4Q12 R
Results
lt
February,
February 2013
2012 Highlights

 Power generation 27% higher than the physical guarantee and 3% higher than 2011

Operational

p
p
p
,
g...
2012 Highlights
Dividends

 P
Proposal of di t ib ti of complementary di id d i th amount of R$ 182 million, R$ 0 46 per ...
Generation remains above the physical guarantee, even with
the reduction of the reservoirs level
Reservoirs level of main ...
Exposure to higher spot prices marked the 4Q12

Physical Guarantee Allocation (MW avg)

PLD submarket SE/CO – Monthly Aver...
2012 investment mainly focused on power plant’s
modernization, especially Nova Avanhandava
p
y
and Ibitinga
2012 Investmen...
Higher volume of billed energy in ERM1 and other
bilateral contracts, with reduction of billed
energy in the spot market i...
Formation of clients portfolio
Clients portfolio evolution in 2012

• Goals 2011/2012: commercial

initiatives to expand c...
Readjustment of 5% in the bilateral contract with
AES Eletropaulo and higher spot prices
contributed to the net revenue gr...
Expenses with energy purchased for
resale pressured costs in 2012
Operational costs and expenses¹ (R$ million)

5

16

23
...
Ebitda growths 5%, with margin of 73% due to the
readjustment on the bilateral contract with AES Eletropaulo
and higher co...
Better financial result influenced basically by
the drop of the CDI1 and lower expenses
p
p
with monetary variation in 201...
Net Income 7% higher in 2012, due to the
readjustment of the bilateral contract with
AES Eletropaulo and better financial ...
2012 cash generation reflects higher revenue
with the bilateral contract with AES Eletropaulo
and CCEE (spot + ERM)
Operat...
Net debt/Ebitda stable in 0.3 times
Debt Amortization Schedule (R$ million)

Net Debt (R$ billion)
0,63

0,61

0,3x

0,3x
...
4Q12 R
Results
lt
The statements contained in this document with regard to the
business prospects projected operating and ...
Upcoming SlideShare
Loading in …5
×

Apresentação call tiete 4 q12_en

165 views

Published on

Published in: Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
165
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Apresentação call tiete 4 q12_en

