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Eng presentation 4_q13results_vfinal Eng presentation 4_q13results_vfinal Presentation Transcript

  • 4Q13 Results CPFL Renováveis
  • This presentation may contain statements that represent expectations about future events or results according to Brazilian and international securities regulations. These statements are based on certain assumptions and analyses made by the Company pursuant to its experience and the economic environment, market conditions and expected future events, many of which are beyond the Company's control. Important factors that could lead to significant differences between actual results and the statements on expectations about future events or results include the Company's business strategy, Brazilian and international economic conditions, technology, financial strategy, developments in the utilities industry, hydrological conditions, financial market conditions, uncertainty regarding the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the Company's actual results may differ materially from those indicated or implied in forward- looking statements about future events or results. The information and opinions contained in this presentation should not be construed as a recommendation to potential investors and no investment decision should be based on the truthfulness, timeliness or completeness of such information or opinions. None of the advisors of the Company or parties related to them or their representatives shall be liable for any losses that may result from the use or of this presentation. This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the Company's business. These statements may include projections of economic growth, demand, energy supply, as well as information about its competitive position, the regulatory environment, potential growth opportunities and other matters. Many factors could adversely affect the estimates and assumptions on which these statements are based. Disclaimer 2
  • Highlights 4Q13 3 Operations’ start Alvorada plant with 50MW of capacity, in Minas Gerais Trading at the auction A-5 2013 amounting 51.3 MW of capacity through two wind farms, starting energy supply from 2018 Operating capacity increased to 1,283 MW distributed in 60 power plants (+11% vs 2012) Net revenue of R$ 334 million in 4Q13 (+20% vs 4Q12) and R$ 1.0 billion in 2013 (+26% vs 2012) EBITDA of R$ 176 million in 4Q13 (+6% vs 4Q12) and R$ 563 million in 2013 (+12% vs 2012) Solid liquidity situation: with cash balance of R$ 890 million Investments amounting R$ 804 million in 2013 Leverage of 6.9x EBITDA, with debt profile and cost suitable with the Company’s projects 1st APIMEC Meeting held in December, 2013
  • Joint venture with a DESA. CPFL Renováveis portfolio will reach 2,131.1 MW in contracted capacity: 1,694.4 MW in operation; and 436.7 MW under construction Completion of Rosa dos Ventos' acquisition, adding 2 wind farms, with 13.7 MW capacity, to CPFL Renovaveis’ portfolio Last wind farm forming Atlântica Wind Complex started its operations, with 120 MW of capacity, in Rio Grande do Sul. This is the first project in Brazil with 120 meters in height's turbines and 3 MW of power Due to Rosa dos Ventos and Atlântica, Company’s operation capacity achieved 1,416.8 MW, with 66 usinas in the 1Q14 Recents events 4
  • Portfolio’s capacity 55 #1 in renewable energy in Brazil with 1.4 GW (79%) of capacity in operation1 1.8 GW of capacity in operation until 2018 Regionally diversified portfolio with presence in 4 sources Long term PPAs, concessions and authorizations Note: (1) Considers Rosa dos Ventos acquisition and startup of Complex Atlântica, both concluded in the first quarter of 2014 2012 2013 1Q14 2Q14 2016 2018 Total contracted 1,153.1 1,283.1 , 1,416.8 51.3 .78.2 254.0 1,800.3 Contracted portfolio growth (MW) 11.3% 10.4%
