2. AES Brasil Group
• Presence in Brazil since 1997
• Comprised of four companies in the sectors of
energy generation and distribution
• 7.4 thousand AES Brasil People
• Investments 1998-2010: R$ 6.9 billion
• Good corporate governance practices
• Sustainable practices in businesses
• Safety as a main value
• Strong cash generation capacity
• 25% of minimum pay-out according to bylaws
• Differentiated practice of dividend distribution
since 2006:
–
AES Tietê: 100% of net income on quarterly
basis
–
AES Eletropaulo: distribution above the
minimum required (25% of net income) on
semi-annual basis
2
4. Shareholding Structure
BNDES
AES Corp
C 50.00% + 1 share
P 0.00%
T 46.15%
C 50.00% - 1 share
P 100%
T 53.85%
Cia. Brasiliana
de Energia
T 99.70%
AES Sul
C 99.99%
T 99.99%
AES
Infoenergy
C 99.00%
T 99.00%
C 71.35%
P 32.34%
T 52.55%
AES
Uruguaiana
AES
Tietê
C 76.45%
P 7.38%
T 34.87%
AES
Eletropaulo
C = Common Shares
P = Preferred Shares
T = Total
4
5. Listed Companies Shareholding Composition
¹
¹ Free Float
Others²
Market Cap³
16.1%
19.2%
56.2%
8.5%
R$ 4.8 bi
24.2%
28.3%
39.5%
8.0%
R$ 8.5 bi
1 - Parent companies, AES Corp and BNDES, have equal voting capital on the Companies: 38.2% on AES Eletropaulo and 35.7% on AES Tietê
2 - Includes Federal Government and Eletrobrás shares in AES Eletropaulo and AES Tietê, respectively
3 - Base: 09/30/2011. Considers preferred shares for AES Eletropaulo and preferred and common shares for AES Tietê
5
6. AES Brasil is the second largest group in
electric sector
Ebitda1 – 2010 (R$ Billion)
4.5
4.2
3.4
3.0
2.6
2.0
1.6
1.6
1.5
0.6
CEMIG
Net
Income1
2.3
AES BRASIL
CPFL
NEOENERGIA
TRACTEBEL
CESP
EDP
LIGHT
COPEL
DUKE
– 2010 (R$ Billion)
2.2
1.8
1.6
1.2
1.0
0.6
0.6
0.2
CEMIG
AES BRASIL
1 – excluding Eletrobrás
NEOENERGIA
CPFL
TRACTEBEL
COPEL
EDP
LIGHT
DUKE
0.1
CESP
Source: Companies’ financial reports
6
7. AES Tietê is an important player among private
energy generators
Generation Installed Capacity (MW) - 2012
1
Main privately held Companies
AES TIETÊ
2,3%
CPFL
2,3%
DUKE
1,9%
AES Tietê is the 2nd largest among
EDP
1,6%
private generation companies and 10th
NEOENERGIA
1,2%
ENDESA
0,8%
LIGHT
0,8%
TRACTEBEL
6,1%
largest overall
Approximately
78%
of
country’s
generation installed capacity is stateCHESF ³
DEMAIS
26%
owned2
9%
FURNAS
8%
³
ELETRONORTE
8%
under construction in the North region of
³
Brazil with 18 GW in installed capacity
ITAIPU ³
6%
COPEL
4%
PETROBRÁS
5%
There are three mega hydropower plants
CEMIG
6%
CESP
6%
Total Installed Capacity: 117 GW
ELETRONUCLEAR ³
3%
CGTEE ³
1%
ELETROSUL³
0,5%
– Santo Antonio and Jirau (Madeira River): 7 GW
– Belo Monte (Xingu River): 11 GW
1- Sources: ANEEL – BIG (January, 2012) and Companies websites 2- Source: Merrill Lynch
3 – Eletrobrás, totaling 35%
7
8. AES Brasil is the largest distribution group
in Brazil
Consumption (GWh) - 2010
13%
•
63
distribution
companies
in
Brazil
distributing 419 TWh
12%
40%
AES
A Brasil
CPFL Energia
10%
Cemig
6%
6%
AES
Brasil
Neo Energia
the
largest
electricity
distribution group in Brazil:
representing 10.3% of the Brazilian
market
– AES
Consumers – Dec/2010
Copel
12%
is
– AES Eletropaulo: 43 TWh distributed,
7%
6%
•
Sul:
9
TWh
representing 2.2% of
distributed,
the Brazilian
market
Light
30%
Distribution companies’ operations are
12%
EDP
12%
5%
Outros
restricted to their concession areas
Acquisitions must be only performed by
the holdings of economic groups
7%
7%
16%
8
10. Energy Sector in Brazil: business segments
Free Clients
Distribution
Transmission
• Consumption of 105 TWh
• 63 companies
• 68 companies
(25% of Brazilian total market)
• 415 TWh of energy
• 68% private sector
• Conventional sources:
above 3000 kW
• Alternative sources:
between 500 kW e 3000 kW
distributed in 2010
