apresentao institucional 4_t09_eng_final_30032010

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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)Discos 14.6% 85.4%Gencos 3.0% 97.0% Investments 1998-2009:R$ 5.8 billion after privatizationAES Brasil Disco GencoTrading Co. Telecom Others2 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% T 53.85%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 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 ElectricityEnergy Research Surveillance Regulatory AgencyEnterprise (EPE)Committee (CMSE) (ANEEL) (Monitors energy supply) (Ruling, Inspection & Auditing,(Generation & TransmissionMonitoring, and Mediation)Planning)Distribution companiesElectric Energy TransmissionSystem OperatorCommercializationcompanies (ONS) Chamber (CCEE) GenerationGenerator 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 Efficient cost structure, determined by(PMSO) 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 Revenue1st 1st 1.000CPFL PAULISTABANDEIRANTEPIRATININGAELETROPAULOAMPLACOELBAELEKTROCOELCE CELESCCOPEL CELPECEMIG CELGLIGHT CPFLAES1.8001.600 Ebitda - R$ million1.4001.2001.000800Ebitda 2nd1st600 400200CPFL PAULISTAELETROPAULOPIRATININGA AMAZONASCOELBAELEKTROAMPLA CEMAR COELCE COPELCEMIG CELPELIGHT RGE CPFL AES 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%3,97815,0152,90210,7523,7423,801 14,427 2,657 2,62510,3012,5673,4941Q09 2Q093Q09 4Q092008 2009 1Q09 2Q093Q094Q09 20082009 Industrial - (GWh) Captive Market - (GWh) - 8.0 % +1.7% 6,559 1,69534,436 6,0329,084 33,8601,546 8,7421,465 8,493 1,327 8,118 1Q09 2Q09 3Q094Q092008 2009 1Q09 2Q093Q094Q09 20082009 1 Own consumption not considered 12 12. Investments amounted up to R$ 516 million in 2009 Investments Breakdown R$ million Investments 2009691 7%6% 54 5% 516 3715%44%457433 4769 478637 23%410364Customer Service and Maintenance System ExpansionCustomer FinancedIT 2007 2008 2009 2010(e) Loss RecoveryOthers CapexPaid by customers 13 13. SAIDI & SAIFI SAIDI - System Average Interruption Duration IndexSAIFI - System Average Interruption Frequency Index11.81 8.618.49 11.34 10.92 8.417.8710.097.87 8.909.20 11.865.525.64 5.206.17 200620072008 2009 2006200720082009 3o 3o5o3o 1o1o SAIDI (hours)SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target ABRADEE ranking position between 28 distributors with over 500 thousand consumersSource: ABRADEE, ANEEL e AES Eletropaulo 14 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 11.65.55.05.15.36.56.56.56.5 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$ million20032007 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 20082009 Initial Cash 1,3341,536Operating Cash Flow 2,019 2,332Investments (374) (482)Net Financial Expenses(285) (291)Net Amortizations (94)(320)CESP Foundation (192) (224)Income Tax(295) (309)Dividends (577) (993)Free Cash Flow201 (286)Final Cash 1,5361,24918 18. Debt profileNet DebtAmortization Schedule R$ million 1.8x1.8x1.8x1,7141.5x3.7 3.0 3.21,3602.5 60985 340347 377 311 262 6569182 84233 61 52479 7489354 250 275278 293 108 183 144 20102011201220132014 2015 2016 2017 2018-2028200620072008 2009 Net Debt (R$ billion)Local Currency (ex FCesp) FCesp1 Net Debt / EBITDA Adjusted with FCespDecember, 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 Rate19 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 Revision D) 10/18/2009 Parcel A discussion on media1 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 AES Nova 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 GWh2010 Prices (R$ / MWh)130%AES Eletropaulo152.00121%118%MRE8.51112%Spot (2009 avg.)38.74 1,662 1,5431,51013,421 14,436 1,42413,14812,774956 573 330 5361,740 1,6802,372 1,13011,108 11,13811,108 11,108 2006 2007 2008 2009 2006 200720082009 Generation MW Avg.Generation / Physical Guarantee1AES Eletropaulo MRE2 Spot Market 1 - Generated energy divided by the amount of period hours 2 - Energy Reallocation Mechanism 23 22. Investments Investments R$ million2009 Investments New SHPPs1Investments 6824%159575154%47 20%8201312 2% 6735 4344 39Equip. and Maint. New SHPPs20062007200820092010(e)ITEnvironment 1- Small Hydro Power Plants Jaguari Mirim and Piabanha 24 23. Expansion requirement of 15% Increase installed capacity in Sao Paulo State by 15