Exhibit 99.2
Annex I
AEI
Consolidated Balance Sheets
As of June 30, 2010 and December 31, 2009
(millions of dollars (U.S.))
Consolidated Balance Sheets
As of June 30, 2010 and December 31, 2009
(millions of dollars (U.S.))
2010 | 2009 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 623 | $ | 583 | ||||
Restricted cash | 107 | 77 | ||||||
Accounts and notes receivable: | ||||||||
Trade (net of allowance) | 744 | 722 | ||||||
Unconsolidated affiliates | 9 | 13 | ||||||
Inventories | 109 | 126 | ||||||
Current assets of discontinued operations | — | 504 | ||||||
Prepaids and other current assets | 425 | 356 | ||||||
Total current assets | 2,017 | 2,381 | ||||||
Property, plant and equipment, net | 4,042 | 3,757 | ||||||
Investments in and notes receivable from unconsolidated affiliates | 1,120 | 1,160 | ||||||
Goodwill | 333 | 301 | ||||||
Intangibles, net | 367 | 358 | ||||||
Noncurrent assets of discontinued operations | — | 1,005 | ||||||
Other assets | 1,364 | 1,263 | ||||||
Total assets | $ | 9,243 | $ | 10,225 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable: | ||||||||
Trade | $ | 443 | $ | 450 | ||||
Unconsolidated affiliates | 44 | 29 | ||||||
Current portion of long-term debt, including related party | 607 | 473 | ||||||
Current liabilities of discontinued operations | — | 417 | ||||||
Accrued and other liabilities | 730 | 745 | ||||||
Total current liabilities | 1,824 | 2,114 | ||||||
Long-term debt, including related party | 2,609 | 2,664 | ||||||
Deferred income taxes | 151 | 88 | ||||||
Noncurrent liabilities of discontinued operations | — | 533 | ||||||
Other liabilities | 1,429 | 1,381 | ||||||
Commitments and contingencies | ||||||||
Total shareholders’ equity attributable to AEI | 2,963 | 2,832 | ||||||
Equity attributable to noncontrolling interests | 267 | 613 | ||||||
Total equity | 3,230 | 3,445 | ||||||
Total liabilities and equity | $ | 9,243 | $ | 10,225 | ||||
Annex I
AEI
Consolidated Statements of Operations and Adjusted Net Income
For the three and six months ended June 30, 2010 and 2009
(millions of dollars (U.S.), except share and per share data)
Consolidated Statements of Operations and Adjusted Net Income
For the three and six months ended June 30, 2010 and 2009
(millions of dollars (U.S.), except share and per share data)
For the three months | For the six months ended | |||||||||||||||
ended June 30, | June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues | $ | 1,127 | $ | 883 | $ | 2,283 | $ | 1,796 | ||||||||
Cost of sales | 703 | 546 | 1,425 | 1,099 | ||||||||||||
Gross margin | 424 | 337 | 858 | 697 | ||||||||||||
Operating expenses: | ||||||||||||||||
Operations, maintenance, and general and administrative expenses | 197 | 138 | 383 | 272 | ||||||||||||
Depreciation and amortization | 59 | 55 | 115 | 107 | ||||||||||||
Taxes other than income | 8 | 5 | 17 | 12 | ||||||||||||
(Gain) loss on disposition of assets | (7 | ) | 5 | (3 | ) | 10 | ||||||||||
Total operating expenses | 257 | 203 | 512 | 401 | ||||||||||||
Equity income from unconsolidated affiliates | 25 | 23 | 52 | 50 | ||||||||||||
Operating income | 192 | 157 | 398 | 346 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 20 | 17 | 37 | 32 | ||||||||||||