• High voltage transmission
• 68 million consumers
• 67% private sector
• 98.648 km in extension
• Annual tariff adjustment
• Large consumers can
purchase energy directly
from generators
• Free contracting
environment
(>230 kV)
• Tariff reset every four or
lines (SIN)¹
• Regulated public service
with free access
five years
• Regulated public service
• Regulated contracting
• Regulated tariff (annually
adjusted by inflation)
environment
• 13 groups controlling 76% of
total installed capacity
• 22% private sector
• 1,862 power plants
• 115 GW of installed capacity
• 73% hydroelectric
• 17% thermoelectric
• 5% biomass
• 4% SHPP
• 1% Wind
• Contracting environment –
¹ Interconected National System
² Small Hydro Power Plants
Generation
Sources: EPE, Aneel, ONS and Merrill Lynch
free and regulated markets
10
11. Energy sector in Brazil:
contracting environment
Regulated Market
Free Market
Auctions
Spot Market
PPAs1
Distribution Companies
Trading
Companies
Trading
Companies
Free Clients
Free Clients
• Main auctions (reverse auctions):
– New Energy (A-5): Delivery in 5 years, 15-
Distribution
Companies
30 years regulated PPA1
– New Energy (A-3): Delivery in 3 years, 1530 years regulated PPA
– Existing Energy (A-1): Delivery in 1 year,
5-15 years PPA
1 – Power Purchase Agreement
11
12. Energy sector in Brazil:
demand perspectives
Macroeconomic Scenario
EPE’s1 Assumptions:
GDP - Annual growth (%)
2004-2008
2010
2011
3.6
7.2
4.0
• Latest EPE’s estimates considers an
economic activity slowdown in Brazil
(industrial
stagnation
and
higher
inflation).
2012-2015
5.0
Brazilian Consumption Evolution (TWh)
5.0% p.a.
3.6%
493
4.0% p.a.
515
469
423
444
408
349
369
380
376
• For the next years, the good performance
of domestic market and the perspectives
of higher investments are factors
indicating that the Brazilian economy will
recover the growth path observed before
the global crisis.
• Brazil will also benefit from the growth of
emerging markets, with impact on
exports of primary products.
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1 - Source: EPE (Energetic Research Company) / ONS (National System Operator) – Second Review – september/11
12
13. Energy sector in Brazil:
supply perspectives
Installed Energy Capacity in Brazil1
Total installed capacity is expected to reach 171 GW by 2020
Brazilian energy matrix will present higher diversification, but in the next 10 years hydropower plants will
continue to prevail
2011: 115 GW
2020: 171 GW
2
SHPP: 4%
Natural gas: 7%
Biomass: 5%
2
SHPP: 4%
Natural gas: 8%
Oil: 5%
Biomass: 5%
Oil: 3%
Nuclear: 2%
Hydro: 73%
Others: 10%
Hydro: 67%
Others: 17%
Coal: 2%
Diesel: 1%
Wind: 1%
Steam: 1%
1- Source: EPE (Energetic Research Company), Ten-year Energy Plan 2020, May/2011
Nuclear: 2%
Coal: 2%
Diesel: 1%
Wind: 7%
Steam: 0%
2 - Small Hydro Power Plant
13
14. Energy sector in Brazil:
regulatory methodology
Tariff Reset and Readjustment
• Tariff Reset is applied each 4 years for AES Eletropaulo
• Parcel A Costs
− Base date: Jul/2011
− Parcel A: costs pass trough the tariff
− Parcel B: costs are set by ANEEL
• Tariff Readjustment: annually
− Parcel A costs pass trough the tariff
− Parcel B cost are adjusted by IGPM +/- X(1) Factor
X WACC
Energy
Purchase
Transmission
Sector Charges
Regulatory
Opex
(PMSO)
Investment
Remuneration
Remuneration
Asset Base
X Depreciation
Depreciation
Regulatory
Ebitda
1 – X Factor: index that captures productivity gains
− Non-manageable costs that are totally
passed through to the tariff
− Losses reduction improve the passthrough effectiveness
• Regulatory Opex:
– Efficient cost structure, determined by
ANEEL (National Electricity Agency)
• Remuneration Asset Base:
– Prudent investments used to calculate
the investment remuneration (applying
