Power generation was 22% higher than the physical guarantee and 10% higher than 3Q11. Net revenue increased 4.7% to R$543 million due to higher prices in the spot market, a contract adjustment with AES Eletropaulo, and higher energy sales. EBITDA was R$423 million with a margin of 78%, and net income increased 7% to R$244 million. The company continues with a modernization program and its debt level remains low with a net debt to EBITDA ratio of 0.3x.
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Assess tariffs in terms of long-term financial viability for the electricity sector and ability to attract capital;
Offer suggestions to evolve to a healthier and more attractive tariff structure.
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. 3Q12 Highlights
Power generation 22% higher than the physical guarantee and 10% higher than 3Q11
Operational
Investments of R$ 31 million for the modernization program of Nova Avanhandava (347 MW), Água
Vermelha (1,396 MW) and Ibitinga (132 MW) power plants
( ,
)
g (
)p
p
In 3Q12, the Company sold 168 MWa through bilateral contracts, with a total portfolio of 259 MWa,
of which 227 Mwa were sold in 2012
Bilateral contract price with AES Eletropaulo adjusted from R$ 173.68/MWh to R$ 182.61/MWh
Financial
Net revenue of R$ 543 million, an increase of 4.7% compared to 3Q11
Sale of AES Minas SHPP completed on August 31, 2012 with a contribution of R$ 10 million in
Ebitda
Ebitda reached R$ 423 million, with margin of 78%
Net income of $ 244 million an increase of 7% when compared to 3Q11
million,
Events
• Dividends distribution in the amount of R$ 253.8 million related to the 3Q12 results - R$ 0.63 per
common share and R$ 0.70 per preferred share. Payment will occur on November 22nd, 2012
•
Award Winner "Best Companies for Shareholders in 2012" by Capital Aberto magazine
2
3. MP 579: Context
AES Tietê is not affected by the rules of the MP 579 and has a valid concession until 2029
Objective
Aims to reduce tariffs by 20% (Residential: 16.2% and industrial from 20% to 28%), as from February
2013, through:
- Reduction Sector Charges (RGR, CCC and CDE): - 7%
- Renewal of Generation and Transmission concessions: - 13%
Possible pressure of higher prices on the free market in the short term
Opportunities
O
t iti
Risks
Possible sale of electricity to generators whose concessions are expiring, to cover contracts set in the
free market for the period 2015-2017
Uncertainty related to the indemnification at the end of the concession
3
4. Higher PLD favoring revenue in the
spot market
PLD2 submarket SE/CO – Monthly Average (R$/MWh)
Reservoirs Level inSIN1
94%
430
65%
280
60%
52%
48%
45%
235
51%
193
183
132
181
43%
125
29
23
13
jan
Southeast/
/
Middle‐West
South
3Q11
Northeast
North
48
51
14
feb
28
26
12
mar
apr
32 32
117
119
118
22
138
68 23
91
20
21
aug
sep
37
46
oct
nov
72
44
17
may
2010
jun
jul
2011
dec
2012
3Q12
1- Interconnected National System
2- Spot Market Average Price
4
5. Generation remains above the physical guarantee even
with the reservoirs level reduction
Energy generation (MW average3)
Reservoirs level of AES Tietê’s power plants1
130%
124%
122%
66%
%
105%
52%
62%
40%
53%
67%
%
66%
%
125%
1,599
1,582
2010
2011
22%
1,665
A. Vermelha
(11.0 km 2)
Promissão
(8.1 km 2)
3Q11
Average:
62%
B. Bonita
(3.6km 2)
3Q12
Caconde
(0.6 km 2)
2009
Generation - Mwavg
1,438
3Q11
1,585
3Q12
Generation/Physical guarantee
45%
1 – As of 09/30/2012
2 – Reservoirs volume
3 – Generated energy divided by the amount of hours in the period
5
6. Investments in 3Q12 mainly allocated to the modernization
of Nova Avanhandava, Água Vermelha,
Ibitinga and Limoeiro power plants
Investments (R$ million)
Investments in 3Q12
175
90%
19
82
167
12
156
46
4
10%
70
42
2010
2011
2012(e)
31
3Q11
3Q12
Equipment and Maintenance
Investments
New SHPPs*
IT Projects
* Small Hydro Power Plants
6
7. Higher billed energy in 3Q12 due to
an increase in energy sold in ERM1
Billed Energy (GWh)
+17%
11,118
11 118
201
851
1,425
1 425
5,034
13,032
297
911
2,182
+10%
3,970
3 970
3,608
3 608
5,672
110
145
342
788
3,011
9M11
AES Eletropaulo
1- ERM – Energy Reallocation Mechanism
9M12
Energy Reallocation Mechanism
2,887
2 887
3Q11
123
172
3Q12
Spot Market
Other Bilateral Contracts
7
8. Strategy for energy contracting in 2016: composition of
client portfolio
Clients portfolio evolution in 2012
• Goals:
-
2011
/
initiatives
2012:
to
commercial
expand
client
portfolio in the free market
259
84
1Q12
2Q12
- The current portfolio comprises
90
259 MWa, of which 227 Mwa
32
Before
dec/2011
3Q12
were sold this year and 87
MWm
were
sold
to
2016
onward.