Interest expense | (74 | ) | (67 | ) | (139 | ) | (133 | ) | ||||||||
Foreign currency transaction gain (loss), net | — | 9 | (3 | ) | 2 | |||||||||||
Gain (loss) on early retirement of debt | (1 | ) | 3 | (1 | ) | 3 | ||||||||||
Other income, net | 8 | 56 | 14 | 58 | ||||||||||||
Total other income (expense) | (47 | ) | 18 | (92 | ) | (38 | ) | |||||||||
Income before income taxes | 145 | 175 | 306 | 308 | ||||||||||||
Provision for income taxes | 56 | 37 | 118 | 108 | ||||||||||||
Net income from continuing operations | 89 | 138 | 188 | 200 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations | 12 | 57 | 47 | 40 | ||||||||||||
Gain from disposal of discontinued operations | 79 | — | 79 | — | ||||||||||||
Provision for Income taxes | 4 | 14 | 12 | 19 | ||||||||||||
Net income from discontinued operations | 87 | 43 | 114 | 21 | ||||||||||||
Net income | 176 | 181 | 302 | 221 | ||||||||||||
Less: Net income from continuing operations — noncontrolling interests | 22 | 24 | 43 | 37 | ||||||||||||
Less: Net income from discontinued operations — noncontrolling interests | 6 | 32 | 26 | 16 | ||||||||||||
Net income attributable to AEI | $ | 148 | $ | 125 | $ | 233 | $ | 168 | ||||||||
Weighted average number of shares outstanding (thousands of shares) | 243,248 | 232,247 | 243,301 | 228,910 | ||||||||||||
Basic earnings per share from continuing operations attributable to AEI | $ | 0.28 | $ | 0.49 | $ | 0.60 | $ | 0.71 | ||||||||
Basic earnings per share attributable to AEI | $ | 0.61 | $ | 0.54 | $ | 0.96 | $ | 0.73 | ||||||||
Diluted earnings per share from continuing operations attributable to AEI | $ | 0.28 | $ | 0.48 | $ | 0.60 | $ | 0.70 | ||||||||
Diluted earnings per share attributable to AEI | $ | 0.61 | $ | 0.53 | $ | 0.96 | $ | 0.72 | ||||||||
Net income attributable to AEI | $ | 148 | $ | 125 | $ | 233 | $ | 168 | ||||||||
Net income from discontinued operations | (87 | ) | (43 | ) | (114 | ) | (21 | ) | ||||||||
Net income from discontinued operations — noncontrolling interests | 6 | 32 | 26 | 16 | ||||||||||||
Net income attributable to AEI from continuing operations | $ | 67 | $ | 114 | $ | 145 | $ | 163 | ||||||||
Excluding (a): | ||||||||||||||||
Reversal of accrual at Elektro | — | (32 | ) | — | (32 | ) | ||||||||||
(Gain) loss on early retirement of debt | 1 | (3 | ) | 1 | (3 | ) | ||||||||||
Foreign currency transaction loss, net | — | (4 | ) | 2 | — | |||||||||||
Gain loss on disposition of assets: | ||||||||||||||||
Gain on sale of subsidiaries | (6 | ) | — | (6 | ) | — | ||||||||||
Gain on deconsolidation of subsidiary | — | — | (3 | ) | — | |||||||||||
Adjusted net income attributable to AEI | $ | 62 | $ | 75 | $ | 139 | $ | 128 | ||||||||
Adjusted basic earnings per share | $ | 0.25 | $ | 0.32 | $ | 0.57 | $ | 0.56 | ||||||||
Adjusted diluted earnings per share | $ | 0.25 | $ | 0.32 | $ | 0.57 | $ | 0.56 |
(a) | Amounts shown are net of tax and noncontrolling interests. |
Annex III
AEI
Consolidated Statements of Cash Flows
For the six months ended June 30, 2010 and 2009
(millions of dollars (U.S.))
Consolidated Statements of Cash Flows
For the six months ended June 30, 2010 and 2009
(millions of dollars (U.S.))
