Webcast 3Q11
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- AES Eletropaulo saw a 4.3% increase in energy consumption in its concession area in 3Q11. Investments with own resources increased 33.1% to R$198.4 million compared to 3Q10. Net income increased 6.1% to R$348.2 million. - Operational improvements led to a 13.8% reduction in SAIDI and 10.6% reduction in SAIFI indicators over the last 12 months. The sale of telecommunications assets was finalized with a positive R$457 million impact to 4Q11 net income. - Financial results were positively impacted by exchange rates and lower cash balances. Market growth from the residential and commercial
Webcast 3Q11
- 2. 3Q11 Highlights • Increase of 4.3% in energy consumption within Company’s concession area Operational • SAIDI was reduced by 13.8% and SAIFI by 10.6% in the last 12 months (September basis) • Investments with own resources of R$ 198.4 million, 33,1% higher than 3Q10 • Action Plan 2011 – 2012 : (i) addition of 212 emergency teams; (ii) increase of 150 call center positions; and (ii) expansion of SMS capacity to 100 thousand/day • Gross Revenues grew by 5.0% due to the good performance of residential and commercial classes Financial • Receipt of 3rd installment of São Paulo Municipality Agreement in the amount of R$ 75.5 million • Positive effect of R$ 73.2 million related to labor and tax provisions reversal and recognition of R$ 54.3 million related to monetary and interest correction of Finsocial contribution • Net income of R$ 348.2 million, 6.1% higher than 3Q10 • ANEEL, according to the board meetings held on November 8th and 9th, approved the 3rd cycle Regulatory methodology of tariff reset, except for the item about others revenues • According to the Material Fact released on 11/04/11, the best expectation of the Company regarding the possible impact arising from the postponing by Aneel of the appliance date of the 3rd Cycle of Tariff Reset methodology for AES Eletropaulo which should have taken place on July 4, 2011, is R$ 182 million Subsequent • On 10/31/2011, the sale of AES Eletropaulo Telecom and AES Com Rio to TIM was finalized, with events a positive impact of approximately R$ 457 million in Company’s 4Q11 net income 2
- 3. Action Plan: R$ 242 million with increase of R$ 122 million in emergency teams availability of 353 emergency teams Concluded in 38% increase in call center positions (150 positions) September 2011 doubling of SMS receipt capacity to 100 thousand / day training of 276 maintanance and construction electricians hiring of 30 addicional pruning electricians training of 240 electricians for emergency attendances in powered grid begginig of 276 maintanance and constructions electritcians activities Concluded until and training conclusion of other 304 November 2011 300 addicional stand by positions in call center for emergency situations increase of call center service capacity by 27 times from 2 thousand to 54 thousand calls/hours December to increase of 120 emergency teams, totaling 473 teams March
- 4. Market growth driven by residential and commercial classes performances Consumption evolution (GWh)¹ +6.2% -2.0% +5.3% +5.0% +4.4% +3.7% +4.3% 11,404 10,937 9,307 8,915 4,007 4,257 2,670 2,811 2,023 2,097 1,563 1,531 675 708 Residential Industrial Commercial Public Sector Captive Free Clientes Total Market and Others Market 3Q10 3Q11 4 1 – Own consumption not considered
- 5. Losses level and collection rate reflect continuous efforts of operational improvements Losses (%) Collection Rate (% over Gross Revenues) 11.6 11.8 102.4 103.0 10.9 11.0 10.6 101.1 100.3 98.5 5.1 5.3 4.4 4.5 4.1 6.5 6.5 6.5 6.5 6.5 2008 2009 2010 3Q10 3Q11 2008 2009 2010 3Q10 3Q11 Technical Losses Commercial Losses 5