  • 6 Projects concluded in 2013 Campo dos Ventos II Bio Coopcana Bio Alvorada Start of operations 3Q13 ¹ 3Q13 4Q13 Capacity (MW) 30.0 50.0 50.0 Physical guarantee (MWavg) 15.0 18.0 18.0 PPA LER 2 / 2010 - 20 years ACL 3 - 21 years ACL3 - 20 years 1) Campo dos Ventos II is already able to generate energy and is entitled to revenue corresponding to the billing contracted in the 2010 Reserve Energy Auction (LER) as of September 27, 2013 – conclusion of the construction of ICG still pending 2) Reserve Auction 3) Free Market
  • Operating data 4Q12 4Q13 230.7 284.7 0 0,4 427.0 427.9 243.7 274.9 SHPP SOL WIND BIO901.4 2012 2013 1,007.9 1,195.5 0 1.4 1,187.3 1,269.8 544.5 733.9 Energy generation per source (GWh) (1) 987.9 2,739.7 3,200.7 Generated energy reached 3.201 GWh in 2013 , 16.8% more than that in 2012, mainly due to growth of portfolio in operation 9.6% 16.8% 7 1) The energy generation data does not consider Santa Clara and Campo dos Ventos II wind farms which are able to generate energy and have been receiving the revenue from their contracts – conclusion of the construction of ICG still pending
  • Net revenue (R$ Million) 30.3% SHPP 19.2% Bio 50.4% Wind 4Q12 4Q13 277.7 334.1 2012 2013 806,4 1.018,6 20.3% 26.3% Per source (2013)1 8(1) The solar source share is of 0.03%. In 2012 there was no solar generation. Net revenue R$ Million • Full year energy sales, in 2013, of the projects Bio Ipê, Bio Pedra, Santa Clara Complex, Tanquinho Solar and SHPP Santo Góes (started its operation over 2012) • Acquisition of Bons Ventos (jun/12) and Ester Plant (oct/12) • Beginning of sales contract fulfillment in 2013 of the projects Bio Coopcana, Bio Alvorada, Campos dos Ventos II Complex e Atlântica Complex • Annual adjustment of the contracts (based on IGP-M or IPCA)
  • • extraordinary costs with energy purchase due to contracts supply amounting R$ 73.1 million in the 4Q13 and R$ 174.7 million in 2013 • Higher expenses in 2013 due to Bons Ventos’s amortization of right to exploit and personnel, partially offset by non recurring items in 2012 • Recurrent costs and expenses in accordance with the Company’s expansion plan Costs of energy generation and general and administrative expenses R$ Million Costs–R$mmExpenses–R$mm 4Q12 4Q13 129.9 188.7 45.3% 2012 2013 371.4 573.5 54.4% 4Q12 4Q13 70.7 56.1 -20.6% 2012 2013 219.9 230.3 9 4.8%
  • Adjusted EBITDA 4Q13 EBITDA R$ Million 504.3 212.2 174.7 21.3 563.1 EBITDA 4Q12 Net revenue Extraordinary costs PMSO e others EBITDA 4Q13 11.7% EBITDA 2012 Net revenue Extraordinary costs PMSO e others EBITDA 2013 59.6% 52.5% 62.5% 55.3% Margem EBITDA 165.4 56.4 175.6 73.1 26.8 EBITDA margin 6.1% • Net revenue • Increase in the operation portfolio (130MW) • PMSO e others • Non-recurrent items in 2012 • Extraordinary expenses • 4Q13: R$73.1 MM • 2013: R$174.7 MM 74.4% 248.7 Ebitda Ajustado 2013 72.4% 737.8 EBITDA ajustado 2013 10
  • • Excluding extraordinary costs: net income of R$ 100.9 million in the 4Q13 and R$ 119.6 million in 2013 Net income (Loss) R$ Million 11 27.8 73.1 100.9 -55.0 174.7 119.6 Net income 4Q13 Extraordinary expenses Adjusted net income 4Q13 Net loss 2013 Adjusted net income 2013 Extraordinary expenses
  • 3,809.8 4,001.2 3,772.1 3,874.8 565.3 572.1 553.4 563.1 1Q13 2Q13 3Q13 4Q13 Net debt2 EBITDA LTM³ Caixa 2014 2015 2016 2017 2018+ 755.9 316.0 133.9 356.1 351.8 355.1 2,812.1 573.4 889.8 Debt according to index rate (%)Net debt/ebitda (R$ mm) Debt amortization (R$ mm) • Average term: 6.7 years • Average nominal cost: 7.8% (81.7% of CDI dec/13) Debt profile 1) Corresponds to funding for projects under construction works that did not yet have pay-outs of long-term debts 2) The cash balance considers the reserve account balance (linked investments) 3) Last twelve months Debt profile CDI 27.0% Fixed 13.9% TJLP 55.6% TJ6 1.8% IGPM 1.7% 12 889.4 CashReserve account Bridge loans(1) Loans and Debentures 6.7x 7.0x 6.8x 6.9x Leverage 2
