The document provides an overview and financial review of AES Corporation's third quarter 2014 results. Key points include:
1) Adjusted EPS decreased $0.02 from Q3 2013 due to poor hydrology conditions in Brazil and an outage at Masinloc power plant in the Philippines, partially offset by higher contributions from other business units.
2) Full year 2014 adjusted EPS guidance is lowered to a range of $1.30-$1.38 primarily due to an estimated $0.10 per share impact from weak hydrology.
3) Adjusted PTC declined $36 million year-over-year across business units, with a $84 million decrease in Brazil due to hydrology issues offsetting increases
The document provides an overview and financial review of AES Corporation's second quarter 2014 results. Some key points:
- Adjusted EPS for Q2 2014 was $0.28, achieving $2 billion in asset sale proceeds a year early.
- Construction is underway on over 4,500 MW of new capacity projects and 2,400 MW of environmental upgrades by 2018.
- Partnerships are expanding access to capital while leveraging existing platforms drives growth.
- Cost reduction initiatives are on track to lower global overhead expenses by $200 million by 2015.
- 2014 guidance is reaffirmed despite some impacts from dry hydrology conditions.
05 11-15 first quarter 2015 financial review finalAES_BigSky
- The document is the AES Corporation's financial review for the first quarter of 2015.
- AES achieved several strategic milestones in the quarter, including commissioning the 1,240 MW Mong Duong 2 project in Vietnam six months early and signing agreements to sell assets for $105 million.
- Financially, AES generated $265 million in proportional free cash flow and $0.25 in adjusted EPS for the quarter, and reaffirmed its full-year guidance ranges.
This document provides an overview of The AES Corporation and contains forward-looking statements. It summarizes AES's business operations across four continents with 36 GW in operation and 6 GW under construction. It also outlines AES's value proposition, financial metrics, growth drivers through 2018 including a largely funded construction program, and capital allocation plans through 2018 that are expected to increase shareholder value.
This document provides an executive summary and overview of AES Corporation's business operations and capital allocation plans for 2014 and 2015. Key points include:
- AES has a diversified portfolio of contracted generation and utility businesses around the world.
- The company is executing a strategy of reducing costs, exiting some markets to improve returns, and leveraging existing platforms for profitable growth.
- AES expects to allocate over 75% of its discretionary cash to debt repayment, investments in growth projects, and increasing shareholder dividends and returns through 2018.
- The company forecasts average annual adjusted EPS growth of 5-6% and total shareholder returns of around 8% over the 2014-2018 period.
NiSource reported 2012 earnings that were in line with guidance. Key accomplishments included executing infrastructure investment plans and outlining a $1.8 billion capital program for 2013. Earnings were expected to grow 5-7% annually due to ongoing infrastructure investments. For 2013, NiSource expected earnings of $1.50-$1.60 per share due to continued success of its balanced business strategy and inventory of investment opportunities. Solid progress was made across NiSource's pipeline, electric, and gas distribution businesses through infrastructure modernization and growth projects.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
The document is Origin Energy's 2013 Annual Report. It provides an overview of Origin Energy's financial performance for the 2013 fiscal year, including a decrease in statutory profit to $378 million due to factors such as losses on financial instruments and increased retail transformation expenditures. Underlying profit decreased 15% to $760 million. Key highlights included sufficient liquidity to fund Australia Pacific LNG requirements, underlying business performance, and operating effectiveness improving in Energy Markets. The report discusses future prospects such as delivering the Australia Pacific LNG project on schedule and improving performance across existing businesses.
12 15-14 december investor presentation finalAES_BigSky
The document discusses AES Corporation's forward-looking statements and contains assumptions about future performance. It provides an executive summary of AES' strategy to decrease costs, reduce complexity, leverage existing platforms, and bring in partners. AES has a diversified portfolio of generation and utilities assets, with 80% under long-term contracts. The company is executing projects that yield returns over 15% and developing new capacity. It has invested cash in shareholder returns, debt paydown, and growth projects.
The document provides an overview and financial review of AES Corporation's second quarter 2014 results. Some key points:
- Adjusted EPS for Q2 2014 was $0.28, achieving $2 billion in asset sale proceeds a year early.
- Construction is underway on over 4,500 MW of new capacity projects and 2,400 MW of environmental upgrades by 2018.
- Partnerships are expanding access to capital while leveraging existing platforms drives growth.
- Cost reduction initiatives are on track to lower global overhead expenses by $200 million by 2015.
- 2014 guidance is reaffirmed despite some impacts from dry hydrology conditions.
05 11-15 first quarter 2015 financial review finalAES_BigSky
- The document is the AES Corporation's financial review for the first quarter of 2015.
- AES achieved several strategic milestones in the quarter, including commissioning the 1,240 MW Mong Duong 2 project in Vietnam six months early and signing agreements to sell assets for $105 million.
- Financially, AES generated $265 million in proportional free cash flow and $0.25 in adjusted EPS for the quarter, and reaffirmed its full-year guidance ranges.
This document provides an overview of The AES Corporation and contains forward-looking statements. It summarizes AES's business operations across four continents with 36 GW in operation and 6 GW under construction. It also outlines AES's value proposition, financial metrics, growth drivers through 2018 including a largely funded construction program, and capital allocation plans through 2018 that are expected to increase shareholder value.
This document provides an executive summary and overview of AES Corporation's business operations and capital allocation plans for 2014 and 2015. Key points include:
- AES has a diversified portfolio of contracted generation and utility businesses around the world.
- The company is executing a strategy of reducing costs, exiting some markets to improve returns, and leveraging existing platforms for profitable growth.
- AES expects to allocate over 75% of its discretionary cash to debt repayment, investments in growth projects, and increasing shareholder dividends and returns through 2018.
- The company forecasts average annual adjusted EPS growth of 5-6% and total shareholder returns of around 8% over the 2014-2018 period.
NiSource reported 2012 earnings that were in line with guidance. Key accomplishments included executing infrastructure investment plans and outlining a $1.8 billion capital program for 2013. Earnings were expected to grow 5-7% annually due to ongoing infrastructure investments. For 2013, NiSource expected earnings of $1.50-$1.60 per share due to continued success of its balanced business strategy and inventory of investment opportunities. Solid progress was made across NiSource's pipeline, electric, and gas distribution businesses through infrastructure modernization and growth projects.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
The document is Origin Energy's 2013 Annual Report. It provides an overview of Origin Energy's financial performance for the 2013 fiscal year, including a decrease in statutory profit to $378 million due to factors such as losses on financial instruments and increased retail transformation expenditures. Underlying profit decreased 15% to $760 million. Key highlights included sufficient liquidity to fund Australia Pacific LNG requirements, underlying business performance, and operating effectiveness improving in Energy Markets. The report discusses future prospects such as delivering the Australia Pacific LNG project on schedule and improving performance across existing businesses.
12 15-14 december investor presentation finalAES_BigSky
The document discusses AES Corporation's forward-looking statements and contains assumptions about future performance. It provides an executive summary of AES' strategy to decrease costs, reduce complexity, leverage existing platforms, and bring in partners. AES has a diversified portfolio of generation and utilities assets, with 80% under long-term contracts. The company is executing projects that yield returns over 15% and developing new capacity. It has invested cash in shareholder returns, debt paydown, and growth projects.
This document discusses AES Corporation's strategy of reshaping its business mix by adding long-term contracted projects, capitalizing on growth in key markets, and expecting double-digit earnings and cash flow growth. It provides an overview of AES' business units and major construction projects, outlines guidance for 2016-2018 of high single-digit adjusted EPS growth and over 10% annual free cash flow growth, and discusses risk mitigation efforts like reducing debt and hedging currency exposure.
The document provides an overview and summary of AES Corporation's first quarter 2016 financial review. Some key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and expiration of a power purchase agreement in Brazil.
- Proportional free cash flow was $253 million, in line with 2015 levels, with lower margins in the US, Brazil and Europe offset by higher collections in Brazil and the US.
- AES is on track to achieve its $150 million, 3-year cost reduction program and sees growth driven by its $7.5 billion construction program through 2018.
The document provides an investor presentation for Algonquin Power & Utilities Corp., outlining the company's business strategy, recent acquisitions and developments, financial performance, capital structure, and analyst price targets, positioning Algonquin for continued growth in renewable energy generation and regulated water and electric utilities.
Enbridge Inc. Third Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
John K. Whelen, Executive Vice President & Chief Financial Officer, Enbridge Inc.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
The document provides an overview of AES Corporation's fourth quarter and full year 2016 financial results. Some key points:
- AES delivered on its 2016 guidance and made progress reducing costs and exiting non-core assets.
- It expects to complete $3.4 billion worth of power projects under construction by 2019.
- AES aims to achieve $350 million in annual cost savings by 2018 and an additional $50 million by 2020 through its Performance Excellence program.
- For 2017, AES expects to deliver 8-10% average annual growth in free cash flow, adjusted EPS, and shareholder dividends through 2020.
This document provides an overview and summary of The AES Corporation's presentation at the Wolfe Research Power & Gas Leaders Conference on September 18, 2014. The presentation discusses AES' diversified portfolio of generation and utility businesses, its strategy to reduce risk, drive growth and enhance returns, and its outlook for 2014-2018 which includes adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
The document discusses EnLink Midstream Partners, LP, a master limited partnership focused on midstream energy services. It notes that EnLink has a stable cash flow due to 95% of contracts being fee-based and 50% from long-term Devon contracts. It also highlights EnLink's organic growth strategy through expansion projects in regions like South Louisiana, West Texas, and Ohio River Valley. Finally, it identifies four avenues for future growth: dropdowns from sponsor Devon Energy, organic expansion projects, third-party acquisitions, and potential new basin development with Devon.
Keppel Corporation aims to accelerate growth through its Vision 2030 plan, which focuses on becoming a global leader in sustainable urbanization solutions. The plan has four key focus areas: energy transition and climate change, rapid urbanization and aging populations, digitalization, and increased liquidity. Keppel will transform its business by building new growth engines, pursuing inorganic growth opportunities, and restructuring to increase focus and discipline. It will also unlock value through asset monetization to fund growth and create shareholder value. In the first half of 2021, Keppel significantly improved its financial performance and delivered a strong dividend compared to previous periods.
This document provides an overview and executive summary of The AES Corporation's business operations and strategy. It discusses AES' diversified portfolio of generation and utility businesses, 80% of which are contracted or regulated utilities. The presentation outlines AES' strategic pillars of reducing risk and complexity while driving growth and enhancing returns. It also provides financial projections, showing expected adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018, as well as proportional free cash flow growth of 10-15% annually from 2014-2018.
DTE Energy announced its first quarter 2007 earnings. Reported earnings were $134 million compared to $136 million in the first quarter of 2006. Operating earnings, which exclude non-recurring items, were $149 million compared to $171 million in the prior year. The primary drivers of the decline were a temporary rate reduction at Detroit Edison and increased costs from a January ice storm. DTE Energy maintained its 2007 earnings guidance and cash flow from operations increased 8% from the prior year.
Keppel Capital Citi-SGX-REITAS REITs & Sponsors ForumKeppelCorporation
This document summarizes Keppel Capital's investment strategy and opportunities. It discusses how Keppel Capital focuses on macro trends like urbanization, the growing middle class in Asia, and digital transformation that will drive demand for real assets. Keppel Capital leverages the Keppel group's capabilities in areas like urban development, infrastructure, renewable energy and asset management to provide quality investment solutions. The document outlines Keppel Capital's focus on sustainability and how it aims to grow its assets under management through the proposed acquisition of SPH's asset management business.
This document provides an overview of J.P. Morgan's 4th Annual Infrastructure/MLP 1x1 Forum on May 14, 2015. It begins with forward-looking statements and discussions of risks and uncertainties. It then discusses EnLink Midstream Partners, LP and EnLink Midstream, LLC, including their assets, growth strategies, and financial position. Key aspects include a stable cash flow supported by long-term contracts, organic growth opportunities through Devon Energy's upstream portfolio, and potential for significant growth from future dropdown transactions from Devon. The document outlines four avenues for doubling the size of EnLink by 2017, including dropdowns, growing with Devon, organic projects, and mergers and acquisitions.
EnLink Midstream provides midstream energy services and is focused on growing through four avenues: dropdowns from sponsor Devon Energy, growing with Devon in key regions, organic expansion projects, and mergers and acquisitions. EnLink recently completed over $4 billion of growth projects and acquisitions to expand its presence in the Permian Basin, Eagle Ford, South Louisiana, and Ohio River Valley. It aims to continue growing its integrated midstream systems and leveraging its relationship with Devon Energy.
O documento apresenta os resultados financeiros e operacionais da MPX no 2T13, destacando:
1) A geração comercial atingiu 1.779 MW com mais 1.114 MW em construção;
2) A receita líquida de geração foi de R$ 508,6 milhões;
3) A produção de gás natural na Bacia do Parnaíba atingiu 4,5 milhões de m3/dia.
Teekay Corporation presented its third quarter 2021 earnings. Key highlights included:
- Total adjusted EBITDA was $165 million, down slightly from $172 million last quarter.
- Consolidated adjusted net income was $95 thousand, up from $30 thousand last quarter.
- Teekay LNG's pending merger with Stonepeak was announced, valued at $6.2 billion including Teekay Parent receiving $640 million in proceeds.
- A new long-term contract was secured to provide marine services to Australian government vessels.
