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Consolidated Statements of Operations

In millions, except per share data, for the years ended December 31

                                                                                             2005           2006         2007
                                                                                           (Restated)     (Restated)


Revenues                 Regulated                                                            $5,584         $6,154       $6,867
                         Non-Regulated                                                         4,663          5,422        6,721
                         Total Revenues                                                      $10,247        $11,576      $13,588

Cost of Sales            Regulated                                                           ($4,003)       ($4,075)      ($4,747)
                         Non-Regulated                                                        (3,374)        (4,067)       (5,432)
                         Total Cost of Sales                                                 ($7,377)       ($8,142)     ($10,179)
                         Gross Margin                                                         $2,870         $3,434        $3,409
                         General & Administrative Expenses                                      (221)          (301)         (379)
                         Interest Expense                                                     (1,828)        (1,769)       (1,788)
                         Interest Income                                                         381            434           500
                         Other Income (Expense), Net                                              48           (336)          103
                         (Loss) Gain on Sale of Investments                                          -           98           134
                         Loss on Sale of Subsidiary Stock                                            -         (535)              -
                         Impairment Expense                                                      (16)           (17)         (408)
                         Foreign Currency Transaction (Losses) Gains, Net                       (143)           (80)           24
                         Other Non-Operating Expense                                                 -              -         (57)
                         Income Before Income Taxes, Equity in Earnings of
                         Affiliates & Minority Interest                                       $1,091           $928        $1,538
                         Income Tax Expense                                                     (473)          (362)         (685)
                         Net Equity in Earnings of Affiliates                                     66             73            76
                         Minority Interest Expense                                              (319)          (463)         (434)
                         Income from Continuing Operations                                      $365           $176          $495
                         Income from Operations of Discontinued Businesses                       188            107            71
                         Gain (Loss) on Sale of Discontinued Businesses                              -          (57)         (661)
                         Extraordinary Item                                                          -           21               -
                         Cumulative Effect of Change in Accounting Principle                      (4)              -              -
                         Net Income (Loss)                                                      $549           $247          ($95)

Basic Earnings           Income from Continuing Operations                                      $0.56          $0.27        $0.74
Per Share                Discontinued Operations                                                 0.29           0.07        (0.88)
                         Extraordinary Item                                                           -         0.03              -
                         Cumulative Effect of Change in Accounting Principle                    (0.01)               -            -
                         Basic Earnings (Loss) Per Share                                        $0.84          $0.37       ($0.14)
                         Basic Shares Outstanding                                                 654            661          668

Diluted Earnings         Income from Continuing Operations                                      $0.56          $0.27        $0.73
Per Share                Discontinued Operations                                                 0.28           0.07        (0.87)
                         Extraordinary Item                                                           -         0.03              -
                         Cumulative Effect of Change in Accounting Principle                    (0.01)               -            -
                         Diluted Earnings (Loss) Per Share                                      $0.83          $0.37       ($0.14)
                         Diluted Shares Outstanding                                               665            672          678

Adjusted EPS             Diluted EPS from Continuing Operations                                 $0.56          $0.27        $0.73
Reconciliation 1         FAS 133 Mark to Market (Gains) Losses                                   0.03          (0.05)        0.03
                         Currency Transaction (Gains) Losses                                     0.05           0.01                -
                         Net Asset (Gains) Losses & Impairments                                  0.00           0.68         0.18
                         Debt Retirement (Gains) Losses                                          0.00           0.03         0.08
                         Adjusted EPS                                                           $0.64          $0.94        $1.02

Supplemental             Depreciation and Amortization from Continuing Operations                $770           $835         $932
Disclosure

1
    A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
Consolidated Balance Sheets

In millions, as of December 31

                                                                                                 2005         2006        2007
                                                                                               (Restated)   (Restated)
Assets
Current Assets              Cash & Cash Equivalents                                             $1,169       $1,358       $2,058
                            Restricted Cash                                                        437          548          522
                            Short-Term Investments                                                 199          640        1,306
                            Accounts Receivable, Net                                             1,513        1,765        2,270
                            Inventory                                                              414          445          480
                            Receivable from Affiliates                                              85           91           56
                            Deferred Income Taxes - Current                                        258          214          286
                            Prepaid Expenses                                                       110          106          137
                            Other Current Assets                                                   661          927        1,076
                            Current Assets of Held for Sale & Discontinued Businesses              448          484          145
                            Total Current Assets                                                 5,294        6,578        8,336
Property, Plant &           Land                                                                   831          921        1,052
Equipent                    Electric Generation & Distribution Assets                           19,906       21,464       24,824
                            Accumulated Depreciation                                            (5,540)      (6,427)      (7,591)
                            Construction in Progress                                               686          987        1,774
                            Property, Plant & Equipment, Net                                    15,883       16,945       20,059
Other Assets                Deferred Financing Costs, Net                                          267          311          352
                            Investments in & Advances to Affiliates                                660          591          730
                            Debt Service Reserves & Other Deposits                                 525          515          568
                            Goodwill, Net                                                        1,408        1,414        1,416
                            Other Intangible Assets, Net                                           485          498          466
                            Deferred Income Taxes - Noncurrent                                     703          601          647
                            Other Assets                                                         1,391        1,587        1,698
                            Long-Term Assets of Held for Sale & Discontinued Businesses          2,409        2,234          181
                            Total Other Assets                                                   7,848        7,751        6,058
                            Total Assets                                                       $29,025      $31,274      $34,453

Liabilities & Stockholders' Equity
Current Liabilities         Accounts Payable                                                       $999         $788      $1,073
                            Accrued Interest                                                        372          404         255
                            Accrued & Other Liabilities                                           2,069        2,143       2,638
                            Recourse Debt - Current Position                                        200              -       223
                            Non-Recourse Debt - Current Position                                  1,356        1,402       1,142
                            Current Liabilities of Held for Sale & Discontinued Businesses          318          313         151
                            Total Current Liabilities                                             5,314        5,050       5,482
Long-Term Liabilities       Non-Recourse Debt                                                    10,308        9,840      11,297
                            Recourse Debt                                                         4,682        4,790       5,332
                            Deferred Income Taxes - Noncurrent                                      772          809       1,197
                            Pension Liabilities & Other Post-Retirement Liabilities                 829          844         921
                            Other Long-Term Liabilities                                           3,370        3,556       3,754
                            Long-Term Liabilities of Held for Sale & Discontinued Businesses        580          479          65
                            Total Long-Term Liabilities                                          20,541       20,318      22,566

                            Minority Interest                                                     1,587        2,927       3,241

Stockholders' Equity        Common Stock                                                             7            7            7
                            Additional Paid-In Capital                                           6,566        6,659        6,776
                            Accumulated Deficit                                                 (1,340)      (1,093)      (1,241)
                            Accumulated Other Comprehensive Loss                                (3,650)      (2,594)      (2,378)
                            Total Stockholders' Equity                                           1,583        2,979        3,164
                            Total Liabilities & Stockholders' Equity                           $29,025      $31,274      $34,453
Consolidated Statements of Cash Flows

In millions, for the years ended December 31

                                                                                                               2005             2006           2007
                                                                                                             (Restated)       (Restated)

Operating Activities           Net Income (Loss)                                                                    549              247              (95)
                                 Adjustments to Net Income (Loss):
                                 Depreciation & Amortization                                                        864              933          942
                                 Loss from Sale of Investments & Impairment Expense                                  45              471          333
                                 (Gain) Loss on Disposal & Impairment Write-Down - Discontinued Operations              -             57          669
                                 Provision for Deferred Taxes                                                       120              (10)         210
                                 Minority Interest Expense                                                          348              482          452
                                 Contingencies                                                                       (9)             173          196
                                 (Gain) Loss on the Extinguishment of Debt                                            1              148           92
                                 Other                                                                              175               12          (34)
                               Changes in Operating Assets & Liabilities:
                                 Decrease (Increase) in Accounts Receivable                                             -             94          (306)
                                 Increase in Inventory                                                              (58)              (3)          (26)
                                 Decrease (Increase) in Prepaid Expenses & Other Current Assets                     123              (69)          335
                                 Decrease (Increase) in Other Assets                                                 83              149          (134)
                                 Decrease in Accounts Payable & Other Current Liabilities                          (124)            (385)         (398)
                                 Increase in Other Liabilities                                                      103               52           121
                               Net Cash Provided by Operating Activities                                         $2,220           $2,351        $2,357

