Date post: | 29-Jun-2015 |
Category: |
Documents |
Upload: | aes-eletropaulo |
View: | 119 times |
Download: | 1 times |
3Q08 Results
2
Highlights
3Q08
– Total consumption in 3Q08 was 4.9% higher than 3Q07, totaling 10,508.8 GWh
– Adjusted EBITDA of R$ 493.4 million, 12.1% below 3Q07
– Net income of R$ 148.3 million, 24.9% lower than 3Q07 (R$ 197.5 million)
– On July 1st, ANEEL authorized an average tariff readjustment index of +8.01% to Eletropaulo, applicable to the tariff as from July 4th, 2008
– Extension of the Adjustment of Mathematical Reserve’s contract maturity with Fundação Cesp from 2022 to 2028
Subsequent Events:
– Provision of R$ 71.5 million penalty, related to the COFINS rate increase process
– Awarded Eletropaulo as PNQ (National Quality Award) finalist as world reference in business excellence among top 5 in the country
3
6.8%6.8%
5.9%5.9%
0.2%0.2%
4.9%4.9%
(*) ANEEL Resolution 247/07 – ANEEL (Conventional Sources)(**) Charts do not consider own consumption
5.7%5.7%4.9%4.9%
5.0%5.0%1,870
636
2,4061,655
3,455
10,020
8,150
668
8,635
1,874
3,691
1,7352,542
10,509
Residential Industrial Commercial Public Sector andOthers
Free Clients Captive Market Total Market
3Q07 3Q08
MarketConsumption (GWh) and Average Tariff
% Total Market – 3Q08 Average Tariff of Sold Energy R$/ MWh
3Q07 3Q08 V %
Residential 280.1 275.3 -1.7%,
Industrial 246.0 254.5 3.5%
Commercial 275.3 275.5 0.1%
Others 223.6 221.2 -1.1%
TOTAL 267.3 267.0 -0.1%
Consumption Evolution (GWh)**
80.9% 17.8%
1.3%
Captive Consumers
Free Clients
Potentially Free Clients*
4
98.199.599.199.0 97.4
2005 2006 2007 2Q08 3Q08
6.5
6.4 5.5 5.0 5.2 5.1
6.56.56.56.5
11.512.012.9
11.7 11.6
2005 2006 2007 2Q08 3Q08
Technical Losses* Commercial Losses
Operating Highlights
Collection Rate (3Q08)
– Public Sector: 99.7%
– Private Sector: 97.2%
Cuts and Reconnection – Monthly Average (3Q08)
– Cuts: 34,000
– Reconnection: 33,000
Fraud and Illegal Connections (3Q08)
– 305,600 inspections and 15,700 frauds detected
– 49,300 illegal connections regularized
Collection Rate (% over Gross Revenue) Loss Reduction (%)
+ 50 b.p.+ 50 b.p.
-- 140 b.p.140 b.p.
-- 70 b.p.70 b.p.-- 10 b.p.10 b.p.
(*) Current Technical Losses used retroactively as reference.
5
354.8 300.8364.3 411.6
48.8 69.2403.6 377.7
433.5478.9
269.6
76.835.7
67.3305.3
2005 2006 2007 2008 (e) 9M08
Capex Self - Financed
Investments
9M08
Investments (R$ Million)
19%
12%
5%11% 5%
48%
Customer Service andSystem Expansion
Maintenance
Self- Financed
Information Technology
Loss Recovery
Others
9M08: R$ 305.3 million
3Q08: R$ 124.9 million
– Customer Service and System Expansion: R$ 64.1 million
• New Clients Connection: R$ 21.4 million
• Expansion of transmission lines: R$ 23.7 million
• Resolution 250: R$ 12.2 million
– Maintenance: R$ 21.6 million
– Loss Recovery: R$ 16.7 million
– Information Technology: R$ 2.2 million
6
Tariff Evolution
On July 1st, 2008, Aneel conceived to Eletropaulo a tariff adjustment of 8.01%
2007 Tariff Reset still preliminary. Changed items:• X Factor was altered from 2.42% to 2.05%• Unrecoverable Expenses: Altered from 0.5% of Gross Revenue to 0.6%• Regulatory Depreciation Rate: Altered from 4.31% to 4.32%
2.1%
18.6%
11.7%
-8.4%
11.5%
(*) Final values without financial impacts, concluded in 2005
Tariff Evolution
Tariff Adjustment
8.0%
3.8% 1.7% 4.8% 1.6%
7.9%
-6.2%-2.2%
3.7%16.9% 1.6% 4.3%9.9%
-4.3%
2003* 2004 2005 2006 2007 2008
PIS/COFINS
Part A
Part B
IGPM
7
Results
3Q07 x 3Q08
– +8.01% Tariff Readjustment, applied since 07/04/2008, partially offset by the variation of PIS/
COFINS charged from consumers
– Growth on the captive market, 5.9%
– R$ 133.2 million growth in Other Revenues, mostly because of the end of amortization of
Extraordinary Tariff Reset (RTE) and the Free Energy in October 2007
5,360.6 5,540.0
1,757.0 1,960.9
3,102.8
997.5 1,103.8
8,463.4 8,629.1
2,754.5 3,064.7
3,089.1
9M07 9M08 3Q07 3Q08
Net Revenue Deduction of Gross Revenue
11.6%11.6%
Gross Revenue (R$ million)
