(State of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Emerging growth company |
THE AES CORPORATION | |||
Date: | August 6, 2020 | By: | /s/ Gustavo Pimenta |
Name: | Gustavo Pimenta | ||
Title: | Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
Press Release issued by The AES Corporation, dated August 6, 2020 | |
101 | Inline XBRL Document Set for the Cover Page from this Current Report on Form 8-K, formatted as Inline XBRL |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
• | During the second quarter, agreed to sell 2.0 GW of capacity, reducing generation from coal by 11 percentage points to 34% of total generation and expect to be below 30% by year-end 2020 |
• | Signed or awarded 852 MW of new renewables and energy storage, for a total of 1.5 GW in year-to-date 2020 |
• | Total backlog of renewables awarded, under signed PPAs or under construction of 6.2 GW |
• | Fluence maintained its global lead in the energy storage market with a total backlog of 1.6 GW as of the end of the second quarter |
• | Overall market demand trends better than expected and collections remain in line with historic levels |
• | Maintained strong liquidity of $3.5 billion |
• | Diluted EPS of ($0.13), compared to $0.02 in Q2 2019 |
• | Adjusted EPS1 of $0.25, compared to $0.26 in Q2 2019 |
• | As of June 30, 2020, the Company comfortably exceeded targeted investment grade ratios and is on track to attain a second investment grade rating by year-end 2020 |
• | Reaffirming 2020 guidance and expectations, as well as 7% to 9% average annual growth target through 2022 |
• | Remain committed to growing dividend by 4% to 6% annually, subject to Board approval |
• | In year-to-date 2020, the Company completed construction of 1,437 MW of new projects, including: |
◦ | 1,299 MW Southland Repowering project in Southern California; |
◦ | 100 MW Vientos Bonaerenses wind facility in Argentina; |
◦ | 28 MW of solar and solar plus storage in the US at AES Distributed Energy; and |
◦ | 10 MW Alfalfal Virtual Reservoir energy storage facility in Chile. |
• | In year-to-date 2020, the Company was awarded or signed 1,537 MW of renewables and energy storage under long-term Power Purchase Agreements (PPA): |
◦ | 589 MW of energy storage, solar and solar plus storage in the US; |
◦ | 581 MW of wind and solar at AES Gener in Chile and Colombia; |
◦ | 187 MW of wind at AES Tiete in Brazil; |
◦ | 109 MW of wind in Mexico; and |
◦ | 71 MW of wind and solar in Panama. |
• | The Company's backlog of 6,191 MW of renewables now includes: |
◦ | 2,092 MW under construction and expected on-line through 2021; |
◦ | 3,683 MW signed under long-term PPAs; and |
◦ | 416 MW awarded. |
• | The Company is on track to reduce its coal-fired generation to below 30% of total generation volume by year-end 2020 (proforma for asset sales announced in 2020) and to less than 10% by year-end 2030. |
◦ | In the second quarter of 2020, the Company signed agreements to sell three coal-fired plants (2,000 MW) in India and the Dominican Republic, which will decrease the Company's generation from coal by 11 percentage points, to approximately 34% of its total generation. |
• | In August 2020, the Company acquired an additional 18.5% interest in AES Tiete in Brazil, bringing its total interest to 43%. |
◦ | This transaction will strengthen the Company's renewable portfolio and reinforces the substantial progress the Company is making toward achieving its aggressive decarbonization targets. |
• | Fluence, the Company's joint venture with Siemens, is the global leader in the fast-growing energy storage market, which is expected to increase by 15 to 20 GW annually. |
◦ | Fluence has a total backlog to 1.6 GW. |
