Apresentacao aes eletropaulo_1_t12_sem discurso_eng_final

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Apresentacao aes eletropaulo_1_t12_sem discurso_eng_final

  1. 1. 1Q12 ResultsMay, 2012
  2. 2. 1Q12 Highlights  Increase of 0.2% in energy consumption within Company’s concession area, totaling 11,146GWhOperational  Implementation of the Action Plan in 2011 resulted in a reduction of 3.4% in SAIDI and 6.4% in SAIFI in 1Q12 and a decrease of 7.6% in SAIDI and 7.2% in SAIFI when compared to the end of 2011  Investments of R$ 184 million in 2011, 10.8% higher than 1Q11  Gross revenue totaled R$ 3,835 million, 2,7% higher than 1Q11Financial  Ebitda of R$ 318 million, reduction of 42.0% when compared to the same period of the last year  Net Income of R$ 110 million, 60.9% lower than 1Q11Regulatory  The Company’s best estimative for the possible impact in Ebitda arising from the postponing of the tariff review of AES Eletropaulo is R$ 636 million, R$ 212 million for the 1Q12 and R$424 for the 2S11. Considering the IGP- . M adjustement, this value totalizes R$ 642 million  In 10th April, 2012, Aneel opened public hearing for AES Eletropaulo’s tariff review. The period for the Company and the society to send contribuitons is between April, 12 2012 and May,11 2012  AES Eletropaulo will submit its contributions to Aneel at the level of the public hearing by May 11th and will keep the conversations with the regulator seeking to improve the preliminary proposal made by Aneel 2
  3. 3. Performance of residential and commercial clients offset the drop in industrial classConsumption evolution (GWh)¹ +2.7% -2.6% +2.5% +2.4% +1.8% -6.6% +0.2% 11,119 11,146 9,078 9,239 3,999 4,106 2,967 3,042 2,040 1,906 1,422 1,384 690 707 Residential Industrial Commercial Public Sector Captive Market Free Clientes Total Market and Others 1Q11 1Q121 – Own consumption not considered 3
  4. 4. SAIDI reduction in the last 12 months as a result of the Action Plan initiatives SAIDI – System Average Interruption Duration Index 12.74 12.66 12.72 12.45 12.39 12.22 12.09 11.90 11.79 11.65 -7.6% 11.25 10.84 10.60 10.59 10.62 10.30 10.40 10.37 10.30 10.42 10.36 10.13 9.91 9.90 9.88 9.87 9.57 10.09 9.16 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.67 8.67 8.67 AES Eletropaulo Aneel Reference - AES EletropauloSource: ANEEL and AES Eletropaulo 4
  5. 5. SAIFI remains below the regulatory limitSAIFI – System Average Interruption Frequency Index 7.87 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.87 6.87 6.87 6.34 6.41 6.29 6.29 -7,2% 6.17 6.16 6.12 6.12 5.96 5.85 5.61 5.52 5.57 5.59 5.54 5.47 5.45 5.42 5.44 5.51 5.51 5.48 5.48 5.42 5.37 5.29 5.09 4.94 AES Eletropaulo Aneel Reference - AES EletropauloSource: ANEEL and AES Eletropaulo 5
  6. 6. Investments of R$ 184 million in 1Q12, 11% higher than 1Q11Investments (R$ million) 1Q12 Investments (R$ million) 53 841 6 739 46800 7 682 22700 46 7 28600 22500400 794 44 717 +10,8% 654300 166 184200 7 5 Maintenance100 161 177 Client Service 0 System Expansion 2010 2011 2012(e) 1Q11 1Q12 Losses Recovery Capex Paid by Customers IT Paid by the Clients 6 Others
  7. 7. Revenues increased by 3% due to residential and commercial classes expansionGross Revenues (R$ million) +2,7% 3,733 3,835 1,310 1,362 164 186 2,260 2,286 1Q11 1Q12 Net revenue ex-construction revenue Construction revenues Deduction to Gross Revenue 7
  8. 8. Cost of energy purchased impacted by higher volume and average price Operating Costs and Expenses ¹ (R$ million) +13,5% 1,937 1,707 401 348 +15,3% 1,359 1,535 +13,0% 1Q11 1Q12 Energy Supply and Transmission Charges PMS² and Others Expenses 81 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services
  9. 9. Higher PMSO due to wage increases, pension plan expenses, Action Plan and higher client default PMS and other expenses (R$ million) 14 10 16 (4) 17 392 401 365 378 378 348 348 1 2 1Q11 Personnel and Fcesp Material and Others Action plan 2011 1Q12 Payroll Third part - 20112/SAIDI & SAIFI project 20111 – Fcesp is the pension plan 92– Others: ADA, other contingencies provision, losses and agreements and other operational expenses
  10. 10. Higher Parcel A and PMSO costs more than offset market growthEbitda (R$ million) 49 (177) (94) (10) 549 549 421 328 318 318 1Q11 Net Revenue Parcel A costs PMSO and Action plan 1Q12 others revenues 2011 - 2012 / and expenses SAID & SAIFI project 2011 10
  11. 11. Financial results negatively impacted by provisions constitutionFinancial Results (R$ million) 0 1Q11 1Q12 (2) (27) 11
  12. 12. Net income variation impacted by an increase in Parcel A costs Net Income (R$ million) 282 92 110 190 98 13 1 1Q11 1Q12 Net Income - Ex regulatory assets and liabilities Regulatory assets and liabilities 121 - The amount of regulatory assets and liabilities of 1Q12 does not consider the adjustment in the provision regarding the possible impacts of tariff review related to the 2H11 (R$ 69,7 million)
  13. 13. Lower cash generation due to higher Parcel A costsOperational Cash Generation (R$ million) Final Cash Balance (R$ million) -35% +11% 463 1,946 1,748 299 1Q11 1Q12 1Q11 1Q12 13
  14. 14. Debt kept at comfortable levelNet Debt Average Cost and Average Term (Principal) 1.4x 1.6x 6.9 6.4 0.9x 0.9x 108.2% 112.2% 2.4 2.4 1Q11 1Q12 1Q11 1Q12 13.9% Effective rate 11.9% Net Debt (R$ billion) Gross Debt/Ebitda Adjusted with Fcesp1 Net Debt/Ebitda Adjusted with Fcesp 1 % of CDI Net Debt/Ebitda Adjusted with Fcesp 141 - Adjusted Ebitda for the expenses related to liabilities with pension plan in the last 12 months
  15. 15. 1Q12 ResultsThe statements contained in this document with regard to thebusiness prospects, projected operating and financial results,and growth potential are merely forecasts based on theexpectations of the Company’s Management in relation to itsfuture performance.Such estimates are highly dependent on market behavior andon the conditions affecting Brazil’s macroeconomicperformance as well as the electric sector and internationalmarket, and they are therefore subject to changes.

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