sales reaching $3.8 billion, an 11% increase over 2002. Operating income increased 22% to $483 million.
2) The company continued expanding its product and service offerings, launching several new cleaning and sanitation products and systems. It also strengthened its global sales and service team.
3) Ecolab acquired two pest control companies in Europe and sold minority investments to focus on its core business. Doug Baker was appointed the new CEO to replace the current CEO in 2004.
Ecolab's CEO discusses how the company "turned it up" in 2002 through strong financial performance, new product offerings and service capabilities, strategic acquisitions, and leadership development. Looking ahead, the CEO expresses confidence that Ecolab will continue growing its market share and opportunities through its core businesses and new offerings, leveraging its sales force, and expanding globally.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program targeting $150 million in annual savings. Overall, the annual report emphasizes that despite challenging economic conditions, the company's focus on innovation, quality and service positioned it for long-term growth.
The document is Avery Dennison's 2007 Annual Report. It provides an overview of the company's financial performance in 2007 as well as a summary of activities in each of its business segments. Some key points:
- Net sales increased to $6.31 billion in 2007, up from $5.58 billion in 2006. However, net income declined to $303.5 million from $358.5 million due to acquisition and integration costs.
- A major event was the acquisition of Paxar, which doubled the size of the Retail Information Services business and positions Avery Dennison as a leader in retail branding and information management.
- Emerging markets continued to show strong growth, now representing
This document is from El Paso Corporation's 2007 Annual Meeting of Stockholders. It discusses El Paso's purpose of providing natural gas and energy in a safe, efficient, and dependable manner. It highlights that in 2006 El Paso returned to profitability, reduced debt by $2.8 billion, and was upgraded by credit rating agencies. Going forward, El Paso aims to maintain its financial strength and leverage its pipeline and exploration & production businesses in a favorable macro environment.
This document is from El Paso Corporation's 2007 Annual Meeting of Stockholders. It discusses El Paso's purpose of providing natural gas and energy in a safe, efficient, and dependable manner. It highlights that in 2006 El Paso returned to profitability, reduced debt by $2.8 billion, and was upgraded by credit rating agencies. Going forward, El Paso aims to maintain its financial strength and leverage its pipeline and exploration & production businesses in a favorable macro environment.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
U.S. Bancorp reported net income of $1,130 million for the first quarter of 2007, down slightly from $1,153 million in the first quarter of 2006. Diluted earnings per share were $0.63, equal to the prior year. The net interest margin declined to 3.51% from 3.80% a year ago due to competitive pressures and changes in the yield curve. Noninterest income grew 5.1% driven by fee businesses, but this growth was offset by increased credit costs and the impact of items in the year-ago period. Overall results were solid given the challenging environment, and credit quality remained strong.
The document discusses The Shaw Group's 2002 annual report. It describes how in 2002 Shaw significantly expanded its capabilities through the acquisition of The IT Group, adding environmental, infrastructure, and homeland security services. This made Shaw a stronger competitor able to handle more issues for more customers. The acquisition helped drive record financial results in 2002, with revenues increasing 106% to over $3.2 billion and net income up 61% to $98.4 million. Looking ahead, Shaw aims to continue growing in areas like power sector maintenance and environmental markets as well as expanding internationally, especially in China.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 1999. It provides information on EchoStar's business operations, legal proceedings, risks to its business, financial statements and other required disclosures. EchoStar operates a direct broadcast satellite subscription television service in the United States called DISH Network, which had approximately 3.4 million subscribers as of December 31, 1999. It also provides digital set-top boxes and other equipment to international direct-to-home service providers.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2001 filed with the SEC. It provides an overview of EchoStar's businesses, including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment sales. It summarizes EchoStar's proposed merger with Hughes Electronics Corporation, which is subject to various regulatory approvals and conditions, including IRS and shareholder approval. If completed, the merger would create a new public company providing satellite TV services and technologies globally.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the SEC. It provides an overview of EchoStar's business including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment manufacturing business. It discusses EchoStar's programming packages, sales and marketing strategies, satellite fleet, technology, competition, regulation, legal proceedings, and financial results.
EchoStar Communications Corporation experienced significant growth in 2003, crossing the 9 million subscriber milestone for its DISH Network satellite television service. The company launched its ninth satellite and released several new receiver products, including those supporting high-definition television and digital video recording. Financially, EchoStar achieved $5.7 billion in revenue and $225 million in earnings, while reducing debt through bond issuances and retirements. Going forward, the company plans to continue expanding its offerings in areas like international programming and high-definition television.
- DISH Network added 1.48 million subscribers in 2004, surpassing 10 million subscribers in June 2004 and finishing the year with 10.9 million subscribers.
- DISH Network generated $7.15 billion in revenue in 2004, with earnings of $215 million and $21 million in free cash flow.
- DISH Network continues to focus on growing its subscriber base and developing additional services, and expects to launch its 10th satellite in early 2006 to increase channel offerings and capacity.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
dish network 2007 Notice and Proxy Statementfinance24
- The document is a letter from the Chairman and CEO of EchoStar Communications Corporation inviting shareholders to attend EchoStar's 2007 Annual Meeting of Shareholders on May 8, 2007.
- It provides details on the location, time, and agenda items to be voted on at the meeting, including the election of 10 directors and the ratification of the appointment of KPMG LLP as the independent auditor.
- Shareholders are encouraged to vote by proxy whether attending the meeting or not to ensure their votes are counted, and they are thanked for their support and interest in EchoStar.
Danaher Corporation reported quarterly and annual sales and operating margin data for its Tools and Controls segments for an unaudited period. The Tools segment saw annual sales of $1.16 billion while the Controls segment generated $2.62 billion in annual sales. On an annual basis before restructuring, operating margins were 13.49% for Tools and 16.54% for Controls. After restructuring, the annual operating margin fell to 11.31% for Tools and 14.85% for Controls.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
Danaher Corporation announced its third quarter 2001 results, reporting a 5% increase in net income to $87.7 million compared to $83.6 million in third quarter 2000. Third quarter sales were down 8.6% to $901.6 million due to weakness in the industrial economy. For the first nine months of 2001, net earnings increased 12% to $264.6 million on 4% higher sales of $2.86 billion compared to the same period in 2000. The CEO stated that aggressive cost control allowed for earnings growth despite softness in the economy and that Danaher will maintain a strict cost focus while economic conditions remain uncertain.
