(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: | May 6, 2021 | 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 November 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) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions, except per share amounts) | |||||||||||
Revenue: | |||||||||||
Regulated | $ | 707 | $ | 712 | |||||||
Non-Regulated | 1,928 | 1,626 | |||||||||
Total revenue | 2,635 | 2,338 | |||||||||
Cost of Sales: | |||||||||||
Regulated | (582) | (592) | |||||||||
Non-Regulated | (1,389) | (1,239) | |||||||||
Total cost of sales | (1,971) | (1,831) | |||||||||
Operating margin | 664 | 507 | |||||||||
General and administrative expenses | (46) | (38) | |||||||||
Interest expense | (190) | (233) | |||||||||
Interest income | 68 | 70 | |||||||||
Loss on extinguishment of debt | (1) | (1) | |||||||||
Other expense | (16) | (4) | |||||||||
Other income | 43 | 45 | |||||||||
Loss on disposal and sale of business interests | (5) | — | |||||||||
Asset impairment expense | (473) | (6) | |||||||||
Foreign currency transaction gains (losses) | (35) | 24 | |||||||||
Other non-operating expense | — | (44) | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 9 | 320 | |||||||||
Income tax expense | (8) | (89) | |||||||||
Net equity in losses of affiliates | (30) | (2) | |||||||||
NET INCOME (LOSS) | (29) | 229 | |||||||||
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries | (119) | (85) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ | (148) | $ | 144 | |||||||
BASIC EARNINGS PER SHARE: | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | (0.22) | $ | 0.22 | |||||||
DILUTED EARNINGS PER SHARE: | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | (0.22) | $ | 0.22 | |||||||
DILUTED SHARES OUTSTANDING | 666 | 668 |
THE AES CORPORATION | |||||||||||
Strategic Business Unit (SBU) Information | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
REVENUE | |||||||||||
US and Utilities SBU | $ | 949 | $ | 971 | |||||||
South America SBU | 884 | 712 | |||||||||
MCAC SBU | 535 | 432 | |||||||||
Eurasia SBU | 270 | 225 | |||||||||
Corporate and Other | 24 | 28 | |||||||||
Eliminations | (27) | (30) | |||||||||
Total Revenue | $ | 2,635 | $ | 2,338 |
March 31, 2021 | December 31, 2020 | ||||||||||
(in millions, except share and per share data) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 1,886 | $ | 1,089 | |||||||
Restricted cash | 325 | 297 | |||||||||
Short-term investments | 187 | 335 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $11 and $13, respectively | 1,342 | 1,300 | |||||||||
Inventory | 446 | 461 | |||||||||
Prepaid expenses | 105 | 102 | |||||||||
Other current assets, net of allowance of $0 | 728 | 726 | |||||||||
Current held-for-sale assets | 1,218 | 1,104 | |||||||||
Total current assets | 6,237 | 5,414 | |||||||||
NONCURRENT ASSETS | |||||||||||
Property, Plant and Equipment: | |||||||||||
Land | 404 | 417 | |||||||||
Electric generation, distribution assets and other | 25,660 | 26,707 | |||||||||
Accumulated depreciation | (8,342) | (8,472) | |||||||||
Construction in progress | 4,776 | 4,174 | |||||||||
Property, plant and equipment, net | 22,498 | 22,826 | |||||||||
Other Assets: | |||||||||||
Investments in and advances to affiliates | 785 | 835 | |||||||||
Debt service reserves and other deposits | 395 | 441 | |||||||||
Goodwill | 1,146 | 1,061 | |||||||||
Other intangible assets, net of accumulated amortization of $343 and $330, respectively | 797 | 827 | |||||||||
Deferred income taxes | 235 | 288 | |||||||||
Other noncurrent assets, net of allowance of $20 and $21, respectively | 1,878 | 1,660 | |||||||||
Noncurrent held-for-sale assets | 1,232 | 1,251 | |||||||||
Total other assets | 6,468 | 6,363 | |||||||||
TOTAL ASSETS | $ | 35,203 | $ | 34,603 | |||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 832 | $ | 1,156 | |||||||
Accrued interest | 227 | 191 | |||||||||
Accrued non-income taxes | 286 | 257 | |||||||||
Deferred income | 299 | 438 | |||||||||
