UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2005
or
o 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)
|
Delaware |
54-1163725 |
|
(State or Other Jurisdiction of |
(I.R.S. Employer |
|
4300
Wilson Boulevard, Suite 1100, |
22203 |
|
(Address of Principal Executive Offices) |
(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 x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Yes x No o
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, at April 28, 2005, was 653,174,893.
THE AES CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005
TABLE OF CONTENTS
2
THE AES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in Millions, Except per Share Amounts)
|
|
|
Three Months Ended |
|
||||
|
|
|
2005 |
|
2004 |
|
||
|
Revenues |
|
|
|
|
|
||
|
Regulated |
|
$ |
1,381 |
|
$ |
1,146 |
|
|
Non-regulated |
|
1,264 |
|
1,111 |
|
||
|
Total revenues |
|
2,645 |
|
2,257 |
|
||
|
Cost of sales |
|
|
|
|
|
||
|
Regulated |
|
(1,056 |
) |
(889 |
) |
||
|
Non-regulated |
|
(807 |
) |
(688 |
) |
||
|
Total cost of sales |
|
(1,863 |
) |
(1,577 |
) |
||
|
Gross margin |
|
782 |
|
680 |
|
||
|
General and administrative expenses |
|
(49 |
) |
(48 |
) |
||
|
Interest expense |
|
(467 |
) |
(493 |
) |
||
|
Interest income |
|
86 |
|
69 |
|
||
|
Other income |
|
22 |
|
11 |
|
||
|
Other expense |
|
(37 |
) |
(25 |
) |
||
|
Loss on sale of investments and asset impairment expense |
|
— |
|
(1 |
) |
||
|
Foreign currency transaction losses |
|
(12 |
) |
(8 |
) |
||
|
Equity in earnings of affiliates |
|
25 |
|
16 |
|
||
|
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST |
|
350 |
|
201 |
|
||
|
Income tax expense |
|
126 |
|
64 |
|
||
|
Minority interest expense |
|
91 |
|
63 |
|
||
|
INCOME FROM CONTINUING OPERATIONS |
|
133 |
|
74 |
|
||
|
Loss from operations of discontinued businesses (net of income tax expense of $2 in 2004) |
|
— |
|
(26 |
) |
||
|
NET INCOME |
|
$ |
133 |
|
$ |
48 |
|
|
Basic Earnings Per Share: |
|
|
|
|
|
||
|
Income from continuing operations |
|
$ |
0.20 |
|
$ |
0.12 |
|
|
Discontinued operations |
|
— |
|
(0.04 |
) |
||
|
BASIC EARNINGS PER SHARE |
|
$ |
0.20 |
|
$ |
0.08 |
|
|
Diluted Earnings Per Share: |
|
|
|
|
|
||
|
Income from continuing operations |
|
$ |
0.20 |
|
$ |
0.12 |
|
|
Discontinued operations |
|
— |
|
(0.04 |
) |
||
|
DILUTED EARNINGS PER SHARE |
|
$ |
0.20 |
|
$ |
0.08 |
|
See Notes to Condensed Consolidated Financial Statements.
3
THE AES CORPORATION
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Amounts in Millions, Except
Shares and Par Value)
(Unaudited)
|
|
|
March 31, |
|
December 31, |
|
||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
||
|
Current Assets: |
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
|
$ |
1,555 |
|
|
|
$ |
1,396 |
|
|
|
Restricted cash |
|
|
334 |
|
|
|
395 |
|
|
||
|
Short-term investments |
|
|
57 |
|
|
|
153 |
|
|
||
|
Accounts receivable, net of allowances ($322 and $303, respectively) |
|
|
1,547 |
|
|
|
1,575 |
|
|
||
|
Inventory |
|
|
413 |
|
|
|
418 |
|
|
||
|
Receivable from affiliate |
|
|
7 |
|
|
|
8 |
|
|
||
|
Deferred income taxes—current |
|
|
193 |
|
|
|
187 |
|
|
||
|
Prepaid expenses |
|
|
116 |
|
|
|
93 |
|
|
||
|
Other current assets |
|
|
674 |
|
|
|
713 |
|
|
||
|
Total current assets |
|
|
4,896 |
|
|
|
4,938 |
|
|
||
|
Property, Plant and Equipment: |
|
|
|
|
|
|
|
|
|
||
|
Land |
|
|
783 |
|
|
|
788 |
|
|
||
|
Electric generation and distribution assets |
|
|
22,463 |
|
|
|
22,434 |
|
|
||
|
Accumulated depreciation and amortization |
|
|
(5,530 |
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