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Evergy Kansas Central, Inc. (54507) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Westar Energy Inc Ks

CIK: 54507
Exhibit 99.1



NEWS RELEASE
FOR IMMEDIATE RELEASE
 
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Evergy Announces 2019 Results, Declares Quarterly Dividend and Announces Updates to Capital Plan

GAAP EPS of $2.79; Adjusted EPS (Non-GAAP) of $2.89
Five-year capital plan of $7.6B through 2024

KANSAS CITY, MO., March 2, 2020 - Evergy, Inc. (NYSE: EVRG) today announced full year 2019 earnings of $670 million, or $2.79 per share, compared with earnings of $536 million, or $2.50 per share, for the full year 2018. For the fourth quarter 2019, earnings were $64 million, or $0.28 per share, compared with earnings of $19 million, or $0.07 per share, for the fourth quarter of 2018.

For the year, earnings were driven by the full year impact of Evergy Metro and Evergy Missouri West results and lower operating and maintenance expenses, partially offset by higher depreciation expense and lower retail sales driven by unfavorable weather compared to 2018.

Evergy's 2019 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $694 million and $2.89, respectively, compared to $681 million and $2.54 in 2018. Fourth quarter adjusted earnings (non-GAAP) were $73 million, or $0.32 per share, compared with $39 million and $0.15 per share in the fourth quarter of 2018. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP), which exclude certain merger-related costs and/or benefits, are reconciled to GAAP earnings in the financial table included in this release.

New retail rates after consideration of the 2018 provision for rate refund for the lower corporate tax rate, significant cost reduction efforts and fewer shares outstanding contributed to the year over year increase in adjusted earnings per share. These gains were partially offset by unfavorable weather compared to 2018 and higher depreciation expense.

"The continued execution of our merger plan resulted in another year of solid financial results, including a more than 13% year-over-year increase in adjusted earnings per share," said Terry Bassham, Evergy president and chief executive officer. "We remain focused on realizing the on-going benefits and value our merger is creating for all Evergy stakeholders."

Capital Plan Update

As previously discussed on the Company's third quarter conference call, Evergy has evaluated additional capital investment opportunities and believes there are significant additional infrastructure investment opportunities in Missouri. In addition, since engaging with Elliott Management and prior to the establishment of the new Strategic Review & Operations Committee, new opportunities for incremental infrastructure investments were identified. As a result, Evergy is increasing its five-year investment plan to $7.6 billion through 2024 compared to $6.1 billion for its prior five-year plan ending in 2023. The $1.5 billion incremental five-year infrastructure spending is expected to be invested in projects that modernize the electric grid and improve reliability, while reducing operations and maintenance expense. In 2019, Evergy made $1.2 billion of infrastructure investments under its capital plan.

