Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Investor Presentation (2013)
83 slides from Nextera Energy's investor presentation, 2013
Slide 1: Europe 2013 Investor Presentation
Europe 2013 Investor Presentation
Slide 2: Cautionary Statements And Risk Factors That May Affect Future Results
Cautionary Statements And Risk Factors That May Affect Future Results Any statements made herein about future operating and/or financial results and/or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These f
Slide 3: NextEra Energy is comprised of two strong businesses supported by a common platform
NextEra Energy is comprised of two strong businesses supported by a common platform… • $33.2 B market capitalization(1) • 41,068 MW in operation • $64 B in total assets • One of the largest U.S. electric utilities • U.S. leader in renewable generation • 4.6 MM customer accounts • Assets in 24 states
Slide 4: Built on a foundation of operational excellence and financial strength
…built on a foundation of operational excellence and financial strength… SAIDI: System Average (1) Interruption Duration Index Utility Credit Ratings(3) 30% Minutes 29% 150 FL Industry Average Good 125 25% NextEra Energy 23% 100 FPL 75 20% 20% 50 25 15% 14% '06 '07 '08 '09 '10 '11 '12 Fossil Reliabi
Slide 5: One of the cleanest emissions profiles among the nation's top 50 power producers
…with one of the cleanest emissions profiles among the nation’s top 50 power producers… NextEra Energy 2012 Fuel Mix(1) SO2 Emissions Rates(2) (MWh) (Lbs/MWh) 9.0 Nuclear Solar <1% 7.5 22% Nuclear Wind 21%15% Wind Coal 3% 6.0 14% Hydro 1% 4.5 Oil <1% NextEra 3.0 Energy Natural Gas 59% 1.5 0.0 3.5 NO
Slide 6: A proven track record of building businesses and delivering growth
…and a proven track record of building businesses and delivering growth FPL Cumulative Capital Employed(1) Adjusted Earnings Per Share(2) $25.2 $4.57 $21.8 $4.30 $4.39 $19.6 $3.84 $4.05 $17.7 $3.49 $15.9 $3.04 $13.8 $14.8 $2.63 $11.6 $12.3 $2.41 $2.48 $2.49 $10.0 $10.8 '02 '03 '04 '05 '06 '07 '08 '0
Slide 7: Strong backlog and incremental investment opportunities to drive growth through 2016
NextEra Energy has a strong backlog of projects as well as incremental investment opportunities that will continue to drive growth through 2016 March 2013 Backlog(1) Incremental Opportunities • FPL • FPL – Base rate increase and GBRA – Storm hardening & reliability investment in settlement agreement
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Slide 9: Florida Power & Light is one of the best utility franchises in the U.S.
Florida Power & Light is one of the best utility franchises in the U.S. Florida Power & Light(1) • One of the largest U.S. electric utilities • Vertically integrated, retail rate-regulated • 4.6 MM customer accounts • 23,297 MW in operation • $10.1 B in operating revenues • $35.5 B in total assets 9
Slide 10: Economic indicators continue to improve across the state
Economic indicators continue to improve across the state Florida Economy (%) Annual Change in Florida Florida Unemployment Rate Non-Farm Employment(1) 12.0 400 (Absolute Change in 000s) FL 10.0 U.S. 200 8.0 0 6.0 # of Jobs -200 4.0 2.0 -400 0.0 -600 Jan-04 Jul-05 Jan-07 Jul-08 Jan-10 Jul-11 Jan-13 J
Slide 11: Our strategy at FPL is founded on the virtuous circle
Our strategy at FPL is founded on the “virtuous circle” Customer Satisfaction Superior Constructive Customer Value Virtuous Circle Regulatory Delivery Environment Strong Financial Position 11
Slide 12: Previous settlements produced excellent reliability and the lowest residential bill in the state
Under the previous two settlement agreements, FPL’s strategy produced excellent reliability for customers and the lowest residential bill in the state 2006-2012 FPL’s Strategy – Customer Value SAIDI: System Average (1) • FPL’s reliability is the Interruption Duration Index best in the state among 15
Slide 13: Significant capital investments while managing expense growth and reducing fuel costs
Since 2006, FPL has made significant capital investments while managing expense growth and reducing fuel costs 2006-2012 2006-2012 Capital Expenditures(1) Total Expense Base Clause Fuel/Purchase Power $B $B $5 $10 $4.2 $8.5 $8.2 $8.2 $4 $3.7 $8 $7.7 $6.6 $6.7 $3 $2.8 $6.0 $2.5 $6 $2.4 $2.1 $2 $1.8 $
Slide 14: Florida PSC voted unanimously to approve FPL's settlement agreement
