4 q08 and 2008 earnings results
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2008 ResultsMarch, 2009
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2008 main highlights2008 main highlights
► 2008– 14% growth on EBITDA, representing R$ 1,254 million – 14% increase on net income, totalizing R$ 692 million – Proposal to R$ 31 million of interest on equity
► Subsequent Events– Reversion of R$ 13 million in 1Q09 related to the TUSDgeneration agreement– Proposal to distribute R$ 167 in complementary dividends, to be deliberated on the Ordinary
Shareholders Meeting: • R$ 0.42 per common share• R$ 0.46 per preferred share
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► Dispute resolution of TUSDg from July, 2004 to December, 2008
– Provisioned amount on 12/31/08: R$ 190 million
– Agreement: payment of R$ 177 million in 36 monthly payments of R$ 5 million, adjusted by Selic, with the 1st installment paid on 01/30/09
– Provision reversal in 1Q09: R$ 13 million
TUSDg agreementTUSDg agreement
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Operational disposalOperational disposal
► Since 2003, AES Tietê has a historical generation average of 14% above assured energy
Generation – MW Average Generation / Assured Energy
1
1- Generated energy divided by the amount of period hours
2004 2005 2006 2007 2008
1,363 1,467 1,4241,543 1,510
107%107%
115%115% 112%112%
121%121% 118%118%
Generation Energy – MW Average1
5
Assured energy contractedAssured energy contracted
1 - Including energy purchased
2007 2008
MRE
AES Eletropaulo
Spot Market
11,13811,138
1,7401,740 1,6801,680
573573
11,10811,108
331331
13,42113,421 13,14813,148
Billed Energy – GWh1
► Assured energy fully contracted by AES Eletropaulo until Dec, 2015:
– IGP-M Indexed
– Price from July 2008 to June/09 – R$ 149.72/MWh
► 2008 MRE Tariff – R$ 7.77/MWh
► CCEE Average Price:– 2008 – R$ 135.29/MWh – 2007 - R$ 96.99/MWh
6
Expansion requirement of 15%Expansion requirement of 15%
► Requirement: increase installed capacity, by at least, 15% (400 MW), until December 2007:– Increase the installed capacity in São Paulo State; or – Purchase energy from new plants, located in São Paulo, through long term agreements (at least 5 years).
► Restrictions to accomplish the requirement:– Insufficient hydro resources and environmental restrictions to install Thermo plants;– Insufficiency of gas supply;– “New Model of Electric Sector” (Law # 10,848/04).
► Aneel, in August 2008, informed that the issue is not linked to the concession.
► The São Paulo State is analyzing the process, considering Aneel decision.
► Popular law action against Federal Government, Aneel, AES Tietê, and Duke.– Status: Defense filed on first instance in October 2008 by AES Tietê.
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Investments – R$ million 2008 Investments
Increasing investmentsIncreasing investments
1- SHPP Jaguari Mirim and Piabanha
36%36%
3%3%
12%12%
48%48%
Equip. and Maint.
EnvironmentIT
New SHPP’s
67671212
88
3333
12
2228
4751
59
101
393935354343
2020
New SHPP’s1
Investments
28282222
1212
2003 2004 2005 2006 2007 2008 2009(e)
8
11% Increasing revenues11% Increasing revenues
► 13.44% readjustment on AES Eletropaulo PPA from July 2008
► Positive balance in 4Q07 as a consequence of the reclassification on PIS/COFINS tax basis in 2Q07
(R$ 26 million on net revenue and operational provisions)
Net Revenue – R$ million
+11%+11%
+18 %+18 %
2007 2008 4Q07 4Q08
1,6211,464
423359
9
Accumulated 12 months – R$ million 4Q08 – R$ million
Costs and expensesCosts and expenses
2007
430 (73)
2008
431
2617 13
18
Other Costs and Operating Expenses
4Q07
74
4Q08
121
2611 7 4
Non-Recurring
Event TUSDg
Non-Recurring
Event PIS/COFINS
in 2007
Power Purchased for Resale
Transm. & Connection
Charges
Non-Recurring Event
PIS/COFINS in 2007
Power Purchased for Resale
Transm. & Connection
Charges
Other Costs and Operating Expenses
10
14% increase on 2008 Ebitda14% increase on 2008 Ebitda
2007 Non-Recurring
Event TUSDg
Other Costs and Expenses2
2008 4Q07 Sales1 Other Costs and Expenses2
4Q08
1,0991,254
73
302 319(4)20
126
Sales1
(43)
1 - Sales: Net revenue less sales costs 2 - Does not include depreciation and amortization
Accumulated 12 months – R$ million 4Q08 – R$ million
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Better financial results in 4Q08Better financial results in 4Q08
► 2008 IGP-M: 9.81% vs. 2007 IGP-M 2007: 7.75%
► Average financial investment balance: R$ 773.4 million (2008) vs. R$ 669.9 million (2007)
