(Source: Business Wire)
The AES Corporation (NYSE:AES) today reported results for the third
quarter ended September 30, 2009.
"The strong quarterly performance was driven by higher margins at our
generation businesses in Chile and in the Philippines. Contributions
from these businesses helped us offset weak results at our North
American operations which were negatively impacted by lower volumes.
Based on our year-to-date results, we are increasing our 2009 adjusted
earnings and free cash flow guidance," said Paul Hanrahan, AES President
and Chief Executive Officer. "We also continued to make good progress on
our 3,500 MW construction program and have now completed 808 MW of which
95% is contracted under long-term contracts. On the development front,
strong regulatory support for renewable energy and the growing need for
power in various high growth markets continue to provide us with
attractive opportunities that will drive our growth beyond 2011."
Third Quarter 2009 Financial Highlights:
During the quarter, AES benefited from improved operating performance at
its generation businesses in Chile and the Philippines as well as its
Brazilian utilities. The Company's focus on improvements in working
capital and continued efforts to lower operating expenses also
contributed to the third quarter results. These trends helped offset
unfavorable foreign currency impacts, as well as reduced demand and
lower wholesale prices in North America.
Results for the quarter ended September 30, 2009 include the following:
Third Quarter 2009 Third Quarter 2008 YTD 9/30/09 Full Year 2009 Guidance as of 8/7/09 Full Year 2009 Guidance as of 11/5/09
Consolidated Revenue $3.8 B $4.3 B $10.7 B NA NA
Consolidated Gross Margin $1.0 B $1.0 B $2.7 B $3.5 - $3.6 B $3.55 - $3.65 B
Proportional Gross Margin (a non-GAAP financial measure) $555 M $601 M $1.6 B $2.1 - $2.15 B $2.1 - $2.15 B
Consolidated Cash Flow from Operating Activities $1.0 B $803 M $1.9 B $2.1 - $2.2 B $2.1 - $2.2 B
Proportional Cash Flow from Operating Activities (a non-GAAP financial measure) $553 M $430 M $1.2 B $1.25 - $1.35 B $1.3 - $1.35 B
Consolidated Free Cash Flow (a non-GAAP financial measure) $884 M $662 M $1.5 B $1.4 - $1.5 B $1.45 - $1.55 B
Proportional Free Cash Flow (a non-GAAP financial measure) $459 M $330 M $850 M $750 - $850 M $825 - $875 M
Subsidiary Distributions to the Parent Company (see definitions) $202 M $184 M $1.0 B $1.2 - $1.3 B $1.2 - $1.3 B
Diluted EPS from Continuing Operations $0.28 $0.22 $1.06 $1.15 - $1.20 $1.20 - $1.24
Diluted EPS $0.28 $0.22 $1.06 NA NA
Adjusted EPS (a non-GAAP financial measure) $0.26 $0.31 $0.91 $1.05 - $1.10 $1.07 - $1.11
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Key drivers of the third quarter results include (comparison of Q3
2009 vs. Q3 2008):
Consolidated Revenue decreased by $481 million to $3.8 billion. Of
that amount, $367 million or 76 percent was due to the strengthening
of the U.S. Dollar relative to foreign currencies. In particular, the
Brazilian Real depreciated 13 percent, representing more than $200
million of the decline in revenue. In addition, lower commodity input
prices translated into lower revenues at its generation businesses in
Chile, New York, Hungary and Northern Ireland. The Latin America
utilities business contributed higher revenues primarily as a result
of increases in tariff rates in Brazil, reflecting the recovery of
energy purchases that were passed through to customers.
Consolidated Gross Margin increased by $46 million to $1.0 billion,
benefiting from improved operating performance at its generation
businesses in Chile and the Philippines, as well as the recovery of
bad debts at Eletropaulo, one of the Company's utilities in Brazil.
These improvements were offset in part by the strengthening of the
U.S. Dollar relative to foreign currencies totaling $79 million and
lower volume at Eastern Energy in New York due to unfavorable
electricity pricing, resulting in lower dispatch.
