Apresentação sem discurso 2 t10 aes eletropaulo final_eng (final)
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Apresentação sem discurso 2 t10 aes eletropaulo final_eng (final)

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    Apresentação sem discurso 2 t10 aes eletropaulo final_eng (final) Apresentação sem discurso 2 t10 aes eletropaulo final_eng (final) Presentation Transcript

    • 2Q10 Results August, 2010
    • Operational • Higher energy volume compared to 2Q09: captive 4.7% and total market 6.8% growth • Losses: commercial losses 70 b.p. lower than 2Q09 • Cash generation of R$ 584 million, 37.1% higher than 2Q09 Financial • Ebitda totalized R$732 million, 114.2% higher than 2Q09 • Net income of R$ 466 million in 2Q10, 200.6% higher than 2Q09 • Disregarding one-off effects: – Ebitda of R$ 467 million, 36.6% higher than 2Q09 – Net income of R$ 220 million in 2Q10, 42.3% higher than 2Q09 One-off • AES EP Telecom: financial settlement of the quotas held by AES Eletropaulo. Adding R$ effects 175 million to Company’s net income • Banco Santos S.A.: judicial lawsuit termination. Positive effect of R$ 70 million in the net income • Intermediate dividends distribution amounting R$ 626 million referred to 1H10 results: Dividends R$ 3.53/ common share e R$ 3.88/ preferred share Subsequent • Positive tariff readjustment index of 8.00% to 2010/2011 cycle, applicable from July 4, events 2010, with an average effect of 1.62% to the consumers 2
    • • Market growth due to industrial clients recovery and higher consumption in all classes Consumption Evolution - (GWh)1 2Q09 2Q10 +5% +5 % +5% +3 % +5% +17% +7% 10,904 10,212 8,493 8,894 3,917 3,742 2,753 2,626 2,010 1,465 1,541 1,720 660 683 Residential Industrial Commercial Public Captive Market Free Clients Total Market Sector and Others 1 – Own consumption not considered 3
    • • Collection rate and losses level reflect the continuous efforts on operational enhancements Collection rate – % over Gross Revenues Losses – % last 12 months 103.1 101.1 101.6 12.0 99.5 11.5 11.6 11.8 98.5 11.3 5.0 5.1 5,3 5,3 5.5 4.8 6.5 6.5 6.5 6,5 66.5 6,5 6.5 20071 2008 2009 2Q09 2Q10 2007 2008 2009 2Q09 2Q10 Commercial Losses Technical Losses2 4 1 – The previous calculation methodology 2 - Current Technical Losses used retroactively as reference
    • • 22% higher rainfall volume, comparing 2T10 to 2T09, impacted SAIDI and SAIFI SAIDI1 SAIFI2 8.49 8.41 7.87 11.34 10.92 10.09 8.90 9.20 11.86 10.47 13.39 5.64 5.20 6.17 5.48 6.73 2007 2008 2009 2Q09 2Q10 2007 2008 2009 2Q09 2Q10 3o 5o 1o 1o SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target ► 2010 SAIDI ANEEL Target: 9.32 hours ► 2010 SAIFI ANEEL Target: 7.39 times ABRADEE ranking position among the 28 utilities with more than 500 thousand customers 5 1 – System Average interruption Duration Index 2 – System Average Interruption Frequency Index Sources: ANEEL, AES Eletropaulo and ABRADEE
    • • R$ 71 million invested in customer service and system expansion highlighting the R$ 35 million related to 48,500 new customers in the quarter CAPEX – R$ million 2Q10 Investments Paid by customers 3% Capex 3% 691 54 55% 516 20% 37 457 47 5% 131 14% 112 6 9 478 637 Customer service / Maintenance 410 125 System expansion 103 Losses recovery IT Paid by the clients Other 2008 2009 2010(e) 2Q09 2Q10 6
    • • Higher captive consumption (+ 4,7%) and July/2009 Tariff Adjustment were the main reasons for gross revenue growth Gross Revenue - R$ million +15 % 6,692 5,844 2,353 2,101 +16 % 3,418 2,944 1,210 1,051 4,339 +16 % 2,208 3,743 1,893 +16 % 2Q09 2Q10 1H09 1H10 Net Revenue Deductions to Gross Revenue 7
    • • Growth of sector charges and provision reduction during the period contributed to the cost and expenses level Operating Costs and Expenses1 - R$ million +15 % 3,473 3,026 667 655 +2 % +12 % 1,726 1,541 326 -11 % 367 1,400 2,806 2,371 +18 % 1,174 +19 % 2Q09 2Q10 1H09 1H10 Energy Supply and Transmission PMS² and Other Expenses Charges 1 - Depreciation not include and other operating income and expenses 2 - Personnel, Material and Services 8