CPFL Renováveis saw significant growth in its operating portfolio and financial results in 2Q13 compared to the prior year period. Net revenue increased 45% and adjusted EBITDA grew 66% due to the addition of new assets and acquisitions. The company has a pipeline of projects under construction that are expected to further increase its installed capacity going forward.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, growth drivers, and financial guidance. Some key points:
- AES operates in 6 strategic business units across 21 countries, with over 34,000 MW of power generation capacity.
- The company has taken steps to reduce risk and complexity by exiting non-core markets and improving profitability. It is also pursuing a $1.5 billion construction program that is 70% funded and expected to drive earnings growth through 2018.
- For 2015, AES provides Adjusted EPS guidance of $1.25-$1.35 per share, and proportional free cash flow guidance of $1-1.35 billion. It expects to allocate
11 06-14 third quarter 2014 financial review finalAES_BigSky
The document discusses AES Corporation's third quarter 2014 financial results and outlook. Key points include:
- Q3 2014 adjusted EPS decreased $0.02 from Q3 2013 due to poor hydrology conditions impacting Brazil and Panama.
- Full year 2014 adjusted EPS is expected to be negatively impacted by $0.10 due to hydrology, including $0.06 year-to-date.
- Q3 2014 adjusted PTC increased at the US, Andes and MCAC SBUs but decreased at Brazil and Asia SBUs compared to Q3 2013.
- The company expects to return up to $480 million to shareholders in 2014 through dividends and share repurchases, representing
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
This document discusses AES Corporation's strategy of reshaping its business mix by adding long-term contracted projects, capitalizing on growth in key markets, and expecting double-digit earnings and cash flow growth. It provides an overview of AES' business units and major construction projects, outlines guidance for 2016-2018 of high single-digit adjusted EPS growth and over 10% annual free cash flow growth, and discusses risk mitigation efforts like reducing debt and hedging currency exposure.
The document provides an overview and summary of AES Corporation's first quarter 2016 financial review. Some key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and expiration of a power purchase agreement in Brazil.
- Proportional free cash flow was $253 million, in line with 2015 levels, with lower margins in the US, Brazil and Europe offset by higher collections in Brazil and the US.
- AES is on track to achieve its $150 million, 3-year cost reduction program and sees growth driven by its $7.5 billion construction program through 2018.
The document provides an investor presentation for Algonquin Power & Utilities Corp., outlining the company's business strategy, recent acquisitions and developments, financial performance, capital structure, and analyst price targets, positioning Algonquin for continued growth in renewable energy generation and regulated water and electric utilities.
Enbridge Inc. Third Quarter 2014 Financial ResultsEnbridge Inc.
Speakers:
Al Monaco, President and Chief Executive Officer, Enbridge Inc.
John K. Whelen, Executive Vice President & Chief Financial Officer, Enbridge Inc.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
The document provides an overview of AES Corporation's fourth quarter and full year 2016 financial results. Some key points:
- AES delivered on its 2016 guidance and made progress reducing costs and exiting non-core assets.
- It expects to complete $3.4 billion worth of power projects under construction by 2019.
- AES aims to achieve $350 million in annual cost savings by 2018 and an additional $50 million by 2020 through its Performance Excellence program.
- For 2017, AES expects to deliver 8-10% average annual growth in free cash flow, adjusted EPS, and shareholder dividends through 2020.
This document provides an overview and summary of The AES Corporation's presentation at the Wolfe Research Power & Gas Leaders Conference on September 18, 2014. The presentation discusses AES' diversified portfolio of generation and utility businesses, its strategy to reduce risk, drive growth and enhance returns, and its outlook for 2014-2018 which includes adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
The document discusses EnLink Midstream Partners, LP, a master limited partnership focused on midstream energy services. It notes that EnLink has a stable cash flow due to 95% of contracts being fee-based and 50% from long-term Devon contracts. It also highlights EnLink's organic growth strategy through expansion projects in regions like South Louisiana, West Texas, and Ohio River Valley. Finally, it identifies four avenues for future growth: dropdowns from sponsor Devon Energy, organic expansion projects, third-party acquisitions, and potential new basin development with Devon.
Keppel Corporation aims to accelerate growth through its Vision 2030 plan, which focuses on becoming a global leader in sustainable urbanization solutions. The plan has four key focus areas: energy transition and climate change, rapid urbanization and aging populations, digitalization, and increased liquidity. Keppel will transform its business by building new growth engines, pursuing inorganic growth opportunities, and restructuring to increase focus and discipline. It will also unlock value through asset monetization to fund growth and create shareholder value. In the first half of 2021, Keppel significantly improved its financial performance and delivered a strong dividend compared to previous periods.
This document provides an overview and executive summary of The AES Corporation's business operations and strategy. It discusses AES' diversified portfolio of generation and utility businesses, 80% of which are contracted or regulated utilities. The presentation outlines AES' strategic pillars of reducing risk and complexity while driving growth and enhancing returns. It also provides financial projections, showing expected adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018, as well as proportional free cash flow growth of 10-15% annually from 2014-2018.
DTE Energy announced its first quarter 2007 earnings. Reported earnings were $134 million compared to $136 million in the first quarter of 2006. Operating earnings, which exclude non-recurring items, were $149 million compared to $171 million in the prior year. The primary drivers of the decline were a temporary rate reduction at Detroit Edison and increased costs from a January ice storm. DTE Energy maintained its 2007 earnings guidance and cash flow from operations increased 8% from the prior year.
Keppel Capital Citi-SGX-REITAS REITs & Sponsors ForumKeppelCorporation
This document summarizes Keppel Capital's investment strategy and opportunities. It discusses how Keppel Capital focuses on macro trends like urbanization, the growing middle class in Asia, and digital transformation that will drive demand for real assets. Keppel Capital leverages the Keppel group's capabilities in areas like urban development, infrastructure, renewable energy and asset management to provide quality investment solutions. The document outlines Keppel Capital's focus on sustainability and how it aims to grow its assets under management through the proposed acquisition of SPH's asset management business.
This document provides an overview of J.P. Morgan's 4th Annual Infrastructure/MLP 1x1 Forum on May 14, 2015. It begins with forward-looking statements and discussions of risks and uncertainties. It then discusses EnLink Midstream Partners, LP and EnLink Midstream, LLC, including their assets, growth strategies, and financial position. Key aspects include a stable cash flow supported by long-term contracts, organic growth opportunities through Devon Energy's upstream portfolio, and potential for significant growth from future dropdown transactions from Devon. The document outlines four avenues for doubling the size of EnLink by 2017, including dropdowns, growing with Devon, organic projects, and mergers and acquisitions.
EnLink Midstream provides midstream energy services and is focused on growing through four avenues: dropdowns from sponsor Devon Energy, growing with Devon in key regions, organic expansion projects, and mergers and acquisitions. EnLink recently completed over $4 billion of growth projects and acquisitions to expand its presence in the Permian Basin, Eagle Ford, South Louisiana, and Ohio River Valley. It aims to continue growing its integrated midstream systems and leveraging its relationship with Devon Energy.
O documento apresenta os resultados financeiros e operacionais da MPX no 2T13, destacando:
1) A geração comercial atingiu 1.779 MW com mais 1.114 MW em construção;
2) A receita líquida de geração foi de R$ 508,6 milhões;
3) A produção de gás natural na Bacia do Parnaíba atingiu 4,5 milhões de m3/dia.
Teekay Corporation presented its third quarter 2021 earnings. Key highlights included:
- Total adjusted EBITDA was $165 million, down slightly from $172 million last quarter.
- Consolidated adjusted net income was $95 thousand, up from $30 thousand last quarter.
- Teekay LNG's pending merger with Stonepeak was announced, valued at $6.2 billion including Teekay Parent receiving $640 million in proceeds.
- A new long-term contract was secured to provide marine services to Australian government vessels.
CPFL Renováveis saw significant growth in its operating portfolio and financial results in 2Q13 compared to the prior year period. Net revenue increased 45% and adjusted EBITDA grew 66% due to the addition of new assets and acquisitions. The company has a pipeline of projects under construction that are expected to further increase its installed capacity going forward.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, growth drivers, and financial guidance. Some key points:
- AES operates in 6 strategic business units across 21 countries, with over 34,000 MW of power generation capacity.
- The company has taken steps to reduce risk and complexity by exiting non-core markets and improving profitability. It is also pursuing a $1.5 billion construction program that is 70% funded and expected to drive earnings growth through 2018.
- For 2015, AES provides Adjusted EPS guidance of $1.25-$1.35 per share, and proportional free cash flow guidance of $1-1.35 billion. It expects to allocate
11 06-14 third quarter 2014 financial review finalAES_BigSky
The document discusses AES Corporation's third quarter 2014 financial results and outlook. Key points include:
- Q3 2014 adjusted EPS decreased $0.02 from Q3 2013 due to poor hydrology conditions impacting Brazil and Panama.
- Full year 2014 adjusted EPS is expected to be negatively impacted by $0.10 due to hydrology, including $0.06 year-to-date.
- Q3 2014 adjusted PTC increased at the US, Andes and MCAC SBUs but decreased at Brazil and Asia SBUs compared to Q3 2013.
- The company expects to return up to $480 million to shareholders in 2014 through dividends and share repurchases, representing
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
This document provides an overview and summary of The AES Corporation's business operations from the perspective of Andrés Gluski, President and CEO, during a presentation at the Barclays CEO Energy-Power Conference on September 2, 2014. The summary includes highlights about AES' accomplishments, strategic focus on reducing risk and selectively investing in growth, and outlook for delivering higher risk-adjusted returns through 2018. Key growth drivers include AES' global construction program, leveraging existing platforms, and attracting partners to reduce costs and risks.
This corporate presentation provides an overview of Denbury Resources, a company that uses carbon dioxide enhanced oil recovery (CO2 EOR) to produce oil from mature oil fields. Some key points:
- Denbury has over 1,100 miles of CO2 pipelines and a large inventory of mature oil fields that it acquires and develops using CO2 EOR.
- CO2 EOR has provided Denbury with a 29% compound annual growth rate in production since 1999 and over 90 million barrels of oil produced to date.
- Denbury estimates there are over 1 billion barrels of potential oil reserves recoverable across its Gulf Coast and Rocky Mountain regions using CO2 EOR.
03 30-15 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation including forward-looking statements and key assumptions. It summarizes AES' business operations across six strategic business units, with 34,732 MW in operation globally. The presentation discusses AES' value proposition, growth drivers through 2018 such as its construction program, and capital allocation plan through 2018. It provides guidance for 2015 adjusted EPS and proportional free cash flow, and outlines various risk factors and sensitivities.
04 15-15 april investor presentation wc-finalAES_BigSky
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 driven by new businesses coming online, despite currency and commodity headwinds. Beyond 2015, AES expects average annual adjusted EPS growth of 6-8% through 2018 from its $1.5 billion construction program that is already 70% funded.
NYSE:DNR is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has significant CO2 reserves. Its core assets have long lives and large estimated original oil in place that could potentially be recovered through CO2 flooding. The company is reducing costs and debt in response to low oil prices while continuing to optimize its operations and preserve liquidity. It provided 2016 capital and production guidance focused on its low decline, oil-weighted assets.
ClubCorp delivered strong first quarter 2016 results, with record revenue and adjusted EBITDA. Same-store revenue grew 4.0% year-over-year, while adjusted EBITDA increased 7.4%. Approximately 51% of members were enrolled in the O.N.E membership program or similar offerings. In the first quarter, ClubCorp acquired two new golf and country clubs and has 18 reinvention projects planned for 2016. The company continues to execute on its three-pronged growth strategy of organic growth, reinvention, and acquisitions.
The document provides an overview of ClubCorp's fiscal year 2015 performance and execution of its three-pronged growth strategy. Some key points:
- FY2015 revenue was a record $1.053 billion, up 19% year-over-year, with adjusted EBITDA of $234 million, also up 19%. Membership excluding managed clubs grew 2.8% to approximately 173,000.
- Same-store revenue grew 3% and adjusted EBITDA grew 6%, with margins improving 100 basis points. Approximately 50% of members were enrolled in the O.N.E. upgrade program.
- In FY2015, ClubCorp acquired nine clubs and completed reinvention at 21 clubs. It
- The document provides an overview of ClubCorp's fiscal 2016 third quarter performance and financial results.
- Key highlights include year-over-year revenue growth of 1.6% and adjusted EBITDA growth of 7.5% for the third quarter. Nine reinvention projects were completed and seven more are still in progress for 2016.
- Golf and country club revenue increased 2.3% year-over-year for the third quarter while adjusted EBITDA grew 3.1%, and same-store revenue and adjusted EBITDA also increased.
The document discusses a new policy that will impact employee benefits. It outlines changes to healthcare coverage including raising deductibles and increasing costs for dependents. The changes are an effort to control rising costs and will take effect at the start of the next fiscal year.
1) The document reports on ClubCorp's fiscal 2016 second quarter performance, with key highlights including revenue growth of 2.0% year-over-year to $269.0 million and adjusted EBITDA growth of 5.3% year-over-year to $63.3 million.
2) ClubCorp continues to execute on its three-pronged growth strategy of organic growth, reinvention of existing clubs, and acquisitions. In 2016, ClubCorp has completed two acquisitions and has 18 reinvention projects underway.
3) ClubCorp delivers a differentiated and resilient membership-based business model focused on affluent consumers. The company's Optimal Network Experiences offering now has over
- Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery (EOR) in the Gulf Coast and Rocky Mountain regions of the United States.