Mwavg
8
9. Higher prices in the spot market, larger volume of energy sold
in ERM and readjustment in the bilateral contract with AES
Eletropaulo contributed for the net revenue growth
Net revenue (R$ million)
+20%
1,344
1,618
82
91
40
39
+5%
519
1.265
1.438
543
16
17
14
7
498
9M11
AES Eletropaulo
9M12
502
3Q11
3Q12
Spot/Energy Reallocation Mechanism
Other bilateral contracts
9
10. PMSO lower than inflation in the period
Operational costs and expenses¹ (R$ million)
10
113
3Q11
113
Energy Purchased
gy
for Resale
(10)
123
3Q11 +
Energy
Purchased
1 – Do not include depreciation and amortization
2 – Personnel, Material and Third-party services
113
SHPP
0,5
2
1
3
113
113
116
117
Operating
allowances
and other
expenses
Personnel,
Material and
Third-party
services
Transmission and
Connection
Financ. Comp. For
Use of Water Res.
120
3Q12
10
12. Better financial result influenced by lower
financial expense
p
Financial Result (R$ million)
9M12
9M11
3Q12
3Q11
-12
-18
-38
-31%
-42
-9%
12
13. Net income 6.9% higher due to increased spot prices, bilateral
contract with AES Eletropaulo readjustment and costs
p
j
control
Net Income (R$ million)
110%
108%
107%
104%
7.5%
7.9%
3.0%
3.1%
Dividend distribution of R$ 253.8 million related
to 3Q12:
- R$ 0.64 per common share
- R$ 0.70 per preferred share
720
- Ex-dividends: November 07, 2012
582
- Payment date: November 22, 2012
228
9M11
3Q11
9M12
Q
244
3Q12
Payout
Yield Preferred Shares
Q
Net Profit
13
14. Cash flow reflects higher revenue from spot market
and bilateral contract with AES Eletropaulo
Operating Cash Flow (R$ million)
Final Cash Balance (R$ million)
+1%
+24%
435
387
392
3Q12
3Q11
3Q12
351
3Q11
14
15. Low leverage with
Net debt/Ebitda ratio of 0.3
Debt Amortization Schedule (R$ million)
Net Debt (R$ billion)
0.7x
0.6x
0.3x
0.3x
300
0.57
3Q11
300
2013
3Q12
300
2014
2015
0.55
Net Debt
Net Debt/Ebitda
Gross Debt/Ebitda
Covenants Gross debt/Ebitda of 2.5x
Ebitd /Fi
Ebitda/Financial expenses of 1 75
i l
f 1.75x
Avarage
Cost
3Q11
3Q12
Average Cost (% CDI)1 115%
121%
Average Term (years) 2.5
1.5
Effective Rate
9.7%
12.7%
1 – Percentage of CDI (Interbank Deposit Certificate)
15
16. 3Q12 R
Results
lt
The statements contained in this document with regard to the
business prospects projected operating and financial results
prospects,
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.