11-K 1 a2053298z11-k.txt FORM 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 [Fee Waived] For the Fiscal Year Ended December 31, 2000 Commission File Number 0-1928
Full Title of the Plan: THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN Name of Issuer of the Securities Held Pursuant to the Plan and the Address of its Principal Executive Office: THE AES CORPORATION 1001 North 19th Street Arlington, VA 22209 Page 1 of [15] sequentially numbered pages. The Exhibit Index is on Page [14]. THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999, SUPPLEMENTAL SCHEDULE FOR THE YEAR ENDED DECEMBER 31, 2000, AND INDEPENDENT AUDITORS' REPORT THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
TABLE OF CONTENTS ----------------------------------------------------------------------------------------------------------------------- PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999: Statements of Net Assets Available for Participants' Benefits 2 Statements of Changes in Net Assets Available for Participants' Benefits 3 Notes to Financial Statements 4-8 SUPPLEMENTAL SCHEDULE FOR THE YEAR ENDED DECEMBER 31, 2000: Schedule of Assets Held for Investment Purposes 9
INDEPENDENT AUDITORS' REPORT The AES Corporation Profit Sharing and Stock Ownership Plan: We have audited the accompanying statements of net assets available for participants' benefits of The AES Corporation Profit Sharing and Stock Ownership Plan (the Plan) as of December 31, 2000 and 1999, and the related statements of changes in net assets available for participants' benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for participants' benefits of the Plan as of December 31, 2000 and 1999, and the changes in net assets available for participants' benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule listed in the Table of Contents is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The schedule is the responsibility of the Plan's management. Such supplemental schedule has been subjected to the auditing procedures applied in our audit of the basic 2000 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic 2000 financial statements taken as a whole. /s/ Deloitte & Touche LLP McLean, Virginia June 1, 2001 THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS DECEMBER 31, 2000 AND 1999 ------------------------------------------------------------------------------------------------------------------------- ASSETS 2000 1999 Cash $ 5,530,158 $ 932,707 Investments, at fair value (Notes 2 and 3): Common stock - The AES Corporation 416,334,066 296,310,284 Common stock - Self Direct Option 4,480,245 - Money market funds 30,000,191 34,920,889 Mutual funds 27,376,843 28,325,456 ------------ ------------ Total investments, at fair value 478,191,345 359,556,629 Participant loans (Note 6) 4,225,453 4,226,729 ------------ ------------ Total cash and investments 487,946,956 364,716,065 ------------ ------------ RECEIVABLES: Employer contributions 4,307,782 2,550,019 Participant contributions 651,491 542,580 ------------ ------------ Total receivables 4,959,273 3,092,599 ------------ ------------ NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS $492,906,229 $367,808,664 ------------ ------------ ------------ ------------
See notes to financial statements. 2 THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS YEARS ENDED DECEMBER 31, 2000 AND 1999 ------------------------------------------------------------------------------------------------------------------------ 2000 1999 ADDITIONS TO NET ASSETS: Investment income: Net appreciation in fair value of investments (Note 5) $128,851,046 $112,428,820 Interest and dividends 5,100,465 3,308,878 Contributions: Employer 8,080,784 5,333,419 Participant 10,312,435 7,847,485 ------------ ------------ Total additions 152,344,730 128,918,602 DEDUCTIONS FROM NET ASSETS: Withdrawals and distributions (27,247,165) (19,425,883) ------------ ------------ NET INCREASE 125,097,565 109,492,719 NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS: Beginning of year 367,808,664 258,315,945 ------------ ------------ End of year $492,906,229 $367,808,664 ------------ ------------ ------------ ------------
See notes to financial statements. 3 THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2000 AND 1999 -------------------------------------------------------------------------------- 1. PLAN DESCRIPTION The AES Corporation Profit Sharing and Stock Ownership Plan (the Plan) was established on April 1, 1989, as the successor plan to the Applied Energy Services, Inc. Employee Profit Sharing Plan, the Applied Energy Services, Inc. Employee Stock Ownership Plan, the AES Deepwater Division Employee Profit Sharing Plan, the AES Beaver Valley Division Employee Profit Sharing Plan, and the BV Partners Employee Profit Sharing Plan. The following description of the Plan provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan's provisions. GENERAL - The Plan is a defined contribution plan that covers eligible regularly scheduled full-time and part-time employees of The AES Corporation (the Company) and its participating subsidiaries. Eligible employees may enroll in the Plan upon commencement of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). As of December 31, 2000, the majority of the Plan's assets, approximately 85%, was common stock of The AES Corporation. CONTRIBUTIONS - Participants may make pre-tax contributions