2. 3Q13 Highlights
■ Energy generation 19% higher than the physical guarantee and 12% below the
registered in 3Q12
Operational
■ 39% reduction in the forced outage rate (0.33% in 9M12. vs. 0.20% in 9M13)
■ 413 MWavg of own energy sold on the free market in 2016 (200MWavg of new contracts
in relation to 2Q13)
■ Net revenue of R$ 580 million, increase of 7% vs. 3Q12
■ Manageable costs in line with 3Q12; efficiency gain equivalent to inflation
Financial
■ Ebitda reached to R$ 393 million in 3Q13, down 7% vs. 3Q12 due to a lower energy
allocation to AES Eletropaulo
■ Net income of R$ 225 million, down 8% vs.3Q12
Dividends
■ R$ 242 million to be distributed as dividends, expected to take place on November 25,
2013
■ R$ 0.61 per common share and R$ 0.67 per preferred shares (dividend yield of 3.1%)
Award
■ In July 2013, AES Tietê received the "Transparency Award 2013" by adopting best
accounting practices in preparing the financial statements
2
3. Recovery of the reservoir levels supported
by thermal dispatch
■ Thermal dispatch of 12GW in 9M13 vs. 6GW in 9M12
Historical Level of Brazilian Reservoirs (%)
Monthly Evolution of Spot Price¹ (R$/MWh) SE/ME²
376
340
100
345
90
Max (%)
70
62
40
61
63
55
60
50
280
266
80
61
215
55
49
46
196
208
181
193
44
38
125
20
29
10
0
Feb
Mar
Apr
2001 Historical data
May
Jun
Jul
2001
Aug
g
Sep
2012
Oct
Nov
2013
Dec
Jan
48
23
Feb
51
163
118 121
91
30
Jan
26
12
17
Mar
Apr
May
183
119
32
23
20
21
Jun
Jul
Aug
Sep
2011
2012
46
37
44
Oct
Nov
Dec
2013
1 – The average prices from Apr to Aug/13 were calculated based on the values of PLD1. From Sep/13 on, we calculate only the values of spot, which incorporates the
mechanisms of risk aversion to the calculation model.
2 – SE (Southeast ) and ME (Midwest)
260
262
x
3
4. Reduction of outages due to continuous
improvement in assets management
■ 39% reduction in the forced outage equivalent factor (0.33% in 9M12 vs.0.20% in 9M13)
■ Lower dispatch of Água Vermelha by ONS reduced 12% the generated energy (vs. 3Q12)
Generated Energy (MWavg2)
Forced Outages (%)
8.38
-12%
7.47
125%
127%
124%
122%
-39%
119%
2.03
1.92
1.73
1.67
1.68
7.33
1.68
1.40
1.47
7.23
1.599
1.582
1.629
1.742
1.05
0.24
2010
2011
0.35
2012
0.24
2013 - FYF
Unscheduled Outage Rate
1 - Forced outage equivalent factor
2 - Generated energy divided by the period hours
0.33
2012 YTD
1.363
0.20
2013 YTD
EFOF¹
2010
2011
Generation - MWavg
2012
3Q12
3Q13
Generation/Physical guarantee
4
5. R$ 202 million investment
projected for 2013
3Q13 Investments Highlights
Investments Background (R$ million)
■ 97% of the investments allocated to the following
power plants modernization:
− Água Vermelha
− Promissão
175
19
− Ibitinga
139
4
− Caconde
48%
202
156
135
■ Investments projections revision for 2013:
60
31
2011
2012
Investments
2013 (e)
3Q12
New SHPPs
3Q13
1
− R$ 202 million in 2013 vs. previous estimate
of R$ 213 million
− Postponement of investments in thermal
projects (R$ 11 million)
1 – Small Hydro Power Plants
5
6. Revenue growth reflects larger secondary
and commercialization strategy
■ Higher volume of energy sold in the quarter due to the increase of bilateral contracts and spot sales
partially offset by the seasonality of energy sold to AES Eletropaulo
■ Annual adjustment in the bilateral contract from R$ 182.61 / MWh to R$194.19/ MWh in July 2013
Net Revenue1 (R$ million)
Billed Energy(GWh)
9%
-5 %
13,031
419
1,083
2,970
1,618
12,245
98
1,455
53
401
1,442
5%
1,986
1,797 13
25
91
148
1,510
7%
4,183
3,970
8,559
484
123
8,504
788
172
842
2,887
9M12
9M13
AES Eletropaulo
Spot Market
3Q13
243
543
502
18 6
16
45
483
47
2,614
3Q12
7
ERM²
Bilateral Contracts
9M12
9M13
AES Eletropaulo
Spot Market
1 – Reclassifications between accounts, with no impact on EBITDA. Excluding this effect, net revenue totalizes R$ 616 million in 3Q13.
