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Apresentacao aes eletropaulo_3_q13_ing

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AES Eletropaulo
AES Eletropaulo

- AES Eletropaulo reported a 14% reduction in non-technical losses and a 5% reduction in SAIDI and SAIFI indicators in 3Q13 compared to the previous year. Investments totaled R$193 million focused on operational reliability and customer service. - Revenue decreased 16.9% to R$3.12 billion due to a government mandated electricity cost reduction program, but was offset by a 2.7% growth in total consumption. Cost reduction programs led to a R$44 million decrease in expenses. - EBITDA increased to R$142 million and net income was R$27 million, supported by cost reductions and market growth. Cash generation was positively impacted by improved

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3Q13 Results November, 2013
3Q13 Highlights 14% reduction in non-technical losses (3.6% vs. 4.2% in 3Q12) ~5% reduction in SAIDI and SAIFI to 8.21 hours and 4.54 times, respectively Operational Investments totaled R$ 193 milion vs. R$ 225 milhões no 3Q12 2.7% growth in total consumption compared to 3Q12, totaling 11,626 GWh Grooss Revenue totaled R$ 3,120 milhões, 16.9% lower vs. 3Q12 due to the program to reduce electricity costs imposed by Law n.º 12,783/2013, compensate by the market growth Financial Costs reduction program: manageable PMSO decreased by R$ 55 million (17%) compared to 3Q12, adjusted by the IGP-M index (R$ 88 million YTD) - Guidance of cost reduction revised to R$ 140 million in 2013 EBITDA of R$ 142 million and net income of R$ 27 million. - Adjusted Ebitda of R$ 374 million vs R$ 232 in 3Q12 Award In July 2013, AES Eletropaulo received the "Transparency Award 2013" by adopting best accounting practices in preparing the financial statements 2
Consistent improvement in quality indicators SAIDI and SAIFI reduced by ~ 5% for 8.21 hours and 4.54 times, respectively 40% reduction in penalties costs for transgression of indicators (frequency and duration of interruptions) SAIDI (hours) -14.7% -5.0% 8.67 8.67 -2.3% 8.49 8.68 SAIDI (hours) 10.36 8.35 8.64 8.21 6.08 2011 LTM 2012 3Q12 LTM 3Q13 5.93 Jan-Sep 12 SAIDI Aneel Reference Jan-Sep 13 SAIFI (times) -19.4% 6.93 -5.2% 6.87 6.87 6.64 -3.2% SAIFI (times) 5.45 2011 4.65 LTM 2012 4.79 3Q12 4.54 LTM 3.38 3Q13 Jan-Sep 12 SAIFI Aneel Reference 3.27 Jan-Sep 13 3
Efficiency in loss regularization and reduction 14% reduction in non-technical losses and total losses within the regulatory parameter Total Losses (last 12 months) -4.6% 12.6 -6.8% 11.5 10.5 10.9 10.5 10.4 10.5 10.4 10.1 Technical Losses¹ 9.7 Non Technical Losses 6.5 6.5 6.1 6.2 4.4 4.0 4.1 4.2 3.6 2010 2011 2012 3Q12 3Q13 6.1 Aneel Reference² 1 – Values estimated by the Company to make them comparable with the reference for non-technical losses of the low voltage market determined by the Aneel 2 – Aneel Reference: normalized values for the regular calendar 4
Investments targeted operational reliability, expansion and customer service 2T13 Investments Breakdown (R$ million) Investments background (R$ million) ////////////////// ///// 3Q13 R$ 193 million 831 -7.9% 35 739 36 701 22 80 533 39 579 26 44 71 717 -14.0% 796 621 10 225 553 11 458 2012 2013(e) Own Resources 9H12 9H13 51 39 213 2011 193 3Q12 152 3Q13 8 7 Serviços ao Cliente Confiabilidade Operacional¹ TI Outros Expansão do Sistema Financiado pelo cliente Recuperação de Perdas Funded by the clients 1 – Operational reliability Capex corresponds to the investments made for grid modernization and improvement in quality of service 5
Recovery in residential and commercial Consumption evolution (GWh)1 0.2% 2.4% -4.9% 0.4% -3.5% 9,326 9,342 2.7% 11,323 11,626 14.3% 3Q12 4,331 4,433 1,468 1,396 Residential Industrial 2,797 2,807 Commercial Public Sector and Others 3Q13 1,998 2,284 731 705 Captive Market Free Clientes Total Market Consumption evolution with the free market allocated in the respective consumer classes (GWh) 2.7% 11,323 11,626 2.4% -0.3% 4,331 4,433 2,736 2,726 4.2% 7.1% 3Q12 3,201 3,336 3Q13 1,055 1,130 Residential Industrial 1 – Captive and free commercial clients. Own consumption not considered Commercial Public Sector and Others Total Market 6
