1 Conference Call 1Q12. Reduction of 1.8% in consumption compared to 1Q11, mainly influenced by the...
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Transcript of 1 Conference Call 1Q12. Reduction of 1.8% in consumption compared to 1Q11, mainly influenced by the...
1
Conference Call1Q12
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 long-time 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
2
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.
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.
Destaques
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.
RESULTS
CAPITALSTRUCTURE
1T09 1T10 1T11 1T12
ELECTRICITY CONSUMPTION¹
TOTAL MARKET (GWh)
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.
3
Energy Consumption Distribution
-1.8%
6,2916,087
27.5ºC 26.9º
C
1Q111Q10
5,5586,180
1Q09
28.3ºC
28.0ºC
+3.7%
1Q12
RESIDENTIAL38%
INDUSTRIAL 7%OTHERS14%
FREE13%
COMMERCIAL28%
1T11 1T12
FREECAPTIVE
RESIDENTIAL INDUSTRIAL COMMERCIAL OTHERS TOTAL
1Q11 1Q12
-1.8%
5,5335,379
6,291
758 801
6,180
-0.7%
890 892
938
47 49
932
+2.1%
1,7301,748
1,899
170 191
1,939
-0.4%
426 401
966
541 561
962
-5.6%
2,4882,348
ELECTRICITY CONSUMPTION (GWh)
TOTAL MARKET – QUARTER
Total Market
4
1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12
mar-11 mar-12
Tx de Arrecadação 12 meses
Total Varejo Grandes Clientes Poder Público
1T11 1T12
set/09' set/10'
5
Collection
COLLECTION RATE12 MONTHS
COLLECTION RATE BY SEGMENTQUARTER
94.0%
95.0%
92.0%
91.5%
98.9% 99.2%
95.1%100.6%
1Q11
1Q12
97.3% 97.7%
Mar/11 Mar/12
PUBLIC SECTORLARGE CLIENTSTOTAL RETAIL
1T11 1T12
1T11 1T12
mar/11 jun/11 set/11 dez/11 mar/12
6
Loss Prevention
INCORPORATIONGWh
1Q121Q11
23.1
50.0 -53.8%
ENERGY RECOVERYGWh
1Q121Q11
14.513.0
LOSS (12 MONTHS)
41.6%
41.3% 40.4
%34.7%
% Non-technical losses/ LV Market
Technical losses GWh
% Non-technical losses / LV Market - Regulatory
5,312 5,247
2,231 2,293 2,335
5,326
7,6277,6197,543 7,582
40.7%
+12.1%Mar/11
Non-technical losses GWh
Jun/11 Dec/11Sep/11
2,328
5,229
41.3%
5,316
2,349
7,665
Mar/12
Reflets the change on
treatment's criteria in the
approach to long term
delinquent customers, based on
Aneel Resolution 414.
1T11 1T12 9M10 9M111T11 1T12 9M10 9M11
Net Revenue
NET REVENUE (R$MN)
7
+3.8%
1,834.7
1,904.3
Generation 5.5%
Distribution 91.8%**
NET REVENUE BY SEGMENT (1Q12)*
Comercialization 2.7%
* Eliminations not considered
** Construction revenue not considered
9M10
NET REVENUE FROM DISTRIBUTION (1Q12)
Commercial 28.5%
Industrial 6.4%
Others (Captive) 11.7% Network Use (TUSD)
8.7%(Free + Concessionaires)
Residential 44.8%
1Q121Q11
Construction RevenueRevenue w/out construction revenue
137.4
1,687.6
1,766.8
147.0
4.7%
1T12
1T11 1T12 9M10 9M11
8
Operating Costs and Expenses
Manageable (distribution): R$ 329.8(22.9%)
Generation and Commercialization: R$ 83.2(5.8%)
Non manageable (distribution): R$ 1,026.2(71.3%)
* Eliminations not considered
DISTRIBUTION MANAGEABLE COSTS (R$MN)
R$ MN 1Q11 1Q12 Var %
PMSO 168.5 167.6 -0.5%
Provisions 60.3 86.5 43.5%
PDD
64.4 61.6 -4.2%
Contingencies
-4.0 24.9 -
Depreciation 75.9 75.7 -0.2%
Total 304.7 329.8 8.2%
COSTS (R$MM)1Q12
1Q11 1Q12
304.7 329.8
+8.2%
1T11 1T12 9M11 9M12
Não gerenciáveis; 1.026,2; 71,30%
Gerenciáveis; 329,8; 22,92%
Geração e Comercialização;
83,2; 5,78%
1T12
1T11 1T12
EBITDA
CONSOLIDATED EBITDA (R$MN)
9
EBITDA BY SEGMENT*1Q12
Generation 16.9%
(EBITDA Margin: 75.6%)
Commercialization 0.9% (EBITDA Margin: 7.8%)
Distribution 79.3%
(EBITDA Margin: 22.1%)
*Eliminations not considered
433.8434.9
-0.3% 9M10
1Q11 1Q12
10
Net Income
1T
11
EB
ITD
A
Re
sulta
do
Fin
an
ceiro
Imp
osto
s
Ou
tros
1T
12
Lucro Líquido - TrimestreR$ Milhões
1Q11 1Q12EBITDA
Financial Result
Taxes Others
166
140(1)
(31)
8
(2)
NET INCOME1Q12/1Q11
1T12
2012 2013 2014 2015 2016 Após 2016Set/10' Dez/10'3T09 3T10 9M09 9M10
11
Average Term: 3.9 years
AMORTIZATION SCHEDULE* (R$ MILLION)
Indebtedness
379
555
794682
784 806
Nominal CostReal Cost
Mar/12Mar/11
2,134.9
3,439.2
NET DEBT
1.3
2.8
* Considering Hedge
2007 2008 2009 set/10
Custo Real Custo Nominal
2007 2008 2009 set/10
Custo Real Custo Nominal
* Principal only
COST OF DEBT
US$/Euro 0.7%*
CDI/Selic 71.7%
TJLP 27.6%
2009 2010 2011 mar/12
Custo Nominal Custo Real
2011201020092007 2008 2009 set/10
Custo Real Custo Nominal
4.91%
10.15%
5.30%
9.84%
4.88%
11.08%
4.51%
11.01%
Mar/12
Net Debt / EBITDA
2012 2013 2014 2015 2016 After 2016
2008 2009 2010 2011 1T11 1T122008 2009 2010 2011 1T11 1T12
Investments
12
CAPEX BREAKDOWN (R$MM)
1Q12+32.5%
201020092008
563.8546.7
928.6
CAPEX (R$MM)
700.6
20112007 2008 2009 2010 1Q121Q11
142.9148.2
-3.6%
2007 2008 2009 2010e 9M09 9M10
Generation Projects
0.1
Quality Improveme
nt28.1
Generation Maintenanc
e3.4 Others
15.9
Develop. of Distribution System
58.1
Losses Combat
37.3Investments in Electric Assets (Distribution)
124.1
24.1
125.4
17.5453.8
92.9
446.9
116.9
518.8
181.8 758.7
169.9
13
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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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.