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Apre 2 t09
 

Apre 2 t09

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    Apre 2 t09 Apre 2 t09 Presentation Transcript

    • 2Q09 Results August, 2009
    • 2Q09 highlights ► 2nd Quarter of 2009 – 1.7% increase on captive consumption, 0.4% reduction on total market – Collection rate reached 103.1% on 2Q09 – Ebitda of R$ 342 million – Net income totalized R$ 155 million – Distribution in May of R$ 308 million regarding the 1st installment of complementary dividends and R$ 69 million in interest on equity – On June 16, 2009 ANEEL concluded the 2007 periodic tariff reset ► Subsequent Events – On June 30, 2009 ANEEL authorized an average tariff readjustment index of +14.88% to Eletropaulo, applicable to the tariff as from July 4, 2009, which includes the 2007 tariff reset effects – Proposal of intermediate dividends distribution: R$ 323 million referred to 1S09 results • R$ 1.82 / common share • R$ 2.00 / preferred share – 3th amendment to the Debt Confession agreement that will extend the final maturity from 2022 to 2028 and the average term of that debt from 7.2 years to 10.5 years – Payment held in August 10, 2009 by the São Paulo Municipality regarding the first installment of the agreement 2
    • Captive market growth of 1.7% in the quarter Consumption Evolution - (GWh)1 2Q08 2Q09 +3.8% -8.9% +4.6% +5.1% +1.7% -9.4% -0.4% 10,250 10,212 8,493 8,351 3,605 3,742 2,510 2,626 1,899 1,720 1,608 1,465 628 660 Residential Industrial Commercial Public Sector Captive Market Free Clients Total Market and Others Average Tariff of Sold Energy² – R$ / MWh 2Q08 2Q09 +5.8% +3.2% -0.8% +0.2% +3.0% +12.0% 285 270 270 269 267 262 249 257 218 219 69 62 Residential Industrial Commercial Others Captive Market TUSD 1 - Own consumption not considered 2 – Captive market + Tusd 3
    • Collection rate and energy losses Collection Rate – % over Gross Revenue Losses – % last 12 months 103.1 100.9 12.0 11.5 11.6 11.7 11.8 99.1 99.5 97.8 5.5 5.0 5.1 5.2 5.3 6.5 6.5 6.5 6.5 6.5 2006 2007 2008 2Q082 2Q092 2006 2007 2008 2Q08 2Q09 Commercial Losses Technical Losses ► Collection rate (LTM): 98.1% (2Q08) x 100.2% (2Q09) ► Fraud and Illegal Connections (2Q09) ► Cuts and Reconnection – Monthly Average (2Q08 X 2Q09) – 89,000 inspections and 10,000 frauds detected – Cuts: increase from 10,000 to 84,000 – 20,000 illegal connections regularized – Reconnections: increase from 12,000 to 56,000 ► Past due bill Credit Report (2Q09 Average): 230,000 1 - Current Technical Losses used retroactively as reference 2 – Collection rate following the new methodology of calculation 5
    • SAIDI & SAIFI SAIDI1 SAIFI2 11.81 11.34 10.92 8.61 8.49 8.41 9.20 10.47 8.90 9.20 7.87 5.52 5.64 5.47 5.48 5.20 2006 2007 2008 2Q08³ 2Q09³ 2006 2007 2008 2Q08³ 2Q09³ 3o 3o 5º 3o 1o 1o SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target ► SAIDI Aneel Target 2009: 10.09 hours ► SAIFI Aneel Target 2009: 7.87 times 1 – System Average interruption Duration Index ABRADEE ranking position among the 28 utilities 2 – System Average Interruption Frequency Index with more than 500 thousand customers 3-LTM Source: ANEEL, Eletropaulo and ABRADEE 6