WACC) and depreciation
Parcel A - Non-Manageable Costs
Parcel B - Manageable Costs
14
15. Energy sector in Brazil:
regulatory methodology
3rd Cycle of Tariff Reset – X Factor
X FACTOR
=
Pd
+
Q
+
T
Operational expenses
trajectory
DEFINITION
Distribution
productivity
OBJECTIVE
To capture
productivity gains
with distribution
To stimulate the
improvement of the
service quality
To implement operational
expenses trajectory during
the tariff cycle
Defined at tariff reset,
considering market
growth and variation
of consumer units
since last reset
Defined at each tariff
readjustement,
according to the
variation of SAIDI and
SAIFI and comparative
performance of discos
in the previous year
Defined at tariff reset,
considering the limits of
expenses established by
reference company and
benchmarking
methodologies
APLICATION
Quality of service
15
16.
17. AES Tietê Overview
Generation facilities
17 hydroelectric plants within the states of São Paulo
and Minas Gerais
30-year concession valid until 2029; renewable for
another 30 years
Installed capacity of 2,659 MW, with physical guarantee1
of 1,280 MW average
Almost all the amount of energy that AES Tietê can sell
in the long term is contracted to AES Eletropaulo until
the end of 2015
AES Tietê can invest in generation, its main activity, and
operate in energy trading
343 employees
1 - Amount of energy allowed to be long term contracted
17
18. Generated energy shows high
operational availability
Generated energy (MW avarage1)
130%
125%
Generated energy by power plant (MW avarage1)
129%
4%
126%
118%
Água Vermelha
11%
Bariri
Barra Bonita
7%
Euclides da Cunha
5%
58%
4%
1,665
1,703
1,599
2008
2009
Generation - Mwavg
2010
9M10
Nova Avanhandava
5%
1,550
1,512
Ibitinga
Promissão
6%
Other Power Plants*
9M11
Generation/Physical guarantee
1 – Generated energy divided by the amount of hours
* Caconde, Limoeiro, Mogi and SHPPs
18
19. A significant amount of billed energy and net
revenues comes from the bilateral contract with
AES Eletropaulo
Energy Billed (GWh)
Net Revenues (%)
14,706
14,729
1,340
2,331
1,980
331
1,680
-3%
301
1,150
13,148
117
11,483
215
94%
11,114
346
1,135
1,188
1,554
11,138
11,108
1,535
11,108
8,578
8,045
1%
2%
3%
AES Eletropaulo
2008
1
2009
AES Eletropaulo
2010
MRE 2
9M10
9M11
Other bilateral contracts
Spot Market
Other bilateral contracts
Spot Market
1 – Leap Year
2 – Energy Reallocation Mechanism
MRE
19
20. Investments in the modernization of Nova
Avanhandava, Ibitinga and Caconde
power plants
Investments (R$ million)
9M11 Investments
84%
169
+122%
18
119
14
82
56
53
12
4%
12%
151
7
13
105
70
46
43
Equipment and Modernization
2009
2010
2011 (e)
9M10
9M11
New SHPPs*
Investments
New SHPPs*
IT projects
*Small Hydro Power Plants
20
21. Growth opportunities
Perspectives
• Project features
-
Combined cycle using natural gas
-
Estimated investment of R$ 1.1 billion
-
Natural gas consumption: 2.5 million m3/day
-
550 MW of installed capacity
• 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 energy offering in the free market
21
23. Practice of total net income distribution on
quarterly basis*
Net Income and Dividend Pay-out1 (R$ million)
117%
110%
100%
12%
11%
11%
737
706
692
31
+2%
-5%
570
816
582
28
784
542
(74)
(36)
2008
Pay -out
1 – Gross value
(*) 2009 and 2010 numbers in IFRS
2009
Yield Pref
(78)
2010
Recurring
(40)
9M10
9M11
Non-recurring
IFRS Effect
23
24. Debt profile
Amortization Schedule – Principal (R$ million)
Net Debt (R$ billion)
0.3x
0.3x
0.3x
0.3x
0.4x
300
300
300
2013
2014
2015
0.6
0.4
0.4
0.4
0.5
2008
2009
2010
9M10
9M11
Net debt / EBITDA
Net debt
•
September, 2011:
–
–
Average debt maturity of 2.8 years
–
Net debt: R$ 0.6 billion
–
1 – Brazilian Interbank Interest Rate
Average debt cost in 9M11 was 115% of CDI1 p.a. or 15% p.a.