Danaher Corporation announced its second quarter 2001 results, with record net earnings of $94.2 million, up 16% from the previous year. Revenue was also up 7% to $956.6 million. For the six month period, net earnings reached a record $176.8 million, up 16% and revenue was up 11.5% to $1.962 billion. While sales growth was strong, a slowing domestic economy negatively impacted some product lines, leading to a 4.5% decline in core sales volume. However, aggressive cost cutting measures helped boost earnings per share by 12.5% for the quarter.
Danaher Corporation announced record results for the first quarter of 2001 with net earnings of $82.6 million, a 15% increase over the same period in 2000. Diluted earnings per share were $0.56, up 14% from 2000. Sales increased 16% to $1,005.3 million due to acquisitions. While core volume declined in the tools and components segment due to a weak domestic economy, cost containment measures helped drive record operating profit. The company expects continued outperformance in 2001 despite economic uncertainty.
- Danaher Corporation reported record results for the fourth quarter and full year 2002, with net earnings of $161.7 million and $290.4 million respectively.
- Fourth quarter sales increased 39% to $1.275 billion compared to $918.9 million in 2001. Full year sales grew 21% to $4.577 billion.
- The strong results were driven by acquisitions and 3.5% core volume growth, although the tools and components segment declined slightly.
Danaher Corporation announced its third quarter 2002 results, reporting a 32% increase in net earnings to $116.0 million compared to third quarter 2001. Diluted earnings per share increased 25% year-over-year to $0.74. Total sales for the quarter grew 28% to $1,151.7 million, driven primarily by acquisitions completed in the first quarter of 2002. For the first nine months of 2002, net earnings were $128.7 million which included a $173.8 million one-time non-cash charge related to goodwill impairment. Excluding this charge, nine month net earnings were up 14% to $302.4 million compared to the same period in 2001.
Danaher Corporation announced its second quarter 2002 results, with net earnings of $103.7 million, a 10% increase over the second quarter of 2001. Earnings per share increased 5% to $0.66. Sales for the quarter increased 20% to $1.146 billion due primarily to recent acquisitions. For the first six months of 2002, net earnings were $12.7 million after a one-time $173.8 million goodwill impairment charge, but were up 5% excluding this charge at $186.4 million, with sales up 10% to $2.15 billion. The CEO stated they were pleased with the results and optimistic about continued improvement for the rest of the year.
Danaher Corporation announced its first quarter 2022 results. Net earnings were $82.7 million, comparable to the previous year's results. However, after adopting a new accounting standard that eliminated goodwill amortization, earnings per share fell 14% compared to the previous year. The company also recorded a $173.8 million charge related to goodwill impairment in some business units. Total sales were relatively flat at $1,004.2 million. The CEO commented that while core volumes declined 15% due to economic challenges, the company has seen signs of stability in revenues and gives a more positive outlook for the rest of the year.
Danaher Corporation provided a document summarizing its selling, general and administrative costs, operating profit, and free cash flow for the quarter and year ended December 31, 2003. Some key highlights include:
- Total company revenue for the quarter increased 16.7% to $1.49 billion compared to the same quarter last year.
- Operating profit before special credits for the total company was $239.6 million for the quarter, up 20.1% from the prior year.
- Free cash flow for the year was $781.2 million, up 21.1% from 2002.
Danaher Corporation reported record results for the fourth quarter and full year 2003. Net earnings for Q4 2003 were $169.9 million, or $1.06 per share, compared to $161.7 million, or $1.03 per share for Q4 2002. For the full year, net earnings were $536.8 million or $3.37 per share compared to $290.4 million or $1.88 per share for 2002. Sales increased 17% in Q4 2003 to $1.49 billion and grew 16% for the full year to $5.29 billion. The company experienced strong growth in both its process/environmental controls and tools/components segments.
This document from Danaher Corporation provides supplemental financial information including free cash flow and debt ratios for quarters ending in March, June, and September 2003 as well as year-to-date figures. Free cash flow is defined as operating cash flow minus capital expenditures and is a measure of available cash. Debt ratios including debt-to-total capital and net debt-to-total capital are also provided to show Danaher's leverage over time. Management believes these metrics provide useful information to investors and help determine borrowing capacity.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. 2007 AnnuAl RepoRt
Cracking even the toughest of cases!
Featuring 14,300 EmployEEs Directed by Board of dirEctors
Produced by sharEholdEr stUdios Story by ENtErGy’s lEadErship tEam
2. Keys to Growth
Unlocking Value
We continually seek to create value in our businesses and it is
our job to unlock that value for the benefit of our shareholders,
customers, employees and communities. In 2007, we announced
plans to pursue the spin-off of our non-utility nuclear assets to
our shareholders. This transaction was structured to consider the
interests of all stakeholders and is expected to return value for all.
In our 2007 annual report, we present the ongoing stories of
our efforts to create, capture and unlock value in our utility and
nuclear businesses. Against this backdrop, we also present the
greatest value realization story we’ve ever told, the story of the
spin transaction and the three entities it creates – Entergy Classic,
SpinCo and the Nuclear Services Joint Venture.
Entergy Corporation and Subsidiaries 2007
Entergy Corporation is an integrated energy company engaged primarily in electric power
production and retail distribution operations. Entergy owns and operates power plants
with approximately 30,000 megawatts of electric generating capacity, and it is the second-
largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility
customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of
more than $11 billion and approximately 14,300 employees.
