Financial Highlights
2012 FY
12/31/2012
2013 FY
12/31/2013
2014 FY
12/31/2014
2015 FY
12/31/2015
2016 FY
12/31/2016
Balance Sheet Highlights ($000)
Net PP&E 3,594,829 3,865,514 4,148,774 4,377,658 4,603,465
Total Assets 10,149,132 10,340,044 11,185,142 11,782,018 12,425,506
Non-current Long-term Debt 1,422,872 1,481,945 1,606,546 1,603,368 1,594,019
Total Equity 1,593,865 1,727,070 1,790,573 1,927,640 2,066,753
Total Capitalization, at Book Value 3,184,723 3,459,790 3,550,384 3,743,364 3,820,065
Income Statement Highlights ($000)
Energy Operating Revenue 3,374,995 3,238,470 3,239,542 2,602,982 2,380,654
Operating Expense 3,050,799 2,923,051 2,905,076 2,274,408 2,032,479
Recurring EBITDA 489,550 485,708 524,281 531,087 561,246
Recurring EBIT 331,203 320,980 341,237 335,502 356,500
Net Income before Taxes 217,407 247,747 265,598 254,788 373,841
Net Income before Extra 140,548 163,406 170,019 161,767 250,146
Net Income 140,548 163,406 170,019 161,767 250,146
Reported Net Operating Income 284,196 315,419 332,600 322,553 348,175
Cash Flow Statement Highlights ($000)
Cash Flow from Operating Activities 278,934 361,568 325,420 355,880 495,254
Cash Flow from Investing Activities (471,439) (598,182) (592,449) (705,724) (736,465)
Cash Flow from Financing Activities 141,902 236,988 222,535 474,780 219,185
Net Increase in Cash and Cash Equivalents (50,603) 374 (44,494) 124,936 (22,026)
Operating Free Cash Flow (91,781) (27,870) (39,406) (7,924) 165,211
Balance Sheet Ratios / Capital (%)
Total Equity / Total Assets 15.70 16.70 16.01 16.36 16.63
Working Capital ($000) (3,444,274) (3,808,870) (4,034,383) (4,162,545) (4,251,197)
Long-term Debt / Book Capital 44.68 42.83 45.25 42.83 41.73
Debt / Book Capitalisation 48.88 49.09 48.60 47.59 45
Total Debt / Total Equity (x) 0.98 0.98 0.96 0.92 0.83
Preferred Incl. Mezzanine / Book-Value Capital 1.08 0.99 0.97 0.92 0.90
Income Statement Ratios (%)
Recurring Revenue Growth 4.12 (4.08) 0.07 (19.60) (8.47)
Net Income Growth 0.31 16.26 4.05 (4.85) 54.63
Annualized EPS after Extra Growth (1.40) 14.10 0.60 (8) 52.70
Dividend Payout Ratio 87.32 76.54 76.07 82.67 54.15
Electric Revenue / Operating Revenue 92.13 92.02 92.21 89.71 87.97
Operations & Maintenance / Operating Expense 12.57 13.43 13.50 17.10 19.08
Electric Generation / Operating Expense 66.27 64.87 63.81 54.90 50.06
Operating D&A / Operating Expense 5.19 5.64 6.30 8.60 10.07
Profitability Ratios (%)
ROAA 1.43 1.59 1.60 1.41 2.08
ROAE 8.92 9.98 9.62 8.54 12.55
ROACE 8.80 9.87 9.52 8.44 12.45
Liquidity Ratios (x)
Pre-tax Interest Coverage Excl. AFUDC 3.64 4.18 4.36 4.18 4.59
Pre-tax Interest and Pfd Coverage Excl. AFUDC 3.64 4.18 4.36 4.18 4.59
Adjusted Cash Flow Coverage 4.59 5.47 6.06 5.77 7.40
Recurring EBITDA / Adjusted Interest & Preferred 6.26 6.44 6.87 6.88 7.40
Reported: Fixed Charge Ratio 3.14 3.40 3.65 3.54 4.75
Adjusted Operating Cash Flow / Capital Expenditures(%) 44.05 58.35 67.41 61.48 106.60
Per Share Information ($)
Common Shares Outstanding(actual) 97,928,403 101,259,800 102,565,266 107,460,406 108,583,413
Avg Diluted Shares Out(actual) 97,338,000 99,623,000 102,937,000 106,721,000 108,309,000
Basic Book Value per Share 16.28 17.06 17.46 17.94 19.03
Basic Tangible Book Value per Share 15.33 16.13 16.54 17.09 18.19
Price / Operating Cash Flow 3.90 5.70 6.80 5.80 10.40
Common Dividends Declared per Share 1.24 1.24 1.24 1.24 1.24
Basic EPS after Extra 1.43 1.63 1.65 1.50 2.30
Diluted EPS after Extraordinary 1.42 1.62 1.63 1.50 2.29
Diluted EPS Growth(%) (1.40) 14.10 0.60 (8) 52.70
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