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Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
Apresentação Institucional - Inglês
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Apresentação Institucional - Inglês

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  • 1. Institutional March, 2010
  • 2. % 7 million clients 6 thousand AES People AES Brasil Group 85.4% 14.6% Others AES Brasil 97.0% 3.0% Discos Gencos Market Share ... with a 2009 result : R$ 3.2 billion (Ebitda) R$ 1.9 billion (net income) Investments 1998-2009: R$ 5.8 billion after privatization Disco Trading Co. Telecom Genco
  • 3. Shareholding structure C 99.99 % T 99.99 % C 99.99% T 99.99% AES Com RJ C = Common Shares P = Preferred Shares T = Total C 76.46% P 7.43% T 34.80% AES Eletropaulo AES Tietê Cia. Brasiliana de Energia AES Corp BNDES C 50.00% - 1 share P 100% T 53.85% C 50.00% + 1 share P 0.00% T 46.15% C 71.35% P 32.34% T 52.55% AES EP Telecom C 98.26% T 98.26% AES Sul T 99.76% AES Uruguaiana AES Infoenergy C 100.00% T 100.00%
  • 4. 24.2% 28.3% 39.5% 16.1% 19.2% 56.2% 7.9% 8.0% Shareholding composition 1 – Federal Government and Eletrobrás correspond to AES Eletropaulo and AES Tietê, respectively Free Float Federal Government or Eletrobras 1
  • 5. Energy sector agents in Brazil Ministry of Mines and Energy (MME) National Council of Energy Policy (CNPE) Electric Energy Commercialization Chamber (CCEE) Pricing and clearing of energy transactions Electricity Sector Surveillance Committee (CMSE) Brazilian Electricity Regulatory Agency (ANEEL) Energy Research Enterprise (EPE) Generation companies Transmission companies Distribution companies Trading companies System Operator (ONS) Generator resources scheduling and dispatch (Monitors energy supply) (Ruling, Inspection & Auditing, Monitoring, and Mediation) (Generation & Transmission Planning) (Set Guidelines and Policies) (Formulates Policies)
  • 6. Energy sector in Brazil (Contracting Environment) Trading Companies Free Clients Spot Market
    • Main auctions (reverse auctions):
      • New Energy (A-5): Delivery in 5 years, 15-30 years regulated PPA
      • New Energy (A-3): Delivery in 3 years, 15-30 years regulated PPA
      • Existing Energy (A-1): Delivery in 1 year, 5-15 years PPA
    Regulated Market Free Market Distribution Companies PPAs 1 Trading Companies Free Clients Distribution Companies Auctions 1 – Power Purchase Agreement
  • 7. Tariff Reset and Readjustment
    • Tariff Reset is applied each 3 to 5 years
      • AES Eletropaulo: each 4 years
      • AES Sul: each 5 years
      • 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
    Energy Purchase Transmission Sector Charges Investment Remuneration Depreciation Reference Company (PMSO) Remuneration Asset Base X Depreciation X WACC Regulatory Ebitda Parcel A Non-Manageable Costs Parcel B Manageable Costs
    • Remuneration Asset Base:
      • Applicable investments used to calculate the Investment Remuneration (applying WACC) and Depreciation
    • Reference Company:
      • Efficient cost structure, determined by ANEEL (National Electricity Agency)
    • Parcel A Costs
      • Non-manageable costs that totally pass- through to the tariff
      • Losses reduction improve the pass-through effectiveness
    (1) X Factor: index that capture productivity gains Discos regulatory methodology (Tariff Reset and Readjustment)
  • 8.  