Accrued and other liabilities | 1,173 | 1,223 | |||||||||
Non-recourse debt, including $346 and $336, respectively, related to variable interest entities | 1,505 | 1,430 | |||||||||
Current held-for-sale liabilities | 699 | 667 | |||||||||
Total current liabilities | 5,021 | 5,362 | |||||||||
NONCURRENT LIABILITIES | |||||||||||
Recourse debt | 3,365 | 3,446 | |||||||||
Non-recourse debt, including $3,945 and $3,918, respectively, related to variable interest entities | 15,014 | 15,005 | |||||||||
Deferred income taxes | 1,136 | 1,100 | |||||||||
Other noncurrent liabilities | 3,110 | 3,241 | |||||||||
Noncurrent held-for-sale liabilities | 856 | 857 | |||||||||
Total noncurrent liabilities | 23,481 | 23,649 | |||||||||
Commitments and Contingencies | |||||||||||
Redeemable stock of subsidiaries | 1,033 | 872 | |||||||||
EQUITY | |||||||||||
THE AES CORPORATION STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,500 issued and outstanding at March 31, 2021) | 1,043 | — | |||||||||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,616,804 issued and 666,257,334 outstanding at March 31, 2021 and 818,398,654 issued and 665,370,128 outstanding at December 31, 2020) | 8 | 8 | |||||||||
Additional paid-in capital | 7,241 | 7,561 | |||||||||
Accumulated deficit | (828) | (680) | |||||||||
Accumulated other comprehensive loss | (2,237) | (2,397) | |||||||||
Treasury stock, at cost (152,359,470 and 153,028,526 shares at March 31, 2021 and December 31, 2020, respectively) | (1,850) | (1,858) | |||||||||
Total AES Corporation stockholders’ equity | 3,377 | 2,634 | |||||||||
NONCONTROLLING INTERESTS | 2,291 | 2,086 | |||||||||
Total equity | 5,668 | 4,720 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 35,203 | $ | 34,603 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (29) | $ | 229 | |||||||
Adjustments to net income (loss): | |||||||||||
Depreciation and amortization | 275 | 268 | |||||||||
Loss on disposal and sale of business interests | 5 | — | |||||||||
Impairment expense | 473 | 50 | |||||||||
Deferred income taxes | 21 | 2 | |||||||||
Loss on extinguishment of debt | 1 | 1 | |||||||||
Gain on sale and disposal of assets | (20) | (42) | |||||||||
Loss of affiliates, net of dividends | 36 | 8 | |||||||||
Other | 77 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in accounts receivable | (79) | (40) | |||||||||
(Increase) decrease in inventory | 14 | 23 | |||||||||
(Increase) decrease in prepaid expenses and other current assets | 22 | (23) | |||||||||
(Increase) decrease in other assets | 31 | (79) | |||||||||
Increase (decrease) in accounts payable and other current liabilities | (337) | (99) | |||||||||
Increase (decrease) in income tax payables, net and other tax payables | (92) | 36 | |||||||||
Increase (decrease) in deferred income | (142) | 29 | |||||||||
Increase (decrease) in other liabilities | (3) | 10 | |||||||||
Net cash provided by operating activities | 253 | 373 | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (432) | (576) | |||||||||
Acquisitions of business interests, net of cash and restricted cash acquired | — | (10) | |||||||||
Proceeds from the sale of assets | — | 15 | |||||||||
Sale of short-term investments | 257 | 254 | |||||||||
Purchase of short-term investments | (130) | (277) | |||||||||
Contributions and loans to equity affiliates | (64) | (115) | |||||||||
Other investing | (18) | (26) | |||||||||
Net cash used in investing activities | (387) | (735) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Borrowings under the revolving credit facilities | 792 | 1,194 | |||||||||
Repayments under the revolving credit facilities | (793) | (315) | |||||||||
Issuance of recourse debt | 7 | — | |||||||||
Repayments of recourse debt | (7) | (18) | |||||||||
Issuance of non-recourse debt | 307 | 406 | |||||||||
Repayments of non-recourse debt | (320) | (92) | |||||||||
Payments for financing fees | (5) | (5) | |||||||||
Distributions to noncontrolling interests | (17) | (22) | |||||||||