Net debt/EBITDA: 0.4x
24
25. Capital Markets
Daily Avg. Volume (R$ thousand)
AES Tietê X Ibovespa X IEE
13,922
YTD1
110
10,187
+5%
+2%
-2%
4,239
12,828
3,370
8,160
2,101
90
2,692
-25%
9,683
9,458
2009
2010
9M11
Preferred
70
Common
8,086
5,468
50
Dec-10
Mar-11
Jun-11
Sep-11
2008
TSR 2
AES TIETÊ PF
IBOVESPA
IEE
3
•
Market Cap4: R$ 8.5 billion
•
BM&FBovespa: GETI3 (common shares) and GETI4 (preferred shares)
•
ADRs negotiated in US OTC Market: AESAY (common shares) and AESYY
(preferred shares)
1 – Index: 12/30/2010 = 100
2 – Total Shareholders’ Return
3 – Electric Energy Index
4 – Index: 09/30/11
25
26.
27. AES Eletropaulo Overview
Concession Area
Largest electricity distribution company in Latin America
Serving 24 municipalities in the São Paulo Metropolitan area
Concession contract valid until 2028; renewable for another 30
years
Concession area with the highest GDP in Brazil
45 thousand kilometers of lines, 1.2 million electricity poles and
6.1 million consumption units in a concession area of 4,526 km2
Total distributed volume of 43 TWh in 2010
AES Eletropaulo, as a distribution company, can only invest in
assets within its concession area
5,647 employees
27
38. Commitment with sustainability
SUSTAINABLE ENERGY
GENERATION
EFFICIENCY IN THE USE OF
RESOURCES
... means using
economic, social and
environmental
resources in a balanced
fashion, preserving the
present time and
ensuring the future
... means allocating
them in such a manner
that balanced and
perennial results are
ensured for all
stakeholders, abiding by
the values practiced by
the company
Cross-cutting
themes
SAFETY
DEVELOPMENT & VALUATION
OF COWORKERS, SUPPLIERS
AND COMMUNITIES
... means an attitude of
protection of our
employees, suppliers
and population.
...means knowing,
involving in a
transparent form and
positively influencing
our coworkers,
suppliers and
communities to build a
collective agenda that
generates value for
everyone
INNOVATION IN PRODUCTS
AND SERVICES
... means providing an
environment and
culture that inspire
solutions that improve
people’s lives, ensuring
quality and excellence
in the services rendered
to the customer.
– Education for sustainability
– Stakeholders active participation
– Communication, knowledge and information
38
39. Social Responsibility: Main Projects
Development and transformation of communities
Education, culture
and sport
“Casa de Cultura e Cidadania” Project
It offers courses and activities in culture and sport for 5.2
thousand children and teenagers in 7 units of AES Brazil. In two
AES Eletropaulo’s units the project benefits 1.6 thousand
people in low-income communities.
Children education and development
“Centros Educacionais Luz e Lápis” Project
Two units in São Paulo attending 320 children from 1 to 5 years old, in social
vulnerability.
Education about Safety and Efficiency in energy consumption
“AES Eletropaulo nas Escolas” Project
Education about safe and efficient use of energy to 4.5 thousand teachers and 404 thousand
students from 900 public schools, between 2010 and 2011. The actions include recreational
activities offered in adapted trucks.
