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Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
Webcast 1 q14 eng
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Webcast 1 q14 eng

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  • 1. OPERATING AND FINANCIAL RESULTS 1Q14
  • 2. 22 Agenda ► Highlights ► Operating Results ► Introduction ► Financial Results ► Corporate Updates
  • 3. 3 ► Highlights ► Operating Results ► Financial Results ► Introduction Agenda ► Corporate Updates
  • 4. 4 Introduction Presentation of Operating and Financial Information ► The financial information contained herein is presented in consolidated figures, pursuant to Brazilian Corporate Law, based on revised financial information. The consolidated financial information represents: i) 100% of CEMAR’s results, excluding 34.89% related to minority interests before Net Income, resulting in participation of 65.11% ii) 100% of CELPA’s results, excluding 3.82% related to minority interests before Net Income, resulting in participation of 96.18%; and iii) 100% of Equatorial Soluções’ results, which in turn consolidated 100% of Sol Energias’ results, excluding 49% of minority interest before Net Income. ► The operating information presented herein consolidates 100% of CEMAR’s results and 100% of CELPA’s results. ► The following information was not reviewed by the independent auditors: i) non-financial information relating to CEMAR, Light and the PLPT (Programa Luz para Todos - Light for All Program); ii) pro forma information and its comparison with the results presented in the period; and iii) management expectations regarding the future performance of the Companies.
  • 5. 5 ► Highlights ► Operating Results ► Introduction ► Financial Results Agenda ► Corporate Updates
  • 6. 6 Operating Highlights ► CEMAR’s total billed energy volume reached 1,334 GWh in 1Q14, 7.9% higher than in 1Q13. The total volume distributed by CELPA (captive and free markets) totaled 1,880 GWh in 1Q14, representing growth of 14.0% YoY. ► In CEMAR, energy losses of the last 12 months ending 1Q14 represented 18.4% of the required energy, with a decrease of 0.8 percentage points compared to 19.2% recorded in 4Q13. In CELPA, total losses ended the year at 34.2% of the required energy, a decrease of 1.3 percentage points compared to the 35.5% recorded in 4Q13. ► In 1Q14, CEMAR’s DEC and FEC indexes (accumulated over the last 12 months) were 16.1 hours, a decrease of 24.9%, and 10.5 times, a decrease of 6.6%, compared to those observed at the end of 1Q13. In CELPA, these same indexes closed the quarter with improvements of 31.1% and 26.9%, respectively.
  • 7. 7 ► Net operating revenues (NOR) in 1Q14 reached R$1,325 million, 24.3% higher than 1Q13’s NOR, which primarily reflects the growth observed in the CELPA. ► In 1Q14, Consolidated Accounting EBITDA was R$144 million, compared to R$60 million in 1Q13. The Adjusted Regulatory EBITDA totaled R$231 million in the quarter, an increase of 45.3% over the same quarter last year. ► The net result of the quarter was R$15 million against a loss of R$25 million in the 1Q13. The net result adjusted by the accrual of net regulatory assets, reached R$ 91 million in the quarter. ► In 1Q14, Equatorial's consolidated investments totaled R$211 million, 25.2% higher than those made in 1Q13. ► In February, the ACR-Account quota for CEMAR amounted to R$ 39 million, while in CELPA it amounted to R$ 92 million. ► In March, the ACR-Account quota for CEMAR totalled R$ 63 million, and for CELPA it totalled R$ 142 million. Financial Highlights
  • 8. 8 ► Highlights ► Operating Results Agenda ► Introduction ► Financial Results ► Corporate Updates
