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2Q10 Results2Q10 Results
August, 2010
Financial• Cash generation of R$ 584 million, 37.1% higher than 2Q09
• Ebitda totalized R$732 million, 114.2% higher than 2Q09
• Net income of R$ 466 million in 2Q10, 200.6% higher than 2Q09
• Disregarding one-off effects:
– Ebitda of R$ 467 million, 36.6% higher than 2Q09
Operational • Higher energy volume compared to 2Q09: captive 4.7% and total market 6.8% growth
• Losses: commercial losses 70 b.p. lower than 2Q09
2
– Net income of R$ 220 million in 2Q10, 42.3% higher than 2Q09
• AES EP Telecom: financial settlement of the quotas held by AES Eletropaulo. Adding R$ 175 million to Company’s net income
• Banco Santos S.A.: judicial lawsuit termination. Positive effect of R$ 70 million in the net income
One-off effects
• Intermediate dividends distribution amounting R$ 626 million referred to 1H10 results: R$ 3.53/ common share e R$ 3.88/ preferred share
Dividends
• Positive tariff readjustment index of 8.00% to 2010/2011 cycle, applicable from July 4, 2010, with an average effect of 1.62% to the consumers
Subsequentevents
Consumption Evolution - (GWh)1 2Q102Q09
• Market growth due to industrial clients recovery and higher consumption in all classes
10,21210,904
+5% +5% +3 % +5% +7%+5 % +17%
3
Free Clients
1,7202,010
Captive Market
8,493 8,894
Residential Industrial Commercial Public Sector and Others
Total Market
660
2,6261,465
3,742
10,212
683
3,917
1,541
2,753
1 – Own consumption not considered
Collection rate – % over Gross Revenues Losses – % last 12 months
101.6103.1
101.1
• Collection rate and losses level reflect the continuous efforts on operational
enhancements
4
5,3
6
98.5
20092008 2Q09
101.6
2Q10
103.1101.1
99.5
20071 20082007 2Q10
5.1
6.5
11.6
5.0
6.5
11.5
Commercial Losses Technical Losses2
2009
5,3
6,5
11.8
6.5
4.8
6.5
11.3
2Q09
6,56.5
5.5
12.0
1 – The previous calculation methodology 2 - Current Technical Losses used retroactively as reference
• 22% higher rainfall volume, comparing 2T10 to 2T09, impacted SAIDI and SAIFI
SAIFI2SAIDI1
7.878.49 8.41
11.34 10.92 10.09
5
2007 2009 2Q09 2Q10
1o
5.64 5.20 5.48
2008
6.17 6.739.208.90
2007 2008
13.39
2Q102009
3o
2Q09
5o
11.86 10.47
1o
1 – System Average interruption Duration Index 2 – System Average Interruption Frequency Index Sources: ANEEL, AES Eletropaulo and ABRADEE
ABRADEE ranking position among the 28 utilities with more than 500 thousand customers
► 2010 SAIDI ANEEL Target: 9.32 hours ► 2010 SAIFI ANEEL Target: 7.39 times
SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target
CAPEX – R$ million 2Q10 Investments
Paid by customers
Capex 691
• R$ 71 million invested in customer service and system expansion highlighting the
R$ 35 million related to 48,500 new customers in the quarter
3%3%
62008
410
457
47
103
112
9
2Q09
125
131
6
2Q102009
516
478
37
2010(e)
637
54
14%
20%
55%
5%
Customer service / System expansion
Paid by the clients
Losses recovery
Maintenance
IT
Other
Gross Revenue - R$ million
• Higher captive consumption (+ 4,7%) and July/2009 Tariff Adjustment were the
main reasons for gross revenue growth
5,8442,353
6,692+15 %
7
Deductions to Gross RevenueNet Revenue
2Q09 2Q10
1,051
1,893
2,9441,210
2,208
3,418+16 %
+16 %
1H09 1H10
2,101
3,743
2,353
4,339+16 %
• Growth of sector charges and provision reduction during the period contributed to
the cost and expenses level
Operating Costs and Expenses1 - R$ million
3,026
667
3,473+15 %
8
PMS² and Other ExpensesEnergy Supply and Transmission Charges
1 - Depreciation not include and other operating income and expenses 2 - Personnel, Material and Services
2Q09 2Q10
367
1,174
1,541 326
1,400
1,726+12 %
-11 %
+19 %
1H09 1H10
655
2,371
667
2,806
+2 %
+18 %
Operating Expenses2 – R$ million
(51)
9
• Reduction of operating expenses due to, primarily, lesser provisions and judicial
lawsuit conclusions expenses
9
Materials, services
and others
2Q10
341
(6)
2Q09
367
PersonnelProvisions and Contingencies
(4)
ADA1 and write-offs
9
FCesp
11
326
1 - Allowance for doubtful accounts 2 – Depreciation not include and other operating income and expenses
Ebitda – R$ million
• Higher consumption, lower expenses with personnel and one-off effects contributed to
Ebitda increase
+58%1,102
10
2Q09 2Q10
+114%
1H09 1H10
+58%
342
732
697
Ebitda – R$ million
(226)315 (11)4
• Higher total consumption (+6.8%) and AES EP Telecom financial settlement contributed
to Ebitda increase
651
265
(14)
11
2Q10
732
2Q09
342
Other1FCesp
(14)
AES EP Telecom
1 - Materials, Services and others
NetRevenue
Energy Supply and Transm. Charges
Provisions and
Conting.
