AES Reports Earnings of $0.33 Per Share for the Quarter, From Recurring Operations
Consistent Performance from Global Businesses Leads to Strong Financial Results
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ARLINGTON, Va.--(BUSINESS WIRE)--July 26, 2001--The AES Corporation (NYSE:AES) announced today that net income, before deducting the noncash foreign currency transaction losses at Brazilian affiliates and the nonrecurring loss on the sale of Power Direct, was $179 million for the quarter ended June 30, 2001, an increase of 13% over the comparative results for the second quarter of 2000.
As a result of the pooling of interests transaction with IPALCO, the results of operations of AES for the periods ended June 30, 2000 have been restated to include IPALCO. Diluted earnings per share, excluding the noncash transaction losses and the nonrecurring loss on sale, were $0.33 for the quarter.
Net income, after all charges, was $112 million for the quarter. Revenues for the quarter were $2.2 billion, an increase of 27% from the second quarter of 2000.
For the six months ended June 30, 2001, net income, excluding the noncash transaction losses and nonrecurring items, was $405 million or $0.75 per fully diluted share. Revenues increased 38% for the six months ended June 30, 2001 to $4.8 million.
Barry Sharp, Chief Financial Officer, commented, ``We exceeded our expectations for the second quarter with tremendous performances from many of our businesses around the world. In particular, we saw strong results from our newer distribution businesses including EDC in Venezuela and Ipalco in Indianapolis and from our generating facilities in Chile. We also were encouraged by year on year improvements at several of our existing businesses including our generating plants in the eastern and western U.S. and in Northern Ireland. Additionally, we were pleased with the strengthening of results at AES NewEnergy, our retail electricity provider that serves commercial and industrial customers in competitive markets throughout the U.S. We are also encouraged by the progress being made by the electricity consumers and the government in Brazil as everyone there works together to solve the temporary issues arising from the current rainfall shortage.''
Dennis W. Bakke, President and Chief Executive Officer, stated, ``We again had a good quarter, with our diversified businesses reporting strong results of operation, and we also made significant progress with some new businesses. In the Middle East, we financed the complex AES Barka project in Oman and won the bid for Ras Laffan in Qatar. We won bids for two distribution companies in Ukraine, where our skills and experience with our existing 18 distribution businesses around the world can make a difference. We made progress in California with the refurbishment of Huntington Beach 3 and 4 and the partial acquisition of assets from Thermo Ecotek, which also had businesses in two other states in the US and a few in Germany and the Czech Republic. We have 20 projects in 9 different countries currently in construction, totaling approximately 10,000 MW, with an aggregate investment of approximately $8 billion. We are excited about all of these projects. In addition, we continue to expand our interest in liquefied natural gas projects, which often bring substantial cost reductions, as well as significant environmental benefits from efficient gas-fired plants. The people of AES continue to share among themselves their knowledge of electric markets, fuels, technologies, financial markets and regulatory frameworks for the purpose of serving the people of the world with needed electricity while also being accountable to our shareholders.''
Business development milestones in 2001 include the following:
In July, a subsidiary of AES signed agreements to acquire a 56% interest in SONEL, an integrated electricity utility in Cameroon.
In July, a subsidiary of AES acquired a majority of the energy assets of Thermo Ecotek Corporation.
In June, AES signed a definitive agreement to sell the customers and related assets of AES Power Direct.
In June, a subsidiary of AES secured the financing for its $104 million, 163 MW combined cycle diesel-fired power plant in Sri Lanka.
In June, AES announced that its AES-3C Maritza East 1 project in Bulgaria signed two key contracts with NEK and Maritza East Mines.
In May, AES was awarded the Ras Laffan 750 MW and 40 million imperial gallons of water per day natural gas-fired, combined-cycle cogeneration power and water desalination project in the State of Qatar.
In May, AES announced that it received certification from the California Energy Commission and is set to commence construction on the refurbishment of two retired gas-fired units 3 & 4 at Huntington Beach, California.
In May, a subsidiary of AES signed a strategic alliance agreement with COTEL, the largest local telephone carrier in Bolivia.
In May, a subsidiary of AES secured the financing for its, $348.6 million, 427 MW Barka facility in Oman.
In May AES announced that it won a bid for approximately $23.2 million to purchase a 75% controlling interest in Rivenoblenergo, the distribution company that serves the Rivno region, which is about 200 kms from Kiev, the capital city of Ukraine.
In April, AES announced that it won a bid for approximately $45.9 million to purchase a 75% controlling interest in Kievoblenergo the distribution company that serves the region that surrounds Kiev, the capital city of Ukraine.
In April, a subsidiary of AES signed agreements for the financing of its $300 million, 450 MW combined cycle gas-fired Meghnaghat power plant in Bangladesh.
In April, a subsidiary of AES completed a $180 million financing for its 360 MW gas-fired combined cycle facility Haripur in Bangladesh.
In April, AES announced the completion of its acquisition of IPALCO in Indiana.
In March, a subsidiary of AES secured the financing for the 720 MW gas-fired Granite Ridge project in New Hampshire.
In March, a subsidiary of AES acquired from EniChem SpA an oil-fired 140MW cogeneration facility in the town of Ottana, which is in the province of Nuoro, Sardinia, Italy.
In February, a subsidiary of AES entered an agreement to purchase all of the energy assets of Thermo Ecotek Corporation, a wholly owned subsidiary of Thermo Electron Corporation of Waltham, Massachusetts for $195 million.
In January, AES announced the start of construction of the $300 million AES Wolf Hollow power plant at a site in Granbury, Texas.
In January, a subsidiary of AES acquired a majority interest in a 290MW barge-mounted natural-gas-fired electric generating business in Lagos, Nigeria.
In January, AES Huntington Beach submitted a proposal to the California Energy Commission to restart two retired gas-fired units that will add an additional 450 megawatts of generation in the electricity-strapped state of California.
In January, AES announced the purchase of an additional 39% ownership interest in Hidroelectrica Alicura, a 1000 MW hydro plant in Argentina.
In January, AES announced that it had successfully completed its offer to exchange all American Depositary Shares of Gener S.A. for AES common stock.
AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada, Chile, China, Colombia, Czech. Republic, Dominican Republic, El Salvador, Georgia, Germany, Hungary, India, Italy, Kazakhstan, the Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Sri Lanka, Ukraine, the United Kingdom, the United States and Venezuela.
The company's generating assets include interests in one hundred and seventy three facilities totaling over 59 gigawatts of capacity. AES's electricity distribution network has over 920,000 km of conductor and associated rights of way and sells over 126,000 gigawatt hours per year to over 18 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. |