Investing Activities           Capital Expenditures                                                               ($826)         ($1,460)      ($2,425)
                               Acquisitions - Net of Cash Acquired                                                  (85)             (19)         (315)
                               Proceeds from the Sales of Businesses                                                 22              898         1,136
                               Proceeds from the Sales of Assets                                                     26               24            16
                               Sale of Short-Term Investments                                                     1,499            2,011         2,492
                               Purchase of Short-Term Investments                                                (1,345)          (2,359)       (2,982)
                               Decrease (Increase) in Restricted Cash                                                94               (8)          (28)
                               Purchase of Emission Allowances                                                      (19)             (77)          (13)
                               Proceeds from the Sales of Emission Allowances                                        42               82            17
                               (Decrease) Increase in Debt Service Reserves & Other Assets                          (93)              39           122
                               Purchase of Long-Term Available-for-Sale Securities                                      -            (52)          (49)
                               Repayment of Affiliate Loan                                                              -                -          55
                               Other Investing                                                                       32               14             4
                               Net Cash Used in Investing Activities                                              ($653)           ($907)      ($1,970)

Financing Activities           Borrowings (Repayments) Under the Revolving Credit Facilities, Net                   $53              $72          ($85)
                               Issuance of Recourse Debt                                                              5                  -       2,000
                               Issuance of Non-Recourse Debt                                                      1,710            3,097         2,297
                               Repayments of Recourse Debt                                                         (259)            (150)       (1,315)
                               Repayments of Non-Recourse Debt                                                   (2,651)          (4,059)       (2,251)
                               Payments for Deferred Financing Costs                                                (21)             (86)          (97)
                               Distributions to Minority Interests                                                 (186)            (335)         (699)
                               Contributions from Minority Interests                                                  1              125           374
                               Issuance of Common Stock                                                              26               78            58
                               Financed Capital Expenditures                                                         (1)             (52)          (35)
                               Other Financing                                                                      (16)              (7)           (3)
                               Net Cash (Used in) Provided by Financing Activities                              ($1,339)         ($1,317)        $244
                               Effect of Exchange Rate Changes on Cash                                               13               62            69
                               Total Increase in Cash & Cash Equivalents                                          $241             $189          $700
                               Cash & Cash Equivalents, Beginning                                                   928            1,169         1,358
                               Cash & Cash Equivalents, Ending                                                   $1,169           $1,358        $2,058

Supplemental                   Cash Payments for Interest - Net of Amounts Capitalized                            1,674            1,718         1,762
Disclosures                    Cash Payments for Income Taxes - Net of Refunds                                      268              479           621
                               Maintenance Capital Expenditures                                                     635              867           878
                               Growth Capital Expenditures                                                          192              645         1,582
                                               1
                               Free Cash Flow                                                                     1,585            1,484         1,479

Schedule of Non-               Assets Acquired in Acquisitions                                                            -                -      434
Cash Investing &               Non-Recourse Debt Assumed in Acquisitions                                                  -                -      647
Financing Activities           Liabilities Extinguished Due to Sale of Assets                                             -           30          134
                               Liabilities Assumed in Acquisitions                                                        -                -       37

1
    A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
Segment Data

In millions

Revenues

                                          1Q            2Q            3Q            4Q            2005           1Q            2Q            3Q            4Q            2006          1Q            2Q            3Q            4Q            2007

Latin America            Generation   $     474 $         516     $     587     $     568     $     2,145    $     600     $     620     $     685     $     710 $        2,615    $     738     $     818     $     918     $   1,036     $     3,510
                         Utilities          984         1,009         1,014         1,120           4,127        1,095         1,140         1,162         1,155          4,552        1,171         1,306         1,312         1,383           5,172
                         Subtotal         1,458         1,525         1,601         1,688           6,272        1,695         1,760         1,847         1,865          7,167        1,909         2,124         2,230         2,419           8,682

North America            Generation        385           435           436           489            1,745         528           465           513           422           1,928         498           551           576           543            2,168
                         Utilities         227           229           254           241              951         255           250           274           253           1,032         263           258           274           257            1,052
                         Subtotal          612           664           690           730            2,696         783           715           787           675           2,960         761           809           850           800            3,220

Europe, CIS &            Generation        223           169           153           190              735         208           186           196           262             852         252           215           216           292              975
Africa                   Utilities         129           120           112           145              506         151           136           131           152             570         166           157           155           182              660
                         Subtotal          352           289           265           335            1,241         359           322           327           414           1,422         418           372           371           474            1,635

Asia & the Middle East   Generation        155           137           136           172             600          180           240           191           174             785         200           251           235           203             889

Other                                      (116)         (134)         (153)         (159)           (562)        (188)         (186)         (190)         (194)          (758)        (197)         (216)         (202)         (223)           (838)
Total                                     2,461         2,481         2,539         2,766          10,247        2,829         2,851         2,962         2,934         11,576        3,091         3,340         3,484         3,673          13,588

Gross Margin

                                          1Q            2Q            3Q            4Q            2005           1Q            2Q            3Q            4Q            2006          1Q            2Q            3Q            4Q            2007

Latin America            Generation   $    179      $    166 $         280      $    232      $       857    $    259      $    254      $    266      $    273      $    1,052    $    249      $    198      $    184      $    324      $       955
                         Utilities         205           (42)          174           247              584         230           269           189           200             888         213           304           254            94              865
                         Subtotal          384           124           454           479            1,441         489           523           455           473           1,940         462           502           438           418            1,820

North America            Generation        107           137           147           165             556          208           126           174           102             610         141           187           207           167              702
                         Utilities          82            75            87            57             301           64            59            89            65             277          81            78            86            68              313
                         Subtotal          189           212           234           222             857          272           185           263           167             887         222           265           293           235            1,015

Europe, CIS &            Generation         73               34            23            55          185           79               55            37            76          247          89               43            35        108             275
Africa                   Utilities          30               23            15            41          109           35               27            29            12          103          21               21            22         (1)             63
                         Subtotal          103               57            38            96          294          114               82            66            88          350         110               64            57        107             338

Asia & the Middle East   Generation            69            64            55            55          243              49            56            53            43          201             47            60            47            39          193

Other                                       10             9            10             6               35          12            13            13            18              56           8            13            12            10               43
Total                                      755           466           791           858            2,870         936           859           850           789           3,434         849           904           847           809            3,409
Segment Data
Depreciation & Amortization from Continuing Operations

                                             1Q          2Q            3Q            4Q            2005           1Q            2Q            3Q            4Q            2006           1Q            2Q            3Q            4Q            2007

Latin America             Generation     $    (33) $          (33) $        (33) $        (37) $     (136)    $        (37) $        (37) $        (38) $        (42) $     (154)    $        (41) $        (40) $        (44) $        (44) $     (169)
                          Utilities           (36)            (39)          (40)          (40)       (155)             (43)          (45)          (46)          (48)       (182)             (47)          (50)          (48)          (54)       (199)
                          Subtotal            (69)            (72)          (73)          (77)       (291)             (80)          (82)          (84)          (90)       (336)             (88)          (90)          (92)          (98)       (368)

North America             Generation          (39)            (40)          (40)          (43)       (162)             (42)          (42)          (42)          (41)       (167)             (44)          (47)          (50)          (49)       (190)
                          Utilities           (34)            (33)          (34)          (35)       (136)             (34)          (34)          (34)          (34)       (136)             (34)          (35)          (35)          (38)       (142)
                          Subtotal            (73)            (73)          (74)          (78)       (298)             (76)          (76)          (76)          (75)       (303)             (78)          (82)          (85)          (87)       (332)

