2Q09 Results

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2Q09 Results

  1. 1. EDP Energias do Brasil 2Q09 Results July 30th, 2009 1
  2. 2. Disclaimer This presentation may include forward-looking statements of future events or results according to regulations of the Brazilian and international securities and exchange commissions. These statements are based on certain assumptions and analysis by the company that reflect its experience, the economic environment and future market conditions and expected events, many of which are beyond the control of the company. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company’s business strategy, Brazilian and international economic conditions, technology, financial strategy, public service industry developments, hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual results of the company may be significantly different from those shown or implicit in the statement of expectations about future events or results. The information and opinions contained in this presentation should not be understood as a recommendation to potential investors and no investment decision is to be based on the veracity, current events or completeness of this information or these opinions. No advisors to the company or parties related to them or their representatives shall have any responsibility for whatever losses that may result from the use or contents of this presentation. This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the company’s business. These statements include projections of economic growth and energy demand and supply, as well as information about the competitive position, the regulatory environment, potential opportunities for growth and other matters. Several factors may adversely affect the estimates and assumptions on which these statements are based. 2
  3. 3. Highlights 2Q09: EBITDA of R$344 million and Net Income of R$213 million Energy volume sold by the generation business totaled 1,846 GWh, 29% up on 2Q08 as a result of the asset swap operation; Unveiling of full commercial operations at Santa Fé SHP; Commercialized energy reported record sales: volume +15% in 2Q09 vs. 2Q08; Net Revenue fell 1% due to the elimination of Enersul figures; Manageable expenses down 12%, dropping for the sixth quarter in a row; Divestment of ESC 90: positive impact of R$121 million on the 2Q09 result; Approval and signature for long-term BNDES and IDB financing for Pecém I; Issuance of R$230 million in promissory notes by Bandeirante; Launch of the campaign “A Good Energy”; Start-up in operation of Escelsa’s new commercial system. 3
  4. 4. Consolidated Performance 4
  5. 5. Consolidated Performance Net Revenues (R$ million) Net Revenues Breakdown (2Q09) -4% 18% 2,337 2,233 Generation -1% 16% Distribution 1,128 1,116 Commercialization 66% 2Q08 2Q09 1H08 1H09 Generation ↑29.3% in volume of energy sold; ↑4.2% in average price Distribution Elimination of Enersul; ↑0.6% in volume sold to final customers; ↑ of average tariffs Commercialization ↑14.5% in volume of commercialized energy; ↑14.1% in average price 5
  6. 6. Consolidated Performance Opex (R$ million) Opex Breakdown (2Q09) -5% -4% 1,630 1,548 428 Non-manageable 364 Expenses 805 772 70% 205 180 1,201 1,184 600 593 Manageable Expenses 2Q08 2Q09 1H08 1H09 30% Non-manageable expenditures Manageable expenditures* * Excluding D&A; 1H09 includes R$15.3 MM of “WIN” Program R$ ‘000 2Q09 2Q08 Var.% Opex (Manageable) Evolution (R$ million) Personnel 64,715 79,679 -18.8 Material 6,164 11,090 -44.4 Third Party Services 72,417 82,095 -11.8 Provisions 20,598 19,570 +5.3 249 Others 15,670 12,128 +29.3 224 205 204 199 185 180 Total 179,564 204,562 -12.2 D&A. 74,704 212,091 -64.8 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Total 254,268 416,653 -39.0 6
  7. 7. Consolidated Performance EBITDA (R$ million) and Margin (%) EBITDA Breakdown (2Q09) 46% 30.8% 30.7% 30.2% 3% Generation 28.7% 707 684 Distribution 323 344 Commercialization 51% 2Q08 2Q09 1H08 1H09 Net Income (R$ million) and Margin (%) Adjusted Net Income (R$ million) and Margin (%) 14.8% 19.0% 14.8% 12.7% 11.5% 7.1% 330 296 330 213 213 167 130 0.5 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09 7
  8. 8. Capex Investment Plan regards more than R$ 3.0 billion from 2009 to 2011 R$ million 2Q09 2Q08 Var.% Distribution 98.1 129.1 -24.0 R$ 1.1 mm R$ 1.1 mm 4% 4% Bandeirante 29.7 39.3 -24.3 6% Escelsa 68.3 48.5 +40.9 R$ 0.84 mm 33% 30% Enersul - 41.3 n.a. 31% Generation 89.6 66.2 +35.3 18% Enerpeixe 3.4 3.5 -0.8 34% 44% Energest 12.0 21.1 -43.2 41% Lajeado / Investco 0.5 1.1 -58.2 28% 24% Santa Fé 38.3 40.6 -5.6 Pecém 35.4 - n.a. 2009e 2010e 2011e Others 0.5 1.6 -65.6 TOTAL 188.2 196.9 -4.4 Pecém Others Distribution Repowering Santa Fé 8
