2. 2011 Highlights
Operational • Increase of 4.1% in energy consumption within Company’s concession area
• Implementation of the Action Plan in 2011 resulted in a reduction of 13.6% in SAIDI and 6.6% in SAIFI
between January, 2011 and February, 2012
• Investments of R$ 738.7 million in 2011, 8.3% higher than in 2010
Financial • Ebitda of R$ 2,847.9 million, increase of 18.0% when compared with 2010
• Net Income of R$ 1,572.1 million, 16.7% higher than in 2010
• Receipt of the compensatory payment from the sale of AES Eletropaulo Telecom to TIM, with a positive impact
of R$ 707.3 million in Ebitda and R$ 466.8 milion in Net Income
Dividends • The Administration proposes dividends distribution in the amount of R$ 911 million, representing 50% of 2011
distributable income plus interest on equity, composed of R$ 5.14 per common share and R$ 5.65 per preferred
share
• The amount of complementary dividends is R$ 547 million, equivalent to R$ 3.08 per common share and
R$ 3.39 per preferred share
2
3. 2011 Highlights
• In December, 2011, Aneel defined the methodology of tariff reset for the 3rd cycle
Regulatory
• In February, 7th 2012, Aneel approved the application for the Company of the tariff reset and readjustement
jointly on July 4th, 2012
• According to the Material Fact released on 02/27/2012, Company’s best expectation for the possible impact in
2H11 Ebitda arising from the postponing of the 3rd Cycle of Tariff Reset for AES Eletropaulo is R$ 354 million,
which adjusted by IGP-M, totalize R$ 357 million
• Reversion to “special obligations” of the revenues from exceeded demand and reactive surplus billed in 2H11,
which totaled R$ 56.5 million
Corporate • Maintenance of AES Eletropaulo’s shares in the ISE- Corporate Sustainability Index of BM&FBovespa –
Governance portfolio for the 7th consecutive year
3
4. Action Plan: R$ 242 million in 2011-2012
Increase of 212 emergency teams, totalizing 353 teams trained to
perform attendances in powered grid
hiring and training of 580 maintanance and construction electricians
hiring of 30 additional prunning electricians
Concluded in
2011 38% increase in call center positions (150 positions)
doubling of SMS receipt capacity to 100 thousand / day
increase of call center service capacity by 27 times from 2 thousand to
54 thousand calls / hour
300 additional stand-by positions in call center for emergency
situations
December/11
increase of 120 emergency teams, totaling 473 teams
to March/12
4
5. Market growth driven by residential,
commercial and free clients performances
Consumption evolution (GWh)¹
+5.5% -2.3% +4.8% +4.8% +3.9% +4.7% +4.1%
15,546 16,408 11,614 35,434 36,817 43,345 45,101
11,081
8,284
7,911
6,137 5,996
2,671 2,799
Residential Industrial Commercial Public Sector Captive Market Free Clientes Total Market
and Others
2010 2011
5
1 – Own consumption not considered
6. SAIDI reduction since October, 2011 as a
result of the Action Plan initiatives
SAIDI – System Average Interruption Duration Index
12.74 12.66 12.72
12.45 12.39
12.22 12.09 -13.6%
11.90 11.79 11.65
11.25
10.84
10.60 10.59 10.62
10.30 10.40 10.37 10.30 10.42 10.36
10.13
9.91 9.90 9.88 9.87
10.09
9.16
9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32
8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.67 8.67
AES Eletropaulo Aneel Reference - AES Eletropaulo
Source: ANEEL and AES Eletropaulo 6
8. Investments of R$ 739 million in 2011
and forecast of R$ 841 million for 2012
CAPEX (R$ million) 2011 Investments (R$ million)
227
841
739 46
800
682 55
22 172
700
28 22
600 39
500 35
-30% 189
400 794 299
717
654
300 7 209
200 6
292 Maintenance
100 203
