presentation - 4q09 and 2009 results
TRANSCRIPT
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Results Conference Call2009
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2009 Highlights
Consumption (captive + free) 2.7% up on 2008, driven by the 10.5% growth in
the captive market in 4Q09. Continuous CAPEX increase.
Improvement in quality indicators (DEC/FEC).
EBITDA 2009 of R$ 1,188.0 million, 5.9% down on recurring basis.
Net income of R$ 604.8 million in 2009.
Proposed dividend payment of R$ 432.3 million, for total payout of 75.24% and
yield of 8.14%.
Cash balance of R$ 828.4 million at end of 2009, superior to the amount of R$
590.1 million in 2008.
Net debt of R$ 1,637.1 million, Net debt/EBITDA ratio of 1.4x.
Board approved the acquisition of 2 windmill projects located in Aracati, Cear,with total capacity of 34MW.
Basic engineering project and environmental studies for the Itaocara
hydroelectric project will be concluded in February 2010.
Commencement of works at the Paracambi and Lajes small hydroelectric power
plants.
OPERATINGPERFORMANCE
RESULTS
GENERATION
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CAPITALSTRUCTURE
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-1.1% -2.4%
+2.7%
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Energy MarketBrazilian and regional consumption
TOTAL MARKET
(Captive and Free Customers)
BRAZIL 1 SOUTHEAST 1 LIGHT 2
1 Source: EPE (Monthly Overview of the Electricity Market)2 Taking into account the power consumed by the free clients CSN, Valesul and CSA, the variation in consumptionwould be -4.4%. To preserve comparability with the market approved by Aneel in the tariff review process, the billedenergy and demand of free customers Valesul, CSN and CSA were excluded, in view of these customers plannedmigration to the core network.
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Electricity Consumption(GWh)
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Energy ConsumptionDistribuition
Note: To preserve comparability in the market approved by ANEEL in the tariffadjustment process, the billed energy and demand of the free customersValesul, CSN and CSA were excluded in view of these customers planned
migration to the core network.
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+3.8%
+6.7%
-0.9%
+3.0%
+4.3%ELECTRICITY CONSUMPTION (GWh)
YEAR
Captive MarketForth quarter and 2009 performance
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ELECTRICITY CONSUMPTION (GWh)
NETWORK USE FREE CUSTOMERS
+6.4%
-5.6%
ELECTRICITY DEMAND(GW)
NETWORK USE
1
-8.7%
Free MarketConsumption and billed demand
Note: To preserve comparability in the market approved by ANEEL in the tariff adjustment process, thebilled energy and demand of the free customers Valesul, CSN and CSA were excluded in view of thesecustomers planned migration to the core network.
1 The amount presented in GW is related to the annual sum ofbilled demand each month, considering peak and out-of-peakperiods.
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Investments scheduled till the World Cup in 2014 and theOlympics in 2016
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Revitalization of the Port zone
Expansion of subway system
Urbanization of slums
Depollution of the Rodrigo de Freitas
Lake
Construction of the Metropolitan Arch
Expansion of Tom Jobim airport
Construction of 50,000 housing units
by 2013
T5 Corridor
Rio-So Paulo bullet train Angra 3
Via Light
Investments in optic fibers by 2016
Improvement and acquisition of new
trains by Supervia
Renovation of Hotel and Marina da
Glria
Expansion of hotel capacity (5 new
hotels on the waterfront, 8,000 beds
in ships)
Construction of COMPERJ
Expansion and modernization of
REDUC
Construction of CSA
Eisa naval industry
Sudeste Port
GerdauPort Terminal
Coquepar
CSNItagua Logistics Platform
Construction of Barra da Tijuca
Complex
Construction of Deodoro Complex
Renovation and Expansion of
Maracan Stadium
InfrastructureR$ 52 billion
PrivateR$ 41 billion
OlympicsR$ 4 billion
1 Source: Firjan, Rio de Janeiro Town Hall,Light and Construction Industry Union of Riode Janeiro. Considering the part inside of the State ofRio de Janeiro
Total estimated investments1 of R$ 97 billion
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COLLECTION RATE12 MonthsCOLLECTION RATE BY SEGMENT2009
Collection
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INCORPORATIONGWh
RECOVERYGWh
LOSS EVOLUTION (12 months)
Loss Prevention
165.1%
16.9%
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PADRE MIGUEL: 4,521 CLIENTS
CONSUMPTION/ CLIENT(kWh/MONTH)
19%
SARAPUI: 2,769 CLIENTS
CONSUMPTION/ CLIENT(kWh/MONTH)
DEN: 15,882 CLIENTS
CONSUMPTION/ CLIENT(kWh/MONTH)
19%
MARKETBANGU ( kWh / MONTH )
6%
MARKETDUQUE DE CAXIAS ( kWh / MONTH)
MARKETSO JOO DE MERITI ( kWh / MONTH)
6%
New Technologies Program
45%
13%
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NET REVENUE (R$ MN)
NET REVENUE FROM DISTRIBUTION(2009)
NET REVENUE BY SEGMENT (2009)*
1.8%
+0.8%
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+3.1% a.a.
NET REVENUE EVOLUTION (R$ MN)
*Eliminations not considered
Net Revenue
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*Eliminations not considered
MANAGEABLE DISTRIBUTION COSTS
(R$ MN)
R$ MN 2008 2009 Var. (%)
PMSO 505.4 504.0 -0.3%
Provisions 201.1 306.0 52.2%
Depreciation 287.1 280.1 -2.4%
Operating Costs and Expenses
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EBITDA
CONSOLIDATED EBITDA (R$ MN)
EBITDA Margin:68.8%
EBITDA Margin: 23.3%
EBITDA Margin:19.9%
EBITDA BY ACTIVITY*2009
*Eliminations not considered
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NET INCOME (R$ MN)
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Net Income
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Dividends
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PAYOUT AND DIVIDENDS POLICY
* Based on the closing price of the previous day to the announcement
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R$ MM 2009
Loss Prevention 164.9
Development of Distribution Network 133.3
Quality Improvements(Optimization of structure and preventative maintenance)
64.7
Generation Maintenance 32.3
New Generation Projects 19.5
Administration 57.6
INVESTMENTS (R$ MN)
Capital Expenditures
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Capital Market After public offering
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SHAREHOLDERS COMPOSITION
Average trading volume: R$ 24.7 million
(2009/07/16 until 2010/02/09)
TRADING VOLUME (R$ MN)
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Controlling Shareholder [52.1%] Free Float[47.9%]
MarketLEPSA
13.03% 13.03% 13.03% 13.03% 24.4% 23.5%
Free Float [47.9%]
MarketLEPSA
13.03% 26.06% 13.03% 24.4% 23.5%
SPE
FIP
>50%
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Forward-Looking Statement
This presentation may include declarations that represent forward-looking statements according to Brazilianregulations and international securities. These declarations are based on certain assumptions and analysesmade 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 tosignificant differences between the real results and the future declarations of expectations on events orbusiness-oriented results include the Companys strategy, the Brazilian and international economicconditions, technology, financial strategy, developments of the public service industry, hydrologicalconditions, 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 resultsmay significantly differ from those indicated or implicit in the declarations of expectations on events or futureresults.
The information and opinions herein do not have to be understood as recommendation to potentialinvestors, and no investment decision must be based on the veracity, the updated or completeness of thisinformation or opinions. None of the Companys assessors or parts related to them or its representatives willhave 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 basedon 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 andother subjects. Various factors can adversely affect the estimates and assumptions on which thesedeclarations are based on.