Europe, CIS &             Generation          (16)            (16)          (14)          (14)        (60)             (15)          (15)          (16)          (15)        (61)             (17)          (17)          (20)          (20)        (74)
Africa                    Utilities           (12)            (12)          (12)          (11)        (47)             (12)          (12)          (13)          (12)        (49)             (13)          (15)          (14)          (16)        (58)
                          Subtotal            (28)            (28)          (26)          (25)       (107)             (27)          (27)          (29)          (27)       (110)             (30)          (32)          (34)          (36)       (132)

Asia & the Middle East    Generation          (16)            (16)          (16)          (14)         (62)            (16)          (16)          (16)          (14)         (62)            (16)          (15)          (15)          (14)         (60)

Other                                           -           (4)           (4)           (4)           (12)           (4)           (6)           (5)           (9)           (24)           (7)           (8)          (12)          (13)           (40)
Total                                        (186)        (193)         (193)         (198)          (770)         (203)         (207)         (210)         (215)          (835)         (219)         (227)         (238)         (248)          (932)

Interest Expense

                                             1Q          2Q            3Q            4Q            2005           1Q            2Q            3Q            4Q            2006           1Q            2Q            3Q            4Q            2007

Latin America             Generation     $    (85) $       (71) $        (66) $        (96) $        (318)    $     (69) $        (72) $        (78) $        (72) $        (291)    $     (65) $        (56) $        (82) $        (97) $        (300)
                          Utilities          (113)        (136)         (140)         (154)          (543)         (117)         (131)         (142)         (121)          (511)         (109)         (110)         (104)         (116)          (439)
                          Subtotal           (198)        (207)         (206)         (250)          (861)         (186)         (203)         (220)         (193)          (802)         (174)         (166)         (186)         (213)          (739)

North America             Generation          (59)            (69)          (56)          (67)       (251)             (57)          (58)          (70)          (65)       (250)          (71)             (68)       (85)          (86)          (310)
                          Utilities           (29)            (28)          (29)          (29)       (115)             (29)          (28)          (29)          (34)       (120)          (29)             (29)       (30)          (30)          (118)
                          Subtotal            (88)            (97)          (85)          (96)       (366)             (86)          (86)          (99)          (99)       (370)         (100)             (97)      (115)         (116)          (428)

Europe, CIS &             Generation          (16)            (16)          (15)          (15)         (62)            (15)          (11)          (18)          (14)         (58)            (14)          (16)          (18)          (17)         (65)
Africa                    Utilities            (4)             (4)           (3)           (1)         (12)             (2)           (2)           (3)           (3)         (10)             (3)            -            (2)           (5)         (10)
                          Subtotal            (20)            (20)          (18)          (16)         (74)            (17)          (13)          (21)          (17)         (68)            (17)          (16)          (20)          (22)         (75)

Asia & the Middle East    Generation          (23)            (25)          (23)          (23)         (94)            (22)          (22)          (24)          (21)         (89)            (24)          (23)          (24)          (23)         (94)

Other                     Recourse           (110)        (110)         (105)         (108)           (433)        (106)         (108)         (111)         (112)           (437)        (109)         (110)         (107)         (124)           (450)
                          Non-Recourse          -            -             -             -               -           (2)           (1)            -             -              (3)           -             -            (1)           (1)             (2)
                          Subtotal           (110)        (110)         (105)         (108)           (433)        (108)         (109)         (111)         (112)           (440)        (109)         (110)         (108)         (125)           (452)
Total                                        (439)        (459)         (437)         (493)         (1,828)        (419)         (433)         (475)         (442)         (1,769)        (424)         (412)         (453)         (499)         (1,788)
Segment Data
Income from Continuing Operations Before Income Taxes, Equity in Earnings of Affiliates & Minority Interest

                                              1Q             2Q            3Q              4Q              2005           1Q              2Q              3Q          4Q            2006             1Q              2Q              3Q              4Q             2007

Latin America               Generation    $    104       $    106 $         234        $    133        $      577     $    232        $    196        $     208 $      147 $           783       $    208        $    291        $    137        $        14    $       650
                            Utilities          124            (34)           63             132               285          132             170             (436)       (29)           (163)           172             247             190                  3            612
                            Subtotal           228             72           297             265               862          364             366             (228)       118             620            380             538             327                 17          1,262

North America               Generation          48             64           102              91               305          240                 68           87             22          417             74             272              95              94              535
                            Utilities           53             47            59              26               185           34                 29           58             32          153             50              52              57              38              197
                            Subtotal           101            111           161             117               490          274                 97          145             54          570            124             324             152             132              732

Europe, CIS &               Generation             58             24             9              40            131              65              59              13          58          195                64              31              28              91           214
Africa                      Utilities              25             18            14              42             99              32              26              25           3           86                16              20              20              (6)           50
                            Subtotal               83             42            23              82            230              97              85              38          61          281                80              51              48              85           264

Asia & the Middle East      Generation             40             34            29              25            128              23              30              25           2              80             20              36              23               7               86

Other                                         (145)           (153)         (144)           (177)             (619)        (173)           (133)           (143)       (174)          (623)           (195)           (163)           (154)           (294)            (806)
Total                                          307             106           366             312             1,091          585             445            (163)         61            928             409             786             396             (53)           1,538

Minority Interest Expense

                                              1Q             2Q            3Q              4Q              2005           1Q              2Q              3Q          4Q            2006             1Q              2Q              3Q              4Q             2007

Latin America               Generation    $     (33) $            (37) $        (66) $       (52) $           (188)   $        (53) $       (63) $          (63) $         (45) $     (224)      $     (62) $          (65) $          (53) $         119       $       (61)
                            Utilities           (44)               50             6          (59)              (47)             (3)         (86)           (107)            26        (170)            (67)           (163)            (87)             2              (315)
                            Subtotal            (77)               13           (60)        (111)             (235)            (56)        (149)           (170)           (19)       (394)           (129)           (228)           (140)           121              (376)

North America               Generation             1               (1)           (3)             3                -             (1)             (2)             (1)          -             (4)              -              (2)             (3)             1               (4)
                            Utilities              -                -             -              -                -              -               -               -           -              -               -               -               -              -                -
                            Subtotal               1               (1)           (3)             3                -             (1)             (2)             (1)          -             (4)              -              (2)             (3)             1               (4)

Europe, CIS &               Generation             (1)              -             -               -             (1)             (1)              -               -          (1)         (2)                (1)              -              (1)            (1)            (3)
Africa                      Utilities              (5)             (6)           (3)            (11)           (25)             (7)             (4)             (5)         (7)        (23)                (3)             (2)             (5)             1             (9)
                            Subtotal               (6)             (6)           (3)            (11)           (26)             (8)             (4)             (5)         (8)        (25)                (4)             (2)             (6)             -            (12)

Asia & the Middle East      Generation          (18)              (16)          (14)            (11)           (59)            (10)            (14)            (12)         (8)        (44)               (10)            (17)            (14)            (5)           (46)

Other                                            -                  -            (6)           7                 1               -            -               1              3           4               2               1               -              1                 4
Total                                         (100)               (10)          (86)        (123)             (319)            (75)        (169)           (187)           (32)       (463)           (141)           (248)           (163)           118              (434)
Segment Data
Distributions from Subsidiaries

                                            1Q            2Q            3Q            4Q            2005         1Q            2Q            3Q            4Q            2006            1Q            2Q            3Q            4Q            2007

Latin America              Generation   $         3   $        16   $        11   $     53      $       83   $         1   $        38   $      1      $    102      $      142      $        3    $     11      $        24   $        54   $       92
                           Utilities             22             -            29         72             123            19             -        106            17             142               -         118               57            41          216
                           Subtotal              25            16            40        125             206            20            38        107           119             284               3         129               81            95          308

North America              Generation         86            51           109            66             312            82            19        168            63             332               85         30           142               40          297
                           Utilities          47            52            55            54             208             -            65         34            43             142                -         74            42               54          170
                           Subtotal          133           103           164           120             520            82            84        202           106             474               85        104           184               94          467

Europe, CIS &              Generation            7             30            17            29           83            15            16            27            14              72            45            13            45         75             178
Africa                     Utilities             1              1             -            27           29             -            10             5            10              25             1             -             -         31              32
                           Subtotal              8             31            17            56          112            15            26            32            24              97            46            13            45        106             210

