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Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
Institucional 3 q13 novo padrão   eng-final
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Institucional 3 q13 novo padrão eng-final

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  • 1. INSTITUTIONAL PRESENTATION November, 2013
  • 2. Agenda ►Company Profile ►Financial Performance ►Portfolio Overview ►Value Creation 2
  • 3. Agenda ►Company Profile ►Financial Performance ►Portfolio Overview ►Value Creation 3
  • 4. Equatorial Overview CELPA Holding company with investments in the energy sector, focused on distribution and generation Differentiated experience in operating and financial restructuring of companies in the Brazilian energy sector Sponsored by PCP Fund, investment vehicle owned by former partners of Banco Pactual and managed by Vinci Partners. PA MA Current investments: • Distribution company in the State of Maranhão • 2nd largest distribution company in the Northeast of Brazil, in terms of concession area* • 4th largest distribution company in the Northeast of Brazil, in terms of billed energy* • Annual gross revenues of R$3.0 billion in 2012. *Source: ABRADEE • Company responsible for implementing and operating the Tocantinópolis and Nova Olinda thermoelectric plants in the State of Maranhão • Fuel: high-viscosity heavy oil. • Joint installed capacity of 331 MW • 240 MW of energy sold at the A-3 auction in 2007. • Start-up: January 2010 • Electricity trading company and developer of new products and services • Broker the purchase and sale of energy without physical delivery • Distribution company in the State of Pará. • Annual gross revenues of R$3.3 billion in 2012. • Custom of solutions to satisfy consumers’ specific needs (consumers and generators) • Experienced executives and wellrecognized in the trading market 4
  • 5. Equatorial’s History PCP Fund acquires a controlling stake of Equatorial May. 2004 Control concentrated in PCP Fund FIP PCP sells its indirect stake in Equatorial migrates to Light “Novo Mercado” Equatorial acquires 51% of Sol Energias, energy trader Equatorial acquires 63.1% of CELPA, energy distributor company Feb. 2012 Ago. 2011 Aug. Mar. 2006 Apr. 2006 Dec. 2007 Feb. 2008 Abr. 2008 Oct. 2008 2008 2009 Apr. 2010 Aug. 2011 Abr. 2010 Nov. 2012 Dec. 2012 Abr. Dec. Out. 2008 CEMAR’s acquistion Equatorial’s IPO Incorporation of a controlling stake of Light Acquisition of 25% of Geramar Equatorial’s Spin Off Equatorial acquires 50% of Vila Velha Termoelétricas, a pre-operational company Equatorial’s Follow On
  • 6. Ownership Structure – Current • Total no. of shares: 198,447,352 • Share price**: R$ 22.85 • Free float: 77.1% / R$3,494 MM • ADTV90: R$ 16.433 MM **On 30/09/13 ADTV90 represents the average volume traded in the past 90 days 6
  • 7. Corporate Strategy Celpa Increased returns through operational and financial turnaround strategy CEMAR Increased returns through outstanding financial and operating performance Consolidation of distributors in Brazil and Latin America Geramar and other investments in generation Acquistion of full or shared control Added value through financial and operational restructuring, synergy gains and loss reduction Brazil’s investment needs in generation over the next few years will create growth opportunities for Equatorial. Geramar thermal plants present an above average rate of return 7
