| | Publié le 24 février 2015 | Dynegy Announces Full Year 2014 Results, Updates 2015 Guidance |
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Article
|
Commentaires
|
Commenter
|
Notation
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♥
Suivre la société
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|
| Dynegy Announces Full Year 2014 Results, Updates 2015 Guidance | |
| | |
|
HOUSTON--(BUSINESS WIRE)--
Dynegy Inc. (DYN) reported 2014 consolidated Adjusted EBITDA of
$347 million, compared to $227 million for 2013. The $120 million
increase in Adjusted EBITDA was primarily due to the December 2, 2013
addition of Illinois Power Holdings (IPH), improved realized power
prices in the Coal segment and improved spark spreads and generation
volumes in the Gas segment. These gains were partially offset by lower
revenues from the Moss Landing toll and the Independence capacity
contract expiration in the Gas segment and higher delivered fuel costs
for the Coal segment. The operating loss for the full year 2014 was $19
million compared to an operating loss of $318 million for the full year
2013. The net loss attributable to Dynegy Inc. for the full year 2014
was $273 million, compared to a net loss of $356 million for the full
year 2013.
Dynegy reported fourth quarter 2014 consolidated Adjusted EBITDA of $67
million, compared to $63 million for the fourth quarter 2013. The $4
million increase in Adjusted EBITDA was primarily due to the addition of
IPH and was partially offset by lower revenues associated with the Moss
Landing toll and expiration of the Independence capacity contract.
Operating income was $12 million for the fourth quarter 2014 compared to
an operating loss of $107 million for the same period in 2013. The net
loss attributable to Dynegy Inc. for the fourth quarter 2014 was $104
million, compared to a net loss of $91 million for the fourth quarter
2013.
“We achieved our 2014 Adjusted EBITDA guidance and exceeded the top end
of our Free Cash Flow guidance range which had been increased this past
August. Higher realized power prices and spark spreads during the year
more than offset contract expirations at our Moss Landing and
Independence plants,” said Dynegy President and Chief Executive Officer,
Robert C. Flexon. “We are progressing through the regulatory review
process of our pending acquisitions and will move quickly to close the
Duke Midwest, EquiPower, and Brayton Point transactions following FERC
approval. Post-closing, the Company will have a diverse footprint in
what we believe are the best power markets in the US. With meaningful
asset retirements on the horizon, capacity and energy prices are set to
increase over the next few years and will drive significant free cash
flow for the benefit of the Company and our stockholders.”
Full Year Comparative Results
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
(in millions)
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Operating income (loss)
|
|
|
$
|
52
|
|
|
|
$
|
(2
|
)
|
|
|
$
|
79
|
|
|
|
$
|
(148
|
)
|
|
|
$
|
(19
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
51
|
|
|
|
37
|
|
|
|
155
|
|
|
|
4
|
|
|
|
247
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
3
|
|
Amortization expense
|
|
|
(6
|
)
|
|
|
(7
|
)
|
|
|
63
|
|
|
|
-
|
|
|
|
50
|
|
Earnings from unconsolidated investments
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
10
|
|
Other items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39
|
)
|
|
|
(39
|
)
|
EBITDA (1)
|
|
|
97
|
|
|
|
28
|
|
|
|
307
|
|
|
|
(180
|
)
|
|
|
252
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
Acquisition and integration costs
|
|
|
-
|
|
|
|
16
|
|
|
|
-
|
|
|
|
19
|
|
|
|
35
|
|
Mark-to-market (income) loss, net
|
|
|
(44
|
)
|
|
|
38
|
|
|
|
22
|
|
|
|
12
|
|
|
|
28
|
|
Change in fair value of common stock warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
40
|
|
|
|
40
|
|
Income attributable to noncontrolling interest
|
|
|
-
|
|
|
|
(6
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(6
|
)
|
Gain on sale of assets, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(18
|
)
|
|
|
-
|
|
|
|
(18
|
)
|
Other
|
|
|
9
|
|
|
|
7
|
|
|
|
-
|
|
|
|
3
|
|
|
|
19
|
|
Adjusted EBITDA (1)
|
|
|
$
|
62
|
|
|
|
$
|
83
|
|
|
|
$
|
311
|
|
|
|
$
|
(109
|
)
|
|
|
$
|
347
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2013
|
|
|
|
(in millions)
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Operating income (loss)
|
|
|
$
|
(207
|
)
|
|
|
$
|
(17
|
)
|
|
|
$
|
7
|
|
|
|
$
|
(101
|
)
|
|
|
$
|
(318
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
50
|
|
|
|
3
|
|
|
|
160
|
|
|
|
3
|
|
|
|
216
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Amortization expense
|
|
|
126
|
|
|
|
(2
|
)
|
|
|
127
|
|
|
|
-
|
|
|
|
251
|
|
Earnings from unconsolidated investments
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
2
|
|
Other items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
6
|
|
|
|
8
|
|
EBITDA (1)
|
|
|
(31
|
)
|
|
|
(16
|
)
|
|
|
298
|
|
|
|
(93
|
)
|
|
|
158
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Acquisition and integration costs
|
|
|
-
|
|
|
|
20
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20
|
|
Mark-to-market loss, net
|
|
|
25
|
|
|
|
8
|
|
|
|
4
|
|
|
|
-
|
|
|
|
37
|
|
Change in fair value of common stock warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Other
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
10
|
|
Adjusted EBITDA (1)
|
|
|
$
|
(4
|
)
|
|
|
$
|
12
|
|
|
|
$
|
302
|
|
|
|
$
|
(83
|
)
|
|
|
$
|
227
|
|
|
|
|
(1)
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures and are
used by management to evaluate Dynegy’s business on an ongoing
basis. Please refer to Item 2.02 of Dynegy’s Form 8-K which is
available on the Company’s website: www.dynegy.com
and filed on February 24, 2015, for definitions, purposes and uses
of such non-GAAP financial measures. A reconciliation of EBITDA to
Operating income (loss) is presented above. General and
administrative expenses are not allocated to each segment and are
included in the Other segment. Management does not allocate
interest expense and income taxes on a segment level and therefore
uses Operating income (loss) as the most directly comparable GAAP
measure.