In December 2012, the Florida Public Service Commission voted unanimously to approve FPL’s settlement agreement Overview of Settlement Agreement • Effective for a four-year term beginning January 1, 2013 through December 31, 2016 • Base rate adjustment increase of $350 MM effective January 2013 and
Slide 15: Settlement provides a four-year window for O&M productivity improvements
The settlement approved in December provides a four-year window for O&M productivity improvements Base O&M Cost Per Retail kWh O&M Nominal vs. Real ¢/kWh 1.60 = Nominal Base O&M = Nominal Base O&M Flat From 2012 1.50 1.47 ¢ = Real Base O&M = Real Base O&M Flat From 2012 1.40 1.34 ¢ 1.30 Potential ra
Slide 16: Opportunity to deploy additional capital over the next four years
Over the next four years, FPL has the opportunity to deploy additional capital in investments that will provide long-term benefits to customers Projected Capital Expenditures(1) $B $4.0 $2.6 - $3.7 $2.1 - $3.6 $1.9 - $3.5 $3.5 $3.0 $2.6 - $2.8 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 2013E 2014E 2015E 2016E Ba
Slide 17: FPL has identified $4 B to $5 B in incremental capital expenditures
FPL has identified $4 B to $5 B in incremental capital expenditures over the next four years in addition to its “baseline” case Incremental Capital Expenditures Through 2016 • Incremental storm hardening • Infrastructure / reliability investment • Generation upgrades $4 B - $5 B • Natural gas pipeli
Slide 18: FPL expects to grow net income 5% to 9% annually through 2016
FPL expects to grow net income by an average of 5% to 9% annually through 2016, while keeping customer bills flat in real terms and improving reliability Projected Additional Net Income $ MM $2,000 $1,500 - $1,750 $1,600 $1,240 $1,200 $800 $400 $0 2012 2016E 18
Slide 19: NextEra Energy Resources
NEXTeCra’ ENERGY &% RESOURCES _
Slide 20: What is Energy Resources?
What is Energy Resources? A Set of Skills + A Set of Assets • Largest greenfield developer in • Largest wind and solar North America over the last decade renewable portfolio in North – Over 12,000 MW of greenfield America development • Over 11,000 MW of stable long- • #1 in generation construction o
Slide 21: EBITDA mix continues to shift to long-term contracted assets
Our EBITDA mix continues to shift to long-term contracted assets Energy Resources’ Adjusted EBITDA(1) 100% 11% 15% 14% 75% 26% 22% 40% 50% 59% 64% 25% 49% 0% 2009 2012 2014 Long-Term Contracted Merchant Peripheral Businesses In 2014, we expect 64% of Energy Resources’ adjusted EBITDA to come from lo
Slide 22: Consciously shifting the focus of our portfolio
We have been consciously shifting the focus of our portfolio Energy Resources’ Adjusted EBITDA(1) 100% 11% 15% 14% 75% 22% 40% 26% 50% 59% 64% 25% 49% 0% 2009 2012 2014 Long-Term Contracted Merchant Peripheral Businesses 22 (1) See appendix for definition of adjusted EBITDA
Slide 23: Generation portfolio of over 11,000 MW of contracted assets
Our generation portfolio consists of over 11,000 MW of contracted assets, which are primarily wind and nuclear Energy Resources: Contracted Assets(1) Technology MW Wind 8,213 Nuclear 1,621 Solar 193 Natural Gas 1,004 Total: 11,031 23 (1) As of December 31, 2012
Slide 24: Backlog of signed PPAs translates into roughly $3.6 B of capital investment
Our current backlog of signed long-term PPAs for wind and solar projects translates into roughly $3.6 B of capital investment through 2016 Estimated Cap Ex(1) for Wind March 2013 Backlog and Solar Projects in Backlog ($MM) • ~600 MW Canadian wind $2,000 program $1.7-1.9 B • 175 MW of new 2013 $1,500
Slide 25: Strong renewable energy prospects beyond the current backlog
Energy Resources has strong renewable energy prospects beyond the current backlog Renewable Energy Development Opportunities Wind Solar • PTC extension creates an • Expect up to 300 MW of opportunity for new U.S. additional opportunities wind development through 2016 • Expect 500-1,500 MW(1) of • Up
Slide 26: March 2013 backlog projects remain on track
The projects in our March 2013 backlog remain on track and we continue to execute on new incremental opportunities Energy Resources Development Highlights March 2013 Backlog Status • 175 MW of 2013 U.S. wind(1) • On track • ~600 MW of Canadian wind • On track • ~900 MW of solar • On track Incrementa
Slide 27: Consciously shifting the focus of our portfolio
We have been consciously shifting the focus of our portfolio Energy Resources’ Adjusted EBITDA(1) 100% 11% 15% 14% 75% 22% 40% 26% 50% 59% 64% 25% 49% 0% 2009 2012 2014 Long-Term Contracted Merchant Peripheral Businesses 27 (1) See appendix for definition of Adjusted EBITDA
