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Apresentação call tiete 3 q13_eng_final
 

Apresentação call tiete 3 q13_eng_final

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    Apresentação call tiete 3 q13_eng_final Apresentação call tiete 3 q13_eng_final Presentation Transcript

    • 3Q13 Results November, 2013
    • 3Q13 Highlights ■ Energy generation 19% higher than the physical guarantee and 12% below the registered in 3Q12 Operational ■ 39% reduction in the forced outage rate (0.33% in 9M12. vs. 0.20% in 9M13) ■ 413 MWavg of own energy sold on the free market in 2016 (200MWavg of new contracts in relation to 2Q13) ■ Net revenue of R$ 580 million, increase of 7% vs. 3Q12 ■ Manageable costs in line with 3Q12; efficiency gain equivalent to inflation Financial ■ Ebitda reached to R$ 393 million in 3Q13, down 7% vs. 3Q12 due to a lower energy allocation to AES Eletropaulo ■ Net income of R$ 225 million, down 8% vs.3Q12 Dividends ■ R$ 242 million to be distributed as dividends, expected to take place on November 25, 2013 ■ R$ 0.61 per common share and R$ 0.67 per preferred shares (dividend yield of 3.1%) Award ■ In July 2013, AES Tietê received the "Transparency Award 2013" by adopting best accounting practices in preparing the financial statements 2
    • Recovery of the reservoir levels supported by thermal dispatch ■ Thermal dispatch of 12GW in 9M13 vs. 6GW in 9M12 Historical Level of Brazilian Reservoirs (%) Monthly Evolution of Spot Price¹ (R$/MWh) SE/ME² 376 340 100 345 90 Max (%) 70 62 40 61 63 55 60 50 280 266 80 61 215 55 49 46 196 208 181 193 44 38 125 20 29 10 0 Feb Mar Apr 2001 Historical data May Jun Jul 2001 Aug g Sep 2012 Oct Nov 2013 Dec Jan 48 23 Feb 51 163 118 121 91 30 Jan 26 12 17 Mar Apr May 183 119 32 23 20 21 Jun Jul Aug Sep 2011 2012 46 37 44 Oct Nov Dec 2013 1 – The average prices from Apr to Aug/13 were calculated based on the values ​of PLD1. From Sep/13 on, we calculate only the values ​of spot, which incorporates the mechanisms of risk aversion to the calculation model. 2 – SE (Southeast ) and ME (Midwest) 260 262 x 3
    • Reduction of outages due to continuous improvement in assets management ■ 39% reduction in the forced outage equivalent factor (0.33% in 9M12 vs.0.20% in 9M13) ■ Lower dispatch of Água Vermelha by ONS reduced 12% the generated energy (vs. 3Q12) Generated Energy (MWavg2) Forced Outages (%) 8.38 -12% 7.47 125% 127% 124% 122% -39% 119% 2.03 1.92 1.73 1.67 1.68 7.33 1.68 1.40 1.47 7.23 1.599 1.582 1.629 1.742 1.05 0.24 2010 2011 0.35 2012 0.24 2013 - FYF Unscheduled Outage Rate 1 - Forced outage equivalent factor 2 - Generated energy divided by the period hours 0.33 2012 YTD 1.363 0.20 2013 YTD EFOF¹ 2010 2011 Generation - MWavg 2012 3Q12 3Q13 Generation/Physical guarantee 4
    • R$ 202 million investment projected for 2013 3Q13 Investments Highlights Investments Background (R$ million) ■ 97% of the investments allocated to the following power plants modernization: − Água Vermelha − Promissão 175 19 − Ibitinga 139 4 − Caconde 48% 202 156 135 ■ Investments projections revision for 2013: 60 31 2011 2012 Investments 2013 (e) 3Q12 New SHPPs 3Q13 1 − R$ 202 million in 2013 vs. previous estimate of R$ 213 million − Postponement of investments in thermal projects (R$ 11 million) 1 – Small Hydro Power Plants 5
