Financial Highlights
2014 FY
12/31/2014
2015 FY
12/31/2015
2016 FY
12/31/2016
2017 FY
12/31/2017
2018 FQ1 YTD
3/31/2018
Balance Sheet Highlights ($000)
Net PP&E 4,148,774 4,377,658 4,603,465 4,460,248 4,542,558
Total Assets 11,185,142 11,782,018 12,425,506 12,534,160 12,702,718
Non-current Long-term Debt 1,606,546 1,603,368 1,544,019 1,629,797 1,735,113
Total Equity 1,790,573 1,927,640 2,066,753 2,097,386 2,091,777
Total Capitalization, at Book Value 3,550,384 3,743,364 3,820,065 3,983,421 4,099,628
Income Statement Highlights ($000)
Energy Operating Revenue 3,239,542 2,602,982 2,380,654 2,555,625 645,874
Operating Expense 2,905,076 2,274,408 2,032,479 2,217,334 573,985
Recurring EBITDA 524,281 531,087 561,246 572,772 135,186
Recurring EBIT 341,237 335,502 356,500 350,774 73,350
Net Income before Taxes 265,598 254,788 373,841 276,580 53,276
Net Income before Extra 170,019 161,767 250,146 167,187 40,720
Net Income 170,019 161,767 250,146 167,187 40,720
Reported Net Operating Income 332,600 322,553 348,175 338,291 71,889
Cash Flow Statement Highlights ($000)
Cash Flow from Operating Activities 325,420 356,858 495,658 420,441 34,677
Cash Flow from Investing Activities (592,449) (705,724) (736,465) (815,299) (231,051)
Cash Flow from Financing Activities 222,535 473,802 218,781 378,287 179,278
Net Increase in Cash and Cash Equivalents (44,494) 124,936 (22,026) (16,571) (17,096)
Operating Free Cash Flow (39,406) (6,946) 165,615 (74,746) (98,675)
Balance Sheet Ratios / Capital (%)
Total Equity / Total Assets 16.01 16.36 16.63 16.73 16.47
Working Capital ($000) (4,034,383) (4,162,545) (4,301,197) (4,461,675) (4,561,360)
Long-term Debt / Book Capital 45.25 42.83 40.42 40.91 42.32
Debt / Book Capitalisation 48.60 47.59 45 46.49 48.14
Total Debt / Total Equity (x) 0.96 0.92 0.83 0.88 0.94
Preferred Incl. Mezzanine / Book-Value Capital 0.97 0.92 0.90 0.86 0.84
Income Statement Ratios (%)
Recurring Revenue Growth 0.07 (19.60) (8.47) 7.50 9.29
Net Income Growth 4.05 (4.85) 54.63 (33.16) 17.46
Annualized EPS after Extra Growth 0.60 (8) 52.70 (33.60) 19.40
Dividend Payout Ratio 76.07 82.67 54.15 81.58 83.78
Electric Revenue / Operating Revenue 92.21 89.71 87.97 88.34 88.32
Operations & Maintenance / Operating Expense 13.50 17.10 19.08 17.53 27.54
Electric Generation / Operating Expense 63.81 54.90 50.06 52.96 53.46
Operating D&A / Operating Expense 6.30 8.60 10.07 10.01 NA
Profitability Ratios (%)
ROAA 1.60 1.41 2.08 1.33 1.29
ROAE 9.62 8.54 12.55 8.03 7.78
ROACE 9.52 8.44 12.45 7.94 7.69
Liquidity Ratios (x)
Pre-tax Interest Coverage Excl. AFUDC 4.36 4.18 4.59 4.28 3.34
Pre-tax Interest and Pfd Coverage Excl. AFUDC 4.36 4.18 4.59 4.28 3.34
Adjusted Cash Flow Coverage 6.06 5.79 7.41 6.43 3.62
Recurring EBITDA / Adjusted Interest & Preferred 6.87 6.88 7.40 7.25 6.28
Reported: Fixed Charge Ratio 3.65 3.54 4.75 3.65 2.84
Adjusted Operating Cash Flow / Capital Expenditures(%) 67.41 61.75 106.72 53.75 12.12
Per Share Information ($)
Common Shares Outstanding(actual) 102,565,266 107,460,406 108,583,413 108,787,807 108,841,157
Avg Diluted Shares Out(actual) 102,937,000 106,721,000 108,309,000 108,933,000 109,024,000
Basic Book Value per Share 17.46 17.94 19.03 19.28 19.22
Basic Tangible Book Value per Share 16.54 17.09 18.19 18.44 18.39
Price / Operating Cash Flow 6.80 5.80 10.40 7.50 27
Common Dividends Declared per Share 1.24 1.24 1.24 1.24 0.31
Basic EPS after Extra 1.65 1.50 2.30 1.52 0.37
Diluted EPS after Extraordinary 1.63 1.50 2.29 1.52 0.37
Diluted EPS Growth(%) 0.60 (8) 52.70 (33.60) 19.40
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