Performance in 9M13 supported by the residential and commercial Consumption evolution (GWh)1 1.8% -0.4% 2.2% -3.9% -2.3% 28,114 27,999 -1.5% 34,032 34,629 12.0% 12,775 13,063 9M12 8,816 8,617 4,338 4,169 Residential Industrial 5,918 6,630 9M13 2,184 2,151 Commercial Public Sector and Others Captive Market Free Clientes Total Market Consumption evolution with the free market allocated in the respective consumer classes (GWh) 1.8% 2.2% -1.4% 12,775 13,063 8,180 8,066 3.6% 2.0% 34,032 34,629 9,898 10,257 9M12 9M13 3,178 3,243 Residential Industrial 1 – Captive and free commercial clients. Own consumption not considered Commercial Public Sector and Others Total Market 7
Revenue reflects the cost reduction program costs and market increase 2T13 Operating Costs and Expenses¹ (R$ million) Gross revenues (R$ million) -13.5% -17.5% 6,128 10,131 5,303 1,193 352 8,537 2,748 1,157 340 1,870 -11.2% -16.9% 7,031 6,327 166 1,386 9M13 4,145 3,106 878 2,293 9M12 2,127 4,936 3,845 3Q13 1,749 2,034 3Q12 195 Net revenue ex-construction revenue Deduction to Gross Revenue Construction revenues 1 – Depreciation and other operating income and expenses are not included 378 9M12 9M13 3Q12 1,888 375 1,513 3Q13 Energy Supply and Transmission Charges PMS² and Others Expenses 2 – Personnel, Material and Services 8
Guidance reviewed to R$ 140 million in 2013 R$ 89 million reduction in 9M13 vs. the same period in 2012 adjusted by the IGP-M¹ (89% of target reached) R$ 58 million (17%) reduction in manageable PMSO in 3T13 PMSO2 Formation (R$ million) -13.6% -17.2% 61 378 3Q12 14 8 24 22 12 1 – 3Q12 Manageable PMSO adjusted by inflation (IGP-M index) of 4.4% 80 375 325 FCesp Contingencies, 3Q12 ADA and Manageable Write-Offs 10 281 IGP-M Personal Materials Others and Third Party Services 9M13 Contingencies, FCesp Manageable ADA and Write-Offs 2 – PMSO: Personnel, Material, Services and Other expenses 3Q13 9
Growth in EBITDA reflects market program to reduce costs and tariff adjustment Increase of 2.7% of the total market and tariff adjustment Reduction of R$ 44 million in expenses manageable PMSO Formação do Ebitda (R$ milhões) 61.2% 76.6% 44 10 80 130 63 152 376 61 212 144 88 3Q12 Ebitda Regulatory assets and liabilities 1– Construction cost and assets write-offs F.Cesp 3Q12 Adjusted Ebitda Market and tariff Manageble PMSO Others 2 – PMSO: Personnel, Material, Services and Other exp 3Q13 Adjuested Ebitda F.Cesp Regulatory assets and liabilities 3Q13 Ebitda 10
Net income of R$ 27 million in 3Q13 Net income (R$ million) 3Q13 highlights 271 2T13 Increase of 2.7% of the total market Regulatory liabilities of R$ 95 million in the period, mainly referring to the return of the 3rd RTP 54 0.5 27 9M12 9M13 3Q12 3Q13 (149) 132 25 122 Net Income x Reduction of R$ 34 million in expenses with PMSO and other income and expenses Flat financial result (R$ 7.5 million in 3Q13 and 3Q12) Income (loss) adjusted for assets adjusted by regulatory assets and liabilities 11
Cash generation determined by the best operating result and reimbursement of power costs by CDE R$ million INITIAL CASH Operating Cash Flow Investments 3Q12 3Q13 1,083.1 986.5 343.8 591,2 (195,5) (172,2) (33,7) 6,5 (217,0) (17,3) (57,4) (55,4) Income Tax - (15,1) Disposal of assets - 12,1 Restricted and / or blocked cash 9,0 (48,5) (150,7) 301,3 (0,0) (0,0) 932.4 1,287.8 Net Financial Expenses Net Amortization Pension Fund expenses Free Cash Flow Dividends FINAL CASH CONSOLIDATED 12
Continuous reduction in the level of indebtedness of the Company Net debt / Ebitda index adjusted by 2.4 times Net debt Average cost and average debt maturity 4.9x 3.5x 5.5x 3.75x 3.5x 3.5x 2.1x 3.5x 4.4x 3.1x 2.1x 6.6 6.3 2.4x 11,13 3.1 3.1 3.1 3.0 2.9 3Q12 4Q12 1Q13 2Q13 3Q13 3Q12 3Q13 2.7 1Q12 11,57 Net Debt (R$ billion) Effective rate Net Debt/Ebitda Adjusted¹ Average Time - years Covenants limits - Net Debt/Ebitda Adjusted¹ 1 –Adjusted EBITDA with the expenses related CESP Foundation and regulatory assets and liabilities. 13
3Q13 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 the relation to its future performance. Such estimates are highly dependent on the 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.