- CO2 EOR has the potential to recover billions of barrels of additional oil at Denbury's fields and elsewhere in the US. Denbury owns extensive CO2 pipelines and reserves that provide a strategic advantage for their EOR operations.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing their business, reducing debt, and preserving cash and liquidity.
Denbury Resources is an oil and gas company focused on CO2 enhanced oil recovery. It owns over 1,100 miles of CO2 pipelines and has access to large CO2 reserves. Denbury estimates there is potential to recover up to 16 billion gross barrels using CO2 EOR in its operating areas in the Gulf Coast and Rocky Mountain regions. The company is focusing on reducing costs and debt in response to low oil prices. It has significantly improved CO2 efficiency and reduced cash operating costs per barrel. Denbury has ample CO2 supply for several years with no major capital required.
- The document provides an overview and financial review of AES Corporation's Q2 2015 results, including adjusted EPS of $0.25, proportional free cash flow of $62 million, and consolidated net cash provided by operating activities of $153 million.
- It reaffirms AES' full-year 2015 guidance and discusses key business updates, such as the commissioning of new power plants, formation of a joint venture in Mexico, and $700 million in returns to shareholders including debt repayments.
- A breakdown of Q2 2015 financial results is also provided for each of AES' Strategic Business Units, with explanations of factors contributing to increases or decreases in adjusted PTC and proportional free cash flow compared to Q2
11 04-16 third quarter 2016 financial review final (revised mw appendix)AES_BigSky
The AES Corporation reported its third quarter 2016 financial results. Key points include:
- Adjusted EPS decreased to $0.32 per share from $0.38 per share in Q3 2015 due to foreign exchange impacts and restructuring in Chile.
- Proportional free cash flow was $400 million, down from $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES continues to expand its natural gas and renewable generation portfolio through its construction program.
This document provides an overview and summary of The AES Corporation's business operations from the perspective of Andrés Gluski, President and CEO, during a presentation at the Barclays CEO Energy-Power Conference on September 2, 2014. The summary includes highlights about AES' diversified portfolio across different regions, growth strategies focused on leveraging existing platforms and partnerships, a construction program adding nearly 7,000 MW through 2018, and financial outlook projecting adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
The document provides an overview of AES Corporation's Q3 2016 financial results and business outlook. Some key points:
- Q3 2016 adjusted EPS decreased year-over-year due to foreign exchange impacts and restructuring costs in Chile, though results were in line with expectations.
- The US business saw improved margins from rate cases and plant upgrades. The Andes region saw lower fuel costs but impacts from currency devaluation.
- AES has $3.4 billion of construction projects under way through 2019 across multiple countries.
- At Dayton Power & Light, AES is seeking a distribution rider through regulatory filings to support investment and credit ratings.
The AES Corporation reported its third quarter 2016 financial results. Key points include:
- Adjusted EPS decreased to $0.32 per share from $0.38 per share in Q3 2015 due to foreign exchange impacts and restructuring in Chile.
- Proportional free cash flow was $400 million, down from $621 million in Q3 2015 due to working capital impacts in South America.
- The company is on track to achieve its full-year 2016 guidance.
- AES has 3,389 MW of generation projects under construction globally that are expected to come online through 2019.
The document provides an overview of AES Corporation's business strategy and financial expectations. AES is reshaping its business mix to focus on projects with long-term US dollar contracts, capitalizing on growth in key markets. It expects double-digit earnings and free cash flow growth through 2020 as it brings new projects online and strengthens its balance sheet by paying down debt. AES provided guidance for 2016 of $1-1.35 billion in proportional free cash flow and $0.95-1.05 in adjusted EPS, and expects average annual growth rates of over 10% and 12-16%, respectively, from 2017-2018.
01 11-18 evercore isi utilities ceo retreat finalAES_BigSky
The document discusses AES Corporation's business operations and provides forward-looking statements. It notes that AES' portfolio is around 80% contracted and US dollar-denominated. It outlines AES' strategic business units and their expected adjusted pre-tax contributions for 2017. The document also summarizes AES' plans to invest in natural gas, renewable projects, and energy storage to reduce carbon intensity and improve risk-adjusted returns through 2020.
05 08-17 first quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its first quarter 2017 financial review, which contained forward-looking statements and non-GAAP financial measures with required reconciliations.
- Key highlights included progress on major construction projects, cost savings initiatives, and plans to reduce merchant coal exposure and carbon intensity.
- AES reaffirmed its 2017 guidance targets and average annual 8-10% growth rate through 2020.
The document provides an overview of The AES Corporation's presentation at the EEI Financial Conference in November 2017. It discusses AES' business operations and growth strategy, including expanding its renewable energy portfolio through projects under construction totaling 2,232 MW by 2018 and 8,437 MW by 2020. It also discusses AES' focus on reshaping its portfolio to reduce carbon intensity and improve risk-adjusted returns through investments in natural gas, renewable energy projects with long-term contracts, and growing markets. The document contains forward-looking statements and includes assumptions and safe harbor disclosures.
The AES Corporation released its first quarter 2017 financial review. Some key points include:
- AES is on track to achieve its $400 million cost reduction and revenue enhancement program by 2020.
- AES is advancing its construction program which will contribute significantly to earnings and cash flow growth through 2021.
- AES is reshaping its portfolio to reduce risk by exiting 3.7GW of merchant coal assets in Kazakhstan and Ohio.
- AES is well positioned for future growth through projects under construction, acquisitions like sPower, and an $8-10 billion renewable development pipeline.
- AES expects average annual earnings and cash flow growth of 8-10% through 2020.
The AES Corporation released its first quarter 2016 financial review which included the following key points:
- Adjusted EPS decreased from $0.25 to $0.13 primarily due to foreign currency devaluations, lower power prices in the US and Brazil, and a higher quarterly tax rate.
- Proportional free cash flow was $253 million, in line with 2015 levels, with decreases in the US, Andes, Europe, and MCAC SBUs offset by increases in Brazil and Asia.
- The company is on track to achieve its $150 million, 3-year cost reduction program and its $7.5 billion construction program is advancing on schedule and will be the major driver of future
08 08-17 second quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its Second Quarter 2017 Financial Review, which contained forward-looking statements and non-GAAP financial measures.
- Key highlights included adjusted EPS increasing $0.08 to $0.25 driven by higher availability in MCAC and Argentina, and reaffirming 2017 guidance and expectations through 2020.
- Projects totaling 4,659 MW are under construction and expected to come online through 2020, and AES acquired or has agreements for 1.8 GW of wind and solar to be added through 2020.
04 03-17 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including forward-looking statements and non-GAAP financial measures. It summarizes AES' diversified power generation portfolio across six strategic business units. It outlines targets for 8-10% average annual growth in free cash flow, EPS, and dividends through 2020. Key drivers of growth include construction projects, cost savings initiatives, and internally generated cash. The presentation provides details on AES' major construction projects and improving credit metrics with a goal of investment grade ratings by 2020.
02 27-18 fourth quarter & fy 2017 financial review finalAES_BigSky
The AES Corporation reported its fourth quarter and full year 2017 financial results. Key highlights include:
- Adjusted EPS of $1.08 for the full year, toward the upper end of guidance.
- Expect to achieve $500 million in annual cost savings by 2020, increasing the target by $100 million.
- Leveraging platforms by adding over 8 GW of new capacity under construction or in advanced development by 2020.
- Reshaping the portfolio through acquiring over 2 GW of renewable projects in 2017 and announcing the exit of 4.3 GW of coal generation.
- On track to reduce carbon intensity by 25% from 2016 to 2020 and 50% from 2016 to 2030.
The AES Corporation reported its fourth quarter and full year 2017 financial results. Key highlights included:
- Adjusted EPS of $1.08 for the full year, toward the upper end of guidance.
- Plans to realize $100 million in additional annual cost savings through reorganization.
- Expects to leverage platforms by adding over 8 GW of new capacity by 2020.
- Is reshaping its portfolio through acquiring over 2 GW of renewable projects in 2017 and announcing exit of 4.3 GW of coal generation.
- Aims to reduce its carbon intensity by 25% from 2016 to 2020.
12 12-16 barclays beaver creek utilities conference finalAES_BigSky
The document provides an overview of AES Corporation's business operations and growth strategy:
- AES operates in key high-growth markets with scale and locational advantages as a low-cost provider.
- The company is pursuing a $6.4 billion construction program to capitalize on these positions, funded through debt and equity.
- AES aims to strengthen its balance sheet by growing free cash flow, reducing debt, and achieving investment grade credit ratings by 2020. This will support disciplined growth and dividend increases.
This document provides an overview of The AES Corporation, including its business operations, portfolio, financial guidance, and growth strategy. Key points include: AES operates in 6 strategic business units across 21 countries, with 34,732 MW of power generation capacity. For 2015, AES expects adjusted EPS of $1.25-$1.35 due to various challenges, but sees growth of 6-8% annually through 2018 as projects under construction come online. AES also expects proportional free cash flow of $1-1.35 billion in 2015 and 10-15% annual growth through 2018, driving future capital allocation opportunities.
Aes barclays ceo energy-power conference finalAES_BigSky
This document provides an overview of The AES Corporation and its business strategy and outlook. Some key points:
- AES operates in several strategic business units globally, with the largest portions of its business in the US, Andes region, and Mexico/Central America/Caribbean.
- It has a portfolio of long-term contracted generation assets that is approximately 80% US dollar denominated.
- AES has several large construction projects underway that will come online between 2018-2020, increasing its contracted portfolio.
- The company aims to strengthen its balance sheet, grow key metrics like free cash flow by 8-10% annually through 2020, and reshape its business mix toward gas and renewables.
02 27-18 march investor presentation finalAES_BigSky
The document discusses AES Corporation's business operations and future plans. It states that AES aims to deliver 8-10% average annual growth in earnings and parent free cash flow through 2020. It also aims to achieve investment grade credit metrics in 2019 and reduce its carbon intensity by 25% from 2016-2020 and 50% by 2030. AES expects to achieve $500 million in cost savings by 2020 and is adding 4.4 GW of new capacity through projects under construction by 2020 to transform and simplify its portfolio.
05 08-18 first quarter 2018 financial review final-am plan bAES_BigSky
The document provides an overview of AES Corporation's financial results for the first quarter of 2018. Key points include:
- Adjusted EPS of $0.28, reaffirming full-year outlook through 2020.
- Completed restructuring of the Alto Maipo hydroelectric project in Chile to significantly reduce risks.
- Implemented a new $100 million annual cost reduction program.
- Closed sales of thermal generation assets to further transform the portfolio.
- Advanced several profitable renewable growth projects under construction.
03 27-17 march investor presentation finalAES_BigSky
The document provides an overview of The AES Corporation's 2017-2020 strategic roadmap. It discusses AES' diversified portfolio of generation and utility businesses, focus on growth in high-growth markets, and targets of 8-10% average annual growth in key metrics through 2020. AES plans to allocate $3.75 billion in discretionary cash through 2020 to maximize returns, including investments in natural gas and renewable projects. The presentation also covers AES' cost savings initiatives, debt reduction goals, and regulatory developments regarding its Dayton Power and Light subsidiary.
The document discusses AES Corporation's presentation at the JP Morgan Energy Conference. It contains forward-looking statements regarding AES's business operations, earnings growth, and financial and operating performance through 2020. It notes AES's portfolio transformation to longer-term contracted generation and regulated utilities, ongoing efficiency initiatives, and profitable growth through investments in renewables, LNG, and new technologies. AES expects 8-10% average annual growth in adjusted EPS and parent free cash flow through 2020.
Similar to Q3 2014 AES Corporation Earnings Conference Call (20)
The document discusses AES Corporation's business operations and contains forward-looking statements. It notes that certain statements constitute forward-looking statements and are based on reasonable assumptions, but actual results could differ materially from projections. It also includes reconciliations of non-GAAP financial measures. AES operates power plants globally with over 33,000 MW in operation and is improving its risk profile by reducing debt, extending contract durations, decreasing carbon intensity, implementing cost savings, and growing renewables profitably.
The document is the 2018 Annual Meeting presentation for The AES Corporation. It contains forward-looking statements regarding AES's future earnings growth, financial and operating performance. It discusses AES's strategy of transforming and simplifying its portfolio through asset sales and replacing coal capacity with renewables and natural gas. This is aimed at achieving 8-10% annual growth in adjusted EPS and parent free cash flow through 2020 and investment grade credit metrics by 2019, while reducing carbon intensity. In 2017 AES grew through renewable investments and acquiring sPower, and expects further growth in 2018 by adding over 2 GW of new projects.
09 25-17 wolfe power & gas leaders conference finalAES_BigSky
The document provides an overview of the AES Corporation's presentation at the Wolfe Power & Gas Leaders Conference on September 26, 2017. It discusses AES' business operations, financial projections, growth strategies and capital allocation plans. Key points include AES targeting 8-10% annual growth in EPS and free cash flow through 2020, increasing its average contract length to 10 years by adding over 8 GW of new capacity, and improving risk profiles by reducing coal exposure and increasing US dollar-denominated cash flows.
2016 Wolfe Research Power & Gas Leaders ConferenceAES_BigSky
- The AES Corporation is an energy company led by Tom O'Flynn, Executive Vice President & CFO.
- The presentation contains forward-looking statements and discusses AES' business strategy, financial projections, and growth expectations through 2021.
- AES expects double-digit growth in free cash flow and earnings driven by $7.8 billion in construction projects under way that will come online between now and 2021.
