El resumen del documento es el siguiente:
1) La compañía Global Power Company reportó ingresos récord y flujo de efectivo neto de las operaciones para el tercer trimestre de 2006.
2) La compañía completó una reestructuración financiera de sus negocios en Brasil que resultó en un cargo no monetario de $500 millones.
3) A pesar del cargo, la compañía continuó creciendo sus negocios a través de nuevos proyectos eólicos y de energía en Texas y Canadá.
This document is CBS Corporation's Business Conduct Statement, which outlines the company's policies regarding compliance, conflicts of interest, confidential information, financial accounting, equal employment, harassment, international business, fair dealing, protection of assets, intellectual property, communications, health and safety, and political contributions. It provides guidance to employees and directors on maintaining high ethical standards and complying with all applicable laws and regulations. Employees and directors are required to disclose any potential conflicts of interest and report any violations of the policies in the statement.
1) The document provides a summary of AES Corporation's scheduled debt maturities and outstanding balances as of September 2003 and projected through 2029.
2) It shows AES had $6.35 billion in total recourse debt and trust preferred securities as of September 2003, with maturities ranging from 2003 to 2027.
3) The largest scheduled maturities were $700 million in 2007, $1.37 billion in 2008, and $518 million in 2029.
The document outlines the charter of the Compensation Committee of the Board of Directors of L-3 Communications Holdings, Inc. The committee is responsible for assisting the board in overseeing executive compensation programs and plans. Key duties include evaluating and setting the compensation of the CEO and other executives, reviewing and approving incentive compensation and equity plans, and preparing an annual report on executive compensation for shareholders. The committee is also tasked with performing annual self-evaluations.
This document is The AES Corporation's Form 10-Q filing for the quarterly period ended March 31, 2001. Some key details:
- It provides unaudited consolidated financial statements for AES, including statements of operations, balance sheets, and cash flows for Q1 2001 and comparative figures for Q1 2000.
- The balance sheet lists AES's total assets as of March 31, 2001 as $35.6 billion, with current assets of $4.9 billion including $1.8 billion in cash. Non-current assets include $21 billion in property, plant and equipment and $9.7 billion in other long-term assets.
- The statement of operations reports net income of $106 million
- The Global Power Company reported strong results for the second quarter of 2006, with revenues increasing 15% and net income increasing 99% compared to the same period last year.
- Earnings per share and cash flow also saw double-digit growth.
- Based on continued strong performance, the Company has raised its guidance for 2006, expecting higher revenues and earnings than previously estimated.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
This document is CBS Corporation's Business Conduct Statement, which outlines the company's policies regarding compliance, conflicts of interest, confidential information, financial accounting, equal employment, harassment, international business, fair dealing, protection of assets, intellectual property, communications, health and safety, and political contributions. It provides guidance to employees and directors on maintaining high ethical standards and complying with all applicable laws and regulations. Employees and directors are required to disclose any potential conflicts of interest and report any violations of the policies in the statement.
1) The document provides a summary of AES Corporation's scheduled debt maturities and outstanding balances as of September 2003 and projected through 2029.
2) It shows AES had $6.35 billion in total recourse debt and trust preferred securities as of September 2003, with maturities ranging from 2003 to 2027.
3) The largest scheduled maturities were $700 million in 2007, $1.37 billion in 2008, and $518 million in 2029.
The document outlines the charter of the Compensation Committee of the Board of Directors of L-3 Communications Holdings, Inc. The committee is responsible for assisting the board in overseeing executive compensation programs and plans. Key duties include evaluating and setting the compensation of the CEO and other executives, reviewing and approving incentive compensation and equity plans, and preparing an annual report on executive compensation for shareholders. The committee is also tasked with performing annual self-evaluations.
This document is The AES Corporation's Form 10-Q filing for the quarterly period ended March 31, 2001. Some key details:
- It provides unaudited consolidated financial statements for AES, including statements of operations, balance sheets, and cash flows for Q1 2001 and comparative figures for Q1 2000.
- The balance sheet lists AES's total assets as of March 31, 2001 as $35.6 billion, with current assets of $4.9 billion including $1.8 billion in cash. Non-current assets include $21 billion in property, plant and equipment and $9.7 billion in other long-term assets.
- The statement of operations reports net income of $106 million
- The Global Power Company reported strong results for the second quarter of 2006, with revenues increasing 15% and net income increasing 99% compared to the same period last year.
- Earnings per share and cash flow also saw double-digit growth.
- Based on continued strong performance, the Company has raised its guidance for 2006, expecting higher revenues and earnings than previously estimated.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
This document is a proxy statement from World Fuel Services Corporation announcing its annual shareholder meeting. The meeting will cover electing eight directors, ratifying the appointment of PricewaterhouseCoopers LLP as the independent auditor, and approving amendments to the World Fuel Services Corporation 2003 Executive Incentive Plan. The proxy statement provides details on these proposals and items of business, gives background information on the company's directors and executive compensation practices, and discloses related party transactions.
The document provides a reconciliation of non-GAAP financial measures for Pepsi Bottling Group's first quarter 2008 earnings conference call. It summarizes restructuring charges and an asset disposal charge that affected comparability between periods. It provides comparable and reported operating income growth, EPS, and guidance figures. It also defines and provides guidance for operating free cash flow.
This document is a Form 10-Q quarterly report filed by The AES Corporation with the SEC for the quarter ended June 30, 2007. The report includes condensed consolidated financial statements for the quarter, including statements of operations, balance sheets, and cash flows. It also includes notes to the financial statements and sections for management discussion/analysis, market risk, controls and procedures, legal proceedings, and other information required as part of the 10-Q filing. The financial statements indicate that for the quarter ended June 30, 2007, AES reported revenues of $3.34 billion, net income of $247 million, and basic earnings per share of $0.37.
The document is a Form 10-Q quarterly report filed by The AES Corporation with the Securities and Exchange Commission for the quarter ending June 30, 2001. It includes financial statements such as the consolidated statements of operations and consolidated balance sheets, as well as notes to the financial statements. The report indicates that for the quarter ending June 30, 2001, AES Corporation had total revenues of $2.2 billion, net income of $112 million, and basic earnings per share of $0.21.
The document is a notice from Sun Microsystems for its 2008 Annual Meeting of Stockholders. It states that the meeting will be held on November 5, 2008 at 10:00am at Sun's Auditorium in Santa Clara, California. The purposes of the meeting are to elect directors, ratify the appointment of the independent auditors, vote on amendments to eliminate supermajority voting provisions and amend the employee stock plan, and consider three stockholder proposals. Stockholders of record as of September 15, 2008 are entitled to vote.
The document outlines the charter of the Nominating and Governance Committee of CBS Corporation. The committee is responsible for identifying and recommending board nominees, assessing board composition, overseeing corporate governance practices, evaluating board performance, and reviewing related party transactions. The committee has authority to retain outside advisors and review director compensation. It will meet at least three times per year and regularly report to the full board.
CBS reported strong financial results for Q4 2006 and full year 2006. Q4 operating income increased 14% and net earnings from continuing operations increased 44% compared to the prior year. For the full year, operating income increased 5% and net earnings from continuing operations increased 16%. Television, Outdoor, and Publishing saw increased revenues and profits, while Radio declined. CBS expects continued growth in the long term through expanding its existing businesses and capitalizing on digital opportunities.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. However, an impairment charge of $14.1 billion resulted in a reported net loss of $12.5 billion for the quarter. While most segments saw revenue growth, lower advertising sales impacted earnings across segments. The company expects full-year operating income and OIBDA to decline mid-teens due to economic conditions negatively impacting advertising.