Proportional Gross Margin (a non-GAAP financial measure, see Appendix
for definition and reconciliation) decreased by $46 million to $555
million, primarily due to the unfavorable impact of foreign exchange
rates, as well as lower volumes at its wholly-owned generation
business in New York and its integrated utility in Indiana, IPL. These
factors were offset in part by improved operations at Gener in Chile
and Masinloc in the Philippines.
Consolidated Cash Flow from Operating Activities increased by $225
million to $1.0 billion, reflecting higher gross margin and $91
million of improved working capital at its generation business in
Chile. In addition, collection of receivables at its generation
businesses in Pakistan helped improve working capital by approximately
$81 million.
Proportional Cash Flow from Operating Activities (a non-GAAP financial
measure, see Appendix for definition and reconciliation) increased by
$123 million to $553 million.
Consolidated Free Cash Flow (a non-GAAP financial measure, see
Appendix for definition and reconciliation) increased by $222 million
to $884 million. The 2009 quarterly results reflect the improvement in
Consolidated Cash Flow from Operating Activities.
Proportional Free Cash Flow (a non-GAAP financial measure, see
Appendix for definition and reconciliation) increased by $129 million
to $459 million.
Diluted Earnings Per Share (EPS) from Continuing Operations increased
$0.06 per share to $0.28 per share.
Adjusted EPS (a non-GAAP financial measure, see Appendix for
definition and reconciliation) decreased $0.05 per share to $0.26 per
share. The 2008 results include $0.07 gain associated with a tax
restructuring and the release of a tax liability at two of the
Company's North America subsidiaries.
Q3 2009 Q3 2008
Diluted Earnings Per Share from Continuing Operations $0.28 $0.22
FAS 133 Mark-to-Market (Gains)/Losses $0.03 $0.01
Currency Transaction (Gains)/Losses ($0.03) $0.06
Disposition/Acquisition (Gains)/Losses ($0.02) -
Impairment Losses - $0.02
Debt Retirement (Gains)/Losses - -
Adjusted Earnings Per Share $0.26 $0.31
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See Appendix for more detail.
Year-to-Date 2009 Financial Highlights
(comparison of Q3 2009 YTD vs. Q3 2008 YTD):
The Company's continued focus on improving operations, lowering
corporate overhead and improving working capital contributed to the
year-to-date results. In particular, the Company benefited from improved
operating performance at its generation businesses in Chile and Asia, as
well as its businesses in Brazil. These improvements helped offset
unfavorable foreign currency impacts as well as reduced demand and lower
wholesale prices in North America.
Key drivers of the year-to-date results include:
Consolidated Revenue decreased by $1.8 billion to $10.7 billion. Of
that amount, $1.5 billion, or 83 percent, was due to the strengthening
of the U.S. Dollar relative to foreign currencies. In particular, the
Brazilian Real depreciated 24 percent, representing approximately $1.0
billion of the decline in revenue. In addition, lower commodity input
prices translated into lower revenue at the Company's generation
businesses in Chile, New York, Hungary and Northern Ireland. The
results also reflect (i) the decrease in volume at Uruguaiana in
Brazil due to the renegotiation of its power sales agreements in 2009,
and (ii) the sale of the Northern Kazakhstan assets in May 2008. Latin
American utilities contributed higher revenues, primarily as a result
of tariff increases in Brazil and El Salvador, reflecting the recovery
of energy purchases that were passed through to customers.
Consolidated Gross Margin decreased by $295 million to $2.7 billion.
The decline in Consolidated Gross Margin was primarily due to the
strengthening of the U.S. Dollar relative to key currencies totaling
$316 million and a net mark-to-market, non-cash derivative gain of
approximately $67 million recorded in 2008. Gross Margin benefited
from improved operating performance at the Company's generation
businesses in Chile and the Philippines, as well as the restructuring
of power sales agreements for its Uruguaiana generation business in
Brazil. These improvements were offset by lower electricity prices and
volume at the Company's generation businesses in Argentina and New
York, as well as the loss of contribution from the Northern Kazakhstan
businesses sold in May 2008.
Proportional Gross Margin (a non-GAAP financial measure, see Appendix
for definition and reconciliation) declined by $346 million to $1.6
billion, primarily due to: lower electricity prices and volumes at the
Company's generation businesses in Argentina and New York; unfavorable
net mark-to-market derivative adjustments at North America
subsidiaries; unfavorable foreign currency exchange rates; and loss of
the contribution from the Northern Kazakhstan businesses sold in 2008.
