AES Reports Earnings of $0.27 Per Share for the Quarter, From Recurring Operations; AES Announces Earnings Guidance of $1.50-1.65 Per Share for 2002.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 25, 2001 The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange :AES) announced today that net income, before deducting the non-cash foreign currency transaction losses at Brazilian affiliates, the mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. losses from FAS 133, and the nonrecurring severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs recorded in conjunction with the IPALCO IPALCO Indianapolis Power and Light Company pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. transaction, was $147 million for the quarter ended September 30, 2001. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , excluding the non-cash transaction and mark-to-market losses and the nonrecurring severance costs, were $0.27 for the quarter. Net income, after all charges, was $3 million for the quarter. Revenues for the quarter were $2.3 billion, an increase of 14% from the third quarter of 2000. As a result of the pooling transaction, the results of operations of AES for the periods ended September 30, 2000 have been restated to include IPALCO. For the nine months ended September 30, 2001, net income excluding the non-cash transaction and mark-to-market losses and nonrecurring items, was $541 million or $1.00 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Revenues increased 29% for the nine months ended September 30, 2001 to $7.0 billion. AES also narrowed its earnings estimate from recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. operations for the year ending December 31, 2001 to a range of $1.25 to $1.35 per share. The updated expectation continues to exclude certain charges, including restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. related to the IPALCO merger, any gains or losses arising from the application of Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) Statement 133, any potential charges that may result from divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). or discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of certain businesses and foreign currency transaction losses on U.S. dollar denominated debt in Brazil. Barry Sharp, Chief Financial Officer, commented "This was a difficult quarter for AES due particularly to the combined effects of energy rationing rationing, allotment of scarce supplies, usually by governmental decree, to provide equitable distribution. It may be employed also to conserve economic resources and to reinforce price and production controls. and the continued devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the Real on operating results of our Brazilian businesses as well as the continued low market prices for wholesale electricity in the UK. Several businesses in our global portfolio exceeded our expectations this quarter including Ipalco in Indianapolis, EDC EDC See: Export Development Corp. in Venezuela, Placerita in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Haripur in Bangladesh, Eden and Edes in Argentina and NewEnergy serving commercial and industrial electricity customers in several US markets. We were also encouraged by the contribution from several of our recently acquired businesses, including Sonel and Ebute in Africa and the US power plants acquired in the Thermo Ecotek acquisition." Dennis W. Bakke, President and Chief Executive Officer, stated, "In the last few weeks, the people of AES have explored all elements of our business and we have embarked on a number of initiatives and changes. Some of those initiatives, as well as some things we will not change, are as follows: -- We will stick to our core electricity generation and distribution businesses and take advantage of the global restructuring of the electric sector that provides opportunities for growth; -- We will remain focused as an operating company of electric businesses; -- All AES groups and their businesses will focus on cost-reduction and revenue enhancement opportunities; a company wide task force has been established to coordinate actions taken and share ideas and analysis; -- We are looking at divesting businesses where long term viability for AES is poor; -- We will explore new businesses with higher early year returns and less need for corporate debt and equity; and -- We will find new ways of explaining our business more clearly." AES's Expectations for 2002 The following information constitutes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The statements are not intended to be a guarantee of performance, but instead constitute AES's current expectation based on reasonable assumptions. Actual events and results may differ materially from those projected. In addition to those listed below, important factors that could affect actual results are discussed in AES's filings with the Securities and Exchange Commission, and readers are encouraged to read those filings to learn more about the risk factors associated with AES's businesses. AES expects earnings per share for 2002 to be in the range of $1.50 to $1.65 per share. This expectation excludes any potential adjustments or charges discussed earlier. In addition, this expectation assumes an average exchange rate between the Brazilian Real The real (IPA: [xe'aw] or [ʁe'aɫ], symbol: R$, ISO 4217 code: BRL, plural: reais) is the currency of Brazil. It is also the name of the earliest Brazilian currency (see from the Colonial period to 1942. and the U.S. $ of 