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1Q12 ResultsMay, 2012
1Q12 Highlights               Investments totaled R$ 21 million, mainly in the modernization of Nova Avanhandava (347 MW)...
Despite the comfortable reservoir levels in SIN1 , lower rainfall                                                    in Fe...
High level of Company’s reservoirs and                                                                                    ...
Investments in 1Q12 mainly oriented to the modernization of                                                          Nova ...
Growth Opportunities and Capacity Expansion ObligationTermo-SP Project-   Gas unavailability for A-5 in 2011 and A-3 Energ...
Higher energy volume sold in 1Q12 due to the seasonality of                                            the bilateral contr...
Strategy for energy contracting in 2016: client portfolio                                                                 ...
Changes in the seasonality and 8.65% readjustment in AES                                   Eletropaulo’s contract contribu...
Increase in expenses with energy purchased and biannual                                                            locks m...
Ebitda margin reached 78% in 1Q12Ebitda (R$ million)                      81%                                      78%    ...
CDI* variation and lower average cash balance                                                                             ...
Net income 27% higher in 1Q12, reflecting the good                                                                        ...
Cash flow reflects higher revenues from the bilateral contractOperating Cash Flow (R$ million)                   Final Cas...
Low leverage with net debt/Ebitda of 0.3 timesNet Debt (R$ billion)                           Average Cost and Average Ter...
1Q12 ResultsThe statements contained in this document with regard to thebusiness prospects, projected operating and financ...
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Apresentação Conference Call 1Q12

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Transcript of "Apresentação Conference Call 1Q12"

  1. 1. 1Q12 ResultsMay, 2012
  2. 2. 1Q12 Highlights  Investments totaled R$ 21 million, mainly in the modernization of Nova Avanhandava (347 MW) and Ibitinga (132 MW) power plantsOperational  Energy generation 30% higher than physical guarantee and 10% greater than the total generated in 1Q11  Net revenue of R$ 540 million, 30% greater than 1Q11  R$ 20 million increase in expenses with energy purchased for resale and biannual locks maintenance and R$ 19 million increase in costs and operational expensesFinancial  Ebitda reached R$ 423 million, with margin of 78%  Net income of R$ 246 million, an increase of 27% comparing to 1Q11  Dividends distribution of R$ 264 million, related to 1Q12 results, corresponding to R$ 0.66 perDividends common share and R$ 0.73 per preferred share. Payment will occur on May 25, 2012. 2
  3. 3. Despite the comfortable reservoir levels in SIN1 , lower rainfall in February, March and April pushed prices in the spot marketReservoirs Level inSIN1 PLD2 – Monthly Average (R$/MWh) 99% 99% 193 92% 83% 82% 79% 76% 125 35% 48 46 51 37 29 32 23 20 21 44 23 26 12 17 jan feb mar apr may jun jul aug sep oct nov dec Southeast/ South Northeast North 2010 2011 2012 Middle-West 1Q11 1Q12 1- Interconnected National System 2- Spot Market Average Price 3
  4. 4. High level of Company’s reservoirs and operational availabilityReservoirs level of AES Tietê’s power plants1 Energy generation (MW average3) 136% 130% 130% 125% 124% 96% 100% 98% 99% 94% 99% 90% 78% 1,753 1,665 1,599 1,582 1,612A. Vermelha2A. Vermelha Promissão2 Promissão B. Bonita2 B. Bonita Caconde 2 Caconde 2009 2010 2011 1Q11 1Q12(11 km3) (8.1km3) (3.6km3) (0.6km 3) 1Q11 1Q12 Generation - Mwavg Generation/Physical guarantee Average: 98% 89% 1 – As of 03/31/2012 3 – Generated energy divided by the amount of period hours 2 – Reservoirs volume 4