Asia & the Middle East     Generation            29            13            40            48          130            14            25            1             46              86             -            8             35            29              72

Other                                          -             7            13             5              25          -             4            10            16              30             3             5            16            18               42
Total                                        195           170           274           354             993        131           177           352           311             971           137           259           361           342            1,099
Top 10 Subsidiary Distributions

In millions, for the years ended December 31

        2004                                      2005                        2006                         2007
IPALCO                         $177       IPALCO              $208    Eastern Energy      $162    IPALCO                $170
Gener                           151       EDC                   107   IPALCO                142   New York               122
                                                                      EDC 1                       EDC 1
Eastern Energy                   94       Eastern Energy         85                         100                           97
EDC 1                            77       Shady Point            57   Gener                  81   Brasiliana              90
Shady Point                      76       Hawaii                 46   Hungary                37   Kilroot                 69
Hawaii                           47       Ras Laffan             45   Hawaii                 35   Hawaii                  49
Ebute                            33       Gener                  36   Alicura                33   Cartagena               42
Southland                        28       Alicura                30   CAESS & EEO            31   Shady Point             38
Barka                            21       Southland              29   Shady Point            30   Ekibastuz               37
CTSN (San Nicolas)               21       Global Insurance       25   Deepwater              29   Gener                   36
Subtotal - Top 10              $725       Subtotal - Top 10   $668    Subtotal - Top 10   $680    Subtotal - Top 10     $750
Other Businesses                279       Other Businesses      325   Other Businesses      291   Other Businesses       349
Total                        $1,004       Total               $993    Total               $971    Total               $1,099

1
    A business AES sold in May 2007.
Reconciliation of Non-GAAP Financial Measures

In millions, except per share data, for the years ended December 31

                                                                                                                                       2005         2006       2007
                                                                                                                                     (Restated)   (Restated)
Reconciliation of                   Maintenance Capital Expenditures                                                                      $635        $867       $878
Capital Expenditures                Growth Capital Expenditures                                                                            192          645      1,582
                                    Capital Expenditures                                                                                  $827       $1,512     $2,460

Reconciliation of                   Net Cash Provided by Operating Activities                                                           $2,220       $2,351     $2,357
                1
Free Cash Flow                      Maintenance Capital Expenditures                                                                       635          867        878
                                    Free Cash Flow                                                                                      $1,585       $1,484     $1,479

Reconciliation of Adjusted          Diluted Earnings Per Share from Continuing Operations                                                $0.56        $0.27      $0.73
                    2
Earnings Per Share                  FAS 133 Mark to Market (Gains) Losses                                                                0.03         (0.05)     0.03
                                    Currency Transaction (Gains) Losses                                                                  0.05          0.01          -
                                    Net Asset (Gains) Losses & Impairments                                                               0.00          0.68      0.18
                                    Debt Retirement (Gains) Losses                                                                       0.00          0.03      0.08
                                    Adjusted Earnings Per Share                                                                          $0.64        $0.94      $1.02

Reconciliation of                   Subsidiary Distributions to Parent                                                                   $993         $971      $1,099
                         3
Subsidiary Distributions            Returns of Capital to Parent                                                                            57           72        106
                                    Total Subsidiary Distributions & Returns of Capital to Parent                                       $1,050       $1,043     $1,205

1
 Free cash flow is defined as net cash from operating activities less maintenance capital expenditures (including environmental capital expenditures). AES
believes that free cash flow is a useful measure for evaluating our financial condition because it represents the amount of cash provided by operations less
maintenance capital expenditures as defined by our businesses, that may be available for investing or for repaying debt.
2
  Adjusted earnings per share is defined as diluted earnings per share from continuing operations excluding gains or losses associated with (a) mark-to-market
amounts related to FAS 133 derivative transactions, (b) foreign currency transaction impacts on the net monetary position related to Brazil and Argentina, (c)
significant asset gains or losses due to disposition transactions and impairments, and (d) costs related to early retirement of debt. AES believes that adjusted
earnings per share better reflects the underlying business performance of the Company, and is considered in the Company’s internal evaluation of financial
performance. Factors in this determination include the variability associated with mark-to-market gains or losses related to certain derivative transactions, currency
gains and losses, periodic strategic decisions to dispose of certain assets which may influence results in a given period, and the early retirement of debt.
3
  Subsidiary distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which are determined in accordance with GAAP.
Subsidiary distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct
revenues from its own activities but instead relies on its subsidiaries' business activities and the resultant distributions to fund the debt service, investment and
other cash needs of the holding company. The reconciliation of difference between the subsidiary distributions and the Net Cash Provided by Operating Activities
consists of cash generated from operating activities that is retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in
nature. These factors include, but are not limited to, retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non-recourse
debt covenant restrictions and related debt service requirements at the subsidiaries, retention of cash related to sufficiency of local GAAP statutory retained
earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other similar timing differences between when the cash is
generated at the subsidiaries and when it reaches the Parent Company and related holding companies.
Selected Financial Data

In millions, except per share data, for the years ended December 31

Statement of Operations Data                                                            2007          2006          2005           2004          2003
                                                                                                   (Restated)    (Restated)     (Restated)    (Restated)

                      Revenues                                                          $13,588      $11,576       $10,247         $8,728        $7,676
                      Income from Continuing Operations                                     495          176           365            183           177
                      Discontinued Operations, Net of Tax                                  (590)          50           188            132          (681)
                      Extraordinary Items, Net of Tax                                          -          21              -              -             -
                      Cumulative Effect of Change in Accounting Principle, Net of Tax          -            -           (4)              -           41
                      Net (Loss) Income Available to Common Stockholders                   ($95)        $247          $549           $315         ($463)

Basic (Loss)          Income from Continuing Operations, Net of Tax                       $0.74         $0.27         $0.56          $0.29         $0.30
Earnings Per          Discontinued Operations, Net of Tax                                 (0.88)         0.07          0.29           0.20         (1.15)
Share                 Extraordinary Items, Net of Tax                                          -         0.03               -             -              -
                      Cumulative Effect of Change in Accounting Principle, Net of Tax          -             -        (0.01)              -         0.07
                      Basic (Loss) Earnings Per Share                                    ($0.14)        $0.37         $0.84          $0.49        ($0.78)

Diluted (Loss)        Income from Continuing Operations, Net of Tax                       $0.73         $0.27         $0.56          $0.29         $0.30
Earnings Per          Discontinued Operations, Net of Tax                                 (0.87)         0.07          0.28           0.20         (1.14)
Share                 Extraordinary Items, Net of Tax                                          -         0.03               -             -              -
                      Cumulative Effect of Change in Accounting Principle, Net of Tax          -             -        (0.01)              -         0.07
                      Diluted (Loss) Earnings Per Share                                  ($0.14)        $0.37         $0.83          $0.49        ($0.77)

Balance Sheet Data                                                                      2007          2006          2005           2004          2003
                                                                                                   (Restated)    (Restated)     (Restated)    (Restated)

                      Total Assets                                                      $34,453      $31,274       $29,025        $28,449       $29,145
                      Non-Recourse Debt (Long-Term)                                     $11,297       $9,840       $10,308        $10,571       $10,038
                      Non-Recourse Debt (Long-Term) - Discontinued Operations               $33         $342          $467           $742          $719
                      Recourse Debt (Long-Term)                                          $5,332       $4,790        $4,682         $5,010        $5,862
                      Accumulated Deficit                                               ($1,241)     ($1,093)      ($1,340)       ($1,889)      ($2,204)
                      Stockholders' Equity (Deficit)                                     $3,164       $2,979        $1,583           $997          ($99)
Revenues(1)
                                                           $ in millions
$16,000


                                                          $13,588
$14,000


                                                $11,576
$12,000

                                 $10,247
$10,000


 $8,000


 $6,000


 $4,000


 $2,000


    $0
                                    2005          2006     2007
          (1)
                2005 & 2006 Restated.
Gross Margin(1)
                                                                $ in millions
$3,500
                                                     $3,434
                                                                $3,409
$3,400

