-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RqEP0ZAQtBSLlnF/HSCyCt/1edT/PjggmtKfOctLm1GSGa8mlAdzDjeIEpGG/QW/ 6UzB3cwb8j9EHrZs+Tckiw== /in/edgar/work/20000728/0000912057-00-033643/0000912057-00-033643.txt : 20000921 0000912057-00-033643.hdr.sgml : 20000921 ACCESSION NUMBER: 0000912057-00-033643 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000727 ITEM INFORMATION: FILED AS OF DATE: 20000728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AES CORPORATION CENTRAL INDEX KEY: 0000874761 STANDARD INDUSTRIAL CLASSIFICATION: [4991 ] IRS NUMBER: 541163725 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12291 FILM NUMBER: 681423 BUSINESS ADDRESS: STREET 1: 1001 N 19TH ST STREET 2: STE 2000 CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7035221315 8-K 1 a8-k.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): July 27, 2000 THE AES CORPORATION (exact name of registrant as specified in its charter) DELAWARE 333-15487 54-1163725 (State of Incorporation) (Commission File No.) (IRS Employer ID No.) 1001 North 19th Street, Suite 2000 Arlington, Virginia 22209 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (703) 522-1315 NOT APPLICABLE (Former Name or Former Address, if changed since last report) Item 5. Other Events On July 27, 2000, The AES Corporation(the "Registrant") issued the press release attached as Exhibit 99.1, to this report and incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE AES CORPORATION DATE: July 28, 2000 by: /s/ William R. Luraschi Vice President and Secretary EX-99.1 2 ex-99_1.txt EX-99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE AES REPORTS STRONG EARNINGS OF $0.25 PER SHARE FOR THE QUARTER Diversified Businesses Contribute to Solid, Consistent Growth ARLINGTON, VA, July 27, 2000 -- The AES Corporation (NYSE: AES) announced today that net income was $111 million for the quarter ended June 30, 2000, a 56% increase over net income of $71 million for the second quarter of 1999. Diluted earnings per share were $0.25 for the quarter, compared to $0.18 for the same quarter in 1999. Revenues for the quarter were $1.5 billion, an increase of 140% from $640 million in the second quarter of 1999. For the six months ended June 30, 2000, net income before extraordinary item was $292 million or $0.66 per diluted share as compared to $58 million or $0.16 per diluted share for the same period in 1999. Net income was $285 million for the six months ended June 30, 2000. Revenues increased 136% for the first half of 2000 to $3.0 billion. Barry J. Sharp, Chief Financial Officer, commented, "We are pleased with our strong second quarter and our growth to record revenues of over $1.5 billion. Our 39% increase in second quarter earnings per share to $0.25 reflects the diversification and strength of the AES portfolio of generation and distribution businesses around the world." Dennis W. Bakke, President and Chief Executive Officer, stated, "We continue to grow AES' business around the world with significant development accomplishments. As demonstrated this quarter, we are concentrating our efforts on long-term, low-cost, clean generation, strong distribution companies, access to customers and telecom opportunities. The restructuring of the global electric sector provides us with an ever expanding number of opportunities to serve." AES also announced today that AES Power Direct reached an agreement in principle to acquire Titan Energy, Inc. for $5 million. Titan Energy is a Toronto-based competitive energy retail company serving natural gas to approximately 135,000 residential and small business customers in the U.S. The acquisition allows AES Power Direct to immediately establish a significant base of customers and a natural gas operations infrastructure in geographic regions that are also in the process of electric deregulation. Titan Energy is currently providing natural gas to customers in Ohio, Pennsylvania, Maryland, Virginia and California. In addition, AES announced that it had recently made an investment in a small oil and gas business in The Republic of Georgia. The business is a joint venture with CanArgo, a Canadian oil and gas producer, which has a focus on the Caucasus and Caspian region. AES will invest $6 million in 2000 and a total of $10.5 million in the first two years. The business is expected to enhance the price and security of the fuel supply for AES' thermal generating facilities in Georgia. Business development milestones in 2000 include the following: - - In July, AES and IPALCO Enterprises Inc. announced that they entered an agreement whereby AES will acquire IPALCO Enterprises, Inc. - - In June, AES acquired approximately 87% of the stock of C.A. La Electricidad de Caracas, an integrated electricity company serving Caracas, Venezuela. - - In June, a subsidiary of AES completed an $815 million non-recourse financing for a circulating fluidized bed coal-fired facility currently being built on the south coast of Puerto Rico. - - In May, a subsidiary of AES acquired 100% of Tractebel Power Ltd., ("TPL") from Tractebel S.A. With this transaction, AES owns approximately 92% of NIGEN's common stock. - - In May, AES announced that it won a bid to purchase a 70% interest in the 1,580 MW Mohave Generating Station in Laughlin, Nevada for approximately $667 million. - - In April, AES announced it intends to launch a tender offer to acquire all outstanding common