2010 | 2009 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 302 | $ | 221 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 132 | 129 | ||||||
Deferred revenues and charges | (26 | ) | 33 | |||||
Deferred income taxes | 6 | 24 | ||||||
Equity earnings from unconsolidated affiliates | (53 | ) | (50 | ) | ||||
Distributions from unconsolidated affiliates | 34 | 11 | ||||||
Foreign currency transaction (gain) loss, net | 3 | (6 | ) | |||||
(Gain) loss on disposition of assets, including discontinued operations | (82 | ) | 10 | |||||
(Gain) loss on early retirement of debt | 1 | (3 | ) | |||||
Changes in operating assets and liabilities, net of translation, acquisitions, dispositions and non-cash items: | ||||||||
Trade receivables, net | (42 | ) | 8 | |||||
Accounts payable, trade | (4 | ) | (24 | ) | ||||
Inventories | (8 | ) | (2 | ) | ||||
Prepaids and other current assets | (5 | ) | 3 | |||||
Regulatory assets and liabilities | 22 | 11 | ||||||
Other | 10 | (69 | ) | |||||
Net cash provided by operating activities | 290 | 296 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sale of investments and discontinued operations | 278 | 60 | ||||||
Capital expenditures | (284 | ) | (166 | ) | ||||
Cash paid for acquisitions, exclusive of cash and cash equivalents acquired | (77 | ) | (22 | ) | ||||
Cash and cash equivalents acquired | 6 | — | ||||||
Decrease in restricted cash | 36 | 57 | ||||||
Increase in restricted cash | (74 | ) | (31 | ) | ||||
Decrease in cash and cash equivalents from deconsolidation of subsidiary | (95 | ) | — | |||||
Proceeds from maturity of short-term investments | 23 | 6 | ||||||
Other | (1 | ) | (8 | ) | ||||
Net cash used in investing activities | (188 | ) | (104 | ) | ||||
Cash flows from financing activities: | ||||||||
Issuance of debt | 802 | 494 | ||||||
Repayment of debt | (808 | ) | (861 | ) | ||||
Dividends paid to noncontrolling interests | (109 | ) | (39 | ) | ||||
Purchase of subsidiary shares from noncontrolling interests | (36 | ) | — | |||||
Other | (10 | ) | (6 | ) | ||||
Net cash used in financing activities | (161 | ) | (412 | ) | ||||
Effect of exchange rate changes on cash | — | 8 | ||||||
Decrease in cash and cash equivalents | (59 | ) | (212 | ) | ||||
Cash and cash equivalents, beginning of period | 682 | 736 | ||||||
Cash and cash equivalents, end of period | $ | 623 | $ | 524 | ||||
Cash payments for income taxes, net of refunds | $ | 93 | $ | 79 | ||||
Cash payments for interest, net of amounts capitalized | $ | 97 | $ | 116 | ||||
Non-cash exchange of related party debt for common shares | $ | — | $ | 118 | ||||
Non-cash payments for acquisitions | $ | — | $ | 31 | ||||
Annex IV
AEI
EBITDA and Adjusted EBITDA
For the three and six months ended June 30, 2010 and 2009
(Unaudited)
EBITDA and Adjusted EBITDA
For the three and six months ended June 30, 2010 and 2009
(Unaudited)
For the three months ended | For the six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(millions of dollars (U.S.)) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Net income attributable to AEI | $ | 148 | $ | 125 | $ | 233 | $ | 168 | ||||||||
Depreciation and amortization | 59 | 55 | 115 | 107 | ||||||||||||
Net income (loss) from continuing operations attributable to noncontrolling interests | 22 | 24 | 43 | 37 | ||||||||||||
Net income (loss) from discontinued operations attributable to noncontrolling interests | 6 | 32 | 26 | 16 | ||||||||||||
Provision for income taxes including discontinued operations | 60 | 51 | 130 | 127 | ||||||||||||
Interest expense | 74 | 67 | 139 | 133 | ||||||||||||
EBITDA | 369 | 354 | 686 | 588 | ||||||||||||
Subtract: | ||||||||||||||||
