Apre 2 t09
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Transcript of Apre 2 t09
2Q09 Results
August, 2009
2Q09 highlights2Q09 highlights
2
►
2nd Quarter of 2009– 1.7% increase on captive consumption, 0.4% reduction on total market
– Collection rate reached 103.1% on 2Q09
– Ebitda of R$ 342 million
– Net income totalized R$ 155 million
– Distribution in May of R$ 308 million regarding the 1st installment of complementary dividends and R$ 69 million in interest on equity
– On June 16, 2009 ANEEL concluded the 2007 periodic tariff reset
►
Subsequent Events– On June 30, 2009 ANEEL authorized an average tariff readjustment index of +14.88% to Eletropaulo, applicable
to the tariff as from July 4, 2009, which includes the 2007 tariff reset effects
– Proposal of intermediate dividends distribution: R$ 323 million referred to 1S09 results
• R$ 1.82 / common share
• R$ 2.00 / preferred share
– 3th amendment to the Debt Confession agreement that will extend the final maturity from 2022 to 2028 and the average term of that debt from 7.2 years to 10.5 years
– Payment held in August 10, 2009 by the São Paulo Municipality regarding the first installment of the agreement
Captive market growth of 1.7% in the quarterCaptive market growth of 1.7% in the quarter
--9.4%9.4%
Free Clients
1,899 1,720
+1.7%+1.7%
Captive Market
8,351 8,493
2Q092Q08Average Tariff of Sold Energy² – R$ / MWh+5.8%+5.8%
270285
Residential
+0.2%+0.2%
218 219
Others
+3.0%+3.0%
262270
Captive Market
+3.8%+3.8% --0.4%0.4%+4.6%+4.6%--8.9%8.9% +5.1%+5.1%
Residential Industrial Commercial Public Sector and Others
Total Market
Consumption Evolution - (GWh)1
6282,5101,608
3,605
10,250
660
3,742
1,4652,626
10,212
2Q092Q08
3
269 267
Commercial
--0.8%0.8%+3.2%+3.2%
249 257
Industrial
+12.0%+12.0%
6269
TUSD
1 - Own consumption not considered 2 – Captive market + Tusd
5
Collection rate and energy lossesCollection rate and energy losses
►
Collection rate (LTM): 98.1% (2Q08) x 100.2% (2Q09)
►
Cuts and Reconnection – Monthly Average (2Q08 X 2Q09)
– Cuts: increase from 10,000 to 84,000
– Reconnections: increase from 12,000 to 56,000
►
Past due bill Credit Report (2Q09 Average): 230,000
►
Fraud and Illegal Connections (2Q09)
– 89,000 inspections and 10,000 frauds detected
– 20,000 illegal connections regularized
Collection Rate – % over Gross Revenue Losses – % last 12 months
97.899.599.1
200820072006
5.55.5 5.15.1
6.56.5 6.56.5
11.612.0
5.05.0
6.56.5
11.5
Commercial Losses Technical Losses
2Q09
5.35.3
6.56.5
11.8
2Q08
5.25.2
6.56.5
11.7
200820072006 2Q082
103.1
2Q092
100.9
1 - Current Technical Losses used retroactively as reference 2 – Collection rate following the new methodology of calculation
1 – System Average interruption Duration Index 2 – System Average Interruption Frequency Index3-LTM Source: ANEEL, Eletropaulo and ABRADEE
6
ABRADEE ranking position among the 28 utilities with more than 500 thousand customers
SAIDI1 SAIFI2
►
SAIDI Aneel Target 2009: 10.09 hours ►
SAIFI Aneel Target 2009: 7.87 times
SAIDI & SAIFISAIDI & SAIFI
9.208.907.87
2006 2007 2008
SAIDI (hours) SAIDI Aneel Target
10.47
2Q09³
11.81 11.34 10.92
2006 2007 2008 2Q08³
5.645.205.52
SAIFI (times) SAIFI Aneel Target
5.47
8.61 8.49 8.41
3o3o 3o 1o
9.20
2Q08³ 2Q09³
5.48
5º 1o
InvestmentsInvestments
7
Paid by customers
CAPEX – R$ million Investments 2Q09
2006 2007 2008 2009e
301301364364
410410
6969378378
433433457457
4784787777
6464
Customer service / System expansion
Paid by the clients
Losses recovery
Maintenance
IT
Other
Capex
4747
542542
7676
87871111
2Q08
103103
112112
99
2Q09
50%50%
23%23%
14%14%
3%3%3%3% 8%8%
8
Final 2007 Tariff Reset in 2009Final 2007 Tariff Reset in 2009At Jul/07 pricesAt Jul/07 prices
Regulatory Ebitda1 – Reintegration quota
Remuneration Basis
Gross Basis x Depreciation Rate
Net Basis x WACC (pre-tax) Gross Capital Remuneration
Depreciation1
Reference Company(PMSO)
Part B: 2,071
4,822 x 15.08%
10,880 x 4.32%
786
727
470
Other Revenues: -43
Total: 2,028
Investment: 1,652
Xe Factor: 2.00%
Unrecoverable Revenues
88
SectorCharges
Energy Sup. and Trans.