Contents Letter to Stakeholders 2 | Progress Against Our Aspirations 7
The Search for Value Continues 8 | Transforming Our Portfolio to Benefit Customers 12
Unique Generating Assets and Operating Expertise 16 | Guiding Principles for a Carbon Policy 20
Coming Attractions 24 | Financial Review 25 | Investor Information 99 | Directors and Officers 100
3. Highlights
2007 Change 2006 Change 2005
Financial Results
(in millions, except percentages and per share amounts)
Operating revenues $11,484 5.1% $10,932 8.2% $10,106
Consolidated net income $ 1,135 0.2% $ 1,133 26.2% $ 898
Earnings per share
Basic $ 5.77 5.7% $ 5.46 27.9% $ 4.27
Diluted $ 5.60 4.5% $ 5.36 27.9% $ 4.19
Average shares outstanding (in millions)
Basic 196.6 (5.3%) 207.5 (1.2%) 210.1
Diluted 202.8 (4.1%) 211.5 (1.4%) 214.4
Return on average common equity 14.1% (0.7%) 14.2% 26.8% 11.2%
Net cash flow provided by operating activities $ 2,560 (25.8%) $ 3,448 134.9% $ 1,468
utility electRic OpeRating data
Retail kilowatt-hour sales (in millions) 102,013 5.5% 96,663 1.6% 95,153
Peak demand (in megawatts) 22,001 5.3% 20,887 (2.4%) 21,391
Retail customers – year end (in thousands) 2,668 2.8% 2,595 (1.3%) 2,629
14,322 3.7% 13,814 (2.3%) 14,136
tOtal emplOyees – yeaR end
1
4. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
To Our Stakeholders
A re we having fun yet? To most people winning is fun. As they for 10 consecutive years, the only company to be honored each
say, it beats losing. year since the awards were created. For 2007, we received the
From the theme of this year’s report, you could properly conclude EEI Emergency Assistance Award for the work of our dedicated
that we are having fun, and not because we have actually won employees in helping to restore power in Oklahoma following
anything. In part, we are having fun because we are “winning” on an ice storm.
Investing in people. We have provided $35 million in grants
things that not only make a difference today, but also on things that n
set the foundation for the future of this company. We are winning since we began our low-income customer assistance initiative
in battles that we have been fighting for a long time; winning on in 1999, leveraging at least $24.5 million in additional public
things that matter to each of you, such as: and private funds to help low-income families
Delivering the highest total shareholder return in and individuals throughout Arkansas, Louisiana,
n
our industry, 414.3 percent from Dec. 31, 1998 to Massachusetts, Mississippi, New York, Texas and
Dec. 31, 2007 compared to 134.1 percent for the Vermont. In 2007, Entergy received the U.S. Chamber
Philadelphia Utility Index over the same period. In of Commerce Award for Community Service and
2007, we delivered total shareholder return of 32.5 in early 2008, we were recognized for a third time
percent, once again ranking in the top quartile of our with the EEI Advocacy Excellence Award for our
J.Wayne
peer group. low-income initiative.
Creating the safest possible work environment as Backing up our environmental concerns with actions.
n n
lEoNard
evidenced by lowering our Lost Work Day Incident On climate change, we have articulated a clear
vision for change and made a second voluntary
Rate to 0.22 in 2007, our best year ever, from 1.08
in 1998. While this is still short of our goal, an commitment to stabilize our own carbon dioxide
Chairman and
accident-free work environment, clearly we can see emissions at 20 percent below year 2000 levels from
Chief Executive 2006 to 2010. In 2007, for the sixth consecutive year,
measurable progress every year.
Officer
Keeping the prices our customers pay as low as we were the only U.S. utility named to the Dow Jones
n
Sustainability World Index in recognition of our
practical. Our residential utility customers have
essentially seen no increase in base rates for nine sustainability efforts.
years. Average residential base rates in 1998 were
4.90 cents per kWh compared to 4.97 cents per kWh in 2007. We are proud of our track record of accomplishment. But we
When adjusted for inflation, our customers experienced a real don’t believe in declaring victory every time we have a good year.
decrease in base rates over the past nine-year period. Nor do we believe in giving in because we’re out-numbered in our
Providing the best possible service when it matters most. Obviously, point of view, or giving up because the path to success is unclear.
n
in 2005 with hurricanes Katrina and Rita we proved we could For example, for a number of years we have been frustrated in
write the book on emergency response. But that was no surprise. our aspiration of realizing the full value of our non-utility nuclear
We have received the Edison Electric Institute Emergency Storm fleet. After considerable time and effort, we believe in 2007 we
Response Award or Emergency Assistance Award every year found the key to unlock the full value in a way that assures those
2
5. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
who share and have supported Entergy’s point of view on nuclear reflect the full value of carbon-free energy. Robust cash projections,
or carbon are rewarded for their patience. with line of sight at $2 billion 2012 earnings before interest, income
taxes, depreciation and amortization, support assuming more
Unlocking Value – Separation of Our Non-Utility Nuclear Business financial risk or accepting greater volatility in return for greater
In 2007, our Board of Directors approved plans to pursue the cash flows than is practical as part of the “utility”. Specifically,
spin-off of Entergy’s non-utility nuclear business to our shareholders SpinCo expects to execute roughly $4.5 billion of debt financing,
and the formation of a nuclear services joint venture to be owned subject to market terms and conditions – a stark contrast to when
equally by Entergy and the spun-off entity, referred to as SpinCo. we started this business and it had to be all internally financed
While the operating results of the non-utility nuclear plants with shareholder money, limiting our dividend payout and other
contribute substantially to Entergy’s current share price, market potential investments.
capitalization and profitability, the full value of the business has
not and is unlikely to be realized or recognized embedded in a
ValUE triloGy
regulated “utility”. Over the last nine years, shareholders have put
considerable capital at risk as we started and grew this business.