Income from discontinued operations | 12 | 57 | 47 | 40 | ||||||||||||
Gain from disposal of discontinued operations | 79 | — | 79 | — | ||||||||||||
Interest income | 20 | 17 | 37 | 32 | ||||||||||||
Foreign currency transaction gain (loss), net | — | 9 | (3 | ) | 2 | |||||||||||
Gain (loss) on disposition of assets | 7 | (5 | ) | 3 | (10 | ) | ||||||||||
Gain (loss) on early retirement of debt | (1 | ) | 3 | (1 | ) | 3 | ||||||||||
Other income, net | 8 | 56 | 14 | 58 | ||||||||||||
Adjusted EBITDA from continuing operations | $ | 244 | $ | 217 | $ | 510 | $ | 463 | ||||||||
Adjusted EBITDA from discontinued operations | 19 | 47 | 76 | 89 | ||||||||||||
Adjusted EBITDA including discontinued operations | $ | 263 | $ | 264 | $ | 586 | $ | 552 | ||||||||
Annex V
AEI
EBITDA and Adjusted EBITDA by Segment
For the three months ended June 30, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))
EBITDA and Adjusted EBITDA by Segment
For the three months ended June 30, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))
Natural Gas | ||||||||||||||||||||||||
Power | Power | Transportation | Natural Gas | Other/ | ||||||||||||||||||||
Distribution | Generation | and Services | Distribution | Eliminations | Total | |||||||||||||||||||
For the three months ended June 30, 2010 | ||||||||||||||||||||||||
Net income (loss) attributable to AEI | $ | 67 | $ | 12 | $ | 17 | $ | 10 | $ | (39 | ) | $ | 67 | |||||||||||
Depreciation and amortization | 36 | 9 | 5 | 7 | 2 | 59 | ||||||||||||||||||
Net income (loss) — noncontrolling interest | 5 | (1 | ) | 9 | 8 | 1 | 22 | |||||||||||||||||
Provision for income taxes | 32 | 16 | — | 7 | 1 | 56 | ||||||||||||||||||
Interest expense | 33 | 10 | 11 | 6 | 14 | 74 | ||||||||||||||||||
EBITDA | 173 | 46 | 42 | 38 | (21 | ) | 278 | |||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest income | 14 | 3 | 4 | — | (1 | ) | 20 | |||||||||||||||||
Foreign currency transaction (gain) loss, net | 1 | — | — | — | (1 | ) | — | |||||||||||||||||
Gain (loss) on disposition of assets | (4 | ) | — | 11 | — | — | 7 | |||||||||||||||||
Gain on early retirement of debt | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||
Other income (expense), net | (3 | ) | 7 | 3 | — | 1 | 8 | |||||||||||||||||
Adjusted EBITDA | $ | 165 | $ | 37 | $ | 24 | $ | 38 | $ | (20 | ) | $ | 244 | |||||||||||
For the three months ended June 30, 2009 | ||||||||||||||||||||||||
Net income (loss) attributable to AEI | $ | 78 | $ | 31 | $ | 18 | $ | 13 | $ | (26 | ) | $ | 114 | |||||||||||
Depreciation and amortization | 32 | 11 | 6 | 5 | 1 | 55 | ||||||||||||||||||
Net income (loss) — noncontrolling interest | 5 | (3 | ) | 13 | 10 | (1 | ) | 24 | ||||||||||||||||
Provision for income taxes | 34 | 9 | (2 | ) | 7 | (11 | ) | 37 | ||||||||||||||||
Interest expense | 21 | 12 | 10 | 5 | 19 | 67 | ||||||||||||||||||
EBITDA | 170 | 60 | 45 | 40 | (18 | ) | 297 | |||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest income | 12 | 4 | 1 | — | — | 17 | ||||||||||||||||||
Foreign currency transaction gain (loss), net | — | 5 | 4 | 3 | (3 | ) | 9 | |||||||||||||||||
Loss on disposition of assets | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||
Gain on early retirement of debt | — | — | — | — | 3 | 3 | ||||||||||||||||||
Other income (expense), net | 47 | (1 | ) | 6 | 4 | — | 56 | |||||||||||||||||
Adjusted EBITDA | $ | 116 | $ | 52 | $ | 34 | $ | 33 | $ | (18 | ) | $ | 217 | |||||||||||
Annex VI
AEI
EBITDA and Adjusted EBITDA by segment
For the six months ended June 30, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))
EBITDA and Adjusted EBITDA by segment