The document is a notice from Sun Microsystems for its 2008 Annual Meeting of Stockholders. It states that the meeting will be held on November 5, 2008 at 10:00am at Sun's Auditorium in Santa Clara, California. The purposes of the meeting are to elect directors, ratify the appointment of the independent auditors, vote on amendments to eliminate supermajority voting provisions and amend the employee stock plan, and consider three stockholder proposals. Stockholders of record as of September 15, 2008 are entitled to vote.
The document provides condensed consolidated financial statements for Qwest Communications International Inc. as of June 30, 2007. It includes statements of operations, balance sheets, and cash flows. For the quarter ending June 30, 2007:
- Operating revenue was $3.463 billion and net income was $246 million.
- Total current assets were $3.087 billion including $869 million in cash and cash equivalents. Total assets were $20.389 billion.
- Total current liabilities were $4.350 billion including $1.304 billion in current portion of long-term debt. Total liabilities were $21.945 billion.
- Net cash provided by operating activities for the six months ending June 30,
The AES Corporation is a global power company that generates and distributes electricity in 29 countries. It has over $35 billion in total assets and generated $16 billion in revenue in 2008. AES owns and operates 127 generation facilities and manages 5 more, with 25 additional facilities under construction. It has a diverse portfolio that includes thermal and renewable sources and helps reduce risk from commodity price fluctuations.
This document is an amendment to AES Corp's previously filed Form 10-Q for the quarter ending September 30, 2005. It restates financial statements and disclosures to correct errors related to accounting for derivative instruments, income taxes, and minority interest. Specifically, it restates the condensed consolidated balance sheet as of September 30, 2005 and statements of operations and cash flows for quarters in 2004. The errors reduced previously reported net income for one quarter and increased it for another quarter, and reduced stockholders' equity as of January 1, 2003.
The document is a proxy statement from AES Corp notifying shareholders of matters to be voted on at the upcoming annual meeting, including the election of 10 members to the board of directors. It provides background information on each of the 10 nominees, including Richard Darman, the chairman of the board, and Paul Hanrahan, the president and CEO of AES Corp. The proxy statement also outlines other matters such as director compensation, related party transactions, and the ratification of Deloitte & Touche as the company's auditors.
The document is a notice from Sun Microsystems for its 2008 Annual Meeting of Stockholders. It states that the meeting will be held on November 5, 2008 at 10:00am at Sun's Auditorium in Santa Clara, California. Seven items of business will be voted on, including electing directors, ratifying the appointment of the independent auditors, and voting on three stockholder proposals. Stockholders are requested to vote, either by attending the meeting or returning a proxy.
Qwest Communications International Inc. published condensed consolidated financial statements for quarters ending March 2005 through December 2007. The statements show operating revenue decreased slightly from $13.9 billion in 2005 to $13.8 billion in 2007. Net income fluctuated from a loss of $779 million in 2005 to a gain of $2.9 billion in 2007. Total assets decreased from $24.1 billion in 2005 to $22.5 billion in 2007, while total liabilities decreased from $26.7 billion to $22 billion over the same period.
La compañía AES reportó sólidos resultados para el cuarto trimestre y el año completo de 2005. Los ingresos anuales aumentaron un 17% a $11,086 millones, mientras que el ingreso neto aumentó un 111% a $630 millones. El flujo de efectivo de las operaciones aumentó un 38% a $2,165 millones. Sin embargo, la compañía también identificó errores en sus estados financieros de 2003 y 2004 que requirieron una reestamentación, y como resultado se encuentra en incumplimiento bajo su línea de crédito
Este informe presenta los resultados de gestión de la Empresa de Energía de Bogotá S.A. E.S.P. (EEB) durante el año 2016. El informe destaca el buen desempeño financiero de la compañía, con utilidades cercanas a $1.3 billones de pesos y el pago de dividendos por $224.350 millones a sus accionistas. Asimismo, resalta el reconocimiento de las principales calificadoras de riesgo a la solidez financiera de EEB. El informe también resalta el fortalecimiento
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
This document is a proxy statement from World Fuel Services Corporation announcing its annual shareholder meeting. The meeting will cover electing eight directors, ratifying the appointment of PricewaterhouseCoopers LLP as the independent auditor, and approving amendments to the World Fuel Services Corporation 2003 Executive Incentive Plan. The proxy statement provides details on these proposals and items of business, gives background information on the company's directors and executive compensation practices, and discloses related party transactions.
The document provides a reconciliation of non-GAAP financial measures for Pepsi Bottling Group's first quarter 2008 earnings conference call. It summarizes restructuring charges and an asset disposal charge that affected comparability between periods. It provides comparable and reported operating income growth, EPS, and guidance figures. It also defines and provides guidance for operating free cash flow.
This document is a Form 10-Q quarterly report filed by The AES Corporation with the SEC for the quarter ended June 30, 2007. The report includes condensed consolidated financial statements for the quarter, including statements of operations, balance sheets, and cash flows. It also includes notes to the financial statements and sections for management discussion/analysis, market risk, controls and procedures, legal proceedings, and other information required as part of the 10-Q filing. The financial statements indicate that for the quarter ended June 30, 2007, AES reported revenues of $3.34 billion, net income of $247 million, and basic earnings per share of $0.37.
The document is a Form 10-Q quarterly report filed by The AES Corporation with the Securities and Exchange Commission for the quarter ending June 30, 2001. It includes financial statements such as the consolidated statements of operations and consolidated balance sheets, as well as notes to the financial statements. The report indicates that for the quarter ending June 30, 2001, AES Corporation had total revenues of $2.2 billion, net income of $112 million, and basic earnings per share of $0.21.
The document is a notice from Sun Microsystems for its 2008 Annual Meeting of Stockholders. It states that the meeting will be held on November 5, 2008 at 10:00am at Sun's Auditorium in Santa Clara, California. The purposes of the meeting are to elect directors, ratify the appointment of the independent auditors, vote on amendments to eliminate supermajority voting provisions and amend the employee stock plan, and consider three stockholder proposals. Stockholders of record as of September 15, 2008 are entitled to vote.
The document outlines the charter of the Nominating and Governance Committee of CBS Corporation. The committee is responsible for identifying and recommending board nominees, assessing board composition, overseeing corporate governance practices, evaluating board performance, and reviewing related party transactions. The committee has authority to retain outside advisors and review director compensation. It will meet at least three times per year and regularly report to the full board.
CBS reported strong financial results for Q4 2006 and full year 2006. Q4 operating income increased 14% and net earnings from continuing operations increased 44% compared to the prior year. For the full year, operating income increased 5% and net earnings from continuing operations increased 16%. Television, Outdoor, and Publishing saw increased revenues and profits, while Radio declined. CBS expects continued growth in the long term through expanding its existing businesses and capitalizing on digital opportunities.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. However, an impairment charge of $14.1 billion resulted in a reported net loss of $12.5 billion for the quarter. While most segments saw revenue growth, lower advertising sales impacted earnings across segments. The company expects full-year operating income and OIBDA to decline mid-teens due to economic conditions negatively impacting advertising.
