3Q08 Results
Highlights


3Q08
  – Total consumption in 3Q08 was 4.9% higher than 3Q07, totaling 10,508.8 GWh
  – Adjusted EBITDA of R$...
Market
                                                      Consumption (GWh) and Average Tariff

 % Total Market – 3Q08 ...
Operating Highlights

Collection Rate (% over Gross Revenue)            Loss Reduction (%)

                              ...
Investments

                                                             9M08
9M08: R$ 305.3 million

                   ...
Tariff Evolution

    Tariff Evolution

                                                                                  ...
Results

Gross Revenue (R$ million)

                                   2.0%


                        8,463.4           8...
Results

 Costs and Operational Expenses* (R$ million)



                                                  12.2%         ...
Costs Analysis

     Accumulated 9 months (R$ million)


                                                                 ...
EBITDA

    Adjusted EBITDA* (R$ Million)



                                       203.9                      180.5


   ...
Results


Financial Results (R$ million)                              Net Income (R$ million)

                           ...
Managerial Cash Flow

               R$ million              3Q07       4Q07        1Q08         2Q08     3Q08
Initial Cas...
Financial Debt

      Short Term X Long Term (R$ million)                                               Debt Highlights – ...
Financial Debt


    Gross Debt – 3Q08

                  IGP-DI
                  53.6%
                                 ...
3Q08 Results
The statements contained in this document with regard to the
business prospects, projected operating and fina...
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Apre 3 t08