ChargesPart A: 5,420
4,574
846
R$ million
Revenue Required: 7,491
9
54.80%54.80%35.80%35.80%
8.76%8.76%
0.64%
30.48%30.48%
13.74%13.74%
55.78%55.78%
2009 Tariff Readjustment2009 Tariff Readjustment
Effects of the 2007 Tariff
Reset
Other Financial Items
Basis Adjustment
494
(50)
171
Part B
Part A 6,672
2,595
Part A
Part B
Financial Items
CVAs
IRT 2009 – 14.88%Includes the -0.54% negative effect of
the 2007 Final Tariff Reset
CVAs
CVAs and Financial Effects
Amounts in R$ million
Energy Purchased
Sector Charges
Transmission Charges
Part A – 54.80%
Gross revenueGross revenue
Gross Revenue - R$ million
Deductions to Gross RevenueNet Revenue
2Q08 2Q09
+3.7%+3.7%
+4.9%+4.9%
981981
1,8251,825
2,806
1,0511,051
1,8931,893
2,944
►
Market comparison (2Q09 x 2Q08)
– +8.01 Tariff readjustment since 07/04/08
– Maintenance of revenues from free clients
– Negative effect of R$ 31.2 million referred to 2009 Tariff Readjustment, compensated by other impacts
resulting in a R$ 6.4 million positive effect on net income10
6M08 6M09
+4.5%+4.5%
+5.7%+5.7%
1,9471,947
3,5823,582
5,529
2,1012,101
3,7433,743
5,844
Operating expensesOperating expenses
►
Price per MWhTietê: 2Q08: R$ 132.0 2Q09: R$ 149.7Itaipu: 2Q08: R$ 92.2 2Q09: R$ 145.5Leilões: 2Q08: R$ 76.2 2Q09: R$ 83.9Total AverageTariff: 2Q08: R$ 94.0 2Q09: R$ 115.3
Operating Costs and Expenses¹ - R$ million
PMS2 and Other Expenses
+8.6%+8.6%
291291
1,1271,127
1,418
371371
1,1701,170
1,541
Energy Supply and Transmission Charges
11
2Q08 2Q096M08 6M09
+8,0%+8,0%
561561
2,2412,241
2,802655655
2,3712,371
3,026+8.0%+8.0%
1 - Depreciation not included 2 - Personnel, Material and Services
Operating expenses evolutionOperating expenses evolution
12
Personnel and Pension Fund
Material and Third Party Services
Other Expenses
Personnel
Pension Fund
Labor Lawsuits
ADA3 and Write-Off
Provisions and Contingencies
Others2
+27.2%+27.2%
76
93
2Q092Q08
122
86
95
190
371
291
+55.2%+55.2%
72
45
70
75
190
122
27
23
28
29
36
9593
38
17
40
2Q092Q08 2Q092Q08
+1.7%+1.7%
1 – Personnel, Material and Services 2 - Indemnification, Losses, Publicity, Banking Fees, IPTU, among others3 – Allowance for doubtful accounts
PMS1 and Other Expenses - R$ million Personnel - R$ million Other Expenses - R$ million
Operating expenses evolutionOperating expenses evolution
Others2
+27.2%+27.2%
Provisions and Contingencies
ADA1
And Write- Off
2Q092Q08
291291 371371
Material and Services
Pension Fund
1210
Operating Expenses – R$ million
13
2232(9)13
Plano Cruzado
1 - Allowance for doubtful accounts, exclude Plano Cruzado2 - Leasing and Rents, indemnifications, Losses, Publicity, Banking Fees, IPTU, among others
Variation of Variation of EbitdaEbitda
Ebitda – R$ million
2Q08 2Q09
342342
68
Net Revenue
Provisions and Contingencies
Pension Fund
(32)(22)
Energy Supply and
Transmission Charges
(43)
394394
--13.3%13.3%
Others1
(23)
141 - Personnel, Material, Third Party Services, ADA, Losses, among others
2Q09 x 2Q08 results2Q09 x 2Q08 results
►