|
|
|
|
Fourth Quarter Comparative Results
|
|
|
|
|
|
|
Quarter Ended December 31, 2014
|
|
|
|
(in millions)
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Operating income (loss)
|
|
|
$
|
50
|
|
|
|
$
|
12
|
|
|
|
$
|
7
|
|
|
|
$
|
(57
|
)
|
|
|
$
|
12
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
12
|
|
|
|
9
|
|
|
|
40
|
|
|
|
1
|
|
|
|
62
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Amortization expense
|
|
|
(2
|
)
|
|
|
4
|
|
|
|
6
|
|
|
|
-
|
|
|
|
8
|
|
Other items, net
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
4
|
|
|
|
3
|
|
EBITDA (1)
|
|
|
60
|
|
|
|
24
|
|
|
|
53
|
|
|
|
(51
|
)
|
|
|
86
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Acquisition and integration costs
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
10
|
|
|
|
18
|
|
Mark-to-market (income) loss, net
|
|
|
(51
|
)
|
|
|
4
|
|
|
|
(1
|
)
|
|
|
12
|
|
|
|
(36
|
)
|
Change in fair value of common stock warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
Net income attributable to noncontrolling interest
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
Gain on sale of assets, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(1
|
)
|
Other
|
|
|
2
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
Adjusted EBITDA (1)
|
|
|
$
|
11
|
|
|
|
$
|
38
|
|
|
|
$
|
51
|
|
|
|
$
|
(33
|
)
|
|
|
$
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2013
|
|
|
|
(in millions)
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Operating loss
|
|
|
$
|
(44
|
)
|
|
|
$
|
(17
|
)
|
|
|
$
|
(23
|
)
|
|
|
$
|
(23
|
)
|
|
|
$
|
(107
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
14
|
|
|
|
3
|
|
|
|
42
|
|
|
|
1
|
|
|
|
60
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Amortization expense
|
|
|
31
|
|
|
|
(2
|
)
|
|
|
32
|
|
|
|
-
|
|
|
|
61
|
|
Earnings from unconsolidated investments
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
2
|
|
Other items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
1
|
|
EBITDA (1)
|
|
|
1
|
|
|
|
(16
|
)
|
|
|
55
|
|
|
|
(22
|
)
|
|
|
18
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Acquisition and integration costs
|
|
|
-
|
|
|
|
20
|
|
|
|
-
|
|
|
|
(6
|
)
|
|
|
14
|
|
Mark-to-market loss, net
|
|
|
9
|
|
|
|
8
|
|
|
|
12
|
|
|
|
-
|
|
|
|
29
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
3
|
|
Adjusted EBITDA (1)
|
|
|
$
|
10
|
|
|
|
$
|
12
|
|
|
|
$
|
67
|
|
|
|
$
|
(26
|
)
|
|
|
$
|
63
|
|
|
|
|
(1)
|
|
EBITDA and Adjusted EBITDA are non-GAAP financial measures and are
used by management to evaluate Dynegy’s business on an ongoing
basis. Please refer to Item 2.02 of Dynegy’s Form 8-K which is
available on the Company’s website: www.dynegy.com
and filed on February 24, 2015, for definitions, purposes and uses
of such non-GAAP financial measures. A reconciliation of EBITDA to
Operating (income) loss is presented above. General and
administrative expenses are not allocated to each segment and are
included in the Other segment. Management does not allocate
interest expense and income taxes on a segment level and therefore
uses Operating income (loss) as the most directly comparable GAAP
measure.
|
|
|
|
Segment Review of Results Year-over-Year
Coal - The full year 2014 operating income was $52 million,
compared to an operating loss of $207 million for the full year 2013.
Adjusted EBITDA totaled $62 million during 2014 compared to a loss of $4
million in 2013. The $66 million year-over-year increase in Adjusted
EBITDA is primarily due to higher realized energy prices and lower
operating and maintenance expense that more than offset lower generation
volumes and higher delivered fuel costs due to a contracted price
increase.
IPH - The full year 2014 operating loss was $2 million, compared
to an operating loss of $17 million for the one month of ownership in
2013. Adjusted EBITDA totaled $83 million during 2014 compared to $12
million in 2013. The year-over-year increase in Adjusted EBITDA is
primarily due to a full year of ownership in 2014, compared to one month
in 2013.
Gas - The full year 2014 operating income was $79 million,
compared to $7 million for the full year 2013. Adjusted EBITDA totaled
$311 million during 2014 compared to $302 million in 2013. The $9
million year-over-year increase in Adjusted EBITDA is primarily due to
improved spark spreads and generation volumes at Independence and
Ontelaunee. That and higher capacity revenue at Kendall were partially
offset by a decrease in revenues associated with the Moss Landing
tolling agreement and the Independence capacity contract expirations.
Segment Review of Results Quarter-over-Quarter
Coal - The fourth quarter 2014 operating income was $50 million,
compared to an operating loss of $44 million for the same period in
2013. Adjusted EBITDA for the segment was relatively steady, totaling
$11 million during the fourth quarter 2014 compared to $10 million
during the same period in 2013, due to higher realized prices being
largely offset by a decline in generation volumes primarily due to a
planned outage at Baldwin.
IPH - The fourth quarter 2014 operating income was $12 million,
compared to an operating loss of $17 million for the one month of
ownership in 2013. Adjusted EBITDA totaled $38 million during the fourth
quarter 2014 compared to $12 million during the same period in 2013. The
quarter-over-quarter increase in Adjusted EBITDA reflects full ownership
during the quarter in 2014 versus one month ownership in 2013.
Gas - The fourth quarter 2014 operating income was $7 million,
compared to an operating loss of $23 million for the same period in
2013. Adjusted EBITDA totaled $51 million during the fourth quarter 2014
compared to $67 million during the same period in 2013. The
quarter-over-quarter decrease in Adjusted EBITDA is primarily due to a
decrease in revenues associated with the Moss Landing toll agreement and
Independence capacity contract expirations.
Liquidity
As of December 31, 2014, Dynegy’s total available liquidity was $2.2
billion as reflected in the table below.
|
|
|
|
|
|
|
|
|
December 31, 2014
|
(amounts in millions)
|
|
|
|
Dynegy Inc.
|
|
|
IPH (1) (2)
|
|
|
Total
|
Revolving Facilities and LC capacity (3)
|
|
|
|
$
|
530
|
|
|
|
$
|
-
|
|
|
|
$
|
530
|
|
Less: Outstanding letters of credit
|
|
|
|
(178
|
)
|
|
|
-
|
|
|
|
(178
|
)
|
Revolving Facilities and LC availability
|
|
|
|
352
|
|
|
|
-
|
|
|
|
352
|
|
Cash and cash equivalents
|
|
|
|
1,696
|
|
|
|
174
|
|
|
|
1,870
|
|
Total available liquidity
|
|
|
|
$
|
2,048
|
|
|
|
$
|
174
|
|
|
|
$
|
2,222
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes Cash and cash equivalents of $126 million related to Genco.
|
|
|
(2)
|
|
Due to the ring-fenced nature of IPH, cash at the IPH and Genco
entities may not be moved out of these entities without meeting
certain criteria. However, cash at these entities is available to
support current operations of these entities.
|
|
|
(3)
|
|
Includes $475 million of available capacity related to the Revolving
Facility and $55 million related to a letter of credit with
Macquarie Bank.
|
|
|
|
|
|
Consolidated Cash Flow
Cash provided by operations for the full year of 2014 was $163 million.
During the full year 2014, our power generation business provided cash
of $451 million. Corporate and other activities used cash of $230
million primarily due to interest payments related to our debt and
payments for acquisition-related costs. In addition, changes in working
capital and other, including general and administrative expenses, used
cash of approximately $58 million.
Cash used in investing activities totaled $5.3 billion for the full year
of 2014, which consisted primarily of a $5.1 billion cash outflow
related to restricted cash balances due to escrow requirements
associated with the senior notes private placement in October 2014 for
the transactions financing. During the full year of 2014, capital
expenditures totaled $132 million, including $90 million in maintenance
capital expenditures, $33 million in environmental capital expenditures
and $9 million in capitalized interest.
Cash provided by financing activities during the quarter was $6.1
billion primarily due to $6.2 billion in proceeds from transactions
financing in October 2014.
