| AES Corp. |
1001 N. 19th St.
Arlington, Va. 22209
Year founded: 1981
Revenue: $8.42 Billion
Net Income/Loss: ($403,000,000.00)
Earnings per share: ($0.67)
Stockholder equity: $645.00 Million
Auditor: Deloitte & Touche LLP
Assets: $29.90 Billion
Market capitalization: $5.25 Billion
52-week high: 10.85 1/27/2004
52-week low: 4.29 4/14/2003
Chairman: Richard G. Darman
President and CEO: Paul T. Hanrahan
Local employees: 200
Description: AES is one of the largest power providers in the world, operating 116 generating plants and energy facilities in the United States and 26 other countries, and selling power to 11 million customers.
Developments: The company began the year by stepping back from the brink of Chapter 11 bankruptcy in the final weeks of 2002. Last year executives spent getting AES's house in order. They restructured $2.1 billion in debt as part of a broader long-term plan to strengthen the company's balance sheet. AES sold more than $1.1 billion in assets to increase its cash reserves; reported a first-quarter profit in March, its first quarterly profit since December 2001; and sold $1.8 billion in notes that replaced more expensive debt, giving the company breathing room. It also wrote down $159 million to shut down projects worldwide, including in Latin America. The changes included the chairman, Roger W. Sant, stepping down in May; he is still on the board. He was succeeded by Richard G. Darman, former director of the White House Office of Management and Budget and a partner in the high-powered investment outfit Carlyle Group. The company also recruited other new board members, including former Internal Revenue commissioner Charles O. Rossotti. By last fall the company said it had turned the corner and investors seemed to agree as the stock jumped 213 percent over the year, making it one of the biggest gainers among S&P 500 stocks. At year's end AES had renegotiated $2.3 billion in defaulted loans on its major Brazilian power projects, resolving what had been one of the company's biggest financial hurdles.
President and CEO: Paul Hanrahan
Total Cash: $2,162,000.00
Total Compensation: $3,546,201.00
© 2004 The Washington Post Company