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Apresentacao aes eletropaulo_3_q13_ing

  • 2. 3Q13 Highlights 14% reduction in non-technical losses (3.6% vs. 4.2% in 3Q12) ~5% reduction in SAIDI and SAIFI to 8.21 hours and 4.54 times, respectively Operational Investments totaled R$ 193 milion vs. R$ 225 milhões no 3Q12 2.7% growth in total consumption compared to 3Q12, totaling 11,626 GWh Grooss Revenue totaled R$ 3,120 milhões, 16.9% lower vs. 3Q12 due to the program to reduce electricity costs imposed by Law n.º 12,783/2013, compensate by the market growth Financial Costs reduction program: manageable PMSO decreased by R$ 55 million (17%) compared to 3Q12, adjusted by the IGP-M index (R$ 88 million YTD) - Guidance of cost reduction revised to R$ 140 million in 2013 EBITDA of R$ 142 million and net income of R$ 27 million. - Adjusted Ebitda of R$ 374 million vs R$ 232 in 3Q12 Award In July 2013, AES Eletropaulo received the "Transparency Award 2013" by adopting best accounting practices in preparing the financial statements 2
  • 3. Consistent improvement in quality indicators SAIDI and SAIFI reduced by ~ 5% for 8.21 hours and 4.54 times, respectively 40% reduction in penalties costs for transgression of indicators (frequency and duration of interruptions) SAIDI (hours) -14.7% -5.0% 8.67 8.67 -2.3% 8.49 8.68 SAIDI (hours) 10.36 8.35 8.64 8.21 6.08 2011 LTM 2012 3Q12 LTM 3Q13 5.93 Jan-Sep 12 SAIDI Aneel Reference Jan-Sep 13 SAIFI (times) -19.4% 6.93 -5.2% 6.87 6.87 6.64 -3.2% SAIFI (times) 5.45 2011 4.65 LTM 2012 4.79 3Q12 4.54 LTM 3.38 3Q13 Jan-Sep 12 SAIFI Aneel Reference 3.27 Jan-Sep 13 3
  • 4. Efficiency in loss regularization and reduction 14% reduction in non-technical losses and total losses within the regulatory parameter Total Losses (last 12 months) -4.6% 12.6 -6.8% 11.5 10.5 10.9 10.5 10.4 10.5 10.4 10.1 Technical Losses¹ 9.7 Non Technical Losses 6.5 6.5 6.1 6.2 4.4 4.0 4.1 4.2 3.6 2010 2011 2012 3Q12 3Q13 6.1 Aneel Reference² 1 – Values estimated by the Company to make them comparable with the reference for non-technical losses of the low voltage market determined by the Aneel 2 – Aneel Reference: normalized values for the regular calendar 4
  • 5. Investments targeted operational reliability, expansion and customer service 2T13 Investments Breakdown (R$ million) Investments background (R$ million) ////////////////// ///// 3Q13 R$ 193 million 831 -7.9% 35 739 36 701 22 80 533 39 579 26 44 71 717 -14.0% 796 621 10 225 553 11 458 2012 2013(e) Own Resources 9H12 9H13 51 39 213 2011 193 3Q12 152 3Q13 8 7 Serviços ao Cliente Confiabilidade Operacional¹ TI Outros Expansão do Sistema Financiado pelo cliente Recuperação de Perdas Funded by the clients 1 – Operational reliability Capex corresponds to the investments made for grid modernization and improvement in quality of service 5
  • 6. Recovery in residential and commercial Consumption evolution (GWh)1 0.2% 2.4% -4.9% 0.4% -3.5% 9,326 9,342 2.7% 11,323 11,626 14.3% 3Q12 4,331 4,433 1,468 1,396 Residential Industrial 2,797 2,807 Commercial Public Sector and Others 3Q13 1,998 2,284 731 705 Captive Market Free Clientes Total Market Consumption evolution with the free market allocated in the respective consumer classes (GWh) 2.7% 11,323 11,626 2.4% -0.3% 4,331 4,433 2,736 2,726 4.2% 7.1% 3Q12 3,201 3,336 3Q13 1,055 1,130 Residential Industrial 1 – Captive and free commercial clients. Own consumption not considered Commercial Public Sector and Others Total Market 6
  • 7. Performance in 9M13 supported by the residential and commercial Consumption evolution (GWh)1 1.8% -0.4% 2.2% -3.9% -2.3% 28,114 27,999 -1.5% 34,032 34,629 12.0% 12,775 13,063 9M12 8,816 8,617 4,338 4,169 Residential Industrial 5,918 6,630 9M13 2,184 2,151 Commercial Public Sector and Others Captive Market Free Clientes Total Market Consumption evolution with the free market allocated in the respective consumer classes (GWh) 1.8% 2.2% -1.4% 12,775 13,063 8,180 8,066 3.6% 2.0% 34,032 34,629 9,898 10,257 9M12 9M13 3,178 3,243 Residential Industrial 1 – Captive and free commercial clients. Own consumption not considered Commercial Public Sector and Others Total Market 7