  1. 1. 4Q12 R Results lt February, February 2013
  2. 2. 2012 Highlights  Power generation 27% higher than the physical guarantee and 3% higher than 2011 Operational p p p , g p y - 4.4% exposure to the spot market from September to December, 2012 due to the lowering of physical guarantee, resulting in major cost with energy purchase  Investments of R$ 139 million mainly focused on power plant’s modernization, especially Nova Avanhandava and Ibitinga  288 MWavg of energy sold through bilateral contracts in the free market totaling a portfolio of 320 MWavg market, Financial  Net revenue of R$ 2,112 million, an increase of 12% compared to 2011  Increase of 15% in 2012 operating costs1 and expenses mainly with materials and outsourcing expenses,  Ebitda reached R$ 1,542 million, with margin of 73%  Net income of R$ 901 million, an increase of 7% in comparison with 2011 Regulatory  The Energy Costs Reduction Program regulated on September 11th, 2012, through the PM 579, that was converted into the Law No. 12,783, on January 14th, 2013 1 – Excludes costs with energy purchase and the non recurring effects related to the sale of PCH Minas and the receipt of claim in Nova Avanhandava 2
  3. 3. 2012 Highlights Dividends  P Proposal of di t ib ti of complementary di id d i th amount of R$ 182 million, R$ 0 46 per common share l f distribution f l t dividend in the t f illi 0.46 h and R$ 0.50 per preferred share, to be submitted to the 2013 General Shareholders Meeting  Ratify the interest on own capital payment in the amount of R$ 26 million, R$ 0.06 per common share and R$ 0.07 per preferred share, to be submitted to the 2013 General Shareholders Meeting Payout of 108% i 2012 t f in -P Social  Safety: no accidents involving own employees - 50% drop in the number of accidents involving the outsourced employees, being five accidents with no absence. Since February 2009, there were no accidents in the Company’s reservoirs involving the population.  Communities Development and Valuing: social private investment of R$ 12.8 million in education, culture, sports and inclusive professional training, benefiting around 148.500 people Environmental Awards  Efficient usage of natural resources in 2012: water consumption in the AES Tietê’s units came to 57,700 m³, down 56.5% from 2011.  National Quality Award – PNQ 2012 of Fundação Nacional da Qualidade – FNQ  Award “Best Company for Shareholders in 2012” of Capital Aberto magazine  Participation in the 2012/2013 Corporate Sustainability Index (ISE) portfolio, from the BM&FBovespa, for the 6th consecutive year  International Certification PAS-55 of assets reliability and maintenance for companies of the Society for Maintenance & Reliability Professional  Guia Exame de Sustentabilidade: AES Brasil group was recognized, by Exame magazine, as one out of twenty model companies in sustainability 3
  4. 4. Generation remains above the physical guarantee, even with the reduction of the reservoirs level Reservoirs level of main AES Tietê’s power plants1 Energy generated (MW average2) 130% 127% 6 62% 124% 39% 49% 3 33% 48% 48% 67% 125% 1,599 , 1,582 1,629 2009 2010 2011 2012 16% 1,665 A. Vermelha Promissão 2011 1 – As of 12/28/2012. B. Bonita 2012 Caconde Generation - Mwavg Generation/Physical guarantee 2 – Generated energy divided by the amount of hours in the period 4
  5. 5. Exposure to higher spot prices marked the 4Q12 Physical Guarantee Allocation (MW avg) PLD submarket SE/CO – Monthly Average (R$/MWh) 45  375 295 318 23  376  161 6  89 77 76 181  181 -42 -32 -108 jan feb mar apr may Secondary energy jun jul aug sep oct Lowering physical guarantee nov dec 29  23  13  jan 51  48  14  feb 28  26  mar 2010 118  22  12  apr 32  17  may 2011 183  183 119  125  -21 260  2  193  72 280  32  jun 72  23  jul 2012 117  132  91  68  138  21  20  aug sep 37  oct 46  nov 44  dec Spot cost (R$ million) 1 – Total energy purchase cost in the spot market 5
  6. 6. 2012 investment mainly focused on power plant’s modernization, especially Nova Avanhandava p y and Ibitinga 2012 Investments Investments (R$ million) 175 89% 139 19 3 200 156 56 139 5 51 2011 2012 66 2013 (e) 4Q11 66 4Q12 8% 3% Equipment and Maintenance New SHPPs* Investments I t t * Small Hydro Power Plants New SHPP * N SHPPs* IT Projects 6
  7. 7. Higher volume of billed energy in ERM1 and other bilateral contracts, with reduction of billed energy in the spot market in 2012 Billed Energy (GWh) 11% 15,128 554 1,524 , 16,728 615 1,141 3,834 1,942 -8% 4,006 11,108 11,138 207 332 3,696 1 - ERM – Energy Reallocation Mechanism 864 3,063 2011 2012 AES Eletropaulo Energy Reallocation Mechanism 403 194 58 2,579 4Q11 4Q12 Spot Market Other Bilateral Contracts 7
  8. 8. Formation of clients portfolio Clients portfolio evolution in 2012 • Goals 2011/2012: commercial initiatives to expand clients portfolio in the free market 259 320 • The current portfolio comprises 320 Mwavg, of which 288 MWavg were sold in 2012 84 90 1Q12 2Q12 • 143 Mwavg were sold to 2016 32 Before dec/2011 3Q12 4Q12 onward Mwavg 8
  9. 9. Readjustment of 5% in the bilateral contract with AES Eletropaulo and higher spot prices contributed to the net revenue growth in 2012 Net revenue (R$ million) 12% 2,112 1,886 1 886 143 59 78 54 1,773 -9% 542 1,891 494 19 15 19 25 508 2011 2012 AES Eletropaulo 449 4Q11 4Q12 Spot/MRE Other bilateral 9
  10. 10. Expenses with energy purchased for resale pressured costs in 2012 Operational costs and expenses¹ (R$ million) 5 16 23 9 5 556 10 113 565 570 Transmission and connection Financ. Comp. for use of water res. 2012 420 2011 Energy purchased for resale PCH Minas 1 – Do not include depreciation and amortization; Claim in Nova Avanhandava Operating allowances and other expenses Personnel, material and outsourcing 10
  11. 11. Ebitda growths 5%, with margin of 73% due to the readjustment on the bilateral contract with AES Eletropaulo and higher costs of energy purchased for resale in 2012 Ebitda (R$ million) 78% • 4Q12 Ebitd i fl Ebitda influenced b th d by the 77% 73% 59% cost of energy purchased for resale. • E l di Excluding the effect of the th ff t f th 1.466 1.542 exposition to the spot market, the 4Q12 Ebitda would be of R$ 336 419 2011 2012 Ebitda 292 4Q11 4Q12 million, with margin of 68 1% illi ith i f 68.1% Ebtida Margin (%) 11
  12. 12. Better financial result influenced basically by the drop of the CDI1 and lower expenses p p with monetary variation in 2012 Financial Result (R$ million) 2012 2011 4Q12 4Q11 (4.0) (4 0) (4.3) (4 3) • 1st emission of debenture maturing in g 2015 attached to the CDI + 1.20% -8% (47) (42) • Cash and cash equivalents: short- term operations, with average return p g of 102% of CDI in 2012 -9% 1 – Brazilian interbank interest rate 12
  13. 13. Net Income 7% higher in 2012, due to the readjustment of the bilateral contract with AES Eletropaulo and better financial results Net Profit (R$ million) 110% 108% 108% 104% 11% 12% 3% 3%  Proposal of dividends distribution in the amount of R$ 182 million related to the 4Q12: illi l t d t th 4Q12 - R$ 0.46 per common share - R$ 0.50 per preferred share - estimated payment date: May 7, 2013 845 901 263 2011 4Q11 2012 181 4Q12 Net Profit Yield Preferred Shares Pay-out 13
  14. 14. 2012 cash generation reflects higher revenue with the bilateral contract with AES Eletropaulo and CCEE (spot + ERM) Operating Cash Flow (R$ million) Final Cash Balance (R$ million) +22% -10% -11% -7% -11% 1.350 442 1.643 404 2011 2012 4Q12 2011 2012 359 4Q11 397 14
  15. 15. Net debt/Ebitda stable in 0.3 times Debt Amortization Schedule (R$ million) Net Debt (R$ billion) 0,63 0,61 0,3x 0,3x 300 0,48 2013 (e) 2012 300 2014 2015 0,52 2011 300 Net Debt Debt amortization flow (R$ million) Net Debt/Ebitda Gross Debt/Ebitda Debt cost 2011 2012  Average Cost (% CDI)1 115% g ( ) Covenants 128%  Gross debt/Ebitda of 2.5x  Average Term (years) 1.3  Ebitda/Financial expenses of 1.75x  Effective Rate 2.3 12.1% 1 – Percentage of CDI (Interbank Deposit Certificate) 9.8% 15
  16. 16. 4Q12 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.

×