EDP Energias do Brasil Q10 Results

Transcription

1 EDP Energias do Brasil 2010 Results

2 Disclaimer This presentation may include forward-looking statements of future events or results according to regulations of the Brazilian and international securities and exchange commissions. These statements are based on certain assumptions and analysis by the company that reflect its experience, the economic environment and future market conditions and expected events, many of which are beyond the control of the company. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company s business strategy, Brazilian and international economic conditions, technology, financial strategy, public service industry developments, hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual results of the company may be significantly different from those shown or implicit in the statement of expectations about future events or results. The information and opinions contained in this presentation should not be understood as a recommendation to potential investors and no investment decision is to be based on the veracity, current events or completeness of this information or these opinions. No advisors to the company or parties related to them or their representatives shall have any responsibility for whatever losses that may result from the use or contents of this presentation. This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the company s business. These statements include projections of economic growth and energy demand and supply, as well as information about the competitive position, the regulatory environment, potential opportunities for growth and other matters. Several factors may adversely affect the estimates and assumptions on which these statements are based. 1

3 Highlights Market Performance: 20% in energy distributed by EDP Bandeirante and EDP Escelsa, 8% in energy sold by generation segment and 18% in commercialized energy in ; Renewal of Operating Licenses for the Lajeado and Peixe Angical hydroeletric power plants; EDP Renováveis Brasil begins construction work on the Tramandai wind farm on March 15 th ; Approval of Addendum to the EDP Bandeirante and EDP Escelsa Concession Contracts; Pecém I finance operation was elected Power Deal of the Year by Euromoney; Standard & Poor`s assigns higher ratings to EDP Bandeirante and EDP Escelsa distributors; Signature of the loan contract with European Investment Bank worth up to a total of 90 million for both distributors. Board of Directors approved the distribution of dividends of the 2009 financial statements totaling R$296 million (R$1.87 per share), ex-dividends on April 9th,

4 EDP Energias do Brasil Consolidated Financial and Economic Performance 3

5 Consolidated Clique para Financial editar and o estilo Economic do título Performance mestre Net Revenue (R$ million) Net Revenue Breakdown () 1,116 10% 1,229 11% 17% Generation Distribution Commercialization 72% Generation 8.1% in volume of energy sold; 4.6 in average price Distribution 20.1% in volume of energy distributed; of average tariffs Commercialization 18.3% in volume of commercialized energy; 27.2% in average price 4

6 Consolidated Financial and Economic Performance Opex (R$ million) Opex Breakdown () % Non- Manageable Expenditures 72% Manageable Expenditures 28% Non-manageable Manageable Deprec. & Amort. Opex (Manageable) Evolution (R$ million) Q08 2Q08 3Q08 4Q08 2Q09 3Q09 4Q09 R$ thousand Chg.% Personnel 64,797 75, Material 5,342 6, Third Party Services 72,308 60, Provision 22,175 20, Others 22,966 21, Total 187, , D&A 77,051 72, Total 264, ,

7 Consolidated Financial and Economic Performance EBITDA (R$ million) and Margin (%) EBITDA* Breakdown () 30.5% 29.0% 43% % Generation Distribution Commercialization 53% * Numbers don t consider the intra-group eliminations EBITDA Formation (R$ million) (94) (3) 356 EBITDA Net Revenue Non-Manageable Expenses * Manageable expenses exclude depreciation and amortization Manageable Expenses* EBITDA 6

8 Consolidated Financial and Economic Performance Net Income (R$ million) and Margin (%) Net Income Formation (R$ million) 10.5% 11.3% Net Income EBITDA 16 Deprec. & Amort. (5) Financial Result 7 Non-Operating Result* 7 Income Tax and Social Contribution Tax (4) Net Income 139 * Non-operating result Includes corporate participation, other non-operational results, minority interests and founder`s shares 7

9 Consolidated Financial and Economic Performance Debt Debt Evolution (R$ million) Gross Debt Breakdown (3/31/10) 3, ,226 (1,137) 6 1, % 45% TJLP Floating Taxes* Fixed Rate Gross Debt Mar/10 Cash and Marketable Securities Regulatory Assets Net Debt Mar/10 Net Debt Dec/09 51% * Includes CDI and IGPM Long Term Short Term Debt Maturity Scheduled* (R$ million) Net Debt (R$ million) and Net Debt/EBITDA* (x) 1,137 1,119 2,348 2,402 2,403 1,985 1, x 1.8x 1.8x 1.4x 1.3x mar/09 jun/09 sep/09 dec/09 mar/10 Cash Mar/ After 2013 * Values include principal + interest + results from hedge operation * Last 12-month EBITDA

10 Consolidated Financial and Economic Performance Debt Average consolidated debt maturity is 4.4 years The average cost of Group debt during the year was 7.5%. Short Term Debt Breakdown (R$ million) EDP Bandeirante EDP Escelsa Energest Enerpeixe Investco Pecém 2010 Debt