- 6. SAIDI and SAIFI indicators reflect Company’s continuous investment SAIDI – System Average Interruption Duration Index SAIFI – System Average Interruption Frequency Index 8.41 7.87 7.39 10.92 10.09 9.32 9.20 11.86 10.68 11.95 10.30 5.20 6.17 5.43 6.06 5.42 2008 2009 2010 3Q10 3Q11 2008 2009 2010 3Q10 3Q11 SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target 6
- 7. Increasing capex: R$ 205 million in 3Q11, 33% higher than 3Q10 CAPEX (R$ million) 3Q11 Investments (R$ million) 58 744 800 53 682 29 700 23 28 600 516 6 500 37 7 8 49 +33% 400 715 654 205 300 478 154 200 6 Maitenance 5 100 149 198 System Expansion 0 Customer Service 2009 2010 2011(e) 3Q10 3Q11 IT Capex Paid by Customers Losses Recovery Paid by the Clients Others 7
- 8. Revenues increased by 5% due to residential and commercial classes expansion (+6.2% e +5.3%) Gross Revenue (R$ million) +6% 11,403 10,739 4,032 3,693 403 532 +5% 3,749 3,937 6,643 6,839 1,287 1,380 131 208 2,330 2,348 9M10 9M11 3Q10 3Q11 Net Revenue ex Construction Revenue Construction Revenue Deduction to Gross Revenue 8
- 9. Energy purchase cost mainly impacted by the readjustment of the bilateral contract with AES Tietê Operating Costs and Expenses ¹ (R$ million) +2% 5,006 5,124 897 +1% 970 -8% +5% 1,691 1,713 4,036 4,220 300 -35% 194 1,391 +9% 1,520 9M10 9M11 3Q10 3Q11 Energy Supply and Transmission Charges PMS² and Others Expenses 9 1 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services
- 10. 3Q11 recurring PMSO in line with the same period of last year PMS and other expenses (R$ million) 16 (14) 2 (72) (38) 300 300 301 301 303 232 194 194 3Q10 Personnel Fcesp Others¹ 3Q11 Consulting São Paulo 3Q11 and recurring & labor and Municipality including one Payroll tax prov. Agreement off effects reversal 10 ¹ Others: Material and third party, ADA, other contingencies provision, losses and agreements and others operational expenses.
- 11. Market growth, São Paulo Municipality agreement receipt and provision reversal positively contributed to Ebitda Ebitda (R$ million) 73 14 (15) (28) 49 (129) 76 672 670 642 642 602 602 598 523 523 3Q10 Net En. Purchase São Paulo One off.: Fcesp Personnel Others¹ 3Q11 Revenue and trans. Municipality labor and tax and ex Constr. Rev. usage Agreement prov. reversal Payroll rate exp. ¹ Others: ADA, other provisions for contingencies, losses and agreements and other operational revenues/expenses. 11
- 12. Recurring financial result positively impacted by exchange rate (Itaipu) and lower cash balance Financial Results (R$ million) Financial Results (R$ million) – ex one-offs1 9M10 9M11 3Q10 3Q11 6 46 72 (43) (55) (54) 26 0,5 12 9M10 9M11 3Q10 3Q11 ¹ One-off regarding the receipt of Banco Santos bankruptcy agreement in 2Q10, change in Cofins basis in 3Q10 and Finsocial in 3Q11. 12
- 13. Net income positively impacted by non recurring items in 3Q11 Net Income (R$ million) 1,037 -15% 885 282 89 171 214 +6% 328 348 37 583 582 54 133 52 237 163 9M10 9M11 3Q10 3Q11 0 Q 0 Q Net Income - ex one-off and regulatory assets and liabilities Regulatory assets and liabilities One-off 13
- 14. Final cash balance impacted by dividend payment and amortization of the 1st parcel of 10th debenture issuance Operational Cash Generation (R$ million) Final Cash Balance (R$ million) -5% -45% 774 735 1,604 878 3Q10 3Q11 3Q10 3Q11 14
- 15. Increase in net debt reflects the reduction in cash Net Debt Average Cost and Average Term (Principal) 1.0x 1.2x 6.9 6.9 2.6 2.9 110.0% 112.2% 3Q10 3Q11 3Q10 3Q11 12.9% Effective rate 12.6% 2 Net Debt (R$ billion) % of CDI Net Debt/Ebitda Adjusted with Fcesp 1 Average Terms - years 15 1 – Adjusted EBITDA of last 12 months 2 – Brazil’s Interbank Interest Rate
- 16. 3Q11 Results The 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. 16