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1Q08 Results
May, 2008
2
1Q08
– EBITDA of R$ 313.8 million in 1Q08, an 9.3% increase when compared to 1Q07 (R$ 287.2 million)
– Net Income of R$ 172.8 million in 1Q08, 7.7% above the same period of 2007 (R$ 160.5 million)
– Generation 18% above Assured Energy
– Accounting reclassifications to fulfill the law # 11,638/2007, without impact on results
Subsequent Events
– Since April 1st, 2008, the Company’s issued stocks are quoted by the unit
– On May 8th the Company paid R$ 165.7 million as Dividends and Interest onEquity regarding 4Q07 results
– The Management proposes the distribution of R$ 172.8 million on Dividends, corresponding to 100% of 1Q08 Net Income:
- R$ 0.43 per common share (CS)
- R$ 0.48 per preferred share (PS)
Highlights
3
Reduction of 20.2% on Generated Energy (1Q08 x 1Q07)
Generation 18.0% above Assured Energy (1,275 MW average)
Current Price – Bilateral Contract with Eletropaulo: R$ 131.98/MWh
MRE Tariff – R$ 7.77/MWh
Average price of 1Q08 billed energy through CCEE – R$ 275.86/MWh (R$ 19.27/MWh in 1Q07)
Generation – MW Average Billed Energy – GWh
1,392 1,363 1,467 1,4241,543 1,511
109% 107%115%
112%
121%118%
2003 2004 2005 2006 2007 1Q08
Generation - MW Average Generation / Assured Energy
Energy Balance
2,799 2,869
978321
389
148
4,166
3,339
1Q07 1Q08
Eletropaulo MRE CCEE/Losses
4
1Q08Capex – 1Q08: R$ 5.6 million
– Equipment restoration and upgrade of operating plants - R$ 2.1 million
– Environmental projects, reforestation projects, archaeological and fishing areas management– R$ 1.4 million
– Investments on IT – R$ 0.5 million
– Investments on SHPP “São José” and “São Joaquim”, at Jaguari-Mirim´s river, at São Paulo (total capacity of 7 MW) – R$ 1.0 million
– Investments on 3 SHPP at Rio de Janeiro:
• Installed Capacity: 52MW
• The Installation licence was obtained in October 2007
• Until 03/31/2008 R$ 20.0 million wereinvested, of which R$0.5 million in 1Q08
• Waiting for the Vegetation Suppressionauthorization in order to start the construction
Investments – R$ million
141.2
27.546.5 50.7
5.6
82.8
2005 2006 2007 2008 (E) 1Q08
SHPPs - RJ
224.0
Investments
27.4%
8.7%
25.6%
38.3%
Equip
Environment
Hidroway
IT
SHPP's
5
Expansion Requirement
Requirement: increase installed capacity, by at least, 15% (400 MW), untilDecember 2007:
– Increase the installed capacity in São Paulo State; or
– Purchase energy from new plants, located at São Paulo, through long term agreements (atleast 5 years)
Restrictions to accomplish the requirement:– Insufficient hydro resources at São Paulo State and environmental restrictions to installThermo Plants;
– Insufficiency of gas supply;
– “New Model of the Eletric Sector” (Law # 10,848/04)
On February 2008, AES Tietê received a report prepared by a Consultingcompany, regarding the evaluation of the possibilities of expanding its generation capacity in São Paulo State.
The Company has been developing discussions with different members ofSão Paulo State Government, regarding opportunities related to:
– Hydroelectric potentials
– Opportunities for joint generation
– Alternative energies
6
Results
Higher energy revenue sold to CCEE/MRE (R$ 32.8 million)
– Higher average price on CCEE (R$ 275,86 / MWh in 1Q08 x R$ 19.27 / MWh in 1Q07)
Reduction of R$ 19.2 million on Deductions, due to change of PIS/Cofins tax, from cumulative (9.25%) to non-cumulative (3.65%), on June, 2007
Increase of the transmission cost (TUSDg):
– Tariff Cycle 2007/2008, R$ 44.3 million (R$ 11 millions / quarter)
TUSDg Methodology is being discussed byAneel, in a Public Hearing, from April 23 until May, 19.