For the six months ended June 30, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))
Natural Gas | ||||||||||||||||||||||||
Power | Power | Transportation | Natural Gas | Other/ | ||||||||||||||||||||
Distribution | Generation | and Services | Distribution | Eliminations | Total | |||||||||||||||||||
For the six months ended June 30, 2010 | ||||||||||||||||||||||||
Net income (loss) attributable to AEI | $ | 146 | $ | 24 | $ | 35 | $ | 22 | $ | (82 | ) | $ | 145 | |||||||||||
Depreciation and amortization | 70 | 17 | 11 | 13 | 4 | 115 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 10 | (2 | ) | 16 | 17 | 2 | 43 | |||||||||||||||||
Provision for income taxes | 74 | 26 | (9 | ) | 15 | 12 | 118 | |||||||||||||||||
Interest expense | 62 | 20 | 20 | 10 | 27 | 139 | ||||||||||||||||||
EBITDA | 362 | 85 | 73 | 77 | (37 | ) | 560 | |||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest income | 25 | 6 | 6 | 1 | (1 | ) | 37 | |||||||||||||||||
Foreign currency transaction loss, net | (1 | ) | — | (1 | ) | — | (1 | ) | (3 | ) | ||||||||||||||
Gain (loss) on disposition of assets | (11 | ) | — | 11 | 3 | — | 3 | |||||||||||||||||
Loss on early retirement of debt | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||
Other income (expense), net | (4 | ) | 12 | 5 | — | 1 | 14 | |||||||||||||||||
Adjusted EBITDA | $ | 353 | $ | 68 | $ | 52 | $ | 73 | $ | (36 | ) | $ | 510 | |||||||||||
For the six months ended June 30, 2009 | ||||||||||||||||||||||||
Net income (loss) attributable to AEI | $ | 135 | $ | 47 | $ | 28 | $ | 23 | $ | (70 | ) | $ | 163 | |||||||||||
Depreciation and amortization | 61 | 22 | 10 | 11 | 3 | 107 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 7 | (8 | ) | 18 | 22 | (2 | ) | 37 | ||||||||||||||||
Provision for income taxes | 66 | 29 | 6 | 14 | (7 | ) | 108 | |||||||||||||||||
Interest expense | 41 | 24 | 20 | 9 | 39 | 133 | ||||||||||||||||||
EBITDA | 310 | 114 | 82 | 79 | (37 | ) | 548 | |||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest income | 22 | 7 | 2 | 1 | — | 32 | ||||||||||||||||||
Foreign currency transaction gain (loss), net | (2 | ) | 4 | — | 2 | (2 | ) | 2 | ||||||||||||||||
Gain (loss) on disposition of assets | (10 | ) | — | — | — | — | (10 | ) | ||||||||||||||||
Gain on early retirement of debt | — | — | — | — | 3 | 3 | ||||||||||||||||||
Other income (expense), net | 46 | 4 | 9 | (1 | ) | — | 58 | |||||||||||||||||
Adjusted EBITDA | $ | 254 | $ | 99 | $ | 71 | $ | 77 | $ | (38 | ) | $ | 463 | |||||||||||
Annex VII
AEI
Net Debt
As of June 30, 2010 and December 31, 2009
(Unaudited)
(millions of dollars (U.S.))
Net Debt
As of June 30, 2010 and December 31, 2009
(Unaudited)
(millions of dollars (U.S.))
2010 | 2009 | |||||||
Debt | $ | 3,216 | $ | 3,137 | ||||
Less: Cash | (623 | ) | (583 | ) | ||||
Restricted cash — current | (107 | ) | (77 | ) | ||||
Restricted cash — non-current | (72 | ) | (63 | ) | ||||
NET DEBT | $ | 2,414 | $ | 2,414 | ||||
Annex VIII
AEI
Free Cash Flow
For the six months ended June 30, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))
Free Cash Flow
For the six months ended June 30, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))
2010 | 2009 | |||||||
Net cash provided by operating activities | $ | 290 | $ | 296 | ||||
Less: | ||||||||
Maintenance capital expenditures | 50 | 54 | ||||||
FREE CASH FLOW | $ | 240 | $ | 242 | ||||
Annex IX
AEI
Foreign Currency
Period-end and Average Exchange Rates
(Unaudited)
Foreign Currency
Period-end and Average Exchange Rates
(Unaudited)
The following table presents the period-end and average exchange rates of the U.S. dollar into the local currency where we are primarily exposed to fluctuations in the exchange rate.
