Corporate Presentation. Corporate Presentation 2017
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1 Corporate Presentation 2017 Corporate Presentation 2017
2 AES Corporation A Global Company Natural gas and coal fired thermal plants 25 GW of installed capacity 35 GW installed capacity Providing services to over 9 million customers 19 thousand employees AES Corp is present in 17 countries and 4 continents Over 8 GW of Renewable sources¹ Distributed energy +104 MW of solar PV² projects in operation World leader in Energy Storage Total of 476 MW³ 1 Includes hydro, wind, solar, energy storage, and biomass; 2 PV Photovoltaic; 3 Operating and under construction 1
3 History in Brazil Solid participation in the Utilities sector in Brazil AES Brasil +20 years of presence in Brazil Beginning of AES Uruguaiana s construction AES Corp acquired AES Sul through privatization process Privatization of AES Eletropaulo by a consortium comprised by AES Corp and other local and international companies Privatization of AES Tietê 1999 AES Uruguaiana beginning of operation AES Corp increases its interest in AES Eletropaulo and AES Tietê Incorporation of Companhia Brasiliana de Energia and execution of shareholders agreement with BNDES AES Tietê merged into Cia Brasiliana and was renamed AES Tietê Energia S.A AES Sul was sold to CPFL Energia in June/
4 AES Brasil Mission, Vision and Values Mission To promote the well being and development by providing secure, sustainable and reliable energy solutions Vision To be recognized by our customers and shareholders as the preferred partner for safe, innovative, reliable and affordable energy solutions Values Put safety first Act with integrity Honor commitments Strive for excellence Have fun through work 3 3
5 AES TIETÊ ENERGIA AT A GLANCE
6 Ownership Structure AES Holdings Brasil BNDESPar C 50.00% + 1 share P 0.00% T 46.15% C 50.00% - 1 share P % T 53.85% C 61.57% P 0.04% T 24.28% C 14.38% P 37.40% T 28.33% C 50.52% P 0.00% T 16.84% C 22.56% P 16.82% T 18.73% Brasiliana Participações AES Tietê Energia AES Eletropaulo C % T % C % T % C 99.42% T 99.42% AES Ergos AES Uruguaiana AES Elpa Others 1 Market Cap 2 C = Common Share 24.3% 28.3% 47.4% US$ 1.8 bi P = Preferred Share T = Total 1 Includes 7.9% of Eletrobras shares; 2 Base Date: 09/28/2017 (FX rate BRL/1 USD) 5
7 We have strong capabilities and corporate governance Asset Management - ISO certification, 1 st Generation company in America AES Tietê Energia has been included in the Corporate Sustainability Index (ISE) since 2007 Attractive returns to investors. Strong cash generation; Maximization of payout Cost efficiency and optimized capital allocation Established risk management capability 6
8 Brazil Hydro Source Map One of the largest private generation companies Hydro Concession expires in 2029 Market Cap: US$ 1.8 billion 1 Hydro Source: 9 hydroelectric plants and 3 SHPP s² in São Paulo Installed capacity of 2,658 MW and physical guarantee ³ of 1,278 MWavg Wind Source: Alto Sertão II Wind Farm located in Bahia Installed capacity of MW and contracted energy for 20 years Consistent evolution of client portfolio Solar Source: Boa Hora Solar Complex with 91 MWp (75MWac 4 ) Growth strategy: Expansion to compose 50% of the Company s EBITDA with non-hydro sources by 2020 Água Vermelha (1,396 MW) Nova Avanhandava (347 MW) Promissão (264 MW) Ibitinga(132 MW) Bariri (143 MW) Barra Bonita (141 MW) Euclides de Cunha (109 MW) Caconde (80MW) Limoeiro (32 MW) Mogi-Guaçu (7 MW) São Joaquim (3 MW) São José (4 MW) Listed in B3: TIET11 (units) - Level II of Corporate Governance ADR 5 program: AESTY - Level I of OTC 5 Market ISE: Corporate Sustainability Index - Tag along rights Investment grade (Moody s): - National: Aa1 - International: Ba2 1 Base: 09/28/2017. FX rate BRL/1 USD; 2 SHPP Small hydroelectric plant (installed capacity < 30MW); 3 Amount of energy allowed to be contracted in the long term; 4 Alternating current; 5 American Depositary Receipt; 5 Over-the-Counter 7
9 CORPORATE STRATEGY 8
10 Pillars for sustainable growth and diversification, reinforcing the commitment to generate shareholder value ASSET ACQUISITION COMMERCIAL PLATFORM VALUE CREATION TO STOCKHOLDERS GESTÃO ASSET DE MANAGEMENT ATIVOS Sustainable growth Projects with attractive returns Maintenance of the dividend distribution practice INOVATION NEW ENERGIES 9
