Financial Highlights
2015 FY
12/31/2015
2016 FY
12/31/2016
2017 FY
12/31/2017
2018 FY
12/31/2018
2019 FQ2 YTD
6/30/2019
Balance Sheet Highlights ($000)
Net PP&E 4,377,658 4,603,465 4,460,248 4,830,118 5,158,402
Total Assets 11,782,018 12,425,506 12,534,160 13,104,051 13,537,766
Non-current Long-term Debt 1,603,368 1,544,019 1,629,797 1,879,641 2,153,878
Total Equity 1,927,640 2,066,753 2,097,386 2,162,280 2,208,586
Total Capitalization, at Book Value 3,743,364 3,820,065 3,983,421 4,195,206 4,608,650
Income Statement Highlights ($000)
Energy Operating Revenue 2,602,982 2,380,654 2,555,625 2,860,849 1,377,100
Operating Expense 2,274,408 2,024,816 2,209,392 2,527,493 1,226,529
Recurring EBITDA 531,087 561,246 572,772 593,900 292,434
Recurring EBIT 335,502 356,500 350,774 338,271 155,132
Net Income before Taxes 254,788 373,841 276,580 254,461 110,733
Net Income before Extra 161,767 250,146 167,187 203,664 89,146
Net Income 161,767 250,146 167,187 203,664 89,146
Reported Net Operating Income 322,553 355,838 346,233 333,356 150,571
Cash Flow Statement Highlights ($000)
Cash Flow from Operating Activities 356,858 495,658 420,441 499,312 133,406
Cash Flow from Investing Activities (705,724) (736,465) (815,299) (792,059) (275,130)
Cash Flow from Financing Activities 473,802 218,781 378,287 200,074 171,065
Net Increase in Cash and Cash Equivalents 124,936 (22,026) (16,571) (92,673) 29,341
Operating Free Cash Flow (6,946) 165,615 (74,746) (38,057) (95,876)
Balance Sheet Ratios / Capital (%)
Total Equity / Total Assets 16.36 16.63 16.73 16.50 16.31
Working Capital ($000) (4,162,545) (4,301,197) (4,461,675) (4,649,459) (4,909,047)
Long-term Debt / Book Capital 42.83 40.42 40.91 44.80 46.74
Debt / Book Capitalisation 47.59 45 46.49 47.64 51.33
Total Debt / Total Equity (x) 0.92 0.83 0.88 0.92 1.07
Preferred Incl. Mezzanine / Book-Value Capital 0.92 0.90 0.86 0.82 0.74
Income Statement Ratios (%)
Recurring Revenue Growth (19.60) (8.47) 7.50 11.82 3.42
Net Income Growth (4.85) 54.63 (33.16) 21.82 2.18
Annualized EPS after Extra Growth (8) 52.70 (33.60) 21.70 2.50
Dividend Payout Ratio 82.67 54.15 81.58 67.03 79.01
Electric Revenue / Operating Revenue 89.71 87.97 88.34 89.01 88.03
Operations & Maintenance / Operating Expense 17.10 18.88 17.32 16.20 28.15
Electric Generation / Operating Expense 54.90 50.25 53.15 55.38 52.14
Operating D&A / Operating Expense 8.60 10.11 10.05 10.11 NA
Profitability Ratios (%)
ROAA 1.41 2.08 1.33 1.59 1.34
ROAE 8.54 12.55 8.03 9.63 8.16
ROACE 8.44 12.45 7.94 9.54 8.08
Liquidity Ratios (x)
Pre-tax Interest Coverage Excl. AFUDC 4.18 4.69 4.38 3.76 3.23
Pre-tax Interest and Pfd Coverage Excl. AFUDC 4.18 4.69 4.38 3.76 3.23
Adjusted Cash Flow Coverage 5.79 7.41 6.43 7.09 5.63
Recurring EBITDA / Adjusted Interest & Preferred 6.88 7.40 7.25 6.70 6.27
Reported: Fixed Charge Ratio 3.54 4.75 3.65 NA NA
Adjusted Operating Cash Flow / Capital Expenditures(%) 61.75 106.72 53.75 69.76 58.95
Per Share Information ($)
Common Shares Outstanding(actual) 107,460,406 108,583,413 108,787,807 108,879,245 108,972,492
Avg Diluted Shares Out(actual) 106,721,000 108,309,000 108,933,000 109,146,000 109,324,000
Basic Book Value per Share 17.94 19.03 19.28 19.86 20.27
Basic Tangible Book Value per Share 17.09 18.19 18.44 19.03 19.44
Price / Operating Cash Flow 5.80 10.40 9.70 4.20 21.10
Common Dividends Declared per Share 1.24 1.24 1.24 1.24 0.64
Basic EPS after Extra 1.50 2.30 1.52 1.85 0.81
Diluted EPS after Extraordinary 1.50 2.29 1.52 1.85 0.81
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