$3,300

$3,200

$3,100

$3,000

                                  $2,870
$2,900

$2,800

$2,700

$2,600

$2,500
                                       2005            2006       2007
         (1)
               2005 & 2006 Restated.
Income Before Income Taxes, Equity in Earnings of Affiliates &
                                         Minority Interest(1)(2)                $ in millions
$1,800


                                                                                                                                                      $1,538
$1,600


$1,400


$1,200
                                 $1,091

                                                                                             $928
$1,000


 $800


 $600


 $400


 $200


   $0
                                   2005                                                       2006                                                      2007
         (1)
           2005 & 2006 Restated.
         (2)
           2006 results include Brazil restructuring impacts that are unfavorable to income before taxes, equity in earnings & minority interest by ($509) million and
         unfavorable to diluted EPS from continuing operations by ($0.76) per share.
Diluted Earnings Per Share(1)
                                                                               $ per share
$1.00

                                   $0.83
$0.80



$0.60



                                                              $0.37
$0.40



$0.20



$0.00
                                        2005                  2006              2007


                                                                               ($0.14)
($0.20)
          (1)
                2005 & 2006 Restated.
Adjusted EPS(1)(2)
                                                                                                                  $ per share

$1.20


                                                                                                                  $1.02
$1.00                                                                                      $0.94


$0.80

                                   $0.64
$0.60



$0.40



$0.20



$0.00
                                     2005                                                   2006                  2007
        (1)
              2005 & 2006 based on restated diluted earnings per share.
        (2)
              A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
Net Cash Provided by Operating Activities and Free Cash Flow (1)(2)(3)
                                                                                                                              $ in millions
$2,400
                                                                                                                              $2,206
                                                                                      $2,087

                             $1,878                                                                                            $599
$1,800                                                                                $632
                               $538
                                                                                                                               $235
                                                                                      $165
                                $64
$1,200




                                                                                                                               $1,372
                                                                                     $1,290
                             $1,276
 $600




   $0
                               2005                                                    2006                                     2007
                                     Free Cash Flow                   Environmental Capex                        Maintenance Capex
         (1)
             2005 & 2006 Restated.
         (2)
             A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
         (3)
             Excludes results from EDC, a Latin America utility business that was sold in May 2007.
Reconciliation of Cash Flow

In millions, except per share data, for the years ended December 31

                                                                                                          2005         2006       2007
                                                                                                        (Restated)   (Restated)
Net Cash Provided by Operating Activities                                                                  $2,220       $2,351    $2,357
EDC Impact 1                                                                                                (342)        (264)     (151)
Net Cash Provided by Operating Activities, Excluding EDC                                                   $1,878       $2,087    $2,206

Maintenance Capital Expenditures                                                                            $571         $867      $878
Maintenance Capital Expenditures, EDC 1                                                                        33           70        44
Free Cash Flow 2                                                                                           $1,649       $1,484    $1,479

                                   1, 2
Free Cash Flow, Excluding EDC                                                                              $1,340       $1,290    $1,372

1
    Unaudited.
2
    A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
Non-Recourse Debt
                                        $ in millions
$15,000


                                        $12,439
          $11,664
$12,000                     $11,242



 $9,000




 $6,000




 $3,000




    $0
           2005               2006       2007
Recourse Debt

                                  $ in millions
$6,000
                                  $5,555

         $4,882         $4,790

$4,500




$3,000




$1,500




   $0
          2005           2006      2007

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AES 2007Fact Book Update fINAL

