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Conference Call

1Q12

Destaques
Reduction of 1.8% in consumption compared to 1Q11, mainly influenced by the residential class, due to lower temperature in the quarter and in the change criteria of treatment of clients with longtime delinquency. In march/12, non-technical losses ratio reached 41.3% over the low-voltage market, mainly caused by the change criteria of treatment of clients with long-time delinquency.

OPERATING PERFORMANCE

Increase of 4.7% in the net revenue (without construction revenue) that reached R$ 1,766.8 in 1Q12. Costs of PMSO from Distribution segment reduced 0.5% in the quarter. EBITDA of R$ 433.8 million in 1T12, decrease of 0.3%, with 24.6% of margin. Considering the effect of regulatory assets and liabilities, EBITDA would be 16.8% higher than 1Q11.

RESULTS

Net Income of R $ 140.1 million in 1Q12, a reduction of 15.8% compared to 1Q11. Considering the effect of regulatory assets and liabilities, net income would be 12.7% higher than 1Q11.

CAPITAL STRUCTURE

Operating cash flow (after interest payments and taxes) of $ 176.0 million in 1Q12, higher than the operating cash generated of $ 10.1 million in 1Q11.

Net debt of R $ 3,439.2 million, with net debt / EBITDA of 2.8x.

Energy Consumption
Distribution
ELECTRICITY CONSUMPTION TOTAL MARKET (GWh)
+3.7% -1.8%

5,558

6,087

6,291

6,180
OTHERS 14%

FREE 13%

INDUSTRIAL 7%

28.0C

28.3C

27.5C

26.9C
COMMERCIAL 28% RESIDENTIAL 38%

1Q09 1T09

1Q10 1T10

1Q11 1T11

1Q12 1T12

1Note:

To preserve comparability in the market approved by Aneel in the tariff adjustment process, the billed energy of the free customers Valesul, CSN and CSA were excluded in view of these customers planned migration to the Basic Network.

Total Market
ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET QUARTER
6,291 758
+2.1% -1.8%

6,180 801

-5.6%

2,488

2,348

1,899
-0.4%

1,939 191 5,533


-0.7%

170 962 1,730

5,379

966

938 1,748 47 890

932 49 892

541 426 1Q11 1Q12 1Q11

561 401 1Q12

1Q11

1Q12

1Q11

1Q12

1T11 1Q11

1T12 1Q12

RESIDENTIAL

INDUSTRIAL

COMMERCIAL

OTHERS

TOTAL

CAPTIVE

FREE

Collection

COLLECTION RATE BY SEGMENT QUARTER COLLECTION RATE 12 MONTHS


Tx de Arrecadao 12 meses

94.0% 95.0%

91.5% 92.0%

98.9% 99.2%

95.1%

100.6%

97.3%

97.7%

Mar/11 set/09'

mar-11

Mar/12 set/10'

mar-12

Total TOTAL

Varejo RETAIL

GrandesCLIENTS LARGE Clientes


1T12 1Q12

PUBLIC Pblico Poder SECTOR

1Q11 1T11

Loss Prevention
LOSS (12 MONTHS)
41.6% 41.3% 40.7% 40.4% 41.3% 50.0
-53.8%

ENERGY RECOVERY GWh

34.7%
7,543 7,619

7,627

7,582

7,665

Reflets the change on treatment's criteria in the approach to long term delinquent customers, based on Aneel Resolution 414.

23.1

5,312

5,326

5,229

5,247

5,316

1T11 1Q11

1Q12 1T12

2,231 Mar/11

2,293 Jun/11

2,328 Sep/11

2,335 Dec/11

2,349 Mar/12

INCORPORATION GWh
13.0
+12.1%

mar/11

jun/11 Non-technical dez/11 mar/12 set/11 losses GWh


Technical losses GWh % Non-technical losses/ LV Market % Non-technical losses / LV Market - Regulatory

14.5

1T11 1Q11

1Q12 1T12

Net Revenue
NET REVENUE BY SEGMENT (1Q12)*

NET REVENUE (R$MN)


+3.8%

Generation 5.5%
9M10

Comercialization 2.7% Distribution 91.8%**

1,834.7 147.0
4.7%

1,904.3 137.4
* Eliminations not considered ** Construction revenue not considered

1,687.6

1,766.8

NET REVENUE FROM DISTRIBUTION (1Q12)


Others (Captive)
11.7%
1T12

Network Use (TUSD) 8.7%


(Free + Concessionaires)

Industrial 6.4% 1Q11 1T11 1T11 1T11 1Q12 1T12 1T12 1T12
9M10 9M11 9M109M10 9M11 9M11

