2010 Results. March, 2011

Transcription

1 2010 Results March, 2011

2 2010 Highlights Operational Energy generation 25% higher than physical guarantee Beginning of modernization program at Nova Avanhandava (347 MW), Ibitinga (132 MW) and Caconde (80 MW) power plants Financial Bilateral contract annual adjustment of 5.17% in July, 2010; energy price increased to R$159.85/MWh Ebitda reached R$1.3 billion, with margin of 75% 1 st debenture issuance in the amount of R$900 million enabled debt exchange, resulting in savings of R$ 41 million Financial results positively impacted by R$ 43 million due to favorable decision on legal dispute with Furnas Increase of 4% in net income, reaching R$ 737 million 2

3 2010 Highlights Corporate Governance Maintenance of AES Tietê on ISE ( Corporate Sustainability Index of BM&FBovespa ) portfolio for the 4 th consecutive year Award 6 th best company to invest - Distinction Award Agência Estado Empresas 2010 Subsequents Events Proposal for complementary dividends distribution and interest on equity totalizing R$ million, composed by R$ 0.59 per ordinary share and R$ 0.65 per preferred share, to be approved on the OGSM, to be held on April 29, Pay-out of 117% in

4 La Niña effect has contributed to lower water inflow and lower hydroeletric dispatch when compared to 2009 Water Inflow (LT Average) Hydroelectric and Thermal generation (SIN) Hydroeletric Thermal 146% 158% 105% 146% 170% 114% 59% 110% 82% 70% 123% 78% % Southeast South Northeast North Reservoirs Level 94% 97% % 70% 45% 75% 72% 35% 59% 45% 45% 54% 40% 14% 86% Southeast South Northeast North 4

5 AES Tietê s power plants reservoirs ended 2010 similar to 2008 and historical average, but lower than 2009, which was an extraordinary year Reservoirs level of AES Tietê s power plants (In December, 31) HPP Euclides da Cunha 5

6 Maintanance of high operational availability with generated energy 25% higher than physical guarantee in 2010 Energy Generation (MW Avg. 1 ) 130% 121% 118% 125% 111% 1,425 1,545 1,512 1,665 1, Generation - MWAvg Generation / Physical Guarantee 1 Generated energy divided by the amount of period hours 6

7 Higher volume of energy sold through bilateral contracts compensating the reduction in the MRE volume Billed Energy (GWh) 14, % 14, ,150 1,340 2,331 1,980 11,108 11,108 3, % 3, ,587 2, Q09 4Q10 AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts 7

8 Planned modernization at Nova Avanhandava, Ibitinga and Caconde power plants in 2010 and 2011 Investments 1 (R$ million) 2010 Investments 1% 158 6% 6 14% % (e) ( ) 4Q09 4Q10 Investments New SHPPs 2 Equipment and Maintenance New SHPPs IT projects Environment 1 - Do not include capitalization of interests during plants modernization and development of projects 2 - Small Hydro Power Plants 8

9 Thermo SP: Expansion of 550MW in installed capacity Expected timeline Preparation of basic project Land acquisition Environmental license issuance Instalation license Operational license Commercial operation date JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Start of the EIA/RIMA filed at CETESB Beginning of the project presentation to the community Environmental Public license hearing issuance New energy auction date 9

10 5% increase in net revenues due to a greater price of bilateral contract with AES Eletropaulo and higher amount of energy sold through other bilateral contracts Net Revenues (R$ million) 5% 1,670 1, ,599 1,651 7% Q09 4Q10 AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts 10

11 5% growth in costs and expenses due to higher expenses with energy purchased for resale and maintanance of power plants and locks in 2010 Costs and operational expenses 1 (R$ million) % % Q09 4Q10 (4) Energy Purchase, Transmission and Connection Charges, and Water Resources Other Costs and Expenses Operational Provision 2 1 Do not include depreciation and amortization 2 - Personnel, Material, Third Party Services and Other Costs and Expenses 11

12 Ebitda margin was kept on 75% in 2010 Ebitda (R$ million) 75% 75% 5% 1,255 1,320 58% 25% 68% Q09 4Q10 EBITDA Margin Ebitda 12

13 Higher IGP-M until April, 2010 impacted the financial results; debt exchange resulted in savings of R$ 41 million Financial Results (R$ million) Q09 4Q10 (14) (15) (28) 10% 107% (57) 13

14 IFRS adoption positively contributed for Company s dividends basis in 2010 IFRS impacts (R$ million) (115) 37 (74) (3) Net income before IFRS adoption Depreciation Use of public assets and Personnel Deferred taxes IFRS Net income Opening balance adjustments as of Adjustments related to 2009 Realization of equity valuation adjustment Dividends basis 14

15 Net income of R$ 737 million, with a pay-out of 117% Net income (R$ million) Final Cash Balance (R$ million) 110% 117% 11% 11% 4% -8% % Q09 4Q Pay-out Yield PN 15

16 Net Debt / Ebitda ratio stable in 0.3x Net Debt (R$ billion) Debentures 0.3x 0.3x 0.3x Amount: R$ 922 million Maturity: April 2015 CDI % p.a. Biannual basis interest payment Annual amortization and equal installments in the 3 rd, 4 th and 5 th years Net debt Net debt / EBITDA 16

17 2010 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.