Financial Highlights
2014 FY
12/31/2014
2015 FY
12/31/2015
2016 FY
12/31/2016
2017 FY
12/31/2017
2018 FQ3 YTD
9/30/2018
Balance Sheet Highlights ($000)
Net PP&E 4,148,774 4,377,658 4,603,465 4,460,248 4,694,101
Total Assets 11,185,142 11,782,018 12,425,506 12,534,160 12,911,554
Non-current Long-term Debt 1,606,546 1,603,368 1,544,019 1,629,797 1,832,729
Total Equity 1,790,573 1,927,640 2,066,753 2,097,386 2,132,045
Total Capitalization, at Book Value 3,550,384 3,743,364 3,820,065 3,983,421 4,202,426
Income Statement Highlights ($000)
Energy Operating Revenue 3,239,542 2,602,982 2,380,654 2,555,625 2,099,199
Operating Expense 2,905,076 2,274,408 2,032,479 2,217,334 1,850,447
Recurring EBITDA 524,281 531,087 561,246 572,772 443,437
Recurring EBIT 341,237 335,502 356,500 350,774 252,318
Net Income before Taxes 265,598 254,788 373,841 276,580 190,091
Net Income before Extra 170,019 161,767 250,146 167,187 153,618
Net Income 170,019 161,767 250,146 167,187 153,618
Reported Net Operating Income 332,600 322,553 348,175 338,291 248,752
Cash Flow Statement Highlights ($000)
Cash Flow from Operating Activities 325,420 356,858 495,658 420,441 257,679
Cash Flow from Investing Activities (592,449) (705,724) (736,465) (815,299) (541,761)
Cash Flow from Financing Activities 222,535 473,802 218,781 378,287 194,255
Net Increase in Cash and Cash Equivalents (44,494) 124,936 (22,026) (16,571) (89,827)
Operating Free Cash Flow (39,406) (6,946) 165,615 (74,746) (147,305)
Balance Sheet Ratios / Capital (%)
Total Equity / Total Assets 16.01 16.36 16.63 16.73 16.51
Working Capital ($000) (4,034,383) (4,162,545) (4,301,197) (4,461,675) (4,576,664)
Long-term Debt / Book Capital 45.25 42.83 40.42 40.91 43.61
Debt / Book Capitalisation 48.60 47.59 45 46.49 48.45
Total Debt / Total Equity (x) 0.96 0.92 0.83 0.88 0.95
Preferred Incl. Mezzanine / Book-Value Capital 0.97 0.92 0.90 0.86 0.82
Income Statement Ratios (%)
Recurring Revenue Growth 0.07 (19.60) (8.47) 7.50 10.57
Net Income Growth 4.05 (4.85) 54.63 (33.16) 14.35
Annualized EPS after Extra Growth 0.60 (8) 52.70 (33.60) 14.80
Dividend Payout Ratio 76.07 82.67 54.15 81.58 66.43
Electric Revenue / Operating Revenue 92.21 89.71 87.97 88.34 88.89
Operations & Maintenance / Operating Expense 13.50 17.10 19.08 17.53 26.24
Electric Generation / Operating Expense 63.81 54.90 50.06 52.96 55.31
Operating D&A / Operating Expense 6.30 8.60 10.07 10.01 NA
Profitability Ratios (%)
ROAA 1.60 1.41 2.08 1.33 1.60
ROAE 9.62 8.54 12.55 8.03 9.74
ROACE 9.52 8.44 12.45 7.94 9.65
Liquidity Ratios (x)
Pre-tax Interest Coverage Excl. AFUDC 4.36 4.18 4.59 4.28 3.77
Pre-tax Interest and Pfd Coverage Excl. AFUDC 4.36 4.18 4.59 4.28 3.77
Adjusted Cash Flow Coverage 6.06 5.79 7.41 6.43 7.18
Recurring EBITDA / Adjusted Interest & Preferred 6.87 6.88 7.40 7.25 6.71
Reported: Fixed Charge Ratio 3.65 3.54 4.75 3.65 NA
Adjusted Operating Cash Flow / Capital Expenditures(%) 67.41 61.75 106.72 53.75 69.87
Per Share Information ($)
Common Shares Outstanding(actual) 102,565,266 107,460,406 108,583,413 108,787,807 108,879,245
Avg Diluted Shares Out(actual) 102,937,000 106,721,000 108,309,000 108,933,000 109,090,000
Basic Book Value per Share 17.46 17.94 19.03 19.28 19.58
Basic Tangible Book Value per Share 16.54 17.09 18.19 18.44 18.75
Price / Operating Cash Flow 6.80 5.80 10.40 7.50 6.50
Common Dividends Declared per Share 1.24 1.24 1.24 1.24 0.93
Basic EPS after Extra 1.65 1.50 2.30 1.52 1.40
Diluted EPS after Extraordinary 1.63 1.50 2.29 1.52 1.40
Diluted EPS Growth(%) 0.60 (8) 52.70 (33.60) 14.80
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