AES Corporation: 2015 Results
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The AES Corporation (AES) reported Proportional Free Cash Flow (a non-GAAP financial measure) for full year 2015 of $1,241 million, an increase of $350 million from full year 2014. Although operating results were down year-over-year, Proportional Free Cash Flow improved primarily as a result of improved collections, particularly in the Dominican Republic and in Chile. Full year 2015 Consolidated Net Cash Provided by Operating Activities increased $343 million to $2,134 million, primarily driven by the same factors as Proportional Free Cash Flow.
Full year 2015 Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) decreased $0.08 to $1.22, primarily due to the $0.11 impact from the devaluation in foreign currencies in Latin America and Europe, the impact of lower commodity prices, as well as lower demand in Brazil. These negative impacts were partially offset by a 6% reduction in share count, lower Parent interest expense, improved hydrological conditions in Panama and the contributions from new plants coming on-line, including Mong Duong in Vietnam.
Full year 2015 Diluted Earnings Per Share from Continuing Operations was $0.44, a decrease of $0.65 from full year 2014. In addition to the factors impacting Adjusted EPS described above, Diluted EPS also reflects lower gains from sales of businesses and higher impairment expense, partially offset by lower debt extinguishment expense.
"Despite facing significant macroeconomic headwinds in 2015, we delivered strong free cash flow growth, continued to de-lever the company, repurchased $500 million of our shares and advanced our platform expansion projects," said Andrés Gluski, AES President and Chief Executive Officer. "Based on our strong Proportional Free Cash Flow growth of almost 40%, for the third consecutive year we raised our dividend by at least 10%. We also brought on-line 1,500 MW of new capacity and our additional 6 GW of largely funded, on-going construction projects will drive our expected 10% growth in free cash flow through 2018."
"We are obviously disappointed that the adverse macroeconomic conditions, specifically declines in foreign currencies and commodities and the recession in Brazil, continue to have an impact on our financial outlook," said Tom O'Flynn, AES Executive Vice President and Chief Financial Officer. "That said, we continue to partially offset these headwinds through our hedging activities and other steps, including a three-year cost reduction and revenue enhancement program from which we expect to realize an annual run rate benefit of $150 million. We will continue to prudently allocate our capital to maximize risk-adjusted returns for our shareholders."
2016 Guidance and 2017-2018 Expectations
Outlook primarily reflects the negative impact of bringing forward foreign currency and commodity curves from October 15, 2015 to January 31, 2016, as well as the continued economic slowdown in Brazil.
The Company is lowering its 2016 Proportional Free Cash Flow guidance range from $1,125-$1,475 million to $1,000-$1,350 million.
The Company continues to expect average annual growth in 2017 and 2018 of at least 10% in Proportional Free Cash Flow, but off the lower 2016 base.
The Company is lowering its 2016 Parent Free Cash Flow range from $575-$675 million to $525-$625 million.
The Company continues to expect average annual growth in 2017 and 2018 of at least 10% in Parent Free Cash Flow, but off the lower 2016 base.
The Company is lowering its 2016 Consolidated Net Cash Provided by Operating Activities guidance range from $2,200-$3,000 million to $2,000-$2,900 million.
The Company is lowering its 2016 Adjusted EPS guidance range from $1.05-$1.15 to $0.95-$1.05.
The Company expects average annual growth in Adjusted EPS in 2017 and 2018 to be in the high end of the prior 12% to 16% range, but off the lower 2016 base.
In 2015, the Company announced that its Board of Directors approved a 10% increase in its quarterly dividend, to $0.11 per share, beginning in the first quarter of 2016.
In 2015, the Company repurchased 40 million shares, or 6% of shares outstanding, for $481 million at an average price of $12.11 per share.
Since the Company's third quarter earnings call on November 5, 2015, the Company has repurchased 15 million shares for $136 million, at an average price of $9.22. This includes 9 million shares repurchased in 2016 for $79 million.
Since September 2011, the Company has repurchased 126 million shares, or 15% of shares outstanding, for $1,543 million at an average price of $12.26.
In 2015, the Company utilized $345 million to prepay and refinance Parent debt.
Since the Company's third quarter earnings call on November 5, 2015, the Company has used $116 million to prepay Parent debt.
Since September 2011, the Company has reduced Parent debt by $1.5 billion, or 23%.
In 2015, the Company announced or closed seven asset sale transactions for $787 million in equity proceeds to AES upon closing.
Since September 2011, the Company has announced or closed 41 asset sales representing approximately $3.4 billion in equity proceeds to AES and the exit from operations in 11 countries.
In 2015, the Company brought on-line five new construction projects totaling 1,484 MW.
The Company currently has an additional 5,620 MW of capacity under construction, the majority of which is expected to come on-line through 2018.
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