3q09 results
Post on 29-May-2015
233 Views
Preview:
TRANSCRIPT
1
EDP Energias do Brasil
3Q09 Results
2
DisclaimerThis 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
Energy volume sold by generation business totaled 2,060 GWh, 30% up on 3Q08 as a result of the asset Swap operation;
Commercialized energy reported record sales: volume + 36% in 3Q09 vs. 3Q08;
Net Revenue of R$ 1,183 million, 2% up on 3Q08;
Manageable expenses down 8%: dropping for the seventh quarter in a row;
BNDES disburses R$700 million long term finance for Pecém I;
Aneel approves EDP Escelsa’s Tariff Reset and Tariff Readjustment Index;
Aneel approves EDP Bandeirante’s Tariff Reset and Tariff Readjustment Index.
3Q09: EBITDA of R$ 364 million and Net Income of R$ 120 million
4
Consolidated Performance
5
Consolidated Performance
1,155 1,183
3,492 3,416
3Q08 3Q09 9M08 9M09
-2%
Net Revenue Breakdown (3Q09)Net Revenue Breakdown (3Q09)Net Revenue (R$ million)Net Revenue (R$ million)
+2%
19%
64%
17%
Generation
Distribution
Commercialization
Generation↑30.2% in volume of energy sold; ↑3.2% in average price
DistributionElimination of Enersul; ↑1.1% in volume of energy sold to final costumers; ↑ of average tariffs
Commercialization↑36.4% in volume of commercialized energy, ↓ 1.9% in average price
6
608 637
1,809 1,821
625 546
182197
3Q08 3Q09 9M08 9M09
Non-manageable expenditures* Manageable expenditures*
249224 205 197 204 185 180 182
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Opex (R$ million)Opex (R$ million)
Consolidated PerformanceOpex Breakdown (3Q09)Opex Breakdown (3Q09)
805 819
2,434 2,367Non-manageable
expenses 72%
Manageable expenses
28%
-7.9197,053181,545Total
-21.120,79716,409Others
-8.2276,299253,614Total
-9.179,24672,069D&A.
+112,617,36336,916Provisions
-10.375,86568,076Third Party Services
-27.18,2526,015Material
-27.674,77654,129Personnel
Chg.%3Q083Q09R$ ‘000
-3%
* Excluding D&A
Opex (Manageable) Evolution (R$ million)Opex (Manageable) Evolution (R$ million)
2%
7
351 364
1,0491,057
30.3% 30.3%30.7%30.8%
3Q08 3Q09 9M08 9M09
Net Income (R$ million) and Margin (%)Net Income (R$ million) and Margin (%)
Consolidated PerformanceEBITDA (R$ million) and Margin (%)EBITDA (R$ million) and Margin (%)
48%
49%
3%Generation
Distribution
Commercialization
120
288
450
121
10.5%
8.3%
13.2%
10.2%
3Q08 3Q09 9M08 9M09
Adjusted Net Income (R$ million) and Margin (%)Adjusted Net Income (R$ million) and Margin (%)
121 120
418 450
10.5%
12.0%
10.2%
13.2%
3Q08 3Q09 9M08 9M09
EBITDA Breakdown (3Q09)EBITDA Breakdown (3Q09)
8
Capex
n.a.-1.71.2Other
+17.8146.3172.4TOTAL
75.8
-16.9
3.6
13.1
9.6
85.2
-
52.2
33.8
86.0
3Q09
+344.7-3.8Santa Fé
n.a.0.0Pecém
+244.424.8Generation
+237.92.9Enerpeixe
n.a.19.9Enersul
+5.649.4Escelsa
+2.83.5Lajeado / Investco
-41.122.2Energest
-37.354.0Bandeirante
-30.2123.3Distribution
Chg.%3Q08
Capex (R$ million)Capex (R$ million)
50%
1%
49%
Pecém
Capex Breakdown (3Q09)Capex Breakdown (3Q09)
EDP Energias do Brasil’s Capex well
distributed between the business
segments: distribution (50%) and
generation (49%)
Pecém represents 89% of the
generation Capex
Generation
Distribution
Commercialization
9
457
757
353479
763622
461**
Cash (sep/09) 2009 2010 2011 2012 After 2012
54%
37%
5%
4%
1,704
2,4022,4031,270 (457) (114)
Gross DebtSep/09
Cash RegulatoryAssets /
Liabilities
Net DebtSep/09
Net DebtJun/09
Long Term Short Term
DebtGross Debt Breakdown (Sep/09)Gross Debt Breakdown (Sep/09)Debt Evolution (R$ million)Debt Evolution (R$ million)
Floating Taxes*
TJLP
US$
Net Debt (R$ million) e Net Debt/EBITDA* (x)Net Debt (R$ million) e Net Debt/EBITDA* (x)
2,974
Fixed Rates
* Includes CDI and IGPM
Debt Maturity Schedule* (R$ million)Debt Maturity Schedule* (R$ million)
917
1,680
2,390 2,348 2,402 2,403
1.4x1.8x 1.8x 1.8x1.8x
dec/08 mar/09 sep/09jun/09sep/08
* EBITDA of the last 12 months* Values include principal + interest + results from hedge operations
** Shares in treasury as of market price on September 30th, 2009
10
457
622
236
3991
255461*
Cash &MarketableSecurities(Sep/09)
Bridge LoanPecém
Credit Line Distribution Generation 2009 Total
Debt
Short-Term Debt Breakdown (R$ million)Short-Term Debt Breakdown (R$ million)
Disbursement of R$700 million BNDES long-term finan ce for Pecém TPP
Amortization of R$28 million of Enerpeixe’s project finance
917
* Shares in treasury as of market price on September 30th, 2009
11
Credit Line
Approved Credit Lines (sep-09)(R$ million)
-2,4827643,246Total Credit Limits
2009126476BNDES (Santa Fé SHP)
20122700270*BEI
20091,3007002,000BNDES – BID (Porto do Pecém TPP)
20149000900BNDES - CALC
Limit date to use the
resourceAvailableUsedTotal approvedInstitution
Besides these short term credit lines, EDP Energias do Brasil has other lower value pre-approved credit lines
* Credit line totaled EUR 90 million (EUR45 each distribution company)
12
Generation
13
179248
558
708
3Q08 3Q09 9M08 9M09
1,5822,060
4,548
5,789
3Q08 3Q09 9M08 9M09
EBITDA (R$ million) and Margin (%)EBITDA (R$ million) and Margin (%)
Generation’s PerformanceNet Revenue (R$ million)Net Revenue (R$ million)Volume (GWh)Volume (GWh)
187
421
530
127
71.1%75.5% 74.9%75.5%
3Q08 3Q09 9M08 9M09
Net Income (R$ million) and Margin (%)Net Income (R$ million) and Margin (%)
5485
218 21729.9%
39.0%
34.4%30.6%
3Q08 3Q09 9M08 9M09
+30%
+27%
+39%
+27%
14
Installed Capacity (MW)
5025
2925**
360
2,116
516
452
20092009and2010
2011
Expect Start-up2008
1.702
653
1,043
516
452
653
6*
2009
385
1,731 1,731
With Santa Fé SHP fully operational, EDP Energias do Brasil’s installed capacity increased to 1,731 MW.
