apresentao institucional 3_t09_ing_final_grafica_26012010pdf

Download Apresentao institucional 3_t09_ing_final_grafica_26012010pdf

Post on 27-May-2015

182 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • 1. Institutional January, 2010

2. AES Brasil Group7 million clients... with a 2008 result: Market Share 6 thousand AES People R$ 3.2 billion (Ebitda) R$ 1.7 billion (net income)DiscosGencosInvestments 1998-2008:R$ 5 billion after privatizationDisco GencoTrading Co. Telecom 2 3. Shareholding structureAES Corp BNDES C 50.00% + 1 share C 50.00% - 1 share C = Common SharesP 0.00%T 46.15%P = Preferred SharesT = TotalCia. Brasiliana de EnergiaC 76.46% C 71.35% C 99.99% C 100.00%C 98.26% P 7.43%P 32.34%C 99.99 % T 99.76%T 99.99% T 100.00%T 98.26% T 34.80% T 52.55%T 99.99 %AES AESAESAES AESAES AES EP Sul InfoenergyUruguaiana Com RJ EletropauloTiet Telecom 3 4. Shareholding composition FederalGovernment orFree Float Eletrobras116.1%19.2% 8.0%56.2% 24.2%28.3% 7.9%39.5% 1 Federal Government and Eletrobrs correspond to AES Eletropaulo and AES Tiet, respectively4 5. Energy sector agents in BrazilMinistry of Mines and Energy (MME)(Set Guidelines and Policies) National Council ofEnergy Policy (CNPE) (Formulates Policies) Electricity Sector Brazilian Electricity Energy Research Surveillance Regulatory Agency Enterprise (EPE)Committee (CMSE) (ANEEL) (Monitors energy supply) (Ruling, Inspection & Auditing,(Generation & TransmissionMonitoring, and Mediation)Planning)Distribution companiesElectric Energy TransmissionSystem OperatorCommercializationcompanies (ONS) Chamber (CCEE) Generation Generator resources Pricing and clearing of scheduling and dispatchenergy transactionscompaniesTrading companies 5 6. Energy sector in Brazil(Contracting Environment) Regulated Market Free MarketAuctions Spot MarketPPAs1 Distribution Companies Trading Companies Trading Companies Free ClientsFree Clients Main auctions (reverse auctions): Distribution New Energy (A-5): Delivery in 5 years, 15-30 Companiesyears regulated PPA New Energy (A-3): Delivery in 3 years, 15-30years regulated PPA Existing Energy (A-1): Delivery in 1 year, 5-15years PPA6 1 Power Purchase Agreement 7. Discos regulatory methodology(Tariff Reset and Readjustment) Tariff Reset and Readjustment Tariff Reset is applied each 3 to 5 years Parcel A Costs AES Eletropaulo: each 4 years Non-manageable costs that totallyEnergy pass- through to the tariff AES Sul: each 5 years Purchase Losses reduction improve the pass- Parcel A costs pass trough the tariff Transmissionthrough effectiveness Parcel B costs are set by ANEELSector Charges Tariff Readjustment: annually Reference Reference Company: Parcel A costs pass trough the tariffCompany(PMSO) Efficient cost structure, determined by Parcel B cost are adjusted by IGPM +/- X(1) Factor ANEEL (National Electricity Agency)X WACCInvestment Remuneration Remuneration Asset Base:Remuneration Asset Applicable investments used to Basecalculate the Investment RemunerationX DepreciationDepreciation (applying WACC) and DepreciationRegulatory Parcel A Non-Manageable CostsEbitda(1) X Factor: index that capture productivity gainsParcel B Manageable Costs 7 8. AES Eletropaulo overviewConcession Area Largest electricity distribution company in Latin America Serving 24 municipalities in the So Paulo Metropolitan areaSo Paulo