  • 8. Management Management is composed by professionals with substantial experience in the financial, operational and regulatory areas Carlos Piani Chairman of the Board of Directors Firmino Sampaio CEO • CEO of Equatorial from March, 2007 until April, 2010. CFO of CEMAR (2004-2006) and CEO of CEMAR (2007-2010). Currently, he is a partner of Vinci Partners. • Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions • Degree in Computer Science at PUC-RJ and in Business Administration at IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner and President Management Program of Harvard Business School in 2008 • CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996) • Former member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light • Degree in Economics at the Federal University of Bahia and postgraduate degree in Industrial Planning at SUDENE/IPEA/FGV • CFO and IRO of Equatorial since 2008. IRO of CEMAR since 2008. Eduardo Haiama CFO & IRO • Between 2004 and 2008, Mr. Haiama worked at Banco UBS Pactual on the equities’ research team as senior analyst of the utilities segment. • Degree in Electric Engineering at USP – University of São Paulo (Escola Politécnica) and MBA at Duke University. CFA chartered by CFA Institute in 2004 • Regulatory Affairs Officer of Equatorial since April 2008 and of CEMAR since August 2006 Tinn Amado Regulatory Affairs Officer • Consulting partner of Amado Consultoria, providing advisory services in economic regulation, also worked at ANEEL for 3 years as an analyst for the Distribution Service Regulation Department • Degree in Electrical Engineering at the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading at Brasília University (UnB) • Officer of Equatorial since November 2008. Ana Marta Horta Veloso Officer • Worked as an executive at Banco UBS Pactual S.A., from 2006 untill 2008 . Before joining Pactual, she worked for 12 years at the Brazilian Development Bank (BNDES), where she held several executive positions, mostly in the capital market area. • Degree in Economics at the Federal University of Minas Gerais (UFMG) and Master’s degree in Industrial Economics at the Federal University of Rio de Janeiro (UFRJ). Felipe Borges Officer • Officer of Equatorial since January 2013. • Previously worked (2009-2012) at Banco Original Bank as Chief Legal Officer. From 1999 to 2011 worked at law offices such as Ulhôa Canto Advogados, from 2004 to 2007 at Mattos Filho Advogados and, from 2001 to 2003, at Velloza Advogados performing multiple functions. • Degree in Law at University of São Paulo (USP) and Master’s degree in Tax Law at PUC-SP since 2007.
  • 9. PCP Fund History Vinci Partners • In 2001, Banco Pactual created a Principal Investment Unit to manage the partnership’s excess capital and diversify its investments; PRIVATE EQUITY • In 2006, with the sale of Banco Pactual to UBS, part of the proceeds from the sale was reinvested in the Principal Investment Unit, which was renamed PCP; • MULTIMARKET LONG TERM MEDIUM TERM SHORT TERM In 2009, with the sale of Pactual to BTG, Vinci Partners was created, an independent asset management, composed by Pactual’s ex-partners; • PUBLIC EQUITIES Today, Vinci has almost US$ 3.0 billion under management (75% own capital), investing in Private Equity, Public Equities and Multimarket Funds. 9
  • 10. Agenda ►Company Profile ►Financial Performance ►Portfolio Overview ►Value Creation 10