The document provides an overview of AES Corporation's financial results for the second quarter of 2016. Some key points:
- Adjusted EPS decreased to $0.17 per share compared to $0.26 in Q2 2015, driven by lower margins in Brazil and MCAC SBUs and the impact of foreign currency devaluations.
- Proportional free cash flow increased to $417 million from $62 million in Q2 2015, reflecting the collection of outstanding receivables in Bulgaria.
- Results were generally in line with expectations and the company is on track to achieve its full-year guidance targets.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
2. 2Contains Forward-Looking Statements
Safe Harbor Disclosure
Certain statements in the following presentation regarding AES’ business operations may
constitute “forward-looking statements.” Such forward-looking statements include, but are
not limited to, those related to future earnings growth and financial and operating
performance. Forward-looking statements are not intended to be a guarantee of future
results, but instead constitute AES’ current expectations based on reasonable assumptions.
Forecasted financial information is based on certain material assumptions. These
assumptions include, but are not limited to accurate projections of future interest rates,
commodity prices and foreign currency pricing, continued normal or better levels of
operating performance and electricity demand at our distribution companies and operational
performance at our generation businesses consistent with historical levels, as well as
achievements of planned productivity improvements and incremental growth from
investments at investment levels and rates of return consistent with prior experience. For
additional assumptions see Slide 62 and the Appendix to this presentation. Actual results
could differ materially from those projected in our forward-looking statements due to risks,
uncertainties and other factors. Important factors that could affect actual results are
discussed in AES’ filings with the Securities and Exchange Commission including but not
limited to the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s
Discussion & Analysis in AES’ 2013 Annual Report on Form 10-K, as well as our other SEC
filings. AES undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
3. 3Contains Forward-Looking Statements
Third Quarter 2014 Earnings Call
Agenda Key Takeaways
l Q3 2014 results and outlook
l Macro trends
l Accomplishments since Q2 2014
earnings call
l Capital allocation framework
l Q3 2014 financial review
l 2014-2015 Parent capital allocation plans
l Guidance and expectations
l Revising near-term expectations due to
macro impacts
l Reaffirming long-term earnings and cash
flow outlook driven by projects under
construction
l Construction pipeline represents $9
billion of total project costs and 7,141
MW (majority of AES’ equity
commitments already funded)
l Expect to return up to $480 million to
shareholders in 2014 – the highest
annual cash back to shareholders in
AES’ history
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
4. 4Contains Forward-Looking Statements
Revised Full Year 2014 Adjusted EPS1 Guidance
$1.34
$0.05
Expect Low End
of $1.30-$1.38
($0.07)-
($0.10)
($0.06)
$0.08 ($0.02)
($0.02)
$1.25-$1.31
Mid-Point of
2014 Guidance
Given on
2/26/14
Hydrology Lower Plant
Availability at
DPL & Masinloc
Operations,
Accelerated
G&A Savings &
Capital
Allocation
Reversals of
Liabilities in Q2
2014 (Sul &
Kazakhstan)
2014 Guidance
Given on 8/7/14
Hydrology -
Now Expect
($0.10) Impact
vs. ($0.07)-
($0.10)
Previously
Modest
Increase in
Effective Tax
Rate
2014 Guidance
Given on
11/6/14
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
5. 5Contains Forward-Looking Statements
Macro Trends
l Projecting normal hydrological conditions in 2015
l Weaker foreign currencies, lower GDP growth and higher interest rates
in Brazil have a negative impact on Adjusted EPS1 in 2015 and 2016;
in 2017 and 2018 impact offset by improvements at DPL
„ Current foreign currency exchange rates reflect higher devaluation, primarily
the Euro and Brazilian Real
„ In Brazil, decline in expected GDP growth from 3% to 1%, higher inflation
and resulting higher interest rates
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
6. 6Contains Forward-Looking Statements
Maritza (Bulgaria) Update
l Newly-appointed energy regulator increased the end-user tariff by 10%
– a step towards improving NEK’s (our offtaker) liquidity
l Reassured by the regulator that our capacity is critical to the Bulgarian
electric system and will remain an important part of the energy mix
l After elections in October, awaiting formation of new government
before resuming meaningful conversations on outstanding issues
l NEK receivables update
„ As of September 30, 2014: $226 million outstanding, of which $64 million is
not yet due and $74 million is overdue for less than 90 days
„ Year-to-date: $200 million received
7. 7Contains Forward-Looking Statements
OPGC 2 (India) Update
l The Supreme Court of India recently canceled most private sector coal
allocations, including the allocation for the 1,320 MW OPGC 2 project
currently under construction
„ OPGC 2 expected to come on-line in the first half of 2018
„ Does not affect 420 MW OPGC 1, which is already operating
l Pursuing multiple options to secure fuel supply for OPGC 2
„ Project located in the State of Odisha, which has the second largest coal
reserves in India
„ OPGC 2 is being built adjacent to OPGC 1, which is currently utilizing coal
supplied by Coal India from a local mine
8. 8Contains Forward-Looking Statements
Reducing Complexity and Expanding Access to Capital
$ in Millions
Announced Transactions
Since Q2 2014 Earnings Call
Achieved $2 Billion Asset Sale
Proceeds Target One Year Early1
l Announced 3 transactions ($382
million in proceeds); sold at 13x
2015 P/E:
„ AES Entek (Turkey JV): $125 million
„ UK Wind: $161 million
„ AES Dominicana minority interest
(Dominican Republic): $96 million
$900
$2,387
$234
$871
$382
2011-2012 2013 2014
Announced
Before Q2
2014
Earnings
Call
2014
Announced
Since Q2
2014
Earnings
Call
Total
1. See Slide 46 for details.
9. 9Contains Forward-Looking Statements
Leveraging Our Platforms: Projects Under Construction Yield
More Than 15% ROE1
MW Additions by Year
4,741 MW, Plus 2,400 MW of MATS
Upgrades Under Construction
AES Equity Investments of
$1.5 Billion
1,525 572
793
1,851
2,400
2015 2016 2017 2018
New Capacity Under Construction IPL MATS
33%
35%
1%
31%
1. Based on 2018 contributions from all projects under construction and IPL MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to
come on-line in 2H 2018. Weighted Average Return on Equity is net income divided by AES equity contribution.
2. AES Gener, listed in Santiago.
Note: These are some of our construction projects. Other projects not currently on this slide, whether developed through acquisitions or otherwise, may be brought on-
line before these projects. In addition, some of these examples may not close or be completed as anticipated, or they may be delayed, due to uncertainty inherent in
the development process.
US
Chile2
Asia
MCAC
10. 10Contains Forward-Looking Statements
Leveraging Our Platforms: Expansion of Dominican Power
Partners (DPP, Dominican Republic)
Increasing Capacity by 122 MW to 358 MW
l Signed a 6-year PPA with a state
enterprise
l Utilizing debt capacity in the
Dominican Republic to fund 100% of
project cost with $260 million in non-
recourse financing
l Began construction
l Operations expected in the first half
of 2017
11. 11Contains Forward-Looking Statements
Leveraging Our Platforms: Estrella del Mar I Power Barge
(Panama)
l Signed a 5-year PPA with a state-
generation company
l Operations expected in early 2015
Recently-Acquired 72 MW Fuel Oil-Fired Power Barge
12. 12Contains Forward-Looking Statements
Leveraging Our Platforms: Development at Southland
(California)
Awarded 20-Year PPAs for 1,384 MW of Capacity
l 1,284 MW of gas-fired capacity
„ Construction expected to begin in
2017 and commercial operations in
2020
l 100 MW of interconnected battery-
based energy storage
„ First time energy storage awarded a
long-term PPA, when competing
against traditional peaking capacity
„ Commercial operations expected in
2021
l Total project cost expected to be
$1.9 billion
l Well-positioned to bid on future
capacity offerings
13. 13Contains Forward-Looking Statements
Leveraging Our Platforms: Development at IPL (Indiana)
l Applied for approval from the
Indiana Utility Regulatory
Commission for $332 million
investment
„ Compliance with wastewater
regulations
w Operations expected in the second half
of 2017
„ Conversion of 410 MW Harding Street
Station Unit 7 from coal to natural gas
w Expected completion in the first half of
2016
Environmental Compliance Investments
14. 14Contains Forward-Looking Statements
Invested $3.71 Billion of Discretionary Cash in Shareholder
Returns, Debt Paydown and Select Growth Projects
$831
$1,604
$1,008
$293
September 2011-December 2014; $ in Millions
Investments in
Subsidiaries2
Debt Prepayment and
Refinancing
Share Buyback:
72 million shares at
$12.43 Per Share
Shareholder Dividend
78% of Discretionary Cash Allocated to Deleveraging
and Returning Cash to Shareholders
1. Full year 2014 amounts estimated.
2. Excludes $2.3 billion investment in DPL in 2011.
15. 15Contains Forward-Looking Statements
Investment of $2.9 Billion1 of Discretionary Cash Will Increase
Shareholder Value
$1,900
$400
$580
2015-2018; $ in Millions
1. Includes: $300 million beginning cash; $165 million asset sale proceeds ($125 million from sale of AES Entek joint venture in Turkey and $40
million from sale of Sonel, Kribi and Dibamba in Cameroon); and Parent Free Cash Flow of $2,400 million, which is based on $525 million in
2015, growing at the low-end of our 10%-15% cash flow growth rate through 2018.
2. Assumes constant 2014 dividend payment of $145 million each year through 2018.
Committed
Investments in
Projects Under
Construction
Shareholder
Dividend2
Additional Asset Sales Would Increase Available Discretionary Cash
Allocated Amongst:
● Growth projects to
compete against
share repurchases
● Dividend growth
16. 16Contains Forward-Looking Statements
Dividend Policy: Payout Ratio Target of 30%-40% of
Sustainable Parent Free Cash Flow (Parent FCF)1
l Dividend level is tied to Parent FCF1
„ 2015 Parent FCF1 expectation: $475-
$575
„ Expect Parent FCF1 to grow in-line
with Proportional FCF1 average annual
growth of 10%-15% through 2018
l Current payout ratio is at the low-
end of the target range
l Dividend level typically reviewed
with Board in December
23% 23%
29%2
1. A non-GAAP financial measure.
2. Based on mid-point of $465-$535 million range.
3. Annualized; initiated dividend in fourth quarter 2012 for $30 million.
2012 2013 2014
Parent FCF1 $521 $516 $465-$535
$ in Millions
~$1203 ~$120 ~$145
17. 17Contains Forward-Looking Statements
Q3 2014 Financial Review
l Q3 2014 results
„ Adjusted EPS1
„ Adjusted PTC1 by Strategic Business Unit (SBU)
„ Proportional Free Cash Flow1 (Prop FCF)
l 2014 and 2015 Parent capital allocation plan
l Guidance and expectations
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
18. 18Contains Forward-Looking Statements
Q3 2014 Adjusted EPS1 Decreased $0.022
$0.39
$0.37
($0.02) ($0.01) ($0.01)
$0.01 $0.01
Q3 2013 SBUs Outage
(Masinloc,
Philippines)
Sale of Minority
Interest in
Masinloc
(Philippines)
Capital Allocation Tax Q3 2014
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
19. 19Contains Forward-Looking Statements
Expect FY 2014 Adjusted EPS1 Impact from Poor Hydrology of
$0.10 Per Share, Including $0.06 YTD 2014
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
l System inflows lower
relative to 2013, resulting
in higher spot prices
l Tietê had to cover short
position in the open
market
l System reservoir levels
currently 23% vs.
historical average of
45%
l Rainy season begins at
the end of November
Brazil
Brazil Panama Colombia & Chile
Q3 2014 Adjusted EPS1 Impact ($0.04) ($0.01) $0.03
Q3 2013 Adjusted EPS1 Impact - ($0.03) ($0.01)
l Inflows improving
l Encouraged by reservoir
recovery in September
and October
Panama Colombia & Chile
l Chivor had stronger
inflows versus the rest of
the country, leading to
favorable short-term
sales at attractive prices
for Chivor
20. 20Contains Forward-Looking Statements
Q3 2014 Adjusted PTC1 Summary
SBU Q3 2014 Q3 2013 Variance Key Drivers
US $156 $132 $24
+ Higher non-bypassable revenues at DPL
+ Higher contributions from wind businesses
Andes $120 $109 $11 + Higher volumes and prices in Colombia
Brazil - $84 ($84)
- Poor hydrology at Tietê
- Higher costs at Sul and Eletropaulo
MCAC $124 $96 $28
+ Higher rates and lower fuel costs in the
Dominican Republic
+ Results of proactive steps to mitigate impact
from hydrology in Panama
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
21. 21Contains Forward-Looking Statements
Q3 2014 Adjusted PTC1 Summary (Continued)
SBU Q3 2014 Q3 2013 Variance Key Drivers
EMEA $79 $66 $13
+ Higher availability at Maritza in
Bulgaria
+ Contributions from IPP4 in Jordan,
which came on-line in July 2014
Asia $2 $30 ($28)
- Outage and sale of minority interest
at Masinloc in the Philippines
Total SBUs $481 $517 ($36)
Corp/Other ($127) ($130) $3
Total AES
Adjusted PTC1 $354 $387 ($33)
Adjusted Effective
Tax Rate
25% 27%
Diluted Share
Count
725 747
ADJUSTED EPS1 $0.37 $0.39 ($0.02)
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Includes $7 million and $22 million of after-tax adjusted equity in earnings for third quarter 2014 and third quarter 2013, respectively.