11 New Commercial Platform: Integrated energy solutions centralized in the client Solutions & Services 10
12 Growth Perspectives COMMERCIALIZATION STRATEGY / RISK MANAGEMENT: Reduction of contracting level to 80% in 2017 as a strategy to reduce exposure to the hydrological risk NATURAL GAS POWER PLANTS & COGEN (~ 1,5 GW) 2 natural combined power plants under development Cogeneration: solutions for Distributed Generation Projects EMAE: Partnership under development for a thermal plant in São Paulo s load center RENEWABLE ENERGY SOLAR & WIND 150 MW of solar projects in São Paulo 1 Distributed generation 2 : AES owns globally 104 MW and Brazil s potential is 4.5 GW up to 2024³ Assessing M&A opportunities ENERGY STORAGE AES Corp is the world leader in battery-based energy storage with operations in 7 Countries (+476 MW capacity; + 10 years experience) Medium and large size systems: utilities and behind the meter (industrial and commercial) 1 Close to Água Vermelha HPP, an existing AES Tietê Energia hydro power plant on the border of the states of Minas Gerais and São Paulo; 2 Business model considers the payment of the plant using the economy from the distribution consumption 11
13 Growth Strategy: Expansion with new solutions and non hydraulic sources Renewable, Solar and Wind Energies Distributed Solar Generation Energy Storage Achievements Acquisition of Alto Sertão II (386.1 MW) for R$ 600 million Acquisition of Boa Hora Solar Complex (91 MWp (75MWca)) for R$ 75 million kwp of celebrated contracts since Dec/2015 Integrated commercial platform Pilot project in the Bariri plant with batteries with a total capacity of 200 kva Opportunities Investment agreement of Bauru Solar Complex Market potential of 4.5 GW 1 until 2024 in Brazil Participation in isolated auctions Participation in energy auctions: 150 MW of solar projects located in São Paulo Market potential of 1.5 GW 2 until 2020 in Brazil 1 Source: ANEEL; 2 Source: AES Tietê Energia. 12
14 Closing of the acquisition of the Alto Sertão II Wind Farm: Main Characteristics Alto Sertão II Wind Farm Location: Caetité, Bahia Installed Capacity: MW PPA s: LER¹ 2010 (valid until 2033) / LEN² 2011 (valid until 2035) Acquisition Price: R$ 600 million Up to R$ 100 million as earn-out³ Assumption of R$ 1,150 million in debts 1 Reserve Energy Auction; 2 New Energy Auction; 3 Addition of up to R$ 100 million as earn out depending on the park s performance in comparison with a minimum reference 13
15 Closing of the acquisition of the Alto Sertão II Wind Farm: Integration into the Company's assets throughout 3Q17 Alto Sertão II Wind Farm Closing of the acquisition process on August 3 rd Incorporation of the asset expected to occur throughout 3Q17 Plan to integrate the Wind Farm into the Company's assets: AES Global s expertise supporting local and remote teams involved in the operation of the Wind Farm Two wind farms of the Complex broke the capacity factor record during a low hydrology period Improved operational performance: increased availability 14
16 Closing of the acquisition of the Boa Hora Solar Complex: Main Characteristics Boa Hora Solar Complex Installed Capacity: 91 MWp (75 MWac¹) Contracts: LER 2015 (up to 2035) R$ /MWh² Acquisition Value: R$ 75.0 million Resources available in cash Commercial operation planned for November of 2018 Protocol with ANEEL³ for the construction in the State of São Paulo, located near the Água Vermelha Plant Potential gain with synergy and O&M 1 Alternating current; 2 - Price of the 2015 LER: updated by IPCA; 3 - National Electric Energy Agency 15
17 Investment Agreement for the acquisition of the Bauru Solar Complex: Main Characteristics Bauru Solar Complex Installed Capacity: 180 MWp (150 MWac¹) 5 SPE s that are subsidiaries of Cobra do Brasil Contracts: LER 2014 R$ /MWh² Investment Agreement Value: R$ million R$ million in debenture issuance R$ million in capital increase Commercial operation planned for May of 2018 Subject to the approval of specific precedent conditions and regulatory approval, among other factors 1 Alternating current; 2 - Price of the 2014 LER: updated by IPCA 16
