SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report |
|
(Date of earliest event reported): |
April 29, 2004 |
SEMPRA ENERGY
- ---------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
CALIFORNIA |
1-14201 |
33-0732627 |
(State of incorporation |
(Commission |
(I.R.S. Employer |
101 ASH STREET, SAN DIEGO, CALIFORNIA |
92101 |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code |
(619) 696-2034 |
---------------------------------------------------------------------
(Former name or former address, if changed since last report.)
FORM 8-K
Item 12. Results of Operations and Financial Condition
On April 29, 2004, Sempra Energy announced consolidated net income of $197 million, or $0.85 per diluted share of common stock, for the first quarter of 2004. A copy of the press release is attached as Exhibit 99.1. The information furnished in this Item 12 and in Exhibit 99.1 shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing of Sempra Energy, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 April 29, 2004 Sempra Energy News Release (including tables)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SEMPRA ENERGY
(Registrant)
Date: April 29, 2004 |
By: /s/ F. H. Ault |
F. H. Ault |
|
Exhibit 99.1
News Release
Media Contacts: |
Doug Kline |
Analysts Contacts: |
Dennis Arriola/Karen Sedgwick |
SEMPRA ENERGY FIRST-QUARTER 2004
EARNINGS MORE THAN DOUBLE
Energy Trading, Generation Businesses Record Solid Gains
SAN DIEGO, April 29, 2004 -- Sempra Energy today reported first-quarter 2004 earnings of $197 million, or $0.85 per diluted share, compared with $88 million, or $0.42 per diluted share, in the first quarter 2003.
First-quarter 2004 results included a $24 million loss related to the discontinued operations of Atlantic Electric & Gas, a U.K.-based retail energy marketer, which was sold earlier this week. Excluding this item, Sempra Energy's first-quarter earnings were $221 million, or $0.96 per diluted share, in 2004. This compared with first-quarter 2003 earnings of $120 million, or $0.58 per diluted share, which excluded a $3 million loss related to Atlantic Electric & Gas' discontinued operations, as well as the negative impact of a $29 million cumulative adjustment related to the implementation of accounting principle EITF 02-3. EITF 02-3 eliminated mark-to-market accounting for certain commodity trading assets and liabilities.
"Our first-quarter results reflect the continued execution of our strategy," said Stephen L. Baum, chairman, president and chief executive officer of Sempra Energy. "Our energy trading and generation units, as well as our California utilities, are producing solid earnings and positive cash flow."
Revenues in the first quarter 2004 were $2.4 billion, up from $1.9 billion in the same period a year ago, due primarily to increased power deliveries by Sempra Energy Resources and higher commodity prices.
OPERATING HIGHLIGHTS
Sempra Energy Utilities
Net income for San Diego Gas & Electric (SDG&E) increased to $50 million in the first quarter 2004 from $45 million in the year-ago period. The increase resulted from higher transmission and distribution revenues, partially offset by higher operating costs and the elimination of the incentive rate mechanism for the company's 20-percent interest in the San Onofre Nuclear Generating Station.
During the quarter, SDG&E received positive preliminary decisions from a California Public Utilities Commission administrative law judge and the assigned commissioner supporting the utility's long-term electric resource plan. Filed in October 2003, the plan provides for the purchase of a mix of local generation assets, including renewable energy and a new 550-megawatt power plant being built by Sempra Energy Resources for SDG&E in Escondido, Calif., as well as energy-conservation initiatives.
Southern California Gas Co. recorded first-quarter net income of $56 million, compared with $58 million in the first quarter 2003.
Sempra Energy Trading
Sempra Energy Trading's net income was $59 million in the first quarter 2004. In the same period last year, the company earned $10 million, before the cumulative impact of accounting principle EITF 02-3. Sempra Energy Trading's higher earnings in this year's first quarter came from strong results in all of the company's product lines.