The document is a notice from Sun Microsystems for its 2008 Annual Meeting of Stockholders. It states that the meeting will be held on November 5, 2008 at 10:00am at Sun's Auditorium in Santa Clara, California. The purposes of the meeting are to elect directors, ratify the appointment of the independent auditors, vote on amendments to eliminate supermajority voting provisions and amend the employee stock plan, and consider three stockholder proposals. Stockholders of record as of September 15, 2008 are entitled to vote.
The document provides condensed consolidated financial statements for Qwest Communications International Inc. as of June 30, 2007. It includes statements of operations, balance sheets, and cash flows. For the quarter ending June 30, 2007:
- Operating revenue was $3.463 billion and net income was $246 million.
- Total current assets were $3.087 billion including $869 million in cash and cash equivalents. Total assets were $20.389 billion.
- Total current liabilities were $4.350 billion including $1.304 billion in current portion of long-term debt. Total liabilities were $21.945 billion.
- Net cash provided by operating activities for the six months ending June 30,
The AES Corporation is a global power company that generates and distributes electricity in 29 countries. It has over $35 billion in total assets and generated $16 billion in revenue in 2008. AES owns and operates 127 generation facilities and manages 5 more, with 25 additional facilities under construction. It has a diverse portfolio that includes thermal and renewable sources and helps reduce risk from commodity price fluctuations.
This document is an amendment to AES Corp's previously filed Form 10-Q for the quarter ending September 30, 2005. It restates financial statements and disclosures to correct errors related to accounting for derivative instruments, income taxes, and minority interest. Specifically, it restates the condensed consolidated balance sheet as of September 30, 2005 and statements of operations and cash flows for quarters in 2004. The errors reduced previously reported net income for one quarter and increased it for another quarter, and reduced stockholders' equity as of January 1, 2003.
The document is a proxy statement from AES Corp notifying shareholders of matters to be voted on at the upcoming annual meeting, including the election of 10 members to the board of directors. It provides background information on each of the 10 nominees, including Richard Darman, the chairman of the board, and Paul Hanrahan, the president and CEO of AES Corp. The proxy statement also outlines other matters such as director compensation, related party transactions, and the ratification of Deloitte & Touche as the company's auditors.
The document is a notice from Sun Microsystems for its 2008 Annual Meeting of Stockholders. It states that the meeting will be held on November 5, 2008 at 10:00am at Sun's Auditorium in Santa Clara, California. Seven items of business will be voted on, including electing directors, ratifying the appointment of the independent auditors, and voting on three stockholder proposals. Stockholders are requested to vote, either by attending the meeting or returning a proxy.
Qwest Communications International Inc. published condensed consolidated financial statements for quarters ending March 2005 through December 2007. The statements show operating revenue decreased slightly from $13.9 billion in 2005 to $13.8 billion in 2007. Net income fluctuated from a loss of $779 million in 2005 to a gain of $2.9 billion in 2007. Total assets decreased from $24.1 billion in 2005 to $22.5 billion in 2007, while total liabilities decreased from $26.7 billion to $22 billion over the same period.
La compañía AES reportó sólidos resultados para el cuarto trimestre y el año completo de 2005. Los ingresos anuales aumentaron un 17% a $11,086 millones, mientras que el ingreso neto aumentó un 111% a $630 millones. El flujo de efectivo de las operaciones aumentó un 38% a $2,165 millones. Sin embargo, la compañía también identificó errores en sus estados financieros de 2003 y 2004 que requirieron una reestamentación, y como resultado se encuentra en incumplimiento bajo su línea de crédito
Este informe presenta los resultados de gestión de la Empresa de Energía de Bogotá S.A. E.S.P. (EEB) durante el año 2016. El informe destaca el buen desempeño financiero de la compañía, con utilidades cercanas a $1.3 billones de pesos y el pago de dividendos por $224.350 millones a sus accionistas. Asimismo, resalta el reconocimiento de las principales calificadoras de riesgo a la solidez financiera de EEB. El informe también resalta el fortalecimiento
Este documento describe las reformas implementadas en Uruguay y otras economías para eliminar los obstáculos al emprendimiento. Anteriormente, en Uruguay los empresarios debían depositar el 212% del ingreso per cápita como capital mínimo y pagar impuestos era engorroso. Hoy en día, los emprendedores deciden qué capital necesitan y los pagos de impuestos son más fáciles. A nivel global, muchas economías eliminaron los requisitos de capital mínimo pagado, lo que ha facilitado la creación de empresas.
Este documento presenta información sobre la empresa peruana Backus y Johnston. Incluye una breve reseña histórica de la compañía, fundada en 1876. También describe la misión, visión, fortalezas, oportunidades, debilidades y amenazas de la empresa. Además, analiza diversos indicadores financieros de Backus entre 2006-2007, como ratios de liquidez, gestión, rentabilidad y endeudamiento. El documento concluye que la liquidez y eficiencia de cobros disminuyó en ese periodo, mientras que la rentabil
Análisis de la situación financiera del sector de Llantas y Servicios Automot...Fenalco Antioquia
Análisis de la situación financiera del sector de Llantas y Servicios Automotrices de Jairo Betancur Gómez para el VI Simposio de Llantas, Servicios Automotrices y Afines.
El documento presenta los resultados financieros de Grupo IMSA para el segundo trimestre de 2023. Los ingresos aumentaron un 30,5% impulsados principalmente por el crecimiento de Otek. La utilidad neta aumentó un 385% alcanzando COP 65.200 millones. El EBITDA creció un 278% a COP 115.400 millones, superando las proyecciones. Se destaca el fuerte crecimiento de Otek y el cumplimiento de las ventas de MCM. Sin embargo, los negocios en Brasil y Addimentum no alcanzaron las metas plan
El documento proporciona información sobre la empresa peruana Backus y Johnston, incluyendo su historia desde 1876, descripción actual, misión, visión, fortalezas, oportunidades, debilidades y amenazas. También explica conceptos clave de análisis financiero como ratios de liquidez, gestión, endeudamiento y rentabilidad, aplicados a Backus para los años 2006 y 2007.
La justificación de la investigación es entender cuándo es conveniente que una empresa financie sus operaciones con líneas de crédito sin riesgo de afectar su rentabilidad. Se analizarán los estados financieros de 2009 de Aceros Arequipa S.A. para evaluar el efecto de su estructura de pasivos en la rentabilidad.
Este documento presenta una serie de actividades financieras para analizar un caso de estudio de una empresa. Incluye instrucciones para desarrollar un balance inicial, calcular grados de apalancamiento operativo y financiero, analizar propuestas, y calcular y analizar el Valor Económico Agregado. El documento proporciona detalles sobre los ingresos, costos y gastos proyectados de la empresa para guiar el análisis.
