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1Q13 Results
May, 2013
Net revenue of R$ 598 million in 1Q13, an increase of 11% compared to 1Q12
Compared to 1Q12, higher operating costs and expenses (excluding depreciation and amortization) of R$ 147
million, mainly with energy purchased for resale. Excluding this effect and the reduction of connection and
transmission charges, operating costs and expenses would be reduced by 13%, totaling R$ 84 million
Higher energy purchased in the spot market, reduced EBITDA and net profit by 21% and 25%, respectively.
EBITDA margin reached 56% in 1Q13.
1st promissory notes issuance in the amount of R$ 498 million, with cost of CDI + 0.79% and tenor up to 180 days.
The 2nd debentures issuance to be held by the Company will take out such commercial papers.
Energy generation 2% higher than the physical guarantee and 17% lower than in 1Q12
Physical guarantee reduction by 10% in 1Q13, resulting in a purchase in the spot market of 309 GWh at a cost of
R$ 115 million
Investments of R$ 27 million in the period, mainly allocated to the preventive maintenance and modernization of
Água Vermelha, Ibitinga e Nova Avanhandava power plants
Portfolio of bilateral contracts in the free market of 307 MWm, being 143 MWm sold for 2016 onwards
1Q13 Highlights
2
Operational
Financial
3
1Q13 Highlights
No accidents with own employees in the period and 100% adherence to safety lectures
No accidents in the Company’s reservoirs involving population.
Development and Communities Valorization: 18.6 thousand people benefited by the company social projects in 1Q13
Social
86% of the waste generated by the Company during the period were intended for recycling or reuse in other
production processes
Dividends distribution in the amount of R$ 204 million, R$ 0.51 per common share and R$ 0.56 per preferred share.
Payment will occur on May 27, 2013. Dividend yield of 2,8% for preferred shares Dividends
Environmental
2013 perspective
The Company is expecting the physical guarantee to be reduced by an annual average percentage that may vary
from 4% to 9% in 2013 and thermal dispatch from 9.5 GW to 13 GW, respectively. According to this scenario, the
Company would have to purchase 663 GWh to 1,163 GWh of energy in the short term market to cover the exposure
caused by such reduction in an associated cost of R$ 231 million to R$ 441 million.
Generation above physical guarantee
4
Reservoirs level of main AES Tietê’s power plants1 (%)
Energy generated (MW average2)
98%94% 96%
78%
94%
61%
93%98%
Caconde A. Vermelha B. Bonita Promissão
1Q12 1Q131 – As of 03/31/2012. 2 – Generated energy divided by the amount of hours in the period
1,599 1,582 1,629
1,753
1,480
125% 124%127%
130%
102%
2011 2012 2013 1Q12 1Q13
Generation - Mwavg Generation/Physical guarantee
Brazilian reservoirs level – historical data (%)
38
46
55
62
0
10
20
30
40
50
60
70
80
90
100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Ma
x (%
)
2001 2012 2013Historical Data Since 2001
2948
26 12 1732 23 20 21
37 46
4423
51
125
193 181
118 91
119
183
280
376
260
414
215
340 320
33
93
12
jan feb mar apr may jun jul aug sep oct nov dec
2011 Série1 2013 Spot cost (R$ million)
System physical guarantee reduction resulted in
a 10% exposure to the spot market
5
375
16189 77 76 72
-21 -42
-108
-32
-308
-85
-31
Physical guarantee allocation (MW avg) Spot prince submarket SE/CO – Monthly Average (R$/MWh)
1 – Total energy purchase cost in the spot market * Spot price April: Spot price1 + ΔSpot price = Spot priceF (final Spot price).
*
2012
Secondery energy Physical guarantee reduction
6
Changes in the PLD calculating methodology:
uptrend of the free market prices
Previous
Regulation
Charged
from:
• Discos
• Free cust.
Spot
Price
ESS²
Transitory regulation
(April to July, 2013)
Other 50%
for:
• Agents
with
exposure
to spot
prices
ESS
ESS
Spot
Price
CNPE Resolution # 3/2013
From August, 2013 on
Includes out-of-the-
merit-order thermal
dispatch
Charged from
all market
agents:1 • Discos
• Free cust.
• Generators
• Traders
ESS
Spot
Price
1 - Proportional to average commercialized energy of the last 12 months.