22. 22Contains Forward-Looking Statements
Year-to-Date 2014 Adjusted PTC1 and Adjusted EPS1
$ in Millions
YTD 2014 YTD 2013
FY 2014 Modeling
Range2 as of
11/6/14
Total SBUs $1,356 $1,401 $1,800-$1,960
Corp/Other ($419) ($455) ($530)-($570)
Total AES
Adjusted PTC1,2 $937 $946 $1,270-$1,390
Adjusted Effective
Tax Rate
32% 22% 31%-33%
Diluted Share Count 727 749 724
ADJUSTED EPS1 $0.89 $1.01 $1.25-$1.31
1. A non-GAAP financial metric. See Appendix for definition and reconciliation.
2. Includes $46 million and $51 million of after-tax adjusted equity in earnings for year-to-date 2014 and 2013, respectively.
23. 23Contains Forward-Looking Statements
Proportional Free Cash Flow (Prop FCF)1
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
l Reducing full year 2014 Prop FCF1
from a range of $1,000-$1,300 to
$900-$1,000
„ Driven by higher working capital
requirements in Brazil, Bulgaria and
Chile
l Expect to generate $300-$400
during fourth quarter 2014, in line
with fourth quarter 2013 results of
$349
Q3 YTD Full Year
2014 $427 $604 $900-$1,000
2013 $397 $923 $1,271
24. 24Contains Forward-Looking Statements
2014 Parent Capital Allocation Plan
$ in Millions
Discretionary Cash – Sources
($1,675-$1,745)
Discretionary Cash – Uses
($1,675-$1,745)
$132
$465-$535 $43
$1,035
$1,675-
$1,745
Cash
Balance as of
December
31, 2013
Asset Sales
Proceeds
Parent FCF Return of
Capital &
Other
Total
Discretionary
Cash
$100
$109-
$279
$330
$559-
$659
$182
$150
$145
1. Includes announced or closed asset sale proceeds net of transaction costs of: $435 million (Masinloc in the Philippines), $176 million (solar), $153 million (Sonel,
Kribi and Dibamba in Cameroon), $156 million (UK Wind), $78 million (Dominican Republic), $27 million (3 US wind facilities) and $8 million (India wind).
2. A non-GAAP financial metric. See Appendix for definition and reconciliation.
3. Includes $460 million recourse debt prepayment, associated premiums and $12 million net use of cash related to first half 2014 refinancings. Also includes
approximately $125 million, or 50% of additional asset sale proceeds received since our Q2 earnings call on August 7, 2014, to maintain credit neutrality.
1
Target Closing
Cash Balance
To be Allocated
Debt
Prepayment and
Refinancing3
Investments in
Subsidiaries
Shareholder
Dividend
77% of Discretionary Cash Allocated to Deleveraging
and Returning $477 Million to Shareholders
2
Completed Share
Buyback
Outstanding
Buyback
Authorization
25. 25Contains Forward-Looking Statements
2015 Parent Capital Allocation Plan
$ in Millions
Discretionary Cash – Sources
($950-$1,050)
Discretionary Cash – Uses
($950-$1,050)
$300
$475-$575 $50
$125
$950-
$1,050
Beginning
Cash
Announced
Asset Sales
Proceeds
Parent FCF Return of
Capital &
Other
Total
Discretionary
Cash
$100
$505-
$605
$200
$145
1. Includes $100 million target closing cash balance and $200 million unallocated discretionary cash from 2014.
2. Includes announced asset sale proceeds of: $125 (AES Entek joint venture in Turkey).
3. A non-GAAP financial metric. See Appendix for definition and reconciliation.
4. Assumes constant 2014 dividend payment of $145 million.
1
Target Closing
Cash Balance
To be Allocated
Committed
Investments in
Subsidiaries
Current
Shareholder
Dividend4
New Growth Investments Will Compete Against Share Repurchases;
Ample Capacity to Increase Shareholder Dividend
3
2
26. 26Contains Forward-Looking Statements
$1.30-$1.40
2015 2016 2017-2018
Previous (2/26/14) Current (11/6/14)
Providing 2015 Adjusted EPS1 Guidance Range; Updating
2016-2018 Growth Expectations
4%-6%
Growth Off
2014
Guidance of
$1.30-$1.38
Provided on
2/26/14
Flat to
Modest
Growth Off
2015 Implied
Guidance
Provided on
2/26/14
Flat to Modest
Growth Off
2015
Guidance
Provided on
11/6/14
6%-8%
Growth Off
2016
Implied
Guidance
Provided on
2/26/14
8%-10%
Growth Off
Implied
2016
Guidance
Provided on
11/6/14
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2015 and 2016 Earnings Power Affected by ~$0.05 from Macroeconomic Factors;
2017 and 2018 Unchanged
27. 27Contains Forward-Looking Statements
Key Assumptions for 2015 Guidance
l Return to normal hydrology in 2015
l Currency and commodity forward curves as of October 15, 2014
l 31% to 33% effective tax rate, which assumes that the CFC look-
through rule is extended
„ If not extended, the impact could be negative $0.06 on Adjusted EPS1, with
no impact on cash flow due to $3 billion in outstanding NOLs
1. A non-GAAP financial measure. See Appendix for definition.
28. 28Contains Forward-Looking Statements
Proportional Free Cash Flow (Prop FCF)1 Expectations
$900-$1,000
$1,000-$1,350
2014 2015 2016-2018
$ in Millions
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
Strong and Growing Proportional Free Cash Flow1
Drives Increasing Total Return
Key Drivers
+ 7,141 MW of projects under
construction on-line through
2018
+ Maintenance capex lower
than depreciation from new
businesses
+ Mong Duong (Vietnam) lease
accounting
+ Completion of environmental
capex in Chile
2016-2018
10%-15%
Average Annual
Growth
Key Drivers
+ US (DPL): Improved
availability
+ Andes (Gener): Improved
operations; lower
environmental capex
+ Brazil & MCAC: Improved
hydrology and working capital
recovery
29. 29Contains Forward-Looking Statements
Key Takeaways
l Executing on our strategic objectives
l $2.4 billion in announced asset sales achieved one year early; exiting 9
countries
l Construction pipeline represents $9 billion in total project costs and
7,141 MW of new capacity and upgrades
l Expect to return up to $480 million to shareholders in 2014 through
dividends and share buybacks – the highest in AES’ history
l Significant capacity to return cash to shareholders and invest in growth
projects in the future
31. 31Contains Forward-Looking Statements
Q3 2014 Adjusted EPS1 Decreased $0.022
$0.39
$0.37
$0.02 $0.01
($0.08)
$0.03 $0.01
($0.03)
$0.01
$0.01
Q3 2013 US Andes Brazil MCAC EMEA Asia Tax Rate Share
Count
Q3 2014
1. A non-GAAP financial measure. See reconciliation on Slide 55 and “definitions”.
2. Adjusted EPS impacts assume weighted average tax rate of 25% and share count of 725 million.
32. 32Contains Forward-Looking Statements
YTD 2014 Adjusted EPS1 Decreased $0.122
$1.01
$0.89
($0.02)
($0.02)
$0.02
$0.02
($0.06)
$0.03
($0.12)
$0.03
YTD 2013 US Brazil MCAC EMEA Asia Corporate Tax Rate Share
Count
YTD 2014
1. A non-GAAP financial measure. See reconciliation on Slide 56 and “definitions”.
2. Adjusted EPS impacts assume weighted average tax rate of 32% and share count of 727 million.
33. 33Contains Forward-Looking Statements
Year-to-Date 2014 Adjusted EPS1 Roll-Up
$ in Millions, Except Per Share Amounts YTD 2014 YTD 2013 Variance
Adjusted PTC1
US $311 $328 ($17)
Andes $277 $278 ($1)
Brazil $184 $204 ($20)
MCAC $284 $256 $28
EMEA $267 $234 $33
Asia $33 $101 ($68)
Total SBUs $1,356 $1,401 ($45)
Corp/Other ($419) ($455) $36
Total AES Adjusted PTC1,2 $937 $946 ($9)
Adjusted Effective Tax Rate 32% 22%
Diluted Share Count 727 749
ADJUSTED EPS1 $0.89 $1.01 ($0.12)
1. A non-GAAP financial measure. See reconciliation on Slide 56 and “definitions”.
2. Includes $51 million and $51 million of after-tax equity in earnings for year-to-date 2014 and year-to-date 2013, respectively.
34. 34Contains Forward-Looking Statements
Full Year 2014 Adjusted EPS1 Guidance of $1.25-$1.31
$ in Millions
SBU
Prior 2014
Adjusted PTC1
Modeling Range2
(Provided
2/26/14)
Direction vs.
Prior Range
Current 2014
Adjusted PTC1
Modeling Range2
(Provided
11/6/14)
Drivers
US $390-$440 + $430-$460
+ IPL favorable wholesale margin
+ Wind performance
Andes $370-$415 + $410-$450 + Hydrology in Colombia
Brazil $250-$290 − $235-$255
- Tietê hydrology
+ Sul reversal of a loss contingency
MCAC $390-$450 − $340-$370 - Hydrology in Panama
EMEA $360-$400 − $350-$370 - Kilroot dark spreads
Asia $95-$125 − $35-$55 - Masinloc outages and sell-down
Total SBUs $1,855-$2,120 $1,800-$1,960
Corp/Other ($600)-($630) ($530)-($570)
+ Lower Parent interest expense
+ Lower G&A
Total AES Adjusted PTC1,2 $1,250-$1,490 $1,270-$1,390
Adjusted Effective Tax Rate 30%-32% 31%-33%
Diluted Share Count 730 724
ADJUSTED EPS1 $1.30-$1.38 $1.25-$1.31
1. A non-GAAP financial metric. See Slide 59 for reconciliation and “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings.
35. 35Contains Forward-Looking Statements
Full Year 2015 Adjusted PTC1 Modeling Range
$ in Millions
SBU
Adjusted PTC1 Modeling
Range2 Drivers
US $450-$490 + DPL operating performance
Andes $390-$430 - Hydrology in Colombia
Brazil $200-$230 - 2014 one-time gain at Sul in Q2 2014
MCAC $395-$435
+ Hydrology in Panama
- Ancillary services in the Dominican Republic
EMEA $260-$300
- Ebute contract step-down
- 2014 one-time gain in Kazakhstan in Q2 2014
- FX
Asia $60-$80 + Masinloc performance
Total SBUs $1,755-$1,965
Corp/Other ($500)-($540)
+ Lower G&A
+ Lower Parent interest expense
Total AES Adjusted
PTC1,2 $1,255-$1,425
1. A non-GAAP financial metric. See Slide 60 for reconciliation and “definitions”.
2. Total AES Adjusted PTC includes after-tax adjusted equity in earnings. Modeling ranges provided on November 6, 2014.
36. 36Contains Forward-Looking Statements
2015 Adjusted EPS1 Guidance Range of $1.30-$1.40
$1.25-$1.31
$1.30-$1.40$0.10
$0.06
($0.05)
($0.05)
2014 Guidance Poor Hydrology in
2014 - Expect
Normal Hydrology
in 2015
Lower Plant
Availability at DPL &
Masinloc in 2014
Reversals of Other
Liabilities in Q2
2014 (Sul &
Kazakhstan)
Macro Headwinds
(FX and Brazil:
Lower GDP Growth
and Higher Interest
Rates) in 2015
2015 Guidance
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
37. 37Contains Forward-Looking Statements
Adjusted EPS1 Growth Drivers
1. A non-GAAP financial measure. See Appendix for definition and reconciliation.
$1.25-$1.31
$1.30-$1.40
2014 2015 2016 2017-2018
8%-10%
Average
Annual
Growth
+ Completion of Mong
Duong 2
+ Full year of operations in
Jordan
+ Capital allocation
+ Lower plant availability at
DPL & Masinloc in 2014
+ Normal hydrology
- FX & Brazil
- One-time gains in 2014
+ Completion of
572 MW Cochrane
project under construction
+ Rate base growth at IPL
(US), including 2,400 MW
of MATS upgrades
+ Full year of operations
from projects coming on-
line in 2015
+ Capital allocation
– Tietê contract step-down
+ Performance
improvement
+ Capital allocation
+ 2017: Completion of 793
MW under construction
+ 2018: Completion of
1,851 MW under
construction
2016: Expect flat
to modest growth,
despite $0.08
headwind at Tietê
38. 38Contains Forward-Looking Statements
Third Quarter Adjusted PTC1: Reconciliation to Public
Financials of Listed Subsidiaries & Public Filers
AES SBU/Reporting Country US Andes/Chile Brazil
AES Company IPL DPL AES Gener2 Eletropaulo2 Tietê2
$ in Millions Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013 Q3 2014 Q3 2013
US GAAP Reconciliation
Business Unit Adjusted Earnings to AES 1,3 30 27 38 33 3 44 2 10 (9) 24
AES Business Unit Adjusted PTC1 44 43 59 45 91 59 4 14 (13) 36
Impact of AES Adjustments excluded from Public
Filings
- - - - - 1 - - - -
Adjusted PTC1,3 Public Filer (Stand-alone) 44 43 59 45 91 60 4 14 (13) 36
Unrealized Derivatives (Losses)/Gains - - (2) (1) (1) - - - - -
Unrealized Foreign Currency Transaction Losses - - - - (11) 4 - - - -
Impairment Losses - - - - - - - - - -
Disposition/Acquisition Gains - - - - - - - - - -
Loss on extinguishment of debt - - - - (2) - - - - -
Non-Controlling Interest before Tax - 1 1 1 30 29 35 75 (34) 121
Income Tax Benefit/(Expenses) (13) (16) 41 (11) (120) (24) (13) (26) 15 (53)
US GAAP Income/(Loss) from Continuing Operations4 31 28 99 34 (13) 69 26 63 (32) 104
IFRS Reconciliation
Adjustment to Depreciation & Amortization5 (13) (15) (13) (11) (5) (6)
Adjustment to Regulatory Liabilities & Assets6 65 (62) - -
Adjustment to Taxes7 84 6 (16) 19 4 2
Other Adjustments 11 (13) (5) 4 (3) (2)
IFRS Net Income 69 47 57 13 (36) 98
BRL-USD Implied Exchange Rate 2.2984 2.1230 2.3003 2.2884
This table provides financial data of those operating subsidiaries of AES that are publicly listed or have publicly filed financial information on a stand-alone basis. The table provides a
reconciliation of the subsidiary’s Adjusted PTC as it is included in AES consolidated Adjusted PTC with the subsidiary’s income/(loss) from continuing operations under US GAAP and
the subsidiary’s locally IFRS reported net income, if applicable. Readers should consult the subsidiary’s publicly filed reports for further details of such subsidiary’s results of operations.