  • 1. Consolidated Statements of Operations In millions, except per share data, for the years ended December 31 2005 2006 2007 (Restated) (Restated) Revenues Regulated $5,584 $6,154 $6,867 Non-Regulated 4,663 5,422 6,721 Total Revenues $10,247 $11,576 $13,588 Cost of Sales Regulated ($4,003) ($4,075) ($4,747) Non-Regulated (3,374) (4,067) (5,432) Total Cost of Sales ($7,377) ($8,142) ($10,179) Gross Margin $2,870 $3,434 $3,409 General & Administrative Expenses (221) (301) (379) Interest Expense (1,828) (1,769) (1,788) Interest Income 381 434 500 Other Income (Expense), Net 48 (336) 103 (Loss) Gain on Sale of Investments - 98 134 Loss on Sale of Subsidiary Stock - (535) - Impairment Expense (16) (17) (408) Foreign Currency Transaction (Losses) Gains, Net (143) (80) 24 Other Non-Operating Expense - - (57) Income Before Income Taxes, Equity in Earnings of Affiliates & Minority Interest $1,091 $928 $1,538 Income Tax Expense (473) (362) (685) Net Equity in Earnings of Affiliates 66 73 76 Minority Interest Expense (319) (463) (434) Income from Continuing Operations $365 $176 $495 Income from Operations of Discontinued Businesses 188 107 71 Gain (Loss) on Sale of Discontinued Businesses - (57) (661) Extraordinary Item - 21 - Cumulative Effect of Change in Accounting Principle (4) - - Net Income (Loss) $549 $247 ($95) Basic Earnings Income from Continuing Operations $0.56 $0.27 $0.74 Per Share Discontinued Operations 0.29 0.07 (0.88) Extraordinary Item - 0.03 - Cumulative Effect of Change in Accounting Principle (0.01) - - Basic Earnings (Loss) Per Share $0.84 $0.37 ($0.14) Basic Shares Outstanding 654 661 668 Diluted Earnings Income from Continuing Operations $0.56 $0.27 $0.73 Per Share Discontinued Operations 0.28 0.07 (0.87) Extraordinary Item - 0.03 - Cumulative Effect of Change in Accounting Principle (0.01) - - Diluted Earnings (Loss) Per Share $0.83 $0.37 ($0.14) Diluted Shares Outstanding 665 672 678 Adjusted EPS Diluted EPS from Continuing Operations $0.56 $0.27 $0.73 Reconciliation 1 FAS 133 Mark to Market (Gains) Losses 0.03 (0.05) 0.03 Currency Transaction (Gains) Losses 0.05 0.01 - Net Asset (Gains) Losses & Impairments 0.00 0.68 0.18 Debt Retirement (Gains) Losses 0.00 0.03 0.08 Adjusted EPS $0.64 $0.94 $1.02 Supplemental Depreciation and Amortization from Continuing Operations $770 $835 $932 Disclosure 1 A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
  • 2. Consolidated Balance Sheets In millions, as of December 31 2005 2006 2007 (Restated) (Restated) Assets Current Assets Cash & Cash Equivalents $1,169 $1,358 $2,058 Restricted Cash 437 548 522 Short-Term Investments 199 640 1,306 Accounts Receivable, Net 1,513 1,765 2,270 Inventory 414 445 480 Receivable from Affiliates 85 91 56 Deferred Income Taxes - Current 258 214 286 Prepaid Expenses 110 106 137 Other Current Assets 661 927 1,076 Current Assets of Held for Sale & Discontinued Businesses 448 484 145 Total Current Assets 5,294 6,578 8,336 Property, Plant & Land 831 921 1,052 Equipent Electric Generation & Distribution Assets 19,906 21,464 24,824 Accumulated Depreciation (5,540) (6,427) (7,591) Construction in Progress 686 987 1,774 Property, Plant & Equipment, Net 15,883 16,945 20,059 Other Assets Deferred Financing Costs, Net 267 311 352 Investments in & Advances to Affiliates 660 591 730 Debt Service Reserves & Other Deposits 525 515 568 Goodwill, Net 1,408 1,414 1,416 Other Intangible Assets, Net 485 498 466 Deferred Income Taxes - Noncurrent 703 601 647 Other Assets 1,391 1,587 1,698 Long-Term Assets of Held for Sale & Discontinued Businesses 2,409 2,234 181 Total Other Assets 7,848 7,751 6,058 Total Assets $29,025 $31,274 $34,453 Liabilities & Stockholders' Equity Current Liabilities Accounts Payable $999 $788 $1,073 Accrued Interest 372 404 255 Accrued & Other Liabilities 2,069 2,143 2,638 Recourse Debt - Current Position 200 - 223 Non-Recourse Debt - Current Position 1,356 1,402 1,142 Current Liabilities of Held for Sale & Discontinued Businesses 318 313 151 Total Current Liabilities 5,314 5,050 5,482 Long-Term Liabilities Non-Recourse Debt 10,308 9,840 11,297 Recourse Debt 4,682 4,790 5,332 Deferred Income Taxes - Noncurrent 772 809 1,197 Pension Liabilities & Other Post-Retirement Liabilities 829 844 921 Other Long-Term Liabilities 3,370 3,556 3,754 Long-Term Liabilities of Held for Sale & Discontinued Businesses 580 479 65 Total Long-Term Liabilities 20,541 20,318 22,566 Minority Interest 1,587 2,927 3,241 Stockholders' Equity Common Stock 7 7 7 Additional Paid-In Capital 6,566 6,659 6,776 Accumulated Deficit (1,340) (1,093) (1,241) Accumulated Other Comprehensive Loss (3,650) (2,594) (2,378) Total Stockholders' Equity 1,583 2,979 3,164 Total Liabilities & Stockholders' Equity $29,025 $31,274 $34,453
  • 3. Consolidated Statements of Cash Flows In millions, for the years ended December 31 2005 2006 2007 (Restated) (Restated) Operating Activities Net Income (Loss) 549 247 (95) Adjustments to Net Income (Loss): Depreciation & Amortization 864 933 942 Loss from Sale of Investments & Impairment Expense 45 471 333 (Gain) Loss on Disposal & Impairment Write-Down - Discontinued Operations - 57 669 Provision for Deferred Taxes 120 (10) 210 Minority Interest Expense 348 482 452 Contingencies (9) 173 196 (Gain) Loss on the Extinguishment of Debt 1 148 92 Other 175 12 (34) Changes in Operating Assets & Liabilities: Decrease (Increase) in Accounts Receivable - 94 (306) Increase in Inventory (58) (3) (26) Decrease (Increase) in Prepaid Expenses & Other Current Assets 123 (69) 335 Decrease (Increase) in Other Assets 83 149 (134) Decrease in Accounts Payable & Other Current Liabilities (124) (385) (398) Increase in Other Liabilities 103 52 121 Net Cash Provided by Operating Activities $2,220 $2,351 $2,357 Investing Activities Capital Expenditures ($826) ($1,460) ($2,425) Acquisitions - Net of Cash Acquired (85) (19) (315) Proceeds from the Sales of Businesses 22 898 1,136 Proceeds from the Sales of Assets 26 24 16 Sale of Short-Term Investments 1,499 2,011 2,492 Purchase of Short-Term Investments (1,345) (2,359) (2,982) Decrease (Increase) in Restricted Cash 94 (8) (28) Purchase of Emission Allowances (19) (77) (13) Proceeds from the Sales of Emission Allowances 42 82 17 (Decrease) Increase in Debt Service Reserves & Other Assets (93) 39 122 Purchase of Long-Term Available-for-Sale Securities - (52) (49) Repayment of Affiliate Loan - - 55 Other Investing 32 14 4 Net Cash Used in Investing Activities ($653) ($907) ($1,970) Financing Activities Borrowings (Repayments) Under the Revolving Credit Facilities, Net $53 $72 ($85) Issuance of Recourse Debt 5 - 2,000 Issuance of Non-Recourse Debt 1,710 3,097 2,297 Repayments of Recourse Debt (259) (150) (1,315) Repayments of Non-Recourse Debt (2,651) (4,059) (2,251) Payments for Deferred Financing Costs (21) (86) (97) Distributions to Minority Interests (186) (335) (699) Contributions from Minority Interests 1 125 374 Issuance of Common Stock 26 78 58 Financed Capital Expenditures (1) (52) (35) Other Financing (16) (7) (3) Net Cash (Used in) Provided by Financing Activities ($1,339) ($1,317) $244 Effect of Exchange Rate Changes on Cash 13 62 69 Total Increase in Cash & Cash Equivalents $241 $189 $700 Cash & Cash Equivalents, Beginning 928 1,169 1,358 Cash & Cash Equivalents, Ending $1,169 $1,358 $2,058 Supplemental Cash Payments for Interest - Net of Amounts Capitalized 1,674 1,718 1,762 Disclosures Cash Payments for Income Taxes - Net of Refunds 268 479 621 Maintenance Capital Expenditures 635 867 878 Growth Capital Expenditures 192 645 1,582 1 Free Cash Flow 1,585 1,484 1,479 Schedule of Non- Assets Acquired in Acquisitions - - 434 Cash Investing & Non-Recourse Debt Assumed in Acquisitions - - 647 Financing Activities Liabilities Extinguished Due to Sale of Assets - 30 134 Liabilities Assumed in Acquisitions - - 37 1 A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