PRIDE Reloaded
The Company launched the PRIDE (Producing Results through Innovation by
Dynegy Employees) Reloaded program a year ago with a three-year target
of $135 million in operating improvements and $165 million in balance
sheet efficiencies. In 2014, the Company exceeded its $60 million EBITDA
improvement target and its $65 million balance sheet efficiency target
and due to the Company’s performance to date, is set to accelerate its
pace to achieve its three-year targets by the end of 2015—a full year
ahead of schedule. After the transactions close, the newly acquired
EquiPower and Duke Midwest assets will be added to the PRIDE Reloaded
program and consolidated targets for 2016 will be set. The overall goal
of the PRIDE Reloaded program continues to be improving operating
performance, cost structure and balance sheet efficiency to drive
incremental cash flow benefits.
2015 Guidance
Dynegy has updated its 2015 guidance target using February 10 price
curves. Given the later than expected acquisition closing dates, Dynegy
has revised its 2015 guidance targets to a range of $825 million to
$1,025 million in consolidated full year Adjusted EBITDA and $100
million to $300 million in Free Cash Flow, prior to acquisition-related
costs and discretionary capital expenditures. Whereas prior guidance
estimates assumed a January 1 close, new guidance estimates assume an
April 1 close for the pending Duke Midwest, EquiPower and Brayton Point
transactions.
Other Recent Developments
Capacity Contract Sales - Total capacity sales through bilateral
wholesale and retail channels are nearly 7,500 MW through planning year
2019/2020 at a weighted average price of over $3.00/kW-month. This
represents sales of over 20% of the available capacity. The Company sold
1,400 MW of bilateral capacity in MISO during 2014.
New England Capacity Auction - The 2018/2019 New England
(ISO-NE) capacity auction cleared at $9.55 per kW-month for most
resources, a $2.52 per kW-month increase from the prior year’s capacity
auction clearing price – a $70 million increase in gross margin for the
consolidated company post acquisition closing. The New England capacity
price for 2018/2019 is significantly higher than the estimated capacity
price used in our acquisition analysis.
Baldwin Transmission Projects - In Q4 of 2014 we signed a
construction agreement with Ameren Transmission to implement several
transmission projects designed to alleviate network congestion around
our Baldwin facility. The first project will be completed in June 2015
with the upgrade of the Baldwin facility’s transformer. Additional
transmission line work will be performed through 2017.
California Strategic Review - The sales process for the
California portfolio has been terminated as the bids received were below
our view of the portfolio’s value.
Newton Scrubber Project - Dynegy has converted the
engineering, procurement, and construction contract for the Newtown
Scrubber Project from a target price agreement to a fixed-price
contract. As a result, the forecasted cost to complete has been lowered
by $30 million to $224 million. The majority of the capital outlay will
occur in 2018-2019.
Investor Conference Call/Webcast
Dynegy’s earnings presentation and management comments on the earnings
presentation will be available on the “Investor Relations” section of www.dynegy.com
later today. Dynegy will answer questions about its fourth quarter and
full year 2014 financial results during an investor conference call and
webcast tomorrow, February 25, 2015 at 9 a.m. ET/8 a.m. CT. Participants
may access the webcast from the Company’s website.
About Dynegy
We are committed to leadership in the electricity sector. With
approximately 13,000 megawatts of power generation capacity and two
retail electricity companies, we serve our customers and markets by
providing safe, reliable and economic energy. Homefield Energy and
Dynegy Energy Services are retail electricity providers serving
businesses and residents in Illinois.
Forward-Looking Statement
This press release contains statements reflecting assumptions,
expectations, projections, intentions or beliefs about future events
that are intended as “forward-looking statements,” particularly those
statements concerning timing of FERC approval and closing of the Duke
Midwest, EquiPower and Brayton Point transactions; Dynegy’s post-closing
position in the U.S. power markets; expectations regarding future
capacity and energy prices and subsequent benefits to Dynegy and its
stockholders; execution of its PRIDE reloaded target in balance sheet
and operating improvements by year-end 2015, including improving
operating performance, cost structure and the balance sheet efficiency
to drive cash flow benefits; anticipated earnings and cash flows and
Dynegy’s 2015 Adjusted EBITDA and Free Cash Flow guidance. Historically,
Dynegy’s performance has deviated, in some cases materially, from its
cash flow and earnings guidance. Discussion of risks and uncertainties
that could cause actual results to differ materially from current
projections, forecasts, estimates and expectations of Dynegy is
contained in Dynegy’s filings with the Securities and Exchange
Commission (the “SEC”). Specifically, Dynegy makes reference to, and
incorporates herein by reference, the section entitled “Risk Factors” in
its 2014 Form 10-K (when filed). In addition to the risks and
uncertainties set forth in Dynegy’s SEC filings, the forward-looking
statements described in this press release could be affected by, among
other things, (i) beliefs and assumptions about weather and general
economic conditions;(ii) beliefs, assumptions and projections regarding
the demand for power, generation volumes and commodity pricing,
including natural gas prices and the timing of a recovery in natural gas
prices, if any; (iii) beliefs and assumptions about market competition,
generation capacity and regional supply and demand characteristics of
the wholesale and retail market, including the anticipation of plant
retirements and higher market pricing over the longer term; (iv)
sufficiency of, access to and costs associated with coal, fuel oil and
natural gas inventories and transportation thereof; (v) the effects of,
or changes to, MISO, PJM, CAISO, NYISO or ISO-NE power and capacity
procurement processes; (vi) expectations regarding environmental
matters, including costs of compliance, availability and adequacy of
emission credits and the impact of ongoing proceedings and potential
regulations or changes to current regulations, including those relating
to climate change, air emissions, cooling water intake structures, coal
combustion byproducts and other laws and regulations to which we are, or
could become, subject; (vii) beliefs about the outcome of legal,
administrative, legislative and regulatory matters; (viii) projected
operating or financial results, including anticipated cash flows from
operations, revenues and profitability; (ix) our focus on safety and our
ability to efficiently operate our assets so as to capture revenue
generating opportunities and operating margins; (x) our ability to
mitigate forced outage risk as it pertains to new rules and regulations
on capacity related to capacity performance in PJM and performance
incentives in ISO-NE; (xi) our ability to optimize our assets through
targeted investment in cost effective technology enhancements; (xii) the
effectiveness of our strategies to capture opportunities presented by
changes in commodity prices and to manage our exposure to energy price
volatility; (xiii) efforts to secure retail sales and the ability to
grow the retail business; (xiv) efforts to identify opportunities to
reduce congestion and improve busbar power prices; (xv) ability to
mitigate impacts associated with expiring RMR and/or capacity contracts;
(xvi) expectations regarding our compliance with the Credit Agreement,
including collateral demands, interest expense, any applicable financial
ratios and other payments; (xvii) expectations regarding performance
standards and capital and maintenance expenditures; (xviii) the timing
and anticipated benefits to be achieved through our company-wide
improvement programs, including our PRIDE initiative; (xix) expectations
regarding the synergies, financing, completion, timing, terms and
anticipated benefits of the Duke Midwest, EquiPower and Brayton Point
transactions; (xx) beliefs about the costs and scope of the ongoing
demolition and site remediation efforts at the South Bay and Vermilion
facilities; (xxi) the strategic evaluation of our California assets; and
(xxii) beliefs regarding redevelopment efforts for the Morro Bay
facility.
|
|
|
|
|
DYNEGY INC.
