Entergy 2004 Annual Report Download - page 12

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Entergy Corporation and Subsidiaries 2004
flows, we concluded that we can return
available cash to our shareholders and still
have the flexibility to invest in the long-
term growth of our business.
Wecontinue to take action to
substantially lower risks across all our
businesses by improving operations,
strengthening regulatory relationships,
and better managing our cash flows.
We continued to improve our cash flow
interest coverage – defined as 12-months
cash flow from operating activities plus
12-months rolling interest paid, divided
by interest expense – realizing more
than a 95 percent improvement since
1999. Our continued success in producing
strong cash flows is an important
element contributing to our significantly
improved credit standing at both the
operating subsidiary and corporate level.
In 2004, both Moody’s and Standard &
Poor’s raised our credit ratings.
An Eye for Growth
We continue to strategically review all
aspects of our business and our markets
in order to maintain a clear and current
point of view. It’s a dynamic approach
that enables us to adapt as market
conditions change. And in our current
point of view, we see exciting
opportunities to grow in our utility and
nuclear businesses. For example:
•In the utility, our Generation
Supply Plan enables us to purchase
power and invest in moreefficient
DISCIPLINE,
SECURITY,
AND FUTURE
RETURNS
s
Saving for the future – whether
it’s nuts or dollars – requires
discipline. At Entergy, we take
adisciplined approach to
managing cash, investing capital,
and conserving risk. We will not
compromise our standards to
meet an appetite for short-term
results. Instead, we invest to build
financial security,meet our long-
term aspiration of five to six
percent average annual earnings
growth, and deliver top-quartile
total shareholder return.
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