Brazilian Electricity System in the World
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2 Brazilian Electricity System in the World USA China Japan Russian India Canada Germany France Brazil South Korea 1.115, ,70 993, ,00 869,8 824,5 634,1 664,5 596,8 637,3 542,4 574,6 467,4 463,1 455,9 446, , , , ,58 2
3 Electricity Generation (%) 76, ,3 2,5 2,6 2, ,8 3
4 Production Brazil 2009 Wind Power 0.2% Natural Gas Nuclear Oil Energy 2.6% 2.9% 2.5% Coal and Others 13.5% Biomass 5.4% 76.9% Hydraulic Energy 4
5 CLEAN GENERATION: 100% Hydro 3 rd Largest of the Hydroenergy Generation Sector in Brazil 1.2 million customers 14,105 employees 22 plants Installed capacity of 11,000 MW US$ 9.8 billions in liabilities US$ 21.6 billions in assets EBITDA of US$ 518 millions Net Debt / EBITDA 19x 84 Customers 1,377 employees 6 plants Installed capacity of 7,456 MW US$ 5.1 billions in liabilities US$ 11.9 billions in assets EBITDA(LTM) of US$ 1,297.1 millions Net Debt / EBITDA 2.0x 5
6 Split-up 04/01/99 Privatized 07/16/98 11/05/97 04/14/99 6
7 CESP has six hydroelectric power plants located in the State of São Paulo with total installed capacity of 7,456 MW and total guaranteed power output of 3,916 average megawatts (MW). 7
8 POWER PLANTS UNITS INSTALLED CAPACITY GRARANTEED POWER OUTPUT (AVERAGE MW) START OF OPERATIONS CONCESSION MATURITY DATE ILHA SOLTEIRA (IS) TRÊS IRMÃOS (TI) 20 3,444 - Jul/18/1973 Jul/07/ Nov/28/1993 Nov/18/11 IS/TI COMPLEX ,252 1, JUPIÁ PORTO PRIMAVERA PARANÁ RIVER... PARAIBUNA JAGUARI PARAIBA RIVER... T O T A L , Apr/14/1969 Jul/07/ ,540 1,017 Jan/23/1999 May/21/ ,343 3, Apr/20/1978 Mar/09/ May/05/1972 May/20/ ,456 3,
9 Energy Sector Data by Segment SEGMENT QUANTITY Percentage over Entire Segment GENERATION 18,277 MW 23% of the installed capacity of Brazil s hydroelectric complex TRANSMISSION 73,000 Km of transmission lines and substations with > 230KV voltage. 82% of the SIN National Integrated System Basic Network DISTRIBUTION (from 2015 to 2017) 42 concessionaires 35% of the energy sold in ACR Regulated Market System SOURCE: ANEEL 9
10 Quantities in MW and percentages over total installed capacity of each generation company whose concession expires in ,615 9,703 9,131 7,455 6,782 4, % 67.0% 2, % 0.8% 10% 5.7% 19% 10
11 18,277 MW of the Installed Capacity in the Generation Segment FURNAS CEMIG CEEE COPEL ELETRONORTE Others CESP CHESF Note: 64.6% refers to federal government entities (11,773 MW) 11
12 Brazilian Electricity System 37.8% 27.3% 7.2% 6.7% 6.7% 4.8% 4.7% 2.6% 2.2% ELETROBRÁS CESP TRACTEBEL CEMIG PETROBRÁS COPEL AESTIETÊ DUKE ENERGY BR OTHERS MW 39,413 7,456 6,965 6,977 5,031 4,905 2,675 2,299 28,511 SOURCE: Brazilian Electricity Regulator (ANEEL) and Companies Peers (2009) NOTE: 1 Value corresponded to the National Interlinked System SIN 2 Brazilian Itaipu belongs to Eletrobrás (Brazil s stake) 12
13
14 CESP is recognized as an industry benchmark in terms of operating performance, with a higher availability rates and lower forced outage at its generating units compared to both the standards mandated by the National Electricity Agency (ANEEL) and the industry average ,0300 0, ,0200 0,0150 0, , , CESP Ref. ANEEL 14
