apre 2 t04
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August 12, 2004August 12, 2004
Results of 2nd quarter of 2004Results of 2nd quarter of 2004
• Market
• Finance and OperationalPerformance
• Debt Profile
• Operating Performance
• Financial Performance
Conclusion
3
4
883 877
2.745
2.4242.278
2.902
2.2212.431
Residential Industrial Commercial Other
2Q03 2 Q04
8.330
8.224
8.330
8.438
2 Q032 Q04 w/ out fraud rec.2 Q04
5,7%
-8,4% 7,0%
-0,7%
1,2%
-1,4%
8.330
Comparision of Consumption in GWh
With Fraud Recovery
5
2.745
2.4242.278
883
2.615
2.291
2.819
877
2.798
2.3652.3312.191
Residential Industrial w/out Free
Commercialw/ out Free
Other Industrial w/Free
Commercialw/ Free
2 Q03 2 Q04
2,7%
-9,6% 2,3%
-0,7%
7,0%
3,2%
8.341
8.533
8.224
8.858
Total w/ out Free Total w/ Free
2 Q03 2 Q04
3,8%
-1,4%
Comparision of Comsuption in GWh
Obs: the graphics not consider own consumption
w/ out Fraud Recovery
6
Actual Situation
Migration of 30Consumers
27Consumers renewed
Contracts
Jan- Jun 2004
2,2%
2,6%
% marketBilled in 2003
Total of 55Free Clients 7,9%
Retention of PotenciallyFree Consumer
• Intensification of visits to consumers
• Value adding to the captive supply through:• The selling of “ Interruptive Energy”• Payments of Bills with Credits of ICMS (Merchandise and Service Circulation Tax)• Energy Efficiency Projects• Beneficit Plans (Load Management and Preventive Maintenance)
7
1 Q04 2 Q04
Net Revenue 1.578,8
Operating Expense (1.392,7)
EBITDA * 253,1
Financial Revenue(Expense)**
(86,2)
Extraordinary ItemsNet of Tax Effects
(85,6) -0,3%
Net Profit (Loss) (13,6) 8,1
1.714,6
(1.474,9)
306,6
(144,3)
(85,4)
Results – 2nd Quarter 2004
8,6%
5,9%
21,2%
67,4%
159,2%
7% Growth in Eletropaulo’s billed consumption and loss recoveries in the amount of R$17.8 million
112% Increase in the account of other operating expenses, as a result of PDD growth
Agreements with town halls in the last quarter reduced PDD of that period
Increase in the Net Operating Revenue
6.8% depreciation of Real compared to Dollar in the periodIncrease of the debt in national currency stemming from the conversion of debts in US$ into R$ caused an increase of financial charges in national currency
Increase in the net revenue higher than increase in operating and financial expenses
(*) Without adjustments(**) Consolidated Result Values
In R$ Million
8
R$ 306,6 MM
R$ 23,6 MM
R$ 404 MM
1st Quarter 2004
R$ 253,1 MM
R$ 68,9 MM RTE
R$ 19,3 MM
R$ 341 MM
R$ 74,1 MM RTE
EBITDA Adjust
2nd Quarter 2004
EBITDA (With the effect of Provisions and Debt Confession IIa)
Debt Confession IIa
ADJUSTED EBITDA
EBITDA (With the effect of Provisions and Debt Confession IIa)
Debt Confession IIa
ADJUSTED EBITDA
18,5% Increase
9
39.090 70.028
320.991286.654
360.568