El documento discute el régimen de consolidación fiscal en México que permite a grupos de empresas consolidar sus resultados fiscales. Esto les permite compensar las pérdidas de una empresa con las ganancias de otra, reduciendo significativamente el pago de impuestos. Si bien este régimen fue diseñado originalmente para simplificar la administración tributaria, en la práctica se utiliza para eludir impuestos en detrimento de las finanzas públicas. El documento argumenta que es urgente derogar este régimen debido a que reduce de manera injusta la recaud
La compañía Colombiana de Telefonías Móviles está premiando a 4 empleados por sus altas ventas. Lilian Gómez Correa y Juan Camilo Restrepo recibirán un viaje a Jamaica, y sus salarios aumentarán un 50% para 2020 por ventas de más de $1 millón. César Augusto Arias y Valeria Caicedo Agredo también tendrán un aumento salarial del 50% por ventas superiores a $750 mil. La compañía desea a todos una feliz Navidad y próspero año nuevo.
El documento resume un decreto que exonera del pago del impuesto sobre la renta (ISLR) a personas naturales residentes en Venezuela sobre sus ingresos anuales netos equivalentes a menos de 3.000 unidades tributarias. Explica que los ingresos anuales inferiores a 450.000 bolívares no están sujetos a declaración voluntaria del ISLR para el año fiscal 2015. También incluye ejemplos prácticos de cómo declarar el ISLR teniendo en cuenta esta exoneración.
El documento presenta varios ejercicios de pronóstico de ventas utilizando diferentes métodos. En el primer ejercicio se aplica el método de incremento absoluto para pronosticar las ventas de un hotel en 2020. En el segundo ejercicio se utiliza el método de incremento porcentual para pronosticar las ventas de un restaurante en 2020. En el tercer ejercicio se aplica el método de opinión gerencial para pronosticar las ventas de una empresa de dulces en 2010.
Este documento presenta cuatro casos de estudio de empresas (Papelera Azul S.A., Ricitos S.A., PABX S.A. y Newmov S.A.) para que sean analizados y valuados. Se proporciona información financiera e histórica de cada empresa así como supuestos clave y se pide calcular métricas como el WACC, flujos de efectivo y valor de la firma para cada caso.
Valorización de Intradevco al 2018. Resultados cercanos al valor de compra de Alicorp sin prima por acción. Supuestos en base a proyecciones CEPLAN y BCR, se utiliza un modelo econometrico de regresion multiple. Analisis FODA y benchmark. Analisis de sensibilidad.
El reporte anual de 2018 de Alicorp resume los logros del año, incluyendo el crecimiento de las ventas consolidadas en un 19.3% gracias a las adquisiciones de Fino y SAO en Bolivia. Alicorp también mejoró su EBITDA en un 18.3% y su utilidad neta en un 27.7%, excluyendo ajustes contables. El reporte destaca el sólido desempeño de las operaciones en Perú, Bolivia, Ecuador y Chile, a pesar de desafíos en Argentina y Brasil. Alicorp continuará apalanc
El documento proporciona instrucciones para elaborar un flujo de caja. Explica que un flujo de caja proyecta los flujos de efectivo de una empresa en un período determinado para identificar necesidades y excesos de liquidez. Luego detalla los pasos para elaborar un flujo de caja, incluyendo definir ingresos, egresos, saldos iniciales y finales, y proporciona un ejemplo numérico para ilustrar el proceso.
El documento proporciona instrucciones para elaborar un flujo de caja. Explica que un flujo de caja proyecta los flujos de efectivo de una empresa en un período determinado para identificar las necesidades y excesos de liquidez. Luego detalla los pasos para elaborar un flujo de caja, incluyendo definir los ingresos, egresos, saldos iniciales y finales, y provee un ejemplo numérico para ilustrar el proceso.
El documento proporciona criterios para elaborar un flujo de caja, incluyendo definirlo como una proyección de los flujos de efectivo de una empresa en un período determinado. Explica que debe basarse en datos objetivos y seguir el principio de prudencia, siendo estrictos con los ingresos y flexibles con los egresos. También describe los aspectos a considerar como saldo inicial, ingresos, egresos, flujo de caja económico, financiamiento y saldo final.
The document discusses Pepsi Bottling Group's use of non-GAAP financial measures to provide additional context for investors beyond standard GAAP reporting. It defines one such measure, Operating Free Cash Flow (OFCF), as cash from operations less capital expenditures plus excess tax benefits from stock options. Management uses OFCF to evaluate business performance and liquidity. The document provides Pepsi's forecast for 2007 OFCF between $530-550 million and outlines adjustments made to certain first quarter 2007 financial results to exclude foreign currency translation impacts.
The document discusses Pepsi Bottling Group's (PBG) use of non-GAAP financial measures to provide additional context for investors beyond standard GAAP reporting. It provides non-GAAP adjusted figures for PBG's second quarter 2007 results which exclude the impact of foreign currency translation. It also gives adjusted guidance figures for full year 2007 diluted EPS and effective tax rate which exclude the impact of reversing tax contingencies. Finally, it defines and discusses the non-GAAP measure of operating free cash flow, and provides PBG's estimated range for full year 2007 operating free cash flow.
The document provides reconciliations of Pepsi Bottling Group's (PBG) reported and comparable non-GAAP financial measures for the third quarter and year-to-date 2007, including net revenue, gross profit, operating income, earnings per share (EPS), and operating free cash flow (OFCF). It also provides PBG's 2007 guidance ranges on a reported and adjusted basis, adjusting for items affecting comparability including tax matters, restructuring charges, and asset rationalization charges.
pepsi bottling Non Gaap Investor Day121307finance19
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group to GAAP measures for 2005-2007 and 2008 guidance. It summarizes adjustments made for items affecting comparability between years, including restructuring charges, tax law changes, and accounting rule changes. Operating profit growth, EPS, and cash flow are reconciled for these periods. Non-GAAP measures are used to evaluate underlying business performance by excluding certain non-recurring or variable items.
The document summarizes Pepsi Bottling Group's (PBG) fourth quarter 2007 earnings conference call. It provides non-GAAP financial measures to allow for meaningful year-over-year comparisons. Items affecting comparability in 2007 include a tax contingency reversal, tax law changes, and restructuring charges. The document also reconciles 2007 and Q4 2007 reported results to comparable results. Guidance for 2008 reported and comparable operating income growth and EPS is also provided.
The document summarizes Pepsi Bottling Group's second quarter 2008 earnings conference call. It discusses non-GAAP financial measures used by the company to provide meaningful year-over-year comparisons and evaluate underlying business performance. Items affecting comparability between years are also reviewed, including restructuring charges, asset disposal charges, and tax items. Specific metrics for certain international markets and 2008 guidance figures both on a comparable and reported basis are also presented. Operating free cash flow is defined and full-year 2008 expectations provided.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
The document provides reconciliations of non-GAAP financial measures and items affecting comparability for The Pepsi Bottling Group's third quarter 2008 earnings conference call. It summarizes restructuring charges, asset disposal charges, a tax audit settlement, tax law changes, and stock-based compensation adjustments. It also provides comparable and reported figures for net revenue, operating income, earnings per share, and other metrics. Guidance is given for full-year 2008 measures on a comparable and reported basis.
The document provides financial information and reconciliation of non-GAAP measures for The Pepsi Bottling Group's fourth quarter 2008 earnings conference call. It summarizes items affecting comparability for 2008 and 2009, including impairment charges, restructuring charges, and the impact of foreign exchange rates. It also provides the company's operating free cash flow for 2008 and guidance for comparable net revenues, costs, operating income, earnings per share, and operating free cash flow for 2009.