  • 8. Revenue reflects the cost reduction program costs and market increase 2T13 Operating Costs and Expenses¹ (R$ million) Gross revenues (R$ million) -13.5% -17.5% 6,128 10,131 5,303 1,193 352 8,537 2,748 1,157 340 1,870 -11.2% -16.9% 7,031 6,327 166 1,386 9M13 4,145 3,106 878 2,293 9M12 2,127 4,936 3,845 3Q13 1,749 2,034 3Q12 195 Net revenue ex-construction revenue Deduction to Gross Revenue Construction revenues 1 – Depreciation and other operating income and expenses are not included 378 9M12 9M13 3Q12 1,888 375 1,513 3Q13 Energy Supply and Transmission Charges PMS² and Others Expenses 2 – Personnel, Material and Services 8
  • 9. Guidance reviewed to R$ 140 million in 2013 R$ 89 million reduction in 9M13 vs. the same period in 2012 adjusted by the IGP-M¹ (89% of target reached) R$ 58 million (17%) reduction in manageable PMSO in 3T13 PMSO2 Formation (R$ million) -13.6% -17.2% 61 378 3Q12 14 8 24 22 12 1 – 3Q12 Manageable PMSO adjusted by inflation (IGP-M index) of 4.4% 80 375 325 FCesp Contingencies, 3Q12 ADA and Manageable Write-Offs 10 281 IGP-M Personal Materials Others and Third Party Services 9M13 Contingencies, FCesp Manageable ADA and Write-Offs 2 – PMSO: Personnel, Material, Services and Other expenses 3Q13 9
  • 10. Growth in EBITDA reflects market program to reduce costs and tariff adjustment Increase of 2.7% of the total market and tariff adjustment Reduction of R$ 44 million in expenses manageable PMSO Formação do Ebitda (R$ milhões) 61.2% 76.6% 44 10 80 130 63 152 376 61 212 144 88 3Q12 Ebitda Regulatory assets and liabilities 1– Construction cost and assets write-offs F.Cesp 3Q12 Adjusted Ebitda Market and tariff Manageble PMSO Others 2 – PMSO: Personnel, Material, Services and Other exp 3Q13 Adjuested Ebitda F.Cesp Regulatory assets and liabilities 3Q13 Ebitda 10
  • 11. Net income of R$ 27 million in 3Q13 Net income (R$ million) 3Q13 highlights 271 2T13 Increase of 2.7% of the total market Regulatory liabilities of R$ 95 million in the period, mainly referring to the return of the 3rd RTP 54 0.5 27 9M12 9M13 3Q12 3Q13 (149) 132 25 122 Net Income x Reduction of R$ 34 million in expenses with PMSO and other income and expenses Flat financial result (R$ 7.5 million in 3Q13 and 3Q12) Income (loss) adjusted for assets adjusted by regulatory assets and liabilities 11
  • 12. Cash generation determined by the best operating result and reimbursement of power costs by CDE R$ million INITIAL CASH Operating Cash Flow Investments 3Q12 3Q13 1,083.1 986.5 343.8 591,2 (195,5) (172,2) (33,7) 6,5 (217,0) (17,3) (57,4) (55,4) Income Tax - (15,1) Disposal of assets - 12,1 Restricted and / or blocked cash 9,0 (48,5) (150,7) 301,3 (0,0) (0,0) 932.4 1,287.8 Net Financial Expenses Net Amortization Pension Fund expenses Free Cash Flow Dividends FINAL CASH CONSOLIDATED 12
  • 13. Continuous reduction in the level of indebtedness of the Company Net debt / Ebitda index adjusted by 2.4 times Net debt Average cost and average debt maturity 4.9x 3.5x 5.5x 3.75x 3.5x 3.5x 2.1x 3.5x 4.4x 3.1x 2.1x 6.6 6.3 2.4x 11,13 3.1 3.1 3.1 3.0 2.9 3Q12 4Q12 1Q13 2Q13 3Q13 3Q12 3Q13 2.7 1Q12 11,57 Net Debt (R$ billion) Effective rate Net Debt/Ebitda Adjusted¹ Average Time - years Covenants limits - Net Debt/Ebitda Adjusted¹ 1 –Adjusted EBITDA with the expenses related CESP Foundation and regulatory assets and liabilities. 13
  • 14. 3Q13 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 the relation to its future performance. Such estimates are highly dependent on the 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.