  • 9. 9 ► CEMAR: 1Q14 energy sales moved up by 7.9%, reaching 1,334 GWh. Energy Market - CEMAR Electricity Consumption per Segment (MWh) Energy Balance (MWh) CONSUMPTION SEGMENTS * (MWh) 1Q13 4Q13 1Q14 Chg. Residential 607,543 690,103 662,831 9.1% Industrial 114,112 142,688 120,563 5.7% Commercial 248,706 287,226 273,803 10.1% Others 265,669 320,317 276,462 4.1% TOTAL 1,236,031 1,440,335 1,333,659 7.9% * Does not include sales to CEPISA and own consumption. ENERGY BALANCE (MWh) 1Q13 4Q13 1Q14 Chg. Required Energy 1,526,616 1,745,389 1,583,119 3.7% Sold Energy (*) 1,237,996 1,442,845 1,335,720 7.9% Losses 288,619 302,544 247,399 -14.3% (*) Considers sale to the segments, own consumption and sales to CEPISA
  • 10. 10 Distribution – Energy Losses in CEMAR
  • 11. 11 DEC (hours) FEC (times) Distribution – DEC and FEC - CEMAR ► CEMAR: In 1Q14, the DEC index decreased 24.9% compared to 1Q13 while the FEC index decreased 6.5% compared to the same quarter last year. 16.1 21.5 1Q13 1Q14 -24.9% 10.5 11.2 1Q13 1Q14 -6.5%
  • 12. 12 ► CELPA: Energy demand growth of 14.0% in energy sales in 1Q14 (Captive Market + Free), reaching 1,880 GWh. . Energy Market - CELPA Electricity Consumption per Segment (MWh) Energy Balance (MWh) CONSUMPTION SEGMENTS * (MWh) 1Q13 4Q13 1Q14 Chg. Residential 629,910 758,350 767,351 21.8% Industrial 286,923 364,903 316,695 10.4% Commercial 371,956 445,532 398,720 7.2% Others 277,267 328,569 307,361 10.9% TOTAL 1,566,057 1,897,354 1,790,128 14.3% Free Consumers 83,857 87,476 90,062 7.4% TOTAL (Captive + Free) 1,649,913 1,984,831 1,880,189 14.0% * Does not include own consumption. ENERGY BALANCE (MWh) 1Q13 4Q13 1Q14 Chg. Energy Sales (Captive + Own Consumption) 1,572,212 1,910,597 1,797,659 14.3% Free Market 83,856 87,476 90,062 7.4% Total Losses 956,065 991,983 858,619 -10.2% Required Energy 2,612,135 2,990,056 2,746,340 5.1% Own Generation 102,633 120,510 106,759 4.0% Energy Purchase (Contracts) 2,509,502 2,869,545 2,639,581 5.2% (*) Includes sales to the segments, own consumption and free market.
  • 13. 13 Distribution – Energy Losses in CELPA
  • 14. 14 DEC (hours) FEC (times) Distribution – DEC and FEC ► CELPA: In 1Q14, the DEC index improved 31.1% compared to 1Q13 while the FEC index decreased 26.9% compared to the same quarter last year. 94.1 68.4 1Q13 1Q14 -31.1% 47.7 34.9 1Q13 1Q14 -26.9%
  • 15. 15 ► Highlights ► Operating Results Agenda ► Introduction ► Financial Results ► Corporate Updates
  • 16. 16 Quarterly Results Equatorial’s EBITDA ► Adjusting the IFRS EBITDA by the recognition of net regulatory assets and excluding non recurring items, the 1Q14 Adjusted Regulatory EBITDA amounted to R$ 231 million, a 45,3% growth. Consolidated EBITDA (R$ million) 1Q13 4Q13 1Q14 Chg. CEMAR's EBITDA 87 113 76 -12,6% CELPA's EBITDA (17) 22 47 N/A EBITDA (Holding + Others) (10) (4) 21 N/A Accounting EBITDA 60 131 144 140,0% Net Regulatory Assets / Liabilities CEMAR 51 (5) 43 -15,7% Net Regulatory Assets / Liabilities CELPA 48 23 63 31,3% Energy Purchase Correction (CEMAR) - - - N/A Metering Sales Adjustment (CEMAR) - 2 - N/A CELPA's PMSO Adjustment (Restructuring) - 5 - N/A Energy Purchase Adjustment (CELPA) - - (19) N/A Adjusted Regulatory EBITDA 159 156 231 45,3%
  • 17. 17 Quarterly Results Consolidated Net Income Consolidated Net Income (R$ million) 1Q13 4Q13 1Q14 Chg. CEMAR's Net Income 18 37 30 66,7% CELPA's Net Income (57) (111) (31) -45,6% Net Income (Holding + Outros) 14 11 16 14,3% Accounting Net Income (25) (62) 15 -160,0% Net Regulatory Assets / Liabilities CEMAR 25 6 34 34,1% Net Regulatory Assets / Liabilities CELPA 60 25 58 -2,9% Energy Purchase Adjustment (CELPA) - - (16) N/A NRV Adjustment (CEMAR) - 6 - N/A Financial Expenses Adjustment (CELPA) - 13 - N/A Deferred Income Tax Adjustment (CELPA) - 22 - N/A PMSO Restructuring Adjustment (CELPA) - 5 - N/A Adjusted Regulatory Net Income 60 14 91 50,9% ► Adjusting the Consolidated IFRS Net Income by the recognition of net regulatory assets and also by non recurring items in the quarter, the Regulatory Adjusted Net Result amounted to R$ 91 million, a 50.9% growth.
