Cpfl energia presentation_july2010_final
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Cpfl energia presentation_july2010_final Presentation Transcript

  • 1. 1
  • 2. Highlights The largest private player in the Brazilian Electric Sector• Energy market is concentrated in the most developed regions of Brazil (South/Southeast)• Market cap of R$ 19 billion in June, 20101• Listed on Bovespa’s Novo Mercado and NYSE’s ADR Level III• Differentiated Dividend Policy: minimum payment of 50% of the net income on a semi-annual basis• Strong growth in the generation installed capacity in the last few years• Long term generation and distribution concessions• 5 distribution companies’ acquisition, 9 SPP’s and RGE’s stake (33%), Foz do Chapecó HPP’s stake (11%), Lajeado HPP’s stake (7%) and EPASA TPP’s stake (51%) in the last 3 years• First company in the Brazilian electric sector to negotiate carbon credits, through a run-of-stream HPP• Investments in energy generation from biomass: Baldin Biomass TPP, Baía Formosa Biomass TPP, Pedra Biomass TPP, Buriti Biomass TPP and Ipê Biomass TPP• 188 MW sold in the Wind Energy Auction in Dec, 2009 2 2 1) Share price June 30th 2010: R$ 39.41/ON
  • 3. Corporate Structure33
  • 4. Brazilian’s largest player in distribution and commercialization businesses COMMERCIALIZATION AND SERVICESCOMMERCIALIZATION AND SERVICES CPFL Energia Market-share Distribution CPFL 13%1 Concession Area (captive + TUSD) • 6.6 million customers Others • 568 municipalities 87% • Sales of 49,806 GWh² Three major Market leader players: 34% Generation CPFL 2%1 DISTRIBUTION GENERATION Focused mainly in renewables • 40 HPP operating Others • 1,737 MW installed capacity 98% • 15 plants under construction Three major 4th Brazilian private generator players: 29% Commercialization CPFL 21%4 Energy free market and Businesses Units of Services • 79 free customers Others • Sales of 10,306 GWh² 79% • Services: revenues of R$ 78 million3 Three major Market leader players: 42%44 1) Aneel – last available information 2) Mar, 10 – LTM. Concession area sales (excludes CCEE) 3) LTM 4) Year 2009
  • 5. CPFL Energia’s estimated CAPEX of R$ 6 billion for the next 5 years55
  • 6. Acquired Distributors have reported improved indicators66
  • 7. Operational efficiency77
  • 8. Initiation of the process of private networks’ incorporation88
  • 9. Foz do Chapecó HPP: 91% already concluded99
  • 10. Projects under construction: Baldin and CPFL Bioformosa TPPs1010
  • 11. Projects under construction: EPASA TPP and CPFL Wind Farms1111
  • 12. Announcement of three new biomass energy generation’s projects: CPFL Bio Buriti, Ipê and Pedra1212
  • 13. Strong growth in the generation installed capacity and assured energy 2.765 CAGR: 39,0% a.a. 1) Guarantee of 51.54% of the assured energy until 2028 2) Hydroelectric power projects with less than 1,000 Kw that are not considered concession by the grantor1313 3) From 9 SPPs from CPFL Jaguariúna (today are in the Distribution), 6 are in the situation described in note 2
  • 14. CPFL is consolidated as one of the leading private players in the generation segment and diversify its energy matrix1414
  • 15. New Energy Auctions - 2010 A-5 – Auctions 2010 MME Ordinance 54 of 02/03/2010 1st half – specific to hydro sources (SHP and HPP) establishes two A-5 Auction for 2010 2nd half – all generation sources Preliminary evaluation of HPPs as possible participants in the A-5 Auction/2010 A-5 Auction on July 30th, 2010 Price cap # Hydroelectric River MW FU R$/MWh 12 1 Garibaldi Canoas 178 133 SC 2 Ferreira Gomes Araguari 252 83 AP 4 3 Colíder Teles Pires 300 116 MT 2 6 7 TOTAL: 730 MW 8 11 3 5 10 Other hydroelectric power plants (to be auctioned in 2010/2011) 9 # Hydroelectric River MW FU 1 Uruçuí Parnaíba 134 MA / PI 2 Ribeiro Gonçalves Parnaíba 113 MA / PI 3 Castelhano Parnaíba 64 MA / PI 4 Cachoeira Parnaíba 63 MA / PI 5 Estreito Parnaíba Parnaíba 56 MA / PI 6 São Manoel Teles Pires 746 PA / MT 1 7 Teles Pires Teles Pires 1.820 PA / MT 8 Sinop Teles Pires 461 MT 9 Foz do Apiacás Apiacás 275 MT TOTAL: 3,732 MW1515
  • 16. Businesses Units Services1616
  • 17. CPFL Brasil progresses in the commercialization of renewable energy (special energy)1717
  • 18. CPFL presents sales growth in the concession area and in the free market Concession Area Sales – GWh1 Free Market Sales - GWh1 CAGR = 6.1% p.y. TUSD CAPTIVE 49,033 48,799 CAGR = 26.1% p.y. 46,475 41,363 10,978 36,364 38,498 11,230 11,710 3,288 7,263 9,585 10,243 9,334 8,951 8,904 7,120 35,245 37,323 37,821 12,796 33,076 31,235 31,778 3,209 2,391 2,955 9,841 2004 2005 2006 2007 2008 2009 1Q10 2004 2005 2006 2007 2008 2009 1Q10Concession Area Sales (GWh) – 20092 Brazil Southeast South -0.5% -1.1% -0,4% -2.4% -0,9% -0.7% 1) Excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market). 2009 TUSD adjusted (97 CAT Resolution)1818 2) Source: EPE. 2009 CPFL figures adjusted (97 CAT Resolution)
  • 19. Residential consumption – outlook International comparison of residential energy consumption1919
  • 20. CPFL presents strong growth of EBITDA and Net Income in the last years EBITDA (R$ million)1 Net Income (R$ million)1 CAGR = 10.5% p.y. CAGR = 35.7% p.y. 3,345 1,641 2,789 2,808 2,765 1,404 1,276 1,286 2,120 1,021 1,681 809 390 279 2004 2005 2006 2007 2008 2009 1Q10 2004 2005 2006 2007 2008 2009 1Q10 EBITDA Breakdown2 Recurring EBITDA Margin 1Q10 63% 25% 29.6% 30.0% 11% 1Q09 1Q102020 1) 2007 and 2008 adjusted by the impact of Law 11,638 and PM 449/08 2) Mar, 10 (last twelve months)
  • 21. Distribution of dividends in accordance with creation of shareholder value2121 1) Considering last two half-years’ dividend yield 2) Refer to declared dividend. Payment in the next half year 3) IPO price per share: R$ 17.22
  • 22. 1Q10 Debt Profile2222
  • 23. 1Q10 Debt Profile2323
  • 24. Capital market performance 1H10 shares performance1 CPFL’s performance vs. main indexes2Bovespa NYSE 15,8% 12,4% -1,0% -6,3% -11,2% -17,5% CPFE3 IEE Ibovespa CPL DJBr20 Dow Jones Daily average volume and number of trades Bovespa1 1,814 1,567 1,366 1,365 1,388 1,375 1,245 22,2 16,7 16,5 16,7 16,9 15,7 14,4 2009 Jan, 10 Feb, 10 Mar, 10 Apr, 10 May, 10 Jun, 10 Daily average volume (R$ million) Daily number of trades 1) Closing price in Jun 30th, 10 – adjusted per dividends2424 2) Closing price in Mar 31st, 10 – adjusted per dividends
  • 25. 25