Delaware | 1-12291 | 54-1163725 | ||
(State or other jurisdiction | (Commission File | (I.R.S. Employer | ||
of incorporation) | Number) | Identification Number) | ||
4300 Wilson Boulevard, Suite 1100, | ||||
Arlington, Virginia | 22203 | |||
(Address of principal executive offices) | (zip code) |
Emerging growth company o |
Item 2.01 | Completion of Acquisition or Disposition of Assets. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description |
99.1 | Unaudited pro forma condensed consolidated financial information of The AES Corporation consisting of: |
l Pro forma condensed consolidated statement of operations for the year ended December 31, 2017; | |
l Pro forma condensed consolidated balance sheet as of December 31, 2017; and | |
l Notes to pro forma condensed consolidated financial statements. |
THE AES CORPORATION | ||||
(Registrant) | ||||
By: | /s/ Thomas M. O’Flynn | |||
Name: | Thomas M. O’Flynn | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
Date: | March 21, 2018 | |||
Exhibit No. | Description |
99.1 | |
l Pro forma condensed consolidated statement of operations for the year ended December 31, 2017; | |
l Pro forma condensed consolidated balance sheet as of December 31, 2017; and | |
l Notes to pro forma condensed consolidated financial statements. |
Historical | Pro Forma Adjustments(a) | Pro Forma | |||||||||
(in millions, except per share amounts) | |||||||||||
Revenue: | |||||||||||
Regulated | $ | 3,109 | $ | — | $ | 3,109 | |||||
Non-Regulated | 7,421 | (449 | ) | 6,972 | |||||||
Total revenue | 10,530 | (449 | ) | 10,081 | |||||||
Cost of Sales: | |||||||||||
Regulated | (2,656 | ) | — | (2,656 | ) | ||||||
Non-Regulated | (5,410 | ) | 303 | (5,107 | ) | ||||||
Total cost of sales | (8,066 | ) | 303 | (7,763 | ) | ||||||
Operating margin | 2,464 | (146 | ) | 2,318 | |||||||
General and administrative expenses | (215 | ) | 3 | (212 | ) | ||||||
Interest expense | (1,170 | ) | 18 | (1,152 | ) | ||||||
Interest income | 244 | — | 244 | ||||||||
Loss on extinguishment of debt | (68 | ) | — | (68 | ) | ||||||
Other expense | (57 | ) | — | (57 | ) | ||||||
Other income | 120 | (2 | ) | 118 | |||||||
Loss on disposal and sale of businesses | (52 | ) | — | (52 | ) | ||||||
Asset impairment expense | (537 | ) | — | (537 | ) | ||||||
Foreign currency transaction gains (losses) | 42 | (14 | ) | 28 | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 771 | (141 | ) | 630 | |||||||
Income tax expense | (990 | ) | 49 | (941 | ) | ||||||
Net equity in earnings of affiliates | 71 | — | 71 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (148 | ) | (92 | ) | (240 | ) | |||||
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries | (359 | ) | 48 | (311 | ) | ||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | (507 | ) | $ | (44 | ) | $ | (551 | ) | ||
EARNINGS PER SHARE: | |||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | |||||||||||
Basic | $ | (0.77 | ) | $ | (0.07 | ) | $ | (0.84 | ) | ||
Diluted | (0.77 | ) | $ | (0.07 | ) | (0.84 | ) | ||||
Weighted-average shares of common stock outstanding (in millions) | |||||||||||
Basic | 660 | 660 | |||||||||
Diluted | 660 | 660 |
Historical | Pro Forma Adjustments | Pro Forma | ||||||||
(in millions, except share and per share data) | ||||||||||
ASSETS | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 949 | 1,050 | (b) | $ | 1,999 | ||||
Restricted cash | 274 | — | 274 | |||||||
Short-term investments | 424 | — | 424 | |||||||
Accounts receivable, net | 1,463 | — | 1,463 | |||||||
Inventory | 562 | — | 562 | |||||||
Prepaid expenses | 62 | — | 62 | |||||||
Other current assets | 630 | — | 630 | |||||||
Current assets of discontinued operations and held-for-sale businesses | 2,034 | (1,444 | ) | (c) | 590 | |||||
Total current assets | 6,398 | (394 | ) | 6,004 | ||||||
NONCURRENT ASSETS | ||||||||||
Property, Plant and Equipment: | ||||||||||
Land | 502 | — | 502 | |||||||
Electric generation, distribution assets and other | 24,119 | — | 24,119 | |||||||
Accumulated depreciation | (7,942 | ) | — | (7,942 | ) | |||||
Construction in progress | 3,617 | — | 3,617 | |||||||
Property, plant and equipment, net | 20,296 | — | 20,296 | |||||||
Other Assets: | ||||||||||
Investments in and advances to affiliates | 1,197 | — | 1,197 | |||||||
Debt service reserves and other deposits | 565 | — | 565 | |||||||
Goodwill | 1,059 | — | 1,059 | |||||||
Other intangible assets, net of | 366 | — | 366 | |||||||
Deferred income taxes | 130 | — | 130 | |||||||
Service concession assets, net | 1,360 | — | 1,360 | |||||||
Other noncurrent assets | 1,741 | — | 1,741 | |||||||
Noncurrent assets of discontinued operations and held-for-sale businesses | — | — | — | |||||||
Total other assets | 6,418 | — | 6,418 | |||||||
TOTAL ASSETS | $ | 33,112 | (394 | ) | $ | 32,718 | ||||
LIABILITIES AND EQUITY | ||||||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable | $ | 1,371 | — | $ | 1,371 | |||||
Accrued interest | 228 | — | 228 | |||||||
Accrued and other liabilities | 1,232 | 36 | (d) | 1,268 | ||||||
Non-recourse debt | 2,164 | — | 2,164 | |||||||
Current liabilities of discontinued operations and held-for-sale businesses | 1,033 | (952 | ) | (c) | 81 | |||||
Total current liabilities | 6,028 | (916 | ) | 5,112 | ||||||
NONCURRENT LIABILITIES | ||||||||||
Recourse debt | 4,625 | — | 4,625 | |||||||
Non-recourse debt | 13,176 | — | 13,176 | |||||||
Deferred income taxes | 1,006 | — | 1,006 | |||||||
Pension and other postretirement liabilities | 230 | — | 230 | |||||||
Other noncurrent liabilities | 2,365 | — | 2,365 | |||||||
Noncurrent liabilities of discontinued operations and held-for-sale businesses | — | — | — | |||||||
Total noncurrent liabilities | 21,402 | — | 21,402 | |||||||
Commitments and Contingencies | ||||||||||
Redeemable stock of subsidiaries | 837 | — | 837 | |||||||
EQUITY | ||||||||||
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||||||||||
Common stock | 8 | — | 8 | |||||||
Additional paid-in capital | 8,501 | — | 8,501 | |||||||
Accumulated deficit | (2,276 | ) | 777 | (d) | (1,499 | ) | ||||
Accumulated other comprehensive loss | (1,876 | ) | (15 | ) | (1,891 | ) | ||||
Treasury stock, at cost | (1,892 | ) | — | (1,892 | ) | |||||
Total AES Corporation stockholders’ equity | 2,465 | 762 | 3,227 | |||||||
NONCONTROLLING INTERESTS | 2,380 | (240 | ) | (e) | 2,140 | |||||
Total equity | 4,845 | 522 | 5,367 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 33,112 | (394 | ) | $ | 32,718 |