Energias do Brasil SA and subsidiaries - EDP no Brasil | Investidores

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QUALITY INDICATORS Distributor DEC 2009 FEC TMA (hours) (times) (minutes) EDP Bandeirante 12.8 6.4 186 EDP Escelsa 11.4 6.9 190 DEC: Equivalent Duration of Interruption by Customer; FEC: Equivalent Frequency of Interruption by Customer; TMA: Average Service Delivery Time COMMERCIAL LOSSES 12 2009 MANAGEMENT REPORT Commercial losses increased in the two distributors in relation to December 2008, of 0.53 p.p. at EDP Bandeirante and 1.55 p.p. at EDP Escelsa. In both distributors, there was a decrease in the physical volume of technical losses. However, there was an increase in the percentage of Escelsa due to the lower volume of energy distributed to captive industrial clients. In 2009, the distributors of EDP Energias do Brasil, EDP Bandeirante and EDP Escelsa, disbursed a total of R$ 37.1 million in programs to curb losses. Of the total sum of resources allocated to these programs, R$ 22.3 million were for operating investments (replacement of meters, installation of special network, remote metering and correction of clandestine connections) and R$ 14.8 million for manageable expenses (inspections and removal of irregular connections). In 2009, our concessionaires performed approximately 174 thousand inspections that resulted in the removal of about 115 thousand clandestine connections and recovery of revenues around R$ 25.1million. We point out that to analyze the efficiency of the initiatives to curb commercial losses, we would have to consider, not only recovered revenues but also the cost of opportunity of not having actions directed to prevent fraud and illegal connections. The consolidated net revenue of EDP Bandeirante and EDP Escelsa totaled R$ 3,472.4 million, a growth of 9.1%. EBITDA (Earnings before taxes, financial income or expenses, depreciation, amortization and non-operating income) amounted to R$ 748.1 million, 10.5% greater than the previous year. Net income totaled R$ 366 in 2009, growth of 11.6% in relation to 2008. SALES 12.0% 6.6% 6.7% Electricity Losses average of the last 12 months 12.5% 12.4% 12.4% 5.4% 5.8% 5.7% 5.9% 6.3% 6.7% 6.5% Enertrade is responsible for the energy trading activities and rendering of services to the free market, both inside and outside of the concession areas of the two distributors of EDP Energias do Brasil that operate in the regulated market. 6.6% Dec 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Commercial Technical 12.9%
13 2009 MANAGEMENT REPORT In 2009, energy sold totaled 8,586 GWh against 7,282 GWh in 2008, a growth of 18%. The growth in the volume sold is the result of a strategy implemented over 2009 of benefiting from the opportunities in the short-term segment, in addition to contracts sold in the Adjustment Auction, which made Enertrade reach monthly records of energy sold. Another factor that contributed to the favorable result was the different recovery pace of production in several economic sectors, which allowed the power industry to present good opportunities for sale, mainly in the short term. Net revenue totaled R$ 763.2 million, growth of 7.8%. EBITDA was R$ 35.5 million and net income totaled R$ 25.0 million in 2009. The balance of Supply of energy includes amounts billed against Ampla Energia e Serviços S.A. totaling R$ 57,3, whereas of this sum R$27.7 million refers to a right obtained by an arbitral award of March 2009 issued by Câmara FGV de Conciliação e Arbitragem. This arbitration judgment recognizes that the contract in the period from August 29, 2006 to March 13, 2009 was charged with encumbrance, and that Ampla failed to comply with the price defined in the period from November 15, 2003 to August 28, 2006. The Company recognized the collection in an onerous manner, rectifying operating revenue at R$ 41.4 million and annulling the corresponding allowance for doubtful accounts, without an impact on operating income (expenses). Having Ampla failed to recognize the effects of the arbitration judgment, the Company decided to record an allowance for doubtful accounts for the amount under discussion, accounted for in the statement of income for the year under Allowance for Doubtful Accounts. This contract with Ampla does not affect the Ebitda, but results in lower Net Revenue and margins. The decrease in Ebitda and net income by 30% results from a lower sales margin due to the financial crisis and unusual hydrological condition. Opposite to the result of 2009, in 2008 Enertrade had good margins, having taken advantage of the high prices of the Price of Settlement of Differences (PLD) in 1Q08 due to the delay of rains and expectation of strong economic growth. During the year, Enertrade began to implement the area of technical and commercial services, and closed the year with 25 new clients. The purpose of the commercial company is to open new markets and to support clients in the provision of services, such as construction of substations, lines, branches and electrification of condominiums. ANALYSIS OF ECONOMIC/FINANCIAL PERFORMANCE • Consolidated Revenue In 2009, net operating revenue totaled R$ 4,648.3 million, virtually in line with the same period of the prior year. The main determinant conditions of the growth of net revenue in 2009 were: • In generation: -Growth of 24.6% in the volume of energy sold mainly due to the consolidation of the volume sold by Lajeado Energia and Investco (+1,419 GWh) during the entire year of 2009 and the beginning of delivery of energy by PCH Santa Fé (+140 GWh); and - Average increase of 3.3% in tariffs practiced. • In distribution: - Growth of 1.5% in the volume of energy sold to end customers was due to the growth of the residential and commercial classes and by the recovery of the industrial class; - Increase of average tariffs due to tariff adjustments at EDP Bandeirante and EDP Escelsa; - Volume of energy in transit in 2009 was 13.3% lower compared to 2008, mainly due to the global crisis. However, revenue from the use of the distribution and transmission system (TUSD) grew
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Net revenues 1,136,436 Electricity
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