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Apresentação call tiete 4 q11_final

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AES Tietê
AES Tietê

1) AES Tietê invested R$175 million in 2011, mainly to modernize power plants. Energy generation was 24% higher than the guarantee. 2) Net revenue was R$1,886 million, an 8% increase over 2010. EBITDA was R$1,466 million with a margin of 78%. Net income increased 15% to R$845 million. 3) Future investments include a R$1.1 billion combined cycle power plant and small hydro plants, while obtaining gas supply to participate in energy auctions.

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4Q11 Results March, 2012
2011 Highlights  Investment record - R$ 175 million - mainly in the modernization of Nova Avanhandava (347 MW), Operational Ibitinga (132 MW) and Caconde (80 MW) power plants  Energy generation 24% higher than physical guarantee  Net revenue of R$ 1,886 million, 8% greater than 2010  2% decrease in costs and operational expenses1 Financial  Ebitda reached R$ 1,466 million, with margin of 78%  Net income of R$ 845 million, increased 15% comparing to 2010 1 – Excluding the bi-annual maintenance expenses of locks occurred in 2010 2
2011 Highlights Corporate  AES Tietê was maintained, for the fifth consecutive year, as one of the 38 Companies Governance listed in BM&FBovespa Corporate Sustainability Index (ISE)  Abrasca Value Creation Award – Sector Highlight 2011 Awards  Best Annual Report – Publicly-held companies, category b – Companies with revenues under to R$ 2 billion  Proposal for complementary dividends distribution and interest on equity, totaling R$ 283 million, composed by R$ 0.71 per common share and $ 0.78 per preferred share, to be Subsequent submitted for approval at the General Shareholders’ Meeting, to be held on April 16th Events 2012 − Pay-out of 109% in 2011 3
Lower dispatch of thermal power plants and high reservoir levels in SIN1 Dispatch of power plants in SIN1 - Thermal x Hydro Reservoirs level in SIN1 6% 10% 14% 72% 61% 57% 57% 94% 86% 90% 53% 45% 45% 40% Southeast South Northeast North 4Q09 4Q10 4Q11 /Center West Thermal Hydro 4Q10 4Q11 1- Interconnected National System 4
High level of Company’s reservoirs and operational availability Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3) 130% 125% 124% 118% 73% 62% 52% 49% 48% 43% 1,665 1,599 1,582 33% 1,512 22% A. Vermelha2 B. Bonita2 Promissão2 Caconde2 (0.6km 3) 2008 2009 2010 2011 (11 km3) (3.6km3) (8.1km3) 2010 2011 Generation - Mwavg Generation/Physical guarantee Average: 38% 44% 3 – Generated energy divided by the amount of period hours 1 – As of 12/31/2011 2 – Reservoirs volume 5
Investment record in 2011, mainly due to the modernization of Nova Avanhandava, Ibitinga and Caconde power plants Investments (R$ million) Investments in 2011 175 19 85% 82 174 12 156 57 28 5 70 11% 4 4% 52 24 2010 2011 2012 (e) 4Q10 4Q11 Equipment and Modernization New SHPPs* Investments New SHPP's* IT projects * Small Hydro Power Plants 6