99
89
+4.4%+4.4% +11.6%+11.6%
Gross Revenue - R$ Million Costs and Operational Expenses - R$ Million
36397
360
17
+10.2%+10.2%
29
4354
16 16
29
1Q07 1Q08
Power purchase and sector charges
Other operation expenses
Depreciation
36397360
17396 414
1Q07 1Q08
Net Revenue Deductions
7
EBITDA
EBITDA ( R$ Million )
EBITDA:
( )
+9.3%+9.3%
Margin = 79.8%Margin = 79.8% Margin = 79.1%Margin = 79.1%
313.8
287.2
1.6
1236.7
1Q07 Net Revenue Transmission and Connection
Other Costs and Expenses
1Q08
8
161173
43.6%44.6%
1Q07 1Q08
Net Income Net Margin
Results
Increase of average IGP-M (2.38% in 1Q08 x 1.11% in 1Q07), which accrues theCompany’s debt
Negative impact on financial revenues dueto the drop on average SELIC
(11.18% in 1Q08 x 12.93% in 1Q07)
Proposed Dividends of 100% of 1Q08´s Net Income:
– Dividends: R$ 172.8 million;– Total payment by stock:
- R$ 0.43 / common stock- R$ 0.48 / preferred stock
Ex-Dividends Date 05/15/2008Payment Date 05/29/2008
+ 22.5 %+ 22.5 %
Financial Results - R$ Million Net Income - R$ Million
+ 7.7 %+ 7.7 %
(36)
(29)
1Q07 1Q08
9
Consolidated Debt
Cash Availability 03/31/2008 = R$ 821.0 million– Marketable securities with maturities lower than 90 days
– Average rates around 100% of CDI
Net Debt - R$ Million
1,253.5
681.9
462.8
1,096.3
660.9676.5
0.6x0.6x0.7x
1.4x2.0x
0.4x
2003 2004 2005 2006 2007 1Q08
Net Debt (R$ million) Net Debt / EBITDA
in R$ million
Amount Ceditor Maturity Cost Collateral
1,280.4 Eletrobras May, 2013 IGP-M + 10% p.a. Receivables
0.2 FunCesp III Sep, 2027 IGP-DI + 6% p.a. Receivables
10
Managerial Cash Flow
Investments – the construction of the SHPPs at Rio de Janeiro will start after theauthorization for the Vegetation Suppression is obtained
Tax Credits of approximately R$ 165 million were utilized in 1Q08
R$ Million 1Q07 2Q07 3Q07 4Q07 1Q08
INITIAL CASH 687.9 683.5 571.2 589.0 633.7
Operating Cash Flow 287.9 307.9 248.9 271.2 261.5
Investments (9.7) (12.0) (9.3) (15.0) (4.1)
Net Financial Expenses (16.1) (18.0) (19.3) (18.4) (15.3)
Net Amortization (46.4) (48.3) (50.8) (52.0) (46.2)
Income Tax (220.1) (16.6) (9.8) - (15.1)
Dividends and IoE - (325.4) (141.9) (141.0) -
Free Cash Flow (4.4) (112.3) 17.8 44.7 180.9
Final Cash of Parent Company 683.5 571.2 589.0 633.7 814.6
Final Cash of subsidiaries and associated Companies 11.9 28.3 4.2 4.6 6.5
Final Cash 695.4 599.4 593.2 638.3 821.0
11
Conclusion
Generation was 18% above Assured Energy in 1Q08
EBITDA of R$ 313.8 million in 1Q08, an increase of 9.3% whencompared to 1Q07 (R$ 287.2 million)
Net Income of R$ 172.8 million in 1Q08, represents an increase of7.7% when compared to 1Q07 (R$ 160.5 million)
Proposed dividends of R$ 172.8 million, corresponding to 100% ofthe 1Q08 Net Income
1Q08 Results
The statements contained in this document with regard to thebussiness prospects, projected operating and financial results, andgrowth potencial are merely forecasts based on the expectstions ofthe Company´s Management in relation to its future performance. Such estimates are highly dependent on market behavior and onthe conditions affecting Brazil´s macroeconomic performance as well as the electric sector and international market, and they are therefore subject to changes.