15 CESP has been consistently producing energy above the physically guaranteed level determined by ANEEL. Energy Production (GWh) 34,503 37,015 34,340 36,340 42,896 41,203 41,139 39,831 40,947 20,555 10, H 1Q Energy production Guaranteed power output (Nominal Production: 34,304 = 3,916 MW average) 15
16 Diversified client portfolio focused mainly on distribution companies, which provide higher stability and sales visibility. Focus also on free customers, which gives greater flexibility to the Company s businesses with a substantial portion of non-contracted energy available for trade as of Guaranteed power output (3,916 MW (-) losses until the center of gravity) 3,800 MW average (08/16/2011) 64 1% 37% 35% % % 46% % % % 64% % % 70% 70% 71% 73% 35% % 24% 24% 23% 21% % % % 350 6% 230 6% 230 6% 230 6% 230 CCEAR (Distributors) Free Market Non-contracted 16
17 Average prices of CESP contracts (06/30/2011) Average Prices R$ / MWh , CCEAR (Distributors) Free Market Non-contracted 17
18 CESP is well positioned to capitalize on potentially higher energy prices, following the current market trend observed in recent auctions. 150,0 140,0 130,0 120,0 110,0 100,0 90,0 80,0 70,0 60,0 50,0 62,10 57,51 68,37 67,33 104,74 5th Auction 2007 Existing Energy 77,70 75,46 83,50 83,13 132,39 126,77 124,97 (Botox) 94,91 93,40 138,85 134,99 134,67 121,81 116,00 (Botox) 137,44 128,42 120,86 129,14 128,37 78,87 (UHE - Sto. Antonio) 145,23 (UTE s Outras Fontes) 98,98 (UHE - Bxo. Iguaçu) ,37 (UHE Jirau) 77,97 Belo Monte 58,35 Teles Pires Existing Energy Auctions Average Existing Energy Auctions CESP New Energy Auctions CESP (Botox Energy 100%) New Energy Auctions Average (Hydro) New Energy Auctions Average (Thermal) Alternative Energy Source Auctions (Hydro) Alternative Energy Sources Auctions (Thermal) 18
19 15
20 Privatization of CTEEP R$1.2 billion Jul/2006 To match its cash flow generation with its debt service, CESP has launched a comprehensive capital restructuring plan with the following main components: Funds Involved in the Restructuring - R$ 6.3 billions Public Offering of Preferred Class B Shares (PNB) R$ 2.0 billions Jul/ P U Bonds Operations (Call + Tender Offer) US$220 millions = R$488 millions - Aug/2006 US$350 millions = R$750 millions - Jan/2007 FIDC III R$ 650 millions Aug/ C T E E P B L I C O F F E R 1.2 B O N D S 0.65 FIDC III 1.25 F I D C IV 1,250 FIDC IV R$ 1.25 billion Jun/2007 Capital Increase R$ 3.2 billions Term: 10 years Grace Period: 5 years (for principal) 20
21 Gross Revenue BRL millions Average Prices R$/MWh (*) 93,66 95,22 92,20 87,69 84,57 76,45 64,78 69, Invoiced Amount GWh (*) (*) Energy sold in contracts, exclude Spot Market Energy - CCEE 21
22 1, Evolution of Net Revenue BRL millions 2,061 2, , , , , , Adjusted EBITDA (BRL millions) 1,256 1,500 1, ,849 1, Adjusted EBITDA Margin (%)
23 Capital Investments BRL millions H11 2Q
24 Excluding Foreign Exchange Variation and Nonrecurring Expenses BRL millions % % % 1,0% ,3% H11 2Q10 2Q11 24