The document provides reconciliation of non-GAAP financial measures for The Pepsi Bottling Group for 2008. It summarizes items affecting comparability between years such as impairment charges, restructuring charges, and accounting standard changes. Tables show the impact of these items on operating income, net revenues, operating profit, and earnings per share for 2008 compared to 2005, 2007, and 2003. The document also provides 2009 guidance forecasts for revenue growth, operating income growth, earnings per share, and operating free cash flow.
The document discusses PBG's financial highlights and growth in 2000. Key points:
1) PBG had strong financial results in 2000, with net revenues of $7.982 billion and EPS of $1.53, up from 1999. Operating income and EBITDA also grew substantially.
2) Two-thirds of PBG's business comes from take-home sales. In 2000 PBG focused on growing its bottled water and flavor carbonated soft drink segments in the take-home market.
3) PBG launched Sierra Mist, a new lemon-lime flavor, to capitalize on the fast growing lemon-lime segment of the carbonated soft drink category. The launch was swift in
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
World Fuel Services Corporation reported strong financial results for 2003 with revenue increasing 40% to $2.7 billion compared to 2002. Net income increased 52.5% to $21.9 million resulting in diluted earnings per share rising 48.5% to $1.96. Both the aviation and marine fuel divisions experienced increased revenue and income from operations. Looking forward, the company expects continued growth with the recent acquisition of Tramp Oil, one of the largest marine fuel services groups.
World Fuel Services Corporation reported strong financial results for 2003 with revenue increasing 40% to $2.7 billion compared to 2002. Net income increased 52.5% to $21.9 million resulting in diluted earnings per share rising 48.5% to $1.96. Both the aviation and marine divisions experienced growth in revenue and income from operations. The company also strengthened its balance sheet and acquired Tramp Oil, one of the largest marine fuel services groups. World Fuel Services expects continued growth and success in the future driven by its global presence and service offerings.
Desafíos del Habeas Data y las nuevas tecnología enfoque comparado Colombia y...mariaclaudiaortizj
El artículo aborda los desafíos del Habeas Data en el marco de las Nuevas Tecnologías de la Información y Comunicación (NTIC), comparando las legislaciones de Colombia y España. Desde la Declaración de los Derechos del Hombre en 1948 hasta la implementación del Reglamento General de Protección de Datos (GDPR) en Europa, la protección de la privacidad ha ganado importancia a nivel mundial. El objetivo principal del artículo es analizar cómo las legislaciones de Colombia y España abordan la protección de datos personales, comparando sus enfoques normativos y evaluando la eficacia de sus marcos legales en el contexto de la digitalización avanzada. Se hace uso de un enfoque mixto que combina análisis cualitativo detallado de documentos legales y cuantitativo descriptivo para comparar la prevalencia de ciertos principios en las normativas. Los hallazgos indican que España ha establecido un marco legal robusto y detallado desde 1978, alineándose con las directrices de la UE y el GDPR, mientras que Colombia, aunque ha progresado con leyes como la Ley 1581 de 2012, todavía podría beneficiarse de adoptar aspectos del régimen europeo para mejorar su protección de datos. Este análisis subraya la importancia de las reformas legales y políticas en la protección de datos, crucial para asegurar la privacidad en una sociedad digital y globalizada.
Palabras clave: Avances tecnológicos, Derecho en la era digital, Habeas Data, Marco jurídico y Protección de datos personales.
vehiculo importado desde pais extrajero contien documentos respaldados como ser la factura comercial de importacion un seguro y demas tambien indica la partida arancelaria que deb contener este vehículo 3. La importadora PARISBOL TRUCK IMPORT SOCIEDAD DE RESPONSABILIDAD LIMITADA perteneciente a Bolivia, trae desde CHILE , un vehículo Automóvil con un número de ruedas de 6 Número del chasis YV2RT40A0HB828781 De clase tractocamión, con dos puertas . El precio es de 35231,46 dólares, la importadora tiene los siguientes datos para el cálculo de sus costos:
• Flete de $ 1500 por contenedor
• El deducible es de 10 % de la SA y la prima neta de 0.02% de la SA
• ARANCEL DE IMPORTACIÓN 20% • ALMACÉN ADUANERO 1.5%
• DESPACHO ADUANERO 2.1%
• IVA 14.94%
• PERCEPCIÓN 0.3%
• OTROS GASTOS DE IMPORTACIÓN $US
• Derecho de emisión 4.20
• Handling 58 • Descarga 69
• Servicios aduana 30
• Movilización de carga 70.10
• Transporte interno 150
• Gastos operativos 70
• Otros gastos 100 • Comisión agente de 0.05% CIF
GASTOS FINANCIEROS o GASTOS APERTURA DE L/C (0.3 % FOB) o Intereses proveedor $ 1050 CALULAR:
i) El valor FOB
j) hallar la suma asegurada de la mercancía y la prima neta que se debe pagar a la compañía aseguradora, y el valor CIF
k) El total de derechos e impuestos
l) El costo total de importación y el factor
m) El costo unitario de importación de cada alfombra en $us y Bs. (tipo de cambio: Bs.6.85)
El crédito y los seguros como parte de la educación financieraMarcoMolina87
El crédito y los seguros, son temas importantes para desarrollar en la ciudadanía capacidades que le permita identificar su capacidad de endeudamiento, los derechos y las obligaciones que adquiere al obtener un crédito y conocer cuáles son las formas de asegurar su inversión.
Antes de iniciar el contenido técnico de lo acontecido en materia tributaria estos últimos días de mayo; quisiera referirme a la importancia de una expresión tan sabia aplicable a tantas situaciones de la vida, y hoy, meritoria de considerar en el prefacio del presente análisis -
"no se extraña lo que nunca se ha tenido".
Con esta frase me quiero referir a las empresas que funcionan en las zonas de Iquique y Punta Arenas, acogidas a los beneficios de las zonas francas, y que, por ende, no pagan impuesto de primera categoría. En palabras técnicas estas empresas no mantienen saldos en sus registros SAC, y por ello, este nuevo Impuesto Sustitutivo, sin duda, es una tremenda y gran noticia.
Lo mismo se puede extender a las empresas que por haber aplicado beneficios de reinversión sumado a las ventajas transitorias de la menor tasa de primera categoría pagada; me refiero a las pymes en su mayoría. Han acumulado un monto de créditos menor en su registro SAC.
En estos casos, no es mucho lo que se tiene que perder.
Lo interesante, es que este ISRAI nace desde un pago efectivo de recursos, lo que exigirá a las empresas evaluar muy bien desde su posición financiera actual, y la planificación de esta, en un horizonte de corto plazo, considerar las alternativas que se disponen.
El 15 de mayo de 2024, el Congreso aprobó el proyecto de ley que “crea un Fondo de Emergencia Transitorio por incendios y establece otras medidas para la reconstrucción”, el cual se encuentra en las últimas etapas previo a su publicación y posterior entrada en vigencia.
Este proyecto tiene por objetivo establecer un marco institucional para organizar los esfuerzos públicos, con miras a solventar los gastos de reconstrucción y otras medidas de recuperación que se implementarán en la Región de Valparaíso a raíz de los incendios ocurridos en febrero de 2024.
