Werbung
Meldungen 11.08.2015

AES Corporation: Q2 Results

Die US-amerikanische AES Corporation produziert Strom unter anderem aus erneuerbarer Energie. Jetzt hat das Unternehmen mit Hauptsitz in Arlington, Virginia, Zahlen für das zweite Quartal 2015 bekannt gegeben. Wir veröffentlichen die Mitteilung von AES 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) today reported Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) of $0.25 for the second quarter of 2015, a decrease of $0.03 from second quarter 2014, mainly due to the timing of planned maintenance at certain businesses, a stronger US Dollar, lower demand and contracting strategy in Brazil, as well as the $0.02 net impact from the reversal of liabilities in Brazil and Europe. These negative impacts were largely offset by improved hydrology in Panama and Colombia, the Company's capital allocations and a lower adjusted effective tax rate of 30% in 2015 versus 40% in 2014.

Second quarter 2015 Diluted Earnings Per Share from Continuing Operations was $0.10, a decrease of $0.10 from second quarter 2014, largely driven by increased debt extinguishment expense of $0.11 primarily related to costs incurred to retire and refinance expensive near-term debt maturities.

Second quarter 2015 Proportional Free Cash Flow (a non-GAAP financial measure) was $62 million, an increase of $15 million from second quarter 2014, primarily driven by lower Parent interest and improved working capital and hydrological conditions at the Company's Mexico, Central America and the Caribbean Strategic Business Unit (MCAC SBU). This was partially offset by a higher tax payment at Chivor in Colombia and unfavorable hydrological conditions at the Company's generation business, Tiete, in Brazil.

"Despite significant macroeconomic challenges, we are on track to achieve our financial and strategic objectives. Earlier this year, we brought on-line our Mong Duong plant in Vietnam six months early. Our remaining 6 GW of projects under construction are on schedule and will drive our earnings and cash flow growth through 2018," said Andrés Gluski, AES President and Chief Executive Officer. "I am very pleased to announce our joint venture with Grupo BAL, one of the largest and most respected business groups in Mexico, to co-invest in new power and infrastructure projects. We have had a very successful business in Mexico for more than 15 years and now with Grupo BAL, we are poised to take advantage of the opening of the energy market."

"Our year-to-date results, and the reaffirmation of our full year guidance, demonstrate the benefits of our proactive actions to mitigate the impact from currency devaluation and macro factors that we have experienced in the last several months," said Tom O'Flynn, AES Executive Vice President and Chief Financial Officer. "Our portfolio continues to generate strong and growing cash flow. This year, with share repurchases to date and planned dividend payments, we expect to return $700 million to our shareholders."  

Discussion of Operating Drivers of Adjusted Pre-Tax Contribution (Adjusted PTC, a non-GAAP financial measure) and Adjusted EPS

The Company manages its portfolio in six market-oriented Strategic Business Units (SBUs): US (United States), Andes (Chile, Colombia and Argentina), Brazil, MCAC (Mexico, Central America and Caribbean), Europe, and Asia.

For the three months ended June 30, 2015, Adjusted EPS decreased $0.03 to $0.25, as described above. Second quarter 2015 Adjusted PTC decreased $89 million to $251 million. Key operating drivers of Adjusted PTC included:

