apresentao institucional 4_t09_eng_final_18032010

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  • 1. Institutional March, 2010

2. AES Brasil Group7 million clients... with a 2009 result: Market Share 6 thousand AES People R$ 3.2 billion (Ebitda) R$ 1.9 billion (net income)DiscosGencosInvestments 1998-2009:R$ 5.8 billion after privatizationDisco GencoTrading Co. Telecom 2 3. Shareholding structure AES Corp BNDES C 50.00% + 1 share C 50.00% - 1 share C = Common SharesP 0.00%P 100%T 46.15%P = Preferred Shares T 53.85%T = 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 compositionFederalGovernment 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 Brazil Ministry 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 overview Concession Area Largest electricity distribution company in Latin America Serving 24 municipalities in the So Paulo Metropolitan area So 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 4,360 employees Regional WestRegional North Regional South Regional ABC 5.9 million of consumption units Regional East Total distributed volume of 41 TWh in 2009Note Data as of Dec. 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)1 2009 Consumption Share - (GWh)1+ 8% 6% 17%41,24341,269 36%39,93238,1837,3836,832 7,355 15% 6,527410 26% 31,656 32,57733,86034,436 Residential 2006200720082009CommercialFree Clients Captive market Free Clients Industrial Others 1 Own consumption not considered11 11. Most important consumption classesResidential - (GWh) Commercial - (GWh)+4,1%+4.4%Industrial - (GWh)Captive Market - (GWh) - 8.0 % +1.7% 1 Own consumption not considered 12 12. Investments amounted up to R$ 516 million in 2009 Investments Breakdown R$ million Investments 2009 Customer Service and Maintenance System ExpansionCustomer FinancedIT Loss RecoveryOthers Capex Paid by customers13 13. SAIDI & SAIFI SAIDI - System Average Interruption Duration Index SAIFI - System Average Interruption Frequency Index SAIDI (hours)SAIDI Aneel TargetSAIFI (times)SAIFI Aneel TargetABRADEE ranking position between 28 distributors withover 500 thousand consumersSource: ABRADEE, ANEEL e AES Eletropaulo14 14. Operational indexes Collection Rate % over gross revenueLosses % 2.0 p.p.- 0.2 p.p. 101.1 99.1 99.5 97.812.0 11.8 11.5 11.6 5.55.05.15.36.56.56.5 6.5 2006 20072008 20092006 200720082009Commercial LossesTechnical LossesDisconnections and Reconnection Monthly Average (2008 X Fraud and Illegal Connections (2009)2009) 336,000 inspections e 41,800 frauds detected Disconnections: increase from 33 thousand to 80 thousand80,200 illegal connections regularized Reconnection: increase from 32 thousand to 56 thousand Past due bill credit report (2009 average): 190 thousand1 - Current Technical Losses used retroactively as reference15 15. Net revenue of R$ 8.0 billion in 2009Net Revenue R$ millionEbitda R$ million 2003 2007 EMBI+ BR4.63% 2.21% Regulatory WACC (%) Selic target 16.50% 11.25%+ 17.5% 17.1 8,05015.1 7,529 7,193 6,852 1,766 1,696 1,573 1,566 2006200720082009 2006 200720082009 16 16. Net income of R$ 1,1 billion in 2009Net Income R$ million Dividend payout1 R$ millionDividendsPay-outYield PNB+ 185%1,063 100.3% 101.5% 101.5% 1,02734.9%20.4% 14.4%20.3%7133.2% 1,0801,043 373 715 1302006 200720082009 2006 200720082009 25% of minimum pay-out according to bylaw Practice on semi-annual basis of maximum permitted dividend distribution, since 2006 results 1 Gross amount 17 17. R$ 993 million paid as dividends in 2009Managerial Cash Flow R$ million!"#$ !% &' () % * +#) ( ,-% . /* ( 0 +1 '//% !% &% ! 18 18. Debt profileNet DebtAmortization Schedule R$ million+ + ++ 2) 1 5 67 5 3 * . *4 +% # % # ) 1 5 8 01 /9. / & !% # December, 2009: Average debt cost is 87.1% of CDI per year which means an effective rate of 8.7% per year Average debt maturity is 10.4 years 1 - FCesp = Pension Fund 2 - Brazils Interbank Interest Rate 19 19. Capital marketAES Eletropaulo1 X Ibovespa X IEEAverage Daily Volume3 - R$ thousand2009D83%180 26,066 25,677C 60%160 B21,96059%140A 1207,508 100 80Dec-082 Mar-09 Jun-09 Sep-09Dec-092006 2007 20082009 ELPL6IEE IBOV A) 02/25/2009 Finsocial and So Paulo municipality agreement B) 04/16/2009 Public Consultation of Tariff Reset C) 06/16/2009 Second Periodic Tariff Reset Revision1 Preferred shares class B adjusted by the dividends declared in the related period 2 Index: 12/30/08 = 100 3 Preferred shares class B 20 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 physical guarantee1of 1,280 MW Name and Installed Capacity of AES Tiets Plants:gua Vermelha (1,396 MW) Ibitinga (132 MW) 100% of physical guarantee 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) 315 employeesBariri (143 MW)Mogi-Guau (7 MW)1 - Amount of energy allowed to be long term contracted22 21. Operational PerformanceEnergy Generation MW averageBilled Energy GWh 2010 Prices (R$ / MWh) AES Eletropaulo152.00 MRE8.51 Spot (2009 avg.)38.74 13,42114,43612,774 13,148 573330 5361,7401,680 1,130 11,10811,108 11,138 2006 200720082009 2006 2007 20082009 : ;