Dentro del marco de “otras medidas de reconstrucción”, el proyecto crea un régimen opcional de impuesto sustitutivo de los impuestos finales (denominado también ISRAI), con distintas modalidades para sociedades bajo el régimen general de tributación (artículo 14 A de la ley sobre Impuesto a la Renta) y bajo el Régimen Pyme (artículo 14 D N° 3 de la ley sobre Impuesto a la Renta).
Para conocer detalles revisa nuestro artículo completo aquí BBSC® Impuesto Sustitutivo 2024.
Por Claudia Valdés Muñoz cvaldes@bbsc.cl +56981393599
1.
The Global Power Company NEWS RELEASE
Media Contact: Robin Pence 703-682-6552
Investor Contact: Scott Cunningham 703-682-6336
AES REPORTS RECORD THIRD QUARTER REVENUES AND CASH FLOW
Brazil Restructuring Allowing AES to Receive Future Brazil Dividends
Results in Non‐Cash Charge of $500 Million
ARLINGTON, VA., November 6, 2006 – The AES Corporation (NYSE:AES) today
reported record revenues and net cash from operating activities for the third quarter of
2006. Revenues increased 14% to $3.15 billion, compared to $2.76 billion in the third
quarter of 2005, while net cash from operating activities increased 35% to $837 million,
compared to $619 million last year.
During the quarter, the Company completed a portion of a broad financial restructuring
of its Brazil businesses by selling part of its interest in Eletropaulo, a regulated utility.
AES voting control was unaffected by the sale, and the proceeds were used in early
October to repay in full $608 million in debt and accrued interest owed to the Brazilian
National Development Bank (BNDES). Refinancing of the remaining holding company
debt is expected to be completed later in the fourth quarter. The restructuring resulted
in a $500 million after‐tax, non‐cash charge, or $0.76 diluted loss per share impact,
resulting in a third quarter 2006 GAAP loss and reducing year to date GAAP earnings.
Included in the non‐cash charge is a $0.07 per share favorable adjusted earnings per
share benefit. The charge and estimated impact was previously disclosed on the
Company’s second quarter 2006 earnings conference call on August 7, 2006. The loss
related primarily to the non‐cash realization of cumulative currency translation losses
associated with the Eletropaulo share sale.
On a GAAP basis, which includes the one‐time charge, the third quarter 2006 net loss
was $340 million, or $0.52 diluted loss per share, while the net loss from continuing
operations was $353 million, or $0.54 diluted loss per share. Adjusted earnings per
share (a non‐GAAP financial measure) was a positive $0.34 per share for the quarter.
These results compare to third quarter 2005 net income of $244 million, or $0.37 diluted
earnings per share, net income from continuing operations of $214 million, or $0.32
diluted earnings per share, and adjusted earnings per share of $0.31.
‐ more ‐
2. -2-
For the nine months ending September 30, 2006 compared to the same 2005 period:
• Revenues increased 14% to $9.17 billion from last year’s $8.05 billion.
• Net cash from operating activities increased 24% to $1.81 billion from last year’s
$1.46 billion.
• Net income was $180 million, or $0.27 diluted earnings per share, versus $453
million, or $0.68 diluted earnings per share.
• Net income from continuing operations was $213 million, or $0.32 diluted earnings
per share, compared to $423 million, or $0.64 diluted earnings per share.
• Adjusted earnings per share were $1.05 compared to $0.59.
“This successful restructuring of our Brazil holding company allows us to reduce
subsidiary debt and to receive future dividends from these businesses,” said Paul
Hanrahan, President and Chief Executive Officer. “During the quarter, we continued to
grow our business. We signed a long‐term power purchase agreement and began
construction in Texas of our largest wind project to date. We also signed a new power
purchase agreement for a coal and biomass‐fired power plant in Canada and continued
to add quality projects to our business development pipeline.”
Prior period results reflect the decision in the second quarter of this year to dispose of
two businesses and account for them as discontinued operations.
The Company reported the following highlights for the third quarter of 2006:
• The 14% revenue increase (approximately 12% excluding estimated foreign currency
translation impacts) reflects higher prices in all segments, higher demand in
Contract Generation and Regulated Utilities and consolidation of Itabo in Contract
Generation.
• Gross margin increased 9% over the prior year due to higher demand, consolidation
of Itabo and favorable foreign exchange rates in Brazil. Gross margin as a percent of
revenue declined 160 basis points to 30.9% driven by higher fuel and maintenance
costs in both Contract Generation and Competitive Supply.
• General and administrative expense increased $17 million, largely from higher
business development spending and increased corporate staffing. The Company
continues to strengthen its finance function in areas such as accounting and tax.
• The $500 million after‐tax, non‐cash Brazil restructuring charge includes $537
million recorded as loss on sale of subsidiary stock, $18 million of foreign currency
transaction losses related to a transaction‐related hedge, $121 million in favorable
tax benefits, and $66 million of minority interest expense.
‐ more ‐
3. -3-
• Income tax for the 2006 period includes a $20 million unfavorable adjustment due to
the recent identification and correction of an error on the 2004 income tax return.
• Net income for the third quarter includes $13 million associated with discontinued
operations including a $5 million gain on the previously announced sale of our
Indian Queens business in the U.K. and operating earnings from the discontinued
operations.
• Free cash flow (a non‐GAAP financial measure) increased to $664 million from $380
million in the third quarter of 2005. See the attached Non‐GAAP Measures for
further information on adjusted earnings per share and free cash flow.
The Company also reported the following segment highlights for the third quarter:
• Regulated Utilities segment revenues increased 13%, or approximately 7% excluding
estimated foreign currency translation impacts, primarily driven by higher prices
and demand in Latin America. Gross margin increased 29%, largely resulting from
the increased revenues, while gross margin as a percent of revenue improved to
28.0% primarily due to lower transmission costs in Latin America and a favorable
business tax settlement in Cameroon. Eletropaulo recorded an increase in labor
contingencies which was offset by a correction to depreciation expense.
• Contract Generation segment revenues increased 20%. Foreign currency translation
was not a significant factor in the quarter. The increase largely relates to
consolidation of Itabo, a Dominican Republic business previously carried as an
equity investment, and higher demand. Gross margin was consistent with the prior
quarter as higher emission allowance sales in Europe were offset by higher
maintenance costs in Latin America and North America. Gross margin as a percent
of revenue fell to 36.1% due to higher fuel costs and maintenance expenses.
• Competitive Supply segment revenues grew 3%, or approximately 4% excluding the
estimated impacts of foreign currency translation, primarily reflecting higher prices
in Argentina and New York. Gross margin fell 20% and gross margin as a percent of
revenues declined to 25.4% largely due to outage related costs in North America.
