UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarterly Period Ended June 30, 2003 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission file number 0-19281 |
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THE AES CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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54-1163725 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer Identification No.) |
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Incorporation or Organization) |
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1001 North 19th Street, Arlington, Virginia |
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22209 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
(703) 522-1315
(Registrant’s Telephone Number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Yes ý No o
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, at August 1, 2003, was 619,725,595.
THE AES CORPORATION
INDEX
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Part I. |
Financial Information |
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Item 1. |
Interim Financial Statements: |
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Discussion and Analysis of Financial Condition and Results of Operations |
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2
THE AES
CORPORATION
CONSOLIDATED STATEMENTS
OF OPERATIONS
FOR THE PERIODS ENDED
JUNE 30, 2003 AND 2002
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, 2003 |
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June 30, 2002 |
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June 30, 2003 |
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June 30, 2002 |
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(in millions, except per share amounts) |
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(in millions, except per share amounts) |
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Revenues: |
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Regulated |
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$ |
1,094 |
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$ |
1,033 |
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$ |
2,112 |
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$ |
2,148 |
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Non-regulated |
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1,098 |
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1,005 |
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2,273 |
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2,066 |
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Total revenues |
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2,192 |
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2,038 |
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4,385 |
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4,214 |
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Cost of sales: |
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Regulated |
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906 |
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942 |
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1,717 |
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1,748 |
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Non-regulated |
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795 |
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660 |
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1,566 |
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1,361 |
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Total cost of sales |
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1,701 |
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1,602 |
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3,283 |
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3,109 |
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Selling, general and administrative expenses |
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(32 |
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(27 |
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(62 |
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(54 |
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Interest expense |
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(589 |
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(524 |
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(1,173 |
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(961 |
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Interest income |
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68 |
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109 |
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151 |
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152 |
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Other expense |
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(25 |
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— |
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(50 |
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(6 |
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Other income |
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102 |
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46 |
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125 |
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59 |
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Loss on sale or write-down of investments and asset impairment expense |
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(24 |
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(59 |
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(30 |
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(116 |
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Foreign currency transaction gains (losses), net |
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109 |
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(136 |
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160 |
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(200 |
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Equity in pre-tax earnings of affiliates |
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21 |
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26 |
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45 |
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55 |
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Income (loss) before income taxes and minority interest |
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121 |
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(129 |
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268 |
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34 |
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Income tax expense (benefit) |
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34 |
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(7 |
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73 |
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54 |
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Minority interest in net income (losses) of subsidiaries |
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22 |
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(21 |
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53 |
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(31 |
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Income (loss) from continuing operations |
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65 |
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(101 |
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142 |
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11 |
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Loss from operations of discontinued businesses (net of income taxes of $0, $(11), $7 and $31, respectively) |
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(194 |
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(141 |
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(175 |
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(93 |
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Loss before cumulative effect of accounting change |
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(129 |
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(242 |
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(33 |
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(82 |
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Cumulative effect of accounting change (net of income taxes of $0, $(83), $1 and $72, respectively) |
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— |
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127 |
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(2 |
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(346 |
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Net loss |
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$ |
(129 |
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$ |
(115 |
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$ |
(35 |
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$ |
(428 |
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Basic earnings per share: |
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Income (loss) from continuing operations |
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$ |
0.11 |
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$ |
(0.19 |
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$ |
0.25 |
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$ |
0.02 |
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Discontinued operations |
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(0.33 |
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(0.27 |
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(0.31 |
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(0.17 |
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Cumulative effect of accounting change |
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— |
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0.24 |
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— |
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(0.65 |
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Total |
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$ |
(0.22 |
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