"Sempra Energy Trading has grown to become the second largest marketer of physical natural gas in North America and now has recorded 21 consecutive profitable quarters, excluding the first-quarter 2003 mandated accounting change, " said Baum. "This customer-focused business continues to benefit from solid risk management and a diverse portfolio of products."
Sempra Energy Resources
First-quarter net income for Sempra Energy Resources rose to $37 million from $10 million last year, due to increased power deliveries through the company's portfolio of supply contracts.
During the quarter, Sempra Energy announced a 50-50 joint-venture agreement with Carlyle/Riverstone, an energy and power-focused equity fund, to acquire American Electric Power's 632-megawatt, coal-fired Coleto Creek Power Station and nine other Texas power plants for $430 million. Sempra Energy expects to obtain project financing for a substantial portion of the costs of the acquisition, which is expected to be completed in July 2004. Sempra Energy Resources will provide asset-management services for the joint venture, including operation of the plants.
Sempra Energy International and Sempra Energy LNG
Sempra Energy International and Sempra Energy LNG, on a combined basis, earned $17 million in the first quarter 2004, up from $7 million in the year-earlier period. The increase stemmed from improved results from the company's South American operations and an $8 million contribution from the favorable buy-out of a future obligation related to the proposed Cameron LNG project.
Sempra Energy LNG announced plans last week to develop a new liquefied natural gas (LNG) receipt terminal near Port Arthur, Texas, with a daily processing capacity of 1.5 billion cubic feet of natural gas. The company initiated the regulatory review process for the terminal with the Federal Energy Regulatory Commission April 21, 2004. The terminal could begin operations as early as 2009.
The Port Arthur project joins two other Sempra LNG receipt terminals under development in North America: Energía Costa Azul in Baja California, Mexico, and Cameron LNG near Lake Charles, La. Both of these projects are expected to commence construction later this year and begin operations in late 2007.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. Eastern Time with senior management of Sempra Energy. Access is available by logging onto the Web site at www.sempra.com. For those unable to log onto the live Webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (800) 642-1687 and entering passcode number 7021323.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2003 revenues of $7.9 billion. The Sempra Energy companies' nearly 13,000 employees serve more than 10 million customers in the United States, Europe, Canada, Mexico, South America and Asia.
###
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995. When the company uses words like "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "would," "should" or similar expressions, or when the company discusses its strategy or plans, the company is making forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: national, international, regional and local economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, the California State Legislature, the California Department of Water Resources and the Federal Energy Regulatory Commission; capital market conditions, inflation rates and interest rates; energy and trading markets, including the timing and extent of changes in commodity prices; weather conditions; business, regulatory and legal decisions; the pace of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; and other uncertainties, all of which are difficult to predict and many of which are beyond the company's control. These risks and uncertainties are further discussed in the company's reports filed with the Securities and Exchange Commission that are available through the EDGAR system without charge at its Web site, www.sec.gov and on the company's Web site, www.sempra.com.
