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1
4Q08 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.
3
Highlights of 4Q08
█ Consolidated net operating revenue amounted to R$ 1,189.2 million in 4Q08, 9.1% higher than 4Q07
█ Manageable expenditures before depreciation and amortization down 18% in comparison with 4Q08, dropping for the fourth quarter in a row
█ 4Q08 EBITDA reached R$ 306.0 million, an increase of 96.5% in comparison with 4Q07
█ EDP Energias do Brasil records Net Income of R$ 119.0 million in 4Q08, 51% higher than 4Q07
█ Dividends/interest on shareholders’ equity totaled R$ 1.66 per share, 30.1% up on 2007
█ Capital expenditures amounted to R$ 577.5 million in 4Q08, 112.3% more than in the same period last year
Generation
5
6.411
1.476 1.863
5.568
12M07 12M08 4Q07 4Q08
EBITDA
(R$ MM)
Net Income*
(R$ MM)
Net Revenue
(R$ MM)
597
791
184 224
12M07 12M08 4T07 4T08
442570
130 148
12M07 12M08 4Q07 4Q08
224
288
81 95
12M07 12M08 4Q07 4Q08
+21.8%
+32.5%
+28.9%
+14.3%
+28.5%
Generation performance reflects the conclusion of the asset swap operation
* D
oe
s n
ot
co
nsid
er i
ntr
a-g
roup
elim
ina
tion
s
+15.1%
+26.2%
Volume of Energy Sold
(GWh)
+16.8%
6
Installed Capacity
(MW)
Projects concluded since the IPO
Projects under construction
50 25
29 25** 360
2.116
516
452
1.043
2009 2009and2010
2011
Expected Start-up
2005 PeixeAngical HPP
4th Engine Mascarenhas
São João SHP
2007 Santa Fé Repowering PecémTPP
2012Additional CapacitylLajeado
* It corresponds to the EnBr’s 45% stake at EDP Renováveis Brasil** Mascarenhas, Suíça and Rio Bonito
2008
Cenaeel
1.6961.702 1.702
2008
653*
653
6*
2008
A 63% growth in installed capacity in 2008 and projects under construction guarantee a 24% growth until 2012
Distribution
8
Excluding Enersul’s figures, the Volume of Distributed Energy to final clients recorded an increase
Volume of Distributed Energy
(GWh)
Bandeirante EnersulEscelsa
12M07 12M08 4Q07 4Q08
25,029
6,42853%
13%
52%
34%
34%
24,408
5,40456%
9%
35%
62%
38%
-2.5%
-15.9%
13%
Quarter Year
Energy Sold to Final Customers 3.5% 4.9%
Energy in Transit -12.6% -2.2%
Distributed Energy -3.0% 2.1%
Excluding Enersul's figures:
The decline in transit volume had no impact on TUSD revenue generated by Bandeirante and Escelsa, since this revenue is contractually enshrined in the demand agreement signed with free customers in line with Aneel Resolution 456
9
... financial performance in 4Q08 was positively impacted by tariff readjustments
Net Revenue
(R$ MM)
EBITDA
(R$ MM)
Net Income*
(R$ MM) █ In 4Q08, the reduction of manageable expenditures improved EBITDA and Net Income
█ 4Q07 was negatively affected by the reduction in Enersul’s RAB
37%
12M07 12M08 4Q07 4Q08
3.916
51%
31%
18%
3.955
891 886
52%
33%
15%
57%36%
7%
61%39%
+1.0%
56%
55%
45%
* Does not consider intra-group eliminations
-0.5%
37%
302 365
44
10956%
33%
11%
55%
45%
+143.9%
21.0%
12M07 12M08 4Q07 4Q08Bandeirante EnersulEscelsa
679
3161%
37%
1%
50%
34%
16%801
171
56%
44%
+449.0%
+17.9%
12M07 12M08 4Q07 4Q08
10
~ 69 thousand inspections undertaken and 27,2 thousand frauds detected in 4Q08
~ R$ 5,0 MM in recovered revenues
The level of commercial losses presents a reduction of 0.4 p.p. in comparison with December 2007
Commercial Losses (%)*
Total Energy Losses
EscelsaBandeirante ENBR
5.25.65.85.66.0 5.45.65.75.55.85.55.75.55.7 5.7
6.3% 6.4% 6.6% 6.6%
5.6% 5.4%
6.2%
5.5%5.8% 5.7%
12.0% 12.1%
Technical Commercial* 12-month average. For Bandeirante, historical numbers were restated accordingto Aneel’s new criteria
11.9% 12.2%
Sep08Jun08Mar08Dec07 Dec08
Sep08Jun08Mar08Dec07 Dec08
12.0%
Sep08Jun08Mar08Dec07 Dec08 Sep08Jun08Mar08Dec07 Dec08
-0.2 p.p. -0.2 p.p.-0.4 p.p.