The Company revised its guidance for earnings from continuing operations to $0.28 per
share from $1.05 per share previously, largely reflecting the Brazil restructuring charge
impacts in the third and fourth quarters. It increased its adjusted earnings per share
guidance to $1.09 per share, which includes an estimated $0.05 per share non‐recurring
benefit from the Brazil restructuring, from $1.01 per share previously. The updated
guidance also includes expected costs associated with certain fourth quarter debt
refinancing transactions. The operating scenario underlying this guidance assumes a
number of factors, including effective tax rate, foreign exchange rates, commodity
‐ more ‐
6. THE AES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions, except per share amounts) 2006 2005 2006 2005
Revenues $ 3,150 $ 2,759 $ 9,170 $ 8,051
Cost of sales (2,176) (1,862) (6,326) (5,805)
GROSS MARGIN 974 897
2,844 2,246
General and administrative expenses (66) (49) (180) (143)
Interest expense (488) (448) (1,362) (1,389)
Interest income 119 96 325 278
Other (expense) income, net (41) (11) (138) 41
Gain on sale of investments ‐ ‐ 87 ‐
Loss on sale of subsidiary stock (537) ‐ (537) ‐
Foreign currency transaction (losses) gains on net monetary position (56) (21) (77) (54)
Equity in earnings of affiliates 28 20 87 66
(LOSS) INCOME BEFORE INCOME TAXES AND
MINORITY INTEREST (67) 484
1,049 1,045
Income tax expense (74) (173) (370) (400)
Minority interest expense (212) (97) (466) (222)
(LOSS) INCOME FROM CONTINUING OPERATIONS (353) 214
213 423
Income (loss) from operations of discontinued businesses, net of tax 8 30 (59) 30
Gain on sale of discontinued business, net of tax 5 ‐ 5 ‐
Extraordinary item, net of tax ‐ ‐ 21 ‐
NET (LOSS) INCOME $ (340) $ 244
$ 180
$ 453
DILUTED EARNINGS PER SHARE
(Loss) Income from continuing operations $ (0.54) $ 0.32
$ 0.32 $ 0.64
Discontinued operations 0.02 0.05
(0.08) 0.04
Extraordinary items ‐ ‐ 0.03 ‐
DILUTED (LOSS) EARNINGS PER SHARE $ (0.52) $ 0.37
$ 0.27 $ 0.68
Diluted weighted average shares outstanding (in millions) 658 677 670 664
7. THE AES CORPORATION
SEGMENT INFORMATION (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
($ in millions) 2006 2005 2006 2005
BUSINESS SEGMENTS
REVENUES
Regulated Utilities $ 1,565 $ 1,387 $ 4,541 $ 4,142
Contract Generation 1,250 1,046 3,600 3,019
Competitive Supply 335 326 1,029 890
Total revenues $ 3,150 $ 2,759 $ 9,170 $ 8,051
GROSS MARGIN
Regulated Utilities $ 438 $ 339 $ 1,212 $ 816
Contract Generation 451 452 1,301 1,197
Competitive Supply 85 106 331 233
Total gross margin $ 974 $ 897 $ 2,844 $ 2,246
(LOSS) INCOME BEFORE INCOME TAXES AND MINORITY INTEREST
Regulated Utilities $ (257) $ 195 $ 255 $ 504
Contract Generation 302 347 1,020 811
Competitive Supply 56 86 295 193
Corporate (168) (144) (521) (463)
Total (loss) income before income taxes and minority interest $ (67) $ 484 $ 1,049 $ 1,045
GEOGRAPHIC SEGMENTS
REVENUES
Latin America $ 1,842 $ 1,606 $ 5,243 $ 4,635
North America 778 737 2,267 2,049
Europe & Africa 325 265 1,007 914
Asia & Middle East 205 151 653 453
Total revenues $ 3,150 $ 2,759 $ 9,170 $ 8,051
GROSS MARGIN
Latin America $ 593 $ 520 $ 1,696 $ 1,123
North America 239 265 672 691
Europe & Africa 74 40 273 215
Asia & Middle East 68 72 203 217
Total gross margin $ 974 $ 897 $ 2,844 $ 2,246
(LOSS) INCOME BEFORE INCOME TAXES AND MINORITY INTEREST
Latin America $ (123) $ 351 $ 709 $ 737
North America 123 188 468 423
Europe & Africa 43 30 229 182
Asia & Middle East 57 58 163 165
Corporate (167) (143) (520) (462)
Total (loss) income before income taxes and minority interest $ (67) $ 484 $ 1,049 $ 1,045
8. THE AES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
September 30, December 31,
($ in millions, except shares and par value) 2006 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,989 $ 1,387
Restricted cash
460
418
Short term investments
569
199
Accounts receivable, net of reserves of $261 and $274, respectively
1,883
1,597
Inventory
507
458
Receivable from affiliates
5
2
Deferred income taxes ‐ current
330
266
Prepaid expenses
154
119
Other current assets
947
752
Current assets of held for sale and discontinued businesses
34
34
Total current assets
6,878
5,232
PROPERTY, PLANT AND EQUIPMENT
Land
936
858
Electric generation and distribution assets
23,449
22,235
Accumulated depreciation (6,768) (6,041)
Construction in progress
1,785
1,441
Property, plant and equipment, net
19,402
18,493
OTHER ASSETS
Deferred financing costs, net
319
293
Investment in and advances to affiliates
576
670
Debt service reserves and other deposits
621
568
Goodwill
1,412
1,406
Deferred income taxes ‐ noncurrent
816
775
Noncurrent assets of held for sale and discontinued businesses
94
265
Other assets
1,818
1,730
Total other assets
5,656
5,707
TOTAL ASSETS $
31,936 $ 29,432
LIABILITIES AND STOCKHOLDERSʹ EQUITY
CURRENT LIABILITIES
Accounts payable $
1,071 $
1,093
Accrued interest
509
381
Accrued and other liabilities
2,302
2,101
Current liabilities of held for sale and discontinued businesses
49
51
Recourse debt ‐ current portion ‐
200
Non‐recourse debt ‐ current portion
2,022
1,580
Total current liabilities
5,953
5,406
LONG‐TERM LIABILITIES
Non‐recourse debt
10,604
11,093
Recourse debt
4,783
4,682
Deferred income taxes ‐ noncurrent
735
721
Long‐term liabilities of held for sale and discontinued businesses
56
136
Pension liabilities and other post‐retirement liabilities
879
855
Other long‐term liabilities
3,313
3,279
Total long‐term liabilities
20,370
20,766
Minority Interest (including discontinued operations of $7 and $7, respectively)
2,940 1,611
STOCKHOLDERSʹ EQUITY
Common stock ($.01 par value, 1,200,000,000 shares authorized; 663,424,313 and
655,882,836 shares issued and outstanding, respectively)
7
7
Additional paid‐in capital
6,581
6,517
Accumulated deficit (1,034) (1,214)
Accumulated other comprehensive loss (2,881) (3,661)
Total stockholdersʹ equity
2,673
1,649
TOTAL LIABILITIES AND STOCKHOLDERSʹ EQUITY $
31,936 $ 29,432
9. THE AES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Nine Months Ended
September 30,
($ in millions) 2006 2005
OPERATING ACTIVITIES
Net cash provided by operating activities $ 1,814 $
1,464
INVESTING ACTIVITIES
Capital expenditures (1,045) (799)
Acquisitions, net of cash acquired (22) (85)
Proceeds from the sale of business
817
‐
Proceeds from the sale of assets
10 21
Sale of short‐term investments 1,161
1,101
Purchase of short‐term investments (1,463) (1,053)
(Increase) decrease in restricted cash (51) 17
Proceeds from the sale of emission allowances
75 30
Purchase of emission allowances (30)
(2)
Decrease in debt service reserves and other assets 1
88
Purchase of long‐term available for sale securities (52)
‐
Other investing (16) (15)
Net cash used in investing activities (615) (697)
FINANCING ACTIVITIES
Borrowings under the revolving credit facilities, net
104
‐
Issuance of recourse debt ‐
6
