Dynegy Announces Full-Year 2012 Results

Full-year 2012 summary:

• $57 million in Enterprise-wide Adjusted EBITDA, a decrease of $224 million compared to 2011
• $(81) million in combined Cash Flow from Operations, $215 million in Free Cash Flow
• $592 million in liquidity at March 8, 2013, including $370 million in cash on hand and $153 million in revolver and letter of credit availability
• PRIDE results exceeded targets with $44 million in operating margin and cost improvements and $148 million in incremental liquidity from balance sheet improvements

Fourth quarter 2012 summary:

• $(42) million in Enterprise-wide Adjusted EBITDA, a decrease of $28 million compared to the fourth quarter 2011
• Repaid $325 million of the Dynegy Power, LLC (GasCo) and Dynegy Midwest Generation, LLC (CoalCo) term loans
• Completed the Baldwin Unit 2 planned outage marking the Company’s completion of the environmental compliance capital obligations under our Consent Decree
• Completed the Chapter 11 process and emerged from bankruptcy on October 1, 2012

Recent Developments and Capital Allocation:

• Today, Dynegy announced, in a separate news release, that it has entered into a definitive agreement to acquire Ameren Energy Resources (AER), comprised of 4,119 MW of generating capacity and the associated retail and marketing businesses
• On January 16, 2013, GasCo entered into a new $150 million revolving credit agreement, improving our corporate liquidity profile. The revolver is available for working capital requirements and general corporate purposes within GasCo.

HOUSTON–(BUSINESS WIRE)– Dynegy Inc. (NYS: DYN) reported full-year 2012 Enterprise-wide Adjusted EBITDA of $57 million compared to $281 …read more
Source: FULL ARTICLE at DailyFinance