Sempra Energy Solutions, Sempra Energy Trading, Sempra Energy International, Sempra Energy LNG and Sempra Energy Resources are not the same companies as the utilities, San Diego Gas & Electric and Southern California Gas Co., and are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY |
||||||
Table A |
||||||
STATEMENT OF CONSOLIDATED INCOME (Unaudited) |
||||||
Quarters ended |
||||||
March 31, |
||||||
(Dollars in millions,except per share amounts) |
2004 |
|
2003 |
|||
Operating revenues |
||||||
California utilities: |
||||||
Natural gas |
$ 1,333 |
$ 1,162 |
||||
Electric |
381 |
395 |
||||
Other |
646 |
366 |
||||
Total operating revenues |
2,360 |
1,923 |
||||
Operating expenses |
||||||
California utilities: |
||||||
Cost of natural gas |
824 |
677 |
||||
Cost of electric fuel and purchased power |
127 |
163 |
||||
Other cost of sales |
327 |
219 |
||||
Other operating expenses |
521 |
445 |
||||
Depreciation and amortization |
165 |
148 |
||||
Franchise fees and other taxes |
64 |
56 |
||||
Total operating expenses |
2,028 |
1,708 |
||||
Operating income |
332 |
215 |
||||
Other income (loss) - net |
5 |
(2 |
) |
|||
Interest income |
23 |
12 |
||||
Interest expense |
(80 |
) |
(74 |
) |
||
Preferred dividends / distributions by subsidiaries |
(2 |
) |
(7 |
) |
||
Income from continuing operations before income taxes |
278 |
144 |
||||
Income tax expense |
57 |
24 |
||||
Income from continuing operations |
221 |
120 |
||||
Loss from discontinued operations, net of tax |
(24 |
) |
(3 |
) |
||
Income before cumulative effect of change in accounting principle |
197 |
117 |
||||
Cumulative effect of change in accounting principle, net of tax |
- |
(29 |
) |
|||
Net income |
$ 197 |
$ 88 |
||||
Weighted-average number of shares outstanding (thousands): |
||||||
Basic |
228,055 |
206,393 |
||||
Diluted |
231,136 |
207,823 |
||||
Income from continuing operations per share of common stock |
||||||
Basic |
$ 0.97 |
$ 0.58 |
||||
Diluted |
$ 0.96 |
$ 0.58 |
||||
Income before cumulative effect of change in accounting principle |
||||||
per share of common stock |
||||||
Basic |
$ 0.86 |
$ 0.57 |
||||
Diluted |
$ 0.85 |
$ 0.56 |
||||
Net income per share of common stock |
||||||
|
Basic |
$ 0.86 |
$ 0.43 |
|||
Diluted |
$ 0.85 |
$ 0.42 |
||||
Dividends declared per common share |
$ 0.25 |
$ 0.25 |
||||
SEMPRA ENERGY |
||||||
Table B |
||||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||
Balance at |
||||||
March 31, |
December 31, |
|||||
(Dollars in millions) |
|
2004 |
|
2003 |
||
Assets |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ 653 |
$ 432 |
||||
Short-term investments |
- |
363 |
||||
Accounts receivable |
852 |
1,002 |
||||
Interest receivable |
65 |
62 |
||||
Trading assets |
4,997 |
5,250 |
||||
Regulatory assets arising from fixed-price contracts and other derivatives |
145 |
144 |
||||
Other regulatory assets |
93 |
89 |
||||
Inventories |
67 |
147 |
||||
Other |
155 |
157 |
||||
Current assets of continuing operations |
7,027 |
7,646 |
||||
Current assets of discontinued operations |
245 |
220 |
||||
Total current assets |
7,272 |
7,866 |
||||
Investments and other assets: |
||||||
Due from affiliates |
51 |
55 |
||||
Regulatory assets arising from fixed-price contracts and other derivatives |
612 |
650 |
||||
Other regulatory assets |
531 |
554 |
||||
Nuclear decommissioning trusts |
584 |
570 |
||||
Investments |
1,109 |
1,114 |
||||
Sundry |
699 |
706 |
||||
Total investments and other assets |
