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Apresentação expomoney en_v1 - impressão
AES Brasil Group is a major electricity company in Brazil that operates across generation, transmission, and distribution. It has over 7,000 employees, 8.1 billion reais in investments from 1998-2011, and generates over 13 TWh of energy annually from its 2,659 MW of installed capacity. Two of its main subsidiaries, AES Tietê and AES Eletropaulo, are recognized for management excellence, quality, safety, and environmental concern. AES Tietê operates 18 hydroelectric plants and AES Eletropaulo is the largest electricity distributor in Latin America, serving over 6 million customers in the São Paulo metropolitan area. Both companies have strong financial performance and distribute steady divid
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Apresentação expomoney en_v1 - impressão
- 1. Expo Money SãoPaulo September, 2012 1
- 2. AES Brasil Group •P Presencei B il since 1997 in Brazil i • Operational Figures: • Consumption units: 7.7 million 53.6 • Distributed Energy: 53 6 TWh • Installed Capacity: 2,659 MW • Generated Energy : 13.9 TWh • 7.4 thousand AES Brasil People • Investments 1998-2011: R$ 8.1 billion • Solid corporate governance and sustainable practices • Safety as value #1 2
- 3. AES Brasil widelyrecognized in 2009-2012 Management Excellence Quality and Safety Environmental Concern (AES Tietê) (AES El Eletropaulo) l ) (AES Tietê) (AES Eletropaulo) (AES Sul) (AES Brasil) (AES Tietê) (AES El t Eletropaulo) l ) (AES Eletropaulo) (AES Brasil) (AES Tietê) (AES Tietê) (AES Eletropaulo) (2011- AES Tietê; 2012 – AES Eletropaulo) (AES Tietê) (AES Eletropaulo) (AES Eletropaulo) 3
- 4. Shareholding structure BNDES AES Corp C50.00% + 1 share P 0.00% T 46.15% C 50.00% - 1 share P 100% T 53.85% Cia. Brasiliana de Energia T 99.70% AES Sul C 99.99% T 99.99% AES Infoenergy C 99.00% T 99.00% C 71.35% P 32.34% T 52.55% AES Uruguaiana AES Tietê C 76.45% P 7.38% T 34.87% AES Eletropaulo C = Common Shares P = Preferred Shares T = Total 4
- 5. AES Tietê andAES Eletropaulo are listed in i BM&F B Bovespa ¹ ¹ Free Float Others² 16.1% 19.2% 56.2% 8.5% 24.2% 24 2% 28.3% 28 3% 39.5% 39 5% 8.0% 8 0% Market Cap³ R$ 3.2 bi US$ 1 6 bi 1.6 R$ 9.8 bi US$ 4.8 bi 1 - Parent companies, AES Corp and BNDES, have similar voting capital on each of the Companies: approx 38.2% on AES Eletropaulo and 35.7% on AES Tietê 2 - Includes Federal Government and Eletrobrás shares in AES Eletropaulo and AES Tietê, respectively 3 - Base: 08/08/2012. Considers preferred shares for AES Eletropaulo and preferred and common shares for AES Tietê 5
- 7. AES Tietê overview Generationfacilities 18 hydroelectric plants in São Paulo and Minas Gerais 30-year concession valid until 2029; renewable for other 20 years Installed capacity of 2,663 MW, with physical guarantee1 of 1,282 MW average Almost all the amount of energy that AES Tietê can sell is contracted with AES Eletropaulo until the end of 2015 AES Tietê can invest in generation its main activity and generation, activity, operate in energy trading 370 employees as of June, 2012 1 - Amount of energy allowed to be long term contracted 7
- 8. Generated energy showshigh operational availability p y Generated energy (MW avarage1) 1H12 Generated energy by power plant (MW average1) 139% 130% 125% Água Vermelha 138% 7% 124% Bariri Bariri 9% Barra Bonita 10% 59% 1.742 1.665 1.599 1.582 5% 1.606 5% 5% 2009 2010 Generation - Mwavg 2011 1H11 Nova Avanhandava Promissão 1H12 Other Power Plants* Generation/Physical guarantee 1 – Generated energy divided by the amount of hours Ibitinga Ibi i * Caconde, Limoeiro, Mogi and SHPPs 8
- 9. A significant amountof billed energy and net revenues comes from the bilateral contract with AES Eletropaulo Billed energy (GWh) 14,706 , Net revenues (%) 117 88% 15,122 14,729 , 554 301 1,150 1,340 1,519 2,331 1,980 1,942 9,059 9 059 297 7,510 201 851 11,108 11 108 11,108 11 108 11,108 11 108 909 2% 7% 3% 2,182 1,425 1 425 5,034 5,672 AES Eletropaulo Other bilateral contracts Other bilateral contracts 2009 2010 AES Eletropaulo 2011 1 MRE Spot Market 1 – Energy Reallocation Mechanism 1H11 1H12 Other bilateral contracts Spot Market MRE1 9
