Apresentação Call Tietê 2Q12

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Apresentação Call Tietê 2Q12

  1. 1. 2Q12 ResultsAugust, 2012
  2. 2. 2Q12 Highlights  Energy generation 36% higher than physical guarantee and 8% greater than the total generated in 2Q11Operational  Investments totaled R$ 17 million in the modernization of Nova Avanhandava (347 MW) and Ibitinga (132 MW) power plants  Portfolio of other bilateral contracts (2012-2016) closed the quarter with 101 MWavg, an increase of 197% compared to 2Q11Financial  Net revenue of R$ 535 million, 31% greater than 2Q11  Ebitda reached R$ 404 million, with margin of 76%  Net income of R$ 229 million, an increase of 43% when compared with 2Q11  Bilateral contract with AES Eletropaulo adjusted from R$ 173.68/MWh to R$ 182.61/MWh.SubsequentEvents  Dividends distribution of R$ 250.7 million, related to 2Q12 results, corresponding to R$ 0.63 per common share and R$ 0.69 per preferred share. Payment will occur on August 27, 2012.  In July 2012, the Company sold 138 MWavg through bilateral contracts, totaling a 239 MWavg portfolio, of which 200MWavg were sold in 2012. 2
  3. 3. Higher PLD price in the quarter favored revenue in the spot marketReservoirs Level inSIN1 PLD2 – Monthly Average (R$/MWh) 93% 94% 85% 86% 73% 68% 68% 66%Southeast/ South Northeast NorthMiddle-West 2Q11 2Q12 1- Interconnected National System 2- Spot Market Average Price 3
  4. 4. Operational availability of the plants remains high, even with the reduction in the level of reservoirs Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3) 130% 141% 130% 141% 136% 125% 124% 136% 125% 124% 95% 97% 94% 95% 97% 95% 97%89% 70% 94% 95% 97% 65% 89% 70% 65% 1,665 1,665 1,731 1,731 1,599 1,599 1,582 1,582 1,6041,604Vermelha Promissão B. Bonita Caconde A. Vermelha Promissão B. Bonita Caconde 2009 2009 2010 2010 20112011 2Q112Q11 2Q12 2Q12 A. Vermelha Promissão B. Bonita Caconde (11.0 km 2) (8.1 km 2) (3.6km 2) (0.6 km 2) Generation - Mwavg Generation - Mwavg Generation/Physical guarantee 2Q11 2Q12 Generation/Physical guara 2Q11 2Q12 Average: 93% 81% 1 – As of 06/30/2012 3 – Generated energy divided by the amount of hours in the period 4 2 – Reservoirs volume
  5. 5. Investments in 1Q12 mainly allocated to the modernization of Nova Avanhandava and Ibitinga power plantsInvestments (R$ million) Investments in 2Q12 175 19 88% 86% 82 174 12 156 34 3% 11% 6 20 3%9% 70 1 28 19 2010 2011 2012(e) 2Q11 2Q12 Equipment and Maintenance Equipamentos e Manutenção 1 Investments New SHPPs New SHPPs Novas PCHs IT Projects 1 - Small Hydro Power Plants Projetos de TI 5
  6. 6. Expansion Obligation “TermoSP” Project (550 MW)- Project will not participate in 2012 auctions (A-3 and A-5 due togas unavailability- Environmental License was restored after the decision of São Paulo StateCourt of Justice- Next steps: Obtainment of the installation license “Termo Araraquara” Project (579 MW)- Project will not participate in 2012 auctions (A-3 and A-5 due togas unavailability- Next steps: Obtainment of the installation license 6
  7. 7. Higher energy volume sold in 2Q12 due to the seasonality of the bilateral contract with AES Eletropaulo and energy sold in ERM¹ Billed Energy (GWh) +21% 9,061 7,510 297 201 +15% 911 851 2,182 1,425 3,865 4,192 93 135 426 339 5,672 838 925 5,034 2,508 2,793 1H11 1H12 2Q11 2Q12 1 AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts 71- ERM – Energy Reallocation Mechanism 4,276