    US: A decrease of $24 million, primarily driven by planned maintenance in Hawaii, lower wholesale margins at IPL and lower generation at the Company's wind businesses in 2015, partially offset by lower fixed costs and higher capacity prices at DPL.
    Andes: A decrease of $23 million, primarily due to the timing of planned maintenance in Argentina and Chile in 2015, as well as a weaker Colombian Peso, partially offset by higher generation at Chivor in Colombia as a result of improved inflows.
    Brazil: A decrease of $74 million, primarily driven by a weaker Brazilian Real, the reversal of a $47 million contingency at Sul in 2014, as well as lower spot sales and a higher proportion of contracted sales associated with unfavorable hydrological conditions at Tiete in 2015. This performance was partially offset by the favorable reversal of a contingent liability in 2015 and a favorable tariff adjustment at Eletropaulo of $26 million.
    MCAC: An increase of $11 million, primarily driven by improved hydrological conditions, which resulted in higher generation and lower energy purchases, as well as the commencement of operations of the 72 MW fuel oil-fired Estrella de Mar power barge in Panama. These positive results were offset by lower availability in Mexico and the Dominican Republic.
    Europe: A decrease of $32 million, driven by lower spot prices, lower dispatch and the timing of planned maintenance and related costs at Kilroot in the United Kingdom and the favorable reversal of a liability in Kazakhstan in 2014.
    Asia: An increase of $7 million, due to the early commencement of operations at Mong Duong in Vietnam, partially offset by the sale of a minority interest in Masinloc in the Philippines in the second half of 2014.
    Corp/Other: An improvement of $46 million, primarily driven by lower Parent interest expense as a result of the reduction in recourse debt of $770 million, as well as realized foreign currency gains associated with the Company's corporate hedging program.

For the six months ended June 30, 2015, Adjusted EPS decreased $0.03, to $0.50, largely driven by lower demand and contracting strategy in Brazil, a stronger US Dollar, as well as the $0.02 net impact from the reversal of liabilities in Brazil and Europe. These negative impacts were largely offset by a lower adjusted effective tax rate of 31% in 2015 versus 36% in 2014, the contributions from new businesses that came on-line in the first half of 2015 and the Company's capital allocations. Year-to-date 2015 Adjusted EPS of $0.50 represents 38% of the mid-point of full year guidance of $1.25-$1.35 per share. In the first half of 2014, the Company earned 40% of full year 2014 Adjusted EPS of $1.30.

Year-to-date 2015 Adjusted PTC decreased $80 million to $503 million. Key operating drivers of Adjusted PTC included:

    US: An increase of $7 million, primarily driven by better availability at DPL as a result of temporary forced outages and a lack of available gas at a couple of its generation plants in 2014 that did not recur, as well as lower fixed costs in 2015. These positive results were offset by lower generation as a result of lower wind resources at the Company's wind businesses in 2015.
    Andes: An increase of $15 million, primarily due to higher spot sales in Chile, higher generation at Chivor in Colombia and higher interest on receivables in Argentina, partially offset by a weaker Colombian Peso and higher maintenance costs in Argentina.
    Brazil: A decrease of $122 million, primarily due to the reversal of a contingency at Sul in 2014, lower spot sales at Tiete and the devaluation of the Brazilian Real, which accounted for 20% of the decline. These negative drivers were partially offset by the favorable reversal of a contingent liability in 2015 and a favorable tariff adjustment at Eletropaulo.
    MCAC: A decrease of $4 million, primarily driven by lower margins and availability in the Dominican Republic, as well as lower availability in Mexico. This negative performance was partially offset by improved hydrological conditions and the commencement of operations of the power barge in Panama.
    Europe: A decrease of $62 million, driven by lower spot prices, the timing of planned maintenance and related costs at Kilroot in the United Kingdom, lower contributions as a result of the sales of Ebute in Nigeria and the Company's wind businesses in the United Kingdom, unfavorable foreign currency exchange rates and the favorable reversal of a liability at the Company's generation business in Kazakhstan in 2014.
    Asia: An increase of $11 million, primarily due to the early commencement of operations at Mong Duong in Vietnam.
    Corp/Other: An improvement of $75 million, primarily driven by lower Parent interest expense, as well as realized foreign currency gains associated with the Company's on-going hedging activities.