2.90 to 1 for the year. Other significant business factors that could cause AES's 2002 earnings to vary from the range of $1.50 to $1.65 include but are not limited to the potential impacts of additional or prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. energy rationing in Brazil, changes in the selling prices for electricity at AES's generation businesses subject to short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. wholesale market prices, particularly in the UK and the northeastern region of the U.S., the effects of a significant or adverse change in the economic conditions in Argentina and the effects of delays in completion of new "greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. " power plants currently under construction and anticipated to enter commercial operation during 2002. Business development milestones in 2001 include the following: -- In October, a subsidiary of AES completed the $250 million multilateral mul·ti·lat·er·al adj. 1. Having many sides. 2. Involving more than two nations or parties: multilateral trade agreements. credit financing for its gas-to-electricity project Songo Songo in Tanzania. -- In October, a subsidiary of AES secured the financing for its $285 million, 730 MW gas-fired facility Wolf Hollow in Granbury, Texas Granbury is a city in Hood County, Texas, in the United States. As of the 2000 census, the city population was 5,718. It is the county seat of Hood CountyGR6. . -- In September, AES closed on the sale of related interests in the Argentine Argentine having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. hydroelectric facility Hidronequen to Total Austral aus·tral adj. Of, relating to, or coming from the south. [Latin austr  lis, from auster, austr-, south. S.A.-- In August, AES together with its 87% owned subsidiary, Corporacion EDC, C.A., announced their intention to make cash tender offers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Venezuela to acquire American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. and Class D Shares of CANTV CANTV Compañía Anónima Nacional Teléfonos de Venezuela . -- In August, a subsidiary of AES entered into an agreement to purchase all of PSEG PSEG Public Service Enterprise Group Global's interests in five jointly held businesses in Argentina. -- In August, a subsidiary of AES announced that it intends to launch a cash tender offer to acquire all of the outstanding loan participation certificates of Edelnor. -- In July, a subsidiary of AES completed the final phase of its acquisition of the energy assets of Thermo Ecotek Corporation. -- In July, a subsidiary of AES signed agreements to acquire a 56% interest in SONEL, an integrated electricity utility in Cameroon. -- In July, a subsidiary of AES acquired a majority of the energy assets of Thermo Ecotek Corporation. -- In June, AES signed a definitive agreement to sell the customers and related assets of AES Power Direct. -- In June, a subsidiary of AES secured the financing for its $104 million, 163 MW combined cycle A combined cycle is characteristic of a power producing engine or plant that employs more than one thermodynamic cycle. Heat engines are only able to use a portion of the energy their fuel generates (usually less than 50%). The remaining heat from combustion is generally wasted. diesel-fired power plant in Sri Lanka Sri Lanka (srē läng`kə) [Sinhalese,=resplendent land], formerly Ceylon, ancient Taprobane, officially Democratic Socialist Republic of Sri Lanka, island republic (2005 est. pop. . -- In June, AES announced that its AES- aes- for words beginning thus, see those beginning es-, et-. 3C Maritza East 1 project in Bulgaria signed two key contracts with NEK NEK Northeast Kingdom (Vermont) NEK Norsk Electroteknisk Komite and Maritza East Mines. -- In May, AES was awarded the Ras Laffan 750 MW and 40 million imperial gallons Noun 1. Imperial gallon - a British imperial capacity measure (liquid or dry) equal to 4 quarts or 4.545 liters congius, gallon British capacity unit, Imperial capacity unit - a unit of measure for capacity officially adopted in the British Imperial System; of water per day natural gas-fired, combined-cycle cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. power and water desalination Water desalination The removal of dissolved minerals (including salts) from seawater or brackish water. This may occur naturally as part of the hydrologic cycle, or as an engineered process. project in the State of Qatar. -- In May, AES announced that it received certification from the California Energy Commission The California Energy Commission is California’s primary energy policy and planning agency. Created in 1974 and headquartered in Sacramento, the Commission has responsibility for activities that include forecasting future energy needs, promoting energy efficiency through and is set to commence construction on the refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of two retired gas-fired units 3 & 4 at Huntington Beach, California Huntington Beach is a seaside city in Orange County in southern California. As of the 2000 census, the city population was 189,594. It is bordered by the Pacific Ocean on the west, by Seal Beach on the north, by Costa Mesa on the south, by Westminster on the northeast, and by . -- In May, a subsidiary of AES signed a strategic alliance agreement with COTEL, the largest local telephone carrier in Bolivia. -- In May, a subsidiary of AES secured the financing for its, $348.6 million, 427 MW Barka facility in Oman. -- In May AES announced that it won a bid