  • 18. 18 Debt: Schedule of Gross Debt Maturities Consolidated Gross Debt (100% CEMAR + 100% CELPA)
  • 19. 19 100% CEMAR + 100% CELPA Net Debt - Consolidated Net Debt (R$MM) and Net Debt/ Regulatory EBITDA (Last 12 months) Net Debt Reconciliation (R$MM) 1,001 1,077 1,189 1,403 1,285 1.7 1.8 1.71.6 2.5 1Q13 2Q13 3Q13 4Q13 1Q14 3,166 535 1,346 1,285 Gross Debt Net Regulatory Assets Cash Net Debt
  • 20. 20 65.11% CEMAR + 96.18% CELPA Net Debt – Pro-rata Net Debt (R$MM) and Net Debt/ Regulatory EBITDA (Last 12 months) Net Debt Reconciliation (R$MM) 629 737 849 984 954 2,6 1.0 1,7 1,9 1,7 1Q13 2Q13 3Q13 4Q13 1Q14 2,525 954 1,100 471 Gross Debt Net Regulatory Assets Cash Net Debt
  • 21. 21 ► CEMAR: In 1Q14, total capex reached R$79 million, of which R$63 million are own capex and R$16 million regarding the Light for All Program (PLPT). ► CELPA: In 1Q14, total capex reached R$132 million, of which R$99 million are own capex and R$33 million regarding the Light for All Program (PLPT). Capex - Equatorial INVESTMENTS (R$MM) 1Q13 4Q13 1Q14 Chg. CEMAR Own (*) 78 102 63 -19.0% Light For All Program 5 11 16 193.1% Total 83 113 79 -5.0% CELPA Own (*) 83 110 99 19.4% Light For All Program 3 38 33 1165.5% Total 86 148 132 54.4% GERAMAR Generation 0 0 0 -38.0% TOTAL 169 261 211 25.2% (*) Including indirect Light For All Program investments
  • 22. 22 ► Highlights ► Operating Results Agenda ► Introduction ► Corporate Updates ► Financial Results
  • 23. 23 Corporate Updates ► ACR Account: In this quarter, the ACR account quotas were registered by CEM AR and CELPA referring to February and March, totalling R$90 million and R$194 million, respectively. ► CELPA Intercompany: In May, 2014, Equatorial concluded an intercompany loan to CELPA, amounting to approximately R$50 million. ► Audit Committee: In April 2014, Equatorial Board of Directors created the Audit and Compliance Committee, whose responsabilities are: defining the internal auditing and compliance policies, internal controls and fraud combat measures. CEMAR CELPA February 38.615 91.537 March 62.587 142.069 TOTAL 101.202 233.606
  • 24. 24 Eduardo Haiama CFO and IRO Thomas Newlands Investor Relations Renato Parentoni Investor Relations Telephone 1: +0 55 (21) 3206-6635 Telephone 2: +0 55 (21) 3217-6607 Email: ir@equatorialenergia.com.br Website: http://www.equatorialenergia.com.br/ir Contacts
  • 25. 25 • 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 intentions or expectations for our clients; this presentation will also be available at our website www.equatorialenergia.com.br/ir and in the IPE system of the Brazilian Securities and Exchange Commission (CVM). • 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 advised 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, which refer only to the date on which they were expressed. Hence, the Company has no obligation to update said statements. • This presentation does not constitute any offering, invitation or request of subscription offer or purchase of any marketable securities. And, this statement or any other information herein, does not constitute the basis for any contract or commitment of any kind. Disclaimer

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