These decreases were offset in part by improved operations in Chile
and the Philippines.
Consolidated Cash Flow from Operating Activities increased by $312
million to $1.9 billion, reflecting higher gross margin at the
Company's generation businesses in Chile and the Philippines. In
addition, collection of receivables at the Company's generation
businesses in Pakistan and lower fuel inventories in Chile improved
working capital.
Proportional Cash Flow from Operating Activities (a non-GAAP financial
measure, see Appendix for definition and reconciliation) increased by
$436 million to $1.2 billion.
Consolidated Free Cash Flow (a non-GAAP financial measure, see
Appendix for definition and reconciliation) increased by $388 million
to $1.5 billion. The 2009 results reflect both higher Consolidated
Operating Cash Flow and lower maintenance capital expenditures.
Proportional Free Cash Flow (a non-GAAP financial measure, see
Appendix for definition and reconciliation) increased by $482 million
to $850 million.
Diluted EPS from Continuing Operations of $1.06 per share, compared to
$1.87 per share in 2008. The 2009 results include a $98 million or
$0.15 gain related to the final settlement of the Northern Kazakhstan
assets sold in 2008. The 2008 results include a net gain from sale of
Northern Kazakhstan assets of $1.05.
Adjusted EPS (a non-GAAP financial measure, see Appendix for
definition and reconciliation), of $0.91, compared to $0.91 per share
in 2008. The 2009 results exclude a $98 million or $0.15 gain related
to the final settlement of the Northern Kazakhstan assets sold in
2008, $0.03 of non-cash, unrealized foreign currency transaction gains
and $0.05 of non-cash mark-to-market derivative losses.
Q3 YTD 2009 Q3 YTD 2008
Diluted Earnings Per Share from Continuing Operations $1.06 $1.87
FAS 133 Mark-to-Market (Gains)/Losses $0.05 ($0.07)
Currency Transaction (Gains)/Losses ($0.03) $0.10
Disposition/Acquisition (Gains)/Losses ($0.19) ($1.31)
Impairment Losses $0.02 $0.07
Debt Retirement (Gains)/Losses - $0.25
Adjusted Earnings Per Share $0.91 $0.91
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See Appendix for more detail.
Other Key Highlights:
Began commercial operation of 434 MW of generation capacity, including
the 380 MW combined cycle natural gas facility Amman East in Jordan,
the 49.5 MW wind facility Huanghua I in China, and 4 MW of Innovent
wind projects in France. The Company has completed 808 MW, or
approximately 23 percent of its 3,500 MW construction program.
Raised approximately $80 million of long-term financing for 10 MW of
solar photovoltaic projects in Western Europe, all of which are
located in markets with attractive feed-in tariffs.
North America utility IPL received a $20 million SmartGrid grant from
the U.S. Department of Energy to install an advanced meter system.
Voluntarily reduced the remaining portion of the Company's senior
unsecured credit facility with Merrill Lynch in October.
2009 Guidance
Based on the Company's performance through the first nine months of 2009
and the current outlook for the remainder of the year, the Company is
increasing its full year earnings guidance and Proportional Cash Flow
guidance.
Summary of key changes made to 2009 full year guidance includes:
Increased midpoint of Adjusted Earnings Per Share (a non-GAAP
financial measure) range by $0.01 to $1.09.
Increased midpoint of Diluted Earnings Per Share from Continuing
Operations range by $0.04 to $1.22.
Increased midpoint of Proportional Free Cash Flow (a non-GAAP
financial measure) range by $50 million to $850 million.
Non-GAAP Financial Measures
See Non-GAAP Financial Measures for definitions of Adjusted Earnings Per
Share, Proportional Gross Margin, Proportional Operating Cash Flow, Free
Cash Flow, Proportional Free Cash Flow and Parent Company Liquidity, as
well as reconciliations to the most comparable GAAP financial measure.