Metropolitan Area Concession area with the highest GDP in Brazil: 17.1% of the Brazilian GDP and 50.3% of So Paulos state GDP 46 thousand kilometers of lines 4,526 km2 of concession area 1.1 million electricity poles 4,143 employees Regional West Regional North Regional SouthRegional ABC 5.9 million of consumption units Regional East Total distributed volume of 41 TWh in 2008Note Data as of Sept. 2009, except GDP which is 20069 9. Ranking for energy distributors8.000 7.000 Net Revenue - R$ million6.000 5.000 2007 2008 4.000 3.000 2.000 Net Revenue1st1st1.000CPFL PAULISTA BANDEIRANTEPIRATININGAELETROPAULOAMPLACOELBAELEKTROCOELCE CELESCCOPEL CELPECEMIGCELGLIGHT CPFLAES1.8001.600Ebitda - R$ million1.4001.2001.000800Ebitda 2nd 1st 600 400200CPFL PAULISTAELETROPAULOPIRATININGA AMAZONAS COELBAELEKTRO AMPLACOELCECEMAR COPEL CELPECEMIGLIGHT RGE CPFLAES 10 1 Source: ABRADEE (Brazilian Association of Energy Distributors); research among 48 energy distributors in Brazil. 10. Consumption evolutionTotal Market - (GWh)19M09 Consumption Share - (GWh)1+ 8%6%17%41,243 37% 39,932 38,183 7,3837,355 30,73014%6,527 30,3774105,6255,024 26% 31,656 32,577 33,860 25,105 25,353CAGR 2006-08Residential+7% 20062007 20089M089M09 Commercial+2% Free ClientsCaptive marketFree Clients +6% Industrial+0%Others +2% 1 Own consumption not considered 11 11. Most important consumption classesResidential - (GWh)Commercial - (GWh)+ 5%+ 3%3,97811,2147,850 3,742 10,708 2,657 2,6257,6033,4942,5671Q09 2Q09 3Q09 9M08 9M09 1Q09 2Q09 3Q099M08 9M09Industrial - (GWh) Captive Market - (GWh)- 11% + 1% 4,87825,3534,33725,104 1,546 8,742 1,4658,4931,3278,1181Q09 2Q09 3Q09 9M08 9M09 1Q09 2Q09 3Q099M08 9M09 1 Own consumption not considered 12 12. Investments amounted up to R$ 324 million in 9M09 Investments Breakdown R$ million Investments 9M09 523 8% 4%4% 45755 433 16% 45%47378 6932477 30526 46822% 36 27% 410 364301269298Customer Service andMaintenanceSystem Expansion Customer Financed IT2006 2007 2008 2009e 9M08 9M09 Loss Recovery OthersCapexPaid by customers13 13. SAIDI & SAIFI SAIDI - System Average Interruption Duration IndexSAIFI - System Average Interruption Frequency Index11.81 11.3410.92 8.618.498.41 8.90 9.20 11.017.87 5.52 5.64 5.78 5.20 2006 2007 20089M092006 2007 20089M09 3rd 3rd5th3rd 1st1stSAIDI (hours)SAIDI Aneel TargetSAIFI (times)SAIFI Aneel TargetABRADEE ranking position between 28 distributors withover 500 thousand consumers1 Last twelve months Source: ABRADEE, ANEEL e AES Eletropaulo 14 14. Operational indexesCollection Rate % over gross revenueLosses %- 1.3 b.p. - 0.4 b.p.101.4 99.1 99.5 97.8 97.7 12.011.611.611.8 11.5 5.55.0 5.15.25.36.56.5 6.56.56.52006 2007 20089M089M09 20062007 2008 9M0819M091 Commercial Losses Technical Losses Disconnections and Reconnection Monthly Average (9M08 XFraud and Illegal Connections (9M09) 9M09) 271,000 inspections e 32,000 frauds detected Disconnections: increase from 233 thousand to 733 thousand 57,000 illegal connections regularized Reconnection: increase from 248 thousand to 488 thousand Past due bill credit report (9M09 average): 190 thousand1 Last 12 months 2 - Current Technical Losses used retroactively as reference15 15. Net revenue of R$ 5.9 billion in 9M09 Net Revenue R$ million Ebitda R$ million 2003 2007 EMBI+ BR 4.63% 2.21%Regulatory WACC (%)Selic target 16.50% 11.25%+ 10% 17.115.1 