Key drivers of this improvement included:

    US: A decrease of $1 million, primarily driven by lower operating performance and higher working capital requirements at IPL and a few of the Company's generation facilities, offset by higher collections and lower interest paid at DPL.
    Andes: A decrease of $37 million, mainly driven by a higher tax payment at Chivor in Colombia.
    Brazil: A decrease of $18 million, primarily driven by lower spot sales and a higher proportion of contracted sales associated with unfavorable hydrological conditions at Tiete in 2015, partially offset by higher collections as a result of a higher tariff at Eletropaulo.
    MCAC: An increase of $12 million, due to lower energy purchases as a result of improved hydrological conditions in Panama and lower purchased energy costs in El Salvador.
    Europe: An increase of $3 million, primarily driven by improved working capital at Maritza in Bulgaria, offset by the timing of planned maintenance at Kilroot in the United Kingdom and the sale of Ebute in Nigeria in 2014.
    Asia: A decrease of $2 million, due to lower contributions as a result of the sale of a minority interest in Masinloc in the Philippines in the second half of 2014.
    Corp/Other: An increase of $58 million, primarily driven by lower Parent interest expense as a result of the reduction in recourse debt, as well as realized foreign currency gains associated with the Company's on-going hedging activities.

Second quarter 2015 Consolidated Net Cash Provided by Operating Activities decreased $79 million to $153 million, primarily driven by unfavorable hydrological conditions at Tiete in Brazil and higher tax payments at Chivor in Colombia, offset by improved hydrological conditions in Panama, a favorable tariff adjustment at Eletropaulo in Brazil and favorability at Corporate as a result of lower Parent interest expense.

For the six months ended June 30, 3015, Proportional Free Cash Flow increased $151 million to $327 million, primarily due to higher contributions from the Company's US and MCAC SBUs, including higher collections at DP&L and improved hydrological conditions in Panama. Year-to-date 2015 Proportional Free Cash Flow of $327 million represents 28% of the mid-point of full year guidance of $1,000-$1,350 million. In the first half of 2014, the Company generated 20% of full year Proportional Free Cash Flow of $891 million. Key drivers of the improvement in 2015 included:

    US: An increase of $73 million, driven by higher collections and lower interest paid at DPL. These positive contributions were offset by the impact from lower generation as a result of lower wind resources at the Company's wind businesses, higher working capital requirements at Shady Point in Oklahoma, as well as planned maintenance, lower collections and higher maintenance capital expenditures at IPL.
    Andes: A decrease of $43 million, mainly driven by a higher tax payment at Chivor in Colombia.
    Brazil: A decrease of $3 million, primarily driven by lower spot sales and a higher proportion of contracted sales associated with unfavorable hydrological conditions at Tiete in 2015, largely offset by higher collections as a result of a higher tariff at Eletropaulo.
    MCAC: An increase of $52 million, primarily driven by lower energy and fuel costs in El Salvador and Puerto Rico, as well as lower energy purchases as a result of improved hydrological conditions in Panama. These positive contributions were offset by lower collections, higher spot energy purchases and higher maintenance capital expenditures in the Dominican Republic.
    Europe: An increase of $24 million, primarily driven by higher collections and improved working capital at Maritza in Bulgaria, partially offset by the timing of planned maintenance at Kilroot in the United Kingdom and the sale of Ebute in Nigeria in 2014.
    Asia: A decrease of $39 million, primarily related to lower contributions from Masinloc in the Philippines, as a result of the partial sell-down mentioned above, as well as the contractual time lag between billing and collections.
    Corp/Other: An increase of $87 million, primarily driven by lower Parent interest expense as a result of the reduction in recourse debt, as well as realized foreign currency gains associated with the Company's on-going hedging activities.

For the six months ended June 30, 2015, Consolidated Net Cash Provided by Operating Activities increased $137 million to $590 million, primarily driven by working capital improvements at DPL in the United States and Panama, El Salvador and Puerto Rico, offset by the payment of a service concession at Mong Duong in Vietnam and lower collections in the Dominican Republic.

    The Company's 2015 guidance reflects currency and commodity forward curves as of June 30, 2015.
    The Company is reaffirming its Adjusted EPS guidance range of $1.25-$1.35.

    The Company's guidance incorporates an expected impact of $0.07 per share from poor hydrology in Brazil, consistent with its prior expectations.
    Consistent with the Company's prior expectations, in the second half of 2015, the Company expects to benefit from improved availability as a result of planned maintenance that was completed earlier in the year in Chile, the Dominican Republic and the US, improved hydrological conditions in Panama and Colombia, seasonality related to certain regulated and contracted businesses in the US and at Gener in Chile, as well as the previously expected benefit from tax opportunities at certain businesses and the contributions from new plants that came on-line in the first half of the year.