  • 4. Segment Data In millions Revenues 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ 474 $ 516 $ 587 $ 568 $ 2,145 $ 600 $ 620 $ 685 $ 710 $ 2,615 $ 738 $ 818 $ 918 $ 1,036 $ 3,510 Utilities 984 1,009 1,014 1,120 4,127 1,095 1,140 1,162 1,155 4,552 1,171 1,306 1,312 1,383 5,172 Subtotal 1,458 1,525 1,601 1,688 6,272 1,695 1,760 1,847 1,865 7,167 1,909 2,124 2,230 2,419 8,682 North America Generation 385 435 436 489 1,745 528 465 513 422 1,928 498 551 576 543 2,168 Utilities 227 229 254 241 951 255 250 274 253 1,032 263 258 274 257 1,052 Subtotal 612 664 690 730 2,696 783 715 787 675 2,960 761 809 850 800 3,220 Europe, CIS & Generation 223 169 153 190 735 208 186 196 262 852 252 215 216 292 975 Africa Utilities 129 120 112 145 506 151 136 131 152 570 166 157 155 182 660 Subtotal 352 289 265 335 1,241 359 322 327 414 1,422 418 372 371 474 1,635 Asia & the Middle East Generation 155 137 136 172 600 180 240 191 174 785 200 251 235 203 889 Other (116) (134) (153) (159) (562) (188) (186) (190) (194) (758) (197) (216) (202) (223) (838) Total 2,461 2,481 2,539 2,766 10,247 2,829 2,851 2,962 2,934 11,576 3,091 3,340 3,484 3,673 13,588 Gross Margin 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ 179 $ 166 $ 280 $ 232 $ 857 $ 259 $ 254 $ 266 $ 273 $ 1,052 $ 249 $ 198 $ 184 $ 324 $ 955 Utilities 205 (42) 174 247 584 230 269 189 200 888 213 304 254 94 865 Subtotal 384 124 454 479 1,441 489 523 455 473 1,940 462 502 438 418 1,820 North America Generation 107 137 147 165 556 208 126 174 102 610 141 187 207 167 702 Utilities 82 75 87 57 301 64 59 89 65 277 81 78 86 68 313 Subtotal 189 212 234 222 857 272 185 263 167 887 222 265 293 235 1,015 Europe, CIS & Generation 73 34 23 55 185 79 55 37 76 247 89 43 35 108 275 Africa Utilities 30 23 15 41 109 35 27 29 12 103 21 21 22 (1) 63 Subtotal 103 57 38 96 294 114 82 66 88 350 110 64 57 107 338 Asia & the Middle East Generation 69 64 55 55 243 49 56 53 43 201 47 60 47 39 193 Other 10 9 10 6 35 12 13 13 18 56 8 13 12 10 43 Total 755 466 791 858 2,870 936 859 850 789 3,434 849 904 847 809 3,409
  • 5. Segment Data Depreciation & Amortization from Continuing Operations 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ (33) $ (33) $ (33) $ (37) $ (136) $ (37) $ (37) $ (38) $ (42) $ (154) $ (41) $ (40) $ (44) $ (44) $ (169) Utilities (36) (39) (40) (40) (155) (43) (45) (46) (48) (182) (47) (50) (48) (54) (199) Subtotal (69) (72) (73) (77) (291) (80) (82) (84) (90) (336) (88) (90) (92) (98) (368) North America Generation (39) (40) (40) (43) (162) (42) (42) (42) (41) (167) (44) (47) (50) (49) (190) Utilities (34) (33) (34) (35) (136) (34) (34) (34) (34) (136) (34) (35) (35) (38) (142) Subtotal (73) (73) (74) (78) (298) (76) (76) (76) (75) (303) (78) (82) (85) (87) (332) Europe, CIS & Generation (16) (16) (14) (14) (60) (15) (15) (16) (15) (61) (17) (17) (20) (20) (74) Africa Utilities (12) (12) (12) (11) (47) (12) (12) (13) (12) (49) (13) (15) (14) (16) (58) Subtotal (28) (28) (26) (25) (107) (27) (27) (29) (27) (110) (30) (32) (34) (36) (132) Asia & the Middle East Generation (16) (16) (16) (14) (62) (16) (16) (16) (14) (62) (16) (15) (15) (14) (60) Other - (4) (4) (4) (12) (4) (6) (5) (9) (24) (7) (8) (12) (13) (40) Total (186) (193) (193) (198) (770) (203) (207) (210) (215) (835) (219) (227) (238) (248) (932) Interest Expense 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ (85) $ (71) $ (66) $ (96) $ (318) $ (69) $ (72) $ (78) $ (72) $ (291) $ (65) $ (56) $ (82) $ (97) $ (300) Utilities (113) (136) (140) (154) (543) (117) (131) (142) (121) (511) (109) (110) (104) (116) (439) Subtotal (198) (207) (206) (250) (861) (186) (203) (220) (193) (802) (174) (166) (186) (213) (739) North America Generation (59) (69) (56) (67) (251) (57) (58) (70) (65) (250) (71) (68) (85) (86) (310) Utilities (29) (28) (29) (29) (115) (29) (28) (29) (34) (120) (29) (29) (30) (30) (118) Subtotal (88) (97) (85) (96) (366) (86) (86) (99) (99) (370) (100) (97) (115) (116) (428) Europe, CIS & Generation (16) (16) (15) (15) (62) (15) (11) (18) (14) (58) (14) (16) (18) (17) (65) Africa Utilities (4) (4) (3) (1) (12) (2) (2) (3) (3) (10) (3) - (2) (5) (10) Subtotal (20) (20) (18) (16) (74) (17) (13) (21) (17) (68) (17) (16) (20) (22) (75) Asia & the Middle East Generation (23) (25) (23) (23) (94) (22) (22) (24) (21) (89) (24) (23) (24) (23) (94) Other Recourse (110) (110) (105) (108) (433) (106) (108) (111) (112) (437) (109) (110) (107) (124) (450) Non-Recourse - - - - - (2) (1) - - (3) - - (1) (1) (2) Subtotal (110) (110) (105) (108) (433) (108) (109) (111) (112) (440) (109) (110) (108) (125) (452) Total (439) (459) (437) (493) (1,828) (419) (433) (475) (442) (1,769) (424) (412) (453) (499) (1,788)
  • 6. Segment Data Income from Continuing Operations Before Income Taxes, Equity in Earnings of Affiliates & Minority Interest 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ 104 $ 106 $ 234 $ 133 $ 577 $ 232 $ 196 $ 208 $ 147 $ 783 $ 208 $ 291 $ 137 $ 14 $ 650 Utilities 124 (34) 63 132 285 132 170 (436) (29) (163) 172 247 190 3 612 Subtotal 228 72 297 265 862 364 366 (228) 118 620 380 538 327 17 1,262 North America Generation 48 64 102 91 305 240 68 87 22 417 74 272 95 94 535 Utilities 53 47 59 26 185 34 29 58 32 153 50 52 57 38 197 Subtotal 101 111 161 117 490 274 97 145 54 570 124 324 152 132 732 Europe, CIS & Generation 58 24 9 40 131 65 59 13 58 195 64 31 28 91 214 Africa Utilities 25 18 14 42 99 32 26 25 3 86 16 20 20 (6) 50 Subtotal 83 42 23 82 230 97 85 38 61 281 80 51 48 85 264 Asia & the Middle East Generation 40 34 29 25 128 23 30 25 2 80 20 36 23 7 86 Other (145) (153) (144) (177) (619) (173) (133) (143) (174) (623) (195) (163) (154) (294) (806) Total 307 106 366 312 1,091 585 445 (163) 61 928 409 786 396 (53) 1,538 Minority Interest Expense 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ (33) $ (37) $ (66) $ (52) $ (188) $ (53) $ (63) $ (63) $ (45) $ (224) $ (62) $ (65) $ (53) $ 119 $ (61) Utilities (44) 50 6 (59) (47) (3) (86) (107) 26 (170) (67) (163) (87) 2 (315) Subtotal (77) 13 (60) (111) (235) (56) (149) (170) (19) (394) (129) (228) (140) 121 (376) North America Generation 1 (1) (3) 3 - (1) (2) (1) - (4) - (2) (3) 1 (4) Utilities - - - - - - - - - - - - - - - Subtotal 1 (1) (3) 3 - (1) (2) (1) - (4) - (2) (3) 1 (4) Europe, CIS & Generation (1) - - - (1) (1) - - (1) (2) (1) - (1) (1) (3) Africa Utilities (5) (6) (3) (11) (25) (7) (4) (5) (7) (23) (3) (2) (5) 1 (9) Subtotal (6) (6) (3) (11) (26) (8) (4) (5) (8) (25) (4) (2) (6) - (12) Asia & the Middle East Generation (18) (16) (14) (11) (59) (10) (14) (12) (8) (44) (10) (17) (14) (5) (46) Other - - (6) 7 1 - - 1 3 4 2 1 - 1 4 Total (100) (10) (86) (123) (319) (75) (169) (187) (32) (463) (141) (248) (163) 118 (434)
  • 7. Segment Data Distributions from Subsidiaries 1Q 2Q 3Q 4Q 2005 1Q 2Q 3Q 4Q 2006 1Q 2Q 3Q 4Q 2007 Latin America Generation $ 3 $ 16 $ 11 $ 53 $ 83 $ 1 $ 38 $ 1 $ 102 $ 142 $ 3 $ 11 $ 24 $ 54 $ 92 Utilities 22 - 29 72 123 19 - 106 17 142 - 118 57 41 216 Subtotal 25 16 40 125 206 20 38 107 119 284 3 129 81 95 308 North America Generation 86 51 109 66 312 82 19 168 63 332 85 30 142 40 297 Utilities 47 52 55 54 208 - 65 34 43 142 - 74 42 54 170 Subtotal 133 103 164 120 520 82 84 202 106 474 85 104 184 94 467 Europe, CIS & Generation 7 30 17 29 83 15 16 27 14 72 45 13 45 75 178 Africa Utilities 1 1 - 27 29 - 10 5 10 25 1 - - 31 32 Subtotal 8 31 17 56 112 15 26 32 24 97 46 13 45 106 210 Asia & the Middle East Generation 29 13 40 48 130 14 25 1 46 86 - 8 35 29 72 Other - 7 13 5 25 - 4 10 16 30 3 5 16 18 42 Total 195 170 274 354 993 131 177 352 311 971 137 259 361 342 1,099