  • 9. AES Eletropaulo overview
    • Largest electricity distribution company in Latin America
    • Serving 24 municipalities in the São Paulo Metropolitan area
    • Concession area with the highest GDP in Brazil:
      • 17.1% of the Brazilian GDP and 50.3% of São Paulo’s state GDP
    • 46 thousand kilometers of lines
    • 4,526 km 2 of concession area
    • 1.1 million electricity poles
    • 4,360 employees
    • 5.9 million of consumption units
    • Total distributed volume of 41 TWh in 2009
    Concession Area São Paulo Metropolitan Area Regional West Regional East Regional South Regional ABC Regional North Note – Data as of Dec. 2009, except GDP which is 2006
  • 10. % Ranking¹ for energy distributors Net Revenue 2007 2008 Ebitda 1 st 2 nd 1 st 1 st 1 – Source: ABRADEE (Brazilian Association of Energy Distributors); research among 48 energy distributors in Brazil. Net Revenue - R$ million AES ELETROPAULO CEMIG LIGHT CPFL PAULISTA COPEL COELBA CELESC ELEKTRO AMPLA CELPE BANDEIRANTE CPFL PIRATININGA COELCE CELG Ebitda - R$ million 200 400 600 800 1.000 1.200 1.400 1.600 1.800 AES ELETROPAULO CEMIG LIGHT COELBA CPFL PAULISTA COPEL ELEKTRO AMPLA CELPE COELCE AMAZONAS CPFL PIRATININGA CEMAR RGE 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000
  • 11. Consumption evolution Free Clients Commercial Total Market - (GWh) 1 2009 Consumption Share - (GWh) 1 Residential Others Industrial Free Clients Captive market 1 – Own consumption not considered 2006 2007 2008 410 38,183 39,932 41,243 31,656 6,527 32,577 7,355 33,860 7,383 + 8% 34,436 6,832 41,269 2009 36% 15% 17% 26 % 6%
  • 12. 1 – Own consumption not considered Residential - (GWh) Commercial - (GWh) Industrial - (GWh) Captive Market¹ - (GWh) Most important consumption classes 15,015 2009 1Q09 2,657 2Q09 2,625 3Q09 2,567 2008 10,301 10,752 2009 4Q09 3,801 4Q09 2,902 +4,1% +4.4% 1Q09 1,327 2Q09 1,465 3Q09 1,546 1Q09 8,118 2Q09 8,493 3Q09 8,742 2008 33,860 34,436 2009 4Q09 1,695 4Q09 9,084 - 8.0 % +1.7% 1Q09 3,494 2Q09 3,742 3Q09 3,978 2008 14,427 2008 6,559 6,032 2009
  • 13. Investments amounted up to R$ 516 million in 2009 Paid by customers Investments Breakdown – R$ million Investments 2009 Capex 2007 2008 2009 364 410 69 433 457 47 478 37 516 2010(e) 637 54 691 44% 23% 15% 5% 6% 7% Maintenance IT Others Customer Service and System Expansion Customer Financed Loss Recovery
  • 14. SAIDI & SAIFI SAIDI - System Average Interruption Duration Index Source: ABRADEE, ANEEL e AES Eletropaulo SAIFI - System Average Interruption Frequency Index SAIDI (hours) SAIFI (times) SAIDI Aneel Target SAIFI Aneel Target ABRADEE ranking position between 28 distributors with over 500 thousand consumers 11.81 11.34 10.92 3 o 3 o 5 o 11.86 2009 10.09 8.61 8.49 8.41 3 o 1 o 1 o 2007 5.64 2008 5.20 2006 5.52 2009 6.17 7.87 7.87 2006 8.90 2007 9.20 2008
  • 15. Operational indexes
    • Disconnections and Reconnection – Monthly Average (2008 X 2009)