Attachments
Consolidated Statements of Operations, Segment Information, Consolidated
Balance Sheets, Consolidated Statements of Cash Flows, Non-GAAP
Financial Measures, Parent Financial Information and 2009 Financial
Guidance.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power company
with generation and distribution businesses. Through our diverse
portfolio of thermal and renewable fuel sources, we provide affordable
and sustainable energy to 29 countries. Our workforce of 25,000 people
is committed to operational excellence and meeting the world's changing
power needs. Our 2008 revenues were $16 billion and we own and manage
$35 billion in total assets. BusinessWeek named AES to its 2009
"BW 50 Best Performers" list. To learn more, please visit www.aes.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning
of the Securities Act of 1933 and of the Securities Exchange Act of
1934. Such forward-looking statements include, but are not limited to,
those related to future earnings, growth and financial and operating
performance. Forward-looking statements are not intended to be a
guarantee of future results, but instead constitute AES' current
expectations based on reasonable assumptions. Forecasted financial
information is based on certain material assumptions. These assumptions
include, but are not limited to, our accurate projections of future
interest rates, commodity price and foreign currency pricing, continued
normal levels of operating performance and electricity volume at our
distribution companies and operational performance at our generation
businesses consistent with historical levels, as well as achievements of
planned productivity improvements and incremental growth investments at
normalized investment levels and rates of return consistent with prior
experience.
Actual results could differ materially from those projected in our
forward-looking statements due to risks, uncertainties and other
factors. Important factors that could affect actual results are
discussed in AES' filings with the Securities and Exchange Commission,
including, but not limited to, the risks discussed under Item 1A "Risk
Factors" in AES' 2008 Annual Report on Form 10-K. Readers are encouraged
to read AES' filings to learn more about the risk factors associated
with AES' business. AES undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
THE AES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions, except per share amounts) 2009 2008 2009 2008
Revenues $ 3,838 $ 4,319 $ 10,711 $ 12,526
Cost of sales (2,830 ) (3,357 ) (7,973 ) (9,493 )
GROSS MARGIN 1,008 962 2,738 3,033
General and administrative expenses (82 ) (90 ) (255 ) (287 )
Interest expense (421 ) (458 ) (1,195 ) (1,362 )
Interest income 94 156 282 405
Other expense (15 ) (18 ) (67 ) (128 )
Other income 35 63 279 258
Gain on sale of investments 17 - 132 912
Impairment expense (6 ) (22 ) (7 ) (94 )
Foreign currency transaction losses on net monetary position (1 ) (60 ) (13 ) (123 )
Other non-operating expense (2 ) - (12 ) -
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES 627 533 1,882 2,614
Income tax expense (205 ) (168 ) (485 ) (725 )
Net equity in earnings (losses) of affiliates 18 (4 ) 75 38
INCOME FROM CONTINUING OPERATIONS 440 361 1,472 1,927
(Loss) income from operations of discontinued businesses, net of tax - (2 ) - 1
Loss from disposal of discontinued businesses, net of tax - - - (1 )
NET INCOME 440 359 1,472 1,927
Less: Net income attributable to noncontrolling interests (255 ) (214 ) (766 ) (646 )
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION $ 185 $ 145 $ 706 $ 1,281
DILUTED EARNINGS PER SHARE:
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.28 $ 0.22 $ 1.06 $ 1.87
Discontinued operations attributable to The AES Corporation common stockholders, net of tax - - - -
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS $ 0.28 $ 0.22 $ 1.06 $ 1.87
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income from continuing operations, net of tax $ 185 $ 147 $ 706 $ 1,281
