Apresentação call tiete 1 t13_eng_final
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Apresentação call tiete 1 t13_eng_final

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    Apresentação call tiete 1 t13_eng_final Apresentação call tiete 1 t13_eng_final Presentation Transcript

    • 1Q13 Results May, 2013
    • 1Q13 Highlights  Energy generation 2% higher than the physical guarantee and 17% lower than in 1Q12 Operational  Physical guarantee reduction by 10% in 1Q13, resulting in a purchase in the spot market of 309 GWh at a cost of R$ 115 million  Investments of R$ 27 million in the period, mainly allocated to the preventive maintenance and modernization of Água Vermelha, Ibitinga e Nova Avanhandava power plants  Portfolio of bilateral contracts in the free market of 307 MWm, being 143 MWm sold for 2016 onwards  Net revenue of R$ 598 million in 1Q13, an increase of 11% compared to 1Q12 Financial  Compared to 1Q12, higher operating costs and expenses (excluding depreciation and amortization) of R$ 147 million, mainly with energy purchased for resale. Excluding this effect and the reduction of connection and transmission charges, operating costs and expenses would be reduced by 13%, totaling R$ 84 million  Higher energy purchased in the spot market, reduced EBITDA and net profit by 21% and 25%, respectively. EBITDA margin reached 56% in 1Q13.  1st promissory notes issuance in the amount of R$ 498 million, with cost of CDI + 0.79% and tenor up to 180 days. The 2nd debentures issuance to be held by the Company will take out such commercial papers. 2
    • 1Q13 Highlights 2013 perspective  The Company is expecting the physical guarantee to be reduced by an annual average percentage that may vary from 4% to 9% in 2013 and thermal dispatch from 9.5 GW to 13 GW, respectively. According to this scenario, the Company would have to purchase 663 GWh to 1,163 GWh of energy in the short term market to cover the exposure caused by such reduction in an associated cost of R$ 231 million to R$ 441 million.  Dividends distribution in the amount of R$ 204 million, R$ 0.51 per common share and R$ 0.56 per preferred share. Dividends Payment will occur on May 27, 2013. Dividend yield of 2,8% for preferred shares  No accidents with own employees in the period and 100% adherence to safety lectures Social  No accidents in the Company’s reservoirs involving population.  Development and Communities Valorization: 18.6 thousand people benefited by the company social projects in 1Q13 Environmental  86% of the waste generated by the Company during the period were intended for recycling or reuse in other production processes 3
    • Generation above physical guarantee Brazilian reservoirs level – historical data (%) Energy generated (MW average2) 100 90 80 Max (%) 70 62 55 60 125% 46 50 124% 127% 130% 38 40 30 102% 20 10 0 Jan Feb Mar Apr May Jun Jul Aug 2001 Historical Data Since 2001 Sep Oct 2012 Nov Dec 2013 Reservoirs level of main AES Tietê’s power plants1 (%) 98% 94% 96% 94% 61% 1 – As of 03/31/2012. 1,599 1,582 2011 2012 Generation - Mwavg A. Vermelha B. Bonita 1Q12 1Q13 1,480 98% 93% 78% Caconde 1,753 1,629 2013 1Q12 1Q13 Generation/Physical guarantee Promissão 2 – Generated energy divided by the amount of hours in the period 4
    • System physical guarantee reduction resulted in a 10% exposure to the spot market Spot prince submarket SE/CO – Monthly Average (R$/MWh) Physical guarantee allocation (MW avg) 414 375 93 340 320 161 89 77 76 376 * 280 72 215 -21 -42 12 -31 -32 183 181 193 -85 -108 125 118 119 91 -308 48 29 51 23 jan Secondery energy 260 33 Physical guarantee reduction 1 – Total energy purchase cost in the spot market feb 26 mar 32 12 17 apr may 2011 23 20 21 jul aug sep 37 46 44 2012 Série1 jun 2013 oct nov dec Spot cost (R$ million) * Spot price April: Spot price1 + ΔSpot price = Spot priceF (final Spot price). 5