Slide 28: Evaluating our portfolio to reduce merchant exposure
We continue to evaluate our portfolio for opportunities to reduce merchant exposure Energy Resources’ Merchant MW(1) 10,000 • Consciously focused on reducing merchant exposure by contracting previously 8,000 8,780 merchant assets or selling our asset position 7,536 6,960 6,732 • Made decision in Q1
Slide 29: 88% ownership of Seabrook Station remains a merchant cornerstone
Our 88% ownership share of Seabrook Station remains an important cornerstone of Energy Resources’ merchant operations Seabrook • One of newest nuclear units in 2010-2016 Adjusted EBITDA(1)(2) the United States ($MM) – Large unit provides scale:1,246 $600 Seabrook has not MW pressurized water reactor
Slide 30: Forney and Lamar well positioned for the changing market in Texas
Forney and Lamar are well positioned to take advantage of the changing market paradigm in Texas Merchant Fossil: Forney and Lamar ERCOT North On-Peak • Located in the attractive Spark Spread(1) ERCOT market and equipped ($/MWh) with proven technology $25 • Texas economy expected to grow at 3.5% from
Slide 31: Consciously shifting the focus of our portfolio
We have been consciously shifting the focus of our portfolio Energy Resources’ Adjusted EBITDA(1) 100% 11% 15% 14% 75% 22% 40% 26% 50% 59% 64% 25% 49% 0% 2009 2012 2014 Long-Term Contracted Merchant Peripheral Businesses 31 (1) See appendix for definition of Adjusted EBITDA
Slide 32: Leveraging our skills to generate additional earnings with little incremental capital
By leveraging our skills we have generated additional earnings and cash flows with little incremental capital or risk Capital Employed (Year-end 2012) Wholesale Full Structured Competitive Proprietary Origination PMI/Retail Requirements Products Retail Trading 1% Competitive Proprietary Retail Tradi
Slide 33: Business mix continues to shift toward long-term contracted assets through 2016
The resulting business mix continues to shift toward long-term contracted assets through 2016 Energy Resources’ Adjusted EBITDA(1) 100% 11% 14% 15% 75% 22% 19% 40% 50% 64% 66% 25% 49% 0% 2009 2014 2016 Long-Term Contracted Merchant Peripheral Businesses 33 (1) See Appendix for definition of Adjusted
Slide 34: Energy Resources adjusted earnings walk 2012 vs. 2016
Investments in wind and solar will drive adjusted earnings growth through 2016 Energy Resources: Adjusted Earnings(1) Walk – 2012 vs. 2016 ($MM) $1,200 $85-$95 $950-$1,040 $1,000 $30-$50 $870-$940 $95-$105 Primarily $800 Additional $130-$150 Wind & Solar $693(1) ($70) Solar All Other $600 Wind 2016
Slide 35: Energy Resources is the U.S. leader in renewable energy
Energy Resources is the U.S. leader in renewable energy and has solid growth prospects supported by a solid strategic focus Diversified portfolio: fuel type and geography Stable cash flows from mostly contracted assets – Securing long-term power purchase agreements for new projects One of the
Slide 36: NextEra Energy Transmission
NEXTe@ra: ENERGY & TRANSMISSION
Slide 37: NextEra Energy Transmission pursuing new transmission investments
NextEra Energy Transmission (NEET) is pursuing new transmission investments throughout North America NextEra Energy Transmission • Holding company for our incumbent transmission utilities outside Florida – Lone Star and New Hampshire Transmission • Development team focused on sourcing new regulated
Slide 38: Lone Star CREZ project is the cornerstone of our transmission business
The Lone Star CREZ project in Texas is the cornerstone of our growing transmission business Lone Star Transmission • 330 mile, 345 kV line and five substations in Texas • Fully energized in Q1 2013 • Delivered on-time and under budget • Total capital investment of approximately $760 MM • Authorized
Slide 39: Competitive Transmission Opportunity Set
The overall market for new transmission projects is aligned regionally, with increasing opportunities to compete Competitive Transmission Opportunity Set • Competing for $4 B of investment opportunities in several jurisdictions – Alberta – Hawaii – New England – New York – Ontario • Decisions expect
Slide 40: NextEra Energy Financial
Leal es ENERGY & nae
Slide 41: Market risk mitigated by significantly hedged position