and preference shares of Brazilian generation company Compania de Geracao de Energia Eletrica Tiete ("Tiete"). - - In March, a subsidiary of AES acquired for $8 million, GeoUtilities Inc., an internet-based superstore for energy, telecom and other vital services. - - In March, a subsidiary of AES completed a financing associated with 823 MW of generating facilities in the Republic of Georgia. The financing included the acquisition of the 600 MW Gardabani thermal plant and the establishment of 25-year concessions for the Khrami I and II hydro stations, which have a combined capacity of 223 MW. - - In March, a subsidiary of AES completed a $440 million non-recourse project financing for AES Red Oak, an 832 MW natural gas-fired combined cycle plant in Sayerville, New Jersey. - - In February, AES announced that it had entered into an agreement to acquire a 59% stake in the 1,000 MW hydroelectric facility of Hidroelectrica Alicura S.A. ("Alicura") in Argentina from Southern Energy, Inc. ("SEI"). - - In February, AES announced that a subsidiary had reached an agreement with the Bulgarian state-owned electric utility NEK, that will allow AES to build, own, operate and transfer a $750 million lignite-fired power plant. - - In January, a subsidiary of AES agreed to acquire 59% of the outstanding preferred (non-voting) shares of Eletropaulo S.A. ("Eletropaulo"). - - In January, a subsidiary of AES and Caterpillar Inc. reached a service agreement for multiple energy products that will result in the construction of a 45 MW cogeneration plant in Mossville, Illinois. AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Canada, China, Colombia, Dominican Republic, El Salvador, Georgia, Hungary, India, Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, the United Kingdom, the United States and Venezuela. The company's generating assets include interests in one hundred and forty one facilities totaling over 48 gigawatts of capacity. AES' electricity distribution network has over 957,000 km of conductor and associated rights of way and sells over 135,000 gigawatt hours per year to over 19 million end-use customers. In addition, through its various retail electricity supply businesses, the company sells electricity to over 154,000 end-use customers. AES is dedicated to providing electricity worldwide in a socially responsible way. THE AES CORPORATION CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED JUNE 30, 2000 & 1999
- ------------------------------------------------------------------------------------------------------------------------- QUARTER QUARTER ENDED ENDED PERCENTAGE 6/30/00 6/30/99 CHANGE - ------------------------------------------------------------------------------------------------------------------------- ($ in millions, except per share amounts) REVENUES: Sales and services $ 1,538 $ 640 140% OPERATING COSTS AND EXPENSES: Cost of sales and services 1,203 412 (192%) Selling, general and administrative expenses 19 15 (27%) --------------------- -------------------- TOTAL OPERATING COSTS AND EXPENSES 1,222 427 (186%) --------------------- -------------------- OPERATING INCOME 316 213 48% OTHER INCOME AND (EXPENSE): Interest expense (313) (143) (119%) Interest and other income 69 12 475% Equity in earnings of affiliates (before income tax) 99 37 168% --------------------- -------------------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 171 119 44% Income tax provision 43 34 (26%) Minority interest 17 14 (21%) --------------------- -------------------- NET INCOME $ 111 $ 71 56% ===================== ==================== DILUTED EARNINGS PER SHARE: $ 0.25 $ 0.18 39% ===================== ==================== Diluted weighted average shares outstanding (in millions) 457 407 === ===
THE AES CORPORATION CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED JUNE 30, 2000 & 1999 - ------------------------------------------------------------------------------------------------------- 6 MONTHS 6 MONTHS ENDED ENDED PERCENTAGE 6/30/00 6/30/99 CHANGE - ------------------------------------------------------------------------------------------------------- ($ in millions, except per share amounts) REVENUES: Sales and services $ 3,014 $ 1,278 136% OPERATING COSTS AND EXPENSES: Cost of sales and services 2,260 830 (172%) Selling, general and administrative expenses 48 31 (55%) ----------------- ----------------- TOTAL OPERATING COSTS AND EXPENSES 2,308 861 (168%) ----------------- ----------------- OPERATING INCOME 706 417 69% OTHER INCOME AND (EXPENSE): Interest expense (582) (276) (111%) Interest and other income 100 31 223% Equity in earnings of affiliates (before income tax) 217 (54) 502% ----------------- ----------------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 441 118 274% Income tax provision 114 28 (307%) Minority interest 35 32 (9%) ----------------- ----------------- INCOME BEFORE EXTRAORDINARY ITEM 292 58 403% Extraordinary item, net of tax - Early extinguishment of debt (7) - n/a ----------------- ----------------- NET INCOME $ 285 $ 58 391% ================= ================= DILUTED EARNINGS PER SHARE: Before extraordinary item 0.66 0.16 313% Extraordinary item (0.02) - n/a ----------------- ----------------- Total $ 0.64 $ 0.16 300% ================= ================= Diluted weighted average shares outstanding (in millions) 462 377 === ===
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