Apresentação call tiete 3 t12_eng

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Apresentação call tiete 3 t12_eng

  1. 1. 3Q12 R Results lt November, November 2012
  2. 2. 3Q12 Highlights  Power generation 22% higher than the physical guarantee and 10% higher than 3Q11 Operational  Investments of R$ 31 million for the modernization program of Nova Avanhandava (347 MW), Água Vermelha (1,396 MW) and Ibitinga (132 MW) power plants ( , ) g ( )p p  In 3Q12, the Company sold 168 MWa through bilateral contracts, with a total portfolio of 259 MWa, of which 227 Mwa were sold in 2012  Bilateral contract price with AES Eletropaulo adjusted from R$ 173.68/MWh to R$ 182.61/MWh Financial  Net revenue of R$ 543 million, an increase of 4.7% compared to 3Q11  Sale of AES Minas SHPP completed on August 31, 2012 with a contribution of R$ 10 million in Ebitda  Ebitda reached R$ 423 million, with margin of 78%  Net income of $ 244 million an increase of 7% when compared to 3Q11 million, Events • Dividends distribution in the amount of R$ 253.8 million related to the 3Q12 results - R$ 0.63 per common share and R$ 0.70 per preferred share. Payment will occur on November 22nd, 2012 • Award Winner "Best Companies for Shareholders in 2012" by Capital Aberto magazine 2
  3. 3. MP 579: Context  AES Tietê is not affected by the rules of the MP 579 and has a valid concession until 2029 Objective  Aims to reduce tariffs by 20% (Residential: 16.2% and industrial from 20% to 28%), as from February 2013, through: - Reduction Sector Charges (RGR, CCC and CDE): - 7% - Renewal of Generation and Transmission concessions: - 13%  Possible pressure of higher prices on the free market in the short term Opportunities O t iti Risks  Possible sale of electricity to generators whose concessions are expiring, to cover contracts set in the free market for the period 2015-2017  Uncertainty related to the indemnification at the end of the concession 3
  4. 4. Higher PLD favoring revenue in the spot market PLD2 submarket SE/CO – Monthly Average (R$/MWh) Reservoirs Level inSIN1 94% 430 65% 280 60% 52% 48% 45% 235 51% 193 183 132  181 43% 125 29 23 13  jan Southeast/  / Middle‐West South 3Q11 Northeast North 48 51 14  feb 28  26 12 mar apr 32  32 117  119 118 22  138  68  23 91 20 21 aug sep 37 46 oct nov 72  44 17 may 2010 jun jul 2011 dec 2012 3Q12 1- Interconnected National System 2- Spot Market Average Price 4
  5. 5. Generation remains above the physical guarantee even with the reservoirs level reduction Energy generation (MW average3) Reservoirs level of AES Tietê’s power plants1 130% 124% 122% 66% % 105% 52% 62% 40% 53% 67% % 66% % 125% 1,599 1,582 2010 2011 22% 1,665 A. Vermelha (11.0 km 2) Promissão (8.1 km 2) 3Q11 Average: 62% B. Bonita (3.6km 2) 3Q12 Caconde (0.6 km 2) 2009 Generation - Mwavg 1,438 3Q11 1,585 3Q12 Generation/Physical guarantee 45% 1 – As of 09/30/2012 2 – Reservoirs volume 3 – Generated energy divided by the amount of hours in the period 5
  6. 6. Investments in 3Q12 mainly allocated to the modernization of Nova Avanhandava, Água Vermelha, Ibitinga and Limoeiro power plants Investments (R$ million) Investments in 3Q12 175 90% 19 82 167 12 156 46 4 10% 70 42 2010 2011 2012(e) 31 3Q11 3Q12 Equipment and Maintenance Investments New SHPPs* IT Projects * Small Hydro Power Plants 6