Projects concluded since the IPO
Projects in course
2005 PeixeAngical
HPP
4th Engine Mascarenhas
São JoãoSHP
2007 Santa Fé
SHP
Repowering PecémTPP
2011Additional Capacity Lajeado
Cenaeel 2009
* Corresponds to EDP Energias do Brasil’s 45% stake in EDP Renováveis Brasil** Mascarenhas, Suíça, Rio Bonito
15
Distribution
16
5,722 5,458
16,80215,529
3Q08 3Q09 9M08 9M09
Distribution’s Performance (Bandeirante + Escelsa)
Volume Breakdown (3Q09)Volume Breakdown (3Q09)Volume (GWh)Volume (GWh)
-8%
-5% Industrial19%
Free Customers
37%
Other*2%
Commercial12%
Residential21%
Other (captive)
6%
Rural3%
3,291 3,327
9,840 9,912
3Q08 3Q09 9M08 9M09
Captive Customers (GWh)Captive Customers (GWh)
+1%
+1%
2,316 2,015
6,647
5,273
3Q08 3Q09 9M08 9M09
Free Customers (GWh)Free Customers (GWh)
-21%
-13%
* Supply + Own Consumption
17
814 855
2,3472,522
3Q08 3Q09 9M08 9M09
128 121
376400
3Q08 3Q09 9M08 9M09
-5%
+6%
Net Revenue (R$ million)Net Revenue (R$ million)
+5%
+7%
195 192
506559
23.9%21.6% 22.2%22.5%
3Q08 3Q09 9M08 9M09
84 96
223262
10.4%9.5%
10.4%11.2%
3Q08 3Q09 9M08 9M09
Distribution’s Performance (Bandeirante + Escelsa)Manageable Expenses (R$ million)Manageable Expenses (R$ million)
Net Income (R$ million) and Margin (%)Net Income (R$ million) and Margin (%)EBITDA (R$ million) and Margin (%)EBITDA (R$ million) and Margin (%)
18
6.6% 6.6% 6.7% 6.7% 6.5%
5.6% 5.4% 5.8% 5.7% 5.9%
Technical Commercial
12.2% 12.0% 12.5% 12.4% 12.4%
sep/08 dec/08 mar/09 sep/09jun/09
Opex and Capex: R$8.3 million in programs to controlling losses
58,000 inspections; removal of 34,000 illegal hookups
Recovered Revenue: R$6.8 million due to legalization of fraud
5.5% 5.8% 5.5%5.9%
dec/08 mar/09 sep/09jun/09
5.2%5.8% 5.9% 5.9%
dec/08 mar/09 sep/09jun/09
5.4%5.8% 5.7% 5.9%
dec/08 mar/08 sep/09jun/09
BandeiranteBandeirante EscelsaEscelsa ENBR - ConsolidatedENBR - Consolidated
LossesTotal Losses (%)Total Losses (%)
Commercial Losses
19
Commercialization
20
1,6012,218
4,7225,656
182
214
587
639
3Q08 3Q09 9M08 9M09
Others Group Companies
170223
527598
3Q08 3Q09 9M08 9M09
Volume (GWh)Volume (GWh)
13
39
25
11
6.2% 7.4%
4.3%5.9%
3Q08 3Q09 9M08 9M09
7 9
27
18
4.1%
5.1%
4.0%
3.1%
3Q08 3Q09 9M08 9M09
+36%
+16%
+31%
+13%
1,7832,432
5,362
6,243
Commercialization’s PerformanceNet Revenue (R$ million)Net Revenue (R$ million)
Net Income (R$ million) and Margin (%)Net Income (R$ million) and Margin (%)EBITDA (R$ million) and Margin (%)EBITDA (R$ million) and Margin (%)
21
Site: www.edpbr.com.br
Maytê Souza Dantas de Albuquerque
Cleverson Murakawa
Rogério Pacheco
Michelle Corda
Nathalia Nakaya
E-mail: ri@edpbr.com.br
Phone: +55 11 2185-5907
Investors Relations Department
Visit EDP Energias do Brasil Website
top related