25 Operating Expenses BRLmillions Employees 1,247 1,237 1,407 1,457 1,328 1,443 1,284 1,403 1,369 1,321 1,284 1,463 1,434 1, Personnel Expenses x Net Revenue (%)
26 OPERATING HIGHLIGHTS Operating Revenue 700, ,413 1,7% Operating Expenses (441,262) (446,472) -1.2% Service Result 258, , % Adjusted EBITDA 471, , % Adjusted EBITDA Margin 67.4% 66.1% +1.3p.p. Net Income (Loss) 72,565 78,494-7,6% 26
27
28 Evolution by Currency Local Currency % % 45% 64% % 63% 70% 56% 45% 55% 36% 35% 37% 30% Q11 Figures in BRL billions 28
29 Indebtedness Net Debt / EBITDA (x) 10.1x 6.2x 4.6x 4.3x 2.8x 2.2x 2.0x 29
30 06/30/2011: R$ 1,179 millions FINANCIAL DEBT OTHERS R$ 2 0% BRADY PLAN R$ % BNDES(BRADY) R$ % BONUS R$ % All figures in BRL millions 30
31 06/30/2011: R$ 2,749 millions PN R$ 157 6% BIB'S R$ 126 4% OTHERS R$ 20 1% ELETROBRAS R$207 7% FIDC R$ % BONUS SERIES 8 R$ % All figures in BRL millions 31
32 06/30/2011: R$ 3,928 millions 1, Após 2015 All figures in BRL millions 32
33 Several factors enable CESP to generate strong future operating cash flow. 1 - Scale with Low Operating Costs 2 - Exposure to Rising Energy Prices 3 - Low CAPEX Requirements 4 - Low Working Capital Requirements (less than 5% of net revenues) 5 - Tax Credits Reducing Future Tax Payments (R$ 2,142 millions) 33
34
35 35
36 TOTAL CAPITAL COMMON vs. PREFERRED Preferred Class B 64% Preferred 67% Preferred Class A 3% Common 33% Common 33% 36
37 06/30/2011 São Paulo State Finance Dept. Cia. Metropolitano METRÔ Cia. Paulista de Parcerias CPP Cia. Saneam.Básico de S.P. SABESP SUBTOTAL STATE OF SÃO PAULO Capital Group International, INC HSBC Bank PLC London Eletrobrás S.A. Santander Invest. in Participations UBS AG London Branch Other Shareholders SUBTOTAL OTHER SHAREHOLDERS T O T A L
38 COMMON PREFERRED (PNA + PNB) State 95% Market 86% Market 5% State 14% 38
39 06/30/2011 R$ millions , , , , ,
40 50,00 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00 0,00 43,19 35,05 32,64 28,64 25,00 25,82 24,84 30,19 17,86 19,50 25,63 16,10 22,45 19,79 14,50 31,10 27,00 30,65 27,18 24,25 25,58 24,10 27,00 28,47 21,69 25,30 25,89 19,59 21,16 18,30 24,0324,05 25,70 25,38 16,5015,09 23,05 13,00 21,90 14,6113,70 19,47 19,40 19,54 19,44 19,36 17,00 13,20 13,39 10,80 11,50 Common Preferred Class A Preferred Class B 40
41 Evolution from 2003 to 2010 Prime High Grade Upper Medium Grade Lower Medium Grade Speculative Highly Speculative Insolvency Risk Substantial Risk Insolvency Probability Default AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C SD DDD DD D jan/03 Jan03 mar/03 mai/03 Jul jul/03 set/03 nov/03 jan/04 Jan mar/04 mai/04 Jul jul/04 set/04 nov/04 jan/05 Jan mar/05 mai/05 Jul jul/05 set/05 nov/05 jan/06 Jan mar/06 mai/06 Jul jul/06 set/06 nov/06 jan/07 Jan mar/07 mai/07 Jul jul/07 set/07 nov/07 jan/08 Jan mar/08 mai/08 Jul jul/08 set/08 nov/08 jan/09 Jan mar/09 mai/09 Jul jul/09 set/09 nov/09 jan/10 Jan mar/10 mai/10 Jul jul/10 set/10 nov/10 S&P Local S&P Global Moody s Global Predominantly Distininctly Investment Grade Speculative Speculative
42
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