for approximately $23.2 million to purchase a 75% controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Rivenoblenergo, the distribution company that serves the Rivno region, which is about 200 kms from Kiev, the capital city of Ukraine. -- In April, AES announced that it won a bid for approximately $45.9 million to purchase a 75% controlling interest in Kievoblenergo the distribution company that serves the region that surrounds Kiev, the capital city of Ukraine. -- In April, a subsidiary of AES signed agreements for the financing of its $300 million, 450 MW combined cycle gas-fired Meghnaghat power plant in Bangladesh. -- In April, a subsidiary of AES completed a $180 million financing for its 360 MW gas-fired combined cycle facility Haripur in Bangladesh. -- In April, AES announced the completion of its acquisition of IPALCO in Indiana. -- In March, a subsidiary of AES secured the financing for the 720 MW gas-fired Granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. Ridge project in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . -- In March, a subsidiary of AES acquired from EniChem SpA an oil-fired 140MW cogeneration facility in the town of Ottana, which is in the province of Nuoro Nuoro (Italian: Provincia di Nuoro; Sardinian: Provìntzia de Nùgoro) is a province in the autonomous island region of Sardinia in Italy. Its capital is the city of Nuoro. It has an area of 3,934 km², and a total population of 164,260 (2001 census). , Sardinia, Italy. -- In February, a subsidiary of AES entered an agreement to purchase all of the energy assets of Thermo Ecotek Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Thermo Electron Thermo Electron Corporation (TMO (NYSE)) (incorporated 1956) is a major provider of analytical instruments and services for a variety of domains. Thermo has revenues of over $2 billion, and employs 11,000 people in 30 countries. Corporation of Waltham, Massachusetts One of the early centers of the Industrial Revolution in northern America, Waltham is a city in Middlesex County, Massachusetts, United States. The population was 59,226 at the 2000 census. for $195 million. -- In January, AES announced the start of construction of the $300 million AES Wolf Hollow power plant at a site in Granbury, Texas. -- In January, a subsidiary of AES acquired a majority interest in a 290MW barge-mounted natural-gas-fired electric generating business in Lagos, Nigeria. -- In January, AES Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. submitted a proposal to the California Energy Commission to restart To resume computer operation after a planned or unplanned termination. See boot, warm boot and checkpoint/restart. two retired gas-fired units that will add an additional 450 megawatts of generation in the electricity-strapped state of California. -- In January, AES announced the purchase of an additional 39% ownership interest in Hidroelectrica Alicura, a 1000 MW hydro hy·dro adj. Hydroelectric. n. pl. hy·dros 1. Hydroelectric power. 2. A hydroelectric power plant. plant in Argentina. -- In January, AES announced that it had successfully completed its offer to exchange all American Depositary Shares of Gener S.A. for AES common stock. This information will be discussed on a conference call to be held on Thursday, October 25, 2001 at 5:00 pm (Eastern). If you are interested in participating in the conference call, the number to dial is 212/346-0100 and the reservation number is 19695620. A live webcast of the call will also be available online at http://www.aesc.com/investor/webcasts.cfm and http://www.streetevents.com. AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada, Chile, China, Colombia, Czech. Republic, Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. , El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. , Georgia, Germany, Hungary, India, Italy, Kazakhstan, the Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Sri Lanka, Ukraine, the United Kingdom, the United States and Venezuela. The company's generating assets include interests in one hundred and eighty facilities totaling over 60 gigawatts of capacity. AES's electricity distribution network has over 946,000 km of conductor conductor Any of various substances that allow the flow of electric current or thermal energy. A conductor is a poor insulator because it has a low resistance to such flow. and associated rights of way and sells over 135,000 gigawatt gig·a·watt n. Abbr. GW One billion (109) watts. hours per year to over 19 million end-use customers. In addition, through its various retail electricity supply businesses, the company sells electricity to over 154,000 end-use customers. AES is dedicated to providing electricity worldwide in a socially responsible way. This news release may include forward-looking statements. Actual events and results may differ materially from those projected. Factors that could affect actual results are discussed in AES's filings with the Securities and Exchange Commission, and readers are encouraged to read those filings to learn more about the risk factors associated with AES's businesses. For more general information visit our web site at www.aesc.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aesc.com. The list aes-pr-announce is an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. mailing list An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new and can be found on the investing page of our web site. Those who subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; this list will receive updates when AES issues a press release.