- 10. Nova Avanhandava andIbitinga power p plants modernization investments Investments (R$ million) 1H12 Investments 87% 175 19 82 174 72 156 12 10 6% 7% 41 3 70 2010 62 2011 2012(e) 38 1H11 1H12 Equipment and Modernization New SHPPs* Investments 1 New SHPPs IT projects 1-Small Hydro Power Plants 10
- 11. Growth opportunities “Thermal SãoPaulo” Project - Natural N t l gas combined cycle th bi d l thermal plant, with 550 MW of i t ll d capacity l l t ith f installed it - Project will not participate in 2012 auctions (A-3 and A-5) due to gas unavailability - Environmental License was restored after the decision of São Paulo State Court of Justice - Next steps: Obtainment of the installation license “Thermal Araraquara” Project “Th lA ”P j t - Natural gas combined cycle thermal plant, with 579 MW of installed capacity - Purchase option acquired in March, 2012 - Project ill t P j t will not participate i 2012 auctions (A 3 and A 5) d t gas unavailability ti i t in ti (A-3 d A-5) due to il bilit - Next steps: Obtainment of the installation license 11
- 12. Financial highlights Ebitda (R$million) Net revenue (R$ million) 1,466 1,320 , 1,255 1 255 9 1,670 1 670 1,754 1 754 1,886 825 2009 2010 1,311 1,309 2011 1H11 1,075 1H12 643 2009 75% (54) 827 2010 2011 1H11 1H12 75% 78% 78% 77% Recurring Non-recurring Ebitda Margin 12
- 13. Steady earnings distributionon a quarterly q arterl basis Net income and dividend pay-out1 (R$ million) 110% 117% 109% 11% 11% 11% • Dividends distribution 100% of net income – 706 – – Average payout since 2006: Average dividends since 2006: 706 354 1 – Gross value p y pay-out R$ 745 million per year 845 Pay -out minimum 106% 479 2009 (36) of according to bylaws 737 31 742 25% practice: 2010 Yield Pref 2011 1H11 Recurring 476 1H12 (3) Non-recurring 13
- 14. Capital Markets AES TietêX Ibovespa X IEE 160 12 Mounths B A 140 + 15% + 10% + 5% + 3% 120 100 - 9% 80 set/11 dez/11 Ibovespa mar/12 IEE² GETI4 jun/12 TSR³ set/12 GETI3 A Ex dividends 08/06/2012 B Provisional Measure 579 published to define the conditions for renewal of concession contracts and tax cuts in the energy sector. • Market Cap4: R$ 8.1 billion • BM&FBovespa: GETI3 (common) e GETI4 (preferred) • ADRs traded in the U.S. OTC Market: AESAY (common) and AESYY (preferred) 1 – Index: 09/14/2011 = 100 2 – Eletric Energy Index 3 – Total Shareholder’s Return 4 – Data from: 09/14/2012 14
- 15. Why invest inAES Tietê? St Strong cash generation ability h ti bilit First-class corporate governance practices Sustainable practices in business Shareholder remuneration practice in recent years: quarterly payments of the total net income 15
- 17. AES Eletropaulo overview Concessionarea Largest electricity distribution company in Latin America Serving 24 municipalities in the São Paulo Metropolitan area Concession contract valid until 2028; renewable for another 30 years Concession area with the highest GDP in Brazil 45 thousand kilometers of lines and 6.3 million consumption units in a concession area of 4,526 km2 45 TWh distributed in 2011 AES Eletropaulo, as a distribution company, can only invest in assets within its concession area 5,850 employees as of June, 2012 17
- 18. Consumption evolution Total market1(GWh) Consumption by class – 1H12 (%) 9 15 6,832 7,911 18 45,102 29 41 41,269 43,345 24 8,284 22,365 2009 35,434 2010 36,817 2011 Captive Market 4,149 3,920 18,216 34,436 22,674 , 18,754 26 6 1H11 1H12 Brazil 38 Free Clients Residential 1 – Net of own consumption AES Eletropaulo Industrial Commercial Others 18
- 19. Investments focused ongrid automation, maintenance and system expansion y p Investments 1H12 (R$ million) Investments breakdown (R$ million) 98 800 700 739 682 841 46 22 12 15 15 88 28 600 500 325 400 300 654 717 38 354 794 9 10 200 315 88 15 339 Maintenance 100 Client Service 0 2010 2011 2012(e) 1H11 1H12 System Expansion Losses Recovery Capex Paid by Customers Paid by Customers IT Paid by the Clients Others 19