REPORTED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE DATA)
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
Revenues
|
|
|
|
$
|
2,497
|
|
|
|
|
$
|
1,466
|
|
Cost of sales, excluding depreciation expense
|
|
|
|
(1,661
|
)
|
|
|
|
(1,145
|
)
|
Gross margin
|
|
|
|
836
|
|
|
|
|
321
|
|
Operating and maintenance expense
|
|
|
|
(477
|
)
|
|
|
|
(308
|
)
|
Depreciation expense
|
|
|
|
(247
|
)
|
|
|
|
(216
|
)
|
Gain on sale of assets, net
|
|
|
|
18
|
|
|
|
|
2
|
|
General and administrative expense
|
|
|
|
(114
|
)
|
|
|
|
(97
|
)
|
Acquisition and integration costs
|
|
|
|
(35
|
)
|
|
|
|
(20
|
)
|
Operating loss
|
|
|
|
(19
|
)
|
|
|
|
(318
|
)
|
Bankruptcy reorganization items, net
|
|
|
|
3
|
|
|
|
|
(1
|
)
|
Earnings from unconsolidated investments
|
|
|
|
10
|
|
|
|
|
2
|
|
Interest expense
|
|
|
|
(223
|
)
|
|
|
|
(97
|
)
|
Loss on extinguishment of debt
|
|
|
|
-
|
|
|
|
|
(11
|
)
|
Other income and expense, net
|
|
|
|
(39
|
)
|
|
|
|
8
|
|
Loss from continuing operations before income taxes
|
|
|
|
(268
|
)
|
|
|
|
(417
|
)
|
Income tax benefit
|
|
|
|
1
|
|
|
|
|
58
|
|
Loss from continuing operations
|
|
|
|
(267
|
)
|
|
|
|
(359
|
)
|
Income from discontinued operations, net of tax
|
|
|
|
-
|
|
|
|
|
3
|
|
Net loss
|
|
|
|
(267
|
)
|
|
|
|
(356
|
)
|
Less: Net income attributable to noncontrolling interest
|
|
|
|
6
|
|
|
|
|
-
|
|
Net loss attributable to Dynegy Inc.
|
|
|
|
(273
|
)
|
|
|
|
(356
|
)
|
Less: Dividends on preferred stock
|
|
|
|
5
|
|
|
|
|
-
|
|
Net loss attributable to Dynegy Inc. common stockholders
|
|
|
|
$
|
(278
|
)
|
|
|
|
$
|
(356
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Loss Per Share:
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share attributable to Dynegy Inc. common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations (1)
|
|
|
|
$
|
(2.65
|
)
|
|
|
|
$
|
(3.59
|
)
|
Income from discontinued operations
|
|
|
|
-
|
|
|
|
|
0.03
|
|
Basic and diluted loss per share attributable to Dynegy Inc. common
stockholders
|
|
|
|
$
|
(2.65
|
)
|
|
|
|
$
|
(3.56
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted shares outstanding
|
|
|
|
105
|
|
|
|
|
100
|
|
|
|
|
|
|
(1) The reconciliation of basic loss per share from continuing
operations to diluted loss per share from continuing operations of
our common stock outstanding during the period is presented below:
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
Loss from continuing operations
|
|
|
|
$
|
(267
|
)
|
|
|
|
$
|
(359
|
)
|
Less: Net income attributable to noncontrolling interest
|
|
|
|
6
|
|
|
|
|
-
|
|
Loss from continuing operations attributable to Dynegy Inc.
|
|
|
|
(273
|
)
|
|
|
|
(359
|
)
|
Less: Dividends on preferred stock
|
|
|
|
5
|
|
|
|
|
-
|
|
Loss from continuing operations attributable to Dynegy Inc. common
stockholders
|
|
|
|
$
|
(278
|
)
|
|
|
|
$
|
(359
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted-average shares (2)
|
|
|
|
105
|
|
|
|
|
100
|
|
Basic and diluted loss per share from continuing operations
attributable to Dynegy Inc. common stockholders
|
|
|
|
$
|
(2.65
|
)
|
|
|
|
$
|
(3.59
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Entities with a net loss from continuing operations are
prohibited from including potential common shares in the
computation of diluted per share amounts. Accordingly, we have
utilized the basic shares outstanding amount to calculate both
basic and diluted loss per share for all periods presented.
|
|
|
|
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
TWELVE MONTHS ENDED DECEMBER 31, 2014
(UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the twelve months ended December
31, 2014:
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2014
|
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(273
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
223
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
EBITDA (1)
|
|
|
|
$
|
97
|
|
|
|
$
|
28
|
|
|
|
$
|
307
|
|
|
|
$
|
(180
|
)
|
|
|
$
|
252
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
Acquisition and integration costs
|
|
|
|
-
|
|
|
|
16
|
|
|
|
-
|
|
|
|
19
|
|
|
|
35
|
|
Mark-to-market (income) loss, net
|
|
|
|
(44
|
)
|
|
|
38
|
|
|
|
22
|
|
|
|
12
|
|
|
|
28
|
|
Change in fair value of common stock warrants
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
40
|
|
|
|
40
|
|
Net income attributable to noncontrolling interest
|
|
|
|
-
|
|
|
|
(6
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(6
|
)
|
Gain on sale of assets, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(18
|
)
|
|
|
-
|
|
|
|
(18
|
)
|
Other
|
|
|
|
9
|
|
|
|
7
|
|
|
|
-
|
|
|
|
3
|
|
|
|
19
|
|
Adjusted EBITDA (1)
|
|
|
|
$
|
62
|
|
|
|
$
|
83
|
|
|
|
$
|
311
|
|
|
|
$
|
(109
|
)
|
|
|
$
|
347
|
|
|
|
|
|
|
(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures.
Please refer to Item 2.02 of our Form 8-K filed on February 24,
2015, for definitions, utility and uses of such non-GAAP financial
measures. A reconciliation of EBITDA to Operating income (loss) is
presented below. Management does not allocate interest expense and
income taxes on a segment level and therefore uses Operating
income (loss) as the most directly comparable GAAP measure.
