The AES Corporation · NYSE:AES
The AES — Q1 2004 Earnings Presentation
16 slides from The AES's earnings presentation, Apr 28, 2004
Slide 1: AES Corporation First Quarter 2004 Financial Review
AES Corporation First Quarter 2004 Financial Review April 28, 2004 8:00am EDT The Global Power Company
Slide 2: Safe Harbor Disclosure
Safe Harbor Disclosure Certain statements in the following presentation regarding AES’s business operations may constitute “forward looking statements” as defined by the Securities and Exchange Commission. Such statements are not historical facts, but are predictions about the future which inherentl
Slide 3: First Quarter 2004 Highlights
First Quarter 2004 Highlights ($ Millions Except As Noted) 1Q03 1Q04 % Change Sales $1,911 $2,257 18% Operating Income $523 $618 18% Net Cash From Operating Activities $446 $402 (10%) Diluted EPS From Continuing Operations $0.23 $0.12 (48%) Adjusted EPS* $0.13 $0.17 31% Subsidiary Distributions $180
Slide 4: Reconciliation of Adjusted Earnings Per Share
Reconciliation of Adjusted Earnings Per Share (Per Share) 1Q03 1Q04 Adjusted Earnings Per Share* $0.13 $0.17 FAS 133 Mark-to-Market Gains/(Losses)** (0.01) (0.04) Currency Transaction Gains/(Losses) 0.10 -- Asset Impairment (0.01) -- Debt Retirement Gains/ (Losses) 0.02 (0.01) Diluted Earnings Per S
Slide 5: Financing Highlights
Financing Highlights Contains Forward Looking Statements $351 Million in Parent Debt Retired $656 Million Liquidity Consistent With Our Targets $500 Million in Unsecured Notes Issued • Proceeds Refinanced Secured Bank Debt • 7.75% Coupon • 10 Year Maturity Revolving Credit Facility Increased to $450
Slide 6: 2004 Guidance Reaffirmed
2004 Guidance Reaffirmed Contains Forward Looking Statements Sales Growth 7%* $0.62 Earnings Per Diluted Share From Continuing Operations • Excludes $0.03 Gener Debt Restructuring Cost $0.64 Adjusted Earnings Per Share** • Per Guidance Above Plus $0.02 Per Share Currency/FAS 133 Impacts Consolidated
Slide 7: Successful Restructuring in Brazil and Chile
Successful Restructuring in Brazil and Chile Contains Forward Looking Statements AES Gener Debt Restructuring Brazil Recapitalization Pre-Restructuring Amortization Schedule • $600 MM debt/equity swap – AES 50.01% interest $800 • $1,600 MM BNDES and third party debt $587 $600 restructured with exten
Slide 8: Projected 5-Year EPS Growth 2003-2008
EPS Growth 2003-2008 Contains Forward Looking Statements Projected 5-Year EPS Growth Rate %/Year Projected 5-Year EPS Growth Rate 2003-2008* Disciplined Base Case 13% - 19% Growth Deleveraging And Performance 30% Improvements Only ?% Reinvestment Case 17% - 23% growth rate (% per year) Projected 5-y
Slide 9: Appendix
Appendix 9 1Q04 Financial Review www.aes.com
Slide 10: Parent Sources and Uses of Cash
Parent Sources and Uses of Cash ($ Millions) 1Q04 Sources Total Subsidiary Distributions * $204 Proceeds From Asset Sales, Net 16 Refinancing Proceeds, Net 480 Increased Revolver Commitments 200 Issuance of Common Stock, Net 2 Total Returns Of Capital Distributions And Project Financing Proceeds 4 B
Slide 11: First Quarter 2004 Subsidiary Distributions $204 Million
First Quarter 2004 Subsidiary Distributions $204 Million Contains Forward Looking Statements ($ Millions) 1Q04 Eastern Energy $49 IPALCO 44 Gener* - EDC 9 Shady Point 14 Ebute 24 Hawaii 12 Southland 13 Argentine Gencos 8 Ras Laffan 3 Panama 7 Puerto Rico 1 Barka 1 Warrior Run 6 CHIGEN - Tax Sharing
Slide 12: Stable Base for Subsidiary Distributions
Stable Base for Subsidiary Distributions Contains Forward Looking Statements ($ Millions) 1Q04 Subsidiary Distributions* • 61% of distributions came from North North South Europe/ American Large America America** Caribbean Asia Africa Total Utilities and worldwide Contract Generation in the Large Ut
Slide 13: First Quarter 2004 Consolidated Cash Flow
First Quarter 2004 Consolidated Cash Flow ($ Millions) Subsidiaries AES Corp (1) Eliminations Consolidated Net Cash From Operating Activities $530 $76 $(204) $402 Maintenance Capex (112) (10) - (122) Growth Capex (68) - - (68) Investment In Subsidiaries - (368) 368 - Returns Of Capital from Subsidia
Slide 14: Reconciliation of Changes to Parent and Related Debt Balances
Reconciliation of Changes to Parent and Related Debt Balances ($ Millions) Debt Reconciliation Parent Debt (Including Letters Of Credit) At 12/31/03 $6,009 * Scheduled Debt Maturities: - Mandatory Debt Repayments: Prepayments From Asset Sales (41) Prepayments From Project Financings - End Of Year Ca
Slide 15: Reconciliation of Subsidiary Distributions and Parent Liquidity
Reconciliation of Subsidiary Distributions and Parent Liquidity ($ Millions) Parent Only Data Quarter Ended March 31, June 30, September 30, December 31, March 31, Total Subsidiary Distributions & Returns Of Capital To Parent 2003 2003 2003 2003 2004 Actual Actual Actual Actual Actual Subsidiary Dis
Slide 16: Assumptions
Assumptions Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to continued normal levels of operating performance and electricity demand at our distribution companies and operational performance at our contract generation busine