1. A non-GAAP financial measure. Reconciliation provided above. See “definitions” for descriptions of adjustments.
2. The listed subsidiary is a public filer in its home country and reports its financial results locally under IFRS. Accordingly certain adjustments presented under IFRS Reconciliation are required to account for
differences between US GAAP and local IFRS standards.
3. Total Adjusted PTC, US GAAP Income from continuing operations and intervening adjustments are calculated before the elimination of inter-segment transactions such as revenue and expenses related to the
transfer of electricity from AES generation plants to AES utilities within Brazil.
4. Represents the income/(loss) from continuing operations of the subsidiary included in the consolidated operating results of AES under US GAAP.
5. Adjustment to depreciation and amortization expense represents additional expense required due primarily to basis differences of long-lived and intangible assets under IFRS for each reporting period.
6. Adjustment to regulatory assets and liabilities in Brazil is required as IFRS does not recognize such assets or liabilities.
7. Adjustment to taxes represents mainly differences relating to the regulatory assets and liabilities impact on revenue (Eletropaulo) and depreciation for the difference in cost basis of PP&E (Eletropaulo and
Tiete).
40. 40Contains Forward-Looking Statements
Q3 2014 Modeling Disclosures
$ in Millions
Total Debt
Cash & Cash Equivalents, Restricted Cash, Short-Term Investments,
Debt Service Reserves & Other Deposits
Consolidated Adjustment Factor Proportional Consolidated Adjustment Factor Proportional
US $4,983 - $4,983 $445 - $445
DPL $2,264 - $2,264 $127 - $127
IPL $2,001 - $2,001 $123 - $123
Andes $3,206 ($1,034) $2,172 $542 ($159) $383
AES Gener $3,010 ($1,034) $1,976 $381 ($126) $255
Brazil1 $2,318 ($1,499) $819 $918 ($661) $257
Tietê $448 ($339) $109 $107 ($81) $26
Eletropaulo $1,382 ($1,160) $222 $582 ($485) $97
MCAC $2,308 ($292) $2,016 $513 ($66) $447
EMEA $1,341 ($227) $1,114 $202 ($26) $176
Asia $1,563 ($766) $797 $214 ($35) $179
Subtotal $15,719 ($3,818) $11,901 $2,834 ($947) $1,887
Corp/Other $5,347 - $5,347 $489 - $489
TOTAL $21,066 ($3,818) $17,248 $3,323 ($947) $2,376
1. In addition to total debt, Eletropaulo has $1.1 billion of pension plan liabilities. AES owns 16% of Eletropaulo.
41. 41Contains Forward-Looking Statements
DPL Inc. Modeling Disclosures
Based on Market Conditions and Hedged Position as of September 30, 2014
1. Includes DPL’s competitive retail segment.
2. Excludes capacity premium performance uplift.
3. Gas price sensitivities are based on an calculated gas-power relationship. There is some degree of asymmetry considering dispatch capabilities
of units.
Full Year 2014 Full Year 2015 Full Year 2016
Volume Production (TWh) 14 13 13
% Volume Hedged >85% ~70% ~35%
EBITDA Generation Business1,2 ($ in Millions) $100 to $110 per year
EBITDA DPL Inc. including Generation and T&D
($ in Millions) ~ $350 per year
Reference Prices
Henry Hub Natural Gas ($/mmbtu) 4.0 4.0 4.1
AEP-Dayton Hub ATC Prices ($/MWh) 44 38 37
EBITDA Sensitivities (with Existing Hedges)3 ($ in Millions)
+/-10% Henry Hub Natural Gas <$5 $10 $35
42. 42Contains Forward-Looking Statements
Non-Recourse Debt at DP&L and DPL Inc.
$ in Millions
Series Interest Rate Maturity
Amount Outstanding as of
September 30, 2014 Remarks
2013 First Mortgage Bonds 1.875% September 2016 $445.0
● Callable at make-whole T
+20
2006 OH Air Quality Pollution
Control 4.8% September 2036 $100.0
● Non-callable; callable at par
in September 2016
2005 Boone County, KY
Pollution Control 4.7% January 2028 $35.3
● Non-callable; callable at par
in July 2015
2005 OH Air Quality Pollution
Control 4.8% January 2034 $137.8
● Non-callable; callable at par
in July 2015
2005 OH Water Quality
Pollution Control 4.8% January 2034 $41.3
● Non-callable; callable at par
in July 2015
2008 OH Air Quality Pollution
Control VDRNs Variable November 2040 $100.0 ● Callable at par
Total Pollution Control Various Various $414.4
Wright-Patterson AFB Note 4.2% February 2061 $18.3
● No contractual
prepayment option
DP&L Preferred 3.8% N/A $22.9
● Redeemable at pre-
established premium
Total DP&L $901.0
2018 Term Loan Variable May 2018 $160.0 ● No prepayment penalty
2011 Senior Unsecured 6.50% October 2016 $430.0
● Callable at make-whole T
+50
2011 Senior Unsecured 7.25% October 2021 $780.0
● Callable at make-whole T
+50
Total Senior Unsecured Various Various $1,210
2001 Cap Trust II Securities 8.125% September 2031 $20.6 ● Non-callable
Total DPL Inc. $1,390.6
TOTAL $2,291.6
43. 43Contains Forward-Looking Statements
Parent Sources & Uses of Liquidity
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
$ in Millions
Q3 YTD
2014 2013 2014 2013
SOURCES
Total Subsidiary Distributions1 $295 $348 $736 $858
Proceeds from Asset Sales, Net $649 $31 $838 $240
Financing Proceeds, Net - - $1,508 $746
Increased/(Decreased) Credit Facility Commitments - - - -
Issuance of Common Stock, Net $2 $8 $3 $11
Total Returns of Capital Distributions & Project Financing
Proceeds $31 - $66 $163
Beginning Parent Company Liquidity2 $694 $908 $931 $1,106
Total Sources $1,671 $1,295 $4,082 $3,124
USES
Repayments of Debt ($356) ($2) ($2,018) ($1,208)
Shareholder Dividend ($36) ($30) ($109) ($89)
Repurchase of Equity ($108) ($45) ($140) ($62)
Investments in Subsidiaries, Net ($5) ($100) ($263) ($187)
Cash for Development, Selling, General & Administrative
and Taxes ($51) ($53) ($215) ($246)
Cash Payments for Interest ($85) ($62) ($280) ($303)
Changes in Letters of Credit and Other, Net ($2) ($10) ($29) ($36)
Ending Parent Company Liquidity2 ($1,028) ($993) ($1,028) ($993)
Total Uses ($1,671) ($1,295) ($4,082) ($3,124)
44. 44Contains Forward-Looking Statements
Q3 2014 Subsidiary Distributions1
1. See “definitions”.
2. Corporate & Other includes Global Insurance and solar.
Subsidiary Distributions1 by SBU
$ in Millions Q3 2014 YTD 2014
US $81 $188
Andes $43 $86
Brazil $37 $69
MCAC $28 $151
EMEA $68 $120
Asia $36 $71
Corporate & Other2 $2 $51
TOTAL $295 $736
Top Ten Subsidiary Distributions1 by Business
Q3 2014 YTD 2014
Business Amount Business Amount Business Amount Business Amount
Gener (Andes) $43 Andres (MCAC) $19 Andres (MCAC) $109 Kilroot (EMEA) $52
Brasiliana
(Brazil) $36 Southland (US) $14 Gener (Andes) $86
Global Insurance
(Corporate & Other) $49
IPALCO (US) $35 Warrior Run (US) $14 IPALCO (US) $78 Southland (US) $39
Kilroot (EMEA) $35 Shady Point (US) $13 Masinloc (Asia) $63 Los Mina (MCAC) $25
Masinloc (Asia) $32
Ballylumford
(EMEA) $9 Brasiliana (Brazil) $53 Laurel Mountain (US) $24
45. 45Contains Forward-Looking Statements
Reconciliation of Subsidiary Distributions1 & Parent Liquidity2
$ in Millions
Quarter Ended
September 30,
2014 June 30, 2014 March 31, 2014
December 31,
2013
Total Subsidiary Distributions1 to Parent & QHCs3 $295 $210 $232 $402
Total Return of Capital Distributions to Parent & QHCs3 $31 $26 $9 $30
Total Subsidiary Distributions1 & Returns of Capital to
Parent $326 $236 $241 $432
1. See “definitions”.
2. A non-GAAP financial measure. See “definitions”.
3. Qualified Holding Company. See “assumptions”.
$ in Millions
Balance as of
September 30,
2014 June 30, 2014 March 31, 2014
December 31,
2013
Cash at Parent & QHCs3 $229 $15 $26 $132
Availability Under Credit Facilities $799 $679 $799 $799
Ending Liquidity $1,028 $694 $825 $931
46. 46Contains Forward-Looking Statements
Narrowing Our Geographic Focus: Since September 2011,
Exited 9 Countries
Business Country
AES Share of Proceeds
Remarks
September 2011- December
2012 2013 2014 Total
Atimus (Telecom) Brazil $284 $284
Non-core asset; Paid down $197
million1 in debt at Brasiliana subsidiary
Bohemia Czech Republic $12 $12 Limited growth
Edes and Edelap Argentina $4 $4 Underperforming businesses
Cartagena Spain $229 $24 $253 No expansion potential
Red Oak and Ironwood U.S. $228 $228 No expansion potential
French Wind France $42 $42
Limited growth/
no competitive advantage
Hydro, Coal and Wind China $87 $46 $133
Limited growth/
no competitive advantage
Tisza II Hungary $14 $14
Limited growth/
no competitive advantage
Two Distribution Companies Ukraine $108 $108
Limited growth/
no competitive advantage
Trinidad Trinidad $30 $30
Limited growth/
no competitive advantage
Wind Turbines U.S. $26 $26 No suitable project
Sonel, Dibamba and Kribi Cameroon $2022 $202
Wind Project & Pipeline India & Poland $16 $16
3 Wind Projects U.S. $22 $22 Limited growth
Silver Ridge Power (Solar) Various $178 $178
Masinloc Partnership Philippines $453 $453
4 Wind Projects United Kingdom $161 $161
Dominicana Partnership Dominican Republic $96 $96
Turkey JV Turkey $125 $125
TOTAL $900 $234 $1,253 $2,387
$ in Millions
1. AES owns 46% of its Brasiliana subsidiary. Proceeds and debt reflect AES’ ownership percentage.
2. $40 million to be received in 2016.
47. 47Contains Forward-Looking Statements
Year-to-Go 2014 Guidance Estimated Sensitivities
Note: Guidance provided on November 6, 2014. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to
illustrate the magnitude and direction of changing market factors on AES’ results. Estimates show the impact on YTG (October-December) 2014
adjusted EPS. Actual results may differ from the sensitivities provided due to execution of risk management strategies, local market dynamics and
operational factors. 2014 guidance is based on currency and commodity forward curves and forecasts as of October 15, 2014. There are inherent
uncertainties in the forecasting process and actual results may differ from projections. The Company undertakes no obligation to update the
guidance presented today. Please see Item 3 of the Form 10-Q for a more complete discussion of this topic. AES has exposure to multiple coal, oil,
and natural gas indices; forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest ½ cent per share.
1. The move is applied to the floating interest rate portfolio balances as of September 30, 2014.
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over YTG 2014 is equal to a change in EPS of approximately $0.01
l 10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
YTG 2014
Average Rate Sensitivity
Argentine Peso (ARS) 8.72 Less than $0.005
Brazilian Real (BRL) 2.48 Less than $0.005
Euro 1.28 Less than $0.005
Great British Pound (GBP) 1.60 Less than $0.005
Kazakhstan Tenge (KZT) 182.1 Less than $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
YTG 2014
Average Rate Sensitivity
NYMEX Coal $52/ton Less than $0.005,
negative correlationRotterdam Coal (API 2) $71/ton
NYMEX WTI Crude Oil $81/bbl
$0.005, positive correlation
IPE Brent Crude Oil $84/bbl
NYMEX Henry Hub Natural Gas $3.8/mmbtu
$0.005, positive correlation
UK National Balancing Point Natural Gas £0.56/therm
48. 48Contains Forward-Looking Statements
2015 Guidance Estimated Sensitivities
Note: Guidance provided on November 6, 2014. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to
illustrate the magnitude and direction of changing market factors on AES’ results. Estimates show the impact on full year 2015 adjusted EPS. Actual
results may differ from the sensitivities provided due to execution of risk management strategies, local market dynamics and operational factors. 2015
guidance is based on currency and commodity forward curves and forecasts as of October 15, 2014. There are inherent uncertainties in the
forecasting process and actual results may differ from projections. The Company undertakes no obligation to update the guidance presented today.