289.041
180.376217.307
289.000
1998 1999 2000 2001 2002 2003 1 Q04 2 Q04 2004 (e)
R$ Mil
Investiments Projects for 2004 – R$ million
Investiments in 2004
22Technical losses, COE, automation and billingSupply Quality
289TOTAL
89 Personnel
13 (Vehicles, IT, furniture and equipmentSpecific Expenses
14 P&D, Energy Efficiency and ERACRegulatory Obligations
14 Recovery of Commercial LossesLosses
26 Safety (improvements to the grid)
8 Modernization of the SystemMaintenance
53 System Expansion
50 Customer ServiceMarket Growth
10
• Eletropaulo received on June 3rd the CVA loan. The amount was used to pay:
CVA LoanR$ 521 MM
Intra-sectorObligationsR$ 312 MM
Net Amount Receveid R$
209MMTranche C
R$ 53,83 MMUS$ 6,01 MM
Tranche B R$ 13,78 MMUS$ 3,16 MM
Tranche AR$ 13,19 MMUS$ 8,69 MM
Tranche D R$ 62,53 MMUS$ 3,4 MM
EffectiveDown Payment
Tranche CR$ 51,16 MMUS$ 5,71 MM
Tranche B R$ 9,26 MM
US$ 2,13 MM
Tranche AR$ 5,18 MM
US$ 3,42 MM
Tranche D R$ 76,85 MMUS$ 4,17 MM
OutstandingDown Payment
Base Down Payment – CVA Loan
The remaining Down Payment will be made with the funds from the 3rd tranche of Rationing
11
1Q04 2 Q04LT ST
R$ 5.228 mm
85%
15% 19%
81%
1.090
CVA
4.522
808
4.420
R$ 5.612 mm
ST X LT Indebtedness
12
78%
22%
5,4% Exchange Exposure
76%
24%
R$
US$
Hedge of 16,3% 20% Exchange Exposure
Hedge of 75,1%
• The maturities of debts in US$ until the end of 2006 are Hedged
Indebtness 2nd Quarter 2004
R$
US$
Consolidated debt - Mar/31/2004(R$5.2 bn, of which R$1.2 bn
denominated in US$)*
Consolidated debt – Jun/30/2004(R$5.6 bn, of which R$1.2 bn
denominated in US$)*
(*) Values converted by the X-rate of the end of each month: Mar/ 2004 – 2,9086 Jun/ 2004 – 3,1075
13
35 30 30 33 30 30
143
30 30 4315 15 15
143
11 11 12 12 12 1231
32
32 32 3312
48
5
66
4
6
33
162
Jan Feb Mar Apr May Jun DownPayment
Jul Aug Sep Oct Nov Dec OutstandingDownpayment
R$ BNDES US$ *
Effective
Maturity of Commercial Pappers
US$ 42,9 million
Provision
2004 Amortization Schedule
R$ Million
(*) Values converted using the X-rate of 3.1075 for the months as of July 2004.
For the effective values, X-rate of the end of each month was used.
14
Ratings
FITCH S&P FITCHAAA AAA AAAAA+ AA+ AA+AA AA AAAA- AA- AA-A+ A+ A+A A AA- A- A-BBB+ BBB+ BBB+BBB BBB BBBBBB- O O O BBB- BBB-BB+ O BB+ BB+BB X X BB BBBB- X BB- BB- O X O XB+ B+ B+ X OB X B B XB- O O B- B- O OCCC+ CCC+ CCC+CCC X CCC CCC XCCC- X CCC- CCC- XCC X CC CC XC O C C ODDD X O O SD DDD O X O XDD X D DD XD X D
2000 2001 2003 2000 2001 20032002 2004
International Scale Local Currency International Scale Foreign Currency
2002 2004
Watch Positive
It is worth mentioning that S&P shall reassess the rating recently attributed to the Company after it completes the assessment of Eletropaulo’s financial projections.
