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3Q13 Results November, 2013
2
■ Energy generation 19% higher than the physical guarantee and 12% below the registered in 3Q12
■ 39% reduction in the forced outage rate (0.33% in 9M12. vs. 0.20% in 9M13)
■ 413 MWavg of own energy sold on the free market in 2016 (200MWavg of new contracts in relation to 2Q13)
Operational
■ Net revenue of R$ 580 million, increase of 7% vs. 3Q12 ■ Manageable costs in line with 3Q12; efficiency gain equivalent to inflation ■ Ebitda reached to R$ 393 million in 3Q13, down 7% vs. 3Q12 due to a lower energy
allocation to AES Eletropaulo ■ Net income of R$ 225 million, down 8% vs.3Q12
Financial
3Q13 Highlights
■ R$ 242 million to be distributed as dividends, expected to take place on November 25, 2013
■ R$ 0.61 per common share and R$ 0.67 per preferred shares (dividend yield of 3.1%)
Dividends
2
■ In July 2013, AES Tietê received the "Transparency Award 2013" by adopting best accounting practices in preparing the financial statements
Award
3846
5562 61 63
61 5549
44
0
10
20
30
40
50
60
70
80
90
100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Max
(%)
Historical Level of Brazilian Reservoirs (%) Monthly Evolution of Spot Price¹ (R$/MWh) SE/ME²
■ Thermal dispatch of 12GW in 9M13 vs. 6GW in 9M12
3
2011 2012 2013g
2001 2012 20132001 Historical data
1 – The average prices from Apr to Aug/13 were calculated based on the values of PLD1. From Sep/13 on, we calculate only the values of spot, which incorporates the x mechanisms of risk aversion to the calculation model.
2 – SE (Southeast ) and ME (Midwest)
Recovery of the reservoir levels supported by thermal dispatch
2948
26 12 17 32 23 20 2137 46
4423 51
125
193 181
118 91
119
183
280
376
260
215
340
196
345
208
121
163
266
262
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
7.33 7.23
1.68 1.68 1.40 1.471.05
0.24 0.35 0.24 0.33 0.20
2010 2011 2012 2013 - FYF 2012 YTD 2013 YTD
8.38 7.47
2.03 1.92 1.73 1.67
Unscheduled Outage Rate EFOF¹
■ 39% reduction in the forced outage equivalent factor (0.33% in 9M12 vs.0.20% in 9M13)
■ Lower dispatch of Água Vermelha by ONS reduced 12% the generated energy (vs. 3Q12)
1 - Forced outage equivalent factor 2 - Generated energy divided by the period hours 4
-12%
Generated Energy (MWavg2)
Forced Outages (%)
Reduction of outages due to continuous improvement in assets management
Generation - MWavg Generation/Physical guarantee
1.599 1.582 1.629 1.742 1.363
125% 124%127%
122%119%
2010 2011 2012 3Q12 3Q13
-39%
5
Investments Background (R$ million)
48%
R$ 202 million investment projected for 2013
3Q13 Investments Highlights
■ 97% of the investments allocated to the following power plants modernization:
− Água Vermelha − Promissão − Ibitinga − Caconde
■ Investments projections revision for 2013: − R$ 202 million in 2013 vs. previous estimate
of R$ 213 million − Postponement of investments in thermal
projects (R$ 11 million)
156 135
202
3160
194
2011 2012 2013 (e) 3Q12 3Q13
175
139
Investments New SHPPs1
1 – Small Hydro Power Plants
8,559 8,504
2,887 2,614
2,970 1,986
788 842
1,083 401
172 243
419 1,455
123 484
9M12 9M13 3Q12 3Q13
AES Eletropaulo ERM²Spot Market Bilateral Contracts
3,970 4,183
13,031 12,245
5%
-5 %
Billed Energy(GWh)
6
Net Revenue1 (R$ million) 9%
7%
1 – Reclassifications between accounts, with no impact on EBITDA. Excluding this effect, net revenue totalizes R$ 616 million in 3Q13.