- 20. SAIDI reduction andSAIFI remains below the regulatory limit g y SAIDI - System average interruption duration index SAIFI - System average interruption frequency index 7.87 7.39 6.93 - 18% 10.09 9.32 10.60 11.86 8.68 8 68 10.36 2009 2010 2011 8th 7th 5.78 6.17 6th SAIDI (h (hours) ) jan/jun11 5.43 5.45 2.90 4.54 jan/jun12 2009 2010 2011 7th 3rd Jan-Jun/11 2.37 Jan-Jun/12 4th SAIFI (times) (ti ) SAIDI A Aneel R f l Reference SAIFI Aneel Reference A l R f ABRADEE ranking position among the 28 utilities with more than 500 thousand customers ► 2012 SAIDI ANEEL Reference: 8.67 hours ► Source: ANEEL, AES Eletropaulo and ABRADEE 1 – 1 – Accumulated 7 months (Jan-Jun ) 2011 and 2012 2012 SAIFI ANEE R f ANEEL Reference: 6 8 times 6.87 i 20
- 21. Financial highlights Net revenues(R$ million) Ebitda (R$ million) 2,413 9,697 426 9,836 , 8,786 2,848 933 1,775 87 197 4,814 339 442 1,074 4,924 134 1,491 1,648 562 1,473 9 0 940 136 425 2009 2010 2011 1H11 1H12 2009 2010 2011 1H11 1H12 Recurring Regulatory assets and liabilities 1 Non-recurring 1 – Non recurring 2011 : Includes sale of AES Eletropaulo Telecom with a R$ 707 million impact on Ebitda 21
- 22. Earnings distribution o sea ua bas s on semi-annual basis Net income and dividend payout1 (R$ million) 101.5% 114.4% 54.4% 20.4% 28.6% 17.1% • 1.572 1.348 350 652 – 287 762 25% of minimum pay-out according to bylaws 236 160 6 622 practice: minimum required 1.157 374 Dividends distribution distribution above the per year 537 162 634 376 Average payout since 2006: 83% – 167 Average dividends since 2006: R$ R$ 904 million per year 247 (80) 2009 2010 2011 1H11 1H12 Pay-out Yield PN Net Income - ex one-off and with regulatory assets and liabilities Regulatory assets and liabilities 1 – Gross amount One off 2– Non recurring 2011 :Includes sale of AES Eletropaulo Telecom with a R$ 467 million impact on net income 22
- 23. Regulatory methodology and tariffreset 3rd cycle of tariff reset Tariff reset and readjustment • Tariff Reset is applied each 4 years for AES Eletropaulo Variable costs Parcel A Tariff Revision: Average effect perceived by consumers: -9.33% Regulatory Opex O (PMSO) Remuneration Asset B A t Base X WACC Investment Remuneration Parcel B Tariff reset +5 51% reset: +5.51% X Depreciation Depreciation • Tariff Readjustment: annually − Parcel A : costs are largely passed through to the tariff Review + tariff adjustment: -2.26% From July 4, 2012 − Parcel B: cost are adjusted by IGPM +/- X(1) Factor 1 – X Factor: index that captures productivity gains 23
- 24. Efficiency program andcost management Efficiency Program Implementation of “Creating Value” project in 2010, that provided gains with cost control and increase in ffi i i efficiency and revenue d Program initiatives: • review in the operational process and support areas • increase in productivity of the teams in field • optimization in orders to emergency teams • improvement in the management of material and service suppliers contracts • efficient use of operational fleet • rationalization and modernization of customer services stores and on site billing Sale of Property Centralization of activities in the new corporate headquarters and demobilization of Cambuci operational unit will allow the sale of real estate in value estimated up to R$ 239 million 24
- 25. Capital Markets AES Elt Eletropaulo X Ib l Ibovespa X IEE 12 mounths¹ 150 B A 130 +10% + 5% 110 90 70 - 34% - 38% 50 30 set-11 Ibovespa nov-11 jan-12 IEE² mar-12 mai-12 AES Eletropaulo PN jul-12 set-12 AES Eletropaulo TSR³ A Disclosure by Aneel of the preliminary calculation of the tariff reset- 10/04/2012 B Aneel disclosed the final terms relating to tariff resetand adjustment - 02 and 03/07/2012 • Market cap4: R$ 3.1 billion • BM&FBOVESPA: ELPL3 (common) and ELPL4 (preferred) • ADRs traded on the OTC Market: EPUMY (preferred) 1 – information until 14/09/2012, Index: 14/09/2011 = 100 3 – Total Shareholder Return shares 2 – Eletric Energy Index 4– Data from:: 09/14/12. Calculation includes only preferred 25
- 26. Why invest inAES Eletropaulo? Strong ability to generate cash First-class corporate governance practices Embracing sustainable practices in business 26
- 27. Contacts: ri.aeseletropaulo@aes.com ri.aestiete@aes.com + 55 112195 7048 The statements contained in this document with regard to the business prospects, projected operating and financial results, and growth potential are merely f l d h i l l forecasts b based on the expectations of the C d h i f h Company’s M ’ Management i 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. .