| CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
(in millions)
|
|
| For the Years Ended December 31 |
1999 |
1998 |
1997 |
|
|
|
|
|
| Operating Activities: |
|
|
|
| Net income |
$ 228
|
$ 311
|
$ 185
|
| Adjustments to net
income: |
|
|
|
| Depreciation
and amortization |
278
|
196
|
114
|
| Impairment
loss |
62
|
--
|
--
|
| Provision
for deferred taxes-net of equity investee taxes |
(195)
|
67
|
20
|
| Undistributed
earnings of affiliates-net of tax |
43
|
(50)
|
(57)
|
| Other |
(8)
|
(6)
|
22
|
| Changes in consolidated working capital: |
|
|
|
| (Increase)
in accounts receivable |
(142)
|
(10)
|
(99)
|
| (Increase)
in inventory |
(32)
|
(8)
|
(8)
|
| (Increase)
decrease in other current assets |
(95)
|
14
|
(29)
|
| (Decrease)
increase in accounts payable |
(49)
|
(11)
|
97
|
| Increase
in accrued interest |
86
|
45
|
43
|
| Increase
(decrease) in other current liabilities |
21
|
(20)
|
(95)
|
|
| Net cash provided by operating activities |
197
|
528
|
193
|
|
|
|
|
|
| Investing Activities: |
|
|
|
| Property additions |
(834)
|
(517)
|
(511)
|
| Acquisitions-net of cash acquired |
(5,713)
|
(1,623)
|
(2,454)
|
| Proceeds from the sales of assets |
650
|
301
|
--
|
| Sale of short-term investments |
49
|
98
|
77
|
| Purchase of short-term investments |
(98)
|
(2)
|
(184)
|
| Affiliate advances and equity investments |
(193)
|
(69)
|
(649)
|
| Increase in restricted cash |
(80)
|
(4)
|
--
|
| Project development costs |
(84)
|
(57)
|
(34)
|
| Debt service reserves and other assets |
(85)
|
31
|
(44)
|
|
| Net cash used in investing activities |
(6,388)
|
(1,842)
|
(3,799)
|
|
|
|
|
|
| Financing Activities: |
|
|
|
| Borrowings/(repayments) under the revolver, net |
102
|
206
|
(186)
|
| Issuance of project financing debt and other coupon
bearing securities |
6,254
|
1,843
|
3,926
|
| Repayments of project financing debt and other coupon
bearing securities |
(1,161)
|
(668)
|
(749)
|
| Payments for deferred financing costs |
(119)
|
(47)
|
(34)
|
| Repayments of other liabilities |
(44)
|
(71)
|
(6)
|
| Contributions by minority interests, net |
32
|
40
|
269
|
| Proceeds from sale of common stock, net |
1,305
|
200
|
503
|
|
| Net cash provided by financing activities |
6,369
|
1,503
|
3,723
|
|
| Increase in Cash and Cash Equivalents |
178
|
189
|
117
|
| Cash and Cash Equivalents, Beginning |
491
|
302
|
185
|
|
| Cash and Cash Equivalents, Ending |
$ 669
|
$ 491
|
$ 302
|
|
| Supplemental Disclosures: |
|
|
|
| Cash payments for interest-net of amounts capitalized |
$ 548
|
$ 415
|
$ 201
|
| Cash payments for income taxes-net of refunds |
45
|
24
|
31
|
| Schedule of Noncash Investing and Financing
Activities: |
|
|
|
| Deferred purchase price of Cemig shares |
$ --
|
$ --
|
$ 528
|
| Common stock issued for amalgamation of AES Chigen |
--
|
--
|
157
|
| Common stock issued for acquisition of NewEngergy |
48
|
--
|
--
|
| Liabilities assumed in purchase transactions |
3,570
|
139
|
485
|
| |
|
|
|
|
See notes to consolidated financial
statements.
|
|
79
|
