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 September 30, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 0-19281
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 Incorporation or |
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(I.R.S. Employer Identification No.) |
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4300 Wilson Boulevard, Suite 1100, Arlington, Virginia |
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22203 |
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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 $0.01 per share, at November 1, 2004, was 648,800,591.
THE AES CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004
TABLE OF CONTENTS
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Condensed Consolidated Balance Sheets as of September 30, 2004 (unaudited) and December 31, 2003 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
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Certifications |
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2
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE AES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
($ in millions, except per share data)
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For the three months ended |
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For the nine months |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenues: |
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Regulated |
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$ |
1,252 |
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$ |
1,184 |
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$ |
3,545 |
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$ |
3,211 |
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Non-regulated |
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1,171 |
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1,047 |
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3,398 |
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2,923 |
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Total revenues |
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2,423 |
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2,231 |
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6,943 |
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6,134 |
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Cost of sales: |
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Regulated |
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(957 |
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(894 |
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(2,724 |
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(2,498 |
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Non-regulated |
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(735 |
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(661 |
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(2,160 |
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(1,847 |
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Total cost of sales |
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(1,692 |
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(1,555 |
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(4,884 |
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(4,345 |
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General and administrative expenses |
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(40 |
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(36 |
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(130 |
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(97 |
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Interest expense |
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(470 |
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(500 |
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(1,423 |
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(1,518 |
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Interest income |
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52 |
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82 |
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191 |
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207 |
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Other income |
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17 |
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31 |
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56 |
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145 |
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Other expense |
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(29 |
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(24 |
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(81 |
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(62 |
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Loss on sale or write-down of investments and asset impairment expense |
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— |
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(75 |
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(1 |
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(106 |
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Foreign currency transaction (losses) gains on net monetary position |
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(16 |
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(35 |
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(79 |
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154 |
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Equity in earnings of affiliates |
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18 |
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12 |
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57 |
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57 |
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Income before income taxes and minority interest |
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263 |
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131 |
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649 |
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569 |
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Income tax expense |
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(78 |
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(33 |
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(201 |
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(160 |
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Minority interest, net of taxes |
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(52 |
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(36 |
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(174 |
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(77 |
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Income from continuing operations |
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133 |
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62 |
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274 |
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332 |
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Income (loss) from operations of discontinued businesses (net of income tax benefit (expense) of $4, $(28), $8 and $0, respectively) |
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7 |
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14 |
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(48 |
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(290 |
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Income before cumulative effect of accounting change |
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140 |
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76 |
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226 |
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42 |
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Cumulative effect of accounting change (net of income tax benefit of $1) |
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— |
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— |
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— |
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(2 |
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Net income |
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$ |
140 |
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$ |
76 |
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$ |
226 |
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$ |
40 |
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Basic earnings per share: |
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Income from continuing operations |
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$ |
0.21 |
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$ |
0.10 |
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$ |
0.43 |
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$ |
0.57 | |