Discontinued operations, net of tax - (2 ) - -
NET INCOME $ 185 $ 145 $ 706 $ 1,281
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THE AES CORPORATION
SEGMENT INFORMATION (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions) 2009 2008 2009 2008
REVENUES
Latin America - Generation $ 1,008 $ 1,195 $ 2,794 $ 3,578
Latin America - Utilities 1,672 1,604 4,253 4,644
North America - Generation 486 616 1,463 1,705
North America - Utilities 266 288 817 804
Europe - Generation 157 262 513 834
Asia - Generation 291 372 875 985
Corporate and Other (42 ) (18 ) (4 ) (24 )
Total Revenue $ 3,838 $ 4,319 $ 10,711 $ 12,526
GROSS MARGIN
Latin America - Generation $ 388 $ 385 $ 1,095 $ 1,103
Latin America - Utilities 294 246 640 725
North America - Generation 104 147 346 549
North America - Utilities 65 81 186 194
Europe - Generation 34 40 128 219
Asia - Generation 71 37 195 125
Corporate and Other 52 26 148 118
Total Gross Margin $ 1,008 $ 962 $ 2,738 $ 3,033
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
Latin America - Generation $ 314 $ 355 $ 1,003 $ 915
Latin America - Utilities 257 201 661 700
North America - Generation 35 99 150 380
North America - Utilities 38 49 94 85
Europe - Generation 36 28 281 1,117
Asia - Generation 83 (21 ) 130 (24 )
Corporate and Other (136 ) (178 ) (437 ) (559 )
Total Income from Continuing Operations before Income Taxes and Equity in Earnings of Affiliates $ 627 $ 533 $ 1,882 $ 2,614
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THE AES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
September 30, December 31,
($ in millions, except shares and par value) 2009 2008
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,020 $ 903
Restricted cash 510 729
Short-term investments 1,357 1,382
Accounts receivable, net of allowance for doubtful accounts of $275 and $254, respectively 2,387 2,233
Inventory 578 564
Receivable from affiliates 28 31
Deferred income taxes - current 158 180
Prepaid expenses 274 177
Other current assets 1,416 1,117
Total current assets 8,728 7,316
NONCURRENT ASSETS
Property, Plant and Equipment:
Land 1,092 854
Electric generation, distribution assets, and other 27,467 24,654
Accumulated depreciation (8,799 ) (7,515 )
Construction in progress 4,466 3,410
Property, plant and equipment, net 24,226 21,403
Other assets:
Deferred financing costs, net of accumulated amortization of $292 and $272, respectively 391 366
Investment in and advances to affiliates 1,109 901
Debt service reserves and other deposits 655 636
Goodwill 1,423 1,421
Other intangible assets, net of accumulated amortization of $202 and $185, respectively 487 500
Deferred income taxes - noncurrent 674 567
Other assets 1,568 1,696
Total other assets 6,307 6,087
TOTAL ASSETS $ 39,261 $ 34,806
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,223 $ 1,042
Accrued interest 358 252
Accrued and other liabilities 3,086 2,660
Non-recourse debt - current 1,357 1,074
Recourse debt - current 214 154
Total current liabilities 6,238 5,182
LONG-TERM LIABILITIES
Non-recourse debt - noncurrent 12,791 11,869
Recourse debt - noncurrent 5,298 4,994
Deferred income taxes - noncurrent 1,316 1,132
Pension and other post-retirement liabilities 1,158 1,017
Other long-term liabilities 3,835 3,525
Total long-term liabilities 24,398 22,537
Commitments and contingent liabilities
Cumulative preferred stock of subsidiary 60 60
EQUITY
THE AES CORPORATION STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 1,200,000,000 shares authorized; 677,017,626 issued and 667,483,036 outstanding at September 30, 2009; 673,478,012 issued and 662,786,745 outstanding at December 31, 2008) 7 7
Additional paid-in capital 6,859 6,832
Retained earnings (accumulated deficit) 698 (8 )
Accumulated other comprehensive loss (2,855 ) (3,018 )
Treasury stock, at cost (9,534,590 and 10,691,267 shares at September 30, 2009 and December 31, 2008, respectively) (126 ) (144 )
Total The AES Corporation stockholders' equity 4,583 3,669
NONCONTROLLING INTERESTS 3,982 3,358
Total equity 8,565 7,027
TOTAL LIABILITIES AND EQUITY $ 39,261 $ 34,806