39
40. Social Responsibility: Main Projects
Inclusive
and
Social Business
Women inclusion and income generation
“Fornecedor Cidadão” Project
Empowerment of female electricians to work on
energy cutting and reconnection. Project started in
2010 with 41 women.
Social inclusion and income generation
“Empreender com energia” Project
In partnership with the “Aliança Empreendedora” Institution,
community residents of Vl. Guacuri neighborhood
– SP are
empowered to entrepreneurship, in groups or individually, in order to
improve their income and life quality. Starting in 2010, the project now
has two productive groups and 19 individual entrepreneurs.
40
41. Social Responsibility: Main Projects
Converting Consumers to Clients
A project developed to work on electrical network regularization.
Since 2004, more than 437 thousand families in low income
communities were benefited from better energy supply conditions
and social inclusion.
The project has already substituted:
880 thousand lamps
22 thousand refrigerators and
7 thousand showers
for more efficient equipments
“Energia do Bem” Project
Active participation of employees to transform low income
communities and to work on institutions development. Starting in
2008, the program counts on the participation of 12% of AES
Eletropaulo employees, in activities like winter clothes campaigns
and support in several activities institutions.
www.energiadobem.com.br
41
43. Costs and Expenses
Costs and operational expenses1 (R$ million)
415
433
351
239
2008
214
2009
296
115
174
187
299
125
112
201
181
9M10
9M11
246
2010
Energy Purchase, Transmission and Connection Charges, and Water Resources
Other Costs and Expenses 2
1 – Do not include depreciation and amortization 2 - Personnel, Material, Third Party Services and Other Costs and Expenses
43
44. Costs and Expenses
Costs and operational expenses1 (R$ million)
PMS and Other Expenses (R$ million)
1,306
1,193
6,431
5,893
1,306
6,745
254
1,255
165
970
1,255
1,193
379
5,006
970
5,129
352
443
5,125
308
4,036
2009
368
5,490
700
4,220
647
485
2008
67
909
329
4,700
202
909
2010
Energy Supply and Transmission Charges
9M10
9M11
PMS² and Others Expenses
2008
461
3
2009
Personnel and Payroll
2010
475
9M10
9M11
Material and Third Party
Others
1 – Do not include depreciation and amortization
2 - Personnel, Material, Third Party Services and Other Costs and Expenses
3 – In 2009 expenses with Pension Fund increased due to inflation rate (IGP-M) increase and reversal of R$ 63 million in 4Q08 caused by actuarial liability adjustment 44
45. Action Plan: R$ 242 million with increase
of R$ 122 million in emergency teams
availability of 353 emergency teams
Concluded in
September 2011
38% increase in call center positions (150 positions)
doubling of SMS receipt capacity to 100 thousand / day
training of 276 maintenance and construction electricians
hiring of 30 additional pruning electricians
training of 240 electricians for emergency attendances in powered grid
Concluded in
November 2011
beginning of 276 maintenance and construction electricians activities
and training conclusion of other 304
300 additional stand by positions in call center for emergency
situations
increase of call center service capacity by 27 times from 2 thousand to
54 thousand calls/hours
December to
March
increase of 120 emergency teams, totaling 473 teams
45
46. AES Tiete's expansion obligation
Privatization Notice
established the
obligation to expand the
installed capacity in 15%
(400 MW) until 2007,
either in greenfield
projects and/or through
long term purchase
agreements with new
plants
Aneel informed
that the issue is
not related to the
concession
agreement and
must be
addressed with
the State of São
Paulo
Judicial Notice:
The Company was notified by
the State of São Paulo
Attorney's Office to present its
understanding on the matter,
having filed its response on
time, the proceedings were
ended, since no other action
was taken by the Attorney's
Office
AES Tietê was summoned to
answer a Lawsuit filed by the
State of São Paulo, which
requested the fulfillment of the
obligation in 24 months.
An injunction was granted in
order to have a project submitted
within 60 days.
