Dynegy Inc. (DYN, Financial) filed Quarterly Report for the period ended 2010-06-30.
Dynegy Inc. has a market cap of $607.1 million; its shares were traded at around $3.59 with a P/E ratio of 1.5 and P/S ratio of 0.2. DYN is in the portfolios of Murray Stahl of Horizon Asset Management, Bruce Kovner of Caxton Associates, Charles Brandes of Brandes Investment.
Historical Operating Cash Flows. Dynegy s cash flow provided by operations totaled $368 million for the six months ended June 30, 2010. DHI s cash flow provided by operations totaled $369 million for the six months ended June 30, 2010. During the period, our power generation business provided positive cash flow from operations of $635 million from the operation of our power generation facilities, primarily reflecting positive earnings for the period and approximately $255 million of cash returned from our futures clearing manager. The return of this cash is partly the result of a $126 million decrease in our collateral requirements for the period; the remaining cash was returned as a result of the posting of short-term investments and a letter of credit in substitute of cash. Corporate and other operations included a use of approximately $267 million and $266 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt and general and administrative expenses.
Dynegy s cash flow provided by operations totaled $60 million for the six months ended June 30, 2009. DHI s cash flow provided by operations totaled $80 million for the six months ended June 30, 2009. During the period, our power generation business provided positive cash flow from operations of $338 million from the operation of our power generation facilities. Cash provided by the operations of our power generation facilities was partly offset by a $166 million increase in collateral postings, including the effect of cash inflows and outflows arising from the daily settlements of our exchange-traded or brokered commodity futures positions held with our futures clearing manager. Corporate and other operations included a use of approximately $278 million and $258 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt and general and administrative expenses, partially offset by interest income. Dynegy s operating cash flow also reflected the payment of $19 million to LS Associates in conjunction with the dissolution of DLS Power Holdings and DLS Power Development.
Other Investing Activities. Cash outflow related to purchases of short-term investments during the six months ended June 30, 2010 totaled $331 million and $316 million for Dynegy and DHI, respectively. Cash inflow related to distributions from short-term investments for the six months ended June 30, 2010 was $36 million. There was a $10 million cash outflow related to restricted cash balances during the six months ended June 30, 2010 due to an increase in the Independence restricted cash balance. There was a $15 million cash outflow related to our funding commitment obligation under the PPEA Sponsor Support Agreement.
Cash inflow related to short-term investments during the six months ended June 30, 2009 totaled $14 million and $13 million for Dynegy and DHI, respectively, reflecting distributions from our short-term investments. In addition, there was a $33 million cash outflow during the six months ended June 30, 2009 related to changes in restricted cash balances primarily due to a $39 million increase in the Independence restricted cash balance. Other included $3 million of insurance proceeds.
Dynegy s net cash provided by financing activities during the six months ended June 30, 2009 totaled $54 million, primarily related to proceeds from long-term borrowings under the Plum Point Credit Agreement Facility. DHI s net cash used in financing activities during the six months ended June 30, 2009 totaled $121 million. This included a one-time dividend payment from DHI to Dynegy of $175 million offset by $54 million primarily related to proceeds from long-term borrowings under the Plum Point Credit Agreement Facility.
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Dynegy Inc. has a market cap of $607.1 million; its shares were traded at around $3.59 with a P/E ratio of 1.5 and P/S ratio of 0.2. DYN is in the portfolios of Murray Stahl of Horizon Asset Management, Bruce Kovner of Caxton Associates, Charles Brandes of Brandes Investment.
Highlight of Business Operations:
Cash on Hand. At August 2, 2010 and June 30, 2010, Dynegy had cash on hand of $362 million and $282 million, respectively, as compared to $471 million at December 31, 2009. The decrease in cash on hand through August 2, 2010 and June 30, 2010 as compared to the end of 2009 is primarily attributable to purchases of short-term investments and capital expenditures partly offset by the return of cash that was held in our Broker margin account.Historical Operating Cash Flows. Dynegy s cash flow provided by operations totaled $368 million for the six months ended June 30, 2010. DHI s cash flow provided by operations totaled $369 million for the six months ended June 30, 2010. During the period, our power generation business provided positive cash flow from operations of $635 million from the operation of our power generation facilities, primarily reflecting positive earnings for the period and approximately $255 million of cash returned from our futures clearing manager. The return of this cash is partly the result of a $126 million decrease in our collateral requirements for the period; the remaining cash was returned as a result of the posting of short-term investments and a letter of credit in substitute of cash. Corporate and other operations included a use of approximately $267 million and $266 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt and general and administrative expenses.
Dynegy s cash flow provided by operations totaled $60 million for the six months ended June 30, 2009. DHI s cash flow provided by operations totaled $80 million for the six months ended June 30, 2009. During the period, our power generation business provided positive cash flow from operations of $338 million from the operation of our power generation facilities. Cash provided by the operations of our power generation facilities was partly offset by a $166 million increase in collateral postings, including the effect of cash inflows and outflows arising from the daily settlements of our exchange-traded or brokered commodity futures positions held with our futures clearing manager. Corporate and other operations included a use of approximately $278 million and $258 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt and general and administrative expenses, partially offset by interest income. Dynegy s operating cash flow also reflected the payment of $19 million to LS Associates in conjunction with the dissolution of DLS Power Holdings and DLS Power Development.
Other Investing Activities. Cash outflow related to purchases of short-term investments during the six months ended June 30, 2010 totaled $331 million and $316 million for Dynegy and DHI, respectively. Cash inflow related to distributions from short-term investments for the six months ended June 30, 2010 was $36 million. There was a $10 million cash outflow related to restricted cash balances during the six months ended June 30, 2010 due to an increase in the Independence restricted cash balance. There was a $15 million cash outflow related to our funding commitment obligation under the PPEA Sponsor Support Agreement.
Cash inflow related to short-term investments during the six months ended June 30, 2009 totaled $14 million and $13 million for Dynegy and DHI, respectively, reflecting distributions from our short-term investments. In addition, there was a $33 million cash outflow during the six months ended June 30, 2009 related to changes in restricted cash balances primarily due to a $39 million increase in the Independence restricted cash balance. Other included $3 million of insurance proceeds.
Dynegy s net cash provided by financing activities during the six months ended June 30, 2009 totaled $54 million, primarily related to proceeds from long-term borrowings under the Plum Point Credit Agreement Facility. DHI s net cash used in financing activities during the six months ended June 30, 2009 totaled $121 million. This included a one-time dividend payment from DHI to Dynegy of $175 million offset by $54 million primarily related to proceeds from long-term borrowings under the Plum Point Credit Agreement Facility.
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