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2014
|
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Operating income (loss)
|
|
|
|
$
|
52
|
|
|
|
$
|
(2)
|
|
|
|
$
|
79
|
|
|
|
$
|
(148
|
)
|
|
|
$
|
(19
|
)
|
Depreciation expense
|
|
|
|
51
|
|
|
|
37
|
|
|
|
155
|
|
|
|
4
|
|
|
|
247
|
|
Bankruptcy reorganization items, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
3
|
|
Amortization expense
|
|
|
|
(6
|
)
|
|
|
(7
|
)
|
|
|
63
|
|
|
|
-
|
|
|
|
50
|
|
Earnings from unconsolidated investments
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
10
|
|
Other items, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(39
|
)
|
|
|
(39
|
)
|
EBITDA
|
|
|
|
$
|
97
|
|
|
|
$
|
28
|
|
|
|
$
|
307
|
|
|
|
$
|
(180
|
)
|
|
|
$
|
252
|
|
|
|
|
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
TWELVE MONTHS ENDED DECEMBER 31, 2013
(UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the 12 months ended December 31,
2013:
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2013
|
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(356
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(58
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97
|
|
Loss on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
216
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
251
|
|
EBITDA (1)
|
|
|
|
$
|
(31
|
)
|
|
|
$
|
(16
|
)
|
|
|
$
|
298
|
|
|
|
$
|
(93
|
)
|
|
|
$
|
158
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Acquisition and integration costs
|
|
|
|
-
|
|
|
|
20
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20
|
|
Mark-to-market loss, net
|
|
|
|
25
|
|
|
|
8
|
|
|
|
4
|
|
|
|
-
|
|
|
|
37
|
|
Change in fair value of common stock warrants
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Other
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
10
|
|
Adjusted EBITDA (1)
|
|
|
|
$
|
(4
|
)
|
|
|
$
|
12
|
|
|
|
$
|
302
|
|
|
|
$
|
(83
|
)
|
|
|
$
|
227
|
|
|
|
|
|
|
(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures.
Please refer to Item 2.02 of our Form 8-K filed on February 24,
2015, for definitions, utility and uses of such non-GAAP financial
measures. A reconciliation of EBITDA to Operating income (loss) is
presented below. Management does not allocate interest expense and
income taxes on a segment level and therefore uses Operating
income (loss) as the most directly comparable GAAP measure.
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2013
|
|
|
|
|
Coal
|
|
|
IPH
|
|
|
Gas
|
|
|
Other
|
|
|
Total
|
Operating income (loss)
|
|
|
|
$
|
(207
|
)
|
|
|
$
|
(17
|
)
|
|
|
$
|
7
|
|
|
|
$
|
(101
|
)
|
|
|
$
|
(318
|
)
|
Depreciation expense
|
|
|
|
50
|
|
|
|
3
|
|
|
|
160
|
|
|
|
3
|
|
|
|
216
|
|
Bankruptcy reorganization items, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Amortization expense
|
|
|
|
126
|
|
|
|
(2
|
)
|
|
|
127
|
|
|
|
-
|
|
|
|
251
|
|
Earnings from unconsolidated investments
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
2
|
|
Other items, net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
6
|
|
|
|
8
|
|
EBITDA
|
|
|
|
$
|
(31
|
)
|
|
|
$
|
(16
|
)
|
|
|
$
|
298
|
|
|
|
$
|
(93
|
)
|
|
|
$
|
158
|
|
|
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 2014
(UNAUDITED) (IN MILLIONS)
|
|
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the three months ended December 31,
2014:
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(104
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
EBITDA (1)
|
|
$
|
60
|
|
|
$
|
24
|
|
|
$
|
53
|
|
|
$
|
(51
|
)
|
|
$
|
86
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
(1
|
)
|
Acquisition and integration costs
|
|
-
|
|
|
8
|
|
|
-
|
|
|
10
|
|
|
18
|
|
Mark-to-market (income) loss, net
|
|
(51
|
)
|
|
4
|
|
|
(1
|
)
|
|
12
|
|
|
(36
|
)
|
Change in fair value of common stock warrants
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(3
|
)
|
|
(3
|
)
|
Net income attributable to noncontrolling interest
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
Gain on sale of assets, net
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
(1
|
)
|
Other
|
|
2
|
|
|
3
|
|
|
-
|
|
|
-
|
|
|
5
|
|
Adjusted EBITDA (1)
|
|
$
|
11
|
|
|
$
|
38
|
|
|
$
|
51
|
|
|
$
|
(33
|
)
|
|
$
|
67
|
|
|
|
|
(1) EBITDA and Adjusted EBITDA are non-GAAP financial
measures. Please refer to Item 2.02 of our Form 8-K filed on
February 24, 2015, for definitions, utility and uses of such
non-GAAP financial measures. A reconciliation of EBITDA to
Operating income (loss) is presented below. Management does not
allocate interest expense and income taxes on a segment level and
therefore uses Operating income (loss) as the most directly
comparable GAAP measure.
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating income (loss)
|
|
$
|
50
|
|
|
$
|
12
|
|
|
$
|
7
|
|
|
$
|
(57
|
)
|
|
$
|
12
|
|
Depreciation expense
|
|
12
|
|
|
9
|
|
|
40
|
|
|
1
|
|
|
62
|
|
Bankruptcy reorganization items, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
1
|
|
Amortization expense
|
|
(2
|
)
|
|
4
|
|
|
6
|
|
|
-
|
|
|
8
|
|
Other items, net
|
|
-
|
|
|
(1
|
)
|
|
-
|
|
|
4
|
|
|
3
|
|
EBITDA
|
|
$
|
60
|
|
|
$
|
24
|
|
|
$
|
53
|
|
|
$
|
(51
|
)
|
|
$
|
86
|
|
|
DYNEGY INC.
REPORTED SEGMENTED RESULTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 2013
(UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
|
The following table provides summary financial data regarding our
Adjusted EBITDA by segment for the three months ended December 31,
2013:
|
|
|
|
|
|
Three Months Ended December 31, 2013
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(91
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(38
|
)
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60
|
|
Amortization expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
EBITDA (1)
|
|
$
|
1
|
|
|
$
|
(16
|
)
|
|
$
|
55
|
|
|
$
|
(22
|
)
|
|
$
|
18
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankruptcy reorganization items, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
(1
|
)
|
Acquisition and integration costs
|
|
-
|
|
|
20
|
|
|
-
|
|
|
(6
|
)
|
|
14
|
|
Mark-to-market loss, net
|
|
9
|
|
|
8
|
|
|
12
|
|
|
-
|
|
|
29
|
|
Other
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
3
|
|
Adjusted EBITDA (1)
|
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
67
|
|
|
$
|
(26
|
)
|
|
$
|
63
|
|
|
|
|
(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures.
Please refer to Item 2.02 of our Form 8-K filed on February 24,
2015, for definitions, utility and uses of such non-GAAP financial
measures. A reconciliation of EBITDA to Operating loss is
presented below. Management does not allocate interest expense and
income taxes on a segment level and therefore uses Operating
income (loss) as the most directly comparable GAAP measure.
|
|
|
|
|
|
Three Months Ended December 31, 2013
|
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
Operating loss
|
|
$
|
(44
|
)
|
|
$
|
(17
|
)
|
|
$
|
(23
|
)
|
|
$
|
(23
|
)
|
|
$
|
(107
|
)
|
Depreciation expense
|
|
14
|
|
|
3
|
|
|
42
|
|
|
1
|
|
|
60
|
|
Bankruptcy reorganization items, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
1
|
|
Amortization expense
|
|
31
|
|
|
(2
|
)
|
|
32
|
|
|
-
|
|
|
61
|
|
Earnings from unconsolidated investments
|
|
-
|
|
|
-
|
|
|
2
|
|
|
-
|
|
|
2
|
|
Other items, net
|
|
-
|
|
|
-
|
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
EBITDA
|
|
$
|
1
|
|
|
$
|
(16
|
)
|
|
$
|
55
|
|
|
$
|
(22
|
)
|
|
$
|
18
|
|
|
|
|
|
|
DYNEGY INC.