  • 13 Start of operation Capacity (MW) Physical guarantee (MWavg) PPA 1Q14 120 52.7 LFA 2010 - 20 years Atlântica Complex Concluded projects in March 2014
  • 14 1) Macacos, Pedra Preta, Costa Branca and Juremas Start of operations Capacity (MW) Physical guarantee (MWavg) Financing PPA 2Q14 78.2 37.5 BNDES (contracted, partially disbursed) LFA aug/10 - 20 years Ongoing projects Macacos I Complex 1
  • Start of operations 1H16 2H16 1H18 Capacity (MW) 82.0 172.0 51.3 Physical guarantee (MWavg) 40.2 89.0 26.1 Financing BNDES (structuring) BNDES (structuring) BNDES (to be structure) PPA ACL - 20 years ACL - 20 years A-5 2013 1) Campo dos Ventos I, III, V; 2) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula São Domingos and Ventos de São Martinho; 3) Pedra Cheirosa I and Pedra Cheirosa II. Ongoing projects Campo dos Ventos Complex1 São Benedito Complex2 Pedra Cheirosa Complex3 15
  • Transaction • Merger of WF2 into CPFL-R, which will hereinafter hold 100% of DESA’s shares • ARROW, managing fund of WF2, will hereinafter hold 12.63%(1) CPFL- R capital stock, upon fulfillment of prior conditions Main prior conditions • Due diligence by CPFL-R at WF2, and by WF2 at CPFL-R • Acquisition by WF2 of the remaining DESA shares, in order to hold all capital stock of DESA prior to the joint venture • Approval of the transaction by ANEEL, CADE and DESA creditors Governance • ARROW will become a party in the CPFL-R Shareholders’ Agreement currently in force with rights and duties under such agreement including: ̶ Right to appoint one member for CPFL-R Board of Directors ̶ Right to appoint one member for the Board of Directors’ consulting committees Lock-up • The new shares will be in lock-up period until February 10, 2015 ARROW WF2 Other Shareholders ARROW WF2 100% 78.9% 21.1% 100% 100% DESA shareholding structure 2 1 Current Pre Joint Venture structure Note: 1 Shareholding interest may suffer potential adjustments arising from due diligence DESA Joint Venture with Dobrevê Energia S.A. ("DESA") adding 331 MW of total contracted installed capacity to CPFL Renováveis portfolio 16
  • Composição acionária pós incorporação 17 5.6% 5.5% 7.1% 3.0% 1.9% 1.5%58.8% 9.3% Prior operation Market 7.2% 0.00% 4.9% 4.8% 6.2% 2.6% 1.7% 1.3%51.4% 8.1% After operation Market 6.3% 12.6%(1) (ARROW) (ARROW) (2) (2) After the conclusion of the transaction FIP ARROW will hold 12.63%(1) of the total capital stock of CPFL Renováveis. CPFL Energia will remain being the holding Notes: 1 Shareholding interest may suffer potential adjustments arising from due diligence 2 By CPFL Geração
  • Operation Construction Pipeline Total 1.1 1.1399.0 423.0 370.0 . 370,0 924.4 . 412,7 3,766.7 1,337.1 24.0 3,766.7 Operation Construction Pipeline Total 72.4 205.2 - 24.0 96.4 29.2 234.4 Operation Construction Pipeline Total 1,1 1.1326.6 326.6 370.0 370.0 719.2 383.5 3,766.7 1,102.7 3,766.7 CPFL Renováveis’s portfolio after the joint venture (MW) CPFL Renováveis (actual) DESA (1) (1) Does not include projects in developing of Desa, in review SHPP SOL WIND BIO CPFL Renováveis (after association) (1) 1,416.8 277.6 5,567.0 330.8 1,694.4 5,897.8 53.2 436.7 18
  • • Market capitalization of R$ 5.9 million on December 30th, 2013 • Average daily volume of 210 thousand • Between the IPO and the end of 2013, Company's shares rose 7.1% Market capital • 7.1% 8.7% 2.8% Shares performance (1) 1) Basis 100 in 07/19/2013 19
  • Contacts Closing quotation on 03/25/2014: R$ 12.30 Market cap: R$ 5.4 billion | US$ 2.3 billion 20 André Dorf Chief Executive Officer Marcelo Souza Chief Financial and Investor Relations Officer Maria Carolina Gonçalves Investor Relations Head Luciana Silvestre Fonseca Investor Relations Analyst Priscila de Oliveira Investor Relations Analyst E-mail: ri@cpflrenovaveis.com.br Telephone: 55-11- 3157-9305 Press Office RP1 Comunicação Empresarial E-mail: carolinamarcondes@rp1.com.br Telephone: 55-11- 5501-4655