to the Plan up to an annual maximum determined by the Internal Revenue Service. Participants may also make after-tax contributions to the Plan. During 2000 and 1999, the Company matched participant pre-tax and after-tax contributions up to 5.0% of compensation, as defined by the Plan, on a dollar for dollar basis. Matching contributions made by the Company are paid in common stock of The AES Corporation. In addition, unless otherwise provided under the Plan, the Company may make profit sharing contributions to the Plan that are allocated to a participant's account on the basis of the participant's compensation, as defined by the Plan. Profit-sharing contributions are made in the Company's common stock. During 2000 and 1999, the Company contributed 5.5% and 4.5%, respectively, of compensation as profit sharing allocations. PARTICIPANT ACCOUNTS - Each participant's account is credited with the participant's and the employer's contributions and an allocation of the Plan's earnings. Allocations are based on the balance of each investment type in the participant's account. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. Participants can choose to invest their contributions in common stock of The AES Corporation and various money market and mutual funds including Alliance Quasar Fund, Pimco Total Return Fund, and Mercury Hotchkis & Wiley International Fund and in the following seven Merrill Lynch funds: Growth Fund, Global Allocation Fund, US Government Mortgage Fund, Capital Fund, Basic Value Fund, Retirement Preservation Trust Fund, Equity Index Trust I Fund, or in any combination thereof in increments of 10% at their discretion. Participants can allocate their investment among the common stock of The AES Corporation or any of the funds at their discretion. Investment options are selected by the administrative committee of the Plan. 4 Effective June 1, 2000, the Plan was amended to allow participants the opportunity to direct all or a portion of their account balance through a self-directed brokerage account which allows participants the option to purchase certain investments outside those selected by the administrative committee of the Plan. VESTING - Participants are immediately vested in their pre-tax, after-tax and matching contributions including earnings thereon. Vesting in profit sharing contributions is based on years of continuous service. A participant vests 20% per year and is fully vested after five years of credited service. WITHDRAWALS AND DISTRIBUTIONS - The value of participants' contributions plus the value of all vested Company contributions is payable to participants upon retirement or upon termination of employment with the Company. At each participant's election, the entire distribution may be made as a single lump sum payable in common stock of The AES Corporation, cash, or a combination of both. The participants also have the option of receiving the value of their Plan account in substantially equal cash installments. FORFEITURES - Participants who leave the Company who have not completed five years of credited service forfeit the value of the Company's profit sharing contributions in which they are not then vested. Forfeitures are applied to reduce the Company's contributions in subsequent years. ADMINISTRATION - The Plan is administered by an Administrative Committee appointed by the Board of Directors of the Company. Merrill Lynch Trust Company is the Plan Trustee. Administrative, legal, and all other expenses of the Plan are paid by the Company. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL - The Plan's financial statements are prepared on the accrual basis of accounting. Participant benefits are recorded when paid. VALUATION OF INVESTMENTS - All money market and other mutual funds are stated at their quoted market prices at December 31, 2000 and 1999. All participant loans are valued at cost, which approximates fair value. The Company's stock is traded on the New York Stock Exchange (NYSE). The Plan's investment in the Company's stock is stated at quoted market value. On April 17, 2000, the Board of Directors authorized a two-for-one stock split, effected in the form of a stock dividend, payable to stockholders of record on May 1, 2000. At December 31, 2000 and 1999, the quoted market value of the Company's common stock was $55.38 (after split) and $74.75 (before split) per share, respectively. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for plan benefits. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates. 5 NEW ACCOUNTING PRONOUNCEMENT - In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (SFAS No. 133), which establishes the accounting definition of a derivative and specifies measurements, recognition, and disclosures of changes in fair value of derivatives (hedges) held by a Company. SFAS No. 133 was adopted by the Plan on January 1, 2001, and it was determined that the adoption of Statement of Financial Accounting Standards No. 133 did not have a material impact on its net assets available for benefits and changes in net assets available for benefits when such statement was adopted. 3. INVESTMENTS The participants' and the Company's contributions to the Plan and Plan earnings are invested in various money market, mutual funds or Company stock at the direction of the participants. The following tables present the fair values of investments as of December 31, 2000 and 1999.