OPERATING DATA
|
|
|
|
|
|
The following table provides summary financial data regarding our
Coal, IPH and Gas segment results of operations for the three and
twelve months ended December 31, 2014 and 2013, respectively. As a
result of the AER Acquisition, 2013 results only include activity
for the period December 2, 2013 through December 31, 2013.
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Coal
|
|
|
|
|
|
|
|
|
|
|
|
|
Million Megawatt Hours Generated
|
|
4.6
|
|
|
5.5
|
|
|
19.0
|
|
|
20.4
|
|
In Market Availability for Coal-Fired Facilities (1)
|
|
88
|
%
|
|
86
|
%
|
|
88
|
%
|
|
89
|
%
|
Average Capacity Factor for Coal-Fired Facilities (2)
|
|
69
|
%
|
|
83
|
%
|
|
73
|
%
|
|
78
|
%
|
Average Quoted Market Power Prices ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
On-Peak: Indiana (Indy Hub)
|
|
$
|
38.54
|
|
|
$
|
37.71
|
|
|
$
|
48.28
|
|
|
$
|
38.01
|
|
Off-Peak: Indiana (Indy Hub)
|
|
$
|
29.06
|
|
|
$
|
28.44
|
|
|
$
|
32.52
|
|
|
$
|
27.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPH
|
|
|
|
|
|
|
|
|
|
|
|
|
Million Megawatt Hours Generated (4)
|
|
6.2
|
|
|
2.4
|
|
|
25.1
|
|
|
$
|
2.4
|
|
In Market Availability for IPH Facilities (5)
|
|
87
|
%
|
|
90
|
%
|
|
89
|
%
|
|
90
|
%
|
Average Capacity Factor for IPH Facilities (6)
|
|
67
|
%
|
|
75
|
%
|
|
68
|
%
|
|
75
|
%
|
Average Quoted Market Power Prices ($/MWh) (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
On-Peak: Indiana (Indy Hub)
|
|
$
|
38.54
|
|
|
$
|
40.32
|
|
|
$
|
48.28
|
|
|
$
|
40.32
|
|
Off-Peak: Indiana (Indy Hub)
|
|
$
|
29.06
|
|
|
$
|
30.82
|
|
|
$
|
32.52
|
|
|
$
|
30.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
Million Megawatt Hours Generated (8)
|
|
4.1
|
|
|
3.7
|
|
|
17.1
|
|
|
16.2
|
|
In Market Availability for Combined Cycle Facilities (9)
|
|
97
|
%
|
|
97
|
%
|
|
99
|
%
|
|
97
|
%
|
Average Capacity Factor for Combined Cycle Facilities (2)
|
|
43
|
%
|
|
38
|
%
|
|
45
|
%
|
|
43
|
%
|
Average Market On-Peak Spark Spreads ($/MWh) (10):
|
|
|
|
|
|
|
|
|
|
|
|
|
Commonwealth Edison (NI Hub)
|
|
$
|
10.25
|
|
|
$
|
7.29
|
|
|
$
|
11.60
|
|
|
$
|
11.38
|
|
PJM West
|
|
$
|
23.26
|
|
|
$
|
15.47
|
|
|
$
|
26.82
|
|
|
$
|
17.65
|
|
North of Path 15 (NP 15)
|
|
$
|
17.04
|
|
|
$
|
16.93
|
|
|
$
|
17.18
|
|
|
$
|
16.21
|
|
New York—Zone A
|
|
$
|
21.01
|
|
|
$
|
24.24
|
|
|
$
|
34.64
|
|
|
$
|
20.12
|
|
Mass Hub
|
|
$
|
13.35
|
|
|
$
|
12.69
|
|
|
$
|
20.08
|
|
|
$
|
16.35
|
|
Average Market Off-Peak Spark Spreads ($/MWh) (10):
|
|
|
|
|
|
|
|
|
|
|
|
|
Commonwealth Edison (NI Hub)
|
|
$
|
(1.03
|
)
|
|
$
|
(1.17
|
)
|
|
$
|
(8.26
|
)
|
|
$
|
(0.13
|
)
|
PJM West
|
|
$
|
11.80
|
|
|
$
|
5.99
|
|
|
$
|
4.97
|
|
|
$
|
4.99
|
|
North of Path (NP 15)
|
|
$
|
7.99
|
|
|
$
|
9.92
|
|
|
$
|
7.30
|
|
|
$
|
8.46
|
|
New York—Zone A
|
|
$
|
8.77
|
|
|
$
|
6.87
|
|
|
$
|
14.09
|
|
|
$
|
7.49
|
|
Mass Hub
|
|
$
|
(0.48
|
)
|
|
$
|
(5.46
|
)
|
|
$
|
(2.31
|
)
|
|
$
|
(0.16
|
)
|
Average natural gas price—Henry Hub ($/MMBtu) (11)
|
|
$
|
3.75
|
|
|
$
|
3.84
|
|
|
$
|
4.34
|
|
|
$
|
3.72
|
|
|
|
|
|
|
|
|
(1)
|
|
In Market Availability is an internal measurement calculation that
reflects the percentage of generation available during periods when
market prices are such that these units could be profitably
dispatched. This calculation excludes certain events outside of
management control such as weather related issues.
|
|
|
(2)
|
|
Reflects actual production as a percentage of available capacity.
|
|
|
(3)
|
|
Reflects the average of day-ahead quoted prices for the periods
presented and does not necessarily reflect prices we realized.
|
|
|
(4)
|
|
Reflects production volumes in million MWh generated during the
period IPH was included in our consolidated results.
|
|
|
(5)
|
|
Reflects the percentage of generation available during the period
IPH was included in our consolidated results.
|
|
|
(6)
|
|
Reflects actual production as a percentage of available capacity
during the period IPH was included in our consolidated results.
|
|
|
(7)
|
|
Reflects the average of day-ahead quoted prices for the period IPH
was included in our consolidated results and does not necessarily
reflect prices we realized.
|
|
|
(8)
|
|
The year ended December 31, 2013 includes our ownership percentage
in the MWh generated by our investment in the Black Mountain power
generation facility. The year ended December 31, 2014 includes our
ownership percentage in the MWh generated through June 27, 2014 when
we completed the sale of our 50 percent partnership interest in
Black Mountain.
|
|
|
(9)
|
|
Reflects the percentage of generation available when market prices
are such that these units could be profitably dispatched.
|
|
|
(10)
|
|
Reflects the simple average of the on- and off-peak spark spreads
available to a 7.0 MMBtu/MWh heat rate generator selling power at
day-ahead prices and buying delivered natural gas at a daily cash
market price and does not reflect spark spreads available to us.
|
|
|
(11)
|
|
Reflects the average of daily quoted prices for the periods
presented and does not reflect costs incurred by us.
|
|
|
|
DYNEGY INC.
2014 FREE CASH FLOW GUIDANCE
(UNAUDITED) (IN MILLIONS)
|
|
|
|
The following table provides summary financial data regarding our
2014 Free Cash Flow guidance:
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
Low
|
|
High
|
Adjusted EBITDA (1)
|
|
$
|
330
|
|
|
$
|
360
|
|
Cash interest payments
|
|
(145
|
)
|
|
(145
|
)
|
Other changes
|
|
15
|
|
|
15
|
|
Cash Flow from Operations
|
|
200
|
|
|
230
|
|
Maintenance capital expenditures
|
|
(120
|
)
|
|
(120
|
)
|
Environmental capital expenditures
|
|
(35
|
)
|
|
(35
|
)
|
Free Cash Flow
|
|
$
|
45
|
|
|
$
|
75
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA and Adjusted EBITDA are non-GAAP measures.
|
|
DYNEGY INC.