11 Consolidated Financial and Economic Performance Credit Line Besides these short term credit lines, EDP Energias do Brasil has other lower value preapproved credit lines (million) Approved Credit Lines (mar-10) Institution Total approved Used Available Limit date to use the resource BNDES - CALC R$ 900 R$ 190 R$ BNDES Porto do Pecém I* R$ 705 R$ 350 R$ BID Porto do Pecém I* US$ 164 US$ 130 US$ BEI 90** BNDES (PCH Santa Fé) R$ 76 R$ * Refers to EDP Energias do Brasil`s participation ** Credit line totaled 90 million ( 45 each distribution company) 10

12 Consolidated Financial and Economic Performance Capex Capex (R$ million) Capex Breakdown % 103 R$ thousand Chg.% Distribution 52,021 66, EDP Bandeirante 23,326 25, EDP Escelsa 28,695 40, Generation 43,393 51, Enerpeixe 3, Energest 1,903 21, Expected Capex (R$ million) 1, Lajeado / Investco 850 1, Santa Fé 1,132 14, Pecém 35,829 13, Others 7,406 1, TOTAL 102, , e 2011e Pecém Others Distribution Repowering Generation 11

13 EDP Energias do Brasil Generation 12

14 Generation Financial and Economic Performance Volume (GWh) Net revenue (R$ million) -8% 1,890 1,737-2% EBITDA (R$ million) and Margin (%) Net Income (R$ million) and Margin (%) 75.0% % % % 62 13

15 Installed Capacity (MW) (3) 2, (1) 1, (2) 1, , (1) ,043 Under Construction Peixe Angical HPP Mascarenhas Repowering São João SHP 2007 Lajeado Cenaeel 2008 Santa Power 2009 Power Tramandaí Pecém I Power 2012 Additional Fé Upgrade Upgrade Upgrade. Capacity SHP (1) Corresponds to EDP Energias do Brasil s 45% stake in EDP Renováveis Brasil (2) Suíça HPP and 2 turbines of Rio Bonito SHP (3) Mascarenhas HPP

16 EDP Energias do Brasil Distribution 15

17 Distribution Financial and Economic Performance Volume (GWh) Volume Breakdown () 4,964 1, % 5,959 2,413 Others* 2% Residential 21% Commercial 13% 3,165 3,547 EDP Bandeirante EDP Escelsa Free Costumers 38% Rural Others 3% (capitive) 6% Industrial 17% * Supply + Own Consumption Captive Costumers (GWh) Free Costumers (GWh) 3, % 3,606 1,233 1,394 2,033 2, % 2,216 1, ,131 1,327 EDP Bandeirante EDP Escelsa EDP Bandeirante EDP Escelsa

18 Distribution Financial and Economic Performance Net Revenue (R$ million) Manageable Expenses (R$ million) % % EDP Bandeirante EDP Escelsa EDP Bandeirante EDP Escelsa EBITDA (R$ million) and Margin (%) Net Income (R$ million) and Margin (%) 21.4% 20.9% % 9.8% EDP Bandeirante EDP Escelsa EDP Bandeirante EDP Escelsa

19 Distribution Operating Performance Total Losses average of the last 12 months (%) 12.5% 12.4% 12.4% 12.9% 12.7% 5.8% 5.7% 5.9% 6.3% 6.1% 6.7% 6.7% 6.5% 6.6% 6.5% Opex and Capex: R$ 6.2 million in programs to controlling losses 46,000 inspections; removal of 22,000 illegal hookups Recovered Revenue: R$ 2.7 million mar/09 jun/09 sep/09 dec/09 mar/10 Technical Commercial Losses EDP Bandeirante Commercial EDP Escelsa ENBR - Consolidated 5.8% 5.5% 5.9% 6.0% 5.7% 5.8% 5.9% 5.9% 6.8% 6.7% 5.8% 5.7% 5.9% 6.3% 6.1% mar/09 jun/09 sep/09 dec/09 mar/10 mar/09 jun/09 sep/09 dec/09 mar/10 mar/09 jun/09 sep/09 dec/09 mar/10

20 EDP Energias do Brasil Commercialization

21 Commercialization Financial and Economic Performance Volume (GWh) Net Revenue (R$ million) 1, % 2, % 149 1,581 1,921 Other Group Companies EBITDA (R$ million) and Margin (%) Net Income (R$ million) and Margin (%) % 9.7% 1.5% 3 6.5%

22 EDP Energias do Brasil Capital Markets

23 Dividends Clique para Distribution editar o estilo do título mestre Payout (R$ million and % of net income) Dividends (R$ / share) 40% % % 50%* 50% R$ 0.92 R$ % R$ 1.26 R$ 1.66 R$ * 67.5%of reported net income Payment of dividends totaling R$296.3 million, 25% higher than in dividends will be paid on May 17 th, 2010.

24 IR Department Maytê Souza Dantas de Albuquerque Rogério Pacheco Michelle Corda Michelle Michaan Tal Nathalia Nakaya Phone: Visit EDP Energias do Brasil s website