While shareholders have seen substantial rewards, the proposed
We are pursuing plans to spin off
structure provides a very real opportunity for full value realization
our non-utility nuclear assets to our
while maintaining the safety, security and operational excellence
shareholders and form a nuclear
of our entire (utility and non-utility) nuclear fleet.
services joint venture owned equally
Following the spin, Entergy shareholders will hold two distinct
by Entergy and SpinCo.
equities – Entergy stock, comprised of the regulated utility
business, referred to as Entergy Classic, and a 50 percent stake in
the nuclear services joint venture, and stock in SpinCo, comprised
of the non-utility nuclear plants, a power marketing operation, and The nuclear services joint venture retains the talented, experienced
nuclear operations team that currently operates our non-utility
the remaining 50 percent stake in the nuclear services joint venture.
nuclear assets and Nebraska Public Power District’s Cooper Nuclear
SpinCo will be uniquely positioned as the only pure-play, emission-
Station, reflecting Entergy’s commitment to maintaining safety,
free nuclear generating company in the United States, at a time
security and operational excellence. As a premier nuclear operator,
when the states, the nation and the world move inevitably toward
the joint venture will have broad experience operating boiling
a less carbon-intensive future.
The option value of this transaction cannot be overstated. In and pressurized water reactor technologies, enabling it to grow
the spin-off, shareholders will receive a highly liquid, publicly through offerings of nuclear services to third parties, including plant
traded stock that we believe will be better recognized for its innate operations, decommissioning and relicensing.
and scarcity value. Good corporate governance dictates that the As part of the spin-off, Entergy Corporation expects to receive
decision to buy, hold or sell this uniquely positioned segment of $4 billion, $1.5 billion of which is targeted to reduce debt. The
our business and this industry be made available to individual remaining $2.5 billion is targeted for a share repurchase program,
shareholders to execute consistent with their individual points of $0.5 billion of which has already been authorized by the Entergy Board
view and risk appetite. This structure provides owners what we of Directors, with the balance to be authorized and to commence
would consider a free option. following completion of the spin-off. Post-spin, Entergy Classic’s
As part of the spin-off from the regulated utility, SpinCo will dividend payout ratio aspiration ranges from 70 to 75 percent.
have the opportunity to maintain an efficient risk profile for its Post-spin, primary focus from Entergy’s leadership team will
business, while aspiring to strong merchant credit relative to be on the utility business, enabling continued value creation and
others in the sector. Conceptually, that means increased borrowing growth. We will pursue strategies that benefit our customers
capacity and increased flexibility in the decisions on when or through greater energy efficiency, including new, more efficient
whether to enter into financial hedges for the plants’ output. That is generating technologies, better price signals and more effective
particularly valuable in an illiquid long-term market that has yet to usage of our product. Entergy Classic offers a unique utility investment
3
6. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
Unlocking Value Through Operations – Our 2007 Results
corporatE
Even as we continue to evaluate opportunities to realize the value
inherent in our existing assets, our 14,300 employees remain focused
on creating value through industry-leading performance in our
We ranked number one in total ongoing operations. As a result of their efforts, Entergy delivered
shareholder return over the nine-year total shareholder return of 32.5 percent in 2007, placing us once
period from Dec. 31, 1998 to again in the top quartile of our peer companies.
Dec. 31, 2007. We achieved our $1 per share operational earnings growth aspiration
and did so in a challenging economic climate. Entergy’s operational
earnings were $5.76 per share, up 22 percent from $4.72 per share
opportunity with a unique base rate path and earnings per in 2006. As-reported earnings were $5.60 per share, up 4.5 percent
share growth prospect. The utilities’ investment opportunities to from $5.36 per share in 2006. We initiated a new $1.5 billion stock
reduce fuel cost and volatility are substantial relative to their own repurchase program in 2007, and returned nearly $1 billion of cash
balance sheet. In that regard, we will not take on more than we can to our owners through that program, doubling our repurchase
handle. Innovative financing with structures allowing for third- aspiration of $500 million. In addition, our Board of Directors
party investment or financing in specific projects (e.g., nuclear) increased the dividend for the first time since the last increase in
will be extensively evaluated and implemented if it contributes 2004, consistent with our aspiration to achieve a 60 percent target
to maintaining a strong credit rating, lowering customers’ bills payout ratio. And our operational return on invested capital
or protecting shareholder value. Through this transformation, increased, moving towards our 10 percent financial aspiration.
Entergy Classic aspires to a “real” decrease in customer rates, with These financial accomplishments were realized without sacrificing
a base rate path less than projected inflation, while simultaneously our solid credit metrics. We never lose sight of our point of view
growing earnings per share six to eight percent through 2012, that a strong balance sheet is a fundamental component of long-
creating value for all stakeholders. term financial success.
It is rare to uncover an opportunity with the potential to deliver A more detailed description of the performance of our Corporation,
substantial value to all stakeholders. Moreover, as an Entergy Utility and Nuclear Businesses – as well as our point of view on a
shareholder, we clearly expect that you will be advantaged by both carbon policy to address the climate change issue – can be found
the value of SpinCo and the enhanced value of Entergy Classic. later in this report. Highlights include:
We will continue to take the necessary actions, including seeking
requisite regulatory approvals, in order to complete the transaction we made solid progress in executing
in OuR utility business,
around the end of the third quarter of 2008. our portfolio transformation strategy in 2007 – announcing the
acquisitions of the 789-megawatt Ouachita Power Facility in
northern Louisiana and the 322-megawatt Calcasieu Generating
UtilitiEs
Facility in southwestern Louisiana and receiving regulatory
approval to proceed with the Little Gypsy Unit 3 repowering project.
We continue to pursue buy, build and contract power purchase
We are pursuing our portfolio options through our portfolio transformation initiative in order to
transformation strategy to meet procure the right generating technologies for our customers in the
demand, diversify our fleet and create most efficient manner possible. In addition, we’re preserving our
opportunities to lower costs for option to invest in the next, simpler, more efficient generation of
our customers. nuclear plants, with potential new nuclear development at our Grand
Gulf Nuclear Station and River Bend Station.