Acquisitions of noncontrolling interests | (13) | — | |||||||||
Contributions from noncontrolling interests | 94 | — | |||||||||
Issuance of preferred stock | 1,017 | — | |||||||||
Dividends paid on AES common stock | (100) | (95) | |||||||||
Payments for financed capital expenditures | (1) | (10) | |||||||||
Other financing | 32 | (13) | |||||||||
Net cash provided by financing activities | 993 | 1,030 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (22) | (32) | |||||||||
(Increase) decrease in cash, cash equivalents and restricted cash of held-for-sale businesses | (58) | 2 | |||||||||
Total increase in cash, cash equivalents and restricted cash | 779 | 638 | |||||||||
Cash, cash equivalents and restricted cash, beginning | 1,827 | 1,572 | |||||||||
Cash, cash equivalents and restricted cash, ending | $ | 2,606 | $ | 2,210 | |||||||
SUPPLEMENTAL DISCLOSURES: | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | 167 | $ | 163 | |||||||
Cash payments for income taxes, net of refunds | 50 | 52 | |||||||||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||
Non-cash consideration transferred for the Clean Energy transaction | 119 | — | |||||||||
Dividends declared but not yet paid | 101 | 95 | |||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||
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 | $ | (148) | $ | (0.22) | $ | 144 | $ | 0.22 | ||||||||||||||||||
Add: Income tax expense (benefit) from continuing operations attributable to AES | (36) | 55 | ||||||||||||||||||||||||
Pre-tax contribution | $ | (184) | $ | 199 | ||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Unrealized derivative and equity securities losses (gains) | $ | 69 | $ | 0.10 | (2) | $ | (16) | $ | (0.02) | |||||||||||||||||
Unrealized foreign currency losses | 6 | 0.01 | 9 | 0.01 | ||||||||||||||||||||||
Disposition/acquisition losses (gains) | (15) | (0.02) | (3) | 1 | — | |||||||||||||||||||||
Impairment losses | 475 | 0.71 | (4) | 53 | 0.08 | (5) | ||||||||||||||||||||
Loss on extinguishment of debt | 6 | 0.01 | 4 | — | ||||||||||||||||||||||
Net gains from early contract terminations at Angamos | (110) | (0.16) | (6) | — | — | |||||||||||||||||||||
Less: Net income tax benefit | (0.15) | (7) | — | |||||||||||||||||||||||
Adjusted PTC and Adjusted EPS | $ | 247 | $ | 0.28 | $ | 250 | $ | 0.29 |
The AES Corporation | ||||||||||||||
Parent Financial Information | ||||||||||||||
Parent only data: last four quarters | ||||||||||||||
(in millions) | 4 Quarters Ended | |||||||||||||
Total subsidiary distributions & returns of capital to Parent | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Actual | Actual | Actual | Actual | |||||||||||
Subsidiary distributions1 to Parent & QHCs | $ | 1,203 | $ | 1,145 | $ | 1,206 | $ | 1,312 | ||||||
Returns of capital distributions to Parent & QHCs | 45 | 45 | 182 | 380 | ||||||||||
Total subsidiary distributions & returns of capital to Parent | $ | 1,248 | $ | 1,190 | $ | 1,388 | $ | 1,692 | ||||||
Parent only data: quarterly | ||||||||||||||
(in millions) | Quarter Ended | |||||||||||||
Total subsidiary distributions & returns of capital to Parent | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Actual | Actual | Actual | Actual | |||||||||||
Subsidiary distributions1 to Parent & QHCs | $ | 247 | $ | 335 | $ | 220 | $ | 401 | ||||||
Returns of capital distributions to Parent & QHCs | — | (118) | — | 163 | ||||||||||
Total subsidiary distributions & returns of capital to Parent | $ | 247 | $ | 217 | $ | 220 | $ | 564 | ||||||
(in millions) | Balance at | |||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||
Parent Company Liquidity2 | Actual | Actual | Actual | Actual | ||||||||||
Cash at Parent & Cash at QHCs3 | $ | 565 | $ | 71 | $ | 26 | $ | 91 | ||||||
Availability under credit facilities | 916 | 853 | 274 | 518 | ||||||||||
Ending liquidity | $ | 1,481 | $ | 924 | $ | 300 | $ | 609 |
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