Please see Item 3 of the Form 10-Q for a more complete discussion of this topic. AES has exposure to multiple coal, oil, and natural gas indices;
forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest ½ cent per share.
1. The move is applied to the floating interest rate portfolio balances as of September 30, 2014.
Interest Rates1
Currencies
Commodity
Sensitivity
l 100 bps move in interest rates over FY 2015 is equal to a change in EPS of approximately $0.03
l 10% appreciation in USD against the following key currencies is equal to the following negative EPS impacts:
2015
Average Rate Sensitivity
Argentine Peso (ARS) 11.56 Less than $0.005
Brazilian Real (BRL) 2.63 $0.020
Colombian Peso (COP) 2,125.7 $0.015
Euro (EUR) 1.29 $0.015
Great British Pound (GBP) 1.60 $0.005
Kazakhstan Tenge (KZT) 191.5 $0.005
10% increase in commodity prices is
forecasted to have the following EPS
impacts:
2015
Average Rate Sensitivity
NYMEX Coal $56/ton
$0.020, negative correlation
Rotterdam Coal (API 2) $72/ton
NYMEX WTI Crude Oil $79/bbl
$0.010, positive correlation
IPE Brent Crude Oil $87/bbl
NYMEX Henry Hub Natural Gas $3.8/mmbtu
$0.025, positive correlation
UK National Balancing Point Natural Gas £0.56/therm
49. 49Contains Forward-Looking Statements
2015 Full Year FX Sensitivity2,3
by SBU (Cents Per Share)
2015 Adjusted PTC1: $2 Billion
FX Risk by Currency
2015 Foreign Exchange (FX) Risk Mitigated Through
Structuring of Our Businesses and Active Hedging
USD-
Equivalent
63%
BRL
12%
COP
7%
EUR
8%
GBP
4%
KZT
4%
Other FX
2%
1.5
2.0
0.0
2.5
3.50.0
0.5
0.5
0.5
US Andes Brazil MCAC EMEA Asia CorTotal
FX Risk After Hedges Impact of FX Hedges
1. Before Corporate Charges. A non-GAAP financial measure. See Appendix for definition and reconciliation.
2. Sensitivity represents full year 2015 exposure to a 10% appreciation of USD relative to foreign currency as of October 15, 2014.
3. Andes includes Argentina and Colombia businesses only due to limited translational impact of USD appreciation to Chilean businesses.
l 2015 correlated FX risk after hedges is $0.03 for 10% USD appreciation
l 63% of 2015 earnings effectively USD
„ USD-based economies (i.e. U.S., Panama)
„ Structuring of our PPAs
l FX risk mitigated on 12-month rolling basis by shorter-term active FX hedging programs
50. 50Contains Forward-Looking Statements
Commodity Exposure is Largely Hedged Through 2015, Long
on Natural Gas and Oil in Medium- to Long-Term
Full Year 2017 Adjusted EPS1 Commodity Sensitivity2
for 10% Change in Commodity Prices
l Primarily hedged in 2014 – correlated full year sensitivity as of December 31, 2013 was
$0.025, balance of year as of October 15, 2014 is $0.005
l Mostly hedged through 2015, more open positions in a longer term is the primary driver of
increase in commodity sensitivity
1. A non-GAAP financial measure. See Appendix for definition.
2. Domestic and International sensitivities are combined and assumes each fuel category moves 10%. Adjusted EPS is negatively correlated to coal
price movement, and positively correlated to gas and oil price movements.
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
6.0
8.0
Coal Gas Oil Correlated Total
CentsPerShare
51. 51Contains Forward-Looking Statements
AES Modeling Disclosures – 2014
1. A non-GAAP financial measure. See reconciliation on Slide 59 and “definitions”.
$ in Millions 2014 Assumptions
Income Statement Assumptions
Adjusted PTC1 $1,270-$1,390
Tax Rate 31%-33%
Diluted Share Count 724
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,125-$1,195
Cash Interest (b) $380
Cash for Development, General & Administrative and Tax (c) $280
Parent Free Cash Flow (a – b – c) $465-$535
52. 52Contains Forward-Looking Statements
AES Modeling Disclosures – 2015
1. A non-GAAP financial measure. See reconciliation on Slide 60 and “definitions”.
$ in Millions 2015 Assumptions
Parent Company Cash Flow Assumptions
Subsidiary Distributions (a) $1,075-$1,175
Cash Interest (b) $350
Cash for Development, General & Administrative and Tax (c) $250
Parent Free Cash Flow (a – b – c) $475-$575
53. 53Contains Forward-Looking Statements
Attractive Returns from 2015-2018 Construction Pipeline
Project Country AES Ownership Fuel
Gross
MW
Expected
COD Total Capex
Total AES
Equity ROE Comments
Construction Projects Coming On-Line 2014-2018
Tunjita Colombia 71% Hydro 20 1H 2015 $67 $21 Lease capital structure at Chivor
Warrior Run ES US-MD 100% Energy Storage 20 1H 2015 $8 $8
Estrella del Mar I Panama 50% Fuel Oil 72 1H 2015 $50 $8
Guacolda V Chile 35% Coal 152 2H 2015 $454 $48
Mong Duong 2 Vietnam 51% Coal 1,240 2H 2015 $1,948 $249
Andes Solar Chile 71% Solar 21 2H 2015 $44 $22
IPL MATS US-IN 100% Coal 1H 2016 $511 $230
Environmental (MATS) upgrades
of 2,400 MW
Cochrane Chile 42%
Coal
Energy Storage
532
40
2H 2016 $1,350 $130
Eagle Valley CCGT US-IN 100% Gas 671 1H 2017 $585 $263
DPP Conversion
Dominican
Republic
92% Gas 122 1H 2017 $260 $0
OPGC 2 India 49% Coal 1,320 1H 2018 $1,600 $225
Alto Maipo Chile 42% Hydro 531 2H 2018 $2,050 $335
ROE2 IN 2018 >15%
Weighted average; net income
divided by AES equity
contribution
CASH YIELD2 IN 2018 ~16%
Weighted average; subsidiary
distributions divided by AES
equity contribution
$ in Millions, Unless Otherwise Stated
1. AES equity contribution equal to 71% of AES Gener’s equity contribution to the project.
2. Based on projections. See our 2013 Form 10-K for further discussion of development and construction risks. Based on 2018 contributions from
all projects under construction and IPL MATS upgrades. Assumes a full year contribution from Alto Maipo, which is expected to come on-line in
2H 2018.
54. 54Contains Forward-Looking Statements
4,741 MW Under Construction1 as of November 5, 2014
Generation (Thermal) Generation (Renewables)
Panama Chile Vietnam Chile US-Indiana
Dominican
Republic India Colombia
US-
Maryland Chile Chile
Project
Estrella del
Mar I Guacolda V
Mong
Duong 2 Cochrane
Eagle
Valley
CCGT
DPP
Conversion OPGC 2 Tunjita
Warrior Run
ES
Cochrane
ES Alto Maipo
% Owned 50% 35% 51% 42% 100% 92% 49% 71% 100% 42% 42%
Type Fuel Oil Coal Coal Coal Gas Gas Coal Hydro
Energy
Storage
Energy
Storage Hydro
Gross MW 72 MW 152 MW 1,240 MW 532 MW 671 MW 122 MW 1,320 MW 20 MW 20 MW 40 MW 531 MW
Expected
Commercial
Operations
Date
1H 2015 2H 2015 2H 2015 2H 2016 1H 2017 1H 2017 1H 2018 1H 2015 1H 2015 2H 2016 2H 2018
1. Does not include 2,400 MW of MATS upgrades at IPL.
Note: These are some of our construction projects. Other projects not currently on this slide, whether developed through acquisitions or otherwise,
may be brought on-line before these projects. In addition, some of these examples may not close or be completed as anticipated, or they may be
delayed, due to uncertainty inherent in the development process.
55. 55Contains Forward-Looking Statements
Reconciliation of Q3 Adjusted PTC1 & Adjusted EPS1
$ in Millions, Except Per Share Amounts
Q3 2014 Q3 2013
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Loss (Income) from Continuing Operations Attributable to AES and
Diluted EPS $488 $0.67 $175 $0.23
Add Back Income Tax Expense from Continuing Operations
Attributable to AES $64 $55
Pre-Tax Contribution $552 $230
Adjustments
Unrealized Derivative (Gains)/Losses3 $11 $0.01 ($7) -
Unrealized Foreign Currency Transaction (Gains)/Losses4 $62 $0.06 ($21) ($0.02)
Disposition/Acquisition (Gains)/Losses ($367) ($0.51)5 ($4) -
Impairment Losses $30 $0.086 $189 $0.187
Loss on Extinguishment of Debt $66 $0.068 - -
ADJUSTED PTC1 & ADJUSTED EPS1 $354 $0.37 $387 $0.39
1. A non-GAAP financial measure. See “definitions”.
2. NCI is defined as Noncontrolling Interests
3. Unrealized derivative (gains) losses were net of income tax per share of $0.01 and $(0.01) in the three months ended September 30, 2014 and 2013, respectively.
4. Unrealized foreign currency transaction (gains) losses were net of income tax per share of $0.04 and $0.01 in the three months ended September 30, 2014 and 2013, respectively.
5. Amount primarily relates to the gain from the sale of a noncontrolling interest in Masinloc for $283 million ($283 million, or $0.39 per share, net of income tax per share of $0.00), the gain from the sale of the
UK wind projects for $78 million ($78 million, or $0.11 per share, net of income tax per share of $0.00), and the tax benefit of $12 million ($0.02 per share) associated with the agreement executed in
September 2014 to sell a noncontrolling interest in our Dominican Republic businesses, and the tax expense of $4 million ($0.01 per share) related to Silver Ridge Power transaction.
6. Amount primarily relates to the other-than-temporary impairment of our equity method investment at Entek of $18 million ($12 million, or $0.02 per share, net of income tax per share of $0.01), the asset
impairment at Ebute of $15 million ($23 million, or $0.03 per share, net of noncontrolling interest of $1 million and of income tax per share of $(0.01)), and a tax benefit of $25 million ($0.03 per share)
associated with the previously recognized goodwill impairment at DPLER.
7. Amount primarily relates to other-than-temporary impairment of our equity method investment at Elsta of $122 million ($89 million, or $0.12 per share, net of income tax per share of $0.04). Amount also
includes asset impairment at Itabo (San Lorenzo) of $15 million ($6 million, or $0.01 per share, net of noncontrolling interest of $8 million and of income tax per share of $0.00) as well as goodwill impairment
at Ebute of $58 million ($43 million, or $0.06 per share, net of income tax per share of $0.02).
8. Amount primarily relates to the loss on early retirement of debt at Corporate of $43 million ($25 million, or $0.03 per share, net of income tax per share of $0.03), at UK wind projects of $18 million ($14 million,
or $0.02 per share, net of income tax per share of $0.01) and at Gener of $8 million ($4 million, or $0.01 per share, net of noncontrolling interest of $2 million and of income tax per share of $0.00).
56. 56Contains Forward-Looking Statements
Reconciliation of Year-to-Date Adjusted PTC1 & Adjusted EPS1
$ in Millions, Except Per Share Amounts
YTD 2014 YTD 2013
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Net of NCI2
Per Share
(Diluted) Net
of NCI2 and
Tax
Loss (Income) from Continuing Operations Attributable to AES and
Diluted EPS $583 $0.81 $454 $0.61
Add Back Income Tax Expense from Continuing Operations
Attributable to AES $138 $96
Pre-Tax Contribution $721 $550
Adjustments
Unrealized Derivative (Gains)/Losses3 ($21) ($0.02) ($46) ($0.04)
Unrealized Foreign Currency Transaction (Gains)/Losses4 $96 $0.07 $28 $0.04
Disposition/Acquisition (Gains)/Losses ($366) ($0.51)5 ($30) ($0.03)6
Impairment Losses $295 $0.347 $237 $0.238
Loss on Extinguishment of Debt $213 $0.209 $207 $0.2010
ADJUSTED PTC1 & ADJUSTED EPS1 $937 $0.89 $946 $1.01
1. A non-GAAP financial measure. See “definitions”.
2. NCI is defined as Noncontrolling Interests
3. Unrealized derivative (gains) losses were net of income tax per share of $(0.01) and $(0.03) in the nine months ended September 30, 2014 and 2013, respectively.
4. Unrealized foreign currency transaction (gains) losses were net of income tax per share of $0.04 and $0.01 in the nine months ended September 30, 2014 and 2013, respectively.
5. Amount primarily relates to the gain from the sale of a noncontrolling interest in Masinloc for $283 million ($283 million, or $0.39 per share, net of income tax per share of $0.00), the gain from the sale of the UK wind projects for $78 million ($78 million, or $0.11 per share, net of income tax
per share of $0.00), and the tax benefit of $12 million ($0.02 per share) associated with the agreement executed in September 2014 to sell a noncontrolling interest in our Dominican Republic businesses, and the tax expense of $4 million ($0.01 per share) related to Silver Ridge Power
transaction.
