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2Q11 Results
August, 2011
2
AES Eletropaulo bilateral contract adjusted from R$ 159,85/MWh to R$ 173,68/MWh
Dividends distribution on 22th September 2011, corresponding to 112% of net income
Went into commercial operation on July 20th, 2011, the PCH São Joaquim, with 3 MW of installed capacity, located in São João da Boa Vista (SP); the operation of PCH São José, with 4 MW of installed capacity, will take place in 2H11
Winner of 4th Abrasca Value Creation Award - Sector Highlight 2011 – Energy, as the best model for creating value between 2008 and 2010
Net revenue of R$ 409 million, 2% higher than 2Q10
2% increase in costs and operational expenses, below inflation1
Ebitda reached R$ 304 million, with margin of 74%
Net income of R$ 161 million, increased 6% comparing to 2Q10
Energy generation 41% higher than physical guarantee
R$ 34 million invested, mainly, in the modernization of the Nova Avanhandava (347 MW), Ibitinga (132 MW) and Caconde (80 MW) power plants
FinanceFinance
OperationalOperational
2Q11 Highlights
SubsequentEventsSubsequentEvents
1 – IGP-M, 8,6% for the 12 months ended in 06/30/2011
3
High level of AES Tietê’s reservoirs reflects the good rainfall level during 2Q11
1 – As of 06/30/2011
Caconde Água Vermelha
Barra Bonita Promissão
85%
85% 87
% 92%
82%
84%
85% 98
%
89% 97
%
95%
94%
Reservoirs level of AES Tietê’s power plants1
1Q09 1Q10 1Q11
Caconde HPP
4
High operational availability with energy generation 41% higher than physical guarantee in 2Q11
Energy Generation (MW Avg.1)
1 – Generated energy divided by the amount of period hours
133%
141%
Generation/Physical guarantee
118%
130%125%
2008 2009 2010 2Q10 2Q11
1,512
1,6651,599 1,640 1,604
Generation - Mwavg
5
Energy generated by AES Tietê’s power plants offset the 44% reduction in generation of Nova Avanhandava
Energy Generation (GWh)
3,582 GWh 3,503 GWh
* Caconde, Limoeiro, Mogi, SHPPs
*A60%
9%
5%
10%
5%5%3%4%
2Q10
Agua Vermelha
Promissão
Ibitinga
Nova Avanhandava
Bariri
Barra Bonita
Euclides da Cunha
Other Power Plants*
62%9%
6%
6%5%
5%4%4%
2Q11
6
78%
18%4%
Equipment and Modernization
New SHPPs*
IT projects
2Q11 Investments
Investments in the modernization of Nova Avanhandava, Ibitinga and Caconde power plants
Investments (R$ million)
* Small Hydro Power Plants
2009 2010 2011 (e) 2Q10 2Q11
43 70
156
15 28
13 12
13
16
57
82
169
16 34
Investments New SHPPs*
7
+ 5%CAGR
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
110 110 110 110 110 110 110 110 110 110
6 14 23 24 29 34 38 42 42 422 3 5 8 11 14 19116 124 133
136 142149 156 163 166 171
Brazil needs to add 25 GW2 up to 2020
Total = 25 GW 2
1 – Source: EPE (Ten-year Energy Plan – 2011 - in Public Hearing) 2 – Amount related to thermal power plant is an estimate of the Company
2
2
Installed Capacity – GW 1 Growth by source – new auctions
Hydro8 GW
Wind/Renewable
11 GW
Thermal6 GW2
11011011011011011011011011011061423242934384242422358111419
Current installed capacity Auctioned Upcoming auctions
8
2005 2006 2007 2008 2009 2010 2014 2020
274 277 273 321 316 384623
1,109
Opportunity to develop a gas-fired power plant project
• Opportunities Gas production - 10³ boe/day1
1 – Source: Petrobras (Estrategic Petrobras 2020 Plan)
Thermal power plant project - Thermo SP
• Next events
- 18th august 2011: Public hearing in the municipality of Lorena
- 2nd half of 2011: Power Auction realization A -5 (expected)
• Project features- Combined cycle using natural gas
- Estimated investment of R$ 1.1 billion
- Natural gas consumption: 2.5 million m3/day
- Increased natural gas production due to the activities of the pre-salt
- New Run-of-the-river (ROR) power plants create opportunities for thermal power plants
9
1H10 1H11 2Q10 2Q11
5,653 5,034
2,639 2,508
1,146 1,425
580 838
949 847
306 423
132 201
80 93
AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts
Higher 2Q11 volume of billed energy through CCEE and other bilateral contracts
+ 7%
3,605 3,862
7,8817,507
- 5%
Billed Energy (GWh)
10
1Q10 1Q11 2Q10 2Q11
820 768
383 382
26 32
10 15
17 26
10 12
Growth in net revenue, reflecting sales volume of CCEE and other bilateral contracts
Net revenue (R$ million)
+ 2%
- 4%863
826
403 409
AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts
11
2Q10 Personnel, Material and Outsourced
Services
Financ. Comp. for Use of Water
Res. and Transmission
and Connection
Energy Purchased for
Resale
Operational Provisionsand Other
Operating Exp
2Q11
102 105
1 1 9 8
Increased costs with PMSO2 below inflation
Costs and operational expenses1 (R$ million)
1 – Do not include depreciation and amortization 2 – PMS = Personnel, Material and Outsourced Services
12
Ebitda (R$ million)
2Q11 Ebitda margin stable in 74%
79% 78%
1H10 1H11 2Q10 2Q11
678 643
300 304
EBITDA
75% 74%
EBITDA Margin
13
(28)* (24) (28)(13)
-
Financial result benefited by exchange of debt in May, 2010
- 53%-15%
1H10 1H11 2Q10 2Q11
Financial Results (R$ million)
* Excluding non-recurring effect of R$ 42.6 million related to FURNAS, the financial results would be R$ 71.0 million
14
Net income favored by revenue growth and good performance of the financial result
Pay-out
11
1 – Pay-out referred to dividends paid in the 2Q10 in relation to the net income adjusted by the IFRS
Net Income (R$ million)
Distribution of R$ 179.5 million in dividends
related to 2Q11:
- R$0.45 per common share
- R$0.49 per preferred share
- Ex-dividends: August 12th, 2011
- Date of payment: September 22nd, 2011
371354151161Net incomeYield Preferred Shares
111% 111%
6% 4%
114% 112%
2% 2%
1H10 1H11 2Q10 2Q11
371 354
151 161
15
- 37%-14%
Final cash balance reflects the bilateral contract’s seasonality and increase in investment program
Final Cash Balance (R$ million)Operating Cash Flow (R$ million)
2Q10 2Q11
344 297
2Q10 2Q11
455 286
16
2Q10 2Q11
111.9% 112.8%
3.8 2.8
13.9% 14.3%Effective rate
1
Stable debt, debentures maturing at the end of 2015 and nominal cost of CDI + 1.20% per year
Net Debt (R$ billion) Average Cost and Average Term (Principal)
1 – Percentage of CDI
0.4x0.5x
‐0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8
Net debt / EBITDA
2Q10 2Q11
0.5 0.6
Net debt
Average Term - Years CDI
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.
2Q11 Results