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Apresentação call tiete 2 t13_ing

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  • 1. 2Q13 R Results lt August, August 2013
  • 2. 2Q13 Highlights (1/2) ■ 52% reduction in the ‘unscheduled outage rate’ (1.92% in 1H12 vs. 0.87% in 1H13). ■ Investments of R$ 26 million, (27.7% higher then 2Q12) allocated to modernization and preventive maintenance works in the plants of Água Vermelha Ibitinga and Caconde Vermelha, Caconde. ■ Expansion in the bilateral contract portfolio related to the free market to 455 MWavg (150 MWavg in new contracts; 288 MWavg as of 2015). Operational j gy g p ■ Price adjustment in the energy sold through the bilateral contract with AES Eletropaulo from R$ 182.61/MWh to R$ 194.19/MWh. ■ Net revenues of R$ 583 million in 2Q13, up 9% year-over-year. ■ Costs of R$ 42 million on energy purchased mainly explained by the increase in the portfolio of new bilateral contracts (566 GWh in 2Q13 vs. 200 GWh in 2Q12). Financial ■ EBITDA came to R$ 421 million in 2Q13 (with a 72% margin), up 4.1% from 2Q12. ■ Net income reached R$ 240 million, representing a 5% growth year over year million year-over-year. . 2
  • 3. 2Q13 Highlights (2/2) Regulatory ■ CNPE 03/2013 - Suspension of the requirement through the injunction granted by APINE on May 27, 2013 ■ Average lowering of physical g g g p y guarantee ranging from 0.7% to 2.4%, considering thermal p g g g plant dispatches of 10 GW to 12 GW. 2013 Estimate ■ Energy purchase of 296 GWh - 468 GWh on the spot market, at an annual cost of R$ 123 million - R$ 156 million. ■ Actual cost already spent on the purchase of energy on the short term market in 1H13 totaled R$ short-term 122 million. Dividends ■ Interim dividends in the amount of R$ 258 million to be distributed with payment expected to distributed, take place on September 25, 2013. ■ R$ 0.65 per common share and R$ 0.71 per preferred share (dividend yield of 3.3%) 3
  • 4. Operational Performance ■ Recovery on the reservoir levels supported by thermal dispatch(6 GW in 1H12 to 12 GW in 1H13) ▬ Expectation of the average thermal dispatch in 2H13 of 10 GW ■ Lower spot price compared to 1Q13 due to better affluence and reduced thermal dispatch in 2Q13 ■ CNPE 03/2013 – Suspension of the requirement through the injunction granted by APINE (∆PLD and ESS per energy security ) Historical Level of Brazilian Reservoirs (%) Monthly Evolution of PLD¹ (R$/MWh) - SE/CO 413.95  100 376  339.75  339 75 90 345.00  80 Max (%) 70 62 40 63 55 60 50 61 280  214.54  46 196.13  207.62  121  124.97  30 183  180.94  192.73  192 73 38 118.49  119  91  20 48 29 10 23.14  0 Jan Feb b Mar Apr May Historical Data since 2001 Jun 260  61 Jul l 2001 Aug Sep 2012 Oct Nov Dec 2013 1 – PLD April-June 2013 was calculated based on the values of PLD1 (∆PLD not included) jan j feb f b 50.67 26 12 17 mar apr may 2011 32 23 20 21 jun j jul j l aug sep 2012 37 46 44 oct t nov dec d 2013 4
  • 5. Operational Performance ■ 52% reduction in the unscheduled outage rate (1.92% in 1H12 to 0.87% in 1H13) ■ 28% reduction in the generated energy compared to 2Q12 due to the lower dispatch of Água Vermelha power plant Generated Energy (MW avg2) Unscheduled Outage (%) -75.8% -28.0% 28 0% 8,38 8 38 7,47 125% 124% 127% 136% 97% 7,33 -52% 7,23 2,03 2 03 1,68 1,05 2010 0,24 0,35 2011 2012 EFOF¹ 1,38 1,07 0,31 1,92 1,55 0,37 1,599 1 – Forced stop equivalent factor 2 - Generated energy divided by the number of hours of the period 1,629 1,731 0,87 0,71 1,247 0,15 2013 - FYF 2012 YTD 2013 YTD Unscheduled Outage Rate 1,582 2010 2011 Generation - Mwavg 2012 2Q12 2Q13 Generation/Physical guarantee 5