18 Contracting environment and opportunities 2016 and beyond Regulated Market Free Market Spot Market Existing Energy Auctions Bilateral contracts Non contracted energy Via auctions organized by federal government Distribution companies Via bilateral agreements Free Consumers¹ Exposed to Spot Market price CCEE Settlement 1 Free Consumers (Conventional free consumer - demand above 3MW and connected to a line of 69kV and incentivized/ special free consumer - demand above 0.5MW). 17
19 Free Market Dynamic and competitive market Price Formation Methodology Short term Spot price (hydrology and reservoirs) Medium Term Supply and demand Long Term Marginal Expansion Cost Regulated Market price 18
20 Agility in anticipating the hydrological risk through the reduction of the contracting level Energy Contracting p.p. 88% 83% 80% Contracted Position: Dec/16 Mar/17 Jun/17 Contracted Energy 19
21 New sales in the range of R$ 140 to 170/MWh tend to contribute to a better average portfolio price History and Evolution of the Customer Portfolio¹ (MWavg) Contracting Level 80% 77% 52% 39% 16% Average Price² (R$/MWh) , Energy Available for Sale Purchased Energy to Mitigate Hydrological Risk Own Contracted Energy 1 Considers conventional and incentivized energy, excluding losses and internal consumption; 2 Real values based on June,
22 OPERATIONAL PERFORMANCE
23 Lower generated energy reflects ONS lower dispatch Generated Energy (Mwavg²) 117% 114% 113% 67% 71% 1,492 1,529 1, Hydropower plants are dispatched by ONS 1 Dispatch is also related to hydrological conditions: Low hydrology translates into low generation levels Generation / Physical Guarantee 1H16 Generation - MWavg 1H17 1 National System Operator; 2 Generated energy divided by the amount of hours 22
24 Increase in the spot price, reflecting the performance of hydrology in the last rainfall period and consequent higher thermal dispatch Level of Brazilian Reservoirs (%) Evolution of Spot Prices - SE/MW (R$/MWh) Annual Inflow - SIN: ² 89% 87% 74% Average Quarterly Spot Price (R$/MWh) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q Jan Feb Fev Mar Abr May Mai Jun Jul Ago Aug Sep Set3 Oct Out Nov Dec Dez Historical since Long term average; 2 - Base date: Jan Sep/ 2017, Preliminary data; 3 - Preliminary data referring to Sep/
25 GSF of 16.4% in the second quarter as a result of higher thermal dispatch and SIN s load retraction GSF 2Q16 x 2Q17 (%) SIN Load (GWavg)¹ 2Q16 x 2Q17 VARIATION (-1.0%) Q 2Q 1H 1Q 2Q 1H Values obtained from the power generation of the plants programmed and dispatched by ONS added to the plants not monitored by ONS (Source: ONS). Data from March to June 2017 are preliminary 24
26 Out of order dispatch continues elevated R$/MWh (PLD SE/MW) GWavg Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 7 May-17 Jul-17 Sep-17 Increase in Thermal Dispatch out of Order of Merit Total Thermal Dispatch Thermal Dispatch out of Order of Merit Thermal Dispatch in the Order of Merit PLD SE/MW 1 Preliminary data referring to Sep/
27 FINANCIAL PERFORMANCE
28 Non-recurring events and increase in Personnel costs impacted PMSO; lower volume of purchased energy reflects risk mitigation strategy Net Revenue (R$ million) Operational Costs and Expenses² (R$ million) % % % % Q16 2Q17 1H16 1H17 2Q16 2Q17 1H16 1H17 Regulated and Free Market Spot ERM and Others¹ Energy Purchase PMSO Sectorial Charges and Taxes 1 Considers Other CCEE Revenues and AES Tietê Energia s subsidiary; 2 Excludes Depreciation and Amortization 27
29 Positive effect on the 1H17 margin related to transactions in the spot market due to lower exposure to the GSF risk EBITDA¹ (R$ million) EBITDA Margin 29% 53% 51% -6% 1,389 53% 59% % H16 1H17 1 Considers AES Tietê Energia s Consolidated EBITDA 28
30 And returns Net Income (R$ million) & Dividend Distribution 739 Minimum of 25% dividend payout of annual net income according to bylaws Distribution practice: quarterly basis 449 Average payout from 2008 to : 112% % 217 Average dividends since 2008: R$ 744 million/year Management proposed the payment of R$ million H16 1H17 in dividends for 2Q17 1 Until 2Q17; 2 Considers AES Tietê Energia s units weighted average price 29
31 Financing strategy supports the Company s growth and portfolio diversification strategy Net Indebtedness (R$ million) Amortization Schedule³ (R$ million) ,185 1, Q16 2Q Net Debt / Adjusted EBITDA 2 Net Debt Covenants: Net Debt / Adjusted EBITDA 1 < 3.85x 2 Adjusted EBITDA / Financial Expenses > 1.50x Debt Profile 2Q16 2Q17 Effective rate 14.4% 11.4% Average term (years) Average cost (% CDI) 109% 112% 1 Related to debt service; 2 Index assumes a limit of 3.85x in case of acquisition of assets during the period of 36 months or until maturity, whichever comes first; 3 Flow consisting of amortization of principal. 30
