1. EDP - Energias do Brasil
1Q09 Results
May 07, 2009
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2. Disclaimer
Aviso Importante
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.
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3. Highlights of 1Q09
EBITDA: + R$ 340 mm and Net Income: + R$ 117 mm
• Energy volume sold by the generation business totaled 1,890 GWh, 23% up on 1Q08 as a result
of the asset swap operation;
• Gain in 1Q08 with high prices for spot market and elimination of Enersul figures:
reduction of 7.6% of Net Revenue
• Manageable expenses down 17.4%, dropping for the fifth quarter in a row
• Excluding Enersul´s figures, the energy volume sold to final customers by the distribution
business increased 0.5% in 1Q09 compared with 1Q08, totaling 3,266 GWh
• Approval of 3 credit lines: (i) BEI: R$270 mm, (ii) IDB: Pecém I and (iii) BNDES: R$ 76 million for
Santa Fé SHP;
• Increase in Moody’s ratings for the Group and its distributors with a stable outlook.
• Start of the “Vencer” (“WIN”) Transformation Program
Low-risk operations: mixed growth of expansion + efficiency
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4. Consolidated Performance
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5. 1Q09: Consolidated financial highlights
(R$ million) 1Q09 1Q08 Chg.%
Net Revenue 1,116.3 1,208.4 - 7.6%
Manageable Expenses 184.9 223.8 - 17.4%
EBITDA 340.1 383.4 -11.3%
Adjusted EBITDA 353.3 327.4 + 7.9%
Net Income 117.3 166.4 - 29.5%
Capex 120.1 155.8 - 23.0%
EBITDA – Capex 220.1 227.6 - 3.3%
EBITDA (adjusted) – Capex 233.3 171.6 + 35.9%
Focus on Efficiency and Cash-Flow Generation
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6. 1Q09 EBITDA breakdown
Adjusted EBITDA
Adjusted EBITDA excludes:
+8%
• 1Q09: R$ 13.2 MM of Vencer Project
327.4 353.3 • 1Q08: R$ 56 MM of more energy avalilable
-11% from generation
383.4 340.1
% YoY Changes
17.4
2.8
Enersul 57.3
85.2
Escelsa 73.5 +16%
Bandeirante 70.5 +34% 94.2
176.0 176.6 Commercialization
Distribution
Generation
1Q08 1Q09
EBITDA stable in Generation due to the Asset Swap;
Distribution with double-digit growht
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7. Manageable expenditures: dropped for the fifth quarter in a row
∆ 1Q08 / CAGR
(R$ million) 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q09 1Q08-1Q09
Personnel 74.5 75.9 1.8% -
Material 8.4 6.6 -21.5% -
Third Party Services 87.1 60.5 -30.5% -
Others 53.9 41.9 -22.2% -
Total ( - ) Depreciation 248.9 223.8 206.3 198.5 203.9 184.9 -17.4% - 7.2%
Depreciation and Amortization 79.3 72.1 -9.1% -
Total of Manageable Expenses 326,2 303.2 289.4 277.7 278.9 257.0 -15.2% - 5.8%
Among the fourth quarter 2007and the first quarter 2009, the average
reduction in Manageable Expenditures was 7.2%
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8. Generation
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9. Generation performance reflects the asset swap and lower dispatch
of energy
Volume of Energy Sold (GWh) Net Revenue (R$ mm)
+23% +6.5% Lajeado Total
Energest
1,538 1,891 219 233
Enerpeixe
26 +285%
284 100
+180% 795
74
561 -28%
-3% 542 53
119 80
693 -20% 553 -33%
1Q08 1Q09 1Q08 1Q09
EBITDA (R$ mm) Net Income (R$ mm)
+0.3% -14%
176.0 Minority
176.6 106
91 Shareholders
16 +394% 6 +367%
55 79
39 28
-40% -13%
33 34
105 -39% 64 60 -52%
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1Q08 1Q09 1Q08 1Q09
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10. Distribution
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11. Decrease in captive industrial was offset by residential/commercial classes
and lower free customers consumption
Volume Breakdown (GWh)
-9% 1Q09 highlights :
5,456 • Rural: Growth was mainly driven by Escelsa in
4,964 high temperatures and low rainfall (Escelsa)
94
+ 13% 106 • Free Customers: The discos also collects the
appropriate sector charges, which are then
2,113 passed on to other entities and calculated on
Others
1,592 the basis of energy consumption in MWh
- 25% Free Customers
• Increase in customer base of 3.7%
Captive
Customers • The distributor has a six-month period to grant
+0.5 % 3,250 3,266 the reduction in demand
• Process canceled by a Escelsa´s important
client that was negotiating demand reduction
1Q08 1Q09
Despite of the decline in free customers consumption, the lower volume did not reflect the
contracted energy
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12. EBITDA increased 25% due to the increase in average tariff
Net Revenue (R$ mm) Manageable Expenditures (R$ mm)
+ 10% + 6% Enersul
Excluding Enersul Excluding Enersul
760 838 131 140 Escelsa
-14% -27% Bandeirante
978 190
218 838 “Vencer” Program
59 140
310 +8% 334 R$ 3.7M
53 +8% 57
450 +12% 504 78 +6% 83 R$ 4.5M
1Q08 1Q09 1Q08 1Q09
EBITDA (R$ mm) Net Income (R$ mm)
+ 25% + 30%
Excluding Enersul Excluding Enersul
144 180 63 82
-10% -4%
201 180 85
82
57 85 22
74 +15%
33 +12% 37
71 +32% 94 +50% 45
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1Q08 1Q09 1Q08 1Q09
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13. Total losses increased by 0.5 p.p. as a result of the distributed energy
volume reduction
Commercial Losess (%)
Bandeirante Escelsa ENBR - Consolidated
6.0%
5.7% 5.8% 5.8% 5.8% 5.8%
5.5% 5.2% 5.4%
dec 07 dec 08 mar 09 dec 07 dec 08 mar 09 dec 07 dec 08 mar 09
Total Energy Losses (%)
Opex and Capex: ~ R$ 9.1 mm disbursed in
11,9% 12,1% 12,2% 12,0% 12,5% programs for controlling losses
5.5 5.7 5.6 5.4 5.8 42 thousand inspections; dismantling of
nearly 23 thousand illegal hook-ups
6.6 6.4 6.6 6.6 6.7
Revenue recovery: ~ R$ 5.5 million
mar 08 jun 08 sep 08 dec 08 mar 09 originated from recovery of unpaid bills
Technical Commercial
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14. Commercialization
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15. Volume reduction due to the flexibility in contracts and lower short
term selling prices
Volume of Commercialized Energy (GWh) Net Revenue (R$ mm)
Reduction because of the
- 3.5% flexibility envisaged in the Lower selling price in 1Q09
sales contracts for due to the high spot market
accommodating prices in 1Q08
1,788 1,726 fluctuations in - 10%
consumption.