    The Company is reaffirming its Proportional Free Cash Flow guidance range of $1,000-$1,350 million.
        The Company expects to generate higher cash flows in the second half of 2015 as a result of: stronger second half 2015 Adjusted EPS as described above; and improved working capital in the US, Andes, MCAC (including higher collections in the Dominican Republic) and Europe (including collection of outstanding receivables at Maritza in Bulgaria).
    The Company is reaffirming its Consolidated Net Cash Provided by Operating Activities guidance range of $1,900-$2,700 million.

Highlights

    In April, the Company achieved commercial operations of its 1,240 MW coal-fired Mong Duong 2 power plant in Vietnam six months early and under budget. Mong Duong 2 has a 25-year Power Purchase Agreement (PPA) with a state-owned utility.
    The Company currently has 5,839 MW under construction and on track to come on-line through 2018. These projects represent $7 billion in total capital expenditures, with the majority of AES' $1.3 billion in equity already funded.
        In July, the Company broke ground on three new energy storage projects for a total of 40 MW expected to come on-line by the end of 2016: the 20 MW Harding Street facility located at Indianapolis Power and Light in Indiana; the 10 MW Northern Ireland facility located at Kilroot; and the 10 MW Netherlands facility.
    Year-to-Date, the Company has repurchased 26 million shares for $335 million.

    Since its first quarter 2015 earnings call in May 2015, the Company has repurchased 22 million shares for $293 million. This includes the repurchase of 20 million shares from China Investment Corporation in May 2015.
    The Company expects to utilize the approximately $88 million left on its current share repurchase authorization before year-end
    Since September 2011, the Company has repurchased 103 million shares, or 14% of its shares outstanding, for $1.3 billion.

    In July, the Company signed a Memorandum of Understanding with Grupo BAL to form a 50/50 joint venture that will co-invest in power and related infrastructure projects in Mexico.
        Grupo BAL is a Mexican business conglomerate with a market cap of $11 billion and companies in different sectors, such as industrial, commercial, agricultural and financial services. Some companies in the Group are: Indiustrias Penoles, Fresnillo FLC, Grupo Nacional Provincial, Palacio de Hierro, Profuturo GNP, Valmex and the newly created PetroBal.
    In July, the Company signed an agreement to sell its 50% interest in 31 MW of operating solar in Spain for $32 million.

 
About AES

The AES Corporation (AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world’s changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit www.aes.com.

ECOreporter.de-Abonnement

Als Abonnent haben Sie Zugriff auf alle Exklusivinformationen von ECOreporter.de.

Ein umfassender Service für alle, denen nachhaltige Investments etwas wert sind!

Abonnent werden

ecoanlageberater - deutschlandweit

ecoanlageberater - deutschlandweit

Wo finde ich eine/n Fachberater/in für Nachhaltiges Investment?
Absolvent/inn/en des Fernlehrgangs ecoanlageberater ganz in Ihrer Nähe

weiterlesen

ECOreporter - Artikel kaufen

PayPal

Sie möchten einen bestimmten Bericht in ECOreporter.de lesen? Sie können auch einzelne Artikel kaufen - vom Aktientipp bis zum ausführlichen Testbericht.
Schon ab 2,40 Euro!

Sie wollen alles in ECOreporter.de lesen? Dann abonnieren Sie! Ab 99,60 Euro pro Jahr, das sind pro Monat nur 8,30 Euro.
Die umfangreichste deutsche Seite zu nachhaltigen, ethischen Geldanlagen steht Ihnen dann komplett offen!
Abonnent werden

Einloggen schließen
Geben Sie Ihren Benutzernamen und Ihr Passwort ein, um sich an der Website anzumelden:
Zum Seitenanfang Zum Seitenanfang