32 Cash flow R$ million 2Q16 2Q17 Initial Cash Operational Cash Flow Investments (24.1) (32.3) Subsidiaries and Affiliates Investments - (5.0) Net Financial Expenses (50.6) (57.2) Net Amortization (0.1) Income Tax and Social Contribution (19.5) (16.3) Free Cash Flow ,066.1 Dividends and IoE (552.8) (218.9) Parent Company Cash Ending Balance ,580.0 Subsidiaries and Affiliates Cash FINAL CASH CONSOLIDATED¹ , Excludes restricted and/or blocked cash 31
33 Investment focused on power plants modernization Investment Program (R$ million) Actual Expected (e) 2018(e) 2019(e) 2020(e) 2021(e) Power plants modernization process, aiming for continuous improvement in operational conditions and ensuring availability in its generation plants 1 Nominal terms 32
34 Capital Markets A B Feb/2013: High thermoelectric dispatch to conserve water in the reservoirs increase spot prices Aug/2013: 2Q13 results above consensus due to higher-than-expected spot prices AES Tietê Energia x IEE x Ibovespa¹ C Nov/2013: weak 3Q13 results affected by seasonality strategy A B C D E F G H I J L D Feb/2014: 4Q13 results slightly below consensus but market show high expectations on 2014 commercialization strategy 40 E May/2014: 1Q14 EBITDA above expectation benefited from seasonality strategy 20 F Jan/2015: Hydrology for rainy season worse than expected G H I I Dec/2015: Corporate Restructuring concluded May/2016: AES Tietê s stock returned to the MSCI Index Aug/2016: Announcement of Capital Increase 60 J Jan/2017: Company announced the offer to acquire Alto Sertão II Wind Park 40 Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 GETI4 GETI3 IEE IBOV TSR - GETI4 TIET11 TSR - TIET11 Market cap³: US$ 1.8 billion / R$ 5.4 billion B3: TIET3 (common shares), TIET4 (preferred shares) and TIET11 (units) ADR program: AESTY: Level I of OTC Market 2 L May/2017: Political Event in Brazil May/2017: AES Tietê s stock excluded to the MSCI Index 1 Base 100: from 01/01/2013 to 09/29/2017; 2 Total Shareholders Return; 3 Base: 09/28/2017. FX rate BRL/1 USD 33
35 ENERGY SECTOR OVERVIEW
36 National Interconnected System GENERATION Distribution Substation Thermal Plant Hydroelectric and Solar Plant Renewable Energy Substation Transformer DISTRIBUTION Substation Transformer TRANSMISSION COMMERCIAL AND INDUSTRIAL CUSTOMERS RESIDENTIAL CUSTOMERS 35
37 Energy Sector in Brazil: Business Segments Generation¹ Transmission² Distribution² 4,660 power plants 160 GW of installed capacity System based on hydro plants ( ) Contracting environment: free and regulated markets 77 agents High voltage transmission (>230 kv) +100,000 km of lines (National Integrated System) Regulated tariff (annually adjusted by inflation) 63 distribution companies 327 TWh distributed energy 81 million consumer units Annual tariff adjustment Tariff reset every four or five years Regulated contracting environment Sources: EPE, ANEEL, ONS, ABRADEE and Instituto Acende Brasil. 1 Refers to May/2017 data; 2 Refers to 2016 data; 3 Includes HPP (hydro power plants) and SHP (small hydro plants) 36
38 Energy Reallocation Mechanism (ERM) for hydrological risk sharing 1) Equilibrium (GE 1 = PG 2 ) Buy at MRE 3 PG 2 2A) Deficit (GE 1 < PG 2 ) Buy at MRE 3 Buy at Spot PG 2 2B) Surplus (GE 1 > PG 2 ) Sell at MRE 3 Buy at Spot PG 2 A physical guarantee (assured energy) is assigned to support contracts Energy dispatch optimized by centralized system operator (ONS) on a tight pool Generated Energy MRE Genco A - System GSF = PPA = PG Assured Energy Generated Energy MRE Genco A - System GSF < PPA = PG Assured Energy Generated Energy MRE Genco B - System GSF < PPA = PG Assured Energy Key drivers for hydrological risk Generated Energy (hydro) in the entire system (ERM) - influenced by hydrology Spot Price - marginal cost influenced by hydrology and thermal dispatch 1 GE: Generated Energy; 2 PG: Physical Guarantee; 3 Enough to cover variable O&M costs. 37
39 AES Brasil Investor Relations Ave. Dr. Marcos Penteado de Ulhôa Rodrigues, th floor Barueri - SP Brazil ZIP code: Website: ri.aestiete.com.br Phone: Fax:
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