2. 2011 Highlights
Investment record - R$ 175 million - mainly in the modernization of Nova Avanhandava (347 MW),
Operational Ibitinga (132 MW) and Caconde (80 MW) power plants
Energy generation 24% higher than physical guarantee
Net revenue of R$ 1,886 million, 8% greater than 2010
2% decrease in costs and operational expenses1
Financial
Ebitda reached R$ 1,466 million, with margin of 78%
Net income of R$ 845 million, increased 15% comparing to 2010
1 – Excluding the bi-annual maintenance expenses of locks occurred in 2010 2
3. 2011 Highlights
Corporate AES Tietê was maintained, for the fifth consecutive year, as one of the 38 Companies
Governance listed in BM&FBovespa Corporate Sustainability Index (ISE)
Abrasca Value Creation Award – Sector Highlight 2011
Awards
Best Annual Report – Publicly-held companies, category b – Companies with
revenues under to R$ 2 billion
Proposal for complementary dividends distribution and interest on equity, totaling R$ 283
million, composed by R$ 0.71 per common share and $ 0.78 per preferred share, to be
Subsequent submitted for approval at the General Shareholders’ Meeting, to be held on April 16th
Events
2012
− Pay-out of 109% in 2011
3
4. Lower dispatch of thermal power plants and high
reservoir levels in SIN1
Dispatch of power plants in SIN1 - Thermal x Hydro Reservoirs level in SIN1
6% 10%
14%
72%
61%
57% 57%
94% 86% 90% 53%
45% 45%
40%
Southeast
South Northeast North
4Q09 4Q10 4Q11 /Center
West
Thermal Hydro
4Q10 4Q11
1- Interconnected National System
4
5. High level of Company’s reservoirs and
operational availability
Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3)
130%
125% 124%
118%
73%
62%
52%
49%
48%
43%
1,665
1,599 1,582
33%
1,512
22%
A. Vermelha2 B. Bonita2 Promissão2 Caconde2
(0.6km 3)
2008 2009 2010 2011
(11 km3) (3.6km3) (8.1km3)
2010 2011 Generation - Mwavg Generation/Physical guarantee
Average: 38% 44%
3 – Generated energy divided by the amount of period hours
1 – As of 12/31/2011
2 – Reservoirs volume
5
6. Investment record in 2011, mainly due to the modernization
of Nova Avanhandava, Ibitinga and Caconde power plants
Investments (R$ million) Investments in 2011
175
19
85%
82
174
12 156
57
28 5
70 11%
4 4%
52
24
2010 2011 2012 (e) 4Q10 4Q11
Equipment and Modernization
New SHPPs*
Investments New SHPP's*
IT projects
* Small Hydro Power Plants 6
7. Termo São Paulo Project
Perspectives
• Features of Project
- 550 MW of installed capacity
- Combined cycle using natural gas
- Estimated investment of R$ 1.1 billion
- Natural gas consumption: 2.5 million m3/day
• Updates
- Environmental license obtained on October, 20th 2011
(valid for 5 years)
- Gas unavailability for A-5 in 2011 and A-3 Energy
Auction in 2012
• Next events
- Get the installation license
- Obtain gas supply in order to:
- Participate in next energy auctions; or
- Evaluate energy offering in the free market
7
8. Higher energy volume sold at spot market and other bilateral
contracts in 2011, with reduction in billed energy in ERM*
Billed Energy (GWh)
+3%
14,729 15,122
301 554
1,340 1,519
1,980 1,942
+23%
11,108 11,108 4,008 207
3,246 86
204 330
426 407
2,530 3,063
2010 2011 4Q10 4Q11
AES Eletropaulo Energy Reallocation Mechanism* Spot Market Other Bilateral Contracts
*ERM – Energy Reallocation Mechanism 8
9. Readjustment of 8.65% on July/2011 on the contract with
AES Eletropaulo
Net revenue (R$ million)
+8% 1,886
1,754 59
37 54
66
+29%
1,773
1,651 542
421 19
10
15
24
508
386
2010 2011 4Q10 4Q11
AES Eletropaulo Eletropaulo
AES Spot/EnergySpot/MRE
Reallocation Mechanism Other bilateral contracts
Other bilateral contracts
9
10. Manageable costs below inflation, lower expenses with
energy purchased for resale and provisions
contributed for the good performance
Costs and operational expenses¹ (R$ million)
3 1
6 10
12
434
420
2010 Transmission and Financ. Comp. for Personnel, Energy Operational 2011
Connection Use of Water Res. Material and Purchased for Provisions
Outsourced Resale and Other
Services² Operating Exp
1 – Do not include depreciation and amortization 2 – PMS = Personnel, Material and Outsourced Services 10
12. Financial results favored by reversal of provisions
and lower financial expenses
Financial Result * (R$ million)
2010 2011
(4)
(15)
(47)
(57)
* Excluding non-recurring effect of R$ 42.6 million related to FURNAS in 2010, the financial results would be R$ 99,7 million
12
13. Net income 15% higher in 2011 reflecting the good
110%
performance of revenues
100%
Net Income (R$ million) 3,4% 2,5%
117%
109%
Distribution of R$ 283 million in dividends and
118%
220 108%
11% 11% interest on equity related to 4Q11:
193
- R$0.71 per common share
- R$0.78 per preferred share
3% 3% • Annual Dividend Yield : 11%
845 1T10 1T11
737
263
167
1 1
2010 2011 4Q10 4Q11
Pay-out Yield PN
Yield Preferred Shares Net income
161
151
354
371
1 – Pay-out referred to dividends to be paid of 4Q10 in relation to the net income adjusted by the IFRS 13
15. Stable Net Debt/EBITDA in 0.3 times
Net Debt (R$ billion) Average Cost and Average Term (Principal)
0,8
0,7
0,6
0,5 3.1
0,4 0.3 0.3
3.1
0,3 1.8 2.6
0,2
0,1
0
0.5 114% 115%
0.4 124.8% 113.9%
1Q10 1Q11
2010 2011 2010 2011
Effective rate
Net debt Net debt / EBITDA 13.98% 12.06%
1
1
Average Term
Average Term - Years CDI
1 – Percentage of CDI
1 – Percentage of CDI 15
16. 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.