      • Disconnections: increase from 33 thousand to 80 thousand
      • Reconnection: increase from 32 thousand to 56 thousand
    • Past due bill credit report (2009 average): 190 thousand
    • Fraud and Illegal Connections (2009)
      • 336,000 inspections e 41,800 frauds detected
      • 80,200 illegal connections regularized
    1 - Current Technical Losses used retroactively as reference Commercial Losses Technical Losses¹ Collection Rate – % over gross revenue Losses – % 97.8 99.5 99.1 2008 2007 2006 5.5 5.1 6.5 6.5 11.6 12.0 5.0 6.5 11.5 2.0 p.p. - 0.2 p.p. 101.1 2009 6.5 5.3 11.8 2008 2007 2006 2009
  • 16. Regulatory WACC (%) 2007 2003 EMBI+ BR 4.63% 2.21% Selic target 16.50% 11.25% Net revenue of R$ 8.0 billion in 2009 Net Revenue – R$ million Ebitda – R$ million 2007 2008 7,529 7,193 2006 6,852 + 17.5% 2009 8,050 2007 2008 2006 1,766 1,696 1,566 17.1 15.1 2009 1,573
  • 17. 1 – Gross amount 34.9% 100.3% 101.5% 3.2% 14.4% 20.3% 130 715 1,043 Dividends Pay-out Yield PNB 2007 2008 2006 2009 Net income of R$ 1,1 billion in 2009 Net Income – R$ million Dividend payout 1 – R$ million
    • 25% of minimum pay-out according to bylaw
    • Practice on semi-annual basis of maximum permitted dividend distribution, since 2006 results
    2007 2008 1,027 713 2006 373 + 185% 2009 1,063 1,080 20.4% 101.5%
  • 18. R$ 993 million paid as dividends in 2009 Managerial Cash Flow – R$ million Initial Cash Operating Cash Flow Investments Net Financial Expenses Net Amortizations CESP Foundation Income Tax Dividends Free Cash Flow Final Cash 2008 1,334 2,019 (374) (285) (94) (192) (295) (577) 201 1,536 2009 1,536 2,332 (482) (291) (320) (224) (309) (286) 1,249 (993)
  • 19. Debt profile 1 - FCesp = Pension Fund 2 - Brazil’s Interbank Interest Rate Amortization Schedule – R$ million
    • December, 2009:
      • Average debt cost is 87.1% of CDI ² per year which means an effective rate of 8.7% per year
      • Average debt maturity is 10.4 years
    2010 2011 2012 2013 2014 2015 2018-2028 2017 2016 524 250 275 278 108 183 354 85 1,360 65 609 311 340 347 182 262 1,714 233 293 377 61 69 74 79 84 89 144 Local Currency (ex FCesp) FCesp 1 Net Debt Net Debt (R$ billion) Net Debt / EBITDA Adjusted with FCesp 2006 3.7 2007 3.0 2008 2.5 2009 3.2 1.8x 1.8x 1.5x 1.8x
  • 20. Capital market AES Eletropaulo 1 X Ibovespa X IEE Average Daily Volume 3 - R$ thousand 2006 2007 2008 7,508 26,066 25,677 2009 21,960 IEE Dec-08 2 Dec-09 60% 83% 59% Mar-09 Jun-09 2009 A B C Sep-09 80 120 140 160 180 100 1 – Preferred shares class B adjusted by the dividends declared in the related period 2 – Index: 12/30/08 = 100 3 – Preferred shares class B
    • A) 02/25/2009 – Finsocial and São Paulo municipality agreement
    • B) 04/16/2009 – Public Consultation of Tariff Reset
    • C) 06/16/2009 – Second Periodic Tariff Reset Revision
    • D) 10/18/2009 – Parcel A discussion on media
    D IBOV ELPL6
  • 21.  
