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Meldungen 09.08.2016

AES Corporation: Q2 Results

Die US-amerikanische AES Corporation meldet einen Gewinneinbruch. Wir veröffentlichen die Mitteilung des US-Unternehmens, das Strom unter anderem aus erneuerbarer Energie produziert, dazu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

The AES Corporation (AES) reported Consolidated Net Cash Provided by Operating Activities for the second quarter of 2016 of $723 million, an increase of $570 million, primarily driven by the collection of overdue receivables at Maritza in Bulgaria, as well as favorable working capital in Brazil, partially offset by lower margins. Second quarter 2016 Proportional Free Cash Flow (a non-GAAP financial measure) increased $355 million to $417 million, primarily due to the same factors as Consolidated Net Cash Provided by Operating Activities.

Second quarter 2016 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was ($0.16), a decrease of $0.27 from second quarter 2015. Diluted EPS reflects the $0.25 impact from higher impairment expenses related to certain generating units at DPL in the United States, as well as the impact of lower margins. Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) decreased $0.09 to $0.17, primarily due to lower margins. The decline in margins was due to lower contributions from the Company's Strategic Business Units (SBUs), primarily Brazil and Mexico, Central America and Caribbean (MCAC), and the devaluation of foreign currencies. In Brazil, lower margins reflect the impact of the liability reversal taken in the second quarter of 2015, which benefited margins in that quarter. In MCAC, lower margins were primarily driven by lower gas sales in the Dominican Republic and lower availability.

"During the first half of this year we made significant progress on our strategic and financial objectives. To focus our efforts on our most important growth areas, we announced the sale of one of our distribution companies, AES Sul, in Brazil for approximately $470 million. At the same time, we continued to advance attractive platform expansion projects offering long-term, U.S. Dollar-denominated contracts. To that end, we brought on-line 2.4 GW of projects, primarily in the U.S., on time and on budget, and broke ground on the Colon LNG regasification terminal and gas-fired power plant in Panama," said Andrés Gluski, AES President and Chief Executive Officer. "The combination of completing the remaining 3.9 GW of projects still under construction and our $150 million, three-year cost savings and revenue enhancement initiative, will allow us to deliver our expected growth of at least 10% in Proportional and Parent Free Cash Flow through 2018."

"Our year-to-date cash flow and earnings results keep us on track to achieve our full year guidance," said Tom O'Flynn, AES Executive Vice President and Chief Financial Officer. "To strengthen our capital structure, we have prepaid a total of $306 million in Parent debt, exceeding our full year target for debt paydown by 50% and refinanced $500 million of near-term Parent debt maturities. As a result of these actions and our expected growth in free cash flow, we expect to achieve strong BB credit stats by 2018."

2016 Guidance and 2017-2018 Expectations

    The Company's 2016 guidance and 2017-2018 expectations are based on foreign currency and commodity forward curves as of June 30, 2016.
    The Company is reaffirming its 2016 Consolidated Net Cash Provided by Operating Activities guidance range of $2,000-$2,900 million.
    The Company is reaffirming its 2016 Proportional Free Cash Flow guidance range of $1,000-$1,350 million.
        The Company is reaffirming its 2016 Parent Free Cash Flow expectation of $525-$625 million.
    The Company is reaffirming its 2016 Parent Free Cash Flow expectation of $525-$625 million.
    The Company is reaffirming its 2016 Adjusted EPS guidance range of $0.95-$1.05.
        As disclosed in May 2016, the Company continues to expect stronger second half 2016 Adjusted EPS results, partly due to a lower adjusted effective tax rate and fewer planned outages at certain businesses.
    As disclosed in May 2016, the Company continues to expect stronger second half 2016 Adjusted EPS results, partly due to a lower adjusted effective tax rate and fewer planned outages at certain businesses.
    The Company is reaffirming its growth rate expectations for 2017-2018 for both Proportional Free Cash Flow and Adjusted EPS.