Market risk will be mitigated by our significantly hedged position over the next several years Energy Resources Equivalent Gross Margin Contracted or Hedged(1) 100% 100% 100% 100% 100% 97% 95% 89% 86% 80% 60% 40% 20% 0% 2013 2014 2015 2016 Existing New (1) Projected equivalent gross margin includes
Slide 42: Business mix expected to shift toward regulated and long-term contracted
NextEra Energy’s business mix is expected to continue to shift towards more regulated and long-term contracted Adjusted EBITDA(2) from Adjusted Earnings from Regulated and Long-Term Regulated Businesses(1) Contracted Operations 100% 100% 84% 78% 80% 80% 65% 58% 60% 60% 40% 40% 20% 20% 0% 0% 2011 201
Slide 43: Our free cash flow position is improving every year
Our free cash flow position is improving every year NextEra Energy’s Free Cash Flow Before Dividends 2013 2014 2016 Operating Cash Flow $4.7 B to $4.9 B $5.6 B to $5.9 B $6.2 B to $6.6 B Capital Expenditures(1) ($5.0) B to ($5.7) B ($4.4) B to ($6.9) B ($2.8) B to ($4.9) B Other Investing $0.3 B to
Slide 44: Hypothetical steady state cash flow
Free cash flow is largely a function of capex; our underlying productivity is strong Hypothetical “Steady State” Cash Flow (Based on 2014 expectations) Baseline Hypothetical Operating $5.6 B to $5.9 B Sustained $5.6 B to $5.9 B Cash Flow Capital ($4.4) B to ($6.9) B Reduce Growth Capex ($2.0) B - ($
Slide 45: Dividend policy reflects increased contribution from regulated and contracted businesses
NextEra Energy’s current dividend policy reflects its expected increase in the proportionate contribution from its rate- regulated businesses and long-term contracted assets Dividend Per Share(1) Growth Dividend Policy 2011 to 2014 CAGR: ~10% • Implemented dividend policy $2.80 - $3.00 ? $2.64(2) of
Slide 46: NextEra Energy Investment Proposition
We are well-positioned for future growth NextEra Energy – Investment Proposition • Above-average and highly visible growth through 2016 – Four years of regulatory certainty at FPL – Strong backlog at Energy Resources with upside potential • Strong and increasing cash flow from operations • Moderate
Slide 47: Adjusted Earnings Per Share Expectations
NextEra Energy Adjusted Earnings Per Share Expectations 2013 $4.70 - $5.00 Long-term 5% to 7% CAGR growth rate through 2016 off of a 2012 base 47
Slide 48: Appendix
NEXTera’ ENERGY 2 = Appendix
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Slide 50: Florida is regulated by the Florida Public Service Commission
Florida is regulated by a state agency known as the Florida Public Service Commission Florida Public Service Commission • Consists of five members selected for their knowledge and experience in fields substantially related to the duties and functions of the Commission – Commissioners are appointed b
Slide 51: Florida Utility Rate Case Key Participants
The commissioners, staff, and intervenors all participate in Florida utility rate cases Florida Utility Rate Case – Key Participants Commissioners Staff Intervenors • Chairman Ronald • Professional staff • Office of Public Brisé that provides Counsel (OPC) recommendations to • Florida Industrial • L
Slide 52: FPL costs recovered through base rates and clause mechanisms
FPL’s costs are recovered through base rates as well as through clause mechanisms Cost Recovery Mechanisms • Base rates – designed to recover the costs of constructing, operating, and maintaining a utility system – Generally, most of FPL’s return is earned through base rates • Cost recovery clauses
Slide 53: Florida possesses many attributes that should drive future growth
Florida possesses many attributes that should drive future growth – no state income tax, pleasant weather, and affordable housing Florida Population Growth 5% Actual Projected 4% 3% Annual Change (%) 2% 1% 0% 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 FL Population % Growth US Population % Gr
Slide 54: FPL investments have saved customers over $6 B in fuel
Over the last decade, FPL's investments have saved customers over $6 B due to fuel efficiency improvements 2002-2012 Customer Fuel Savings $1,200 Annual Fuel Savings Cumulative Savings $7 $1,008 $1,000 $6 $785 $5 $800 Annual $672 $666 Cumulative Savings $643 $654 $4 Savings ($ MM) $600 ($ B) $485 $3
Slide 55: FPL capital investment program produced excellent returns for shareholders
Additionally, FPL’s capital investment program between 2006 and 2012 has produced excellent returns for shareholders 2006-2012 Net Income and Rate Base Net Income Rate Base $1,400 $30 $1,240 $1,200 $25 $1,068 $25.1 $1,000 $945 $836 $831 $21.7 $20 $802 $789 $800 $19.5 Net $17.7 $15 Income $600 $15.9