THE AES CORPORATION
-------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED SEPTEMBER 30, 2001 AND 2000
----------------------------------------------------------------------
Quarter Quarter
Ended Ended
($ in millions, except per share amounts) 09/30/2001 09/30/2000
----------------------------------------------------------------------
REVENUES:
Sales and services $ 2,268 $ 1,995
OPERATING COSTS AND EXPENSES:
Cost of sales and services 1,762 1,475
Selling, general and
administrative expenses 19 21
------- -------
Total operating costs and expenses 1,781 1,496
------- -------
OPERATING INCOME 487 499
OTHER INCOME AND (EXPENSE):
Interest expense, net (403) (339)
Other income (expense) (11) 9
Equity in earnings (loss) of
affiliates (before income tax) (23) 102
Nonrecurring severance and
transaction costs (37) --
------- -------
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 13 271
Income tax provision 2 75
Minority interest 8 32
------- -------
NET INCOME $ 3 $ 164
======= =======
DILUTED EARNINGS PER SHARE: $ 0.01 $ 0.32
======= =======
Diluted weighted average
shares outstanding (in millions) 537 523
======= =======
THE AES CORPORATION
-------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED SEPTEMBER 30, 2001 AND 2000
----------------------------------------------------------------------
Nine Months Nine Months
Ended Ended
($ in millions, except per share amounts) 09/30/2001 09/30/2000
----------------------------------------------------------------------
REVENUES:
Sales and services $ 7,028 $ 5,442
OPERATING COSTS AND EXPENSES:
Cost of sales and services 5,437 4,053
Selling, general and
administrative expenses 87 69
------- -------
Total operating costs and expenses 5,524 4,122
------- -------
OPERATING INCOME 1,504 1,320
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,077) (864)
Other income 17 26
Equity in earnings of affiliates
(before income tax) 126 319
Gain on sale of investment -- 112
Loss on sale of Power Direct (31) --
Nonrecurring severance and
transaction costs (131) --
------- -------
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 408 913
Income tax provision 120 268
Minority interest 67 67
------- -------
INCOME BEFORE EXTRAORDINARY ITEM 221 578
Extraordinary item, net of tax -
Early extinguishment of debt -- (7)
------- -------
NET INCOME $ 221 $ 571
======= =======
DILUTED EARNINGS PER SHARE:
Before extraordinary item $ 0.41 $ 1.17
Extraordinary item -- (0.01)
------- -------
Total $ 0.41 $ 1.16
======= =======
Diluted weighted average
shares outstanding (in millions) 538 509
======= =======
THE AES CORPORATION --- Supplemental Schedule (1)
CONSOLIDATED SCHEDULE
(Excluding Brazilian affiliates foreign currency effects, effects of
FAS No. 133, nonrecurring and extraordinary items)(1)
FOR THE PERIODS ENDED SEPTEMBER 30, 2001 AND 2000
----------------------------------------------------------------------
Quarter Quarter
Ended Ended
($ in millions, except per share amounts) 09/30/2001 09/30/2000
----------------------------------------------------------------------
REVENUES:
Sales and services $ 2,268 $ 1,995
OPERATING COSTS AND EXPENSES:
Cost of sales and services 1,762 1,475
Selling, general and administrative
expenses 19 21
------- -------
Total operating costs and expenses 1,781 1,496
------- -------
OPERATING INCOME 487 499
OTHER INCOME AND (EXPENSE), Excluding
Brazilian affiliates foreign
currency effects, effects of FAS
No. 133, nonrecurring and
extraordinary items:
Interest expense, net (358) (339)
Other income 1 9
Equity in earnings of affiliates
(before income tax) 100 124
------- -------
INCOME BEFORE TAXES AND MINORITY INTEREST,
Excluding Brazilian affiliates
foreign currency effects, effects
of FAS No. 133, nonrecurring and
extraordinary items: 230 293