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evergyinc.com


The following information was filed by Westar Energy Inc Ks on Monday, March 2, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Schedule I Financial Statements Of Parent Company
Schedule I Financial Statements Of Parent Company Balance Sheet Parenthetical (Details)
Schedule I Financial Statements Of Parent Company Balance Sheets (Details)
Schedule I Financial Statements Of Parent Company Schedule I Financial Statements Of Parent Company - Dividends (Details)
Schedule I Financial Statements Of Parent Company Statement Of Cash Flows (Details)
Schedule I Financial Statements Of Parent Company Statements Of Income (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets - Evergy Kansas Central, Inc
Consolidated Balance Sheets - Evergy Kansas Central, Inc (Parenthetical)
Consolidated Balance Sheets - Evergy Metro, Inc
Consolidated Balance Sheets - Evergy Metro, Inc (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows - Evergy Kansas Central, Inc
Consolidated Statements Of Cash Flows - Evergy Metro, Inc
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Changes In Equity - Evergy Kansas Central, Inc
Consolidated Statements Of Changes In Equity - Evergy Metro, Inc
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income - Evergy Metro, Inc
Consolidated Statements Of Income - Evergy Kansas Central, Inc
Asset Retirement Obligations
Asset Retirement Obligations (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Contractual Commitments (Details)
Commitments And Contingencies - Narrative (Details)
Equity Compensation
Equity Compensation (Tables)
Equity Compensation - Income Tax Benefit (Details)
Equity Compensation - Narrative (Details)
Equity Compensation - Performance Share Activity (Details)
Equity Compensation - Restricted Stock (Details)
Equity Compensation - Rsus (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Gains (Losses) (Details)
Fair Value Measurements - Long-Term Debt (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Nav (Details)
Fair Value Measurements - Recurring (Details)
Goodwill
Goodwill (Details)
Guarantees
Guarantees (Details)
Jointly-Owned Electric Utility Plants
Jointly-Owned Electric Utility Plants (Details)
Jointly-Owned Electric Utility Plants (Tables)
Leases
Leases (Tables)
Leases - Lease Payments For Operating Leases (Details)
Leases - Narrative (Details)
Leases - Schedule Of Future Payments For Finance Leases (Details)
Leases - Schedule Of Lease Expense (Details)
Leases - Supplemental Cash Flow Information (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Scheduled Maturities (Details)
Merger Of Great Plains Energy And Evergy Kansas Central
Merger Of Great Plains Energy And Evergy Kansas Central (Tables)
Merger Of Great Plains Energy And Evergy Kansas Central - Narrative (Details)
Merger Of Great Plains Energy And Evergy Kansas Central - Purchase Price Allocation (Details)
Merger Of Great Plains Energy And Evergy Kansas Central - Schedule Assets Acquired And Liabilities Assumed (Details)
Merger Of Great Plains Energy And Evergy Kansas Central - Schedule Of Pre-Tax Costs And Deferrals (Details)
Merger Of Great Plains Energy And Evergy Kansas Central - Unaudited Pro Forma Financial Information (Details)
Pension Plans And Post-Retirement Benefits
Pension Plans And Post-Retirement Benefits (Details)
Pension Plans And Post-Retirement Benefits (Tables)
Pension Plans And Post-Retirement Benefits - Amortized In 2020 (Details)
Pension Plans And Post-Retirement Benefits - Apbo (Details)
Pension Plans And Post-Retirement Benefits - Cost Trend Assumptions (Details)
Pension Plans And Post-Retirement Benefits - Employee Savings Plans (Details)
Pension Plans And Post-Retirement Benefits - Expected Future Services (Details)
Pension Plans And Post-Retirement Benefits - Fair Values Of Assets (Details)
Pension Plans And Post-Retirement Benefits - Narrative (Details)
Pension Plans And Post-Retirement Benefits - Target Asset Allocations (Details)
Pension Plans And Post-Retirement Benefits - Weighted-Average Assumptions (Details)
Pension Plans And Post-Retirement Benefits Pension Plans And Post-Retirement Benefits - Schedule Of Components Of Net Periodic Benefit Costs (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Depreciation Expense (Details)
Quarterly Operating Results (Unaudited)
Quarterly Operating Results (Unaudited) (Details)
Quarterly Operating Results (Unaudited) (Tables)
Rate Matters And Regulation (Tables)
Rate Matters And Regulation - Narrative (Details)
Rate Matters And Regulation - Regulatory Matters Asset (Details)
Rate Matters And Regulation - Regulatory Matters Liabilities (Details)
Rate Matters And Regulation, And Regulatory Matters
Receivables
Receivables (Details)
Receivables (Tables)
Receivables - Narrative (Details)
Receivables - Summary Of Bad Debt Expense (Details)
Related Party Transactions And Relationships
Related Party Transactions And Relationships (Details)
Related Party Transactions And Relationships (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Common Stock Repurchase Program (Details)
Shareholders' Equity - Narrative (Details)
Short-Term Borrowings And Short-Term Bank Lines Of Credit
Short-Term Borrowings And Short-Term Bank Lines Of Credit (Tables)
Short-Term Borrowings And Short-Term Bank Lines Of Credit - Narrative (Details)
Short-Term Borrowings And Short-Term Bank Lines Of Credit - Schedule Of Short Term Debt (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Allowance For Funds Used During Construction (Details)
Summary Of Significant Accounting Policies - Antidilutive Securities (Details)
Summary Of Significant Accounting Policies - Corporate-Owned Life Insurance (Details)
Summary Of Significant Accounting Policies - Dividends Declared (Details)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Summary Of Significant Accounting Policies - Fuel Inventory And Supplies (Details)
Summary Of Significant Accounting Policies - New Accounting Standards (Details)
Summary Of Significant Accounting Policies - Organization (Details)
Summary Of Significant Accounting Policies - Other Income (Expense) (Details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment (Details)
Summary Of Significant Accounting Policies - Supplemental Cash Flow Information (Details)
Taxes
Taxes (Tables)
Taxes - Deferred Income Taxes (Details)
Taxes - Income Tax Expense (Details)
Taxes - Missouri Tax Reform (Details)
Taxes - Net Operating Loss Carryforwards (Details)
Taxes - Tax Credit Carryforwards (Details)
Taxes - Valuation Allowance (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Assets And Liabilities Related To Vie (Details)
Variable Interest Entities - Narrative (Details)
CIK: 54507
Form Type: 10-K Annual Report
Accession Number: 0001711269-20-000012
Submitted to the SEC: Mon Mar 02 2020 6:47:35 AM EST
Accepted by the SEC: Mon Mar 02 2020
Period: Tuesday, December 31, 2019
Industry: Electric Services

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