We essentially reached closure on the regulatory recovery
process for the unprecedented devastation of the 2005 storm
season. In May, Entergy New Orleans emerged from bankruptcy,
4
7. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
following approval of a $200 million Community Development no environmental impacts that would preclude license renewal at
Block Grant from the Louisiana Recovery Authority and after these sites. All three sites are on track to receive renewed licenses
reaching a regulatory recovery agreement with the New Orleans during 2008. Also in 2007, the NRC accepted the license renewal
City Council. In August, we received the final regulatory approval application for the Indian Point Energy Center. While there has
for Entergy Louisiana and Entergy Gulf States Louisiana from the been significant public rhetoric surrounding the safety or need for
Louisiana Public Service Commission for recovery of roughly Indian Point, we are confident the NRC license renewal process
$1 billion, representing the balance of storm restoration costs provides a fair hearing of any legitimate issues and concerns raised
and the establishment of storm reserves. Securitization – a new, by the public and interested parties. We are confident Indian Point
improved mechanism for cost recovery that results in lower overall exceeds all the parameters for license renewal. Simply put, Indian
bills to our customers – was also approved by the LPSC, consistent Point is safe, secure and vital to the community interests.
with actions taken in Mississippi and Texas, and final securitization
proceeds are expected in 2008. In other utility matters, the long-studied
jurisdictional separation became a reality at the end of 2007, when
NUclEar
Entergy Gulf States, Inc. separated into two vertically integrated
utilities – Entergy Gulf States Louisiana, L.L.C. and Entergy Texas, Inc.
Our premier nuclear fleet presents a
major opportunity for value realization
we closed on our acquisition of
in OuR nucleaR business,
with its safe, secure and emission-free
the 798-megawatt Palisades Nuclear Plant in Michigan. We also
power generation.
completed the implementation of our fleet alignment initiative
for our utility and non-utility nuclear teams – with goals to
eliminate redundancies, capture economies of scale and clearly
we continued our unwavering commitment
establish organizational governance. Our first priority in our as a cORpORatiOn,
to sustainable development. We believe action must be taken to
nuclear operations is safety and security. Only then do we pursue
first stabilize and then reduce emissions of greenhouse gases. For
productivity improvements and cost efficiencies. When operational
this reason, we made a second voluntary commitment to stabilize
issues surface, we focus on resolving the issue at hand in the most
our CO2 emissions at 20 percent below year 2000 levels from 2006
appropriate manner and that may include temporarily suspending
to 2010 even as we continue to grow our electric production. Our
operations at a plant. While the forced outage levels we experienced
cumulative CO2 emissions for 2006 and 2007 were 79.0 tons, 7.2
in 2007 are not the performance we expect from our fleet, as good
percent better than our stabilization goal of 85.1 tons. Our belief in
nuclear operators we take the opportunity to review our programs
the realities of climate change and the principles that should guide
and procedures to ensure we adjust and perform up to our high
us as a society as we develop a carbon policy are detailed later in
standards going forward.
At the same time, it should be acknowledged not all forced this report.
outages are the same. Some were the result of events outside the I am proud of what we accomplished in 2007. I’m particularly
plant itself, like the extended transformer-related outage at Indian proud to be part of a Board of Directors that over the last nine years
Point 3. While there was some opportunity to mitigate the financial has been faced with some of the hardest decisions Boards ever
effect of this outage by starting the unit earlier using the other encounter. Without exception, they have never wavered from their
transformer at the plant and running at a lower capacity factor, we obligations and commitments. The decision to pursue a spin-off of
did not do that. It is simply not consistent with the Entergy Nuclear the non-utility nuclear business is evidence of this. It is one thing
standards for safety, redundancy, reliability and risk management. for companies to spin off businesses that are “losing” the war.
We continued our license renewal efforts and reached several It is another to spin off a winning, but relatively small segment,
key milestones. The Nuclear Regulatory Commission issued particularly under shareholder pressure. It is quite another, under
its final environmental impact statements for Vermont Yankee no external pressures, to spin off the most profitable, highest
Nuclear Power Station, Pilgrim Nuclear Station, and most recently in growth business with potentially a bigger market capitalization
January for the James A. FitzPatrick Nuclear Power Plant, finding than the remaining business. This was a hard decision, not because
5
8. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
the Board wasn’t focused on doing the right thing, but because they I started by asking “Are we having fun yet?” Admittedly, it wasn’t
were focused on absolutely assuring we get it right and not leave much “fun” seven years ago to answer questions on why we were
any money on the table in the transaction. spending money to voluntarily reduce greenhouse gases before it
was mainstream to even acknowledge climate change was real. It
wasn’t much fun to hear the chuckles when we were buying nuclear
climatE chaNGE
plants when the conventional wisdom was they were a liability. It
wasn’t much fun when the combination of hurricanes Katrina and
Rita wiped out 120,000 square miles of our system, including our
We believe now is the time to corporate headquarters, putting hundreds of employees out of a
implement a smart carbon policy – place to work or live, and thousands on the road day and night
using certain guiding principles – in in the recovery effort. And we didn’t have answers to employee
order to stabilize harmful emissions questions like, “When will we have a day off to check on our home?”
of greenhouse gases. or “Will the company ever be able to return to our home city –
New Orleans?” It wasn’t much fun when, despite our best efforts,
our goal of zero accidents was too distant to see. And it wasn’t
For another example, I would remind you Entergy did not jump much fun when the stock price of the company remained in the
in front of the parade after climate change became “fashionable” $20s as it had for decades.
or after stakeholder pressures were applied. More than six years Now, it is fun to see the results of years of effort and executing
ago, the Board directed the company to begin reducing emissions, on a solid point of view. But despite the skepticism of others or our
not just talk about it. They have established principles for the own frustrations at the slow progress in some areas over the years,
climate change debate consistent with the economic realities and we have always had fun. It’s fun because we love what we do, and
our company’s values. For example, we are a large independent believe in the long run, doing it well while doing the right thing
power generator, but our principles for climate change do not makes a difference. A difference for owners, for employees and
promote free emission allowances under a cap-and-trade program their families, for our communities and for future generations.
to power generators. We believe any free allowances should go
only to the end-use customers. We also believe the bulk of research
and development money should go to research for the retrofit of
existing coal plants even though almost all of our generating plants
J. Wayne Leonard
are nuclear- and natural gas-fueled. And even given the fact that
Chairman and Chief Executive Officer
we have been voluntarily reducing our own emissions for years,
we are not prepared to support any mandatory plan for everyone
else, who have done little or nothing, that does not consider the
potential devastating financial effects on the poor and middle class.