  8. 8. Change in seasonality and readjustment in bilateral contract, besides the higher spot prices contributed for the net revenue expansionNet revenue (R$ million) +30% +31% 1075 66 826 74 26 32 535 409 20 936 12 56 768 15 382 459 1H11 1H12 2Q11 2Q12 AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts 8
  9. 9. Increase in expenses with energy purchased, transmission and connection charges and non-recurring event of equipments write-off Operational costs and expenses¹ (R$ million) 3 55 44 43 3 5 2 1 7 3 99 57 73 9 12 11 11 11 114 114 117 117 114 117 131 105 78 Energy Purchased Energy Purchased 2Q11 1Q11 Locks Energy Purchased Energia Elétrica 2T11 Locks Operational Baixa de Ativos Operational Locks Assets Personnel,Material Transmission and Financ. Comp.and Financ.1Q12 For Personnel, Pessoal, Material Personnel, Operational Transmission e Transmission For Transmissão and Financ. Comp. For Manutenção das Personnel, Comp. Financ. Locks Maintenance 1Q12 Comp. 2T12 2Q12 1Q12 for Resale for Resale Maintenance Comprada para Maintenance for Resale Provisions and Maintenance and Provisions write -off Material and e andMaterialand Third-party Provisions and Connection Conexão Connection Material and Use ofof Rec.Híd. Use ofOther Outras Use Water Res. Utiliz. Water Res. and Water Operational Connection Eclusas e Res. Revenda Other Expenses Serv de Terc² Third-party services Other Expenses Other Expenses Third-party Third-party Depesas Expenses services² Operacionais services² services²1 – Do not include depreciation and amortization 9
  10. 10. Ebitda 33% higher, with margin of 76% in 2Q12Ebitda (R$ million) 78% 77% 76% 74% 827 643 404 304 1H11 1H12 2Q11 2Q12 EBITDA EBITDA Margin (%) 10
  11. 11. Financial result influenced by the increase in net debt impacted by the reduction in cash balanceFinancial Result (R$ million) 1H11 1H12 2Q11 2Q12 -13 -15 -24 -26 +17% +7% 11
  12. 12. Net income 43% higher in 2Q12, reflecting the good performance of revenuesNet Income (R$ million)111% 118% 112% 108% 109% 107% 5.3% 4.4%  Distribution of R$ 251 million in dividends related 2.9% 2.5% to 2Q12: 2.5% 2.0% - R$0.63 per common share - R$0.69 per preferred share - Ex-dividends: August 06, 2012 - Payment date: August 27, 2012 476 354 246 193 229 161 1H11 1H12 2Q11 2Q12 1Q11 1Q12 Payout Yield Preferred Shares Net Profit 12
  13. 13. Cash flow generation reflects higher revenues from the bilateral contractOperating Cash Flow (R$ million) Final Cash Balance (R$ million) -5% +56% 286 271 464 297 2Q11 2Q12 2Q11 2Q12 13
  14. 14. Low leverage with net debt/Ebitda ratio of 0.4Net Debt (R$ billion) Average Cost and Average Term (Principal) 2.76 0.5x 0.5x 3.1 0.4x 1.76 0.4x 3.1 1.8 2.6 114% 124.8% 115% 113% 113.9% 120% 0.64 0.65 0,64 0,65 1Q10 1Q11 2010 2011 2Q11 2Q11 2Q12 2Q12 2Q11 2Q12 Effective rate 14.3% Effective rate 10.1% 13.98% 12.06% Net Debt Net Debt Net Debt/EBITDA Net Debt/EBITDA 1 Average Term Average Term - Years CDI Prazo Médio - Anos CDI 1 – Percentage of CDI (Interbank Deposit Certificate) 14 1 – Percentage of CDI
  15. 15. 2Q12 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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