01—Abstract
Summary
Summary of the 10-K/A filed April 4, 2014. Cited figures are marked; the original filing is the authoritative source.
NRG Energy, Inc. filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
The original filing was made on February 28, 2014. This amendment adds the attestation report of the independent registered public accounting firm, KPMG LLP, on the company's internal control over financial reporting, which had been inadvertently omitted from the original filing under Item 308(b) of Regulation S-K. The filing also includes new certifications from the principal executive, financial and accounting officers under Rule 12b-15.
KPMG's report states that NRG maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO 1992 Integrated Framework. KPMG also references its unqualified opinion, dated February 28, 2014, on the company's consolidated financial statements for 2011 through 2013. The amendment states that it does not affect the original financial statements or footnotes and does not reflect events after the original filing date.
As of the last business day of the second fiscal quarter, the aggregate market value of common stock held by non-affiliates was approximately $7,506,455,756,a based on a closing sale price of $26.70 on the New York Stock Exchange. As of March 31, 2014, 325,326,810 shares of common stock were outstanding.
02—Key points
Key Highlights
- Form 10-K/A (Amendment No. 1) for fiscal year ended December 31, 2013, filed to add the omitted auditor attestation report on internal control over financial reporting
- KPMG LLP concluded NRG Energy, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013
- KPMG's unqualified opinion on the consolidated financial statements is dated February 28, 2014, the same date as the original filing
- The amendment does not change the original financial statements or footnotes
- Aggregate non-affiliate market value of common stock was approximately $7,506,455,756 at a $26.70 closing price on the NYSE
- 325,326,810 shares of common stock outstanding as of March 31, 2014
- New Rule 12b-15 certifications were filed by David W. Crane, Kirkland B. Andrews and Ronald B. Stark
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2013, NRG Energy lost $0.03.
- Revenue$11.29B100.0%
- Cost of revenue−$8.13B72.0%
- Gross profit$3.17B28.0%
- Operating costs−$2.82B25.0%
- Operating income$343.0M3.0%
- Interest, other & tax−$729.0M6.5%
- Net income−$386.0M3.4%
Where FY2013 revenue went
$11.29B- Cost of revenue: $8.13B, 72% of revenue
- Other operating costs: $1.84B, 16% of revenue
- Operating income: $343.0M, 3.0% of revenue
- R&D: $84.0M, 0.7% of revenue
- SG&A: $895.0M, 7.9% of revenue
Kept 3.0% as operating incomeOperating income $343.0M · 3.0%R&D $84.0M · 0.7%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2013filed April 4, 2014Financial Statements
FY2013 against FY2012
| Line item | FY2013FY2012 | Change |
|---|---|---|
| Revenue | $11.29B$8.42B | +34.1% |
| Cost of Revenue | $8.13B$6.14B | +32.4% |
| Gross Profit | $3.17B$2.28B | +38.7% |
| R&D Expenses | $84.00M$68.00M | +23.5% |
| SG&A Expenses | $895.00M$807.00M | +10.9% |
| Operating Expenses | $10.95B$8.07B | +35.7% |
| Operating Income | $343.00M$350.00M | −2.0% |
| Interest Expense | $848.00M$661.00M | +28.3% |
| Net Income | -$386.00M$295.00M | −230.8% |
| EPS (Basic) | $-1.22$1.23 | −199.2% |
| EPS (Diluted) | $-1.22$1.22 | −200.0% |
| Shares Outstanding (Basic) | 323.00M232.00M | +39.2% |
| Shares Outstanding (Diluted) | 323.00M234.00M | +38.0% |
05—Questions
Frequently Asked Questions
Why was this amendment filed?
The amendment was filed to include the attestation report of the independent registered public accounting firm, as required by Item 308(b) of Regulation S-K. The filing states that this report was inadvertently omitted from the original Form 10-K filed on February 28, 2014.
Does this amendment change NRG's financial results?
No. The filing states that the amendment does not affect the original financial statements or footnotes and does not update the disclosures in the original filing, other than as needed to reflect the added attestation report and certifications.
What did the auditor conclude about NRG's internal controls?
KPMG LLP stated that NRG Energy, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO Internal Control - Integrated Framework (1992).
What was the market value of NRG's common stock held by non-affiliates?
As of the last business day of the most recently completed second fiscal quarter, the aggregate market value of common stock held by non-affiliates was approximately $7,506,455,756, based on a closing sale price of $26.70 on the New York Stock Exchange.
06—Continue