DECEMBER 31, DECEMBER 31, 2000 1999 -------------- -------------- Cash $ 5,530,158 $ 932,707 Investments at quoted market value: The AES Corporation common stock 416,334,066* 296,310,284* Self Direct Option common stock 4,480,245 - Money market funds: Merrill Lynch Retirement Preservation Fund 24,367,278 29,802,302* Merrill Lynch Equity Index Trust I Fund 5,632,913 5,118,587 Mutual funds: Merrill Lynch Growth Fund 8,319,863 10,532,461 Merrill Lynch Basic Value Fund 6,719,297 7,588,919 Other 12,337,683 10,204,076 Participant loans 4,225,453 4,226,729 ------------ ------------ Total cash and investments $487,946,956 $364,716,065 ------------ ------------ ------------ ------------
The above investments indicated with an "*" represent 5% or more of the Plan's net assets as of December 31, 2000 and 1999, respectively. 4. THE AES CORPORATION COMMON STOCK Contributions made by the Company are paid in common stock of The AES Corporation and are therefore considered nonparticipant-directed investments in accordance with Statement of Position 99-3 "Accounting for and Reporting of Certain Defined Contribution Plan Investments and Other Disclosure Matters." After a participant's account is credited with the Company's contribution, each participant can choose to direct his or her allocation in any investment option offered under the Plan. Information about the net assets and the significant components of the changes in net assets relating to The AES 6 Corporation common stock is as follows as of December 31, 2000 and 1999, and for the years then ended:
2000 1999 Net assets: Common Stock - The AES Corporation $ 416,334,066 $ 296,310,284 Employer Contribution Receivable 4,307,782 2,550,019 ------------- ------------- Net assets available for participants' benefits $ 420,641,848 $ 298,860,303 ------------- ------------- ------------- ------------- Changes in net assets: Net appreciation $ 133,756,927 $ 109,630,227 Interest 107,556 133,814 Employer contributions 8,080,423 5,054,754 Participant contributions 4,922,966 2,620,718 Benefits paid to participants (4,645,026) (2,631,347) Transfers to participant-directed investments (20,441,301) (34,448,945) ------------- ------------- Net change 121,781,545 80,359,221 Common Stock - The AES Corporation, beginning of year 298,860,303 218,501,082 ------------- ------------- Common Stock - The AES Corporation, end of year $ 420,641,848 $ 298,860,303 ------------- ------------- ------------- -------------
5. NET APPRECIATION IN FAIR VALUE OF INVESTMENTS During the years ended December 31, 2000 and 1999, the Plan's investments (including investments bought, sold, as well as held during the period) appreciated (depreciated) in value by $128,851,046 and $112,428,820, respectively, as follows:
YEAR ENDED YEAR ENDED DECEMBER 31, 2000 DECEMBER 31, 1999 ------------------------- ------------------------ The AES Corporation common stock $133,756,927 $109,630,227 Self Direct Option common stock (293,764) - Money market funds (564,385) - Mutual funds (4,047,732) 2,798,593 ------------ ------------ Net appreciation in fair value $128,851,046 $112,428,820 ------------ ------------ ------------ ------------
6. PARTICIPANT LOANS Participants may obtain loans from the Plan in aggregate amounts up to the lesser of (a) $50,000 or (b) 50% of the participant's vested account balance. Loans are repayable over periods up to five years (ten years for loans to purchase a principal residence). The loans are collateralized by the balance in the participant's account and bear a fixed interest rate, based on the federal prime lending rate plus 1/2%, determined at the commencement of the loan. Interest on all loans is allocated to the participant's account from which the loan was funded. Principal and interest are paid ratably through monthly payroll deductions. Effective November 1, 1999, the Company amended the Plan to increase the flexibility of the Plan's loan provisions by allowing participants to have multiple loans. The Plan was also amended to prohibit former employees to the availability of loans except to the extent required by law. 7 7. PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right to terminate the Plan subject to the provisions of ERISA. In the event of a termination, the assets of the Plan will first be used to pay the liabilities (if any) of the Plan. The remaining assets will then be distributed to the participants in proportion to their respective interest in the Funds. 