UPDATED 2015 ADJUSTED EBITDA AND FREE CASH FLOW GUIDANCE
(UNAUDITED) (IN MILLIONS)
|
|
Dynegy has not completed its purchase price allocation or
determined the estimated useful lives of the assets to be
acquired. The 2015 updated guidance below was prepared using
reasonable efforts and based on currently available information
assuming the following: (a) the transactions will close on April
1, 2015, (b) February 10, 2015 price curves, (c) all of the
purchase price is allocated to working capital; property, plant
and equipment; and the elimination of historical goodwill; and (d)
property, plant and equipment is depreciated over an average
useful life of 25 years.
|
|
The following table provides summary financial data regarding our
updated 2015 Adjusted EBITDA guidance:
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
Low
|
|
High
|
Net loss attributable to Dynegy Inc.
|
|
$
|
(230
|
)
|
|
$
|
(50
|
)
|
Plus / (Less):
|
|
|
|
|
|
|
Interest expense
|
|
535
|
|
|
535
|
|
Operating Income
|
|
$
|
305
|
|
|
$
|
485
|
|
Depreciation expense
|
|
420
|
|
|
440
|
|
Amortization expense
|
|
(10
|
)
|
|
(20
|
)
|
EBITDA (1)
|
|
715
|
|
|
905
|
|
Plus / (Less):
|
|
|
|
|
|
|
Transaction fees and expenses
|
|
80
|
|
|
85
|
|
Integration costs
|
|
30
|
|
|
35
|
|
Adjusted EBITDA (1)
|
|
$
|
825
|
|
|
$
|
1,025
|
|
|
|
|
The following table provides summary financial data regarding our
updated 2015 Free Cash Flow guidance:
|
|
|
|
|
|
Dynegy Consolidated
|
|
|
Low
|
|
High
|
Adjusted EBITDA (1)
|
|
$
|
825
|
|
|
$
|
1,025
|
|
Cash interest payments
|
|
(517
|
)
|
|
(517
|
)
|
Transaction fees and expenses (2)
|
|
(105
|
)
|
|
(110
|
)
|
Integration costs
|
|
(30
|
)
|
|
(35
|
)
|
Other non-cash and working capital items
|
|
(15
|
)
|
|
(15
|
)
|
Cash Flow from Operations
|
|
158
|
|
|
348
|
|
Maintenance capital expenditures
|
|
(240
|
)
|
|
(240
|
)
|
Environmental capital expenditures
|
|
(45
|
)
|
|
(45
|
)
|
Transaction fees and expenses (2)
|
|
105
|
|
|
110
|
|
Integration costs
|
|
30
|
|
|
35
|
|
Acquisition interest (3)
|
|
92
|
|
|
92
|
|
Free Cash Flow
|
|
$
|
100
|
|
|
$
|
300
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP
measures.
|
(2) Consists of nonrecurring transaction costs including a
commitment fee on the Bridge Loan Facilities, legal and advisory
fees related to the acquisitions, a fee for executing the $950M
million Revolver and syndication fees associated with the issuance
of the $5.1 billion Notes and Common Stock and Mandatory
Convertible Preferred Stock Offerings.
|
(3) Reflects $92 million of interest on $5.1 billion Notes for the
period prior to the close of the acquisitions (January-March).
|
|
ILLINOIS POWER HOLDINGS (IPH)
UPDATED 2015 ADJUSTED EBITDA GUIDANCE
(UNAUDITED) (IN MILLIONS)
|
|
The following table provides summary financial data regarding our
updated IPH 2015 Adjusted EBITDA guidance:
|
|
|
|
|
|
Operating Income
|
|
$
|
65
|
|
Depreciation expense
|
|
36
|
|
Amortization expense
|
|
(6
|
)
|
EBITDA (1)
|
|
95
|
|
Plus / (Less):
|
|
|
|
Acquisition and integration costs
|
|
5
|
|
Adjusted EBITDA (1)
|
|
$
|
100
|
|
|
|
|
|
|
(1) EBITDA and Adjusted EBITDA are non-GAAP measures. Management
does not allocate interest expense and income taxes on a segment
level and therefore uses Operating Income (Loss) as the most
directly comparable GAAP measure.
|
|
|
|
DYNEGY INC.
SUMMARY CASH FLOW INFORMATION (1)
TWELVE MONTHS ENDED DECEMBER 31, 2014
(UNAUDITED) (IN MILLIONS)
|
|
|
|
|
|
Twelve Months Ended December 31, 2014
|
|
|
Dynegy
|
|
IPH
|
|
Consolidated
|
Adjusted EBITDA (2)
|
|
$
|
264
|
|
|
$
|
83
|
|
|
$
|
347
|
|
Interest payments
|
|
(69
|
)
|
|
(60
|
)
|
|
(129
|
)
|
Collateral
|
|
8
|
|
|
(25
|
)
|
|
(17
|
)
|
Working capital / non-cash adjustments / other changes
|
|
(60
|
)
|
|
22
|
|
|
(38
|
)
|
Cash provided by operating activities
|
|
143
|
|
|
20
|
|
|
163
|
|
Maintenance capital expenditures
|
|
(80
|
)
|
|
(10
|
)
|
|
(90
|
)
|
Environmental capital expenditures
|
|
(7
|
)
|
|
(26
|
)
|
|
(33
|
)
|
Collateral
|
|
(8
|
)
|
|
25
|
|
|
17
|
|
Interest accrued on $5.1 billion Notes (held in escrow)
|
|
65
|
|
|
-
|
|
|
65
|
|
Interest rate swap settlement payments
|
|
(18
|
)
|
|
-
|
|
|
(18
|
)
|
Free Cash Flow
|
|
$
|
95
|
|
|
$
|
9
|
|
|
$
|
104
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
(87
|
)
|
|
$
|
(45
|
)
|
|
$
|
(132
|
)
|
Proceeds from asset sales, net
|
|
18
|
|
|
-
|
|
|
18
|
|
Increase in restricted cash
|
|
(5,148
|
)
|
|
-
|
|
|
(5,148
|
)
|
Net cash used in investing activities
|
|
$
|
(5,217
|
)
|
|
$
|
(45
|
)
|
|
$
|
(5,262
|
)
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of preferred stock, net
|
|
$
|
387
|
|
|
$
|
-
|
|
|
$
|
387
|
|
Proceeds from issuance of common stock, net
|
|
719
|
|
|
-
|
|
|
719
|
|
Proceeds from long-term borrowings, net of financing costs
|
|
5,055
|
|
|
-
|
|
|
5,055
|
|
Repayments of borrowings
|
|
(14
|
)
|
|
-
|
|
|
(14
|
)
|
Intercompany revolving promissory note
|
|
(17
|
)
|
|
17
|
|
|
-
|
|
Interest rate swap settlement payments
|
|
(18
|
)
|
|
-
|
|
|
(18
|
)
|
Other financing
|
|
(3
|
)
|
|
-
|
|
|
(3
|
)
|
Net cash provided by financing activities
|
|
$
|
6,109
|
|
|
$
|
17
|
|
|
$
|
6,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This presentation is intended to demonstrate the relationship
between the performance measure of Adjusted EBITDA and the
liquidity measure of Free Cash Flow. We believe it is useful to
our analysts and investors to understand this relationship because
it demonstrates how the cash generated by our operations is used
to satisfy various liquidity requirements. A reconciliation of
Free Cash Flow from Net cash provided by (used in) operating
activities is presented above. Please refer to Item 2.02 of our
Form 8-K filed on February 24, 2015, for definitions, utility and
uses of such non-GAAP financial measures.
|
(2) Adjusted EBITDA is a non-GAAP financial measure. Please refer
to Item 2.02 of our Form 8-K filed on February 24, 2015, for
definitions, utility and uses of such non-GAAP financial measures.