Financial Result – R$ million
2007 2008 4Q07 4Q08
(120)
(159)
(54)(24)+55%+55%
--33 %33 %
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Sustainable profitability and dividend paymentSustainable profitability and dividend payment
► Complementary dividends of R$ 167 million– R$ 0.42 per common share– R$ 0.46 per preferred share– Date ex-dividends: 04/28/2009– Payment: 05/07/2009
► Interest on Equity (IE): R$ 31 million– R$ 0.08 per common share2
– R$ 0.09 per preferred share2
– Ex-IE date: 12/20/2008– Payment: 05/07/2009
Net Income – R$ million Dividend Payout – R$ million
► Proposed earnings to be submitted to the ordinary shareholders meeting on April 27, 2009
2007 2008 4Q07 4Q08
609692
166 198
42%43%
47%
+14%+14%
+20%+20%
46%
1 - including proposed complementary dividend 2 - Gross amount
2006
100 %
2007
100 %
20081
100 %
12 % 10 % 12 %
614 609693
Dividends Pay-out Yield PNNet Margin
13
Strong cash flow generationStrong cash flow generation
► The Company keeps its cash invested on Certificates of Deposit, with average profitability of 102.1% of CDI in 2008
► Increase of the average financial investment balance:– R$ 670 million in 2007 x R$ 773 million in 2008
► Investments – SHPP São José and São Joaquim, on Jaguari Mirim River, São Paulo State
Managerial Cash Flow1– R$ million
20072007 1Q081Q08 2Q082Q08 3Q083Q08 4Q084Q08 20082008
Inicial CashInicial Cash 688 634 815 673 783 634Operating Cash FlowOperating Cash Flow 1,116 262 279 340 337 1,219InvestmentsInvestments (46) (4) (12) (14) (22) (52)Net Financial ExpensesNet Financial Expenses (72) (15) (14) (13) (7) (49)Net AmortizationNet Amortization (197) (46) (46) (50) (52) (194)Income TaxIncome Tax (247) (15) (16) (19) (17) (67)Dividends and IoFDividends and IoF (608) 0 (334) (134) (188) (656)Free Cash FlowFree Cash Flow (54) 181 (142) 110 53 202Final Cash Final Cash –– Parent CompanyParent Company 634 815 673 783 836 836Final Cash of Subs. And Assoc. Comp.Final Cash of Subs. And Assoc. Comp. 5 7 8 5 5 5Final CashFinal Cash 638 821 680 788 840 840
1 - Amounts rounded up
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Lower debtLower debt
► Eletrobrás debt
– Balance: R$ 1,216 million
– Monthly amortization
– Maturity: May 15, 2013
– Interest of 10% p.a. and monetary adjustment by IGP-M
Net Debt
Net Debt (R$ billion)
Net Debt / Ebitda
2004 2005 2006 2007 2008 4Q07 4Q08
1.1
0.4
0.7 0.70.7
0.4
0.7
0.3x0.3x0.6x0.6x0.7x1.4x
0.6x
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Corporate governanceCorporate governance
AES Tietê X Ibovespa X IEE – 12 Months1 Daily Average Volume - R$ thousand
2005 2006 2007 2008
+72 %+72 %
+54 %+54 %
3,325
5,761
5,4685,531
1,724
4,188
2,6923,566
1,573
1,601
8,1609,097
Preferred Common
1 - Data Base: 12/28/07 = 100 2 – Data Base: 12/29/08 = 100
IBOV
IEE
GETI4
+ 13%
+ 4%+ 3%
- 11%- 12%
- 41%
40
60
80
100
120
Dec-071 Mar-08 Jun-08 Sep-08 Dec-08
80
100
120
Dec-082 Jan-09 Feb-09
2008
2009
More than 3 thousand children, teenagers and adults benefited
Units location: Barra Bonita, Lins, São José do Rio Pardo and Caconde
Own and encouraged investments : about R$ 9 million in 2008
Activities: theater, dance, music, circus arts, visual arts, artistic gymnastics and courses of income generation
“Casa da Cultura e Cidadania” Project
Social responsibilitySocial responsibility
“Energia do Bem” Project
Launched in December 2008
Objective: encourage employee to transform the low incomecommunities and develop non governmental institutions
Distributing “Energia do Bem “
Performing totransform
Endeavoring inthe community
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Another year of recognitionAnother year of recognition
► Maintenance on 2009 Corporate Sustainability Index (BMF&Bovespa – Nov.08)
► One of the 20 model corporation on sustainability on Brazil (Guia de Sustentabilidade da Revista EXAME –
Oct.08)
► One of the 150 best corporations to work (Revista Você S.A. / EXAME – Sep. 08)
► Best performance on electricity industry sector for Valor 1000 (Jornal Valor Econômico – Jul.08)
► Most profitable corporation on the electricity industry (Guia Maiores e Melhores (Revista EXAME – Jul.08)
► Most profitable company in the last 5 years among the 500 largest publicly companies in Brazil
(Revista Conjuntura Econômica, da FGV – Jul.08)
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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.
2008 Results
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