    • Revenue growth reflects larger secondary and commercialization strategy ■ Higher volume of energy sold in the quarter due to the increase of bilateral contracts and spot sales partially offset by the seasonality of energy sold to AES Eletropaulo ■ Annual adjustment in the bilateral contract from R$ 182.61 / MWh to R$194.19/ MWh in July 2013 Net Revenue1 (R$ million) Billed Energy(GWh) 9% -5 % 13,031 419 1,083 2,970 1,618 12,245 98 1,455 53 401 1,442 5% 1,986 1,797 13 25 91 148 1,510 7% 4,183 3,970 8,559 484 123 8,504 788 172 842 2,887 9M12 9M13 AES Eletropaulo Spot Market 3Q13 243 543 502 18 6 16 45 483 47 2,614 3Q12 7 ERM² Bilateral Contracts 9M12 9M13 AES Eletropaulo Spot Market 1 – Reclassifications between accounts, with no impact on EBITDA. Excluding this effect, net revenue totalizes R$ 616 million in 3Q13. 2 – Energy Reallocation Mechanism 3Q12 3Q13 ERM Bilateral Contracts 6
    • Manageable costs maintained at the same level of 3Q12 ■ Raise in operating costs and expenses due to increased portfolio of bilateral contracts and energy purchase in the spot market ■ Efficiency gain in manageable costs of 4.1%, equivalent to inflation of the period Operating costs and expenses¹ (R$ milion) 56% 6% 99 37 187 34 120 0,4 49 3Q12 Energy purchased² Others³ 0,4 39 0,2 49 Manageable Personnel Material and Others Manageable PMSO 3Q12 third party expenses PMSO 3Q13 services Others³ Energy purchased² 3Q13 1 – Excluding depreciation and amortization 2 – Considers the reclassification between accounts, with no impact on EBITDA. 3 – Other expenses, operating provisions and charges CFHUR connection and transmission 7
    • Results influenced by the seasonality of the contract with AES Eletropaulo ■ Interim dividends distribution of R$ 242 million (R$ 0.61/ common share ; R$ 0.67/ preferred share) ▬ Payment date: 11/25/2013 Net Income (R$ million) Ebitda (R$ million) 77% 107% 7.9% 64% 108% 9.2% -10% -8% 104% 64% 3.1% 720 -7% 1,250 108% 2.6% 78% -8% 650 1,148 244 423 9M13 3Q12 3Q13 3Q12 3Q13 393 9M12 9M12 224 Net Profit 9M13 Payout Yield Preferred Shares 8
    • Consistent cash flow in the period ■ Operating cash flow influenced by the lower volume of settlement in the CCEE ■ Growth in investments designed to the modernization program of the plants R$ Million INITIAL CASH 2Q13 273.5 3Q13 373.3 Operating Cash Flow 435.1 397.9 Investments (28.3) (54.9) Net Financial Expenses (11.2) (2.3) Net Amortization - - Income Tax (21.7) (20.2) Free Cash Flow 373.8 320.5 (250.6) (258.0) 392.4 436.8 Dividends and IoE FINAL CASH CONSOLIDATED 9
    • Low level of leverage Net Debt (R$ million) Debt Amortization Schedule 0.5 0.3 300 0.5 3Q12 Net Debt 2014 166 166 2015 2017 2018 2019 Debt amortization flow Net Debt/Ebitda Covenants ■ Gross Debt / Adjusted Ebitda ≤ 3.5x ■ Adjusted Ebitda/ Financial Expenses ≥1.75x 1 – CDI percentage 166 0.8 3Q13 300 Debt Cost ■ Average Cost (% CDI)1 ■ Average Term (years) ■ Effective Rate 3Q12 120% 1.5 9.7% 3Q13 100% 2.6 10.6% 10
    • Energy commercialization ■ 413 Mwavg (33%) of the available energy already contracted (200 MWavg of new contracts in 3T13), with the delivery in 2016 ■ Expected average selling price of energy available: R$ 110 - 120/MWh ▬ Expected prices for existing energy auction are R$ 97 – 108/MWh Evolution of client portfolio (MWavg) 183 209 200 72 23 68 72 76 80 Back-to-back 836 1268 1268 1268 888 1.088 1268 1.088 Energy avaliable for trading 1.188 AES Eletropaulo contract Own energy already contracted (Free market) 413 360 160 160 60 2012 2013 2014 2015 2016 2017 2018 2019 2020 Average price R$/MWh1 : 83 108 183 96 103 194 95 101 198 95 100 198 96 100 105 96 97 105 96 97 103 96 97 103 96 97 105 Buy (back-to-back) Selling (back-to-back) Selling (own energy) 1- Base price from September 2013 11
    • 3Q13 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.