Slide 56: FPL has identified potential annual O&M cost savings of $50 to $75 million
FPL has already identified potential annual O&M cost savings of $50 to $75 million FPL Efficiency Opportunities • Identified several initiatives with significant O&M cost savings in the following areas: – Nuclear operations – Transmission and distribution – Staff functions • Focused on identifying a
Slide 57: Account activity
Account activity This section includes balance and new charges and taxes, if applicable. Taxes and fees may vary by area, with amounts not established by FPL. FPL collects these fees and taxes for distribution to the appropriate entities and does not profit from them. Electric service amount: The su
Slide 58: NextEra Energy Resources
NEXTeCra’ ENERGY &% RESOURCES _
Slide 59: History of State Deregulation
While the majority of states use “cost-of-service” ratemaking, a number of states have gone through deregulation History of State Deregulation • During the 1990s, a number of states adopted different regulatory models to encourage competition among generators to serve retail customers • Status of el
Slide 60: Major Regulatory Agencies
Multiple regulators, at the federal and state level, govern rate setting, transmission, reliability, and environmental protection Major Regulatory Agencies • Federal Energy Regulatory Commission (FERC) – FERC has also encouraged the formation of regional transmission organizations (RTOs) and Indepen
Slide 61: NextEra Energy U.S. Facility Locations
NextEra Energy’s facilities are located throughout the nation’s power markets NextEra Energy U.S. Facility Locations Large and small regulated and Regulated Geographically Transmission & dispersed merchant utilities Distribution New regulated England utilities RTO NY ISO MISO RTO Large merchant util
Slide 62: United States Electric Power Industry Overview
The United States electric power sector faces a number of challenges United States Electric Power Industry Overview • Electricity demand growth in the United States is projected to slow(1) – Demand in Florida is projected to grow faster than the national average • Economics turned upside down from s
Slide 63: Wind economics supported by production tax credit and feed-in tariff
Wind economics have been supported by a federal production tax credit in the U.S.; the FIT is the world’s most popular renewable energy policy mechanism Production Tax Credit (PTC) Feed-in Tariff • Tax credit of 2.3 cents per • Mandated long-term kilowatt-hour, escalating with contracts to renewable
Slide 64: Renewable Portfolio Standards could support 3-5 GW per year
Renewable Portfolio Standards could support 3-5 GW per year of additional renewables through 2020 Individual State Renewable Portfolio Standards(1) Renewable Portfolio Standard (RPS) Voluntary standards or goals 64 (1) Source: dsireusa.org and internal NEER research
Slide 65: Diverse generation portfolio by fuel type and region
Energy Resources’ generation portfolio consists of a diverse set of technologies positioned in a number of regions Portfolio by Generation Assets Fuel Type(1) by Region(1) SPP PJM 7% 8% Natural ERCOT Gas NPCC & 30% Wind 3,991 MW NEPOOL 10,057 13% MW Nuclear WECC 2,721 MW 18% MISO 24% Solar 198 MW Oi
Slide 66: NextEra Energy is one of the largest consumers of natural gas in U.S. power
NextEra Energy is one of the largest consumers of natural gas in the U.S. power sector U.S. Power Company Annual Gas Consumption (2011) Gas Infrastructure Rationale (Bcf) • NextEra Energy is one of 800 the largest consumers of 700 natural gas in the U.S. 600 power sector 500 – Over 700 Bcf in 2011 4
Slide 67: Attractive economic returns from gas infrastructure business
Our economic returns from the gas infrastructure business have been attractive, and we have gained valuable insight into the dynamics of the gas business Typical Shale Gas – Activities To-Date Return on Investment(1) 4-5 Year Simple Payback • 12-15% unlevered return 40% 37% • 4 to 5-year simple payb
Slide 68: NextEra Energy Financial
Leal es ENERGY & nae
Slide 69: Approximately $16.5 billion of credit received
NextEra Energy has received approximately $16.5 billion(1) of credit, including commitments and funded transactions Country Breakdown by Funding Norway UK $0.3 billion $1.3 billion Canada Japan $1.7 billion Germany $3.4 billion $1.7 billion France Switzerland $1.2 billion $0.6 billion •U.S. U.S. $3.