ADA andwrite-offs
Personnel and taxes
(without non recurring items)
Financial Result - R$ million
• Non recurring items related to Banco Santos and increase of financial expenses due to
higher debt balance explain the financial result
71
Financial Result - R$ million
12
2Q09
2Q10
(10)
(48)
37
1H09
1H10
2Q09 2Q10
(10)
(36)- 260%
(48)
1H09
(70)- 46%
1H10
Net Income - R$ million(without non recurring items)
622+106%
Net Income - R$ million
377
+25%
• Net Income positively impacted by 2009 tariff adjustment, 6.8% growth in the total
market consumption, as well as the non recurring items
13
2Q09 2Q10
+201%
155
466
1H09
302
1H10
+106%
2Q09 2Q10
+42%
155
220
1H09
302
1H10
• Proposal of R$ 626 million in dividends
– Ex dividend date: 08/06/2010
– Payment in two equal installments: 09/15/2010 e 12/07/2010
Managerial Cash Flow – R$ million
• Increase of 37% in the operating cash flow reflecting market growth and 2009 tariff
readjustment. Positive effect of AES EP Telecom quotas, bonds settlement and
debentures issuance
Inicial Cash
Operating Cash Flow
2Q09
1,258
426
1Q10
1,249
572
2Q10
1,470
584
14
Operating Cash Flow
Investments
Net Financial Expenses
Net Amortizations
CESP Foundation
Income Tax
Dividends
Free Cash Flow
Final Cash
426
(113)
(23)
(54)
(56)
(83)
97
989
(366)
572
(135)
(81)
(14)
(48)
(73)
221
1,470
-
584
(115)
(85)
265
(43)
(109)
804
1,786
(489)
EP Telecom sell - - 308
Amortization Schedule – Principal – R$ million
1,361
1,914
• Enhanced debt amortization schedule without maturity concentration due to recent
debentures issued
15
Local Currency (ex FCesp) FCESP1
2010 2011 2012 2013 2014 2015 2018-202820172016
524251 277 296 525
223
553
56
1,361
65
39
322 342 365
599
301 312
332
416
71 69
74
7984 89
22339
1 - FCesp = Pension Fund
Net Debt Average Cost and Average Term (Principal)
• Debentures issuances and bond amortization positively contributed with average debt
cost and term
1.8x1.5x
1.8x1.7x
1.3x 6.87.1 7.0 7.1
123.9%
6.9
16
2007
3.0
2008
2.52.9
2Q10
3.0
2Q092009
3.2
CDI² Average Term - Years
2007
121.8%
2008
123.9%
2Q10
106.3%
2Q09
113.4%
2009
87.1%
Net Debt (R$ billion) Net Debt / EBITDA Adjusted1
with FCesp
1 – Last 12 months of EBITDA Adjusted 2 - Brazil’s Interbank Interest Rate
Average Daily Volume3 - R$ thousand
26,06625,677
21,960
AES Eletropaulo1 X Ibovespa X IEE
25,832
80
100
120
140
160
180Last 12 months¹
3.5%
17.8%
18.4%
� 18% growth on the average negotiated volume in 2T10
17
2007 2008 2009
1 – Index: 06/30/2009 = 100 2 – Index: 03/31/2010 = 100 3 – Preferred shares class B (Without dividends adjustments)
2Q10
IBOV
IEE
ELPL6
60
80
Jun-09 Sep-09 Dec-09 Mar-09 Jun-10
70
80
90
Mar-10 Apr-10 May-10 Jun-10
1002Q102
-7.8%
-0.6%
-13.4%
2Q10 resultsThe 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.
2Q10 results