2 - ESS (Service System Charges), which pays for the out-of-the-merit-order thermal dispatch
Resolution CNPE #3/2013:
- Methodology for adequacy of risk aversion
mechanisms for the formation of spot prices
- Service System Charges (“ESS”): prorated
among all market players (including generators)
- Risk aversion mechanisms built into pricing
models – Risk Aversion Curve of 5 years
(starting from August2013)
- Uptrend in spot prices, which should influence
prices in energy contracts representing an opportunity
to AES Tietê
156135
213
17 27
19
4
3
2011 2012 2013 (e) 1Q12 1Q13
Investments New SHPPs¹
175
21
139
Investments (R$ million) Investments in 1Q13
Investments in 1Q13 mainly directed to the modernization
of Água Vermelha, Nova Avanhandava e Ibitinga plants
7 1- Small Hydro Power Plants
28%
88%
12%
Título do Gráfico
Equipment and Maintenance IT Projects
Lower volume of energy sold in 1Q13 due
to lower sales volume in the CCEE1
8
Billed Energy (GWh)
2011 2012 4T11 4T12
11.108 11.138
3.063 2.579
1.942
3.834
403 864
1.524
1.141
332
554
615
207 194
15.126
16.728
4.008 3.696
AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts
58
1 - Electric Energy Trading Chamber
14%
2,879 3,058
1,256 600
571 42
163 482
4,869 4,182
1Q12 1Q13
Net Income (R$ million)
Higher volume and price of energy sold to AES
Eletropaulo and increased energy sold through other
bilateral contracts have favored the net income
9
11%
477533
46151850
1Q12 1Q13
AES Eletropaulo Spot/MRE Other bilateral
540
598
Operating costs and expenses¹ (R$ million)
Energy costs pushed the costs and
operating expenses in the 1Q13
1 - Not including depreciation and amortization 10
117 117
282 271 267 264
165
2 8 4 3
1Q12 electric energy purchased for resale
operat. Provisions and Other Exp.
personnel, material and third party services
transmission and Conection
financ. comp. for use of wat. resources
1Q13
Ebitda (R$ million)
Higher costs with energy purchased have
resulted in the decline in Ebitda and margin
11
1T13 Ebitda mainly influenced by the
higher costs of energy purchased for
resale
Excluding the effect of exposure to the
spot market, the 1T13 Ebitda would be
of R$ 449 million, with a margin of 75%
423334
78%
56%
1Q12 1Q13
Ebitda Ebitda Margin (%)
21%
12
Stable financial results between the quarters
Financial Result (R$ million)
(47)
1st debentures issuance with maturity in
2015 and rate of CDI + 1.20% p.a.
1st promissory notes issuance with
maturity of up to 180 days and rate of
CDI + 0.79% p.a.
(10) (11)
3%
156135
213
17 27
19
4
3
2011 2012 2013 (e) 1Q12 1Q13
Investments New SHPPs¹
175
21
139
246
186
107% 110%
2.9% 2.8%
1Q12 1Q13
Net Profit Payout Yield Preferred Shares
Dividends distribution of R$ 204 million in
1Q13
- R$ 0.50 per common share
- R$ 0.56 per preferred share
- Payment date : 05/27/2013
Net profit drop mainly due to the
exposure to the spot market in the quarter
Net Profit (R$ million)
13
-25%
413
676
1Q12 1Q13
Final Cash Balance (R$ million) Operating Cash Flow (R$ million)
Lower cash generation in 1Q13 mainly reflects
the increased costs of energy purchase
14
-13% 63%
382 333
1Q12 1Q13
Net Debt (R$ billion)
Gross debt / Adjusted Ebitda =< 2,5x
Net debt / Adjusted Ebitda =< 3,5x
Adjusted Ebitda / Financial Expenses => 1,75x
Debt Amortization Schedule – 1st debenture issuance (R$ million)
1T12 1T13
Average Cost (% CDI)1 115% 121%
Average Term (years) 2.0 0.8
Effective Rate 11.3% 9.8%
15
Covenants Debt Cost
1 – Percentage of CDI (Interbank Deposit Certificate)
Increase in debt balance due to
1st promissory notes issuance
0.50.76
0.3
0.50.6
1.0
1Q12 1Q13
Net Debt
Net Debt/Adjusted Ebitda
Gross Debt/ Adjusted Ebitda
300 300 300
2013 2014 2015
Debt amortization flow
0.50.76
0.3
0.50.6
1.0
1Q12 1Q13
Net Debt
Net Debt/Adjusted Ebitda
Gross Debt/ Adjusted Ebitda
The statements contained in this document with regard to the
business prospects, projected operating and financial results,
and growth potential are merely forecasts based on the
expectations of the Company’s Management in relation to its
future performance.
Such estimates are highly dependent on market behavior and
on the conditions affecting Brazil’s macroeconomic
performance as well as the electric sector and international
market, and they are therefore subject to changes.
1Q13 Results