Income tax provision 75 83
Minority interest 8 32
------- -------
NET INCOME, Excluding Brazilian
affiliates foreign currency
effects, effects of FAS No. 133,
nonrecurring and extraordinary
items: $ 147 $ 178
======= =======
DILUTED EARNINGS PER SHARE,
Excluding Brazilian affiliates
foreign currency effects, effects
of FAS No. 133, nonrecurring and
extraordinary items: $ 0.27 $ 0.35
======= =======
Diluted weighted average
shares outstanding (in millions) 542 523
======= =======
(1) Basis of presentation - This schedule presents, on a proforma
basis, the results of operations of AES excluding the aggregate
(both subsidiaries and affiliates) Brazilian affiliates foreign
currency losses of approximately $81 million after income tax, or
$0.15 per share in 2001 and approximately $14 million after income
tax, or $0.03 per share in 2000, mark to market losses from FAS
No. 133 of approximately $39 million after income tax, or $0.07
per share in 2001 and nonrecurring charges, including transaction
and severance costs related to the IPALCO transaction of
approximately $24 million after income tax, or $0.04 per share in
2001.
THE AES CORPORATION --- Supplemental Schedule (1)
CONSOLIDATED SCHEDULE
(Excluding Brazilian affiliates foreign currency effects, effects
of FAS No. 133, nonrecurring and extraordinary items)(1) FOR THE
PERIODS ENDED SEPTEMBER 30, 2001 AND 2000
----------------------------------------------------------------------
Nine Months Nine Months
Ended Ended
($ in millions, except per share amounts) 09/30/2001 09/30/2000
----------------------------------------------------------------------
REVENUES:
Sales and services $ 7,028 $ 5,442
OPERATING COSTS
AND EXPENSES:
Cost of sales and services 5,437 4,053
Selling, general and administrative
expenses 87 69
------- -------
Total operating costs and expenses 5,524 4,122
------- -------
OPERATING INCOME 1,504 1,320
OTHER INCOME AND
(EXPENSE), Excluding Brazilian affiliates
foreign currency effects, effects of
FAS No. 133, nonrecurring and
extraordinary items:
Interest expense, net (1,037) (864)
Other income 18 26
Equity in earnings of affiliates
(before income tax) 411 347
------- -------
INCOME BEFORE TAXES AND MINORITY INTEREST,
Excluding Brazilian affiliates foreign
currency effects, effects of
FAS No. 133, nonrecurring and
extraordinary items: 896 829
Income tax provision 288 239
Minority interest 67 67
------- -------
NET INCOME, Excluding
Brazilian affiliates foreign currency
effects, effects of FAS No. 133,
nonrecurring and extraordinary items: $ 541 $ 523
======= =======
DILUTED EARNINGS
PER SHARE, Excluding Brazilian affiliates
foreign currency effects, effects of
FAS No. 133, nonrecurring and
extraordinary items: $ 1.00 $ 1.06
======= =======
Diluted weighted average
shares outstanding (in millions) 543 509
======= =======
(1) Basis of presentation - This schedule presents, on a proforma
basis, the results of operations of AES excluding the aggregate
(both subsidiaries and affiliates) Brazilian affiliates foreign
currency losses of approximately $187 million after income tax,
or $0.35 per share in 2001 and approximately $18 million after
income tax, or $0.04 per share in 2000, mark to market losses from
FAS No. 133 of approximately $29 million after income tax, or
$0.05 per share in 2001, and nonrecurring items, including
transaction and severance costs related to the IPALCO acquisition
of $85 million after income tax, or $0.16 per share in 2001, the
loss on the sale of Power Direct of $20 million after income tax,
or $0.03 per share in 2001 and a gain on the sale of an investment
held by IPALCO of $73 million after income tax, or $0.15 per share
in 2000. This schedule also excludes the extraordinary loss of
approximately $7 million incurred during the first quarter of
2000.