3,586 |
3,649 |
||||
Property, plant and equipment - net |
10,550 |
10,474 |
||||
Total assets |
$ 21,408 |
$ 21,989 |
||||
Liabilities and Shareholders' Equity |
||||||
Current liabilities: |
||||||
Short-term debt |
$ 139 |
$ 28 |
||||
Accounts payable |
706 |
843 |
||||
Income taxes payable |
142 |
47 |
||||
Deferred income taxes |
78 |
88 |
||||
Trading liabilities |
4,401 |
4,457 |
||||
Dividends and interest payable |
128 |
136 |
||||
Regulatory balancing accounts - net |
527 |
424 |
||||
Fixed-price contracts and other derivatives |
153 |
148 |
||||
Current portion of long-term debt |
610 |
1,433 |
||||
Other |
771 |
704 |
||||
Current liabilities of continuing operations |
7,655 |
8,308 |
||||
Current liabilities of discontinued operations |
45 |
52 |
||||
Total current liabilities |
7,700 |
8,360 |
||||
Long-term debt |
3,822 |
3,841 |
||||
Deferred credits and other liabilities: |
||||||
Due to affiliates |
362 |
362 |
||||
Customer advances for construction |
81 |
89 |
||||
Postretirement benefits other than pensions |
123 |
131 |
||||
Deferred income taxes |
193 |
257 |
||||
Deferred investment tax credits |
82 |
84 |
||||
Regulatory liabilities arising from cost of removal obligations |
2,268 |
2,238 |
||||
Regulatory liabilities arising from asset retirement obligations |
299 |
281 |
||||
Other regulatory liabilities |
108 |
108 |
||||
Fixed-price contracts and other derivatives |
612 |
680 |
||||
Asset retirement obligations |
315 |
313 |
||||
Deferred credits and other |
1,176 |
1,176 |
||||
Total deferred credits and other liabilities |
5,619 |
5,719 |
||||
Preferred stock of subsidiaries |
179 |
179 |
||||
Shareholders' equity |
4,088 |
3,890 |
||||
Total liabilities and shareholders' equity |
$ 21,408 |
$ 21,989 |
||||
SEMPRA ENERGY |
||||||
Table C |
||||||
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) |
||||||
Quarters ended |
||||||
March 31, |
||||||
(Dollars in millions) |
|
2004 |
|
2003 |
||
Cash Flows from Operating Activities: |
||||||
Net income |
$ 197 |
$ 88 |
||||
Adjustments to reconcile net income to net cash provided by operating |
||||||
activities: |
||||||
Loss from discontinued operations |
24 |
3 |
||||
Cumulative effect of change in accounting principle |
- |
29 |
||||
Depreciation and amortization |
165 |
148 |
||||
Deferred income taxes and investment tax credits |
(22 |
) |
(32 |
) |
||
Other - net |
16 |
23 |
||||
Net changes in other working capital components |
427 |
431 |
||||
Changes in other assets |
(12 |
) |
(5 |
) |
||
Changes in other liabilities |
(13 |
) |
6 |
|||
Net cash provided by operating activities |
782 |
691 |
||||
Cash Flows from Investing Activities: |
||||||
Expenditures for property, plant and equipment |
(219 |
) |
(193 |
) |
||
Net proceeds from sale of short-term investments |
363 |
(1) |
- |
|||
Investments and acquisitions of subsidiaries, net of cash acquired |
(7 |
) |
(80 |
) |
||
Dividends received from affiliates |
10 |
- |
||||
Loans to affiliate |
- |
(46 |
) |
|||
Other - net |
2 |
- |
||||
Net cash provided by (used in) investing activities |
149 |
(319 |
) |
|||
Cash Flows from Financing Activities: |
||||||
Common dividends paid |
(57 |
) |
(52 |
) |
||
Issuances of common stock |
55 |
19 |
||||
Repurchases of common stock |
(2 |
) |
(3 |
) |
||
Issuances of long-term debt |
21 |
400 |
||||
Payments on long-term debt |
(857 |
) |
(224 |
) |
||
Increase (decrease) in short-term debt - net |
134 |
(158 |
) |
|||
Other - net |
(2 |
) |