8. INCOME TAXES The Plan obtained its most recent determination letter on January 31, 1996, pursuant to which the Internal Revenue Service (the IRS) determined that the terms of the Plan, as submitted, were in compliance with the applicable requirements of the Internal Revenue Code of 1986, as amended (the Code). The Plan has subsequently been amended since receiving this determination letter and the Company anticipates obtaining a determination letter from the IRS that the Plan, as amended, continues to comply with all applicable requirements of the Code. The Company also believes that the Plan is being operated in compliance with all applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. 9. PLAN AMENDMENTS In accordance with the terms of the Plan, the Company is authorized to amend the Plan. Since the adoption of the Plan, the Company has periodically amended the Plan to comply with the requirements of the Internal Revenue Code of 1986, as amended, as well as to implement design changes. No significant amendments were made to the Plan during 2000. * * * * * * 8 THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 2000 ------------------------------------------------------------------------------------------------------------------------------------ (a) (b) (c) (d) (e) DESCRIPTION OF INVESTMENT IDENTITY OF ISSUER, INCLUDING MATURITY DATE, RATE BORROWER, LESSOR, OR OF INTEREST, COLLATERAL, PAR, CURRENT SIMILAR PARTY OR MATURITY VALUE COST VALUE Cash - $ 5,530,158 $ 5,530,158 * THE AES CORPORATION Common stock - $55.38 per share, 7,518,448 shares 63,169,578 416,334,066 ACT MANUFACTURING INC Common stock - $15.75 per share, 80 shares 3,938 1,260 ADVNCD MICRO D INC Common stock - $13.81 per share, 1,000 shares 22,437 13,810 AFLAC INC Common stock - $72.18 per share, 355 shares 19,825 25,624 ALBERTA ENERGY CO LTD Common stock - $48.25 per share, 930 shares 36,735 44,873 ALCOA INC Common stock - $33.5 per share, 1,080 shares 37,125 36,180 AMEREN CORP Common stock - $46.31 per share, 50 shares 2,040 2,316 AMERICA ONLINE INC DEL Common stock - $34.80 per share, 500 shares 25,111 17,400 AMGEN INC COM Common stock - $63.93 per share, 382 shares 24,969 24,421 APPLIED MICRO CIRCUITS Common stock - $75.04 per share, 50 shares 2,909 3,752 AT&T CORP Common stock - $17.25 per share, 1,175 shares 33,032 20,269 AVAYA INC Common stock- $10.31 per share, 8 shares 175 82 BOYKIN LODGING CO Common stock - $8.50 per share, 8,000 shares 85,672 68,000 BP PRUDHOE BAY RTY T UBI Common stock - $12.37 per share, 6,000 shares 73,557 74,220 BROADCOM CORP CALIF CL A Common stock - $84.00 per share, 50 shares 4,250 4,200 BROADVISION INC Common stock - $11.81 per share, 200 shares 7,812 2,362 CALPINE CORP Common stock - $45.06 per share, 50,735 shares 2,214,531 2,286,119 CIENA CORP Common stock - $81.18 per share, 165 shares 19,957 13,395 CISCO SYSTEMS INC Common stock - $38.25 per share, 1,170 shares 70,080 44,753 CITIGROUP INC Common stock - $51.06 per share, 1,266 shares 68,054 64,642 COCA COLA COM Common stock - $60.93 per share, 600 shares 36,825 36,562 COMMERCE ONE INC DEL Common stock - $25.31 per share, 79 shares 4,351 1,999 COMPUTER SCIENCE CRP Common stock - $60.12 per share, 800 shares 53,550 48,096 CORNING INC Common stock - $52.81 per share, 766 shares 58,143 40,452 DEL