3.4%3.4%
2.0%2.0%
11.3%11.3%
8
3,078.03,479.1
826.9
901.1
4,380.2
3,904.9
9M07 9M08 3Q07 3Q08
1,239.9
1,297.9
1,579.7
1,059.4
339.8
238.5
Results
Costs and Operational Expenses* (R$ million)
(*) Depreciation not included(**) Personnel, Material and Services
12.2%12.2% 21.7%21.7%
Energy Supply and Transmission Charges PMS and Others**
9.0%9.0%
13.0%13.0% 17.0%17.0%
42.5%42.5%
9
Costs Analysis
Accumulated 9 months (R$ million)
901.1826.9
13.4 (52.1)103.3 9.5
9M07 Personnel Provisions andContingencies
PDC and Write-Off Others* 9M08
339.8238.5
2.234.4
56.2 8.5
3Q07 Personnel Provisions andContingencies
PDC and Write-Off Others* 3Q08
9.0%9.0%
42.5%42.5%
Quarter (R$ million)
(*) Materials and Third Party Services, FCESP, Rents, Indemnifications, Losses, Bank Fees, etc
10
EBITDA
Adjusted EBITDA* (R$ Million)
3Q07 x 3Q08
– Net Revenue: increase due to tariff readjustment, market growth and greater volume of Other Revenues
– Energy Supply and Transmission Charges: increase in average price of contracts and energy purchased
– PMS and Other Expenses: positive effect of losses reversion in 3Q07 compared to an expense in 3Q08
(*) Adjusted EBITDA of 3Q07 and 9M07 = EBITDA + Pension Fund Expenses + RTE + RTE’s Provision – juducial deposits(*) Adjusted EBITDA of 3Q08 and 9M08 = EBITDA + Pension Fund Expenses + Part A
459.0 381.1
102.1112.3
561.1493.4
203.9 180.5
101.3
10.2
3Q07 Net Revenue Energy Supplyand Transmission
Charges
PMS and Others Adjustments 3Q08
Ebitda Adjustments
17.0%17.0%
12.1%12.1%
11
(66.6)
35.3
(37.8)
(101.6)
9M07 9M08 3Q07 3Q08
Results
Financial Results (R$ million)
495.8
702.8
197.5 148.2
9M07 9M08 3Q07 3Q08
24.9%24.9%
Net Income (R$ million)
29.5%29.5%
Adjust of Aneel Act # 2,877
– Reclassification of R$ 31.2 million in monetary and exchange rate variation expenses with effects also in other revenues
– Without effect over net income
76.1%76.1%
3Q07 x 3Q08
– Positive impact related to losses recovery in 3Q07 (R$
34.2 million), compared to losses expenses amounting
R$ 31.4 million in 3Q08
– Variation of PIS/ COFINS charged from consumers
partially compensating the tariff readjustment of 8.01%
12
R$ million 3Q07 4Q07 1Q08 2Q08 3Q08
Initial Cash 1,457 830 1,334 1,478 1,454
Operating Cash Flow 532 584 418 497 613
Investments (106) (112) (80) (60) (107)
Net Financial Expenses (133) (51) (101) (41) (107)
Net Amortizations (225) 197 (4) (30) (21)
CESP Foundation (49) (53) (57) (58) (32)
Income Tax (161) (61) (33) (114) (68)
Dividends (485) (0) (0) (218) (359)
Free Cash Flow (627) 504 144 (24) (81)
Final Cash 830 1,334 1,478 1,454 1,373
Managerial Cash Flow
Cash Availability of R$ 1,373 million (09/30/2008) – Average rates of 102.4% of the CDI– Daily liquidity for 97% of the investments
3Q07 x 3Q08:– Operating Cash Flow: Tariff Readjustment of +8.01% as of July 4th, 2008– Dividends: R$ 359 million distributed regarding 1H08 results
13
Financial Debt
523 358
3,582 3,890
2,790 3,276
4,164 4,105
Long Term Short TermNet Debt
Net Debt:
– 14.8% decrease (R$ 486.0 million)
Fundação CESP:
– Extension of the Adjustment of Mathematical Reserve’s contract maturity with Fundação Cesp from 2022 to 2028
99.3% of the Debt in local currency (R$)
Short Term X Long Term (R$ million) Debt Highlights – 3Q08
Average Cost and Average Term (Principal)
3Q07 3Q0812
0.9%
125.
3%
123.
3%
107.
8%
113.
0%
7.77.86.66.86.2
3Q07 4Q07 1Q08 2Q08 3Q08
% CDIAverage Term - Years
Net Debt/ EBITDA*
1.31.5
(*) Adjusted EBITDA
14
Financial Debt
Amortization Schedule – R$ Million (Principal)
25050 5003 9 524 250 250
121
217
121
62
121121
1,350
12111
4Q08 2009 2010 2011 2012 2013 2014 2015-28
R$ (w/out FCESP**) FCESP** US$*
23
* Exchange Rate 09/30/2008 – US$ 1.00 = R$ 1.9143** Pension fund
Pension Fund R$ 2,233 millionPrivate Creditors R$ 1,897 millionLibor R$ 34 millionTOTAL R$ 4,164 million
Gross Debt – 3Q08
96% hedgedCDI/Selic
33.3%
IGP-DI 53.6%
Libor 0.8%
Fixed rate 12.3%
3Q08 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.