Commercialization
12
4Q08 volume reflects the growth in short term sales and a different monthly distribution of contracts against 4Q07
Energias do Brasil Group Companies
Others
Volume of Commercialized Energy
(GWh)
6,527
1,669 1,805
6,374
11637
814 755
7,188
1,706
12M07 4Q0812M08 4Q07
7,282
1,921
+12.6
+1.3
13
618772
153 198
12M07 12M08 4Q07 4Q08
Higher volumes and average selling prices improved the quarter performance
Net Revenue
(R$ MM)
+28.9%
EBITDA
(R$ MM)
Net Income
(R$ MM)
47 51
8 12
12M07 12M08 4Q07 4Q08
34 36
7 9
12M07 12M08 4Q07 4Q08
+25.0%+8.7%
+5.5%
+23.3%
+42.6%
Consolidated Financial Performance
15
4,528 4,904
1,090 1,189
12M07 12M08 4Q07 4Q08
Consolidated financial was positively impacted by the performance of all Group businesses
Net Revenue
(R$ MM)
EBITDA
(R$ MM)
1,1231,363
156306
12M07 12M08 4Q07 4Q08
+8.3% +21.4%
+96.5%
450
79118
12M07 12M08 4Q07 4Q08
Net Income
(R$ MM)+15.1%
389
Adjusted by Enersul’s additional goodwill amortization
518
+50.6%
+9.1%
16
Manageable expenditures dropped for the fourth quarter in a row
4T07 4T08 ∆%
Personnel 82.8 50.0 -39.6%
Material 11.3 19.2 70.0%
Third Party Services 100.5 81.6 -18.8%
Provisions 26.9 27.0 0.2%
Others 27.4 26.1 -4.8%
248.9 203.9 -18.1%
Depreciation and amortization 77.3 75.0 -2.9%
Total 326.2 278.9 -14.5%
Manageable Expenditures (R$ MM)
Third Party Services
- Reduction in conservation and maintenance, mainly due to the exclusion of Enersul
- Effects of operating efficiency programs and support activities
- Reduction in business consultancy fees for strategic projects
Personnel
- R$ 18,1 MM related to reduction in payroll expenses and overtime working with the elimination of Enersul
- R$ 11,8 MM referring to reversal of a provision in December 2008 at Bandeirante, due to an actuarial recalculation
IGPM: 9.8%
17
Financial result presented increase in the period
█ Factors contributing to the variation in net financial results were:
- a reduction derived from a monetary adjustment of regulatory assets, due to changes in
Aneel’s calculation methodology to attend tariff recovery besides the divestment of Enersul;
- present value adjustments of long-term accounts receivable installments;
- market to market of financial instruments previously booked according to accounting principles
Financial Result (R$ MM)
4Q07 4Q08 ∆ %
Financial Income 42.7 52.8 23.7%
Financial Expenses (213.1) (251.6) 18.1%
Net Forex Result (4.4) 2.1 n.d.
Foreign Exchange Rate Variation 3.0 (21.9) n.d.
Swap - net result (7.5) 24.0 n.d.
TOTAL (174.8) (196.8) 12.6%
18
Dívida Bruta por Indexador Dez/08
The Group has a low leverage and low FX exposure
2,3911,6801,9571,879
1,702
2,345
1.81.4
1.71.8
3.0
1.9
0
1,000
2,000
012345
Net Debt/EBITDA (x)
Net Debt Evolution
(R$ MM)
200620052004 2007
Net DebtNet Debt/EBITDA
Debt Maturity Schedule
551.5471.4 469.6
332.5
735.7
1,088.3
Cash andCash Equiv.
(Dec/08)
2009 2010 20122011 After2012
Sep08
Gross Debt Breakdown
(Dec/08)
TJLP
6%
Dec08
6%
50%
Dollar
* Includes CDI and IGP-M
Floating Rates *
Fixed RatesLong-Term
2,009 1,680
2,391
Short-Term
1,088
(552)
(155)
Gross Debt Dec.08 (-) Cash and Marktable Securities
(-) Regulatory Asset and Liabilities
Net Debt Dec.08 Net Debt Sep.08
38%
3,097
19
Estimated Investments - (R$ MM)
Higher trend to reinforce the Capex to generation projects
Capex without Universalization (R$ MM) Universalization Investimentos - (R$ MM)
556293394
106679
595
2008E12M08Distribution Generation
989 972
12M07
662
81 85
128
12M07 12M08 2008E
39% 31%38%
30% 38%
8%
31%
45%
25%
5% 2%6%
4% 1% 0%
2008 R 2009 2010
Pecém Others Distribution Repowering Santa Fé
1,076 1,0071,180
39% 31%38%
30% 38%
8%
31%
45%
25%
5% 2%6%
4% 1% 0%
2008 R 2009 2010
Pecém Others Distribution Repowering Santa Fé
1,076 1,0071,180
20
R$1.66
R$0.92 R$1.03
R$1.28
50%50%46%40%
2005 2006 2007 2008Dividend/ interest on equity Payout
2008 distribution of dividends was adjusted for the additional amortization of Enersul goodwill
Dividend per share (R$) and Pay-Out
Dividend per share: +30.1%
Dividend yield: 7.3% (1)
(1) Reference date: March 02, 2009
█ Factors that increased the dividend per share:
- cancellation of shares on treasury referent to the 1st repurchase of shares program
- 2º repurchase of shares program
- withdrawal rights
67%*
* Pay-out over the net income
21
Stock Performance in the twelve months of 2008
Market Capitalization: R$ 3.7 billion*
IBOV = -41.2% IEE = -11.6%ENBR3 = -18.2%
ENBR3 x Indexes Performance Base 100: 2008
40
50
60
70
80
90
100
110
120
130
Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
0
20,000
40,000
60,000
80,000
100,000
22
From 2004 to 2008, Group delivered EBITDA average annual growth 14% and equalize its assets portfolio de ativos with growth in generation
808956 974
1123
2004 2005 2006 2007 2008
EBITDA
(R$ MM)
Adjusted CAGR +14.0% 4%
EBITDA Breakdown
(R$ MM)
80%
5%
15%
56%
40%
2004 2008
DistributionGeneration Commercialization
1.363
Investor RelationsPhone: 55 11 2185-5907