We recognize that it could be argued our principles are flawed.
The company would be better off supporting free allowances
for all generators based on output or not supporting research to
“save” the existing competing coal plants. But that’s why they call
them principles. You can read more about the facts supporting our
principles later in the report.
6
9. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
Progress Against Our
aspiratioNs
In our 2006 annual report we presented our five-year aspirations for 2006 through 2010. We are pleased to report
excellent progress against our aspirations in 2007 A summary of how we performed against key measures in each
.
aspiration is detailed below.
ASPiRATiONS PROgRESS iN 2007
We aspire to continually deliver top-quartile total We delivered top-quartile shareholder returns
shareholder returns. again last year. In 2007, we also developed and
announced plans to pursue a spin-off of our
non-utility nuclear assets, a significant opportunity
for value realization for all our stakeholders.
We aspire to provide clean, reliable and affordable We have held average residential base rates
power in our utility business. essentially flat since 1998. Our reliability performance
continued to improve. We received 70 regulatory
outage complaints in 2007, down from 81 in 2006
and 535 in 1998. Outage duration and outage
frequency also improved in 2007.
We made a second voluntary commitment to
stabilize Entergy’s CO2 emissions at 20 percent
below year 2000 levels from 2006 to 2010. We more
than met our stabilization goal in 2006 and 2007.
We aspire to operate safe, secure and vital nuclear Our nuclear fleet delivered solid operational
resources in an environment that is both growing results in 2007, but there are opportunities for
and carbon-constrained. improvement. As good nuclear operators, we
review our programs and procedures and seek
input from industry experts. We will make the
adjustments needed to perform in the future at
levels consistent with our high standards.
We aspire to break the cycle of poverty and In 2007, we raised more than $2.4 million in bill
contribute to a society that is healthy, educated payment assistance funds for our customers. We
and productive. also continued our advocacy efforts to increase
funding for the federal Low Income Home Energy
Assistance Program and achieve more equitable
distribution of those funds to the states we serve
through our utilities.
7
10. wINNEr
1998 to 2007
Ninth Anniversary Edition
OF THE TOP
tsr t h E o r i G i N a l c U t o f t h E Va l U E d E t E c t i V E ’ s G r E at E s t a d V E N t U r E
award
11. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
Entergy Corporation
The Search for Value Continues
A
s a corporation, Entergy seeks to unlock value by striving to environment is how we generate sustainable growth. We contend
continually deliver top-quartile total shareholder returns, create that it is not only possible to be a leader in financial, operational and
an accident-free workplace, be the cleanest power generator in societal performance; it is our responsibility to do so.
America and contribute to a society that is healthy, productive and Below are highlights of our corporate sustainability efforts for
educated. Our aspiration to consistently deliver value to multiple 2007 in the areas of shareholder returns, safety, environmental
stakeholders is in keeping with our strong belief in sustainable performance and our low-income initiative.
development. We made excellent progress in our sustainability efforts
Top-Quartile Shareholder Returns
and we were gratified to have our efforts recognized again in 2007.
n We delivered top-quartile total shareholder return in 2007 and we In 2007, we once again delivered top-quartile returns for our
were number one in total shareholder return over the nine-year shareholders. Our total shareholder return for the year was 32.5
period ending Dec. 31, 2007. percent compared to 19.0 percent for the Philadelphia Utility Index.
The Dow Jones Sustainability Indexes named Entergy Corporation Over the past nine years, since a new leadership team was put in place,
n
to the exclusive Dow Jones Sustainability World Index for an Entergy has delivered the highest total shareholder return in its peer
unprecedented sixth consecutive year. Entergy was the only U.S. group. From Dec. 31, 1998 to Dec. 31, 2007, total shareholder return
utility selected for the world index and one of only 16 utilities was 414.3 percent for Entergy investors. That compares to a 134.1 percent
chosen worldwide. Our organization ranked best in class for total return for the Philadelphia Utility Index.
occupational safety, environmental policy and environmental In 2007, we took several steps to position ourselves to continue
management, stakeholder engagement, climate strategy and talent to deliver exceptional returns. Our Board of Directors increased
attraction and retention. the quarterly dividend in July, long overdue since the last increase
We were selected as part of the prominent Climate Disclosure in 2004, and consistent with our aspiration to achieve a 60 percent
n
Leadership Index for the fourth consecutive time. Candidates for target payout ratio. Following the spin-off, Entergy Classic will aspire
the index are assessed relative to their peers and judged based on to a 70 to 75 percent dividend payout ratio. Also in 2007, we initiated
which companies have the most comprehensive climate change a new $1.5 billion stock repurchase program and returned nearly
disclosure practices. $1 billion of cash to our owners through this program, doubling
Entergy was named one of the 10 Best Corporate Citizens in 2007 our repurchase aspiration of $500 million. As a corporation, we are
n
by Corporate Responsibility Officer magazine. For the utility industry, committed to returning the value inherent in our operations to our
Entergy ranked number one out of 88 North American companies shareholders. Dividends and share repurchases are important
evaluated and scored in the top quartile in seven of the eight categories vehicles for doing just that.
evaluated, including human rights, corporate governance, environment, Our plan to pursue a proposed spin-off of the non-utility nuclear assets
climate change, philanthropy, financial and employee relations. to our shareholders is another vehicle to unlock value. Following the
Institutional Shareholder Services rated Entergy as the top utility spin, Entergy shareholders will hold two distinct equities – Entergy
n
for corporate governance and indicated that we outperformed stock comprised of the regulated utility business and SpinCo stock
99.8 percent of companies in the S&P 500. comprised of the non-utility nuclear plants and a power marketing
We were also recognized as one of “America’s Most Trustworthy operation. Entergy Classic and SpinCo will each own a 50 percent
n
Companies” by Forbes magazine for accounting transparency and stake in the nuclear services joint venture. We believe having an
fair dealings with stakeholders. We were the only utility to make option to trade these two equities independently will be highly
the list, which was drawn from 8,000 public companies. valuable to our shareholders and the Entergy leadership team is
committed to delivering that value in 2008 through the separation of
At Entergy, we conduct our business in accordance with the the two businesses.
