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1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
1Q09 Results
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  • 1. EDP - Energias do Brasil 1Q09 Results May 07, 2009 1
  • 2. Disclaimer Aviso Importante This presentation may include forward-looking statements of future events or results according to regulations of the Brazilian and international securities and exchange commissions. These statements are based on certain assumptions and analysis by the company that reflect its experience, the economic environment and future market conditions and expected events, many of which are beyond the control of the company. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company’s business strategy, Brazilian and international economic conditions, technology, financial strategy, public service industry developments, hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual results of the company may be significantly different from those shown or implicit in the statement of expectations about future events or results. The information and opinions contained in this presentation should not be understood as a recommendation to potential investors and no investment decision is to be based on the veracity, current events or completeness of this information or these opinions. No advisors to the company or parties related to them or their representatives shall have any responsibility for whatever losses that may result from the use or contents of this presentation. This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the company’s business. These statements include projections of economic growth and energy demand and supply, as well as information about the competitive position, the regulatory environment, potential opportunities for growth and other matters. Several factors may adversely affect the estimates and assumptions on which these statements are based. 2
  • 3. Highlights of 1Q09 EBITDA: + R$ 340 mm and Net Income: + R$ 117 mm • Energy volume sold by the generation business totaled 1,890 GWh, 23% up on 1Q08 as a result of the asset swap operation; • Gain in 1Q08 with high prices for spot market and elimination of Enersul figures: reduction of 7.6% of Net Revenue • Manageable expenses down 17.4%, dropping for the fifth quarter in a row • Excluding Enersul´s figures, the energy volume sold to final customers by the distribution business increased 0.5% in 1Q09 compared with 1Q08, totaling 3,266 GWh • Approval of 3 credit lines: (i) BEI: R$270 mm, (ii) IDB: Pecém I and (iii) BNDES: R$ 76 million for Santa Fé SHP; • Increase in Moody’s ratings for the Group and its distributors with a stable outlook. • Start of the “Vencer” (“WIN”) Transformation Program Low-risk operations: mixed growth of expansion + efficiency 3
  • 4. Consolidated Performance 4
  • 5. 1Q09: Consolidated financial highlights (R$ million) 1Q09 1Q08 Chg.% Net Revenue 1,116.3 1,208.4 - 7.6% Manageable Expenses 184.9 223.8 - 17.4% EBITDA 340.1 383.4 -11.3% Adjusted EBITDA 353.3 327.4 + 7.9% Net Income 117.3 166.4 - 29.5% Capex 120.1 155.8 - 23.0% EBITDA – Capex 220.1 227.6 - 3.3% EBITDA (adjusted) – Capex 233.3 171.6 + 35.9% Focus on Efficiency and Cash-Flow Generation 5