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Apre 3 t08

  1. 1. 3Q08 Results
  2. 2. Highlights 3Q08 – Total consumption in 3Q08 was 4.9% higher than 3Q07, totaling 10,508.8 GWh – Adjusted EBITDA of R$ 493.4 million, 12.1% below 3Q07 – Net income of R$ 148.3 million, 24.9% lower than 3Q07 (R$ 197.5 million) – On July 1st, ANEEL authorized an average tariff readjustment index of +8.01% to Eletropaulo, applicable to the tariff as from July 4th, 2008 – Extension of the Adjustment of Mathematical Reserve’s contract maturity with Fundação Cesp from 2022 to 2028 Subsequent Events: – Provision of R$ 71.5 million penalty, related to the COFINS rate increase process – Awarded Eletropaulo as PNQ (National Quality Award) finalist as world reference in business excellence among top 5 in the country 2
  3. 3. Market Consumption (GWh) and Average Tariff % Total Market – 3Q08 Average Tariff of Sold Energy R$/ MWh Captive Consumers 3Q07 3Q08 V% Residential 280.1 275.3 -1.7% , Free Clients Industrial 246.0 254.5 3.5% 80.9% 17.8% Commercial 275.3 275.5 0.1% Potentially Free Clients* Others 223.6 221.2 -1.1% 1.3% TOTAL 267.3 267.0 -0.1% Consumption Evolution (GWh)** 4.9% 10,509 5.9% 10,020 3Q07 3Q08 8,635 8,150 6.8% 5.7% 3,691 0.2% 3,455 4.9% 2,406 2,542 5.0% 1,870 1,874 1,655 1,735 636 668 Residential Industrial Commercial Public Sector and Free Clients Captive Market Total Market Others (*) ANEEL Resolution 247/07 – ANEEL (Conventional Sources) 3 (**) Charts do not consider own consumption
  4. 4. Operating Highlights Collection Rate (% over Gross Revenue) Loss Reduction (%) - 140 b.p. + 50 b.p. - 10 b.p. - 70 b.p. 12.9 12.0 11.7 11.5 11.6 99.0 99.1 99.5 98.1 97.4 6.4 5.5 5.0 5.2 5.1 6.5 6.5 6.5 6.5 6.5 2005 2006 2007 2Q08 3Q08 2005 2006 2007 2Q08 3Q08 Technical Losses* Commercial Losses Collection Rate (3Q08) Fraud and Illegal Connections (3Q08) – Public Sector: 99.7% – 305,600 inspections and 15,700 frauds detected – Private Sector: 97.2% – 49,300 illegal connections regularized Cuts and Reconnection – Monthly Average (3Q08) – Cuts: 34,000 – Reconnection: 33,000 (*) Current Technical Losses used retroactively as reference. 4
  5. 5. Investments 9M08 9M08: R$ 305.3 million 11% 5% Customer Service and 5% System Expansion 3Q08: R$ 124.9 million 12% Maintenance – Customer Service and System Expansion: R$ 64.1 million Self- Financed Information Technology • New Clients Connection: R$ 21.4 million 19% 48% Loss Recovery • Expansion of transmission lines: R$ 23.7 million Others • Resolution 250: R$ 12.2 million – Maintenance: R$ 21.6 million Investments (R$ Million) – Loss Recovery: R$ 16.7 million – Information Technology: R$ 2.2 million 478.9 433.5 403.6 377.7 67.3 48.8 69.2 305.3 76.8 35.7 364.3 411.6 354.8 300.8 269.6 2005 2006 2007 2008 (e) 9M08 Capex Self - Financed 5
  6. 6. Tariff Evolution Tariff Evolution PIS/COFINS 18.6% Part A Part B 8.0% 11.7% 11.5% 2.1% IGPM 7.9% 9.9% 16.9% 1.6% 4.3% 3.8% 4.8% 3.7% 1.7% 1.6% -4.3% -2.2% -6.2% 2003* 2004 2005 2006 2007 2008 -8.4% Tariff Adjustment On July 1st, 2008, Aneel conceived to Eletropaulo a tariff adjustment of 8.01% 2007 Tariff Reset still preliminary. Changed items: • X Factor was altered from 2.42% to 2.05% • Unrecoverable Expenses: Altered from 0.5% of Gross Revenue to 0.6% • Regulatory Depreciation Rate: Altered from 4.31% to 4.32% (*) Final values without financial impacts, concluded in 2005 6
  7. 7. Results Gross Revenue (R$ million) 2.0% 8,463.4 8,629.1 3,102.8 3,089.1 3.4% 11.3% 2,754.5 3,064.7 5,360.6 5,540.0 11.6% 1,103.8 997.5 1,757.0 1,960.9 9M07 9M08 3Q07 3Q08 Net Revenue Deduction of Gross Revenue 3Q07 x 3Q08 – +8.01% Tariff Readjustment, applied since 07/04/2008, partially offset by the variation of PIS/ COFINS charged from consumers – Growth on the captive market, 5.9% – R$ 133.2 million growth in Other Revenues, mostly because of the end of amortization of Extraordinary Tariff Reset (RTE) and the Free Energy in October 2007 7