Additional Highlights

    In the second quarter of 2016, DPL in the United States recorded a $235 million, or $0.25 per share, asset impairment charge largely related to the Killen generating station. The charge is attributable to lower expectations of future capacity revenue, resulting from the most recent PJM capacity auction for 2018-2019 and revised estimates of future environmental compliance related to the Environmental Protection Agency's Effluent Limitation Guidelines (ELG) and Coal Combustion Residuals (CCR) costs.
    Year-to-Date 2016, the Company prepaid $306 million in Parent debt, including prepayment in July 2016 of $181 million of 8% unsecured notes due in 2017.

    Year-to-Date 2016, the Company has completed 2,414 MW of projects:
        1,713 MW of MATS upgrades, the 630 MW Harding Street Units 5-7 gas-fired conversion and the 20 MW Harding Street Energy Storage Array at Indianapolis Power & Light in Indiana;
        21 MW Andes Solar plant at Gener in Chile;
        20 MW Tunjita hydroelectric plant in Colombia; and
        10 MW Warrior Run Energy Storage Array in Maryland.
    1,713 MW of MATS upgrades, the 630 MW Harding Street Units 5-7 gas-fired conversion and the 20 MW Harding Street Energy Storage Array at Indianapolis Power & Light in Indiana;
    21 MW Andes Solar plant at Gener in Chile;
    20 MW Tunjita hydroelectric plant in Colombia; and
    10 MW Warrior Run Energy Storage Array in Maryland.
    The Company currently has 3,921 MW of capacity currently under construction and expected to come on-line through 2019.
        In May 2016, the Company broke ground on the Colon project in Panama, consisting of a 380 MW CCGT plant and 180,000 m3 LNG regasification and storage facility. The CCGT plant is contracted under a 10-year, U.S. Dollar-denominated Power Purchase Agreement and is expected to come on-line in the first half of 2018. The LNG facility is expected to come on-line in 2019.
    In May 2016, the Company broke ground on the Colon project in Panama, consisting of a 380 MW CCGT plant and 180,000 m3 LNG regasification and storage facility. The CCGT plant is contracted under a 10-year, U.S. Dollar-denominated Power Purchase Agreement and is expected to come on-line in the first half of 2018. The LNG facility is expected to come on-line in 2019.
    Year-to-Date 2016, the Company has announced or closed approximately $540 million in asset sale proceeds to AES.
        In June 2016, the Company announced the sale of its 100% equity interest in AES Sul, one of its utilities in Brazil, for BRL 1,698 million (equivalent to approximately $470 million) in proceeds to AES. The Company expects this transaction to close in the second half of 2016.
        In June 2016, the Company received the remaining $40 million in proceeds from the sales of Sonel, Dibamba and Kribi in Cameroon, which were announced in November 2013.
        In February 2016, the Company received $21 million in proceeds from the sale of a 24% interest in IPP4, one of its generation businesses in Jordan.
        In January 2016, the Company received $9 million in proceeds from the sale of Kelanitissa, its generation business in Sri Lanka, and exited the country.
    In June 2016, the Company announced the sale of its 100% equity interest in AES Sul, one of its utilities in Brazil, for BRL 1,698 million (equivalent to approximately $470 million) in proceeds to AES. The Company expects this transaction to close in the second half of 2016.
    In June 2016, the Company received the remaining $40 million in proceeds from the sales of Sonel, Dibamba and Kribi in Cameroon, which were announced in November 2013.
    In February 2016, the Company received $21 million in proceeds from the sale of a 24% interest in IPP4, one of its generation businesses in Jordan.
    In January 2016, the Company received $9 million in proceeds from the sale of Kelanitissa, its generation business in Sri Lanka, and exited the country.
    Year-to-Date 2016, the Company has repurchased 9 million shares for $79 million, at an average price of $9.07 per share. 2016 share repurchases were executed in the first quarter.

Non-GAAP Financial Measures

See Non-GAAP Financial Measures for definitions of Proportional Free Cash Flow, Adjusted Earnings Per Share, Adjusted Pre-Tax Contribution, as well as reconciliations to the most comparable GAAP financial measures.


About AES

The AES Corporation (AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 17 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 21,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2015 revenues were $15 billion and we own and manage $37 billion in total assets. To learn more, please visit www.aes.com.

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