  • 11. Financial Performance Since 2004, Equatorial has been presenting an excellent financial performance. Net Operating Revenues R$ million Net Revenue EBITDA % EBITDA (*) As from 2010, all values are according to IFRS (**) In 2012, CELPA’s consolidation started as from November. 2004 526 85 16% EBITDA (R$ million) 2005 629 189 30% 2006 810 341 42% 2007 879 379 43% 2008 2,346 784 33% 2009 2010 (*) 2,506 1,799 757 510 30% 28% 2011 1,981 504 25% 2012 2,987 567 19% 9M13 3,386 455 13% 11
  • 12. Financial Performance 2006 108 2007 151 2008 284 2009 51 2010 197 2011 50 2012 37 - 54 - 108 - 112 27 - 91 111 82 58 56 - 200 - 94 - 76 - - Net Income (R$ MM) 123 229 119 153 300 207 189 160 141 CEMAR Celpa Geramar Equatorial Soluções Light (31) - 234 - 116 - 117 - 148 130 129 79 279 6 - 248 11 - 385 (160) 18 3 - 2004 2005 2006 2007 2008 2009 2010 2011 2012 0% N/A 24% N/A 90% 10% 99% 13% 95% 27% 25% 3% 104% 18% 32% 4% 24% 2% 131 155 (53) 3 - CEMAR Light Capital Reduction (holding) 2004 - 9M13 2005 54 Consolidated Dividends (R$ MM) - Payout Dividend Yield * 2008 figure includes R$82 million in Capital Reduction The Consolidated div idends incorporate 100% of CEMAR Distributions to Shareholders/Net Income R$ million 12
  • 13. Financial Performance Improved operating performance and financial restructuring led to a significant reduction in leverage, Consolidated Net Debt and Net Debt/EBITDA (*) R$ million / Times Geramar’s debt is no longer consolidated as from 2013. (*) Consolidated (65.1% CEMAR, 96.2% Celpa). Light is no longer consolidated as from 2010. 13
  • 14. Financial Performance made a longer debt amortization schedule possible… Debt Amortization Schedule - R$ MM CEMAR Celpa Total Short Term 170 385 555 2014 51 1 52 2015 434 8 442 2016 180 7 187 2017 161 7 168 2018 189 189 After 2018 382 1,122 1,504 Total 1,567 1,530 3,097 14
  • 15. Investments and a significant increase in investments. Investments - R$ MM CEMAR Celpa Light Geramar Total 2004 70 70 2005 232 232 2006 306 306 2007 394 394 2008 465 137 24 626 2009 419 141 107 667 2010 399 16 415 2011 497 0.4 497 2012 619 42 0.4 661 9M13 212 273 0.1 485 15
  • 16. Agenda ►Company Profile ►Financial Performance ►Portfolio Overview ►Value Creation 16
  • 17. CEMAR: Highlights Energy Sales (3Q13) RR AP 1,362 GWh 22.2% AM MA PA CE RN PB PI AC TO SE RO PE AL MA 48.4% BA MT 20.0% GO DF 9.4% MG ES MS SP Residential RJ Industrial Commercial Others PR SC Clients (9M13) 2.1 million RS 6.3% 4.2% 0.4% Distribution company in the State of Maranhão 2.1 million clients (4th largest in the Northeast region)* Billed energy (3Q13): 1,362 GWh Annual gross revenues of R$ 3.0 billion in 2012. *Source: ABRADEE 89.1% Residential Industrial Comm ercial Others 17
  • 18. CEMAR: History CEMAR under PPL Global’s control 1958Jun. 2000 State owned Aug.2000Aug.2002 Aug.2002-May 2004 CEMAR under control of Equatorial May 2004Present ANEEL’s intervention 18
  • 19. CEMAR: Ownership Structure Eletrobras 33.6% Equatorial Energia 65.1% Others 1.3% CEMAR 19
  • 20. Tariff Review Results CEMAR Gross RAB 2005 2009 2013 1,756 2,247 3,309 Net RAB 836 1,121 2,069 Operating Costs 218 278 428 68 102 125 Regulatory EBITDA 157 271 216 CAIMI - - 28.0% 25.6% 19.6% 0.5% 0.9% 0.94% 1.19% 1.06% 2.76% Regulatory Depreciation Regulatory Losses (1 year) Deliquency Rate X Factor (ex-ante) 45 *All values are nominal and in R$ million. 20