(6 |
) |
||
Net cash used in financing activities |
(708 |
) |
(24 |
) |
||
Increase in cash from continuing operations |
223 |
348 |
||||
Cash used in discontinued operations |
(2 |
) |
- |
|||
Increase in cash and cash equivalents |
221 |
348 |
||||
Cash and cash equivalents, January 1 |
432 |
455 |
||||
Cash and cash equivalents, March 31 |
$ 653 |
$ 803 |
||||
(1) |
Proceeds from the sale of U.S. Treasury obligations which previously securitized the Mesquite synthetic lease. |
SEMPRA ENERGY |
||||||||
Table D |
||||||||
BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS (Unaudited) |
||||||||
Quarters ended |
||||||||
March 31, |
||||||||
(Dollars in millions) |
2004 |
|
2003 |
|
|
|||
Net Income |
||||||||
California Utilities: |
||||||||
San Diego Gas & Electric |
$ 50 |
$ 45 |
||||||
Southern California Gas |
56 |
58 |
||||||
Total California Utilities |
106 |
103 |
||||||
Global Enterprises: |
||||||||
Trading |
59 |
10 |
||||||
Resources |
37 |
10 |
||||||
International / LNG |
17 |
7 |
||||||
Solutions |
(4 |
) |
- |
|||||
Total Global Enterprises |
109 |
27 |
||||||
Financial |
10 |
11 |
||||||
Parent & Other |
(4 |
) |
(21 |
) |
||||
|
|
|||||||
Continuing Operations |
221 |
120 |
||||||
Discontinued Operations (1) |
(24 |
) |
(3 |
) |
||||
Cumulative Effect of Change in Accounting Principle |
- |
(29 |
) |
(2) |
||||
Consolidated Net Income |
$ 197 |
$ 88 |
||||||
(1) |
Reflects Atlantic Electric & Gas. |
|||||||
(2) |
The effects to Trading and Solutions were ($28) and ($1), respectively. |
|||||||
Quarters ended |
||||||||
March 31, |
||||||||
(Dollars in millions) |
2004 |
|
2003 |
|
|
|||
Capital Expenditures and Investments |
||||||||
California Utilities: |
||||||||
San Diego Gas & Electric |
$ 69 |
$ 89 |
||||||
Southern California Gas |
62 |
58 |
||||||
Total California Utilities |
131 |
147 |
||||||
Global Enterprises: |
||||||||
Resources |
15 |
84 |
||||||
Trading |
46 |
7 |
||||||
International/LNG |
27 |
26 |
||||||
Total Global Enterprises |
88 |
117 |
||||||
Parent & Other |
7 |
9 |
||||||
Consolidated Capital Expenditures and Investments |
$ 226 |
$ 273 |
||||||
SEMPRA ENERGY |
||||||||
Table E |
||||||||
OTHER OPERATING STATISTICS (Unaudited) |
||||||||
Quarters ended |
||||||||
March 31, |
||||||||
CALIFORNIA UTILITIES |
2004 |
|
2003 |
|
||||
Revenues (Dollars in millions) |
||||||||
SDG&E (excludes intercompany sales) |
$ 575 |
$ 559 |
||||||
SoCalGas (excludes intercompany sales) |
$ 1,139 |
$ 998 |
||||||
Gas Sales (Bcf) |
140 |
125 |
||||||
Transportation and Exchange (Bcf) |
158 |
134 |
||||||
Total Deliveries (Bcf) |
298 |
259 |
||||||
Total Gas Customers (Thousands) |
6,231 |
6,146 |
||||||
Electric Sales (Millions of kWhs) |
3,812 |
3,609 |
||||||
Direct Access (Millions of kWhs) |
729 |
806 |
||||||
Total Deliveries (Millions of kWhs) |
4,541 |
4,415 |
||||||
Total Electric Customers (Thousands) |
1,301 |
1,284 |
||||||
RESOURCES |
|
|
|
|
||||
Power Sold (Millions of kWhs) |
4,477 |
1,403 |
||||||
SOLUTIONS |
|
|
|
|
||||
Revenues (Dollars in millions) |
$ 30 |
$ 42 |
||||||
INTERNATIONAL |
||||||||
(Represents 100% of these subsidiaries, although only the Mexican subsidiaries are 100% owned by Sempra Energy). |
||||||||
Natural Gas Sales (Bcf) |
||||||||
Argentina |
51 |
42 |
||||||
Mexico |
10 |
9 |
||||||
Chile |
1 |
1 |
||||||
Natural Gas Customers (Thousands) |
||||||||
Argentina |
1,414 |
1,367 |
||||||
Mexico |
101 |
85 |
||||||
Chile |
37 |
36 |
||||||
Electric Sales (Millions of kWhs) |
