Dynegy Inc. (DYN, Financial) filed Quarterly Report for the period ended 2009-06-30.
Dynegy Inc. is a provider of energy products and services in North America the United Kingdom and in continental Europe. Products marketed by the company\'s wholesale marketing operations include natural gas electricity coal emissions natural gas liquids crude oil liquid petroleum gas and related services. The company\'s wholesale marketing operations are supported by ownership or control of an extensive assetbase and transportation network. Dynegy Inc. has a market cap of $1.88 billion; its shares were traded at around $2.23 with a P/E ratio of 27.9 and P/S ratio of 0.5.
Historical Operating Cash Flows. 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.
Dynegy s cash flow provided by operations totaled $32 million for the six months ended June 30, 2008. DHI s cash flow provided by operations totaled $29 million for the six months ended June 30, 2008. During the period, our power generation business provided positive cash flow from operations of $324 million. Cash provided by the operations of our power generation facilities was partly offset by a $186 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 include a use of approximately $292 million and $295 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt, general and administrative expenses and a $17 million legal settlement payment previously reserved, partially offset by interest income.
Other Investing Activities. Cash inflow related to short-term investments during the six months ended June 30, 2009 totaled $14 million and $13 million for both Dynegy and DHI, respectively, reflecting a distribution from our short-term investments. 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.
Historical Cash Flow from Financing Activities. 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.
Dynegy s cash provided by financing activities during the six months ended June 30, 2008 totaled $88 million, which primarily related to proceeds of $111 million from long-term borrowings under the Plum Point Credit Agreement Facility, partly offset by a $21 million principal payment on our 9.00 percent secured bonds due 2013. DHI s cash provided by financing activities during the six months ended June 30, 2008 totaled $86 million, which primarily related to proceeds of $111 million from long-term borrowings under the Plum Point Credit Agreement Facility, partly offset by a $21 million principal payment on our 9.00 percent secured bonds due 2013.
Read the The complete ReportDYN is in the portfolios of Charles Brandes of Brandes Investment.
Dynegy Inc. is a provider of energy products and services in North America the United Kingdom and in continental Europe. Products marketed by the company\'s wholesale marketing operations include natural gas electricity coal emissions natural gas liquids crude oil liquid petroleum gas and related services. The company\'s wholesale marketing operations are supported by ownership or control of an extensive assetbase and transportation network. Dynegy Inc. has a market cap of $1.88 billion; its shares were traded at around $2.23 with a P/E ratio of 27.9 and P/S ratio of 0.5.
Highlight of Business Operations:
At August 3, 2009 and June 30, 2009, DHI had cash on hand of $532 million and $411 million, respectively, as compared to $670 million at December 31, 2008. The decrease in cash on hand as compared to the end of 2008 is primarily attributable to a dividend of $175 million paid to Dynegy in January 2009, an increase in capital expenditures and cash collateral on futures and exchange-cleared derivatives partially offset by cash provided by the operating activities of our power generation business and the receipt of proceeds from the Heard County sale.Historical Operating Cash Flows. 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.
Dynegy s cash flow provided by operations totaled $32 million for the six months ended June 30, 2008. DHI s cash flow provided by operations totaled $29 million for the six months ended June 30, 2008. During the period, our power generation business provided positive cash flow from operations of $324 million. Cash provided by the operations of our power generation facilities was partly offset by a $186 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 include a use of approximately $292 million and $295 million in cash by Dynegy and DHI, respectively, primarily due to interest payments to service debt, general and administrative expenses and a $17 million legal settlement payment previously reserved, partially offset by interest income.
Other Investing Activities. Cash inflow related to short-term investments during the six months ended June 30, 2009 totaled $14 million and $13 million for both Dynegy and DHI, respectively, reflecting a distribution from our short-term investments. 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.
Historical Cash Flow from Financing Activities. 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.
Dynegy s cash provided by financing activities during the six months ended June 30, 2008 totaled $88 million, which primarily related to proceeds of $111 million from long-term borrowings under the Plum Point Credit Agreement Facility, partly offset by a $21 million principal payment on our 9.00 percent secured bonds due 2013. DHI s cash provided by financing activities during the six months ended June 30, 2008 totaled $86 million, which primarily related to proceeds of $111 million from long-term borrowings under the Plum Point Credit Agreement Facility, partly offset by a $21 million principal payment on our 9.00 percent secured bonds due 2013.
Read the The complete ReportDYN is in the portfolios of Charles Brandes of Brandes Investment.