    • Investments CAPEX – R$ million Investments 2Q09 Paid by customers 3%3% 8% Capex 14% 50% 542 457 64 23% 433 47 378 69 77 478 410 364 112 Customer service / Maintenance 301 87 System expansion 9 11 76 103 Paid by the clients IT Losses recovery Other 2006 2007 2008 2009e 2Q08 2Q09 7
    • Final 2007 Tariff Reset in 2009 At Jul/07 prices Energy Sup. R$ million and Trans. 4,574 Charges Part A: 5,420 Xe Factor: 2.00% Sector 846 Charges Investment: 1,652 Unrecoverable 88 Revenues Reference Remuneration Company 786 Basis (PMSO) Part B: 2,071 Net Basis x WACC (pre-tax) Gross Capital Other Revenues: -43 727 4,822 x 15.08% Remuneration Total: 2,028 Gross Basis x Depreciation Rate Depreciation1 Revenue Required: 7,491 470 10,880 x 4.32% 1 – Reintegration quota Regulatory Ebitda 8
    • 2009 Tariff Readjustment Includes the -0.54% Amounts in R$ million IRT 2009 – 14.88% negative effect of the 2007 Final Tariff 0.64% Reset Part A 6,672 8.76% Part A Basis Adjustment 54.80% Part B Part B 2,595 35.80% Financial Items CVAs 494 CVAs Part A – 54.80% Effects of the CVAs and Financial (50) 13.74% 2007 Tariff Energy Purchased Effects Reset 55.78% Sector Charges 30.48% Other Financial Transmission Charges Items 171 9
    • Gross revenue Gross Revenue - R$ million 5,844 +5.7% +4.9% 5,529 2,944 2,101 2,806 1,947 1,051 981 +4.5% +3.7% 3,743 1,893 3,582 1,825 6M08 6M09 2Q08 2Q09 Net Revenue Deductions to Gross Revenue ► Market comparison (2Q09 x 2Q08) – +8.01 Tariff readjustment since 07/04/08 – Maintenance of revenues from free clients – Negative effect of R$ 31.2 million referred to 2009 Tariff Readjustment, compensated by other impacts resulting in a R$ 6.4 million positive effect on net income 10
    • Operating expenses Operating Costs and Expenses¹ - R$ million 3,026 +8.0% +8,0% +8.6% 2,802 655 1,541 1,418 561 371 291 2,241 2,371 1,127 1,170 6M08 6M09 2Q08 2Q09 Energy Supply and Transmission Charges PMS2 and Other Expenses ► Price per MWh Tietê: 2Q08: R$ 132.0 2Q09: R$ 149.7 Itaipu: 2Q08: R$ 92.2 2Q09: R$ 145.5 Leilões: 2Q08: R$ 76.2 2Q09: R$ 83.9 Total Average Tariff: 2Q08: R$ 94.0 2Q09: R$ 115.3 1 - Depreciation not included 2 - Personnel, Material and Services 11
    • Operating expenses evolution PMS1 and Other Expenses - R$ million Personnel - R$ million Other Expenses - R$ million +27.2% +55.2% +1.7% 371 190 291 95 95 93 70 122 93 38 86 27 29 45 76 23 28 17 190 72 75 122 36 40 2Q08 2Q09 2Q08 2Q09 2Q08 2Q09 Material and Third Party Services Pension Fund Provisions and Contingencies Other Expenses Labor Lawsuits Others2 Personnel and Pension Fund Personnel ADA3 and Write-Off 1 – Personnel, Material and Services 2 - Indemnification, Losses, Publicity, Banking Fees, IPTU, among others 3 – Allowance for doubtful accounts 12
    • Operating expenses evolution Operating Expenses – R$ million +27.2% 12 10 22 13 (9) 32 291 371 2Q08 Plano ADA1 Provisions and Pension Material and Others2 2Q09 Cruzado And Contingencies Fund Services Write- Off 1 - Allowance for doubtful accounts, exclude Plano Cruzado 2 - Leasing and Rents, indemnifications, Losses, Publicity, Banking Fees, IPTU, among others 13