218 177
Others
1,570 1,550
Group
companies
194 175
1Q08 1Q09 1Q08 1Q09
EBITDA (R$ mm) Net Income (R$ mm)
-84%
- 77.4%
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12
3 3
1Q08 1Q09 1Q08 1Q09
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16. Consolidated
Investment and Debt
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17. Consolidated Capex Breakdown
+ R$ 3.0
billion
Investments (R$ mm) 1Q08 1Q09 ∆%
Distribution 107.6 66.8 -37.9 R$ 1.1m R$ 1.1m
Bandeirante 25.8 27.2 -4,8 6% 4%
Escelsa 41.0 47.6 -13.9 R$ 0.84m
Enersul - 32.8 n.a. 33% Repowering
30%
Generation 52.0 48.0 8.3% 24% Distribution
Enerpeixe 0.9 3.0 -70.2 18%
34% Others
Energest 21.4 29.3 -26.8 4% 34%
Lajeado/Investc 1.4 0.8 -79.2 Santa Fé
o
Santa Fé 14.6 14.9 -2.4 28% Pecém
13.7 - n.d. 18%
Pecém 41%
Others 1.2 0.3 377.0 2009e 2010e 2011e
Investment Plan regards more than R$ 3.0 billion from 2009 to 2011.
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18. Low FX exposure and stable debt
Net Debt/EBITDA (x) Debt Maturity Schedule
923
2.390 2.348
2.131 5 729
1.963 5
1.680 4 806
4
2 .0
00
3
3 481 471
2 383*
1 .0
00
1,8 2
1,8 1,8 1 334
1,7 1,4 1
0
-1
0
-1 423
Mar/08 Jun/08 Set/08 Dez/08 Mar/09
Net Debt/EBITDA Net Debt Cash and Cash 2009 2010 2011 2012 After
Equivalents 2012
(Mar/09)
(*) Shares in treasury as of market price on March 31, 2009
Net Debt Evolution Gross Debt Breakdown
2,937 (R$ MM) (Mar/09)
(423) (165)
797
Floating Rates *
49%
US$ 8%
2,140 2,348 2,390
Fixed Rates 5%
38%
Gross Debt
Di i a Br t
v d ua
Cash and
Ca a
i
x
Regulatory
At g
Re
.
Net Debt
Dí i a L í u i a
vd q d
Net Debt
Di . i . z8
v L q De /
0
(Mar/09) Marketable Assets and (Mar/09) (Dec/08) TJLP
Securities Liabilities * Includes CDI and IGP-M
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19. Short Term Debt Breakdown
806
212
383 * 174
923
257
423
280
Cash and Porto do Credit
Marketable Pecém Line Distribution Generation Total
Securities Bridge 2009
(Mar/09) Loan
(*) Shares in treasury as of market price on March 31, 2009
- Postpone of the payment date of Porto do Pecém Credit Line from April 30, 2009 to
July 29, 2009
- Amortization of R$ 83 million of Bandeirante´s debentures
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20. EDP Energias do Brasil – Credit Limits
(R$ million) Approved credit lines (Apr-09)
Limit date to use
Institution Total approved Used Available
the resource
BNDES - CALC 900 0 900 2014
BNDES / IDB (Porto do Pecém) 2,000 0 2,000 2009
BEI 270* 0 270 2012
BNDES (PCH Santa Fé) 76 0 76 2009
Total of credit lines 3,246 3,246
* Credit line totaled EUR 90 million (EUR45 each distribution company)
Besides these short term credit lines, EDP Energias do Brasil has others lower value pre-approved credit line
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21. Investor Relation Department
Mayte S. D. de Albuquerque
Cleverson Murakawa
Rogério Pacheco
E-mail: ri@enbr.com.br
Phone: +55 11 2185-5907
Visit EDP Energias do Brasil website
Site: www.enbr.com.br
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