  • 6. 1Q09 EBITDA breakdown Adjusted EBITDA Adjusted EBITDA excludes: +8% • 1Q09: R$ 13.2 MM of Vencer Project 327.4 353.3 • 1Q08: R$ 56 MM of more energy avalilable -11% from generation 383.4 340.1 % YoY Changes 17.4 2.8 Enersul 57.3 85.2 Escelsa 73.5 +16% Bandeirante 70.5 +34% 94.2 176.0 176.6 Commercialization Distribution Generation 1Q08 1Q09 EBITDA stable in Generation due to the Asset Swap; Distribution with double-digit growht 6
  • 7. Manageable expenditures: dropped for the fifth quarter in a row ∆ 1Q08 / CAGR (R$ million) 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q09 1Q08-1Q09 Personnel 74.5 75.9 1.8% - Material 8.4 6.6 -21.5% - Third Party Services 87.1 60.5 -30.5% - Others 53.9 41.9 -22.2% - Total ( - ) Depreciation 248.9 223.8 206.3 198.5 203.9 184.9 -17.4% - 7.2% Depreciation and Amortization 79.3 72.1 -9.1% - Total of Manageable Expenses 326,2 303.2 289.4 277.7 278.9 257.0 -15.2% - 5.8% Among the fourth quarter 2007and the first quarter 2009, the average reduction in Manageable Expenditures was 7.2% 7
  • 8. Generation 8
  • 9. Generation performance reflects the asset swap and lower dispatch of energy Volume of Energy Sold (GWh) Net Revenue (R$ mm) +23% +6.5% Lajeado Total Energest 1,538 1,891 219 233 Enerpeixe 26 +285% 284 100 +180% 795 74 561 -28% -3% 542 53 119 80 693 -20% 553 -33% 1Q08 1Q09 1Q08 1Q09 EBITDA (R$ mm) Net Income (R$ mm) +0.3% -14% 176.0 Minority 176.6 106 91 Shareholders 16 +394% 6 +367% 55 79 39 28 -40% -13% 33 34 105 -39% 64 60 -52% 29 1Q08 1Q09 1Q08 1Q09 9
  • 10. Distribution 10
  • 11. Decrease in captive industrial was offset by residential/commercial classes and lower free customers consumption Volume Breakdown (GWh) -9% 1Q09 highlights : 5,456 • Rural: Growth was mainly driven by Escelsa in 4,964 high temperatures and low rainfall (Escelsa) 94 + 13% 106 • Free Customers: The discos also collects the appropriate sector charges, which are then 2,113 passed on to other entities and calculated on Others 1,592 the basis of energy consumption in MWh - 25% Free Customers • Increase in customer base of 3.7% Captive Customers • The distributor has a six-month period to grant +0.5 % 3,250 3,266 the reduction in demand • Process canceled by a Escelsa´s important client that was negotiating demand reduction 1Q08 1Q09 Despite of the decline in free customers consumption, the lower volume did not reflect the contracted energy 11
  • 12. EBITDA increased 25% due to the increase in average tariff Net Revenue (R$ mm) Manageable Expenditures (R$ mm) + 10% + 6% Enersul Excluding Enersul Excluding Enersul 760 838 131 140 Escelsa -14% -27% Bandeirante 978 190 218 838 “Vencer” Program 59 140 310 +8% 334 R$ 3.7M 53 +8% 57 450 +12% 504 78 +6% 83 R$ 4.5M 1Q08 1Q09 1Q08 1Q09 EBITDA (R$ mm) Net Income (R$ mm) + 25% + 30% Excluding Enersul Excluding Enersul 144 180 63 82 -10% -4% 201 180 85 82 57 85 22 74 +15% 33 +12% 37 71 +32% 94 +50% 45 30 1Q08 1Q09 1Q08 1Q09 12
  • 13. Total losses increased by 0.5 p.p. as a result of the distributed energy volume reduction Commercial Losess (%) Bandeirante Escelsa ENBR - Consolidated 6.0% 5.7% 5.8% 5.8% 5.8% 5.8% 5.5% 5.2% 5.4% dec 07 dec 08 mar 09 dec 07 dec 08 mar 09 dec 07 dec 08 mar 09 Total Energy Losses (%) Opex and Capex: ~ R$ 9.1 mm disbursed in 11,9% 12,1% 12,2% 12,0% 12,5% programs for controlling losses 5.5 5.7 5.6 5.4 5.8 42 thousand inspections; dismantling of nearly 23 thousand illegal hook-ups 6.6 6.4 6.6 6.6 6.7 Revenue recovery: ~ R$ 5.5 million mar 08 jun 08 sep 08 dec 08 mar 09 originated from recovery of unpaid bills Technical Commercial 13