• | In July 2020, the Company acquired a 25% stake in 5B, a prefabricated solar solution provider whose patented technology allows solar projects to be installed up to three times faster, while using half the land to achieve the same solar output. |
• | The Company has a resilient and diversified portfolio of electric generation and utilities with credit-worthy offtakers and an average contract life of 14 years. |
• | As of June 30, 2020, the Company had $3.5 billion of available liquidity. This includes $2.2 billion of cash and cash equivalents, restricted cash and short-term investments, as well as $1.3 billion available under committed credit lines. |
1 | Adjusted EPS is a non-GAAP financial measure. See attached "Non-GAAP Measures" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended June 30, 2020. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Revenue: | |||||||||||||||
Regulated | $ | 624 | $ | 724 | $ | 1,336 | $ | 1,509 | |||||||
Non-Regulated | 1,593 | 1,759 | 3,219 | 3,624 | |||||||||||
Total revenue | 2,217 | 2,483 | 4,555 | 5,133 | |||||||||||
Cost of Sales: | |||||||||||||||
Regulated | (535 | ) | (605 | ) | (1,127 | ) | (1,240 | ) | |||||||
Non-Regulated | (1,158 | ) | (1,376 | ) | (2,397 | ) | (2,805 | ) | |||||||
Total cost of sales | (1,693 | ) | (1,981 | ) | (3,524 | ) | (4,045 | ) | |||||||
Operating margin | 524 | 502 | 1,031 | 1,088 | |||||||||||
General and administrative expenses | (40 | ) | (49 | ) | (78 | ) | (95 | ) | |||||||
Interest expense | (218 | ) | (273 | ) | (451 | ) | (538 | ) | |||||||
Interest income | 64 | 82 | 134 | 161 | |||||||||||
Loss on extinguishment of debt | (40 | ) | (51 | ) | (41 | ) | (61 | ) | |||||||
Other expense | (3 | ) | (14 | ) | (7 | ) | (26 | ) | |||||||
Other income | 9 | 18 | 54 | 48 | |||||||||||
Loss on disposal and sale of business interests | (27 | ) | (3 | ) | (27 | ) | (7 | ) | |||||||
Asset impairment expense | — | (116 | ) | (6 | ) | (116 | ) | ||||||||
Foreign currency transaction gains (losses) | (6 | ) | 22 | 18 | 18 | ||||||||||
Other non-operating expense | (158 | ) | — | (202 | ) | — | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 105 | 118 | 425 | 472 | |||||||||||
Income tax expense | (113 | ) | (57 | ) | (202 | ) | (172 | ) | |||||||
Net equity in earnings (losses) of affiliates | 8 | 5 | 6 | (1 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS | — | 66 | 229 | 299 | |||||||||||
Gain from disposal of discontinued businesses | 3 | 1 | 3 | 1 | |||||||||||
NET INCOME | 3 | 67 | 232 | 300 | |||||||||||
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries | (86 | ) | (50 | ) | (171 | ) | (129 | ) | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ | (83 | ) | $ | 17 | $ | 61 | $ | 171 | ||||||
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (86 | ) | $ | 16 | $ | 58 | $ | 170 | ||||||
Income from discontinued operations, net of tax | 3 | 1 | 3 | 1 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ | (83 | ) | $ | 17 | $ | 61 | $ | 171 | ||||||
BASIC EARNINGS PER SHARE: | |||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | (0.13 | ) | $ | 0.02 | $ | 0.09 | $ | 0.26 | ||||||
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.01 | — | — | — | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | (0.12 | ) | $ | 0.02 | $ | 0.09 | $ | 0.26 | ||||||
DILUTED EARNINGS PER SHARE: | |||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | (0.13 | ) | $ | 0.02 | $ | 0.09 | $ | 0.26 | ||||||
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.01 | — | — | — | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | (0.12 | ) | $ | 0.02 | $ | 0.09 | $ | 0.26 | ||||||
DILUTED SHARES OUTSTANDING | 665 | 667 | 668 | 667 |
THE AES CORPORATION | |||||||||||||||
Strategic Business Unit (SBU) Information | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
REVENUE | |||||||||||||||
US and Utilities SBU | $ | 913 | $ | 976 | $ | 1,884 | $ | 1,995 | |||||||