principles of sustainable development. Our ongoing quest to seek
value in our businesses, employees, customers, communities and
9
12. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
“We aspire to consistently deliver value in keeping
An Accident-Free Workplace
The safety and well being of our employees comes before all other aspirations
at Entergy. We aspire to an accident-free workplace. At every work location
The Making of The Value Trilogy including generating facilities, offices, transmission and distribution
networks, Entergy companies’ employees and contractors are focused on
dEVElopmENt
building the behaviors, systems and culture that we need to achieve zero
accidents. In 2007, our Lost Work Day Incident Rate, which measures the
annual lost work day cases per 100 employees, was 0.22 compared to 0.25
in 2006. In fact, 2007 was the safest year ever for our employees. However,
As early as 2006, we began to explore within Entergy the idea of we suffered a major setback in November 2007 – the fatality of a contractor
working for the Entergy New Orleans gas business. We are reminded again that
a transaction to unlock the value of our non-utility nuclear assets.
in the area of safety, improvement is inadequate. We must continue to strive for
perfection – no lost-time accidents. Anything else is simply not enough.
The Cleanest Power generator in America
We strive to be the cleanest power generator in America – one that
voluntarily adheres to greenhouse gas emission levels and conserves natural
GY, a
NTER
out E resources in as many ways as possible. We are the second-cleanest utility
t to
a ab ts ou
dram at se
th
is a tility
pany on-u
story its n generator among the top 10 U.S. generators, due largely to our portfolio
er com
This pow in
exists
eful in
value
that
sourc
re the
value veal of clean nuclear and natural gas generation resources. We continued to
k the d re
unloc ts an
asse
lear build our clean portfolio in 2007, with the closing of our purchase of the
nuc
on-
.
the n
lities
its uti rate ide
s ins
sepa Palisades Nuclear Plant and the announced acquisition of two gas-fired
tilitie
ys to its u
wa
seeks rom
ess f ating
RGY
evalu
ENTE sin generation facilities, Calcasieu Generating Facility and Ouachita Power
ar bu ture, o.
nucle no g
struc ’s a
utility porate os. It
e cor nari Facility, both in Louisiana.
am ce
the s ial s
anc ers
onsid
le fin en c
multip We more than met our goal for 2006 and 2007 under our second
d ev
e an
e tax
outsid Th
turns ers. nd it
to oth
RGY voluntary commitment to stabilize CO2 emissions from 2006 to 2010 at
ing a
ENTE ssets helm
the a ed.
overw wart
lling e th
s are
se
20 percent below year 2000 levels. We achieved these results through
ay b
ence ist m
sequ agon
con
r prot utility
non-
rs ou internal projects reducing emissions from our facilities and through
appea f of
n-of
A spi ates
rs cre
st.
not lo e,
holde external projects. For example, we are working with Nike, Inc., the
e valu
all is share ks th
But… unloc
ets to e
r ass t valu
and
a Environmental Resources Trust and other concerned citizens to form a
a
s
nucle res th
unitie e
niqu
ensu
opport the u
s JV
rate and
corpo ration
rated Solar Reinvestment Fund to help revitalize New Orleans with newly
r ope ene
clea
a nu be g led.
ue to revea
ontin constructed, solar-powered schools and homes. With its use of solar
s is
will c utilitie
in its
value
energy, the initiative will reduce CO2 emissions while helping New
Orleans recover from the devastation of Hurricane Katrina. Entergy
also purchased emission reduction credits totaling 100,000 metric
tons from Nike. The credits were verified and registered by the
Environmental Resources Trust as a result of Nike exceeding its
carbon footprint goals with the World Wildlife Fund’s Climate
Savers program.
Our efforts to limit greenhouse gas emissions earned Entergy a 2007
Climate Protection Award from the U.S. Environmental Protection Agency.
We were the only utility company among the 17 award winners who were
honored for showing ingenuity, leadership and public purpose by improving
their environmental performance and encouraging others to do the same.
Finally, we continued our environmental efforts focused on coastal
restoration, recycling, community improvement and energy efficiency.
To that end, we have a partnership with Keep America Beautiful, Inc. to
10
13. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
with our belief in sustainable development.”
expand our focus on environmental stewardship. Through grants and employee
volunteerism in 2007, Entergy helped local Keep America Beautiful affiliates in
their efforts to build strong, healthy communities and a better environment. total shareholder Return
2007, %
A Society That is Healthy, Productive an d Educated
32.5
Approximately 25 percent of our 2.7 million utility customers fall below the
poverty level. We created our low-income customer assistance initiative in
1999 to address this stark reality. Entergy’s commitment to the fight against 19.0
poverty takes many forms – from funding for education, job training and
programs that help low-income families build assets to partnering with
5.5
the Internal Revenue Service to educate customers about benefits such as
the earned income tax credit. Since launching its low-income customer
assistance initiative, Entergy has committed $35 million to funding programs ETR
that help families escape poverty and achieve economic self-sufficiency. Philadelphia
Utility Index
We continued our work on behalf of our low-income customers in 2007.
Entergy along with its employees and customers raised more than $2.4 million S&P 500
in local bill payment assistance funds. One hundred percent of the funds
raised go to local customers who need help to pay their utility bills. Last year,
almost 90,000 customer bills were paid by third-party sources such as our bill
total shareholder Return
payment assistance funds as well as state and federal programs.
12/31/1998 – 12/31/2007, %
Federal utility bill payment assistance programs only reach about 15 percent
of households in need. To increase the reach of federal programs, Entergy
414.3
employees and activists from its service areas traveled to Washington, D.C. in
February 2007 to meet with members of Congress and urge their support for
increased funding for the Low Income Home Energy Assistance Program.
As a result of their efforts and the efforts of advocates for the poor and
134.1
elderly, 2007 LIHEAP funding was more than $102.7 million for Arkansas,
38.1
Louisiana, Mississippi and Texas.