The AES Corporation
Unaudited Supplemental Data
For the Quarter Ended September 30, 2001
---------------2000--------------- --------2001--------
1st 2nd 3rd 4th 1st 2nd 3rd
Qtr Qtr Qtr Qtr Year Qtr Qtr Qtr
------ ------ ------ ------ ------ ------ ------ ------
GEOGRAPHIC-%
of Total
North America
Revenues 45% 47% 45% 42% 45% 39% 37% 44%
EBCIT (1) 37% 40% 40% 35% 38% 41% 28% 60%
South/Central
America
Revenues 24% 27% 33% 35% 30% 38% 42% 38%
EBCIT 28% 43% 47% 55% 45% 51% 66% 32%
Europe
Revenues 22% 17% 15% 15% 17% 14% 13% 14%
EBCIT 26% 9% 7% 6% 11% 7% 1% 5%
Asia
Revenues 9% 9% 7% 8% 8% 9% 8% 4%
EBCIT 9% 8% 6% 4% 6% 1% 5% 3%
SEGMENTS-%
of Total
Generation
Revenues 51% 48% 45% 44% 47% 48% 47% 48%
Operating
Margin (2) 70% 80% 67% 59% 68% 59% 53% 53%
EBCIT 69% 60% 51% 37% 52% 42% 23% 39%
Distribution
Revenues 49% 52% 55% 56% 53% 52% 53% 52%
Operating
Margin 30% 20% 33% 41% 32% 41% 47% 47%
EBCIT 31% 40% 49% 63% 48% 58% 77% 61%
FINANCIAL HIGHLIGHTS-
million $, except
Total Assets in
billion $
Revenues $1,696 $1,751 $1,995 $2,141 $7,583 $2,545 $2,215 $2,268
EBCIT $ 367 $ 293 $ 386 $ 522 $1,568 $ 459 $ 394 $ 343
Net Income
Excluding
Extraordinary
and Other
Items (3) $ 188 $ 157 $ 178 $ 301 $ 824 $ 222 $ 172 $ 147
Total Assets
(billions) $ 26 $ 31 $ 32 $ 33 $ 33 $ 36 $ 36 $ 36
Deprec./
Amort. $ 143 $ 163 $ 197 $ 201 $ 704 $ 209 $ 211 $ 225
Parent
EBITDA -
LTM (4) $ 387 $ 501 $ 593 $ 871 $ 871 $ 965 $1,004 $1,160
(1) EBCIT is net income excluding corporate interest, other
corporate costs, income taxes, Brazilian affiliates foreign
currency effects, effects of FAS No. 133 and nonrecurring items.
(2) Operating Margin is revenues reduced by cost of sales,
depreciation and amortization and other operating expenses.
(3) Net Income excludes Brazilian affiliates foreign currency
effects, effects of FAS No. 133 and nonrecurring items.
(4) Parent EBITDA - LTM is cash flow earnings distributed to
parent less parent operating expenses.
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