Termo São Paulo Project Perspectives • Features of Project - 550 MW of installed capacity - Combined cycle using natural gas - Estimated investment of R$ 1.1 billion - Natural gas consumption: 2.5 million m3/day • Updates - Environmental license obtained on October, 20th 2011 (valid for 5 years) - Gas unavailability for A-5 in 2011 and A-3 Energy Auction in 2012 • Next events - Get the installation license - Obtain gas supply in order to: - Participate in next energy auctions; or - Evaluate energy offering in the free market 7
Higher energy volume sold at spot market and other bilateral contracts in 2011, with reduction in billed energy in ERM* Billed Energy (GWh) +3% 14,729 15,122 301 554 1,340 1,519 1,980 1,942 +23% 11,108 11,108 4,008 207 3,246 86 204 330 426 407 2,530 3,063 2010 2011 4Q10 4Q11 AES Eletropaulo Energy Reallocation Mechanism* Spot Market Other Bilateral Contracts *ERM – Energy Reallocation Mechanism 8
Readjustment of 8.65% on July/2011 on the contract with AES Eletropaulo Net revenue (R$ million) +8% 1,886 1,754 59 37 54 66 +29% 1,773 1,651 542 421 19 10 15 24 508 386 2010 2011 4Q10 4Q11 AES Eletropaulo Eletropaulo AES Spot/EnergySpot/MRE Reallocation Mechanism Other bilateral contracts Other bilateral contracts 9
Manageable costs below inflation, lower expenses with energy purchased for resale and provisions contributed for the good performance Costs and operational expenses¹ (R$ million) 3 1 6 10 12 434 420 2010 Transmission and Financ. Comp. for Personnel, Energy Operational 2011 Connection Use of Water Res. Material and Purchased for Provisions Outsourced Resale and Other Services² Operating Exp 1 – Do not include depreciation and amortization 2 – PMS = Personnel, Material and Outsourced Services 10
Ebitda margin reached 78% in 2011 Ebitda (R$ million) 75% 78% 77% 1,466 68% 1,320 419 286 2010 2011 4Q10 4Q11 EBITDA EBITDA Margin 11
Financial results favored by reversal of provisions and lower financial expenses Financial Result * (R$ million) 2010 2011 (4) (15) (47) (57) * Excluding non-recurring effect of R$ 42.6 million related to FURNAS in 2010, the financial results would be R$ 99,7 million 12
Net income 15% higher in 2011 reflecting the good 110% performance of revenues 100% Net Income (R$ million) 3,4% 2,5% 117% 109%  Distribution of R$ 283 million in dividends and 118% 220 108% 11% 11% interest on equity related to 4Q11: 193 - R$0.71 per common share - R$0.78 per preferred share 3% 3% • Annual Dividend Yield : 11% 845 1T10 1T11 737 263 167 1 1 2010 2011 4Q10 4Q11 Pay-out Yield PN Yield Preferred Shares Net income 161 151 354 371 1 – Pay-out referred to dividends to be paid of 4Q10 in relation to the net income adjusted by the IFRS 13
Cash flow reflects higher revenues from the bilateral contract Operating Cash Flow (R$ million) Final Cash Balance (R$ million) +2% -22% 1,319 1,350 +39% 565 442 404 291 2010 2011 4Q10 4Q11 2010 2011 14
Stable Net Debt/EBITDA in 0.3 times Net Debt (R$ billion) Average Cost and Average Term (Principal) 0,8 0,7 0,6 0,5 3.1 0,4 0.3 0.3 3.1 0,3 1.8 2.6 0,2 0,1 0 0.5 114% 115% 0.4 124.8% 113.9% 1Q10 1Q11 2010 2011 2010 2011 Effective rate Net debt Net debt / EBITDA 13.98% 12.06% 1 1 Average Term Average Term - Years CDI 1 – Percentage of CDI 1 – Percentage of CDI 15
4Q11 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.