    • Changes in the PLD calculating methodology: uptrend of the free market prices Previous Regulation CNPE Resolution # 3/2013  Resolution CNPE #3/2013: Transitory regulation (April to July, 2013) Charged from: • Discos • Free cust. ESS ESS² Spot Price Other 50% for: • Agents with exposure to spot prices ESS Spot Price From August, 2013 on Charged from all market agents:1 • Discos • Free cust. • Generators • Traders - Methodology for adequacy of risk aversion mechanisms for the formation of spot prices ESS Spot Price Includes out-of-themerit-order thermal dispatch 1 - Proportional to average commercialized energy of the last 12 months. 2 - ESS (Service System Charges), which pays for the out-of-the-merit-order thermal dispatch - Service System Charges (“ESS”): prorated among all market players (including generators) - Risk aversion mechanisms built into pricing models – Risk Aversion Curve of 5 years (starting from August2013) - Uptrend in spot prices, which should influence prices in energy contracts representing an opportunity to AES Tietê 6
    • Investments in 1Q13 mainly directed to the modernization of Água Vermelha, Nova Avanhandava e Ibitinga plants Título do Gráfico Investments in 1Q13 Investments (R$ million) 12% 175 19 139 4 88% 213 156 135 28% 21 17 2011 2012 Investments 1- Small Hydro Power Plants 2013 (e) 3 1Q12 27 1Q13 Equipment and Maintenance IT Projects New SHPPs¹ 7
    • 16.728 15.126 554 Billed Energy (GWh) Lower volume of energy sold in 1Q13 due to lower sales volume in the CCEE1 615 1.141 1.524 3.834 1.942 14% 4,869 4,182 11.108 11.138 1,256 163 571 207 600 332 4.008 482 42 3.696 194 58 1Q12 2011 AES Eletropaulo 1 - Electric Energy Trading Chamber 2.579 4T11 3,058 864 3.063 2,879 403 4T12 1Q13 2012 Energy Reallocation Mechanism Spot Market Other Bilateral Contracts 8
    • Higher volume and price of energy sold to AES Eletropaulo and increased energy sold through other bilateral contracts have favored the net income Net Income (R$ million) 11% 598 540 50 15 18 46 533 477 1Q12 AES Eletropaulo 1Q13 Spot/MRE Other bilateral 9
    • Energy costs pushed the costs and operating expenses in the 1Q13 Operating costs and expenses¹ (R$ million) 2 8 282 271 4 3 165 117 electric energy purchased for resale 264 117 1Q12 267 1 - Not including depreciation and amortization operat. Provisions and personnel, material and Other Exp. third party services transmission and Conection financ. comp. for use of wat. resources 1Q13 10
    • Higher costs with energy purchased have resulted in the decline in Ebitda and margin Ebitda (R$ million) 78%  1T13 Ebitda mainly influenced by the 56% 21% 423 higher costs of energy purchased for resale  Excluding the effect of exposure to the 334 1Q12 1Q13 Ebitda spot market, the 1T13 Ebitda would be of R$ 449 million, with a margin of 75% Ebitda Margin (%) 11
    • Stable financial results between the quarters 213 Financial Result (R$ million) 21 17 2013 (e) 3 27 1Q12 1Q13  1st debentures issuance with maturity in 2015 and rate of CDI + 1.20% p.a. New SHPPs¹  1st promissory notes issuance with (10) (47) (11) maturity of up to 180 days and rate of CDI + 0.79% p.a. 3% 12
    • Net profit drop mainly due to the exposure to the spot market in the quarter Net Profit (R$ million) 107% 110% 2.9% 2.8% -25%  Dividends distribution of R$ 204 million in 1Q13 - R$ 0.50 per common share - R$ 0.56 per preferred share - Payment date : 05/27/2013 246 186 1Q12 Net Profit 1Q13 Payout Yield Preferred Shares 13
    • Lower cash generation in 1Q13 mainly reflects the increased costs of energy purchase Operating Cash Flow (R$ million) Final Cash Balance (R$ million) -13% 63% 676 382 333 413 1Q12 1Q13 1Q12 1Q13 14
    • Increase in debt balance due to 1st promissory notes issuance Net Debt (R$ billion) 0.6 0.6 1.0 1.0 Debt Amortization Schedule – 1st debenture issuance (R$ million) 0.5 0.5 0.3 0.3 300 0.5 0.5 1Q12 1Q12 300 2013 2014 2015 0.76 0.76 1Q13 1Q13 Debt amortization flow Net Debt Net Debt Net Debt/Adjusted Ebitda Net Debt/Adjusted Ebitda Gross Debt/ Adjusted Ebitda Gross Debt/ Adjusted Ebitda Covenants 300  Net debt / Adjusted Ebitda =< 3,5x  Adjusted Ebitda / Financial Expenses => 1,75x Debt Cost 1T13  Average Cost (% CDI)1 115% Gross debt / Adjusted Ebitda =< 2,5x  1T12 121%  Average Term (years) 2.0 0.8  Effective Rate 11.3% 9.8% 1 – Percentage of CDI (Interbank Deposit Certificate) 15
    • 1Q13 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.