June 30, | December 31, | June 30, | ||||||||||
2010 | 2009 | 2009 | ||||||||||
Period-end exchange rates: | ||||||||||||
Brazilianreal | 1.80 | 1.74 | 1.96 | |||||||||
Colombianpeso | 1,908 | 2,043 | 2,090 |
Average Exchange Rate for the Three Months Ended | ||||||||||||||||
2010 | 2009 | |||||||||||||||
June 30, | March 31, | June 30, | March 31, | |||||||||||||
Average period exchange rates: | ||||||||||||||||
Brazilianreal | 1.79 | 1.80 | 2.03 | 2.33 | ||||||||||||
Colombianpeso | 1,950 | 1,946 | 2,190 | 2,511 |
Average Exchange Rate for the Six | ||||||||
Months Ended June 30, | ||||||||
2010 | 2009 | |||||||
Average period exchange rates: | ||||||||
Brazilianreal | 1.80 | 2.18 | ||||||
Colombianpeso | 1,948 | 2,350 |
Source: Bloomberg financial website.
Annex X
AEI
Proportional Share of Adjusted EBITDA (derived from U.S. GAAP data)
As of and for the six months ended June 30, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)
Proportional Share of Adjusted EBITDA (derived from U.S. GAAP data)
As of and for the six months ended June 30, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)
AEI | AEI | Deduct | Deduct | Add Proportional | Proportional | |||||||||||||||||||||
Ownership | Consolidated | noncontrolling | equity | Adjusted EBITDA - | Share of | |||||||||||||||||||||
Operating | % at | Adjusted | interest | (income) | Equity/Cost | Adjusted | ||||||||||||||||||||
Business | Segment | 6/30/10 | EBITDA 2010 | share | loss | investments | EBITDA 2010 | |||||||||||||||||||
Delsur | Power Dist | 86.41 | % | $ | 12 | $ | (2 | ) | $ | — | $ | — | $ | 10 | ||||||||||||
EDEN | Power Dist | 90.00 | % | 11 | (1 | ) | — | — | 10 | |||||||||||||||||
ENSA | Power Dist | 51.00 | % | 30 | (15 | ) | — | — | 15 | |||||||||||||||||
Elektro | Power Dist | 99.68 | % | 240 | (1 | ) | — | — | 239 | |||||||||||||||||
Emdersa | Power Dist | 77.11 | % | 21 | (5 | ) | 1 | — | 17 | |||||||||||||||||
Chilquinta | Power Dist | 50.00 | % | 19 | — | (19 | ) | 24 | 24 | |||||||||||||||||
Luz del Sur | Power Dist | 37.97 | % | 19 | — | (19 | ) | 36 | 36 | |||||||||||||||||
DCL | Power Gen | 60.22 | % | 1 | — | — | — | 1 | ||||||||||||||||||
Emgasud | Power Gen | 42.73 | % | (2 | ) | — | 2 | 11 | 11 | |||||||||||||||||
ENS | Power Gen | 100.00 | % | 16 | — | — | — | 16 | ||||||||||||||||||
PQP | Power Gen | 100.00 | % | 22 | — | — | — | 22 | ||||||||||||||||||
San Felipe | Power Gen | 100.00 | % | (6 | ) | — | — | — | (6 | ) | ||||||||||||||||
Trakya | Power Gen | 90.00 | % | 27 | (3 | ) | — | — | 24 | |||||||||||||||||
Luoyang | Power Gen | 50.00 | % | 3 | (1 | ) | — | — | 2 | |||||||||||||||||
Cuiabá | PowerGen/ NG Trans | 100.00 | % | (6 | ) | — | — | — | (6 | ) | ||||||||||||||||
Accroven | NG Trans | 0.00 | % | — | — | — | — | — | ||||||||||||||||||
GTB | NG Trans | 34.65 | % | 7 | — | (7 | ) | 16 | 16 | |||||||||||||||||
TBG | NG Trans | 8.27 | % | — | — | — | 13 | 13 | ||||||||||||||||||
Promigas Pipeline | NG Trans | 52.13 | % | 39 | (19 | ) | — | — | 20 | |||||||||||||||||