MONTE FOODS CO Common stock - $7.25 per share, 300 shares 2,062 2,175 DELL COMPUTER CORP Common stock - $17.43 per share, 950 shares 24,939 16,559 DU PONT E I DE NEMOURS Common stock - $48.31 per share, 375 shares 16,312 18,116 DYNEGY INC NEW ILL CL A Common stock - $56.06 per share, 45 shares 2,086 2,523 E M C CORPORATION MASS Common stock - $66.50 per share, 415 shares 37,064 27,598 EL PASO ENERGY CORP Common stock - $71.62 per share, 1,010 shares 57,153 72,336 ELCTR DATA SYS CORP NEW Common stock - $57.75 per share, 520 shares 24,960 30,030 EMERSON ELEC CO Common stock - $78.81 per share, 540 shares 36,551 42,557 ENRON CORP OREGON Common stock - $83.12 per share, 310 shares 25,019 25,767 EXXON MOBIL CORP Common stock - $86.93 per share, 455 shares 37,167 39,553 FAIRCHILD SEMICNDCT CL A Common stock - $14.43 per share, 1,200 shares 34,900 17,316 GENERAL ELECTRIC Common stock - $47.93 per share, 100 shares 5,925 4,793 GRANT PRIDECO INC Common stock - $21.93 per share, 5,000 shares 85,570 109,650 HEWLETT PACKARD CO Common stock - $31.56 per share, 100 shares 5,383 3,156
9 THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 2000
------------------------------------------------------------------------------------------------------------------------------------ (a) (b) (c) (d) (e) DESCRIPTION OF INVESTMENT IDENTITY OF ISSUER, INCLUDING MATURITY DATE, RATE BORROWER, LESSOR, OR OF INTEREST, COLLATERAL, PAR, CURRENT SIMILAR PARTY OR MATURITY VALUE COST VALUE HOME DEPOT INC Common stock - $45.68 per share, 800 shares 34,187 36,544 INFOSPACE INC Common stock - $8.84 per share, 100 shares 2,315 884 INKTOMI CORP Common stock - $17.87 per share, 200 shares 23,181 3,574 INTERNET CAP GROUP INC. Common stock - $3.28 per share, 5,500 shares 181,887 18,040 INTL RECTIFIER CORP Common stock - $30.00 per share, 290 shares 18,234 8,700 IXYS CORP Common stock - $14.62 per share, 249 shares 9,310 3,640 JDS UNIPHASE CORP Common stock - $41.68 per share, 774 shares 66,465 32,260 KANEB PLN PRT SR PRF L P Common stock - $30.81 per share, 3,000 shares 84,522 92,430 KLA TENCOR CORP Common stock - $33.68 per share, 1,100 shares 53,862 37,048 KONINKL PHIL E NY SH NEW Common stock - $36.25 per share, 97 shares 4,993 3,516 LSI LOGIC CORP Common stock - $17.09 per share, 980 shares 38,220 16,748 LUCENT TECHNOLOGIES INC Common stock - $13.50 per share, 300 shares 7,631 4,050 M&A WEST INC Common stock - $.28 per share, 3,000 shares 22,500 840 METLIFE INC Common stock - $35.00 per share, 3,000 shares 76,611 105,000 MOTOROLA INC Common stock - $20.25 per share, 556 shares 16,085 11,259 MRV COMMUNICATIONS INC Common stock - $13.37 per share, 200 shares 7,700 2,674 NETWORK APPLIANCE INC Common stock - $64.18 per share, 43 shares 3,370 2,760 NEWS CORP LTD Common stock - $32.25 per share, 555 shares 24,940 17,899 NOKIA CORP Common stock - $43.50 per share, 1,325 shares 56,856 57,638 NORTEL NETWORKS CORP NEW Common stock - $32.06 per share, 1,160 shares 55,000 37,190 NRG ENERGY INC DEL Common stock - $27.81 per share, 150 shares 3,973 4,172 NU SKIN ENTERPRS A Common stock - $5.31 per share, 200 shares 1,262 1,062 ORACLE CORP Common stock - $29.06 per share, 1,684 shares 49,936 48,937 OUTBACK STEAKHOUSE INC Common stock - $25.87 per share, 100 shares 2,500 2,587 PACIFIC SUNWEAR CAL INC Common stock - $25.62 per share, 4,900 shares 83,858 125,538 PENN RL EST INV TR Common stock - $19.12 per share, 5,000 shares 88,100 95,600 PFIZER INC DEL Common stock - $46.00 per share, 1,656 shares 71,996 76,581 PHILIP MORRIS COS INC Common stock - $44.00 per share, 200 shares 7,862 8,800 PMC SIERRA INC Common stock - $78.62 per share, 50 shares 3,706 3,931 RELIANT ENERGY INC TEXAS Common stock- $43.31 per share, 50 shares 1,903 2,166 SERVICEMASTER COMPANY Common stock - $11.50 per share, 300 shares 2,831 3,450 SONY CORP ADR Common stock - $69.50 per share, 380 shares 37,430 26,410 SOVRAN SELF STORAGE INC Common stock - $19.87 per share, 4,000 shares 80,028 79,480 SYCAMORE NETWORKS INC Common stock - $37.25 per share, 100 shares 14,725 3,725 TEXAS INSTRUMENTS Common stock - $47.37 per share, 1,673 shares 85,938 79,250 UNISYS CORP Common stock - $14.62 per share, 200 shares 2,225 2,924 UNITED PARCEL SVC CL B Common stock - $58.75 per share, 80 shares 4,695 4,700 USA BIOMASS CORP Common stock - $.56 per share, 750 shares 1,810 420 VIACOM INC CL B Common stock - $46.75 per share, 100 shares 5,462 4,675