Slide 70: Financing Strategy 2013-2016
We expect to utilize a number of financial instruments to fund our growth over the next four years Financing Strategy: 2013 - 2016 • At FPL: – Maintain consistent balance sheet ~60% regulatory equity ratio – Focus on long-dated maturities, but may selectively shorten up to meet market demand • At Ca
Slide 71: Credit metrics expected to return to historical levels by 2014
We expect our credit metrics to return to historical levels by 2014 NextEra Energy’s Credit Metrics(1) Adjusted Debt to Total Capital Adjusted FFO to Debt 53.0% 30.0% 52.0% 51.8% 25.2% 25.0% 52.0% 25.0% 51.0% 20.3% 20.0% 17.0% 50.0% 49.4% 15.0% 49.0% 48.3% 10.0% 48.0% 47.0% 5.0% 46.0% 0.0% 2009 2012
Slide 72: Revamped Investor Relations website
We have revamped the Investor Relations website, making it a great source for company information Investor Relations Website • You can find the IR home page here on the main www.nexteraenergy.com site: 72
Slide 73: Investor Relations Website Home Page
The most current events and newly posted information will appear in the carousel at the top of the IR home page Investor Relations Website – Home Page 73
Slide 74: Investor Relations Website Earnings & Financials
You can access all of our quarterly earnings materials and listen to the webcast of the earnings call Investor Relations Website – Earnings & Financials • Earnings call webcast and other materials can be accessed through the “Earnings Releases” section • Non-GAAP Reconciliations are available under
Slide 75: Investor Relations Website Other Resources
You can also download any recent presentation, FPL and NEER asset portfolios, and other information Investor Relations Website – Other Resources • Under “Institutional Investors,” you can find NEE’s full asset portfolio and supplemental presentations, among other items • All of the recent presentati
Slide 76: Reconciliation of Adjusted Earnings to GAAP Net Income
Reconciliation of Adjusted Earnings to GAAP Net Income (Full Year Ended December 31, 2012) Florida Pow er Energy Corporate & (m illions, except per share am ounts) & Light Resources Other NextEra Energy, Inc. Net Income (Loss) $ 1,240 $ 687 $ (16) $ 1,911 Adjustments, net of income taxes: Net unreal
Slide 77: Reconciliation of Adjusted Earnings to Net Income
NextEra Energy, Inc. Reconciliation of Adjusted Earnings to Net Income ($ millions) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Net Income $479 $903 $896 $901 $1,281 $1,312 $1,639 $1,615 $1,957 $1,923 $1,911 Adjustments, net of income taxes: Net unrealized mark-to-market (gains) losses as
Slide 78: Reconciliation of Adjusted Earnings Per Share to Earnings Per Share
NextEra Energy, Inc. Reconciliation of Adjusted Earnings Per Share to Earnings Per Share 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Earnings Per Share (assuming dilution) $1.38 $2.53 $2.48 $2.34 $3.23 $3.27 $4.07 $3.97 $4.74 $4.59 $4.56 Adjustments: Net unrealized mark-to-market (gains)
Slide 79: Reconciliation of 2011 Adjusted EBITDA to Net Income
Reconciliation of 2011 Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA) to Net Income (Full-Year Ended December 31, 2011) GAAP Adjustments Adjusted Net income $1,923 ($86) (1) $1,837 Add back interest 1,034 0 1,034 Add back income taxes 529 (57) (1) 472 Add ba
Slide 80: Definitional information
Definitional information NextEra Energy Resources, LLC. Adjusted EBITDA Adjusted EBITDA includes Energy Resources’ consolidated investments as well as its share of earnings from equity method investments. Adjusted EBITDA for each category set forth above is represented by (a) revenue, including a pr
Slide 81: Cautionary Statement And Risk Factors That May Affect Future Results
Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, bu
Slide 82: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses of compromise of sensitive customer data; risks to NextEra Energy of volatility in the market values of deriv
Slide 83: NextEra Energy
Leal es ENERGY & nae