Customer Service
0
2010 2011 2012(e) 4Q10 4Q11 System Expansion
Losses Recovery
Capex Paid by Customers
IT
Paid by the Clients
8
Others
9. Revenues increased by 4% due to residential,
commercial and free clients expansion
Gross Revenues (R$ million)
14.714 +4% 15.240
5.017 5.405
709 739
-3%
3.975 3.838
8.988 9.097
1.323 1.373
306 206
2.345 2.258
2010 2011 4Q10 4Q11
Net revenues ex-construction revenues
Construction revenues
Deduction to Gross Revenues 9
10. Energy purchased cost mainly impacted by the
readjustment of the contract with AES Tietê,energy from
auctions and tax reversal on commercial losses
Operating Costs and Expenses ¹ (R$ million)
+3.2%
6,745 6,961
1,255 +1.4% 1,272
+3.6% +5.3%
5,490 5,689
1,739 1,832
+27.2%
285 363
1,454 +1.1% 1,469
2010 2011 4Q10 4Q11
Energy Supply and Transmission Charges
PMS² and Others Expenses
10
1 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services
11. Recurring PMSO drop due to cost control and
lower pension plan expenses
PMS and other expenses (R$ million)
160 43 (56)
4 (66)
(64) 68 (73)
1,416 1,416 1,403 1,403 1,341 1,341 1,277 1,277 1,272 1,272
1,255 1,255
1 2 3
2010 One-off 2010 Ex Personnel FCesp Material Others 2011 Ex São Paulo Action Plan Tax and 2011
one-off and Payroll and Third one-off Municipality 2011-2012 labor prov.
party agreement Reversals
1 – São Paulo Municipality agreement and labor reversal
2 – Fcesp is the pension plan 11
3– Others: ADA, other contingencies provision, losses and agreements and other operational expenses
12. Captive market good performance, costs control and
sale of AES Eletropaulo Telecom
Ebitda (R$ million)
positively impacted the Ebitda
865
(426)
138 (288)
145
2,848
2,413
1,987 1,987 1,987 1,983 1,983
1,838 1,838
2010 One-offs¹ 2010 Net Revenues Parcel A costs PMSO and 2011 One-offs² 2011
ex one-offs others ex one-offs
revenues and
expenses
1 – Sale of AES Eletropaulo Telecom, São Paulo Municipality agreement and labor reversal
2 - Compensatory payment from sale of AES Eletropaulo Telecom, tax reversal on commercial losses, Sao Paulo Municipality agreement, tax and labor reversal and Action
Plan 2011-2012 12
14. Pay-out of 50% of the distributable
income + interest on equity and
constitution of special reserve
Net Income (R$ million)
1,572
+17%
1,348
2011 Dividends (R$ Million)
652
350 Net income - December 31, 2011 in IFRS 1.572,1
Realization of equity valuation adjustments 95,9
236 Prescribed Dividends and JSCP 8,1
241 687
+121% Legal reserve (5%) -
Distribution basis 1.676,1
311 Interim dividends distributed 291,0
762 525
680 Interest on equity applied - 12/31/2011 73,0
81
65 Complementary devidends proposed 547,1
27
165 135 Special Reserve 765,0
2010 2011 4Q10 4Q11
Estimated dates: Ex-dividends: 04/17/12; Payment: 05/15/12
Net Income - ex one-offs and regulatory assets and liabilities
Regulatory assets and liabilities
One-offs
14
15. Cash generation mainly impacted by
the increase in Parcel A costs
Operational Cash Generation (R$ million) Final Cash Balance (R$ million)
-10%
-16%
2,694 2,416 1,664 1,390
2010 2011 2010 2011
15
16. Reduction in net debt reflects the amortization of
debentures and lower debt with pension plan
Net Debt Average Cost and Average Term (Principal)
1.6x
1.3x 7.2
6.7
0.9x
0.8x
110.0 110.2
2.4 2.3
2010 2011 2010 2011
13.2% Effective rate 12.1%
Net Debt (R$ billion)
Net Debt/Ebitda Adjusted with Fcesp
Gross Debt/Ebitda Adjusted with Fcesp
% of CDI
Net Debt/Ebitda Adjusted with Fcesp
16
1 - Adjusted Ebitda for the expenses related to liabilities with pension plan in the last 12 months
17. 4Q11 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.