10 THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 2000
------------------------------------------------------------------------------------------------------------------------------------ (a) (b) (c) (d) (e) DESCRIPTION OF INVESTMENT IDENTITY OF ISSUER, INCLUDING MATURITY DATE, RATE BORROWER, LESSOR, OR OF INTEREST, COLLATERAL, PAR, CURRENT SIMILAR PARTY OR MATURITY VALUE COST VALUE VITESSE SEMICONDCTR CORP Common stock - $55.31 per share, 50 shares 2,856 2,766 WAL MART STORES INC Common stock - $53.12 per share, 530 shares 24,973 28,154 WARNACO GROUP INC CL A Common stock - $1.68 per share, 300 shares 1,575 504 WELLS FARGO & CO NEW DEL Common stock - $55.68 per share, 542 shares 24,959 30,179 WILLIAMS COMPANIES DEL Common stock - $39.93 per share, 690 shares 29,743 27,552 WORLDCOM INC NEW GA Common stock - $14.06 per share, 200 shares 3,312 2,812 XEROX CORP Common stock - $4.62 per share, 1,300 shares 11,668 6,006 XILINX INC Common stock - $46.12 per share, 613 shares 40,326 28,272 * MERRILL LYNCH Retirement Preservation Trust Fund - 24,367,278 shares 24,367,278 24,367,278 * MERRILL LYNCH Growth Fund - 400,186 shares 9,128,377 8,319,863 * MERRILL LYNCH Global Allocation Fund - 251,521 shares 3,494,553 3,299,953 * MERRILL LYNCH US Govt Mortgage Fund - 254,939 shares 2,456,380 2,480,554 * MERRILL LYNCH Capital Fund - 85,734 shares 2,764,293 2,603,748 * MERRILL LYNCH Basic Value Fund - 204,732 shares 6,946,258 6,719,297 * MERRILL LYNCH Equity Index Trust Fund - 61,381 shares 5,623,361 5,632,913 * MERRILL LYNCH Debt Strategy Fund - 24,689 shares 181,024 158,935 MERCURY Hotchkis & Wiley International Fund - 40,009 shares 1,031,618 983,431 PIMCO Total Return Fund - 123,136 shares 1,255,757 1,279,379 ALLIANCE Quasar Fund - 54,800 shares 1,509,758 1,289,438 AIM Constellation Fund - 392 shares 17,289 11,356 AIM European Devlpmnt Fund - 959 shares 24,972 22,053 ALLIANCE Premier Growth Fund - 517 shares 19,895 13,819 ALLIANCE Technology Fund - 80 shares 11,777 7,275 EATON VANCE Utilities Fund - 2,316 shares 25,599 23,279 EV Worldwide Health Sciences Fund - 998 shares 11,817 11,608 11 EVERGREEN Omega Fund - 495 shares 19,406 13,618 FRNKLIN Sm Cap Gr Fund - 399 shares 20,156 15,721 ING Pilgrim Worldwide Grth Fund - 427 shares 12,939 9,896 MFS Utilities Fund - 1,880 shares 24,869 22,320 OPPENHEIMER Global Growth & Income Fund - 811 shares 25,645 21,950 OPPENHEIMER Intl Sml Company Fund - 892 shares 13,104 8,678 OPPENHEIMER Mid Cap Fund - 417 shares 14,966 9,758 PHOENIX - ENGEMANN Nifty Fifty Fund - 452 shares 20,895 14,063 PHOENIX - ENGEMANN Small & Mid Cap Gr Fund - 397 shares 19,965 15,099 SELIGMAN Communications & Information Fund - 275 shares 12,016 6,971 VAN KAPMEN Emerging Growth Fund - 235 shares 22,805 14,763 * Participant loans (Interest 6.5 % - 12%) - 4,225,453 4,225,453 ------------- ------------- TOTAL $ 136,779,651 $ 487,946,956 ------------- ------------- ------------- -------------
(*) Transactions in these investments are considered to be party-in-interest transactions under Department of Labor regulations. 12 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. THE AES CORPORATION By: /s/ BARRY J. SHARP ----------------------------- Barry J. Sharp Executive Vice President and Chief Financial Officer Date: June 22, 2001 13 EXHIBIT INDEX EXHIBIT 23.1 PAGE Independent Auditors' Consent 15 14