South America SBU | 711 | 765 | 1,423 | 1,610 | |||||||||||
MCAC SBU | 381 | 478 | 813 | 928 | |||||||||||
Eurasia SBU | 214 | 265 | 439 | 604 | |||||||||||
Corporate and Other | 114 | 16 | 142 | 25 | |||||||||||
Eliminations | (116 | ) | (17 | ) | (146 | ) | (29 | ) | |||||||
Total Revenue | $ | 2,217 | $ | 2,483 | $ | 4,555 | $ | 5,133 |
June 30, 2020 | December 31, 2019 | ||||||
(in millions, except share and per share data) | |||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 1,417 | $ | 1,029 | |||
Restricted cash | 364 | 336 | |||||
Short-term investments | 422 | 400 | |||||
Accounts receivable, net of allowance for doubtful accounts of $18 and $20, respectively | 1,414 | 1,479 | |||||
Inventory | 504 | 487 | |||||
Prepaid expenses | 92 | 80 | |||||
Other current assets, net of allowance of $2 and $0, respectively | 880 | 802 | |||||
Current held-for-sale assets | 873 | 618 | |||||
Total current assets | 5,966 | 5,231 | |||||
NONCURRENT ASSETS | |||||||
Property, Plant and Equipment: | |||||||
Land | 411 | 447 | |||||
Electric generation, distribution assets and other | 26,925 | 25,383 | |||||
Accumulated depreciation | (8,623 | ) | (8,505 | ) | |||
Construction in progress | 4,123 | 5,249 | |||||
Property, plant and equipment, net | 22,836 | 22,574 | |||||
Other Assets: | |||||||
Investments in and advances to affiliates | 802 | 966 | |||||
Debt service reserves and other deposits | 326 | 207 | |||||
Goodwill | 1,059 | 1,059 | |||||
Other intangible assets, net of accumulated amortization of $323 and $307, respectively | 566 | 469 | |||||
Deferred income taxes | 204 | 156 | |||||
Loan receivable, net of allowance of $31 and $0, respectively | 1,280 | 1,351 | |||||
Other noncurrent assets, net of allowance of $27 and $0, respectively | 1,527 | 1,635 | |||||
Total other assets | 5,764 | 5,843 | |||||
TOTAL ASSETS | $ | 34,566 | $ | 33,648 | |||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 1,207 | $ | 1,311 | |||
Accrued interest | 183 | 201 | |||||
Accrued non-income taxes | 244 | 253 | |||||
Accrued and other liabilities | 1,247 | 1,021 | |||||
Non-recourse debt, including $340 and $337, respectively, related to variable interest entities | 2,041 | 1,868 | |||||
Current held-for-sale liabilities | 526 | 442 | |||||
Total current liabilities | 5,448 | 5,096 | |||||
NONCURRENT LIABILITIES | |||||||
Recourse debt | 3,693 | 3,391 | |||||
Non-recourse debt, including $4,375 and $3,872, respectively, related to variable interest entities | 15,639 | 14,914 | |||||
Deferred income taxes | 1,166 | 1,213 | |||||
Other noncurrent liabilities | 3,103 | 2,917 | |||||
Total noncurrent liabilities | 23,601 | 22,435 | |||||
Commitments and Contingencies | |||||||
Redeemable stock of subsidiaries | 875 | 888 | |||||
EQUITY | |||||||
THE AES CORPORATION STOCKHOLDERS’ EQUITY | |||||||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,964,353 issued and 664,935,827 outstanding at June 30, 2020 and 817,843,916 issued and 663,952,656 outstanding at December 31, 2019) | 8 | 8 | |||||
Additional paid-in capital | 7,670 | 7,776 | |||||
Accumulated deficit | (665 | ) | (692 | ) | |||
Accumulated other comprehensive loss | (2,693 | ) | (2,229 | ) | |||
Treasury stock, at cost (153,028,526 and 153,891,260 shares at June 30, 2020 and December 31, 2019, respectively) | (1,858 | ) | (1,867 | ) | |||
Total AES Corporation stockholders’ equity | 2,462 | 2,996 | |||||
NONCONTROLLING INTERESTS | 2,180 | 2,233 | |||||
Total equity | 4,642 | 5,229 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 34,566 | $ | 33,648 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(in millions) | (in millions) | ||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||
Net income | $ | 3 | $ | 67 | $ | 232 | $ | 300 | |||||||