X S&PO Fitch
15
Revision RevisionPrivatization
Annual Adjustment (X Factor = 0 in the first 4 years)
Annual Adjustment (X Factor/=0)
0 1 2 3 4 5 6 7 8 9 100 1 2 3 4 5 6 7 8 9 10Year
18,62%*18,62%*
Average Index Average Index(considering adjustment of 17.91%) (considering adjustment of 18.62%)
High Voltage(2,3 kV or higher)
Baixa Tensão (below of 2,3kV)
FINISH 2006
Consumer Group
24,03% 24,81%
13,96% 15,36%
Tariff Revision
* The index of 17.91% will be applied until Cesp solves its situation of default with the payment of some sector charges
16
1,70%
9,42%
4,12%
3,39%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
1999 2000 2001 2002 2003 2004
Parcel B Parcel A CVA Deferred CVA 2003/2004 IGPM IPCA
Tariff Evolution
50 % CVA 2002-2003
100% CVA 2003-2004
17
X-Factor – Aneel`s Res. n# 055
X (Xe + Xc) xx (IGPM - Xa) ++ Xa
(2,37% + 0,71%)
(9,61% - 1,08%)
1,08%
X 4.43%4.43% IGPM -X 1,051821,05182
18
19
Contracts PortfolioContracts Portfolio
0%
25%
50%
75%
100%
2003 2004 2005 2006
Piratininga
Nacional
Bragantina
Bandeirante
Elektro
CPFL
Eletropaulo - IC
Eletropaulo - BC
20
• The tariffs of initial contracts are adjusted annualy in accordance with the calculation formula provided for in the Concession Contract:
• In February, the contracts of Empresa de Eletricidade Bragantina S.A. (“EEB”) and Companhia Nacional de Energia Elétrica (“CNEE”) wereadjusted by 8.20% on average
• In April, the initial contract with CPFL - Companhia Paulista de Força e Luz was adjusted by 6.15%
• Following event: In July, the Initial and Bilateral contracts with Eletropaulo were adjusted by 6.99% and 9.61%, respectively
• The remaining initial contracts will be adjusted in August (Elektro) and October (Piratininga and Bandeirantes)
Tariff Adjustment Index = VPA + VPB x IGP-MRevenue
Tariff AdjustmentTariff AdjustmentTariff Adjustment
21
EnergyEnergy Balance Balance –– 11stst HalfHalf
TOTAL
6.042.054
MRE
=
Gross Generation x Billed Energyin MWh
AES Tietê generated more than 8% of its assured energy
Caconde234.265Euclides322.063
Limoeiro94.044
Ibitinga382.943
Bariri339.386
Barra Bonita310.318
Água Vermelha3.091.165
Promissão536.181
Nova Avanhandava714.839
Mogi Guaçu16.850
Bandeirante290.732
Nacional69.483
Bragantina110.637
Elektro469.379
Eletropaulo - CI937.696
Piratininga300.516
CPFL555.199
Eletropaulo - Bilateral2.862.758
BILLED
5.596.401
* After deducing own consumption and transmission losses, the difference is addressed to the Energy Reallocation Market - MRE
22
StoredStored EnergyEnergy
10
30
50
70
90
Jan
Fev
Mar
Abr Mai
Jun
Jul
Ago Se
t
Out
Nov
Dez
GW
- m
onth
2000 2001 2002 2003 2004
Source: National System Operator – ONS; July/04
Southeast Reservoirs
23
1st Half 03
Net revenue 41,8%
Operating Expense 37,8%
Ebitda 38,3%
Financial Revenue(Expense)
-12,9%
Result before taxes
Net Profit
Reduction of the financial expenses (IGP-M lower than that of the same period in the previous year)Increase of financial expenses due to the increase of cash
The increase of operating expenses did notabsorb all the increase of the net revenue
Feb/04: “Financial Excess” (R$7,3 thousand)Provision for energy from ItaipuPurchase of energy from DukeFree and short-term energyTransmission and connection charges
347,8 493,3
(100,2) (138,1)
279,7 386,9
(163,5) (142,4)
84,0 212,5
Increase due to the replacement of another25% of the energy contracted throughtbilateral contractsTariff rewiew of three initial contracts
1st Half 04in R$ million 2003
778,8
(184,1)
594,7
(251,7)
246,5
195,4 153%Grow of revenueFinancial expenses lower than that of the 1Q0355,4 140,2
Statements of Results 1st HalfStatements of Results 1Statements of Results 1stst HalfHalf
Conclusion
• Eletropaulo closed the 2nd quarter of 2004 with a net profit of R$8.1 million, as opposed to the loss of R$13 million of the 1st quarter, as a result of the recovery of its billed market
• Eletropaulo has been successful in its program for retention of potentially free consumers, reducing its potential loss.
• Eletropaulo permanently solved its liquidity problem and presently has an indebtedness level sustainable and compatible with its cash generation, besides of strongly reduced its exchange rate exposure to 5.4% of the debt in dollars.
• The profit of R$140 million presented by Tietê represents an increase of 153% in relation to the same period in 2003, confirming our projections of revenue and profitability growth
• The distribution of dividends to Tietê’sshareholders in the amounts R$87.3 million in May, relating to the profit remaining from 2003 and R$66.6 million on August 10, relating to 50% of the profit verified in the first half of 2004, reinforces Tietê’s position as a Company that is committed to the return on its shareholders’ investments.
2512 de agosto de 200412 de agosto de 2004
Resultados do 2º trimestre 2004Resultados do 2º trimestre 2004
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