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THE AES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions) 2009 2008 2009 2008
OPERATING ACTIVITIES
Net income $ 440 $ 359 $ 1,472 $ 1,927
Adjustments to net income:
Depreciation and amortization 269 260 767 760
(Gain) loss from sale of investments and impairment expense (12 ) 18 (115 ) (832 )
Provision for deferred taxes 87 88 (24 ) 296
Settlement of non-cash contingencies 40 79 (14 ) 44
Loss (gain) on extinguishment of debt - 1 (3 ) 56
Other 29 44 33 (76 )
Changes in operating assets and liabilities:
Increase in accounts receivable (79 ) (120 ) (82 ) (363 )
Decrease (increase) in inventory 1 (22 ) (10 ) (101 )
Decrease (increase) in prepaid expenses and other current assets 83 182 114 (35 )
Decrease (increase) in other assets 6 (125 ) (133 ) (246 )
Increase (decrease) in accounts payable and accrued liabilities 133 171 (159 ) 156
Increase (decrease) in income taxes receivables and payables, net 42 (1 ) 96 88
Decrease in other long-term liabilities (11 ) (131 ) (43 ) (87 )
Net cash provided by operating activities 1,028 803 1,899 1,587
INVESTING ACTIVITIES
Capital expenditures (572 ) (578 ) (1,765 ) (1,963 )
Acquisitions -- net of cash acquired - 2 - (1,135 )
Proceeds from the sales of businesses - - 2 1,093
Proceeds from the sales of assets 12 22 16 102
Sale of short-term investments 1,008 1,233 3,277 4,121
Purchase of short-term investments (1,034 ) (1,375 ) (2,774 ) (4,262 )
(Increase) decrease in restricted cash (33 ) (59 ) 272 (57 )
Decrease (increase) in debt service reserves and other assets 40 22 80 (38 )
Affiliate advances and equity investments (50 ) (57 ) (137 ) (205 )
Loan advances - - - (173 )
Other investing (31 ) (13 ) (15 ) 79
Net cash used in investing activities (660 ) (803 ) (1,044 ) (2,438 )
FINANCING ACTIVITIES
(Repayments) borrowing under the revolving credit facilities, net (65 ) 183 (96 ) 382
Issuance of recourse debt - - 503 625
Issuance of non-recourse debt 373 342 1,189 1,908
Repayments of recourse debt - - (154 ) (1,037 )
Repayments of non-recourse debt (131 ) (363 ) (622 ) (1,037 )
Payments for deferred financing costs (19 ) (26 ) (72 ) (62 )
Distributions to noncontrolling interests (227 ) (206 ) (561 ) (450 )
Contributions from noncontrolling interests 1 246 75 407
Financed capital expenditures (3 ) (1 ) (27 ) (52 )
Purchase of treasury stock - (143 ) - (143 )
Other financing (17 ) 4 8 21
Net cash (used in) provided by financing activities (88 ) 36 243 562
Effect of exchange rate changes on cash 5 (53 ) 19 (50 )
Total increase (decrease) in cash and cash equivalents 285 (17 ) 1,117 (339 )
Cash and cash equivalents, beginning 1,735 1,721 903 2,043
Cash and cash equivalents, ending $ 2,020 $ 1,704 $ 2,020 $ 1,704
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THE AES CORPORATION
NON-GAAP FINANCIAL MEASURES (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions, except per share amounts) 2009 2008 2009 2008
Reconciliation of Adjusted Earnings Per Share (1)
Diluted EPS From Continuing Operations $ 0.28 $ 0.22 $ 1.06 $ 1.87
FAS 133 Mark to Market (Gains)/Losses 0.03 0.01 0.05 (0.07)
Currency Transaction (Gains)/Losses (0.03) 0.06 (0.03) 0.10
Disposition/Acquisition (Gains)/Losses (0.02) (2) - (0.19) (3) (1.31) ((4))
Impairment Losses - 0.02 (5) 0.02 (6) 0.07 ((7))
Debt Retirement (Gains)/Losses - - - 0.25 ((8))
Adjusted Earnings Per Share (1) $ 0.26 $ 0.31 $ 0.91 $ 0.91
Capital Expenditures
Operational Capital Expenditures (a) $ 134 $ 123 $ 384 $ 437
Environmental Capital Expenditures (b) 10 18 45 68
Maintenance Capital Expenditures (a + b) 144 141 429 505
Growth Capital Expenditures 431 438 1,363 1,510
Total Capital Expenditures $ 575 $ 579 $ 1,792 $ 2,015
Reconciliation of Proportional Operating Cash Flow
Consolidated Operating Cash Flow $ 1,028 $ 803 $ 1,899 $ 1,587
Less: Proportional Adjustment Factor 475 373 741 865
Proportional Operating Cash Flow (9),(10) $ 553 $ 430 $ 1,158 $ 722
Reconciliation of Free Cash Flow
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