Please see Reported Segmented Results of Operations for the twelve
months ended December 31, 2014 for a reconciliation of Adjusted
EBITDA to Net loss.
|
|
|
|
Dynegy Inc.
|
|
|
CODE : DYN |
|
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Dynegy est une société de production minière basée aux Etats-Unis D'Amerique. Dynegy est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 4,3 milliards US$ (4,0 milliards €). La valeur de son action a atteint son plus haut niveau récent le 29 décembre 2000 à 90,12 US$, et son plus bas niveau récent le 27 avril 2012 à 0,30 US$. Dynegy possède 131 350 008 actions en circulation. |
Communiqués de Presse de Dynegy Inc. |
29/07/2016 | U.S. Stocks Close Out Hot July With a Cold Friday |
13/07/2016 | Dynegy Schedules 2016 Second Quarter Financial Results Relea... |
01/07/2016 | Dynegy Approves Dividend on Mandatory Convertible Preferred ... |
23/06/2016 | Dynegy Prices Seven-Year Term Loan |
29/01/2016 | Technical Commentary on Electric Utilities Stocks -- FirstEn... |
13/01/2016 | Billionaire Clint Carlson Makes Big Moves In These 4 Stocks |
14/12/2015 | Dynegy Responds to Agreement between Public Utilities Commis... |
14/12/2015 | Hedge Funds Were Right to Ditch These Sinking Stocks, Part 1 |
27/11/2015 | Hedge Funds Are Selling LATAM Airlines Group SA (ADR) (LFL) |
23/11/2015 | Smart Money Remains Underweight Lancaster Colony Corp. (LANC... |
04/11/2015 | Dynegy reports 3Q loss |
04/11/2015 | Dynegy to Retire Wood River Power Generation Station |
04/11/2015 | Dynegy Announces 2015 Third Quarter Results, Narrows 2015 Gu... |
04/11/2015 | 4:41 pm Dynegy plans to retire its 465 megawatt Wood River P... |
16/10/2015 | Top Analyst Upgrades and Downgrades: Blackstone, Infloblox, ... |
14/10/2015 | Dynegy Schedules Third Quarter 2015 Financial Results Releas... |
14/10/2015 | U.S. justices question Obama administration electricity mark... |
02/10/2015 | Dynegy Approves Dividend on Mandatory Convertible Preferred ... |
25/09/2015 | Dynegy (DYN) Enters Oversold Territory |
24/09/2015 | DYNEGY President and CEO to Present at Wolfe Power & Gas Lea... |
24/09/2015 | New Strong Buy Stocks for September 24th |
18/09/2015 | Dynegy Reports Results from Illinois Power Agency Capacity P... |
10/09/2015 | Dynegy Reports Results from the 2017/2018 PJM Transition Auc... |
10/09/2015 | 4:06 pm Dynegy reports results from the 2017/2018 PJM transi... |
08/09/2015 | Dynegy Reports PJM Auction Results |
19/08/2015 | Utilities Gain despite Rise in Treasury Yields |
18/08/2015 | Dynegy Completes Registered Exchange Offers for $5.1 Billion... |
14/08/2015 | The Energy Stocks Powering Bocage Capital’s Portfolio |
11/08/2015 | 10-Q for Dynegy, Inc. |
07/08/2015 | Edited Transcript of DYN earnings conference call or present... |
06/08/2015 | Dynegy Announces 2015 Second Quarter Results, Launches $250 ... |
06/08/2015 | Dynegy posts 2Q profit |
06/08/2015 | 4:55 pm Dynegy announces Board authorization for a $250 mln ... |
28/07/2015 | Falling Earnings Estimates Signal Weakness Ahead for Dynegy ... |
17/07/2015 | Dynegy Launches Registered Exchange Offers for $5.1 Billion ... |
16/07/2015 | Dynegy Schedules Second Quarter 2015 Financial Results Relea... |
08/07/2015 | Duke Energy (DUK) Hikes Quarterly Dividend Payout by 4% - An... |
26/06/2015 | Edited Transcript of DYN corporate analyst meeting |
23/06/2015 | Marc Lasry’s Top Small-Cap Picks Include Meritor Inc (MTOR),... |
22/06/2015 | Dynegy to Host “Investor Day” Analyst Meeting |
22/04/2015 | Majority of Power Utility Stocks Fall on April 21 |
21/04/2015 | Dynegy Emerges as the Biggest Gainer among Power Utilities |
21/04/2015 | U.S. top court allows antitrust claims over natural gas pric... |
21/04/2015 | U.S. top court says antitrust claims over natural gas prices... |
20/04/2015 | Dynegy Investors: Here's Why Morgan Stanley Thinks Shares Wi... |
15/04/2015 | Dynegy Schedules First Quarter 2015 Financial Results Releas... |
15/04/2015 | Dynegy Reports MISO Capacity Auction Results |
10/04/2015 | Dynegy Starts April with Rise on Multibillion Dollar Acquisi... |
02/04/2015 | Dynegy Approves Dividend on Mandatory Convertible Preferred ... |
02/04/2015 | Dynegy Completes Duke Midwest Acquisition; Transformational ... |
01/04/2015 | Dynegy Completes EquiPower and Brayton Point Acquisitions fr... |
31/03/2015 | Dynegy Up as FERC Okays Duke & Energy Capital Asset Buy - An... |
30/03/2015 | Duke Energy Gets Final Approval for Midwest Business Sale - ... |
28/03/2015 | Dynegy Inc. Receives Final Approval to Acquire Duke Energy’s... |
17/03/2015 | Gramercy Property Trust Inc (GPT), CONN’S, Inc. (CONN), Proc... |
28/02/2015 | 10-K for Dynegy, Inc. |
25/02/2015 | T-Mobile US Inc, Cheniere Energy, Inc. (LNG), Kinder Morgan ... |
25/02/2015 | Dynegy reports 4Q loss |
24/02/2015 | Dynegy Announces Full Year 2014 Results, Updates 2015 Guidan... |
17/02/2015 | Dynegy is unfazed by the power sector’s selling pressure |
17/02/2015 | Billionaire Marc Lasry’s Top Picks Heading Into 2015: YRC Wo... |
13/02/2015 | Will FirstEnergy's (FE) Expansions Drive Q4 Earnings Beat? -... |
Publication de commentaires terminée |
|
|