  9. 9. Debt Debt Evolution (R$ million) Gross Debt Breakdown (Jun/09) 52% Floating Rates* 3,026 4% 2,402 6% TJLP 2.348 1,741 (476) (147) US$ Fixed Rates 1,285 * Includes CDI and IGP-M 38% Gross Debt Cash Regulatory Net Debt Jun/09 Net Debt Mar/09 Jun/09 Assets Short term Long term Debt Maturity Schedule* (R$ million) Net Debt (R$ million) and Net Debt/EBITDA* (x) 903 2,390 2,402 2,348 737 754 2,131 724 427 1,680 477 335 476 1.8x 1.8x 1.8x 1.8x 1.4x Cash.(jun/09)** 2009 2010 2011 2012 After 2012 jun/08 sep/08 dec/08 mar/09 jun/09 (*) Values include principal + interest + results from hedge operations (*) EBITDA of the last 12 months 9 (**) Also includes shares in treasury as of market price on June 30, 2009
  10. 10. Debt Signing of long-term BNDES and IDB financing for Pecém I Amortization of R$86 million of Escelsa’s debentures Short-Term Debt Breakdown (R$ million) 903 170 737 427* 60 255 251 476 Cash & Bridge Loan Credit Line Distribution Generation Total 2009 Marketable Pecém Securities (Jun/09) 10 (*) Shares in treasury as of market price on June 30, 2009.
  11. 11. Credit Limits Besides these short term credit lines, EDP Energias do Brasil has other lower value pre- approved credit lines (R$ million) Approved Credit Lines (Jun-09) Limit date to Institution Total approved Used Available use the resource BNDES - CALC 900 0 900 2014 BNDES – IDB (Porto do Pecém) 2,000 0 2,000 2009 EIB 270* 0 270 2012 BNDES (Santa Fé SHP) 76 64 12 2009 Total Credit Limits 3,246 64 3,246 - * Credit line totaled EUR 90 million (EUR45 each distribution company) 11
  12. 12. Generation 12
  13. 13. Generation’s Performance Volume (GWh) Net Revenue (R$ million) +26% 3,737 +13% 2,966 459 406 +29% +21% 1,846 1,428 226 187 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09 EBITDA (R$ million) and Margin (%) Net Income (R$ million) and Margin (%) 72.4% 74.5% 40.5% 73.4% 62.9% 342 294 31.2% 28.6% 164 166 132 118 17.7% 58 40 2Q08 2Q09 1H08 1H09 13 2Q08 2Q09 1H08 1H09
  14. 14. Installed Capacity (MW) With Santa Fé SHP fully operational, EDP Energias do Brasil’s installed capacity increased to 1,731 MW. 2,116 360 385 25** 29 6* 2011 2009 2009 2009 and 2010 653 653 25 50 2008 Expect Start-up 1,731 1,731 1.702 452 452 1,043 516 516 2005 Peixe 4th Engine São 2007 Additional Cenaee l Santa 2009 Repowering Pecém 2011 Angical Mascarenhas João TPP Capacity Fé HPP SHP Lajeado SHP Projects concluded since the IPO Projects in course * Corresponds to EDP Energias do Brasil’s 45% stake in EDP Renováveis Brasil 14 ** Mascarenhas, Suíça, Rio Bonito
  15. 15. Distribution 15
  16. 16. Distribution’s Performance (Bandeirante + Escelsa) Volume (GWh) Volume Breakdown (2Q09) Residential -9% 23% 11,080 Others* Commercial 10,072 2% 14% -9% 5,624 5,108 Free Industrial Customers 19% 32% Rural Others 3% (captive) 2Q08 2Q09 1H08 1H09 * Supply + Own Consumption 7% Captive Customers (GWh) Free Customers (GWh) +1% -25% 6,548 6,585 4,332 +1% -25% 3,258 3,298 3,319 2,219 1,667 16 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09
  17. 17. Distribution’s Performance (Bandeirante + Escelsa) Net Revenue (R$ million) Manageable Expenses (R$ million) +9% +13% 1.667 279 1.533 248 +7% +20% 773 829 139 116 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09 EBITDA (R$ million) and Margin(%) Net Income (R$ million) and Margin (%) 21.7% 22.6% 22.0% 20.3% 9.7% 10.1% 10.0% 9.0% 367 311 166 139 167 187 75 84 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09 17
  18. 18. Losses Total Losses (%) 12.1% 12.2% 12.0% 12.5% 12.4% Opex and Capex: R$8.5 million in programs to controlling losses 5.7% 5.6% 5.4% 5.8% 5.7% 37,000 inspections; removal of approximately 33,000 illegal hookups 6.6% 6.6% 6.7% 6.7% Recovered Revenues: R$4.3 million 6.4% jun/08 sep/08 dec/08 mar/09 jun/09 Technical Commercial Commercial Losses Bandeirante Escelsa ENBR - Consolidated 5.8% 6.0% 5.8% 5.9% 5.8% 5.8% 5.7% 5.5% 5.5% 5.7% 5.2% 5.4% 18 dec/07 dec/08 mar/09 jun/09 dec/07 dec/08 mar/09 jun/09 dec/07 dec/08 mar/09 jun/09
  19. 19. Commercialization 19
  20. 20. Commercialization’s Performance Volume (GWh) Net Revenue (R$ million) +6% 3,579 3,810 +5% 352 +15% 457 +23% 356 375 2,050 1,790 175 239 3,459 200 3,122 163 1,551 1,875 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09 Others Group Companies EBITDA (R$ million) and Margin (%) Net Income (R$ million) and Margin (%) 8.0% 6.8% 5.6% 4.7% 5.1% 3.3% 29 3.3% 20 2.5% 11 12 9 8 9 7 20 2Q08 2Q09 1H08 1H09 2Q08 2Q09 1H08 1H09
  21. 21. Investor Relations Department Maytê de Albuquerque Cleverson Murakawa Rogério Pacheco Michelle Corda E-mail: ri@edpbr.com.br Phone: +5511 2185-5907 Visit EDP Energias do Brasil Website Site: www.edpbr.com.br 21

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