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.
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%
5,379
966
932 49 892
1Q11
1Q12
1Q11
1Q12
1T11 1Q11
1T12 1Q12
RESIDENTIAL
INDUSTRIAL
COMMERCIAL
OTHERS
TOTAL
CAPTIVE
FREE
Collection
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
1Q11 1T11
Loss Prevention
LOSS (12 MONTHS)
41.6% 41.3% 40.7% 40.4% 41.3% 50.0
-53.8%
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
14.5
1T11 1Q11
1Q12 1T12
Net Revenue
NET REVENUE BY SEGMENT (1Q12)*
Generation 5.5%
9M10
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
Industrial 6.4% 1Q11 1T11 1T11 1T11 1Q12 1T12 1T12 1T12
9M10 9M11 9M109M10 9M11 9M11
+8.2%
304.7
329.8
1T12
1Q11 1T11
1Q12 1T12
9M11
9M12
R$ MN PMSO Provisions
PDD Contingencies
Depreciation Total
EBITDA
CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT* 1Q12
-0.3%
434.9
433.8
Distribution 79.3%
9M10
Generation 16.9%
Commercialization 0.9%
(EBITDA Margin: 7.8%) *Eliminations not considered
1T11
1Q11
1T12
1Q12
Net Income
NET INCOME Lucro Lquido - Trimestre 1Q12/1Q11 R$ Milhes
1Q11
1T11
EBITDA
EBITDA
Financial Result
Resultado Financeiro
Taxes
Impostos
Others
Outros
1Q12
1T12
10
Indebtedness
NET DEBT
3,439.2 2,134.9
682
784
806
555
3T10
2013 2013
2014 2014
2015 2015
2016 2016
COST OF DEBT
9.84% 5.30% 11.08%
11.01%
10.15%
CDI/Selic 71.7%
1T12
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
11
Investments
CAPEX (R$MM)
+32.5%
928.6 169.9
758.7
453.8
446.9
518.8
148.2
24.1 124.1
142.9
17.5
125.4 1Q12 1T12 1T12 9M10 Losses Combat 37.3
2010 2009 2008 2009 2008 2009 2010 2007 2009 2008 2010 2009
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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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