Promigas — GDO | NG Dist | 46.88 | % | 26 | (14 | ) | — | — | 12 | |||||||||||||||||
Promigas — GDC | NG Dist | 16.16 | % | 7 | — | (7 | ) | 7 | 7 | |||||||||||||||||
Cálidda | NG Dist | 80.85 | % | 11 | (2 | ) | — | — | 9 | |||||||||||||||||
Promigas — Surtigas | NG Dist | 51.61 | % | 16 | (8 | ) | — | — | 8 | |||||||||||||||||
Huatong | NG Dist | 100.00 | % | 9 | — | — | — | 9 | ||||||||||||||||||
Other | Various | 20 | (7 | ) | (3 | ) | 12 | 22 | ||||||||||||||||||
SUBTOTAL (Excluding Headquarters and Other) | $ | 542 | $ | (78 | ) | $ | (52 | ) | $ | 119 | $ | 531 | ||||||||||||||
Headquarters and Other | Headquarters | 100.00 | % | (32 | ) | (3 | ) | — | — | (35 | ) | |||||||||||||||
Subtotal of continuing operations | 510 | (81 | ) | (52 | ) | 119 | 496 | |||||||||||||||||||
Proenergia — SIE | Retail Fuel | 27.45 | % | 61 | (44 | ) | — | — | 17 | |||||||||||||||||
Proenergia — GNC | Retail Fuel | 24.40 | % | 14 | (10 | ) | (1 | ) | — | 3 | ||||||||||||||||
Total including discontinuing operations | $ | 585 | $ | (135 | ) | $ | (53 | ) | $ | 119 | $ | 516 | ||||||||||||||
For the six months ended June 30, 2009 | ||||||||||||||||||||||||||
Total | $ | 552 | $ | (148 | ) | $ | (50 | ) | $ | 106 | $ | 460 | ||||||||||||||
Annex XI
AEI
Proportional Share of Net Debt (derived from U.S. GAAP data)
As of June 30, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)
Proportional Share of Net Debt (derived from U.S. GAAP data)
As of June 30, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)
Proportional Share | ||||||||||||||
AEI Ownership | Net Debt as of | of Net Debt | ||||||||||||
Business | Operating Segment | % at 6/30/10 | 6/30/10 | 6/30/10 | ||||||||||
Delsur | Power Distribution | 86.41 | % | $ | 55 | $ | 48 | |||||||
EDEN | Power Distribution | 90.00 | % | (14 | ) | (13 | ) | |||||||
ENSA | Power Distribution | 51.00 | % | 102 | 52 | |||||||||
Elektro | Power Distribution | 99.68 | % | 389 | 388 | |||||||||
Emdersa | Power Distribution | 77.11 | % | 62 | 48 | |||||||||
Chilquinta | Power Distribution | 50.00 | % | 74 | 37 | |||||||||
Luz del Sur | Power Distribution | 37.97 | % | 218 | 83 | |||||||||
DCL Cogen Limited Acquisition | Power Generation | 60.22 | % | 75 | 45 | |||||||||
Emgasud | Power Generation | 42.73 | % | 90 | 38 | |||||||||
ENS | Power Generation | 100.00 | % | 43 | 43 | |||||||||
PQP | Power Generation | 100.00 | % | 49 | 49 | |||||||||
San Felipe | Power Generation | 100.00 | % | (18 | ) | (18 | ) | |||||||
Trakya | Power Generation | 90.00 | % | 131 | 118 | |||||||||
Luoyang | Power Generation | 50.00 | % | 111 | 56 | |||||||||
Cuiabá | PowerGen/Natural Gas Transportation | 100.00 | % | (69 | ) | (69 | ) | |||||||
Accroven | Natural Gas Transportation and Services | 0.00 | % | — | — | |||||||||
GTB | Natural Gas Transportation and Services | 34.65 | % | 173 | 60 | |||||||||
TBG | Natural Gas Transportation and Services | 8.27 | % | 885 | 73 | |||||||||