Construction Revenue Revenue w/out construction revenue


Commercial 28.5% Residential 44.8%

Operating Costs and Expenses


DISTRIBUTION MANAGEABLE COSTS (R$MN) COSTS (R$MM) 1Q12

+8.2%

Manageable (distribution): R$ 329.8


(22.9%)

304.7

329.8

1T12

Non manageable (distribution): R$ 1,026.2


(71.3%)

No gerenciveis; 1.026,2; 71,30%

Gerenciveis; 329,8; 22,92%

1Q11 1T11

1Q12 1T12

9M11

9M12

Gerao e Comercializao; 83,2; 5,78%

Generation and Commercialization: R$ 83.2


(5.8%)

R$ MN PMSO Provisions
PDD Contingencies

1Q11 168.5 60.3 64.4 -4.0 75.9 304.7

1Q12 167.6 86.5 61.6 24.9 75.7 329.8

Var % -0.5% 43.5% -4.2% -0.2% 8.2%

* Eliminations not considered

Depreciation Total

EBITDA
CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT* 1Q12

-0.3%

434.9

433.8

(EBITDA Margin: 22.1%)

Distribution 79.3%

9M10

Generation 16.9%

(EBITDA Margin: 75.6%)

Commercialization 0.9%
(EBITDA Margin: 7.8%) *Eliminations not considered

1T11

1Q11

1T12

1Q12

Net Income
NET INCOME Lucro Lquido - Trimestre 1Q12/1Q11 R$ Milhes

166 (1) (31) 8 (2) 140

1Q11
1T11

EBITDA
EBITDA

Financial Result
Resultado Financeiro

Taxes
Impostos

Others
Outros

1Q12
1T12

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Indebtedness
NET DEBT
3,439.2 2,134.9

AMORTIZATION SCHEDULE* (R$ MILLION) Average Term: 3.9 years

794 2.8 1.3 379 Mar/12 Dez/10' 9M10 2012 2012


* Principal only

682

784

806

555

3T10

Mar/11 Set/10' 9M09

2013 2013

2014 2014

2015 2015

2016 2016

After 2016 Aps 2016

Net Debt / EBITDA

COST OF DEBT
9.84% 5.30% 11.08%

11.01%

10.15%

CDI/Selic 71.7%

1T12

TJLP 27.6% US$/Euro 0.7%*

4.88%

4.51%

4.91%

2007

2007 2008
2009 2009 2007 2010 2010 2008

2008 2009
2011 2011 2009

2009 set/10
Mar/12 mar/12 set/10

set/10
* Considering Hedge

Real Cost Custo RealCusto Real

Custo Nominal Custo Real

CustoCusto Real Nominal

Nominal Nominal Custo Cost Custo Nominal

11

Investments
CAPEX (R$MM)
+32.5%

928.6 169.9

CAPEX BREAKDOWN (R$MM) 1Q12


Generation Maintenance Generation 3.4 Others Projects 15.9 0.1
-3.6%

700.6 546.7 92.9 563.8 181.8 116.9

758.7

453.8

446.9

518.8

148.2
24.1 124.1

142.9

Quality Improvement 28.1

17.5
125.4 1Q12 1T12 1T12 9M10 Losses Combat 37.3

Develop. of Distribution System 58.1

2008 2007 2008

2010 2009 2008 2009 2008 2009 2010 2007 2009 2008 2010 2009

2011 2010 2011 2011 2010e

1Q11 1T11 1T11 9M09

Investments in Electric Assets (Distribution)

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Important Notice
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international movable values. These declarations are based on certain assumptions and analyses made by the Company in accordance with its experience, the economic environment, market conditions and future events expected, many of which are out of the Companys control. Important factors that can lead to significant differences between the real results and the future declarations of expectations on events or business-oriented results include the Companys strategy, the Brazilian and international economic conditions, technology, financial strategy, developments of the public service industry, hydrological conditions, conditions of the financial market, uncertainty regarding the results of its future operations, plain, goals, expectations and intentions, among others. Because of these factors, the Companys actual results may significantly differ from those indicated or implicit in the declarations of expectations on events or future results. The information and opinions herein do not have to be understood as recommendation to potential investors, and no investment decision must be based on the veracity, the updated or completeness of this information or opinions. None of the Companys assessors or parts related to them or its representatives will have any responsibility for any losses that can elapse from the use or the contents of this presentation. This material includes declarations on future events submitted to risks and uncertainties, which are based on current expectations and projections on future events and trends that can affect the Companys businesses. These declarations include projections of economic growth and demand and supply of energy, in addition to information on competitive position, regulatory environment, potential growth opportunities and other subjects. Various factors can adversely affect the estimates and assumptions on which these declarations are based on.

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