■ Higher volume of energy sold in the quarter due to the increase of bilateral contracts and spot sales partially offset by the seasonality of energy sold to AES Eletropaulo
■ Annual adjustment in the bilateral contract from R$ 182.61 / MWh to R$194.19/ MWh in July 2013
Revenue growth reflects larger secondary and commercialization strategy
2 – Energy Reallocation Mechanism
AES Eletropaulo ERMSpot Market Bilateral Contracts
1,442 1,510
502 483
53 148
16 47
9891
18 45
2513
7 6
9M12 9M13 3Q12 3Q13
1,6181,797
543
1 – Excluding depreciation and amortization
7
Operating costs and expenses¹ (R$ milion) 56%
Manageable costs maintained at the same level of 3Q12
■ Raise in operating costs and expenses due to increased portfolio of bilateral contracts and energy purchase in the spot market
■ Efficiency gain in manageable costs of 4.1%, equivalent to inflation of the period
2 – Considers the reclassification between accounts, with no impact on EBITDA. 3 – Other expenses, operating provisions and charges CFHUR connection and transmission
6%
120
37
34
49
0,4 0,4 0,2
49
39
99
187
3Q12 Energy purchased²
Others³ Manageable PMSO 3Q12
Personnel Material and third party services
Others expenses
Manageable PMSO 3Q13
Others³ Energy purchased²
3Q13
1,250 1,148
423 393
9M12 9M13 3Q12 3Q13
78%
64%
77%
64%
8
Ebitda (R$ million)
-7%
Results influenced by the seasonality of the contract with AES Eletropaulo
-8%
720650
244 224
9M12 9M13 3Q12 3Q13
Net Profit Payout Yield Preferred Shares
Net Income (R$ million)
-10%
-8%
■ Interim dividends distribution of R$ 242 million (R$ 0.61/ common share ; R$ 0.67/ preferred share)
▬ Payment date: 11/25/2013
107% 108%
7.9% 9.2%
104% 108%
2.6% 3.1%
9
Consistent cash flow in the period
■ Operating cash flow influenced by the lower volume of settlement in the CCEE
■ Growth in investments designed to the modernization program of the plants
INITIAL CASH 273.5 373.3 Operating Cash Flow 435.1 397.9
Investments (28.3) (54.9)
Net Financial Expenses (11.2) (2.3)
Net Amortization - -
Income Tax (21.7) (20.2)
Free Cash Flow 373.8 320.5
Dividends and IoE (250.6) (258.0) FINAL CASH CONSOLIDATED 392.4 436.8
2Q13 3Q13R$ Million
Covenants ■ Gross Debt / Adjusted Ebitda ≤ 3.5x ■ Adjusted Ebitda/ Financial Expenses ≥1.75x
10
Net Debt (R$ million) Debt Amortization Schedule
1 – CDI percentage
Debt Cost 3Q12 3Q13 ■ Average Cost (% CDI)1 120% 100% ■ Average Term (years) 1.5 2.6 ■ Effective Rate 9.7% 10.6%
Low level of leverage
300 300166 166 166
2014 2015 2017 2018 2019Debt amortization flow
0.5 0.8
0.30.5
3Q12 3Q13
Net Debt Net Debt/Ebitda
11
■ 413 Mwavg (33%) of the available energy already contracted (200 MWavg of new contracts in 3T13), with the delivery in 2016
■ Expected average selling price of energy available: R$ 110 - 120/MWh ▬ Expected prices for existing energy auction are R$ 97 – 108/MWh
Evolution of client portfolio (MWavg)
Energy commercialization
Average price R$/MWh1 :
1- Base price from September 2013
413 360160 160 60
1268 1268 1268 1268
836 888 1.088 1.088 1.188
23183 209 200
72 68 72 76 80
2012 2013 2014 2015 2016 2017 2018 2019 2020
Back-to-back
Energy avaliable for trading
AES Eletropaulo contract
Own energy already contracted (Free market)
83 96 95 95 96 96 96 96 96 Buy (back-to-back) 108 103 101 100 100 97 97 97 97 Selling (back-to-back) 183 194 198 198 105 105 103 103 105 Selling (own energy)
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.
3Q13 Results