Our efforts on behalf of our low-income customers were recognized again in
ETR
2007. We were honored to receive the Edison Electric Institute Advocacy Excellence
Philadelphia
Award for the third year. The U.S. Chamber of Commerce Business Civic
Utility Index
Leadership Center also recognized Entergy in 2007 for its low-income initiative
S&P 500
with its Corporate Citizenship Award in the category of U.S. Community Service.
Releasing Value Wherever it Exists We aspire to continually deliver top-quartile
shareholder return. We ranked in the top quartile
Providing employees the opportunity to reach their full potential in a safe and
of our peer companies again in 2007 and we were
secure work environment. Creating partnerships that enable communities to
number one in total shareholder return over the
thrive in a healthy, clean environment. Giving people in need of assistance a chance nine-year period ending Dec. 31, 2007.
to break the cycle of poverty and build productive lives. Value exists all around
us – in our businesses, employees and communities – and at Entergy, we are
committed to doing what it takes to create and unlock that value wherever
we find it. Our corporate efforts in the areas of safety, the environment and
our low-income customer assistance initiative deliver benefits for all our
stakeholders. While the link is less direct, we are confident that our efforts
in these areas contribute to our proven ability to meet our overarching
aspiration of continually delivering top-quartile total shareholder returns.
11
14. Smart and Savvy, together they’re going to change how you think
about Entergy’s Utilities.
Featuring portfolio traNsformatioN stratEGy Starring ExcEllENt cUstomEr sErVicE
Directed by Utility lEadErship tEam Original Musical Score by rEGUlatory stakEholdErs
15. Enterg y Cor porat ion a nd Subsid ia r ies 20 07
Entergy Utilities
Transforming Our Portfolio to Benefit Customers
O
ur utilities unlock value by constantly finding better ways to States Louisiana, wrapping up regulatory recovery approvals for the
provide clean, reliable and affordable power to our customers. 2005 storms. Entergy Louisiana will recover $545 million for the
In 2007, value came from a number of sources. balance of unrecovered storm restoration costs and Entergy Gulf
States Louisiana will recover $187 million. The approved plan also
Excellent Performance in Service to Our Customers includes recovery of storm reserves totaling $239 million to offset
Reliable power is a top priority for our customers and that makes it the impact of future restoration efforts from storm events. Finally,
a top priority for Entergy’s utilities. In 2007, outage frequency as securitization of storm-related costs was approved, consistent with
measured by total customer interruptions per customers served similar actions taken in Mississippi and Texas. Securitization is a
improved to 1.79 from 1.83 in 2006. Outage duration as measured by total new, improved vehicle for regulatory recovery that will result in lower
minutes of customer interruptions per customers served improved to overall costs to customers.
184 in 2007 from 189 in 2006. We also continued to hold the line on
Constructive Regulatory Process
base rate increases for our customers, making our power reliable and
In 2007, we realized constructive regulatory outcomes and participated
affordable. On an inflation-adjusted basis, we delivered a real base
in constructive processes. We continue to believe Formula Rate Plans are
rate decrease to our residential customers over the past nine years.
For 2007, we won the Edison Electric Institute Emergency a good tool for setting appropriate rates in a timely manner. Formula
Assistance Award for the assistance we provided in restoring power Rate Plans are currently in place for Entergy Mississippi, Entergy
following an ice storm in Oklahoma. We have won either EEI’s Louisiana and Entergy Gulf States Louisiana.
Emergency Storm Response Award or Emergency Assistance Award In third quarter 2007, Entergy Texas initiated a base rate case. Base
for 10 consecutive years and we are the only company to be honored rates have not been increased in over 16 years, and Entergy Texas is
each year since the awards were created. Finally, our utility employees seeking rates that align with its cost of doing business. Since rates were
once again demonstrated their commitment to safety. In 2007, several frozen in 1999, Entergy Texas has never earned its authorized return on
utility sites earned Star status under the Occupational Safety and equity on its approximate $1.8 billion rate base. If approved, new rates
Health Administration’s Voluntary Protection Program. Star status is could go into effect in September 2008.
the highest possible safety rating for an industrial work site. In October 2007, the Public Utility Commission of Texas acted
on Entergy Texas’ submitted plan to connect its Texas utility with
Closure of Storm Recovery issues the Electric Reliability Council of Texas, the primary Texas power
Two years after the biggest natural disaster to ever befall our company grid. Commissioners determined that more information was
and our communities, we achieved resolution on all regulatory needed to select the appropriate qualified power region for Entergy
recovery issues related to the 2005 storm season. Perhaps the most Texas and abated the proceeding pending further study. Southwest
significant milestone was the emergence of Entergy New Orleans Power Pool, a regional grid entity serving parts of Louisiana, Texas,
from bankruptcy in May 2007, following approval of a $200 million Arkansas, Mississippi, Oklahoma, Kansas, Missouri and New Mexico,
Community Development Block Grant from the Louisiana Recovery is conducting a study to determine the costs/benefits of including
Authority and after reaching a regulatory recovery agreement with Entergy Texas in its region. Likewise, Entergy Texas will study further
the New Orleans City Council. Under its approved reorganization the costs/benefits of remaining in the Southeastern Electric Reliability
plan, all creditors were fully compensated and there were no changes Council. Entergy Texas continues to believe that ERCOT is the best
to Entergy New Orleans’ workforce of approximately 400 employees. and only viable path forward consistent with the legislative objective to
Work still continues, however, on the rebuild of Entergy New Orleans’ offer competition to consumers.
In other Entergy Gulf States’ matters, the long-studied jurisdictional
gas distribution system, a massive project that Entergy New Orleans
separation became a reality at the end of 2007, when the company
is striving to complete over an extended period with minimum
separated into two vertically integrated utilities – Entergy Gulf States
disruption to our customers and community.
In third quarter 2007, the Louisiana Public Service Commission Louisiana, L.L.C. and Entergy Texas, Inc. For the first time, the newly
approved storm recovery for Entergy Louisiana and Entergy Gulf established companies can develop and implement separate business
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