Here's How We're Growing 10 Percent in a
3 Percent Industry...at Constellation Energy
WE'RE...
- A FORTUNE 200 competitive energy company headquartered in Baltimore.
- North America's No. 1 supplier of energy to wholesale and to retail commercial and industrial customers in competitive markets.
- A major generator of electricity with a diversified fleet of power plants located strategically throughout the United States.
- A regulated distributor of electricity and natural gas in Central Maryland.
WE GROW AN AVERAGE OF MORE THAN 10 PERCENT ANNUALLY BY...
- Increasing our competitive market share.
- Taking cost out of our business.
- Investing our cash to achieve superior returns.
IN 2004, WE...
Provided a 14.8 percent total return to shareholders, assuming reinvestment of dividends.
Earned $3.24 per share-excluding special items-a 17.4 percent increase over 2003.
Strengthened our balance sheet by reducing our debt-to-total capitalization ratio.
Built a foundation for ongoing productivity gains by implementing Six Sigma and other programs to improve efficiency and output in all our operations.
IN 2005, WE'RE WORKING TO...
Continue creating shareholder value that will produce superior returns.
Continue achieving 10 percent average annual growth in earnings per share.
Further strengthen our balance sheet by using free cash flow to reduce our debt-to-total capitalization ratio.
Drive productivity gains by lowering our cost and increasing output from our generation fleet-with a target of $180 million in productivity gains by 2008.