  • 14. Commercialization 14
  • 15. Volume reduction due to the flexibility in contracts and lower short term selling prices Volume of Commercialized Energy (GWh) Net Revenue (R$ mm) Reduction because of the - 3.5% flexibility envisaged in the Lower selling price in 1Q09 sales contracts for due to the high spot market accommodating prices in 1Q08 1,788 1,726 fluctuations in - 10% consumption. 218 177 Others 1,570 1,550 Group companies 194 175 1Q08 1Q09 1Q08 1Q09 EBITDA (R$ mm) Net Income (R$ mm) -84% - 77.4% 17 12 3 3 1Q08 1Q09 1Q08 1Q09 15
  • 16. Consolidated Investment and Debt 16
  • 17. Consolidated Capex Breakdown + R$ 3.0 billion Investments (R$ mm) 1Q08 1Q09 ∆% Distribution 107.6 66.8 -37.9 R$ 1.1m R$ 1.1m Bandeirante 25.8 27.2 -4,8 6% 4% Escelsa 41.0 47.6 -13.9 R$ 0.84m Enersul - 32.8 n.a. 33% Repowering 30% Generation 52.0 48.0 8.3% 24% Distribution Enerpeixe 0.9 3.0 -70.2 18% 34% Others Energest 21.4 29.3 -26.8 4% 34% Lajeado/Investc 1.4 0.8 -79.2 Santa Fé o Santa Fé 14.6 14.9 -2.4 28% Pecém 13.7 - n.d. 18% Pecém 41% Others 1.2 0.3 377.0 2009e 2010e 2011e Investment Plan regards more than R$ 3.0 billion from 2009 to 2011. 17
  • 18. Low FX exposure and stable debt Net Debt/EBITDA (x) Debt Maturity Schedule 923 2.390 2.348 2.131 5 729 1.963 5 1.680 4 806 4 2 .0 00 3 3 481 471 2 383* 1 .0 00 1,8 2 1,8 1,8 1 334 1,7 1,4 1 0 -1 0 -1 423 Mar/08 Jun/08 Set/08 Dez/08 Mar/09 Net Debt/EBITDA Net Debt Cash and Cash 2009 2010 2011 2012 After Equivalents 2012 (Mar/09) (*) Shares in treasury as of market price on March 31, 2009 Net Debt Evolution Gross Debt Breakdown 2,937 (R$ MM) (Mar/09) (423) (165) 797 Floating Rates * 49% US$ 8% 2,140 2,348 2,390 Fixed Rates 5% 38% Gross Debt Di i a Br t v d ua Cash and Ca a i x Regulatory At g Re . Net Debt Dí i a L í u i a vd q d Net Debt Di . i . z8 v L q De / 0 (Mar/09) Marketable Assets and (Mar/09) (Dec/08) TJLP Securities Liabilities * Includes CDI and IGP-M 18
  • 19. Short Term Debt Breakdown 806 212 383 * 174 923 257 423 280 Cash and Porto do Credit Marketable Pecém Line Distribution Generation Total Securities Bridge 2009 (Mar/09) Loan (*) Shares in treasury as of market price on March 31, 2009 - Postpone of the payment date of Porto do Pecém Credit Line from April 30, 2009 to July 29, 2009 - Amortization of R$ 83 million of Bandeirante´s debentures 19
  • 20. EDP Energias do Brasil – Credit Limits (R$ million) Approved credit lines (Apr-09) Limit date to use Institution Total approved Used Available the resource BNDES - CALC 900 0 900 2014 BNDES / IDB (Porto do Pecém) 2,000 0 2,000 2009 BEI 270* 0 270 2012 BNDES (PCH Santa Fé) 76 0 76 2009 Total of credit lines 3,246 3,246 * Credit line totaled EUR 90 million (EUR45 each distribution company) Besides these short term credit lines, EDP Energias do Brasil has others lower value pre-approved credit line 20
  • 21. Investor Relation Department Mayte S. D. de Albuquerque Cleverson Murakawa Rogério Pacheco E-mail: ri@enbr.com.br Phone: +55 11 2185-5907 Visit EDP Energias do Brasil website Site: www.enbr.com.br 21

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