2 – Energy Reallocation Mechanism
3Q12
3Q13
ERM
Bilateral Contracts
6
7. Manageable costs maintained at the same
level of 3Q12
■ Raise in operating costs and expenses due to increased portfolio of bilateral contracts and energy
purchase in the spot market
■ Efficiency gain in manageable costs of 4.1%, equivalent to inflation of the period
Operating costs and expenses¹ (R$ milion)
56%
6%
99
37
187
34
120
0,4
49
3Q12
Energy
purchased²
Others³
0,4
39
0,2
49
Manageable Personnel Material and Others Manageable
PMSO 3Q12
third party expenses PMSO 3Q13
services
Others³
Energy
purchased²
3Q13
1 – Excluding depreciation and amortization
2 – Considers the reclassification between accounts, with no impact on EBITDA.
3 – Other expenses, operating provisions and charges CFHUR connection and transmission
7
8. Results influenced by the seasonality of the
contract with AES Eletropaulo
■
Interim dividends distribution of R$ 242 million (R$ 0.61/ common share ; R$ 0.67/ preferred share)
▬ Payment date: 11/25/2013
Net Income (R$ million)
Ebitda (R$ million)
77%
107%
7.9%
64%
108%
9.2%
-10%
-8%
104%
64%
3.1%
720
-7%
1,250
108%
2.6%
78%
-8%
650
1,148
244
423
9M13
3Q12
3Q13
3Q12
3Q13
393
9M12
9M12
224
Net Profit
9M13
Payout
Yield Preferred Shares
8
9. Consistent cash flow in the period
■ Operating cash flow influenced by the lower volume of settlement in the CCEE
■ Growth in investments designed to the modernization program of the plants
R$ Million
INITIAL CASH
2Q13
273.5
3Q13
373.3
Operating Cash Flow
435.1
397.9
Investments
(28.3)
(54.9)
Net Financial Expenses
(11.2)
(2.3)
Net Amortization
-
-
Income Tax
(21.7)
(20.2)
Free Cash Flow
373.8
320.5
(250.6)
(258.0)
392.4
436.8
Dividends and IoE
FINAL CASH CONSOLIDATED
9
11. Energy commercialization
■ 413 Mwavg (33%) of the available energy already contracted (200 MWavg of new contracts in 3T13),
with the delivery in 2016
■ Expected average selling price of energy available: R$ 110 - 120/MWh
▬ Expected prices for existing energy auction are R$ 97 – 108/MWh
Evolution of client portfolio (MWavg)
183
209
200
72
23
68
72
76
80
Back-to-back
836
1268
1268
1268
888
1.088
1268
1.088
Energy avaliable for trading
1.188
AES Eletropaulo contract
Own energy already contracted (Free market)
413
360
160
160
60
2012
2013
2014
2015
2016
2017
2018
2019
2020
Average price R$/MWh1 :
83
108
183
96
103
194
95
101
198
95
100
198
96
100
105
96
97
105
96
97
103
96
97
103
96
97
105
Buy (back-to-back)
Selling (back-to-back)
Selling (own energy)
1- Base price from September 2013
11
12. 3Q13 Results
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.