  • 6. Investments 2Q13 Investments Breakdown (%) Investments Background (R$ million) Modernization f Água M d i ti of Á Vermelha, Nova Avanhandava and Caconde power plants 12% 12% 175 19 139 4 88% 213 156 27.7% 135 20 19 2011 2012 2013 (e) 1 2Q12 26 2Q13 Modernization and Maintenance Investments 1 – Small Hydro Power Plants IT Projects New SHPPs¹ 6
  • 7. Financial Performance ■ Price adjustment in the energy sold through the bilateral contract with AES Eletropaulo from R$ 173,68/MWh to R$ 182.61/MWh in July 4, 2013 (R$ 194,19/MWh in July 4, 2012) ■ Lower volume of energy sold in the quarter and for the year due to lower sales volume in the spot and MRE partially compensated by higher sales of energy by bilateral contracts Billed Energy(GWh) Net Revenue (R$ million) 9.8% -9.9 % 99 9,062 297 -5.1% 102 1,143 158 4,193 5,890 925 339 489 543 1H13 AES Eletropaulo Spot Market 1 –Energy Realocation Mechanism 2Q13 936 ERM¹ Bilateral Contracts 51 20 1,026 56 38 116 459 493 1Q12 1Q13 2,832 2Q12 583 535 3,980 2,793 1H12 8.9% 53 971 135 5,672 101 38 8,163 911 2,182 1.181 1,181 1.181 1,075 1.075 1.075 1H12 1H13 AES Eletropaulo Spot/ERM Other bilateral 7
  • 8. Financial Performance ■ Increase in operating expenses primarily due to the purchase of energy for bilateral contracts ■ Variation in the manageable costs (PMS) of +6.8% in 2Q13 aligned with the period´s inflation (6.3%) Operating costs and expenses¹ (R$ million) 23.7% 6 2.5 4 179 177 4 42 173 131 2Q12 electric energy purchased for resale 162 131 1 – Excluding depreciation and amortization operat. operat provisions and personnel material and personnel, other exp. third party services transmission and conection financ. comp financ comp. for use of wat. resources 2Q13 8
  • 9. Financial Performance Ebitda (R$ million) 2Q12 x 2Q13 Highlights 77% 76% 72% 64% -8.7% 4.2% 827 755 404 1H12 1H13 Ebitda 421 2Q12 2Q13 ■ Positive impact by the change in volume and the price of the bilateral p contract with AES Eletropaulo ■ Lower generation of secondary of the system (1% in 2Q13 vs. 9% in 2Q12) and higher spot price (R$ 250 MWh in 2Q13 vs. R$ 165 MWh no 2Q12) ■ Reduction of R$ 3 million in PMSO $ expenses Ebitda Margin (%) 9
  • 10. Financial Performance Net Income (R$ million) 2T13 Highlight 108% 108% 08% 109% 107% 5.3% 3.0% 2.5% ■ 3.3% Higher volume of energy sold through the bilateral contract with Eletropaulo favored the 5.2% increase in net income for 2Q13 -10.5% 5.2% Dividends ■ 476 426 229 241 Distribution of interim dividends of R$ 258 million ▬ R$ 0.64/common share ▬ R$ 0.71/preferred share 1H12 Net Profit 1H13 1Q12 Payout 1Q13 ▬ Payment Date: 09/25/2013 Yield Preferred Shares 10
  • 11. Financial Performance 2Q12 x 2Q13 Highlights ■ Reduction of operating cash flow in 2Q13 due to lower secondary and settlement in the CCEE (downgrade in January), partially offset by the adjustment of the contract with Eletropaulo ■ Increase in the final cash balance in the 2Q13 due to the 2ª debenture issuance (May/15/2013) Operating Cash Flow (R$ million) O ti C h Fl illi ) Final C h B l Fi l Cash Balance(R$ million) (R$ illi ) -24.2% 466 2Q12 36.8% 354 273 2Q13 2Q12 Operating Cash Flow 374 2Q13 Final Cash Balance 11
  • 12. Debt Net Debt (R$ million) Debt Amortization Schedule 0.8 0.6 Total of R$ 498 million of the 2nd debenture issuance 0.5 0.4 300 0.6 2Q13 166 0.7 2Q12 300 Net Debt 2014 2015 166 166 2017 2018 2019 2015 2017 2018 2 Debt amortization flow Net Debt/Ebitda Gross Debt/Ebitda Covenants ■ Gross debt / Ebitda =< 2,5x ■ Net debt / Ebitda =< 3,5x 3 5x ■ Adjusted Ebitda / Financial Expenses =>1,75x 1 – CDI percentage Debt Cost ■ Financial Res. (R$ MM) ■ Average Cost (% CDI) ■ Average Term (years) ■ Effective Rate 2Q12 (15) 120% 1.8 18 10.1% 2Q13 (16) 103% 2.9 29 10.5% 12
  • 13. The statements contained in this document with regard to the business prospects projected operating and financial results prospects, 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. 13