EDP - Energias do Brasil

Transcription

1 EDP - Energias do Brasil Results May 07,

2 Disclaimer Aviso Importante 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. 2

3 Highlights of EBITDA: + R$ 340 mm and Net Income: + R$ 117 mm Energy volume sold by the generation business totaled 1,890 GWh, 23% up on as a result of the asset swap operation; Gain in with high prices for spot market and elimination of Enersul figures: reduction of 7.6% of Net Revenue Manageable expenses down 17.4%, dropping for the fifth quarter in a row Excluding Enersul s figures, the energy volume sold to final customers by the distribution business increased 0.5% in compared with, totaling 3,266 GWh Approval of 3 credit lines: (i) BEI: R$270 mm, (ii) IDB: Pecém I and (iii) BNDES: R$ 76 million for Santa Fé SHP; Increase in Moody s ratings for the Group and its distributors with a stable outlook. Start of the Vencer ( WIN ) Transformation Program Low-risk operations: mixed growth of expansion + efficiency 3

4 Consolidated Performance 4

5 : Consolidated financial highlights (R$ million) Chg.% Net Revenue 1, , % Manageable Expenses % EBITDA % Adjusted EBITDA % Net Income % Capex % EBITDA Capex % EBITDA (adjusted) Capex % Focus on Efficiency and Cash-Flow Generation 5

6 EBITDA breakdown Adjusted EBITDA % -11% Adjusted EBITDA excludes: : R$ 13.2 MM of Vencer Project : R$ 56 MM of more energy avalilable from generation Enersul % YoY Changes Escelsa % 85.2 Bandeirante % Commercialization EBITDA stable in Generation due to the Asset Swap; Distribution with double-digit growht Distribution Generation 6

7 Manageable expenditures: dropped for the fifth quarter in a row (R$ million) 4Q07 2Q08 3Q08 4Q08 / CAGR - Personnel % - Material % - Third Party Services % - Others % - Total ( - ) Depreciation % - 7.2% Depreciation and Amortization % - Total of Manageable Expenses 326, % - 5.8% Among the fourth quarter 2007and the first quarter 2009, the average reduction in Manageable Expenditures was 7.2% 7

8 Generation 8

9 Generation performance reflects the asset swap and lower dispatch of energy Volume of Energy Sold (GWh) Net Revenue (R$ mm) +23% +6.5% Lajeado Total 1,538 1, % -3% -20% % -28% -33% Energest Enerpeixe EBITDA (R$ mm) Net Income (R$ mm) % +394% -40% -39% % +367% -13% -52% Minority Shareholders 9

10 Distribution 10

11 Decrease in captive industrial was offset by residential/commercial classes and lower free customers consumption Volume Breakdown (GWh) -9% highlights : + 13% - 25% +0.5 % 5, ,113 3,250 4, ,592 3,266 Others Free Customers Captive Customers Rural: Growth was mainly driven by Escelsa in high temperatures and low rainfall (Escelsa) Free Customers: The discos also collects the appropriate sector charges, which are then passed on to other entities and calculated on the basis of energy consumption in MWh Increase in customer base of 3.7% The distributor has a six-month period to grant the reduction in demand Process canceled by a Escelsa s important client that was negotiating demand reduction Despite of the decline in free customers consumption, the lower volume did not reflect the contracted energy 11

12 EBITDA increased 25% due to the increase in average tariff Net Revenue (R$ mm) Manageable Expenditures (R$ mm) % Excluding Enersul -14% +8% % Excluding Enersul -27% +8% Enersul Escelsa Bandeirante Vencer Program R$ 3.7M % % 83 R$ 4.5M EBITDA (R$ mm) Net Income (R$ mm) % Excluding Enersul -10% % Excluding Enersul -4% % +32% % %

13 Total losses increased by 0.5 p.p. as a result of the distributed energy volume reduction Commercial Losess (%) Bandeirante Escelsa ENBR - Consolidated 5.7% 5.5% 5.8% 6.0% 5.2% 5.8% 5.8% 5.4% 5.8% dec 07 dec 08 mar 09 dec 07 dec 08 mar 09 dec 07 dec 08 mar 09 Total Energy Losses (%) 11,9% 12,1% 12,2% 12,0% 12,5% mar 08 jun 08 sep 08 dec 08 mar 09 Opex and Capex: ~ R$ 9.1 mm disbursed in programs for controlling losses 42 thousand inspections; dismantling of nearly 23 thousand illegal hook-ups Revenue recovery: ~ R$ 5.5 million originated from recovery of unpaid bills Technical Commercial 13

14 Commercialization 14

15 Volume reduction due to the flexibility in contracts and lower short term selling prices Volume of Commercialized Energy (GWh) Net Revenue (R$ mm) - 3.5% 1,788 1, Reduction because of the flexibility envisaged in the sales contracts for accommodating fluctuations in consumption. - 10% Lower selling price in due to the high spot market prices in 1,570 1,550 EBITDA (R$ mm) -84% Others Group companies Net Income (R$ mm) %

16 Consolidated Investment and Debt 16

17 Consolidated Capex Breakdown + R$ 3.0 billion Investments (R$ mm) Generation Enerpeixe Energest Lajeado/Investc Santa o Fé Pecém % Distribution Bandeirante ,8 Escelsa Enersul n.a % n.d. R$ 1.1m R$ 1.1m 6% 4% 30% 18% 4% 41% 33% 34% 28% R$ 0.84m 24% 34% 18% Repowering Distribution Others Santa Fé Pecém Others e 2010e 2011e Investment Plan regards more than R$ 3.0 billion from 2009 to

18 Div ida Bruta Caixa At.Reg Dív ida Líquida Div.Liq.Dez/08 Low FX exposure and stable debt Net Debt/EBITDA (x) Debt Maturity Schedule ,8 1,7 1,4 Mar/08 Jun/08 Set/ ,8 1,8 Dez/08 Mar/ * Net Debt/EBITDA Net Debt Net Debt Evolution 2,937 (R$ MM) 797 (423) (165) 2,140 2,348 2,390 Cash and Cash Equivalents (Mar/09) After 2012 (*) Shares in treasury as of market price on March 31, 2009 US$ Fixed Rates Gross Debt Breakdown 8% 5% (Mar/09) 49% Floating Rates * Gross Debt (Mar/09) Cash and Marketable Securities Regulatory Assets and Liabilities Net Debt (Mar/09) Net Debt (Dec/08) TJLP 38% * Includes CDI and IGP-M 18

19 Short Term Debt Breakdown * Cash and Marketable Securities (Mar/09) Porto do Pecém Bridge Loan Credit Line (*) Shares in treasury as of market price on March 31, 2009 Distribution Generation Total Postpone of the payment date of Porto do Pecém Credit Line from April 30, 2009 to July 29, Amortization of R$ 83 million of Bandeirante s debentures 19

20 EDP Energias do Brasil Credit Limits (R$ million) Approved credit lines (Apr-09) Institution Total approved Used Available Limit date to use the resource BNDES - CALC BNDES / IDB (Porto do Pecém) 2, , BEI 270* BNDES (PCH Santa Fé) Total of credit lines 3,246 3,246 * Credit line totaled EUR 90 million (EUR45 each distribution company) Besides these short term credit lines, EDP Energias do Brasil has others lower value pre-approved credit line 20

21 Investor Relation Department Mayte S. D. de Albuquerque Cleverson Murakawa Rogério Pacheco Phone: Visit EDP Energias do Brasil website Site: 21