Efforts being made by the
Company to meet the
obligation :
• Long-term energy
contracts (biomass)
totaling an average of 10
MW
•SHPP São Joaquim started operating in July,
1999
2007
Ago/08
Out/08
Jul/09
Set/10
Set/11
Nov/11
2011, with 3 MW of
installed capacity
•SHPP São José – under
construction, with 4 MW
Company faces restrictions until
deadline:
• Insufficiency of hydro resources
• Environmental restrictions
• Insufficiency of natural gas supply
• New Model of Electric Sector (Law #
10,848/2004), which forbids bilateral
agreements between generators and
distributors
of installed capacity,
In response to a Popular
Action (filed by
individuals against the
Federal Government,
Aneel, AES Tietê and
Duke), the Company
presents its defense
before the first instance
Popular Action:
Due to the plaintiffs failure
to specify the persons that
should be named as
Defendants, a favorable
decision was rendered by
the first Instance Court
(an appeal has been filed)
Lawsuit:
expected to be
The Company
appealed to the
State of Sao
Paulo State Court
of Appeals and
the injunction was
stayed
operational in 2012
• Thermo-SP - Project of
a 550MW gas fired
thermal plant
46
47. Eletrobras Lawsuit
State-owned
Eletropaulo was
spun-off into four
companies and,
according to our
understanding
based on the
spin-off
agreement, the
discussion was
transferred to
CTEEP
Stated-owned
Eletropaulo
borrowed money
from Eletrobras
Nov/86
Dec/88
Jan/98
Eletrobras, after
winning the
interest
calculation
discussion, filed
an Execution Suit
to collect the due
amount
Apr/98
Sep/01
Eletrobras and
CTEEP appealed
to the Superior
Court of Justice
(SCJ)
Sep/03
Oct/05
Eletrobras
requested the 1st
level of court
judge to appoint
an expert
Jun/06
May/09
On July 7, the
judge determined
Eletropaulo and
CTEEP to present
their
considerations,
which occurred in
August
Dec/10
Jul/11
Next Steps:
1 - The auditing
procedure (AP)
is expected to
begin by the 1st
half of 2012
2 – AP is
expected to be
concluded in at
least 6 months
3 - After AP’s
conclusion, a
1st level court
decision will be
released
4 - Appealing to
the 2nd instance
court
State-owned
Eletropaulo and
Eletrobras
disagreed on how
to calculate
interest over that
loan and a lawsuit
was started
Privatization
event . Stateowned
Eletropaulo
became AES
Eletropaulo
The 2nd level of
court excluded
AES Eletropaulo
from the
discussion based
on the spin-off
agreement
The SCJ decided
to send the
Execution Suit
back to the 1st
level of court
Eletrobras
requested the
beginning of the
appraisal
procedure, which is
under 1st. instance
court analysis
5 - Foreclosure
starts.
Presentation of
guaranty
6 - Request to
withdraw the
guaranty
7 - Appeals to
the 3rd instance
courts
47
48. Shareholders Agreement
On Dec 2003 AES and BNDES signed a Shareholders’ Agreement to regulate their relationship as shareholders of
Brasiliana and its controlled companies. The Agreement is available at www.aeseletropaulo.com.br/ri
Shareholders can dispose its share at any time, considering the following terms:
Right of 1st
refusal
Any party with an intention to dispose its shares should first provide the other party the right to buy
Tag along
rights
In the case of change in Brasiliana’s control, tag along rights are triggered for the following
Drag along
rights
Once the offering party exercises the Drag Along clause, offered party is obligated to dispose of all
that participation at the same price offered by a third party
companies (only if AES is no longer controlling shareholder):
– AES Eletropaulo: Tag along of 100% in its common and preferred shares
– AES Tietê: Tag along of 80% in its common shares
– AES Elpa: Tag along of 80% in its common shares
its shares at the time, if the Right of 1st Refusal is not exercised by offered party
48
49. Brazilian Main Taxes
AES Tietê
• Income Tax / Social Contribution:
– 34% over taxable income
• ICMS (VAT tax)
– deferred tax
• PIS/Cofins (sales tax):
– Eletropaulo´s PPA: 3.65% over Revenue
– Other bilateral contracts: 9.25% over Revenue
minus Costs
AES Eletropaulo
• Income Tax / Social Contribution:
– 34% over taxable income
• ICMS: 22% over Revenue (average rate)
– Residential: 25%
– Industrial and Commercial: 18%
– Public Entities: free
• PIS/Cofins:
– 9.25% over Revenue minus Costs
49
50. Contacts:
ri.aeseletropaulo@aes.com
ri.aestiete@aes.com
+ 55 11 2195 7048
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.