  • 8. Top 10 Subsidiary Distributions In millions, for the years ended December 31 2004 2005 2006 2007 IPALCO $177 IPALCO $208 Eastern Energy $162 IPALCO $170 Gener 151 EDC 107 IPALCO 142 New York 122 EDC 1 EDC 1 Eastern Energy 94 Eastern Energy 85 100 97 EDC 1 77 Shady Point 57 Gener 81 Brasiliana 90 Shady Point 76 Hawaii 46 Hungary 37 Kilroot 69 Hawaii 47 Ras Laffan 45 Hawaii 35 Hawaii 49 Ebute 33 Gener 36 Alicura 33 Cartagena 42 Southland 28 Alicura 30 CAESS & EEO 31 Shady Point 38 Barka 21 Southland 29 Shady Point 30 Ekibastuz 37 CTSN (San Nicolas) 21 Global Insurance 25 Deepwater 29 Gener 36 Subtotal - Top 10 $725 Subtotal - Top 10 $668 Subtotal - Top 10 $680 Subtotal - Top 10 $750 Other Businesses 279 Other Businesses 325 Other Businesses 291 Other Businesses 349 Total $1,004 Total $993 Total $971 Total $1,099 1 A business AES sold in May 2007.
  • 9. Reconciliation of Non-GAAP Financial Measures In millions, except per share data, for the years ended December 31 2005 2006 2007 (Restated) (Restated) Reconciliation of Maintenance Capital Expenditures $635 $867 $878 Capital Expenditures Growth Capital Expenditures 192 645 1,582 Capital Expenditures $827 $1,512 $2,460 Reconciliation of Net Cash Provided by Operating Activities $2,220 $2,351 $2,357 1 Free Cash Flow Maintenance Capital Expenditures 635 867 878 Free Cash Flow $1,585 $1,484 $1,479 Reconciliation of Adjusted Diluted Earnings Per Share from Continuing Operations $0.56 $0.27 $0.73 2 Earnings Per Share FAS 133 Mark to Market (Gains) Losses 0.03 (0.05) 0.03 Currency Transaction (Gains) Losses 0.05 0.01 - Net Asset (Gains) Losses & Impairments 0.00 0.68 0.18 Debt Retirement (Gains) Losses 0.00 0.03 0.08 Adjusted Earnings Per Share $0.64 $0.94 $1.02 Reconciliation of Subsidiary Distributions to Parent $993 $971 $1,099 3 Subsidiary Distributions Returns of Capital to Parent 57 72 106 Total Subsidiary Distributions & Returns of Capital to Parent $1,050 $1,043 $1,205 1 Free cash flow is defined as net cash from operating activities less maintenance capital expenditures (including environmental capital expenditures). AES believes that free cash flow is a useful measure for evaluating our financial condition because it represents the amount of cash provided by operations less maintenance capital expenditures as defined by our businesses, that may be available for investing or for repaying debt. 2 Adjusted earnings per share is defined as diluted earnings per share from continuing operations excluding gains or losses associated with (a) mark-to-market amounts related to FAS 133 derivative transactions, (b) foreign currency transaction impacts on the net monetary position related to Brazil and Argentina, (c) significant asset gains or losses due to disposition transactions and impairments, and (d) costs related to early retirement of debt. AES believes that adjusted earnings per share better reflects the underlying business performance of the Company, and is considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability associated with mark-to-market gains or losses related to certain derivative transactions, currency gains and losses, periodic strategic decisions to dispose of certain assets which may influence results in a given period, and the early retirement of debt. 3 Subsidiary distributions should not be construed as an alternative to Net Cash Provided by Operating Activities which are determined in accordance with GAAP. Subsidiary distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities but instead relies on its subsidiaries' business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The reconciliation of difference between the subsidiary distributions and the Net Cash Provided by Operating Activities consists of cash generated from operating activities that is retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries, retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.
  • 10. Selected Financial Data In millions, except per share data, for the years ended December 31 Statement of Operations Data 2007 2006 2005 2004 2003 (Restated) (Restated) (Restated) (Restated) Revenues $13,588 $11,576 $10,247 $8,728 $7,676 Income from Continuing Operations 495 176 365 183 177 Discontinued Operations, Net of Tax (590) 50 188 132 (681) Extraordinary Items, Net of Tax - 21 - - - Cumulative Effect of Change in Accounting Principle, Net of Tax - - (4) - 41 Net (Loss) Income Available to Common Stockholders ($95) $247 $549 $315 ($463) Basic (Loss) Income from Continuing Operations, Net of Tax $0.74 $0.27 $0.56 $0.29 $0.30 Earnings Per Discontinued Operations, Net of Tax (0.88) 0.07 0.29 0.20 (1.15) Share Extraordinary Items, Net of Tax - 0.03 - - - Cumulative Effect of Change in Accounting Principle, Net of Tax - - (0.01) - 0.07 Basic (Loss) Earnings Per Share ($0.14) $0.37 $0.84 $0.49 ($0.78) Diluted (Loss) Income from Continuing Operations, Net of Tax $0.73 $0.27 $0.56 $0.29 $0.30 Earnings Per Discontinued Operations, Net of Tax (0.87) 0.07 0.28 0.20 (1.14) Share Extraordinary Items, Net of Tax - 0.03 - - - Cumulative Effect of Change in Accounting Principle, Net of Tax - - (0.01) - 0.07 Diluted (Loss) Earnings Per Share ($0.14) $0.37 $0.83 $0.49 ($0.77) Balance Sheet Data 2007 2006 2005 2004 2003 (Restated) (Restated) (Restated) (Restated) Total Assets $34,453 $31,274 $29,025 $28,449 $29,145 Non-Recourse Debt (Long-Term) $11,297 $9,840 $10,308 $10,571 $10,038 Non-Recourse Debt (Long-Term) - Discontinued Operations $33 $342 $467 $742 $719 Recourse Debt (Long-Term) $5,332 $4,790 $4,682 $5,010 $5,862 Accumulated Deficit ($1,241) ($1,093) ($1,340) ($1,889) ($2,204) Stockholders' Equity (Deficit) $3,164 $2,979 $1,583 $997 ($99)
  • 11. Revenues(1) $ in millions $16,000 $13,588 $14,000 $11,576 $12,000 $10,247 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2005 2006 2007 (1) 2005 & 2006 Restated.
  • 12. Gross Margin(1) $ in millions $3,500 $3,434 $3,409 $3,400 $3,300 $3,200 $3,100 $3,000 $2,870 $2,900 $2,800 $2,700 $2,600 $2,500 2005 2006 2007 (1) 2005 & 2006 Restated.
  • 13. Income Before Income Taxes, Equity in Earnings of Affiliates & Minority Interest(1)(2) $ in millions $1,800 $1,538 $1,600 $1,400 $1,200 $1,091 $928 $1,000 $800 $600 $400 $200 $0 2005 2006 2007 (1) 2005 & 2006 Restated. (2) 2006 results include Brazil restructuring impacts that are unfavorable to income before taxes, equity in earnings & minority interest by ($509) million and unfavorable to diluted EPS from continuing operations by ($0.76) per share.
  • 14. Diluted Earnings Per Share(1) $ per share $1.00 $0.83 $0.80 $0.60 $0.37 $0.40 $0.20 $0.00 2005 2006 2007 ($0.14) ($0.20) (1) 2005 & 2006 Restated.
  • 15. Adjusted EPS(1)(2) $ per share $1.20 $1.02 $1.00 $0.94 $0.80 $0.64 $0.60 $0.40 $0.20 $0.00 2005 2006 2007 (1) 2005 & 2006 based on restated diluted earnings per share. (2) A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
  • 16. Net Cash Provided by Operating Activities and Free Cash Flow (1)(2)(3) $ in millions $2,400 $2,206 $2,087 $1,878 $599 $1,800 $632 $538 $235 $165 $64 $1,200 $1,372 $1,290 $1,276 $600 $0 2005 2006 2007 Free Cash Flow Environmental Capex Maintenance Capex (1) 2005 & 2006 Restated. (2) A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition. (3) Excludes results from EDC, a Latin America utility business that was sold in May 2007.
  • 17. Reconciliation of Cash Flow In millions, except per share data, for the years ended December 31 2005 2006 2007 (Restated) (Restated) Net Cash Provided by Operating Activities $2,220 $2,351 $2,357 EDC Impact 1 (342) (264) (151) Net Cash Provided by Operating Activities, Excluding EDC $1,878 $2,087 $2,206 Maintenance Capital Expenditures $571 $867 $878 Maintenance Capital Expenditures, EDC 1 33 70 44 Free Cash Flow 2 $1,649 $1,484 $1,479 1, 2 Free Cash Flow, Excluding EDC $1,340 $1,290 $1,372 1 Unaudited. 2 A non-GAAP financial measure. See quot;Reconciliation of Non-GAAP Financial Measuresquot; for definition.
  • 18. Non-Recourse Debt $ in millions $15,000 $12,439 $11,664 $12,000 $11,242 $9,000 $6,000 $3,000 $0 2005 2006 2007
  • 19. Recourse Debt $ in millions $6,000 $5,555 $4,882 $4,790 $4,500 $3,000 $1,500 $0 2005 2006 2007