7,5297,1936,8521,766 1,566 1,6965,8555,5401,1401,14320062007 2008 9M089M09 200620072008 9M08 9M0916 16. Net income of R$ 538 million in 9M09Net Income R$ millionDividend payout1 R$ million DividendsPay-outYield2 PNB+ 175%100.3% 101.5% 1,027 34.9%14.4%20.3%7133.2%5381,043 496373 715323 130 2006 2007 2008 9M08 9M092006 200720089M09 25% of minimum pay-out according to bylaw Practice on semi-annual basis of maximum permitteddividend distribution, since 2006 results Yield2 of 6.3% and pay-out of 106.7% 1 Gross amount 2 Considered 1st semester data 17 17. R$ 663 million paid as dividends in 2009 Managerial Cash Flow R$ million 3Q084Q081Q092Q09 3Q09Initial Cash 1,4541,373 1,536 1,258989Operating Cash Flow 613 491 301448 798Investments (107) (126) (104)(113) (116)Net Financial Expenses(107) (37)(113)(45)(98)Net Amortizations (21)(40)(184)(54)(35)CESP Foundation (32)(46)(58) (56)(53)Income Tax(68)(80)(119)(83)(45)Dividends (359) - -(366) (297)Free Cash Flow(81)162 (278)(269) 155Final Cash 1,3731,536 1,258989 1,143 18 18. Debt profileNet DebtAmortization Schedule R$ million 2.1x 1.3x 1.4x1.2x 1,5323.7 3.0 78 2.52.710 626670 5248041 75375 250250 25012535020062007 20089M09 2009 2010201120122013 2014 20152016-2028 Net Debt (R$ billion)Local Currency (w/out Pension Fund) Pension FundForeign Currency2Net Debt / Adjusted Ebitda1September, 2009: Average debt cost is 116.5% of CDI3 per year which means an effective rate of 13.9% per year Average debt maturity is 7.3 years 1 - Last 12 months of adjusted Ebitda2 Exchange rate in 09/30/2009 US$ 1.00 = R$ 1.77813 - Brazils Interbank Interest Rate 19 19. Capital market AES Eletropaulo1 X Ibovespa X IEE Average Daily Volume3 - R$ thousand 200983%180 26,066 25,677 C60%160B21,96059%140A 120 7,508 100 80Dec-082Mar-09 Jun-09Sep-09Dec-092006 2007 20082009 ELPL6IEEIBOV A) 02/25/2009 Finsocial and So Paulo municipality agreement B) 04/16/2009 - Public Consultation of Tariff Reset C) 06/16/2009 Conclusion of Second Periodic Tariff Reset1 Shares were adjusted by declared dividend of the period under analysis 2 Data Base: 12/30/08 = 1003 Preferred shares Class B20 20. AES Tiet overview Concession Area 30 year concession, expires in 2029, renewable foranother 30 years 10 hydroelectric plants in the State of So Paulo at Tiet,Pardo and Mogi Guau rivers Atlantic Ocean Installed capacity of 2,657 MW, with assured energy1 of1,280 MW Name and Installed Capacity of AES Tiets Plants:gua Vermelha (1,396 MW) Ibitinga (132 MW) 100% of assured energy contracted with AESNova Avanhandava (347 MW)Euclides da Cunha (109 MW) Eletropaulo until the end of 2015 Promisso (264 MW) Caconde (80 MW)Barra Bonita (141 MW)Limoeiro (32 MW) 310 employeesBariri (143 MW)Mogi-Guau (7 MW)1 - Amount of energy allowed to be long term contracted 22 21. Operational PerformanceEnergy Generation MW average Billed Energy GWhSeptember 09 Prices (R$ / MWh)129% AES Eletropaulo 152.00MRE8.18121% 118%Spot (9M09 avg.) 39.68 112%1,646 13,4211,54312,77413,148 1,4241,510 573 330 10,728 53610,3361,7401,680 607 1,1303271,5711,663 11,10811,108 11,1388,346 8,5502006 20072008 9M09 2006 2007 2008 9M08 9M09Generation MW average Generation / Assured Energy1AES Eletropaulo MRE2Spot Market1 - Amount of energy allowed to be long term contracted 2 - Energy Reallocation Mechanism23 22. Investments Investments R$ million9M09 Investme