Efficient Financing & Incremental Investment Opportunities
STRENGTHENING OF BALANCE SHEET CONTINUES
Achieved key targeted metrics in 2020
Total Debt-to-Capitalization*
FFO-to-Debt of 17%¹
Debt-to-Capitalization of 49%
56%
Continue to maintain BBB+ | Baa2 credit rating
55%
54%
Targeting 16% FFO-to-Debt²
Improved overall business risk profile
·
Cameron LNG completed and in full operation
• Lower perceived wildfire risk highlighted by SDG&E
upgrade by Moody's and stable outlook by S&P
Further balance sheet improvement potential with proceeds
from Sempra Infrastructure transactions³
Sale of
Solar
Assets
Sale of
Midstream
Assets
49%
Sale of
Wind
Assets
Oncor
InfraREIT
Acquisition Acquisition
Sale of
South
American
Businesses
Cameron
Distributions
Sempra
Infra³ |
Debt
Paydown
2017
2018
2019
2020
2021
48%
Cameron 45%
Distributions
Sempra
Infra
Transaction³
1.
2.
3.
4.
Calculated based on financial statements as of December 31, 2020. FFO-to-Debt is a non-GAAP financial measure. Net Cash Provided by Operating Activities-to-Debt was -11% as of December 31, 2020. See Appendix for a reconciliation of
non-GAAP financial measures.
FFO-to-Debt is a non-GAAP financial measure. See Appendix for further details on non-GAAP financial measures.
The ability to complete these transactions is subject to conditions to closing and a number of risks and uncertainties. Please refer to "Risk Factors" in our most recent Annual Report on Form 10-K and "Capital Resources and Liquidity" in our
most recent Quarterly Report on Form 10-Q for a description of the risks and other factors associated with these transactions. Transactions include the sale of noncontrolling interest in Sempra Infrastructure Partners and acquisition of ~30% of
Sempra Mexico's noncontrolling interest.
73
As reported as of December 31 in the respective year for 2017-2020. 2017 and 2018 amounts have been retrospectively adjusted for discontinued operations.
2022
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