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TheStreet Open House

AES Reports 22% Increase In Adjusted Earnings Per Share To $1.24 For Full Year 2012; Announces 2013 Adjusted Earnings Per Share Guidance Of $1.24 To $1.32

Proportional Free Cash Flow of $1,242 million was in the Company’s guidance range of $1,050 to $1,250 million. This performance was driven by the first full year of operations at DPL, improved operating performance and lower capital expenditures at IPL in the U.S., and increased operating cash flow at Masinloc in Asia.

Consolidated Net Cash Provided by Operating Activities increased $17 million, or 1%, as increases from new businesses and improved operations were offset by the negative impact of the tariff reset, higher fixed costs and higher working capital requirements at Eletropaulo in Brazil.

Additional Highlights

  • In 2012, the Company invested $832 million in debt repayment and share repurchases; cumulatively since September 2011, the company has invested $1.1 billion in its balance sheet:
    • More than $700 million of recourse and non-recourse debt prepayment
    • $390 million invested in 34 million shares at an average price of $11.55
  • In 2012, the Company closed eight asset sales, representing approximately $650 million in equity proceeds to AES; cumulatively, since September 2011, the Company closed twelve asset sales with nearly $1 billion in equity proceeds to AES
  • The Company reduced general and administrative expenses by $90 million in 2012, exceeding its $65 million cost savings target by 38%; on track to achieve $145 million in savings by 2014
  • Completed construction of 447 MW of installed capacity during 2012, including the 326 MW gas-fired Trinidad Unit 2 and 121 MW of wind and hydroelectric projects
  • On schedule to complete an additional 2,181 MW of capacity under construction expected to come on-line through 2015
  • The Company’s Board of Directors recently increased the share buyback authorization by $300 million, all of which is currently available

2013 Guidance

The Company issued 2013 guidance of Adjusted EPS of $1.24 to $1.32, which is based on foreign exchange and commodity price forward curves as of December 31, 2012. The Company’s guidance includes all announced asset sales, as well as some modest dilution from potential future asset sale transactions.

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