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2019 Annual Report Energy Forward

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2019 Annual Report Energy Forward 2019 Annual Report Energy Forward Energy Forward 2019 Annual Report Evergy works every day to deliver outstanding results for shareholders, customers and our communities alike. There is a fundamental shift in investment trends toward investing in companies that make strategic decisions with the interests of all its stakeholders in mind. We know that for Evergy to truly succeed, we must create a sustainable energy company positioned to serve all our stakeholders. 2019 was a year of additional progress toward that – a year that garnered merger savings ahead of plan, strong financial performance and sustainability gains. We’re continuing to propel Evergy forward, delivering on the promises we made when we created the company, as a forward-thinking, sustainable and efficient energy company. Year Ended December 31 2019 2018(b) 2017(b) 2016(b) 2015(b) (Dollars in millions except per share amounts) EVERGY Operating Revenues $ 5,148 $ 4,276 $ 2,571 $ 2,562 $ 2,459 Net income $ 686 $ 546 $ 337 $ 361 $ 302 Net income attributable to Evergy, Inc. $ 670 $ 536 $ 324 $ 347 $ 292 Basic earnings per common share $ 2.80 $ 2.50 $ 2.27 $ 2.43 $ 2.11 Diluted earnings per common share $ 2.79 $ 2.50 $ 2.27 $ 2.43 $ 2.09 Total assets at year end $ 25,976 $ 25,598 $ 11,624 $ 11,487 $ 10,706 Total long-term obligations at year end(a) $ 9,200 $ 7,472 $ 3,846 $ 3,699 $ 3,379 Cash dividends per common share $ 1.93 $ 1.735 $ 1.60 $ 1.52 $ 1.44 (a) Includes long-term debt, current maturities of long-term debt, finance leases, operating leases, long-term debt of Variable Interest Entities (“VIEs”) and current maturities of long-term debt of VIEs. Obligations related to operating leases are only included beginning in 2019 due to Evergy’s adoption of Topic 842, Leases. See Note 1 to the consolidated financial statements included in Part II, Item 8 of Evergy’s annual report on Form 10-K for additional information. (b) On June 4, 2018, Evergy completed the mergers contemplated by the Amended Merger Agreement. The results of Great Plains Energy’s direct subsidiaries have been included in Evergy’s results from the date of the closing of the merger and thereafter. Evergy amounts for 2017, 2016, and 2015 reflect the results of operation and financial position of Evergy Kansas Central as the accounting acquirer in the merger transaction. Evergy 2019 Annual Report – 1 To Our Shareholders We are Evergy! With the successful at Evergy work every day to deliver rebrand of our operating companies outstanding results for shareholders, complete, we are proudly known as customers and our communities alike. Evergy not only to our investors but We know that for Evergy to truly also throughout our Kansas and Missouri succeed, we must create a sustainable operating areas. Now, we are building energy company positioned to serve all on our new brand identity as a forward- our stakeholders. thinking, sustainable and efficient energy company by delivering on the promises People and Profit Forward we made when we created the company. When KCP&L and Westar Energy merged in 2018, we committed to $628 million 2019 was a year of moving forward – a in merger efficiencies by 2023. We are year that garnered merger savings ahead well ahead of that plan having realized of plan, strong financial performance and more than $215 million in savings, sustainability gains. Our moment of and we expect about $145 million in reflection is brief because 2019 was just additional savings to be realized in 2020. the beginning. We already have shifted At more than 40 percent ahead of target, toward how we propel Evergy forward. that outperformance stems from a combination of timing and savings Adapting to the changes in our industry attributable directly to our team’s ingenuity as well as in the broader business finding new opportunities. As promised, community tops that list. If you look at a we have delivered $190 million in bill broad array of investment trends, there is credits to customers and requested a fundamental shift toward investing in no increases in our base rates. companies that make strategic decisions with the interests of all its stakeholders. Our merger provided a platform for As a regulated energy company, we operational cost savings and synergies. Quarterly Dividend 6.3% $0.505 $15 b $0.475 Market Capitalization Market cap as of 12/31/19. 