||||||||
Peru |
1,007 |
1,018 |
||||||
Chile |
508 |
481 |
||||||
Electric Customers (Thousands) |
||||||||
Peru |
736 |
721 |
||||||
Chile |
499 |
487 |
SEMPRA ENERGY |
||||||||||||
Table E (Continued) |
||||||||||||
TRADING |
|
|
|
|
|
|
|
|
||||
Quarters ended |
||||||||||||
March 31, |
||||||||||||
Trading Margin (Dollars in millions) |
|
2004 |
2003 |
|||||||||
Geographical: |
||||||||||||
North America |
$ 113 |
$ 62 |
||||||||||
Europe/Asia |
84 |
22 |
||||||||||
Total |
$ 197 |
$ 84 |
||||||||||
Product Line: |
||||||||||||
Gas |
$ 41 |
$ 30 |
||||||||||
Power |
38 |
(2 |
) |
|||||||||
Oil - Crude & Products |
41 |
32 |
||||||||||
Metals |
58 |
7 |
||||||||||
Other |
19 |
17 |
||||||||||
Total |
$ 197 |
$ 84 |
||||||||||
Physical Statistics |
|
|
|
|
|
|
|
|
||||
Natural Gas (BCF/Day) |
13.7 |
13.5 |
||||||||||
Electric (Billions of kWhs) |
92.9 |
66.1 |
||||||||||
Oil & Liquid Products (Millions Bbls/Day) |
2.0 |
1.4 |
||||||||||
Fair |
||||||||||||
Market Value |
||||||||||||
March 31, |
Scheduled Maturity (in months) |
|||||||||||
Net Unrealized Revenue (Dollars in millions) |
|
2004 |
0 - 12 |
|
13 - 24 |
25 - 36 |
|
> 36 |
||||
Sources of Over-the-Counter (OTC) Fair Value: |
||||||||||||
Prices actively quoted |
$ 295 |
$ 223 |
$ 36 |
$ (4 |
) |
$ 40 |
||||||
Prices provided by other external sources |
8 |
(6 |
) |
- |
- |
14 |
||||||
Prices based on models and other valuation methods |
24 |
8 |
|
2 |
- |
|
14 |
|||||
Total OTC Fair Value (1) |
327 |
225 |
38 |
(4 |
) |
68 |
||||||
Maturity of OTC Fair Value |
||||||||||||
Percentage |
100.0% |
68.8% |
|
11.6% |
-1.2% |
|
20.8% |
|||||
Cumulative Percentages |
|
68.8% |
|
80.4% |
79.2% |
|
100.0% |
|||||
|
|
|
|
|
|
|
|
|
||||
Exchange Contracts (2) |
134 |
$ 68 |
|
$ 58 |
$ 15 |
|
$ (7) |
|||||
Total Net Unrealized Revenue |
$ 461 |
|||||||||||
(1) The present value of unrealized revenue to be received or (paid) from outstanding OTC contracts |
||||||||||||
(2) Cash received associated with open Exchange Contracts |
||||||||||||
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||||
Credit Quality of Unrealized Trading Assets (net of margin) |
|
2004 |
2003 |
|
2003 |
2003 |
|
2003 |
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Commodity Exchanges |
6% |
8% |
8% |
6% |
7% |
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Investment Grade |
63% |
70% |
66% |
71% |
62% |
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Below Investment Grade |
31% |
22% |
26% |
23% |
31% |
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Quarters ended |
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March 31, |
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Risk Adjusted Performance Indicators |
|
2004 |
2003 |
|||||||||
VaR at 95% (Dollars in millions) (1) |
$ 5.7 |
$ 10.0 |
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VaR at 99% (Dollars in millions) (2) |
$ 8.1 |
$ 14.1 |
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Risk Adjusted Return on Capital (RAROC) (3) |
41% |
12% |
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(1) Average Daily Value-at-Risk for the period using a 95% confidence level |
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(2) Average Daily Value-at-Risk for the period using a 99% confidence level |
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(3) Average Daily Trading Margin/Average Daily VaR at 95% confidence level |
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