  7. 7. Higher billed energy in 3Q12 due to an increase in energy sold in ERM1 Billed Energy (GWh) +17% 11,118 11 118 201 851 1,425 1 425 5,034 13,032 297 911 2,182 +10% 3,970 3 970 3,608 3 608 5,672 110 145 342 788 3,011 9M11 AES Eletropaulo 1- ERM – Energy Reallocation Mechanism 9M12 Energy Reallocation Mechanism 2,887 2 887 3Q11 123 172 3Q12 Spot Market Other Bilateral Contracts 7
  8. 8. Strategy for energy contracting in 2016: composition of client portfolio Clients portfolio evolution in 2012 • Goals: - 2011 / initiatives 2012: to commercial expand client portfolio in the free market 259 84 1Q12 2Q12 - The current portfolio comprises 90 259 MWa, of which 227 Mwa 32 Before dec/2011 3Q12 were sold this year and 87 MWm were sold to 2016 onward. Mwavg 8
  9. 9. Higher prices in the spot market, larger volume of energy sold in ERM and readjustment in the bilateral contract with AES Eletropaulo contributed for the net revenue growth Net revenue (R$ million) +20% 1,344 1,618 82 91 40 39 +5% 519 1.265 1.438 543 16 17 14 7 498 9M11 AES Eletropaulo 9M12 502 3Q11 3Q12 Spot/Energy Reallocation Mechanism Other bilateral contracts 9
  10. 10. PMSO lower than inflation in the period Operational costs and expenses¹ (R$ million) 10 113 3Q11 113 Energy Purchased gy for Resale (10) 123 3Q11 + Energy Purchased 1 – Do not include depreciation and amortization 2 – Personnel, Material and Third-party services 113 SHPP 0,5 2 1 3 113 113 116 117 Operating allowances and other expenses Personnel, Material and Third-party services Transmission and Connection Financ. Comp. For Use of Water Res. 120 3Q12 10
  11. 11. Ebitda 4% higher with margin of 78% Ebitda (R$ million) 78% 78% 78% 77% 1,048 1,250 405 9M11 9M12 Ebitda 423 3Q11 3Q12 Ebtida Margin (%) 11
  12. 12. Better financial result influenced by lower financial expense p Financial Result (R$ million) 9M12 9M11 3Q12 3Q11 -12 -18 -38 -31% -42 -9% 12
  13. 13. Net income 6.9% higher due to increased spot prices, bilateral contract with AES Eletropaulo readjustment and costs p j control Net Income (R$ million) 110% 108% 107% 104% 7.5% 7.9% 3.0% 3.1%  Dividend distribution of R$ 253.8 million related to 3Q12: - R$ 0.64 per common share - R$ 0.70 per preferred share 720 - Ex-dividends: November 07, 2012 582 - Payment date: November 22, 2012 228 9M11 3Q11 9M12 Q 244 3Q12 Payout Yield Preferred Shares Q Net Profit 13
  14. 14. Cash flow reflects higher revenue from spot market and bilateral contract with AES Eletropaulo Operating Cash Flow (R$ million) Final Cash Balance (R$ million) +1% +24% 435 387 392 3Q12 3Q11 3Q12 351 3Q11 14
  15. 15. Low leverage with Net debt/Ebitda ratio of 0.3 Debt Amortization Schedule (R$ million) Net Debt (R$ billion) 0.7x 0.6x 0.3x 0.3x 300 0.57 3Q11 300 2013 3Q12 300 2014 2015 0.55 Net Debt Net Debt/Ebitda Gross Debt/Ebitda Covenants  Gross debt/Ebitda of 2.5x  Ebitd /Fi Ebitda/Financial expenses of 1 75 i l f 1.75x Avarage Cost 3Q11 3Q12  Average Cost (% CDI)1 115% 121%  Average Term (years) 2.5 1.5  Effective Rate 9.7% 12.7% 1 – Percentage of CDI (Interbank Deposit Certificate) 15
  16. 16. 3Q12 R Results lt 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.

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