Average Selic:
– 11.7% (2Q08) x 10.3% (2Q09)
►
Average balance of cash investments:
– R$1,430 million (2Q08) x R$ 1,082 million (2Q09)
2Q08 2Q09
(0)
(10)
155197
2Q08 2Q09
Net Income - R$ millionFinancial Result - R$ million
►
2009 tariff reset and tariff readjustment effects
►
Negative impacts from PMSO, mainly labor contingencies
►
Proposal of R$ 323 million in dividends
– Ex dividends date: 08/14/2009
– Payment date: 09/24/2009
15
302348
6M08 6M096M08 6M09
(36)(48)
R$ 366 million paid as dividends in 2Q09R$ 366 million paid as dividends in 2Q09
►
Payment in May of the first installment of the 2S08 dividends and interest on equity
►
The Company keeps its cash invested on Certificates of Deposit (CDs) and Government Notes, with average profitability of 102.3% of CDI on 2Q09
1Q08 2Q08 3Q08 4Q08 1Q09
Initial Cash 1,334 1,478 1,454 1,373 1,536
Operating Cash Flow 418 497 613 491 301
Investments (80) (60) (107) (126) (104)
Net Financial Expenses (101) (41) (107) (37) (113)
Net Amortizations (4) (30) (21) (40) (184)
CESP Foundation (57) (58) (32) (46) (58)
Income Tax (33) (114) (68) (80) (119)
Dividends (0) (218) (359) -
Free Cash Flow 144 (24) (81) 162 (278)
Final Cash 1,478 1,454 1,373 1,536 1,258
Managerial Cash Flow – R$ million
-
16
2Q09
1,258
448
(113)
(45)
(54)
(56)
(83)
(269)
989
(366)
Debt profileDebt profile
17
Net Debt (R$ billion) Net Debt/ Adjusted Ebitda¹
Net Debt Average Cost and Average Term (Principal)
2006
3.7
2007
3.0
2008
2.5
2.1x1.3x 1.2x
5.76.8 7.1
CDI² Average Term - Years
3.0
1.2x
2Q09
6.4
2.7
2Q08
1.5x
14.1%
Effective Rate
14.7% 15.4% 22.2% 9.3%
1 - Accumulated 12 Months Adjusted EBITDA 2 – Brazil’s Interbank Interest Rate
6.9
2006
93.2%
2007
121.8%
2008
123.9%
2Q09
91.6%
2Q08
182.5%
Sustainable amortization scheduleSustainable amortization schedule
►
99.7% of total debt in local currency
►
0.3% of total debt in foreign currency (R$ 12 million) : 98% protected by hedge
33
524524250250 250250 250250
5050 125125375375157157
213213
111111 111111 111111
111111111111
1,1091,109
1111
2009 2010 2011 2012 2013 2014 2015 2016-2028
Amortization Schedule – Principal – R$ million
Local Currency (ex FCESP)
FCESP1
Foreign Currency²
18
1 - FCesp = Pension Fund2 – Exchange rate on 06/30/2009 – US$ 1.00 = R$ 1.9516
Corporate governanceCorporate governance
19
2006 2007 2008
7,508
26,066 25,677
AES Eletropaulo2 X Ibovespa X IEE
IBOVIEEELPL6
1- Index –12/30/08 = 100 2 - Preferred shares class B
2Q09
27,689
95
105
115
125
135
145
dec-081 feb-09 apr-09 jun-09
6M09
36.2%37.1%
33.7%
►
A) 02/25/2009 – Finsocial and São Paulo municipality agreement
►
B) 04/16/2009 – Public Consultation of Tariff Reset
►
C) 04/27/2009 – Dividends declaration
►
D) 06/16/2009 – Second Periodic Tariff Reset Revision
mar-09 may-09jan-09
AA
BB
CC
DD
Average Daily Volume2 - R$ thousand
2Q09 ResultsThe statements contained in this document with regard to the business prospects, projected operating and financial 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.