    • • Reduction of operating expenses due to, primarily, lesser provisions and judicial lawsuit conclusions expenses Operating Expenses2 – R$ million (51) 9 (6) (4) 11 367 341 326 2Q09 Provisions and ADA1 and FCesp Personnel Materials, 2Q10 Contingencies write-offs services and others 1 - Allowance for doubtful accounts 2 – Depreciation not include and other operating income and expenses 9
    • • Higher consumption, lower expenses with personnel and one-off effects contributed to Ebitda increase Ebitda – R$ million 1,102 +58% 732 +114% 697 342 2Q09 2Q10 1H09 1H10 10
    • • Higher total consumption (+6.8%) and AES EP Telecom financial settlement contributed to Ebitda increase Ebitda – R$ million 265 315 (226) 51 4 6 (11) (14) 732 342 2Q09 Net Energy Provisions FCesp ADA and Personnel Other1 AES EP 2Q10 Revenue Supply and and write-offs and taxes Telecom Transm. Conting. Charges 1 - Materials, Services and others 11
    • • Non recurring items related to Banco Santos and increase of financial expenses due to higher debt balance explain the financial result Financial Result - R$ million Financial Result - R$ million (without non recurring items) 71 37 2Q09 1H09 2Q09 2Q10 1H09 1H10 2Q10 1H10 (10) (10) - 260% (36) (48) (48) (70) - 46% 12
    • • Net Income positively impacted by 2009 tariff adjustment, 6.8% growth in the total market consumption, as well as the non recurring items Net Income - R$ million Net Income - R$ million (without non recurring items) +25% 622 377 +106% +201% +42% 466 302 302 220 155 155 2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 • Proposal of R$ 626 million in dividends – Ex dividend date: 08/06/2010 – Payment in two equal installments: 09/15/2010 e 12/07/2010 13
    • • Increase of 37% in the operating cash flow reflecting market growth and 2009 tariff readjustment. Positive effect of AES EP Telecom quotas, bonds settlement and debentures issuance Managerial Cash Flow – R$ million 2Q09 1Q10 2Q10 Inicial Cash 1,258 1,249 1,470 Operating Cash Flow 426 572 584 Investments (113) (135) (115) Net Financial Expenses (23) (81) (85) Net Amortizations (54) (14) 265 CESP Foundation (56) (48) (43) Income Tax (83) (73) (109) EP Telecom sell - - 308 Free Cash Flow 97 221 804 Dividends (366) - (489) Final Cash 989 1,470 1,786 14
    • • Enhanced debt amortization schedule without maturity concentration due to recent debentures issued Amortization Schedule – Principal – R$ million 1,914 1,361 599 322 342 365 74 416 312 301 71 65 69 84 89 79 553 524 39 525 251 277 296 332 223 56 39 223 2010 2011 2012 2013 2014 2015 2016 2017 2018-2028 Local Currency (ex FCesp) FCESP1 1 - FCesp = Pension Fund 15
    • • Debentures issuances and bond amortization positively contributed with average debt cost and term Net Debt Average Cost and Average Term (Principal) 1.8x 1.8x 1.5x 1.7x 7.1 7.0 6.9 7.1 1.3x 6.8 3.2 123.9% 3.0 3.0 2.9 121.8% 113.4% 2.5 106.3% 87.1% 2007 2008 2009 2Q09 2Q10 2007 2008 2009 2Q09 2Q10 Net Debt (R$ billion) Net Debt / EBITDA Adjusted1 CDI² Average Term - Years with FCesp 16 1 – Last 12 months of EBITDA Adjusted 2 - Brazil’s Interbank Interest Rate
    • 18% growth on the average negotiated volume in 2T10 AES Eletropaulo1 X Ibovespa X IEE Average Daily Volume3 - R$ thousand Last 12 months¹ 26,066 180 25,677 25,832 160 18.4% 21,960 140 17.8% 120 3.5% 100 80 60 Jun-09 Sep-09 Dec-09 Mar-09 Jun-10 2007 2008 2009 2Q10 2Q102 100 -0.6% -7.8% ELPL6 90 -13.4% 80 IEE 70 IBOV Mar-10 Apr-10 May-10 Jun-10 17 1 – Index: 06/30/2009 = 100 2 – Index: 03/31/2010 = 100 3 – Preferred shares class B (Without dividends adjustments)
    • 2Q10 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.