  • 21. CEMAR: Distribution 2004 2005 2006 2007 2008 2009 2010 (***) 2011 (***) 2012 9M13 Energy Sold GWh 2,593 2,793 2,917 3,223 3,347 3,566 4,146 4,379 4,804 3,848 Net Revenues R$ MM 495 665 810 879 999 1,148 1,756 1,912 2,348 1,433 PMSO R$ MM 127 126 129 126 139 171 245 291 321 261 PDA + Contingencies R$ MM 47 20 14 30 32 33 68 46 69 48 Net Income R$ MM (31) 359 177 222 227 198 279 248 385 155 Dividends R$ MM - 85 165 172 140 58 200 94 Net Debt / EBITDA times 3.9 1.6 0.8 1.1 1.6 1.6 1.5 1.9 2.1 76 1.6 0 Clients '000 1,161 1,254 1,349 1,438 1,535 1,688 1,822 1,939 2,037 2,109 PMSO/Client R$/Client 109 101 95 88 90 101 134 150 158 124 DEC (*) Hours/Year/Client 63.4 54.6 42.6 28.7 27.3 23.6 21.8 21.4 21.7 19.2 FEC (*) Times/Year/Client 39.3 32.9 24.6 19.8 16.8 15.2 14.1 11.6 11.0 10.6 Total Losses (*) % 29.9% 29.5% 29.8% 28.7% 28.9% 25.2% 22.0% 21.0% 20.7% 20.3% CAPEX R$ MM 45 103 137 199 278 239 197 322 441 194 PLPT (**) R$ MM 25 129 169 195 187 180 202 175 • 2.1 million clients in 217 municipalities, covering the whole state of Maranhão (total area 333,000 km²) (*) Last 12 months 178 18 • Energy sales reached 3,848 GWh in 9M13, 9.0% higher than in 9MQ12. (**) Light For All Program (***) Values according to IFRS • In 3Q12, energy losses from the last 12 months represented 20.3% of required energy, 0.5 p.p. less than the 20.8% recorded in 3Q12. • Service quality has been presenting positive evolution. Since 2004, DEC and FEC indices have dropped 69.7% and 73.0%, respectively. • More than 323 thousand clients connected by the Light for All Program. 21
  • 22. CEMAR: Energy Losses The non-technical losses index on the low-voltage market increased in the quarter due to the revision of the technical losses index of the Company. Note that this does not impact the percentage of total losses. 22
  • 23. Celpa: Highlights Energy Sales (3Q13) RR AP AM 17.5% PA PA MA CE 39.6% RN PB PI AC 1,857 GWh TO SE RO PE AL PA 23.7% BA MT GO DF 19.2% MG Residential SP RJ Industrial Commercial ES MS Others PR Clients (9M13) SC 2.0 million RS 7.0% 7.6% Distribution company in the State of Pará 2.0 million clients Billed energy (3Q13): 1,857 GWh Annual gross revenues of R$ 3.3 billion in 2012. 0.2% 85.2% Residential Industrial Commercial Others 23
  • 24. Celpa: History Celpa under Grupo Rede’s control 1962-Jul.1998 State owned Jul.1998Oct.2012 Celpa under Equatorial’s control Feb. 2012 Nov.2012Present Celpa’s Judicial Recovery Filing 24
  • 25. Celpa: Ownership Structure Equatorial Energia Others 96.2% 3.8% CELPA 25
  • 26. Tariff Review Results CELPA 2011 Gross RAB 2,338 Net RAB 1,472 Operating Costs (starting point) 429 Operating Costs (upper limit) 352 Regulatory Depreciation Regulatory EBITDA Deliquency Rate (% GOR) X Factor (ex-ante) Regulatory Losses* 95 253 1.0% 2.42% 41.55% - 34.00% * Non-technical ov er low -v oltage market All values are nominal and in R$ million. 26
  • 27. CELPA: Distribution 2011 2012 9M13 Energy Sold GWh 6,288 6,383 5,266 Net Revenues R$ MM 2,434 2,350 1,760 Manageable Costs (*) R$ MM 525 1,069 442 Non-Manageable Costs R$ MM 965 1,233 1,194 EBITDA R$ MM 256 (355) 90 Net Income R$ MM (391) (697) (118) Net Debt R$ MM 1,552 1,219 825 Net Debt / EBITDA times 6.1 N/A 9.2 Clients '000 1,836 1,931 1,989 EBITDA/Client R$/Cliente 139 N/A 45 DEC (**) Hours/Year/Clients 99.7 101.6 • 2.0 million clients in 144 municipalities, covering the whole state of Pará (total area 1,247,955 km²) • Energy sales reached 5,266 GWh in 9M13, 6.5% higher than 9M12’s figures. 