  5. 5. Investments in 1Q12 mainly oriented to the modernization of Nova Avanhandava and Ibitinga power plantsInvestments (R$ million) Investments in 1Q12 175 19 86% 82 174 12 156 38 11% 4 21 3% 70 2 34 19 2010 2011 2012(e) 1Q11 1Q12 Equipment and Maintenance Investments New SHPPs 1 New SHPPs IT Projects 1 - Small Hydro Power Plants 5
  6. 6. Growth Opportunities and Capacity Expansion ObligationTermo-SP Project- Gas unavailability for A-5 in 2011 and A-3 Energy Auction in 2012- Project registered in A-5 in 2012: term to present gas contract expires on June 1st, 2012- Injunction suspending the Environmental License. AES Tietê presented its defense on April 27th- Fullfillment of conditions to obtain the installation licenseTermo Araraquara Project- Acquisition of a purchase option in March, 2012- Combined cycle, gas-fired power plant, with 579 MW of installed capacity- The project has a high sinergy potential with Termo SP and is equally registered in A-5 auction in 2012Expansion Obligation- April 26th: Presentation of the plan to extent the Company’s capacity 6
  7. 7. Higher energy volume sold in 1Q12 due to the seasonality of the bilateral contract with AES Eletropaulo, besides the energy sold in ERM* Billed Energy (GWh) +34% 4,867 3,645 162 570 108 424 1,256 587 2,526 2,879 1Q11 1Q12 AES Eletropaulo Energy Reallocation Mechanism* Spot Market Other Bilateral Contracts 7*ERM – Energy Reallocation Mechanism
  8. 8. Strategy for energy contracting in 2016: client portfolio creationClients portfolio evolution • Goals: - Expand and diversify client portfolio by Assured Energy (1,282 MW avg) 2015 - Allocate most of the assured energy to the free market Consolidated - Opportunity to negotiate the energy New client portfolio from projects that the Company will portfolio develop in coming years 2012 2016 2020
  9. 9. Changes in the seasonality and 8.65% readjustment in AES Eletropaulo’s contract contributed for the net revenue expansionNet revenue (R$ million) +30% 540 46 416 18 17 14 477 385 1Q11 1Q12 AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts 9
  10. 10. Increase in expenses with energy purchased and biannual locks maintenance, besides the increase in operational costs and expenses Operational costs and expenses¹ (R$ million) 4 3 5 7 9 11 114 117 78 1Q11 Energy Purchased Locks Operational Personnel, Transmission and Financ. Comp. For 1Q12 for Resale Maintenance Provisions and Material and Connection Use of Water Res. Other Expenses Third-party services²1 – Do not include depreciation and amortization 102 – Personnel, Material and Third-party services
  11. 11. Ebitda margin reached 78% in 1Q12Ebitda (R$ million) 81% 78% 423 338 1Q11 1Q12 EBITDA EBITDA Margin (%) 11
  12. 12. CDI* variation and lower average cash balance impacted financial result Financial Result (R$ million) 1Q11 1Q12 (11) (10)*CDI - Interbank Deposit Certificate 12
  13. 13. Net income 27% higher in 1Q12, reflecting the good performance of revenuesNet Income (R$ million) 118% 107% 2.9%  Distribution of R$ 264 million in dividends related 2.5% to 1Q12: - R$0.66 per common share - R$0.73 per preferred share - Ex-dividends: May 04, 2012 - Date of Payment: May 25, 2012 246 193 1Q11 1Q12 Payout Yield Preferred Shares Net Profit 13
  14. 14. Cash flow reflects higher revenues from the bilateral contractOperating Cash Flow (R$ million) Final Cash Balance (R$ million) +28% -17% 382 499 299 413 1Q11 1Q12 1Q11 1Q12 14
  15. 15. Low leverage with net debt/Ebitda of 0.3 timesNet Debt (R$ billion) Average Cost and Average Term (Principal) 3.01 0.4x 2.01 0.3x 0.54 114% 115% 0.45 1Q11 1Q12 1Q11 1Q12 14.0% Effective rate 11.3% Net Debt Net Debt/EBITDA 1 1 – Percentage of CDI (Interbank Deposit Certificate) 15
  16. 16. 1Q12 ResultsThe statements contained in this document with regard to thebusiness prospects, projected operating and financial 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.
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