  • 22. AES Tietê overview
    • 30 year concession, expires in 2029, renewable for another 30 years
    • 10 hydroelectric plants in the State of São Paulo at Tietê, Pardo and Mogi Guaçu rivers
    • Installed capacity of 2,657 MW, with physical guarantee 1 of 1,280 MW
    • 100% of physical guarantee contracted with AES Eletropaulo until the end of 2015
    • 315 employees
    Concession Area Água Vermelha (1,396 MW) Nova Avanhandava (347 MW) Ibitinga (132 MW) Barra Bonita (141 MW) Promissão (264 MW) Bariri (143 MW) Mogi-Guaçu (7 MW) Euclides da Cunha (109 MW) Caconde (80 MW) Limoeiro (32 MW) Name and Installed Capacity of AES Tietê’s Plants: 1 - Amount of energy allowed to be long term contracted Atlantic Ocean
  • 23. Energy Generation – MW average Billed Energy – GWh AES Eletropaulo MRE 2 Spot Market 13,421 1,740 11,108 13,148 330 1,680 11,138 2006 2007 2008 12,774 536 1,130 11,108 573 Operational Performance 1 - Generated energy divided by the amount of period hours 2 - Energy Reallocation Mechanism Generation – MW Avg. Generation / Physical Guarantee 1 130% 1,424 1,543 1,510 112% 121% 118% 1,662 2006 2007 2008 2009 2009 11,108 2,372 14,436 956 2010 Prices (R$ / MWh) AES Eletropaulo 152.00 MRE 8.51 Spot (2009 avg.) 38.74
  • 24. Investments – R$ million 2009 Investments 1- Small Hydro Power Plants Jaguari Mirim and Piabanha Investments New SHPPs 1 Investments 2007 2008 8 51 59 39 43 20 2009 13 57 44 2010(e) 67 1 68 2006 12 47 35 Equip. and Maint. Environment IT New SHPPs 54% 24% 20% 2%
  • 25. Expansion requirement of 15%
    • Increase installed capacity in Sao Paulo State by 15% (400 MW), either in greenfield projects or through long term purchase agreement with new plants
    • The obligation was supposed to be accomplished by December 2007, however AES Tietê was not able to comply with this requirement due to the following restrictions:
      • Insufficient remaining hydro resources within the State of São Paulo
      • Environmental restrictions
      • Insufficiency of gas supply / timing issue
      • More restricted regulation on energy sale established by the New Model of Electric Sector (Law # 10,848/2004) which eliminated the self dealing
    • In August 2008, Aneel informed that the issue is not linked to the concession
    • Popular law action against Federal Government, Aneel, AES Tietê, and Duke
      • Status: Defense filed on first instance in October 2008 by AES Tietê. In December, 2008, the author replied AES Tietê defense and, since this, both parties are waiting judge movement about the necessity of proves production
    • On July 27, 2009, AES Tietê was notified by the State Government Attorney’s Office to present arguments on compliance with the expansion obligation
      • The Company filed a response on July, 29th, which exhausts the procedure for notification. Possible deployment depends on new manifestation of the Prosecution
  • 26. Projects - expansion requirement Concluded (PPA 1 ) 1 - Power Purchase Agreement 2 - Small Hydro Power Plant AES Tietê has been seeking opportunities to increase its installed capacity to comply with the 15% increase requirement in the State of São Paulo In Progress Under Evaluation
          • 6MW of co-generation by biomass contracted for 15 years (initiating in 2010)
          • 7 MW of hydropower generation through SHPPs 2 in Jaguari Mirim river
            • SHPP São José (4 MW) is expected to begin the operation in 2H10
            • SHPP São Joaquim (3 MW) is expected to begin the operation in 2H10
          • 500 MW of natural gas fired thermo plant
            • Location has been defined
            • Initiation of the environmental licensing process, with entry on CETESB in March, 2010
          • 32 MW of hydropower generation through SHPPs under technical and economic viability study
  • 27. Net Revenue – R$ million Ebitda – R$ million Net revenue of R$ 1.7 billion in 2009 + 20% + 15% 1,254 1,099 1,097 2007 2008 2006 1,260 2009 2007 2008 1,605 1,449 2006 1,366 2009 1,670
  • 28. Net Income – R$ million Dividend Payout 1 – R$ million 1 - Gross amount 100 % 100 % 100 % 12% 10% 12% 614 609 692 Dividends Pay-out Yield PN + 27% 2007 2008 2006
    • 25% of minimum pay-out according to bylaw
    • Practice on quarterly basis of maximum permitted dividend distribution, since 2006 results
    Sustainable profitability and dividend payment 2009 780 11% 100 % 614 609 692 2007 2008 2006 2009 780
  • 29. Managerial Cash Flow – R$ million Strong cash flow 2008 634 1.219 (52) (49) (194) (67) (656) 202 836 5 840 2009 836 1.241 (55) (48) (224) (308) (829) (223) 613 2 615 Initial Cash Operating Cash Flow Investments Net Financial Expenses Net Amortization Income Tax Dividends and Interest on Equity Free Cash Flow Final Cash – Parent Company Final Cash of Subs. And Assoc. Comp. Final Cash
  • 30.