Issuance of non‐recourse debt 1,572
1,509
Repayments of recourse debt (150) (258)
Repayments of non‐recourse debt (1,978) (2,064)
Payments of deferred financing costs (64) (10)
Distributions to minority interests (210) (126)
Contributions from minority interests
117
9
Issuance of common stock
59 20
Financed capital expenditures (54)
‐
Other financing (7)
(4)
Net cash used in financing activities (611) (918)
Effect of exchange rate changes on cash
14 32
Total increase (decrease) in cash and cash equivalents
602 (119)
Cash and cash equivalents, beginning 1,387
1,272
Cash and cash equivalents, ending $ 1,989 $ 1,153
10. THE AES CORPORATION
NON‐GAAP MEASURES (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
($ per share)
Diluted (Loss) Earnings Per Share From Continuing Operations $ (0.54) $ 0.32 $ 0.32 $ 0.64
FAS 133 Mark to Market (Gains)/Losses 0.02 (0.01) 0.01 0.00
Currency Transaction (Gains)/Losses 0.02 ‐ 0.01 (0.05)
Net Asset (Gains)/Losses and Impairments 0.84 ‐ 0.68 ‐
Debt Retirement (Gains)/Losses ‐ ‐ 0.03 ‐
Adjusted Earnings Per Share (1) $ 0.34 $
0.31 $ 1.05 $ 0.59
Capital Expenditures ($ Millions)
Maintenance Capital Expenditures $ 173 $ 239 $ 539 $ 509
Growth Capital Expenditures 306
31 560 290
Capital Expenditures $ 479 $
270 $ 1,099 $ 799
Reconciliation of Free Cash Flow ($ Millions)
Net Cash from Operating Activities $ 837 $
619 $ 1,814 $ 1,464
Less: Maintenance Capital Expenditures 173
239 539 509
Free Cash Flow (2) $ 664 $
380 $ 1,275 $ 955
(1)
Adjusted earnings per share (a non‐GAAP financial measure) is defined as diluted earnings per
share from continuing operations excluding gains or losses associated with (a) mark to market
amounts related to FAS 133 derivative transactions, (b) foreign currency transaction impacts on
the net monetary position related to Brazil, Venezuela, and Argentina, (c) significant asset gains
or losses due to disposition transactions and impairments, and (d) costs related to the early
retirement of recourse debt. AES believes that adjusted earnings per share better reflects the
underlying business performance of the Company, and is considered in the Companyʹs internal
evaluation of financial performance. Factors in this determination include the variability
associated with mark‐to‐market gains or losses related to certain derivative transactions,
currency transaction gains or losses, periodic strategic decisions to dispose of certain assets
which may influence results in a given period, and the early retirement of corporate debt.
(2)
Results exclude businesses placed in discontinued operations effective June 30, 2006.
11. The AES Corporation
DRAFT Parent Financial Information
Parent only data: last four quarters
($ in millions) 4 Quarters Ended
September 30, June 30, March 31, December 31,
Total subsidiary distributions & returns of capital to Parent 2006 2006 2006 2005
Actual Actual Actual Actual
Subsidiary distributions to Parent $ 1,014 $ 937 $ 930 $ 988
Net distributions to/(from) QHCs (1) - - - 5
Subsidiary distributions 1,014 937 930 993
Returns of capital distributions to Parent 68 34 42 44
(1)
Net returns of capital distributions to/(from) QHCs - - 13 13
Returns of capital distributions 68 34 55 57
Combined distributions & return of capital received 1,082 971 985 1,050
Less: combined net distributions & returns of capital to/(from) QHCs(1) - - (13) (18)
Total subsidiary distributions & returns of capital to parent $ 1,082 $ 971 $ 972 $ 1,032
Parent only data: quarterly
($ in millions) Quarter Ended
September 30, June 30, March 31, December 31,
Total subsidiary distributions & returns of capital to Parent 2006 2006 2006 2005
Actual Actual Actual Actual
Subsidiary distributions to Parent $ 352 $ 177 $ 132 $ 354
Net distributions to/(from) QHCs (1) - - - -
Subsidiary distributions 352 177 132 354
Returns of capital distributions to Parent 34 29 - 5
(1)
Net returns of capital distributions to/(from) QHCs - - - -
Returns of capital distributions 34 29 - 5
Combined distributions & return of capital received 386 206 132 359
Less: combined net distributions & returns of capital to/(from) QHCs(1) - - - -
Total subsidiary distributions & returns of capital to Parent $ 386 $ 206 $ 132 $ 359
Liquidity (2) Balance at
($ in millions) September 30, June 30, March 31, December 31,
2006 2006 2006 2005
Actual Actual Actual Actual
Cash at Parent $ 172 $ 71 $ 148 $ 262
Availability under revolver 764 567 898 356
Cash at QHCs (1) 37 7 17 6
Ending liquidity $ 973 $ 645 $ 1,063 $ 624
(1)
The cash held at qualifying holding companies (QHCs) represents cash sent to subsidiaries of the company domiciled outside of the US. Such subsidiaries had no
contractual restrictions on their ability to send cash to AES, the Parent Company (Parent). Cash at those subsidiaries was used for investment and related activities outside of
the US. These investments included equity investments and loans to other foreign subsidiaries as well as development and general costs and expenses incurred outside the
US. Since the cash held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and QHCs as a useful measure of
cash available to the Parent to meet its international liquidity needs.
(2)
AES believes that unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the non-recourse nature of most
of AES’s indebtedness.
12. THE AES CORPORATION
2006 FINANCIAL GUIDANCE UPDATE
Updated Guidance Prior Guidance
Income Statement Elements
Revenue Growth 9 to 10% 7 to 8%
(% change vs prior year)
Gross Margin $3.5 to 3.6 billion $3.5 to 3.6 billion
Income Before Tax and Minority Interest (4) $1.1 to 1.2 billion ‐‐
Diluted Earnings Per Share From Continuing Operations $0.28 $1.05
Adjusted Earnings Per Share Factors (1) (5) $0.81 ($0.04)
Adjusted Earnings Per Share (1) (5) $1.09 $1.01
Cash Flow Elements
Net Cash From Operating Activities $2.3 to 2.4 billion $2.2 to 2.3 billion
Maintenance Capital Expenditures $800 to 900 million $800 to 900 million
Free Cash Flow (1) $1.4 to 1.6 billion $1.3 to 1.5 billion
Subsidiary Distributions (2) $1.0 billion $1.0 billion
Parent Growth Investments (3) $500 to 600 million $500 to 600 million
(1) Non‐GAAP measure. See Non‐GAAP Measures.
(2) Non‐GAAP measure. See Parent Financial Information.
(3) Excludes other sources of funds. Total 2006 property additions are estimated to be $1.6 to $1.7 billion, including
certain growth projects not yet awarded. Maintenance capital expenditures are expected to be $800 million
to $900 million and growth capital expenditures are expected to be $800 million to $900 million.
(4) Includes estimated $630 million non‐recurring Brazil restructuring charges. Prior business segment income before tax and
minority interest guidance is withdrawn.
(5) Updated guidance includes approximately $0.05 per share Brazil restructuring non‐recurring benefit.
Note: Certain foreign exchange and interest rate sensitivities previously provided have not been updated.