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Apresentação call tiete 3 q11_final
 

Apresentação call tiete 3 q11_final

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    Apresentação call tiete 3 q11_final Apresentação call tiete 3 q11_final Presentation Transcript

    • 3Q11 R Results ltNovember, 2011
    • 3Q11 Highlights  R$ 46 million invested, mainly, in the modernization of Nova Avanhandava (347 MW), Ibitinga (132 MW) and Caconde (80 MW) power plantsOperational  Energy generation higher 5% in 3Q11 and 26% in 9M11 than physical guarantee  Net revenue of R$ 519 million, 10% higher than 3Q10  1% decrease in costs and operational expensesFinance  Ebitda reached R$ 405 million, with margin of 78%  Net income of R$ 228 million increased 15% comparing to 3Q10 million,Subsequent  Dividends distribution on 25th November 2011, corresponding to 108.3% of 3Q11 net incomeEvents  Emission of environmental license to Project Termo SP, valid for 5 years, as of October 20th, 2011  Winner of 13º Prêmio Abrasca, for best annual report, within companies with revenues up to R$ 2 13 billion 2
    • High level of AES Tietê’s reservoirs even in the dry period yp Reservoirs level of AES Tietê’s power plants1 92% 75% 69% 66% 67% 62% 60% 58% 58% 52% 5 40% 26% Caconde A. Vermelha B. Bonita Promissão 3Q09 3Q10 3Q11 Barra Bonita HPP1 – As of 09/30/2011 3
    • Operational availability with energy generation 26% higher than physical guarantee in 9M11 Energy Generation (MW Avg.1) 129% 126% 112% 105% 1,703 1,550 1,495 , 1,438 1 438 9M10 9M11 3Q10 3Q11 Generation - Mwavg Generation/Physical guarantee1 – Generated energy divided by the amount of period hours 4
    • Energy generated by other AES Tietê’s power plants offset the 8% reduction in generation of Água VermelhaEnergy Generation (GWh) 3Q10 3Q11 4% 4% 9% 8% Água Vermelha 7% Bariri 10% Barra Bonita 4% Euclides da Cunha 3% 5% Ibitinga 4% 65% 3% Nova Avanhandava 4% 4% 62% Promissão A 4% * Other Power Plants* 3,302 GWh 3,174 GWh * Caconde, Limoeiro, Mogi, SHPPs 5
    • Investments in the modernization of Nova Avanhandava, Ibitinga and Caconde power plantsInvestments (R$ million) 3Q11 Investments 169 18 89% 82 56 12 151 46 29 3% 8% 13 4 70 4 43 42 25 2009 2010 2011 (e) 3Q10 3Q11 Equipment and Modernization Investments I t t New SHPP * N SHPPs* New SHPPs* SHPPs IT projects * Small Hydro Power Plants 6
    • Termo São Paulo projectPerspectives• Project features - Combined cycle using natural gas - Estimated investment of R$ 1.1 billion - Natural gas consumption: 2.5 million m3/day • Updates - Environmental license obtained on October, 20th 2011 (valid for 5 years) - Gas unavailability for A-5 Energy Auction in 2011• Next events - Obtain installation license - Participate in A-3 Auction expected to be realized in March 2012 - Evaluate sell energy in free market 7
    • Higher energy volume sold to AES Eletropaulo, spot market and other bilateral contracts in 3Q11 with reduction in billed energy in ERM* Billed Energy (GWh) - 3% 11,483 11,114 215 346 1,135 1 135 1,188 1,554 1,535 + 0.1% 8,578 3,602 83 3,607 145 8,045 187 341 408 110 2,925 3,011 9M10 9M11 3Q10 3Q11 AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts*ERM – Energy Reallocation Mechanism 8
    • 3Q11 growth in net revenue reflecting higher volume and 8.65% readjustment in AES Eletropaulo’s contract j pNet revenue (R$ million) +1% 1,334 1,344 26 40 42 39 +10% 519 1,265 1,265 471 14 10 7 16 445 498 9M10 9M11 3Q10 3Q11 AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts 9
    • Lower energy purchased for resale and provisions contributed for the good costs p g performanceCosts and operational expenses1 (R$ million) 3 6 5 3 115 113 3Q10 Personnel, Financ. Comp. for Energy Purchased Operational 3Q11 Material and Use of Water Res. for Resale Provisions Outsourced and Transmission and Other Services and Connection Operating Exp p g p1 – Do not include depreciation and amortization 2 – PMS = Personnel, Material and Outsourced Services 10
    • 3Q11 Ebitda margin reached 78%Ebitda (R$ million) 78% 78% 76% 78% 1,035 1,048 357 405 9M10 9M11 3Q10 3Q11 EBITDA EBITDA Margin 11
    • Lower financial revenues from cash investments impacting financial result Financial Result * (R$ million) 9M10 9M11 3Q10 3Q11 (14) (18) +32% (42) (42) +0.3%* Excluding non-recurring effect of R$ 42.6 million related to FURNAS in 9M10, the financial results would be R$ 84.7 million 12
    • Net income favored by revenue growth Net Income (R$ million) 110% 110% 9% 7%  Distribution of R$ 247 million in dividends 109% 108% related to 3Q11: - R$0.62 p common share $ per 3% 3% - R$0.68 per preferred share 570 582 - Ex-dividends: November 11th, 2011 - Date of payment: November 25nd, 2011 199 228 1 1 9M10 9M11 3Q10 3Q11 Pay-out Yield Preferred Shares Net income 161 151 354 3711 – Pay-out referred to dividends paid in the 3Q10 in relation to the net income adjusted by the IFRS 13
    • Final cash balance reflects higher revenues from AES Eletropaulo s contract Eletropaulo’sOperating Cash Flow (R$ million) Final Cash Balance (R$ million) +10% - 29% 351 547 319 387 3Q10 3Q11 3Q10 3Q11 14
    • Stable Net Debt/EBITDA in 0.3 timesNet Debt (R$ billion) Average Cost and Average Term (Principal) 0,8  0,7  0,6  3.5 0,5  0,3 0,3 2.5 0,4  0,3  0,2  0,1  ‐ 06 0,6 0,4 110% 115% 3Q10 3Q11 3Q10 3Q11 Net debt Net debt / EBITDA 13.1% Effective rate 12.7% 1 Average Term - Years CDI 1 – Percentage of CDI 15
    • 3Q11 R Results ltThe statements contained in this document with regard to thebusiness prospects projected operating and financial results prospects, 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.