82.7 FEC (**) Hours/Year/Clients 55.9 50.9 41.7 Total Losses (**) % 31.6% 35.0% 36.5% CAPEX R$ MM 487 433 251 PLPT (***) R$ MM 46 23 • In 3Q13, energy losses from the last 12 months represented 36.5% of required energy, 0.8 p.p. less than the 35.7% recorded in 3Q12. (*) Includes Construction Costs/Rev enues (**) Last 12 months (***) Light For All Program All v alues are in accordance w ith IFRS 165 • In 3Q13, DEC and FEC for Celpa (accumulated over the last 12 mo nths) were 82.7 hours, down 19.2%, and 41.7 times, a 18.7% decrease when compared to indices observed at the end of 3Q12. • More than 335 thousand clients connected through the Light for All Program. 27
  • 28. Celpa: Energy Losses 28
  • 29. CEMAR: DEC/FEC 2012 Evolution Comparison DEC (hours) 8 13 14 17 17 19 20 20 21 22 22 24 26 27 29 31 34 34 36 39 42 55 64 66 102 COELCE COSERN CELPE ENERSUL COELBA CEMAR 2012 CEMAR 2011 SULGIPE CEMAR 2010 CEMAR 2009 CEMAR 2008 CEB CEMAR 2007 CEAL CELTINS CELG CEMAT CEMAR 2006 CERON CEPISA CHESP CEMAR 2005 CEMAR 2004 CELPA ELETROACRE Better COELCE ENERSUL COSERN CHESP SULGIPE CELPE COELBA CEB CEMAR 2011 CEMAR 2012 CEMAR 2010 CEMAR 2009 CEAL CEMAR 2008 CEMAR 2007 CERON CEMAT CEPISA CELG CELTINS CEMAR 2006 CEMAR 2005 CEMAR 2004 ELETROACRE CELPA FEC (times) 5 8 8 8 9 11 12 13 14 15 17 18 20 20 23 24 24 25 26 26 31 33 39 51 55 29
  • 30. Geramar: Ownership Structure Ligna Servtech 50% 50% GNP 50% Equatorial Energia 25% Fundo de Investimento em Participações Brasil 25% Geramar 30
  • 31. Geramar: Highlights • Two thermoelectric power plants fueled by high-viscosity heavy oil. • Location: Miranda do Norte, Maranhão. • Joint installed capacity of 331 MW. • 240 MW of energy sold at the A-3 auction in 2007. • Total fixed annual revenue (for both plants) of R$ 136 million* (in R$ of 2007), during 15 years. *Revenues adjusted by inflation (IPCA) • Start-up: January of 2010 • Total CAPEX: R$ 550 million. • Equatorial’s share of CAPEX (25%): R$137 million. Equity = approximately R$45 million. 31
  • 32. Agenda ►Company Profile ►Financial Performance ►Portfolio Overview ►Value Creation 32
  • 33. Agenda Growth prospects and consolidation opportunities Result-oriented management model Financial strength and solid management team with turnaround experience High level of Corporate Governance 33
  • 34. Contacts Firmino Sampaio CEO Eduardo Haiama CFO and IRO Thomas Newlands Investor Relations Phone 1: 55 21 3206-6635 Phone 2: 55 21 3206-6607 E-mail: ir@equatorialenergia.com.br Website: http://www.equatorialenergia.com.br/ir 34
  • 35. Disclaimer ► This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as they were based on the expectations of Company’s management and on available information. These prospects include statements concerning the Company’s current intensions or expectations for our clients. ► Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside Company’s control or expectation. The reader/investor is prevented not to completely rely on the information above. ► The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, are intended to identify estimates. Such estimates refer only to the date in which they were expressed, therefore the Company has no obligation to update said statements. ► This presentation does not consist of offering, invitation or request of subscription offer or purchase of any marketable securities. And, this statement or any other information herein, does not consist of a contract base or commitment of any kind. 35

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