3Q19 4Q19 2 – Evergy 2019 Annual Report Operations Delivering reliable, low cost energy to customers 2019 Retail Sales by Customer Type megawatts of 3,714 renewable power 21% Commercial 43% Residential 36% Industrial C02 Emission Reduction Targets 0% 10% 2019 Capacity 20% by Fuel Type 45% 30% Reduction 40% 50% Coal Gas & Oil 60% 80% 70% Reduction Renewables1 80% Nuclear 90% 100% 1. Renewables include both owned and 2005 2019 2050E power purchase agreements as of 12/31/19. Evergy 2019 Annual Report – 3 But that is just the beginning of our effort Our capital allocation plan performed to manage cost and improve operations. as expected, with $1.2 billion invested To capitalize on the momentum of our in infrastructure to maintain customer positive cost trajectory, we will continue reliability, which ranked solidly in industry to focus on opportunities to streamline, standard reliability metrics. Additionally, automate, digitize and enhance our when Missouri legislation allowed for Plant processes and performance execution. in Service Accounting (PISA), we adopted Our team is engaged in an all-out effort the practice and began infrastructure to drive continuous improvement and investments to capitalize on this new sustainable cost reduction in all aspects opportunity. We expect further PISA and at all levels of our company. We opportunities in 2020 and will continue are committed to building a culture our strategy to make the most of this where employee engagement and legislation for the benefit of our stakeholders. productivity thrives. Planet Forward Our successful strategy execution has Evergy only succeeds when we serve the resulted in returning almost $2.1 billion in greater good of our communities and capital to our shareholders – $1.6 billion help them thrive. We are delivering clean, in share repurchases and another $463 safe, reliable energy for today and in the million in dividends, which we raised future by embracing alternative energy 6.3 percent, in line with guidance, at an sources to generate more power with less indicated annual rate of $2.02 per share. impact to the environment and choosing Reliability + Providing safe, reliable, and cost effective operations + Being a trusted energy partner to our customers + Collaborative, open and transparent regulatory relationships 4 – Evergy 2019 Annual Report Financial Delivering on Strategic Priorities Keep customer bills stable Allocate capital to drive Deliver competitive while delivering reliable sustainable, diverse shareholder returns services energy solutions • Delivering on merger commitments • $7.6B of utility infrastructure • Creating Value and efficiencies investment 2020 – 2024 + Infrastructure investments + Merger savings + An increase of $1.5B compared to + Merger savings + Reliable service prior five-year plan + Continued cost reductions • Enhancing relationships with • Focusing on CapEx optimization and • Targeting dividend pay-out range customers and regulators reallocation to further capitalize on of 60% to 70% and growth in line Missouri PISA with EPS growth Five-Year Capital Plan (millions) 2020 2021 2022 2023 2024 Generating Facilities $ 487 $ 555 $ 563 $ 455 $ 263 Transmission and Distribution Facilities 893 914 886 867 1,006 General Facilities and other 238 117 112 92 94 Total Capital Expenditures $ 1,618 $ 1,586 $ 1,571 $ 1,414 $ 1,363 Gross Merger Savings vs Projected 2020-2024 CapEx Original Merger Savings by Jurisdiction ($ in millions) Actual Exceeded Original $17 1 2019 Merger $162 target by $15 2 16% Targets $147 ~46% Kansas $117 45% Missouri $50 39% FERC $48 2018 2019 2020 2021 2022 Evergy 2019 Annual Report – 5 technologies that balance emission emissions 80 percent from 2005 levels by reductions with costs. 2050 through: Earlier this year, we announced our intent + Retiring all coal power plants in the to add 660 megawatts of wind energy Evergy fleet at or before the end of to our portfolio. This addition will bring their useful life; the total amount of wind serving Evergy + Continuing to make significant customers to 4,535 megawatts, making investments in renewable energy and Evergy one of the top five wind energy energy efficiency; + Operating the Wolf Creek Nuclear Station until its license expires in 2045; Evergy is one of the top five wind energy and, if necessary + Adding new low or carbon-free companies in the United States. generation. With the myriad of steps we have taken companies in the United States. Thanks to reduce emissions the past 15 years in part to our investments, Kansas now we have reduced carbon emissions by 45 ranks #1 in the nation for wind generation percent in comparison to 2005 levels, with as a percentage of population and #4 sulfur dioxide and nitrogen oxide down 98 in overall wind generation! We also percent and 87 percent respectively. announced our plan to reduce carbon Some stakeholders may say the 80 Unique Investment 2019 Stock Price Movement EVRG UTY Index S&P 500 Thesis 40% + Earnings growth driven by merger savings, cost management, infrastructure investment and share repurchase; not 30% predicated on raising customer prices + Stable base rates allow for on-going, 20% constructive dialogue with customers, regulators, policy makers and is good 10% for economic development + Strong balance sheet combined with 0% expected earnings and dividend growth provides an attractive total shareholder -10% return profile 12/31 1/31 2/28 3/31 4/30 5/31 6/30 7/31 8/31 9/30 10/31 11/30 12/31 6 – Evergy 2019 Annual Report Culture Foster engagement, diversity, excellence, and inclusion $1,000,000 Nearly $1 million raised through Employee Giving Campaign donations by nearly 2,500 employees.
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