Adjustments to net income: | |||||||||||||||
Depreciation and amortization | 271 | 266 | 539 | 512 | |||||||||||
Loss on disposal and sale of business interests | 27 | 3 | 27 | 7 | |||||||||||
Impairment expense | 158 | 116 | 208 | 116 | |||||||||||
Deferred income taxes | 52 | (47 | ) | 54 | 15 | ||||||||||
Loss on extinguishment of debt | 40 | 51 | 41 | 61 | |||||||||||
Loss (gain) on sale and disposal of assets | 2 | 9 | (40 | ) | 16 | ||||||||||
Other | 17 | 44 | 25 | 143 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
(Increase) decrease in accounts receivable | 10 | 1 | (30 | ) | 10 | ||||||||||
(Increase) decrease in inventory | (69 | ) | 43 | (46 | ) | 25 | |||||||||
(Increase) decrease in prepaid expenses and other current assets | 56 | (21 | ) | 33 | 26 | ||||||||||
(Increase) decrease in other assets | 4 | 9 | (75 | ) | 11 | ||||||||||
Increase (decrease) in accounts payable and other current liabilities | 18 | (54 | ) | (81 | ) | (29 | ) | ||||||||
Increase (decrease) in income tax payables, net and other tax payables | (103 | ) | (140 | ) | (67 | ) | (175 | ) | |||||||
Increase (decrease) in other liabilities | (39 | ) | (23 | ) | — | (24 | ) | ||||||||
Net cash provided by operating activities | 447 | 324 | 820 | 1,014 | |||||||||||
INVESTING ACTIVITIES: | |||||||||||||||
Capital expenditures | (386 | ) | (566 | ) | (962 | ) | (1,070 | ) | |||||||
Acquisitions of business interests, net of cash and restricted cash acquired | (74 | ) | — | (84 | ) | — | |||||||||
Proceeds from the sale of business interests, net of cash and restricted cash sold | 44 | 229 | 44 | 229 | |||||||||||
Proceeds from the sale of assets | 2 | 17 | 17 | 17 | |||||||||||
Sale of short-term investments | 87 | 180 | 341 | 330 | |||||||||||
Purchase of short-term investments | (186 | ) | (204 | ) | (463 | ) | (424 | ) | |||||||
Contributions and loans to equity affiliates | (63 | ) | (83 | ) | (178 | ) | (173 | ) | |||||||
Other investing | (50 | ) | (23 | ) | (76 | ) | (22 | ) | |||||||
Net cash used in investing activities | (626 | ) | (450 | ) | (1,361 | ) | (1,113 | ) | |||||||
FINANCING ACTIVITIES: | |||||||||||||||
Borrowings under the revolving credit facilities | 124 | 393 | 1,318 | 897 | |||||||||||
Repayments under the revolving credit facilities | (643 | ) | (324 | ) | (958 | ) | (598 | ) | |||||||
Issuance of recourse debt | 1,597 | — | 1,597 | — | |||||||||||
Repayments of recourse debt | (1,578 | ) | (2 | ) | (1,596 | ) | (3 | ) | |||||||
Issuance of non-recourse debt | 1,507 | 1,715 | 1,913 | 2,581 | |||||||||||
Repayments of non-recourse debt | (671 | ) | (1,853 | ) | (763 | ) | (2,281 | ) | |||||||
Payments for financing fees | (41 | ) | (33 | ) | (46 | ) | (37 | ) | |||||||
Distributions to noncontrolling interests | (77 | ) | (96 | ) | (99 | ) | (146 | ) | |||||||
Contributions from noncontrolling interests and redeemable security holders | — | 6 | — | 16 | |||||||||||
Dividends paid on AES common stock | (95 | ) | (91 | ) | (190 | ) | (181 | ) | |||||||
Payments for financed capital expenditures | (29 | ) | (14 | ) | (39 | ) | (110 | ) | |||||||
Other financing | 34 | 5 | 21 | (30 | ) | ||||||||||
Net cash provided by financing activities | 128 | (294 | ) | 1,158 | 108 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5 | ) | 2 | (37 | ) | (2 | ) | ||||||||
Increase in cash, cash equivalents and restricted cash of held-for-sale businesses | (47 | ) | (4 | ) | (45 | ) | (57 | ) | |||||||
Total increase (decrease) in cash, cash equivalents and restricted cash | (103 | ) | (422 | ) | 535 | (50 | ) | ||||||||
Cash, cash equivalents and restricted cash, beginning | 2,210 | 2,375 | 1,572 | 2,003 | |||||||||||
Cash, cash equivalents and restricted cash, ending | $ | 2,107 | $ | 1,953 | $ | 2,107 | $ | 1,953 | |||||||
SUPPLEMENTAL DISCLOSURES: | |||||||||||||||