    • Eletrobras Debt
      • Balance: R$ 969 million
      • Monthly amortization
      • Maturity: May 15, 2013
      • Interest of 10% p.a. and monetary adjustment of IGP-M
    Net Debt Net Debt (R$ billion) Net Debt / Ebitda Debt 2005 2006 2007 2008 2009 0.4 0.7 0.7 0.4 0.7 0.3x 0.3x 0.6x 0.6x 0.7x
  • 31. Daily Average Volume - R$ thousand Capital market Preferred (GETI4) Common (GETI3) 5,760 9,067 2006 2007 2008 2009 2,101 1,572 2,692 10,187 8,160 5,468 8,086 3,566 4,188 5,531 AES Tietê 1 X Ibovespa X IEE IBOV IEE GETI4 1 – Shares were adjusted by declared dividend of the period under analysis 2 – Data Base: 12/30/08 = 100 2009 2 + 83% + 59% + 41% 70 90 110 130 150 170 190 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09
  • 32. Social Responsibility and Environmental Actions
  • 33. Social responsibility
    • Launched in December, 2008;
    • Objective: to get the co-workers committed to the transformation of low income communities and development of non-governmental institutions;
    • 1,137 volunteers
    Volunteering Program Specific social mobilization or emergency campaign. Winter clothes, Christmas campaign, among others. Opportunities for volunteering in social organizations, which are partners of AES Brazil Co-workers can enroll in volunteer activities available at AES Brazil volunteering portal since September/09 www.energiadobem.com.br Acknowledgement and support of projects for the development of social organizations. Volunteers may submit projects to help other organizations develop. Launch scheduled for January/10. Acting to Transform Enterprising in the Community distributing Energy of Good
  • 34.
    • 302 benefited children between 1 and 6 years old
    • Own investments amounting R$ 1.5 million in 2009
    • Units: Santo Amaro and Guarapiranga
    • Over 5.2 thousand children, teenagers,
    • and adults have been benefited
    • Own and incentive investments:
    • approximately R$ 14 million in 2009
    • Activities of acting, dancing, circus arts, visual arts, music, gymnastics, courses of income generation, and education of safe use of electrical power and the right use of natural resources
    • 6 units operating
    “ Casa da Cultura e Cidadania” Project “ Centros Educacionais Infantis Luz e Lápis” - Project Social responsibility
  • 35.
    • Carbon Credit
      • Clean Development Methodology (CDM) approved by United Nations Framework Convention on Climate Change (UNFCCC), allows up to 10,000 hectare reforestation on reservoir borders
      • AES Tietê is seeking for good business opportunities, and has not transacted credits so far
    • Reforestation
      • One million of seedlings production in seed-plot of Promissão hydroelectric power plant
      • Donation of seedlings to the society, rural producers, city halls, and non-governmental organizations
    • Fish Farming
      • Reproduction of 2.5 million fishes in 10 reservoirs of AES Tiete's plants
    • Archeological Park
      • Community involvement into archeological artifacts conservation and better understanding of its scientific importance
      • Social access to the archeological history of the reservoir area
    Environmental actions
  • 36. 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. Contacts: [email_address] [email_address] + 55 11 2195 7048

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