Promigas Pipeline | Natural Gas Transportation and Services | 52.13 | % | 301 | 157 | |||||||||
Promigas — Gases de Occidente | Natural Gas Distribution | 46.88 | % | 114 | 53 | |||||||||
Promigas — Gases del Caribe | Natural Gas Distribution | 16.16 | % | 128 | 21 | |||||||||
Cálidda | Natural Gas Distribution | 80.85 | % | 19 | 15 | |||||||||
Promigas — Surtigas | Natural Gas Distribution | 51.61 | % | 100 | 52 | |||||||||
Huatong | Natural Gas Distribution | 100.00 | % | (12 | ) | (12 | ) | |||||||
Other | Various | 211 | 41 | |||||||||||
SUBTOTAL (Excluding Headquarters and Other) | 1,364 | |||||||||||||
Headquarters and Other | Headquarters | 100.00 | % | 944 | 944 | |||||||||
TOTAL | $ | 2,308 | ||||||||||||
Annex XII
AEI
Proportional Free Cash Flow (derived from U.S. GAAP data)
For the six months ended June 30, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)
Proportional Free Cash Flow (derived from U.S. GAAP data)
For the six months ended June 30, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)
AEI Ownership % | AEI Free Cash | Proportional Free | ||||||||||||
Business | Operating Segment | at 6/30/10 | Flow | Cash Flow | ||||||||||
Delsur | Power Distribution | 86.41 | % | $ | (2 | ) | $ | (2 | ) | |||||
EDEN | Power Distribution | 90.00 | % | 6 | 5 | |||||||||
ENSA | Power Distribution | 51.00 | % | 24 | 12 | |||||||||
Elektro | Power Distribution | 99.68 | % | 190 | 190 | |||||||||
Chilquinta | Power Distribution | 50.00 | % | 8 | 22 | |||||||||
Luz del Sur | Power Distribution | 37.97 | % | 12 | 24 | |||||||||
ENS | Power Generation | 100.00 | % | (12 | ) | (12 | ) | |||||||
PQP | Power Generation | 100.00 | % | 20 | 20 | |||||||||
San Felipe | Power Generation | 100.00 | % | 10 | 10 | |||||||||
Trakya | Power Generation | 90.00 | % | 18 | 18 | |||||||||
Emdersa | Power Generation | 77.10 | % | 11 | 10 | |||||||||
Cuiabá | PowerGen/Natural Gas Transportation | 100.00 | % | (14 | ) | (13 | ) | |||||||
Accroven | Natural Gas Transportation and Services | 0.00 | % | — | — | |||||||||
GTB | Natural Gas Transportation and Services | 34.65 | % | (1 | ) | 16 | ||||||||
TBG | Natural Gas Transportation and Services | 8.27 | % | 6 | 3 | |||||||||
Cálidda | Natural Gas Transportation and Services | 80.85 | % | 5 | 4 | |||||||||
Huatong | Natural Gas Distribution | 100.00 | % | 11 | 11 | |||||||||
Promigas Pipeline | Natural Gas Transportation and Services | 52.13 | % | 37 | 19 | |||||||||
Other | 11 | 28 | ||||||||||||
SUBTOTAL (Excluding Headquarters and Other) | 340 | 365 | ||||||||||||
Headquarters and Other | Headquarters | 100.00 | % | (103 | ) | (103 | ) | |||||||
Subtotal of continuing operations | 237 | 262 | ||||||||||||
Proenergia | Natural Gas Distribution | 52.13 | % | 3 | 2 | |||||||||
Total including discontinuing operations | $ | 240 | $ | 264 | ||||||||||
For the six months ended June 30, 2009 | ||||||||||||||
Total | $ | 242 | $ | 186 | ||||||||||
Note: The above balances exclude intercompany activities and include dividends from equity investees.