    • Variation of Ebitda Ebitda – R$ million -13.3% 68 (43) (32) (22) (23) 394 342 2Q08 Net Energy Provisions and Pension Others1 2Q09 Revenue Supply and Contingencies Fund Transmission Charges 1 - Personnel, Material, Third Party Services, ADA, Losses, among others 14
    • 2Q09 x 2Q08 results Financial Result - R$ million Net Income - R$ million 348 302 (0) 197 155 (10) (36) (48) 6M08 6M09 2Q08 2Q09 6M08 6M09 2Q08 2Q09 ► Average Selic: ► 2009 tariff reset and tariff readjustment effects – 11.7% (2Q08) x 10.3% (2Q09) ► Negative impacts from PMSO, mainly labor contingencies ► Average balance of cash investments: ► Proposal of R$ 323 million in dividends – R$1,430 million (2Q08) x R$ 1,082 million (2Q09) – Ex dividends date: 08/14/2009 – Payment date: 09/24/2009 15
    • R$ 366 million paid as dividends in 2Q09 Managerial Cash Flow – R$ million 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Initial Cash 1,334 1,478 1,454 1,373 1,536 1,258 Operating Cash Flow 418 497 613 491 301 448 Investments (80) (60) (107) (126) (104) (113) Net Financial Expenses (101) (41) (107) (37) (113) (45) Net Amortizations (4) (30) (21) (40) (184) (54) CESP Foundation (57) (58) (32) (46) (58) (56) Income Tax (33) (114) (68) (80) (119) (83) Dividends (0) (218) (359) - - (366) Free Cash Flow 144 (24) (81) 162 (278) (269) Final Cash 1,478 1,454 1,373 1,536 1,258 989 ► Payment in May of the first installment of the 2S08 dividends and interest on equity ► The Company keeps its cash invested on Certificates of Deposit (CDs) and Government Notes, with average profitability of 102.3% of CDI on 2Q09 16
    • Debt profile Net Debt Average Cost and Average Term (Principal) 7.1 6.9 6.8 6.4 2.1x 1.5x 5.7 1.3x 1.2x 1.2x 182.5% 3.7 3.0 3.0 2.7 123.9% 2.5 121.8% 93.2% 91.6% 2006 2007 2008 2Q08 2Q09 2006 2007 2008 2Q08 2Q09 Net Debt (R$ billion) Net Debt/ Adjusted Ebitda¹ 14.1% 14.7% 15.4% 22.2% 9.3% CDI² Average Term - Years Effective Rate 1 - Accumulated 12 Months Adjusted EBITDA 2 – Brazil’s Interbank Interest Rate 17
    • Sustainable amortization schedule Amortization Schedule – Principal – R$ million Local Currency (ex FCESP) FCESP1 Foreign Currency² 1,109 213 11 111 111 111 524 111 157 111 375 250 250 250 50 125 3 2009 2010 2011 2012 2013 2014 2015 2016-2028 ► 99.7% of total debt in local currency ► 0.3% of total debt in foreign currency (R$ 12 million) : 98% protected by hedge 1 - FCesp = Pension Fund 2 – Exchange rate on 06/30/2009 – US$ 1.00 = R$ 1.9516 18
    • Corporate governance AES Eletropaulo2 X Ibovespa X IEE Average Daily Volume2 - R$ thousand 6M09 145 D 37.1% 26,066 27,689 B 25,677 135 36.2% 33.7% 125 A 115 7,508 105 C 95 dec-081 jan-09 feb-09 mar-09 apr-09 may-09 jun-09 2006 2007 2008 2Q09 ELPL6 IEE IBOV ► A) 02/25/2009 – Finsocial and São Paulo municipality agreement ► B) 04/16/2009 – Public Consultation of Tariff Reset ► C) 04/27/2009 – Dividends declaration ► D) 06/16/2009 – Second Periodic Tariff Reset Revision 1- Index –12/30/08 = 100 2 - Preferred shares class B 19
    • 2Q09 Results 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.