Cash payments for interest, net of amounts capitalized | $ | 295 | $ | 309 | $ | 458 | $ | 478 | |||||||
Cash payments for income taxes, net of refunds | 124 | 171 | 176 | 236 | |||||||||||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||
Partial reinvestment of consideration from the sPower transaction | — | 58 | — | 58 |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||
Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | |||||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of tax, attributable to AES and Diluted EPS | $ | (86 | ) | $ | (0.13 | ) | $ | 16 | $ | 0.02 | $ | 58 | $ | 0.09 | $ | 170 | $ | 0.26 | ||||||||||||||
Add: Income tax expense (benefit) from continuing operations attributable to AES | 81 | 36 | 136 | 121 | ||||||||||||||||||||||||||||
Pre-tax contribution | $ | (5 | ) | $ | 52 | $ | 194 | $ | 291 | |||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
Unrealized derivative and equity securities losses (gains) | $ | 14 | $ | 0.02 | $ | 6 | $ | 0.01 | $ | (2 | ) | $ | — | $ | 9 | $ | 0.01 | |||||||||||||||
Unrealized foreign currency losses (gains) | (12 | ) | (0.01 | ) | 7 | 0.02 | (3 | ) | — | 18 | 0.02 | |||||||||||||||||||||
Disposition/acquisition losses | 29 | 0.04 | (2) | 5 | 0.01 | (3) | 30 | 0.04 | (2) | 14 | 0.02 | (3) | ||||||||||||||||||||
Impairment expense | 168 | 0.25 | (4) | 121 | 0.18 | (5) | 221 | 0.33 | (6) | 123 | 0.18 | (5) | ||||||||||||||||||||
Loss on extinguishment of debt | 44 | 0.07 | (7) | 49 | 0.07 | (8) | 48 | 0.07 | (7) | 57 | 0.09 | (8) | ||||||||||||||||||||
U.S. Tax Law Reform Impact | 0.02 | (9) | — | 0.02 | (9) | 0.01 | ||||||||||||||||||||||||||
Less: Net income tax benefit | (0.01 | ) | (10) | (0.05 | ) | (11) | (0.01 | ) | (10) | (0.06 | ) | (11) | ||||||||||||||||||||
Adjusted PTC and Adjusted EPS | $ | 238 | $ | 0.25 | $ | 240 | $ | 0.26 | $ | 488 | $ | 0.54 | $ | 512 | $ | 0.53 |
(1) | NCI is defined as Noncontrolling Interests. |
(2) | Amount primarily relates to loss on sale of the Kazakhstan HPPs of $30 million, or $0.05 per share, as result of the final arbitration decision. |
(3) | Amount primarily relates to loss on sale of Kilroot and Ballylumford of $31 million, or $0.05 per share, partially offset by gain on sale of a portion of our interest in sPower’s operating assets of $28 million, or $0.04 per share. |
(4) | Amount primarily relates to other-than-temporary impairment of OPGC of $158 million, or $0.24 per share, and impairments at our sPower equity affiliate, impacting equity earnings by $10 million, or $0.01 per share. |
(5) | Amount primarily relates to asset impairments at Kilroot and Ballylumford of $115 million, or $0.17 per share. |
(6) | Amount primarily relates to other-than-temporary impairment of OPGC of $201 million, or $0.30 per share, and impairments at our sPower equity affiliate, impacting equity earnings by $15 million, or $0.02 per share. |
(7) | Amount primarily relates to loss on early retirement of debt at the Parent Company of $37 million, or $0.06 per share. |
(8) | Amount primarily relates to loss on early retirement of debt at DPL of $45 million, or $0.07 per share. |
(9) | Amount represents adjustment to tax law reform remeasurement due to incremental deferred taxes related to DPL of $16 million, or $0.02 per share. |
(10) | Amount primarily relates to income tax benefits associated with the loss on early retirement of debt at the Parent Company of $11 million, or $0.02 per share. |
(11) | Amount primarily relates to income tax benefits associated with the impairments at Kilroot and Ballylumford of $23 million, or $0.03 per share, and income tax benefits associated with the loss on early retirement of debt at DPL of $11 million, or $0.02 per share. |
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