6. Amount primarily relates to the gain from the sale of the remaining 20% interest in Cartagena for $20 million ($14 million, or $0.02 per share, net of income tax per share of $0.01), the gain from the sale of wind turbines for $3 million ($2 million, or $0.00 per share, net of income tax per share
of $0.00), the gain from the sale of Trinidad for $3 million ($2 million, or $0.00 per share, net of income tax per share of $0.00) as well as the gain from the sale of Chengdu, an equity method investment in China for $3 million ($2 million, or $0.00 per share, net of income tax per share of
$0.00).
7. Amount primarily relates to the goodwill impairments at DPLER of $136 million ($117 million, or $0.16 per share, net of income tax per share of $0.03), at Buffalo Gap of $18 million ($18 million, or $0.03 per share, net of income tax per share of $0.00), and asset impairments at Ebute of $67
million ($57 million, or $0.08 per share, net of noncontrolling interest of $3 million and of income tax per share of $0.01), at DPL of $12 million ($8 million, or $0.01 per share, net of income tax per share of $0.01), at Newfield of $11 million ($6 million, or $0.00 per share, net of noncontrolling
interest of $6 million and of income tax per share of $0.00) as well as other-than-temporary impairment of our equity method investment at Silver Ridge Power of $42 million ($28 million, or $0.04 per share, net of income tax per share of $0.02) and at Entek of $18 million ($12 million, or $0.02
per share, net of income tax per share of $0.01).
8. Amount primarily relates to other-than-temporary impairment of our equity method investment at Elsta in the Netherlands of $122 million ($89 million, or $0.12 per share, net of income tax per share of $0.04). Amount also includes asset impairment at Beaver Valley of $46 million ($33 million,
or $0.04 per share, net of income tax per share of $0.02), asset impairment at Itabo (San Lorenzo) of $15 million ($6 million, or $0.01 per share, net of noncontrolling interest of $8 million and of income tax per share of $0.00) as well as goodwill impairment at Ebute of $58 million ($43 million,
or $0.06 per share, net of income tax per share of $0.02).
9. Amount primarily relates to the loss on early retirement of debt at Corporate of $188 million ($123 million, or $0.17 per share, net of income tax per share of $0.01), at UK wind projects of $18 million ($14 million, or $0.02 per share, net of income tax per share of $0.01) and at Gener of $8
million ($4 million, or $0.01 per share, net of noncontrolling interest of $2 million and of income tax per share of $0.00).
10. Amount primarily relates to the loss on early retirement of debt at Corporate of $165 million ($120 million, or $0.16 per share, net of income tax per share of $0.06) and at Masinloc of $43 million ($29 million, or $0.04 per share, net of noncontrolling interest of $3 million and of income tax per
share of $0.01).
57. 57Contains Forward-Looking Statements
Reconciliation of Q3 Capex and Free Cash Flow1
$ in Millions
Consolidated Q3
2014 2013
Operational Capex (a) $169 $166
Environmental Capex (b) $62 $72
Maintenance Capex (a + b) $231 $238
Growth Capex (c) $298 $405
Total Capex2 (a + b + c) $529 $643
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
$ in Millions
Consolidated Q3 Proportional1 Q3
2014 2013 2014 2013
Operating Cash Flow $763 $855 $555 $528
Less Maintenance Capex, net of
Reinsurance Proceeds and Non-
Recoverable Environmental Capex
($185) ($188) ($128) ($131)
Free Cash Flow1 $578 $667 $427 $397
58. 58Contains Forward-Looking Statements
Reconciliation of Year-to-Date Capex and Free Cash Flow1
$ in Millions
Consolidated YTD
2014 2013
Operational Capex (a) $458 $526
Environmental Capex (b) $172 $145
Maintenance Capex (a + b) $630 $671
Growth Capex (c) $1,119 $1,095
Total Capex2 (a + b + c) $1,749 $1,766
1. A non-GAAP financial measure as reconciled above. See “definitions”.
2. Includes capital expenditures under investing and financing activities.
$ in Millions
Consolidated YTD Proportional1 YTD
2014 2013 2014 2013
Operating Cash Flow $1,216 $2,040 $965 $1,346
Less Maintenance Capex, net of
Reinsurance Proceeds and Non-
Recoverable Environmental Capex
($510) ($595) ($361) ($423)
Free Cash Flow1 $706 $1,445 $604 $923
59. 59Contains Forward-Looking Statements
Reconciliation of 2014 Guidance
2014 Guidance
Adjusted EPS1 $1.25-$1.31
Proportional Free Cash Flow1 $900-$1,000
Consolidated Net Cash Provided by Operating
Activities
$1,800-$2,200
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$1,800-$2,200 $350-$650 $1,450-$1,550
Maintenance &
Environmental Capital
Expenditures (b)
$650-$850 $200 $450-$650
Free Cash Flow1 (a - b) $1,050-$1,450 $150-$450 $900-$1,000
l Commodity and foreign currency exchange rates forward curves as of October 15, 2014
60. 60Contains Forward-Looking Statements
Reconciliation of 2015 Guidance
2015 Guidance
Adjusted EPS1 $1.30-$1.40
Proportional Free Cash Flow1 $1,000-$1,350
Consolidated Net Cash Provided by Operating
Activities
$2,000-$2,800
$ in Millions, Except Per Share Amounts
1. A non-GAAP financial measure. See “definitions”.
Reconciliation Consolidated Adjustment Factor Proportional
Consolidated Net Cash
Provided by Operating
Activities (a)
$2,000-$2,800 $350-$800 $1,650-$2,000
Maintenance &
Environmental Capital
Expenditures (b)
$700-$1,000 $200 $500-$800
Free Cash Flow1 (a - b) $1,150-$1,950 $150-$600 $1,000-$1,350
l Commodity and foreign currency exchange rates forward curves as of October 15, 2014
61. 61Contains Forward-Looking Statements
Reconciliation of Net Debt1 as of September 30, 2014
$ in Millions
Non-Recourse Debt (Current) $2,347
Recourse Debt (Current) -
Non-Recourse Debt (Noncurrent) $13,372
Recourse Debt (Noncurrent) $5,347
Total Debt $21,066
LESS
Cash & Cash Equivalents $1,670
Restricted Cash $487
Short-Term Investments $686
Debt Service Reserves & Other Deposits $480
Total $3,323
NET DEBT $17,743
1. A non-GAAP financial measure. See “definitions”.
62. 62Contains Forward-Looking Statements
Assumptions
Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited
to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses
continue to operate in a manner consistent with or better than prior operating performance, including achievement of
planned productivity improvements including benefits of global sourcing, and in accordance with the provisions of their
relevant contracts or concessions; (c) new business opportunities are available to AES in sufficient quantity to achieve its
growth objectives; (d) no material disruptions or discontinuities occur in the Gross Domestic Product (GDP), foreign
exchange rates, inflation or interest rates during the forecast period; and (e) material business-specific risks as described in
the Company’s SEC filings do not occur individually or cumulatively. In addition, benefits from global sourcing include
avoided costs, reduction in capital project costs versus budgetary estimates, and projected savings based on assumed
spend volume which may or may not actually be achieved. Also, improvement in certain KPIs such as equivalent forced
outage rate and commercial availability may not improve financial performance at all facilities based on commercial terms
and conditions. These benefits will not be fully reflected in the Company’s consolidated financial results.
The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled
outside of the U.S. Such subsidiaries had no contractual restrictions on their ability to send cash to AES, the Parent
Company, however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may
result from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for
investment and related activities outside of the U.S. These investments included equity investments and loans to other
foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash
held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and
QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that
unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the
non-recourse nature of most of AES’ indebtedness.
63. 63Contains Forward-Looking Statements
Definitions
l Adjusted Earnings Per Share (a non-GAAP financial measure) is defined as diluted earnings per share from continuing operations excluding gains or losses of both consolidated
entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses,
(c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt, adjusted for the
same gains or losses excluded from consolidated entities. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. AES
believes that Adjusted EPS better reflects the underlying business performance of the Company and is considered in the Company’s internal evaluation of financial performance.
Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, losses due to
impairments and strategic decisions to dispose or acquire business interests or retire debt, which affect results in a given period or periods. Adjusted EPS should not be construed
as an alternative to diluted earnings per share from continuing operations, which is determined in accordance with GAAP.
l Adjusted Pre-Tax Contribution (a non-GAAP financial measure) represents pre-tax income from continuing operations attributable to AES excluding gains or losses of both
consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency
gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt,
adjusted for the same gains or losses excluded from consolidated entities. It includes net equity in earnings of affiliates, on an after-tax basis. The GAAP measure most
comparable to Adjusted PTC is income from continuing operations attributable to AES. AES believes that Adjusted PTC better reflects the underlying business performance of the
Company and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses
related to derivative transactions, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose or acquire business interests or retire
debt, which affect results in a given period or periods. Earnings before tax represents the business performance of the Company before the application of statutory income tax
rates and tax adjustments, including the affects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed
as an alternative to income from continuing operations attributable to AES, which is determined in accordance with GAAP.
l Free Cash Flow (a non-GAAP financial measure) is defined as net cash from operating activities less maintenance capital expenditures (including non-recoverable environmental
capital expenditures), net of reinsurance proceeds from third parties. AES believes that free cash flow is a useful measure for evaluating our financial condition because it
represents the amount of cash provided by operations less maintenance capital expenditures as defined by our businesses, that may be available for investing or for repaying
debt. Free cash flow should not be construed as an alternative to net cash from operating activities, which is determined in accordance with GAAP.
l Net Debt (a non-GAAP financial measure) is defined as current and non-current recourse and non-recourse debt less cash and cash equivalents, restricted cash, short term
investments, debt service reserves and other deposits. AES believes that net debt is a useful measure for evaluating our financial condition because it is a standard industry
measure that provides an alternate view of a company’s indebtedness by considering the capacity of cash. It is also a required component of valuation techniques used by
management and the investment community.
l Parent Company Liquidity (a non-GAAP financial measure) is defined as cash at the Parent Company plus availability under corporate credit facilities plus cash at qualified
holding companies (“QHCs”). AES believes that unconsolidated Parent Company liquidity is important to the liquidity position of AES as a Parent Company because of the non-
recourse nature of most of AES’ indebtedness.
l Parent Free Cash Flow (a non-GAAP financial measure) should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in
accordance with GAAP. Parent Free Cash Flow is equal to Subsidiary Distributions less cash used for interest costs, development, general and administrative activities, and tax
payments by the Parent Company. Parent Free Cash Flow is used for dividends, share repurchases, growth investments, recourse debt repayments, and other uses by the
Parent Company.
64. 64Contains Forward-Looking Statements
Definitions (Continued)
l Proportional Metrics – The Company is a holding company that derives its income and cash flows from the activities of its subsidiaries, some of which are not wholly-owned by
the Company. Accordingly, the Company has presented certain financial metrics which are defined as Proportional (a non-GAAP financial measure) to account for the Company’s
ownership interest.
Proportional metrics present the Company’s estimate of its share in the economics of the underlying metric. The Company believes that the Proportional metrics are useful to
investors because they exclude the economic share in the metric presented that is held by non-AES shareholders. For example, Operating Cash Flow is a GAAP metric which
presents the Company’s cash flow from operations on a consolidated basis, including operating cash flow allocable to noncontrolling interests. Proportional Operating Cash Flow
removes the share of operating cash flow allocable to noncontrolling interests and therefore may act as an aid in the valuation the Company.
Proportional metrics are reconciled to the nearest GAAP measure. Certain assumptions have been made to estimate our proportional financial measures. These assumptions
include: (i) the Company’s economic interest has been calculated based on a blended rate for each consolidated business when such business represents multiple legal entities;
(ii) the Company’s economic interest may differ from the percentage implied by the recorded net income or loss attributable to noncontrolling interests or dividends paid during a
given period; (iii) the Company’s economic interest for entities accounted for using the hypothetical liquidation at book value method is 100%; (iv) individual operating
performance of the Company’s equity method investments is not reflected and (v) inter-segment transactions are included as applicable for the metric presented.
The proportional adjustment factor, proportional maintenance capital expenditures (net of reinsurance proceeds), and proportional non-recoverable environmental capital
expenditures are calculated by multiplying the percentage owned by non-controlling interests for each entity by its corresponding consolidated cash flow metric and adding up the
resulting figures. For example, the Company owns approximately 70% of AES Gener, its subsidiary in Chile. Assuming a consolidated net cash flow from operating activities of
$100 from AES Gener, the proportional adjustment factor for AES Gener would equal approximately $30 (or $100 x 30%). The Company calculates the proportional adjustment
factor for each consolidated business in this manner and then adds these amounts together to determine the total proportional adjustment factor used in the reconciliation. The
proportional adjustment factor may differ from the proportion of income attributable to non-controlling interests as a result of (a) non-cash items which impact income but not cash
and (b) AES’ ownership interest in the subsidiary where such items occur.
l Subsidiary Liquidity (a non-GAAP financial measure) is defined as cash and cash equivalents and bank lines of credit at various subsidiaries.
l Subsidiary Distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in accordance with GAAP. Subsidiary
Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities
but instead relies on its subsidiaries’ business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The
reconciliation of the difference between the Subsidiary Distributions and Net Cash Provided by Operating Activities consists of cash generated from operating activities that is
retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to
fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries,
retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other
similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.