Financial Highlights
2013 FY
12/31/2013
2014 FY
12/31/2014
2015 FY
12/31/2015
2016 FY
12/31/2016
2017 FQ2 YTD
6/30/2017
Balance Sheet Highlights ($000)
Net PP&E 3,865,514 4,148,774 4,377,658 4,603,465 4,726,524
Total Assets 10,340,044 11,185,142 11,782,018 12,425,506 12,693,805
Non-current Long-term Debt 1,481,945 1,606,546 1,603,368 1,594,019 1,618,647
Total Equity 1,727,070 1,790,573 1,927,640 2,066,753 2,075,029
Total Capitalization, at Book Value 3,459,790 3,550,384 3,743,364 3,820,065 3,777,758
Income Statement Highlights ($000)
Energy Operating Revenue 3,238,470 3,239,542 2,602,982 2,380,654 1,223,843
Operating Expense 2,923,051 2,905,076 2,274,408 2,032,479 1,080,085
Recurring EBITDA 485,708 524,281 531,087 561,246 255,347
Recurring EBIT 320,980 341,237 335,502 356,500 149,184
Net Income before Taxes 247,747 265,598 254,788 373,841 111,208
Net Income before Extra 163,406 170,019 161,767 250,146 73,800
Net Income 163,406 170,019 161,767 250,146 73,800
Reported Net Operating Income 315,419 332,600 322,553 348,175 143,758
Cash Flow Statement Highlights ($000)
Cash Flow from Operating Activities 361,568 325,420 355,880 495,254 186,023
Cash Flow from Investing Activities (598,182) (592,449) (705,724) (736,465) (399,442)
Cash Flow from Financing Activities 236,988 222,535 474,780 219,185 145,348
Net Increase in Cash and Cash Equivalents 374 (44,494) 124,936 (22,026) (68,071)
Operating Free Cash Flow (27,870) (39,406) (7,924) 165,211 (36,223)
Balance Sheet Ratios / Capital (%)
Total Equity / Total Assets 16.70 16.01 16.36 16.63 16.35
Working Capital ($000) (3,808,870) (4,034,383) (4,162,545) (4,251,197) (4,345,094)
Long-term Debt / Book Capital 42.83 45.25 42.83 41.73 42.85
Debt / Book Capitalisation 49.09 48.60 47.59 45 44.16
Total Debt / Total Equity (x) 0.98 0.96 0.92 0.83 0.80
Preferred Incl. Mezzanine / Book-Value Capital 0.99 0.97 0.92 0.90 0.91
Income Statement Ratios (%)
Recurring Revenue Growth (4.08) 0.07 (19.60) (8.47) 9.66
Net Income Growth 16.26 4.05 (4.85) 54.63 (4.68)
Annualized EPS after Extra Growth 14.10 0.60 (8) 52.70 (5.60)
Dividend Payout Ratio 76.54 76.07 82.67 54.15 92.54
Electric Revenue / Operating Revenue 92.02 92.21 89.71 87.97 87.88
Operations & Maintenance / Operating Expense 13.43 13.50 17.10 19.08 28.05
Electric Generation / Operating Expense 64.87 63.81 54.90 50.06 52.38
Operating D&A / Operating Expense 5.64 6.30 8.60 10.07 NA
Profitability Ratios (%)
ROAA 1.59 1.60 1.41 2.08 1.18
ROAE 9.98 9.62 8.54 12.55 7.14
ROACE 9.87 9.52 8.44 12.45 7.05
Liquidity Ratios (x)
Pre-tax Interest Coverage Excl. AFUDC 4.18 4.36 4.18 4.59 3.59
Pre-tax Interest and Pfd Coverage Excl. AFUDC 4.18 4.36 4.18 4.59 3.59
Adjusted Cash Flow Coverage 5.47 6.06 5.77 7.40 5.97
Recurring EBITDA / Adjusted Interest & Preferred 6.44 6.87 6.88 7.40 6.38
Reported: Fixed Charge Ratio 3.40 3.65 3.54 4.75 3.11
Adjusted Operating Cash Flow / Capital Expenditures(%) 58.35 67.41 61.48 106.60 54.23
Per Share Information ($)
Common Shares Outstanding(actual) 101,259,800 102,565,266 107,460,406 108,583,413 108,785,486
Avg Diluted Shares Out(actual) 99,623,000 102,937,000 106,721,000 108,309,000 108,869,000
Basic Book Value per Share 17.06 17.46 17.94 19.03 19.07
Basic Tangible Book Value per Share 16.13 16.54 17.09 18.19 18.23
Price / Operating Cash Flow 5.70 6.80 5.80 10.40 9.40
Common Dividends Declared per Share 1.24 1.24 1.24 1.24 0.62
Basic EPS after Extra 1.63 1.65 1.50 2.30 0.67
Diluted EPS after Extraordinary 1.62 1.63 1.50 2.29 0.67
Diluted EPS Growth(%) 14.10 0.60 (8) 52.70 (5.60)
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