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Apresentação call tiete 4 q11_final

  • 2. 2011 Highlights  Investment record - R$ 175 million - mainly in the modernization of Nova Avanhandava (347 MW), Operational Ibitinga (132 MW) and Caconde (80 MW) power plants  Energy generation 24% higher than physical guarantee  Net revenue of R$ 1,886 million, 8% greater than 2010  2% decrease in costs and operational expenses1 Financial  Ebitda reached R$ 1,466 million, with margin of 78%  Net income of R$ 845 million, increased 15% comparing to 2010 1 – Excluding the bi-annual maintenance expenses of locks occurred in 2010 2
  • 3. 2011 Highlights Corporate  AES Tietê was maintained, for the fifth consecutive year, as one of the 38 Companies Governance listed in BM&FBovespa Corporate Sustainability Index (ISE)  Abrasca Value Creation Award – Sector Highlight 2011 Awards  Best Annual Report – Publicly-held companies, category b – Companies with revenues under to R$ 2 billion  Proposal for complementary dividends distribution and interest on equity, totaling R$ 283 million, composed by R$ 0.71 per common share and $ 0.78 per preferred share, to be Subsequent submitted for approval at the General Shareholders’ Meeting, to be held on April 16th Events 2012 − Pay-out of 109% in 2011 3
  • 4. Lower dispatch of thermal power plants and high reservoir levels in SIN1 Dispatch of power plants in SIN1 - Thermal x Hydro Reservoirs level in SIN1 6% 10% 14% 72% 61% 57% 57% 94% 86% 90% 53% 45% 45% 40% Southeast South Northeast North 4Q09 4Q10 4Q11 /Center West Thermal Hydro 4Q10 4Q11 1- Interconnected National System 4
  • 5. High level of Company’s reservoirs and operational availability Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3) 130% 125% 124% 118% 73% 62% 52% 49% 48% 43% 1,665 1,599 1,582 33% 1,512 22% A. Vermelha2 B. Bonita2 Promissão2 Caconde2 (0.6km 3) 2008 2009 2010 2011 (11 km3) (3.6km3) (8.1km3) 2010 2011 Generation - Mwavg Generation/Physical guarantee Average: 38% 44% 3 – Generated energy divided by the amount of period hours 1 – As of 12/31/2011 2 – Reservoirs volume 5
  • 6. Investment record in 2011, mainly due to the modernization of Nova Avanhandava, Ibitinga and Caconde power plants Investments (R$ million) Investments in 2011 175 19 85% 82 174 12 156 57 28 5 70 11% 4 4% 52 24 2010 2011 2012 (e) 4Q10 4Q11 Equipment and Modernization New SHPPs* Investments New SHPP's* IT projects * Small Hydro Power Plants 6
  • 7. Termo São Paulo Project Perspectives • Features of Project - 550 MW of installed capacity - Combined cycle using natural gas - Estimated investment of R$ 1.1 billion - Natural gas consumption: 2.5 million m3/day • Updates - Environmental license obtained on October, 20th 2011 (valid for 5 years) - Gas unavailability for A-5 in 2011 and A-3 Energy Auction in 2012 • Next events - Get the installation license - Obtain gas supply in order to: - Participate in next energy auctions; or - Evaluate energy offering in the free market 7
  • 8. Higher energy volume sold at spot market and other bilateral contracts in 2011, with reduction in billed energy in ERM* Billed Energy (GWh) +3% 14,729 15,122 301 554 1,340 1,519 1,980 1,942 +23% 11,108 11,108 4,008 207 3,246 86 204 330 426 407 2,530 3,063 2010 2011 4Q10 4Q11 AES Eletropaulo Energy Reallocation Mechanism* Spot Market Other Bilateral Contracts *ERM – Energy Reallocation Mechanism 8
  • 9. Readjustment of 8.65% on July/2011 on the contract with AES Eletropaulo Net revenue (R$ million) +8% 1,886 1,754 59 37 54 66 +29% 1,773 1,651 542 421 19 10 15 24 508 386 2010 2011 4Q10 4Q11 AES Eletropaulo Eletropaulo AES Spot/EnergySpot/MRE Reallocation Mechanism Other bilateral contracts Other bilateral contracts 9
  • 10. Manageable costs below inflation, lower expenses with energy purchased for resale and provisions contributed for the good performance Costs and operational expenses¹ (R$ million) 3 1 6 10 12 434 420 2010 Transmission and Financ. Comp. for Personnel, Energy Operational 2011 Connection Use of Water Res. Material and Purchased for Provisions Outsourced Resale and Other Services² Operating Exp 1 – Do not include depreciation and amortization 2 – PMS = Personnel, Material and Outsourced Services 10
  • 11. Ebitda margin reached 78% in 2011 Ebitda (R$ million) 75% 78% 77% 1,466 68% 1,320 419 286 2010 2011 4Q10 4Q11 EBITDA EBITDA Margin 11
  • 12. Financial results favored by reversal of provisions and lower financial expenses Financial Result * (R$ million) 2010 2011 (4) (15) (47) (57) * Excluding non-recurring effect of R$ 42.6 million related to FURNAS in 2010, the financial results would be R$ 99,7 million 12
  • 13. Net income 15% higher in 2011 reflecting the good 110% performance of revenues 100% Net Income (R$ million) 3,4% 2,5% 117% 109%  Distribution of R$ 283 million in dividends and 118% 220 108% 11% 11% interest on equity related to 4Q11: 193 - R$0.71 per common share - R$0.78 per preferred share 3% 3% • Annual Dividend Yield : 11% 845 1T10 1T11 737 263 167 1 1 2010 2011 4Q10 4Q11 Pay-out Yield PN Yield Preferred Shares Net income 161 151 354 371 1 – Pay-out referred to dividends to be paid of 4Q10 in relation to the net income adjusted by the IFRS 13
  • 14. Cash flow reflects higher revenues from the bilateral contract Operating Cash Flow (R$ million) Final Cash Balance (R$ million) +2% -22% 1,319 1,350 +39% 565 442 404 291 2010 2011 4Q10 4Q11 2010 2011 14
  • 15. Stable Net Debt/EBITDA in 0.3 times Net Debt (R$ billion) Average Cost and Average Term (Principal) 0,8 0,7 0,6 0,5 3.1 0,4 0.3 0.3 3.1 0,3 1.8 2.6 0,2 0,1 0 0.5 114% 115% 0.4 124.8% 113.9% 1Q10 1Q11 2010 2011 2010 2011 Effective rate Net debt Net debt / EBITDA 13.98% 12.06% 1 1 Average Term Average Term - Years CDI 1 – Percentage of CDI 1 – Percentage of CDI 15
  • 16. 4Q11 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.