  8. 8. Results Costs and Operational Expenses* (R$ million) 12.2% 21.7% 1,579.7 4,380.2 9.0% 339.8 3,904.9 901.1 1,297.9 42.5% 826.9 238.5 13.0% 17.0% 3,479.1 1,239.9 1,059.4 3,078.0 9M07 9M08 3Q07 3Q08 Energy Supply and Transmission Charges PMS and Others** (*) Depreciation not included (**) Personnel, Material and Services 8
  9. 9. Costs Analysis Accumulated 9 months (R$ million) 103.3 (52.1) 9.5 13.4 9.0% 826.9 901.1 9M07 Personnel Provisions and PDC and Write-Off Others* 9M08 Contingencies Quarter (R$ million) 56.2 8.5 34.4 2.2 42.5% 339.8 238.5 3Q07 Personnel Provisions and PDC and Write-Off Others* 3Q08 Contingencies (*) Materials and Third Party Services, FCESP, Rents, Indemnifications, Losses, Bank Fees, etc 9
  10. 10. EBITDA Adjusted EBITDA* (R$ Million) 203.9 180.5 561.1 101.3 10.2 493.4 12.1% 102.1 112.3 459.0 17.0% 381.1 3Q07 Net Revenue Energy Supply PMS and Others Adjustments 3Q08 and Transmission Charges Ebitda Adjustments 3Q07 x 3Q08 – Net Revenue: increase due to tariff readjustment, market growth and greater volume of Other Revenues – Energy Supply and Transmission Charges: increase in average price of contracts and energy purchased – PMS and Other Expenses: positive effect of losses reversion in 3Q07 compared to an expense in 3Q08 (*) Adjusted EBITDA of 3Q07 and 9M07 = EBITDA + Pension Fund Expenses + RTE + RTE’s Provision – juducial deposits (*) Adjusted EBITDA of 3Q08 and 9M08 = EBITDA + Pension Fund Expenses + Part A 10
  11. 11. Results Financial Results (R$ million) Net Income (R$ million) 29.5% 35.3 702.8 495.8 24.9% (37.8) (66.6) 197.5 (101.6) 76.1% 148.2 9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08 Adjust of Aneel Act # 2,877 3Q07 x 3Q08 – Reclassification of R$ 31.2 million in monetary and exchange rate variation expenses with effects also – Positive impact related to losses recovery in 3Q07 (R$ in other revenues 34.2 million), compared to losses expenses amounting – Without effect over net income R$ 31.4 million in 3Q08 – Variation of PIS/ COFINS charged from consumers partially compensating the tariff readjustment of 8.01% 11
  12. 12. Managerial Cash Flow R$ million 3Q07 4Q07 1Q08 2Q08 3Q08 Initial Cash 1,457 830 1,334 1,478 1,454 Operating Cash Flow 532 584 418 497 613 Investments (106) (112) (80) (60) (107) Net Financial Expenses (133) (51) (101) (41) (107) Net Amortizations (225) 197 (4) (30) (21) CESP Foundation (49) (53) (57) (58) (32) Income Tax (161) (61) (33) (114) (68) Dividends (485) (0) (0) (218) (359) Free Cash Flow (627) 504 144 (24) (81) Final Cash 830 1,334 1,478 1,454 1,373 Cash Availability of R$ 1,373 million (09/30/2008) – Average rates of 102.4% of the CDI – Daily liquidity for 97% of the investments 3Q07 x 3Q08: – Operating Cash Flow: Tariff Readjustment of +8.01% as of July 4th, 2008 – Dividends: R$ 359 million distributed regarding 1H08 results 12
  13. 13. Financial Debt Short Term X Long Term (R$ million) Debt Highlights – 3Q08 1.5 1.3 4,105 4,164 358 523 3,276 Net Debt: 2,790 – 14.8% decrease (R$ 486.0 million) 3,582 3,890 Fundação CESP: – Extension of the Adjustment of 3Q07 3Q08 Mathematical Reserve’s contract Long Term Short Term maturity with Fundação Cesp from Net Debt Net Debt/ EBITDA* 2022 to 2028 Average Cost and Average Term (Principal) 7.8 7.7 6.2 6.8 6.6 99.3% of the Debt in local currency (R$) 125.3% 123.3% 120.9% 113.0% 107.8% 3Q07 4Q07 1Q08 2Q08 3Q08 % CDI Average Term - Years (*) Adjusted EBITDA 13
  14. 14. Financial Debt Gross Debt – 3Q08 IGP-DI 53.6% Fixed rate Pension Fund R$ 2,233 million 12.3% Private Creditors R$ 1,897 million Libor 0.8% 96% hedged Libor R$ 34 million CDI/Selic TOTAL R$ 4,164 million 33.3% Amortization Schedule – R$ Million (Principal) 1,350 121 121 121 121 3 23 9 50 11 524 121 500 62 217 250 250 250 4Q08 2009 2010 2011 2012 2013 2014 2015-28 R$ (w/out FCESP**) FCESP** US$* * Exchange Rate 09/30/2008 – US$ 1.00 = R$ 1.9143 14 ** Pension fund
  15. 15. 3Q08 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.
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