Webcast 4 q12 eng

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Webcast 4 q12 eng

  1. 1. OPERATING ANDFINANCIAL RESULTS 4Q12
  2. 2. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results ► Corporate Events 2
  3. 3. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results ► Corporate Events 3
  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 38.63% related to minority interests before Net Income, resulting in participation of 61.37%; iii) 25% of Geramar’s results and iv) 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, 100% of Celpa’s results and 25% of Geramar’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. 4
  5. 5. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results ►Corporate Events 5
  6. 6. Operating Highlights ► CEMAR’s total billed energy volume reached 1,266 GWh in 4Q12, 9.2% higher than in 4Q11. The total volume distributed by Celpa (captive and free markets) totaled 1,732 GWh in 4Q12, representing growth of 2.6% YoY. ► CEMAR’s last-12-month energy losses totaled 20.7% of required energy in 4Q12, 0.3 p.p. less than the 4Q11 ratio. Celpa’s last-12-month energy losses represents 30.5% of required energy in 4Q12. ► In 4Q12, CEMAR’s DEC and FEC indexes (accumulated over the last 12 months) were 21.7 hours, an increase of 1.2%, and 11.0 times, a decrease of 5.4%, compared to those observed at the end of 4Q11. In Celpa, these same indexes closed the year at 101.6 hours and 50.9 times, respectively. 6
  7. 7. Financial Highlights ► Celpa’s results are consolidated as from November 1, 2012, the date in which the company’s acquisition was concluded. ► Net operating revenues (NOR) in 4Q12 reached R$1,220.3 million in, more than twice 4Q11’s NOR, which reflects the early consolidation of Celpa. ► In 4Q12, EBITDA totaled R$167.6 million, 18.1% increase compared to the adjusted amount for 4Q11. ► The net result for the quarter was a loss of R$8.8 million, due to the beginning of Celpa’s consolidation. ► In 4Q12, Equatorials consolidated investments totaled R$258.1 million, 24.1% lower than those made in 4Q11. If we consider only CEMAR’s own investments, the growth was 6.3% in the quarter. ► The managements proposal, to be submitted to AEGM, is the distribution of R$33.7 million in dividends, equivalent to R$0.17 per share ► In December 2012, Equatorial concluded its follow on deal, in which it raised just over R$1.1 billion of net proceeds through the issuance of new shares priced at R$16.00 each. ► In January 2013, the Company’s Board of Directors approved the new capital increase deal through the capitalization of R$234.8 million of loans held by BNDESPAR against the Company. Since then, Equatorial’s capital became represented by 198,447,352 common shares. 7
  8. 8. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results ► Corporate Events 8
  9. 9. Electricity Sales Volume► CEMAR: 4Q12 energy sales moved up by 9.2%, reaching 1,266 GWh.► Celpa: Captive market growth of 0.6% in energy sales in 4Q12, reaching 1,647 GWh. Electricity Consumption per Segment (GWh) CONSUMPTION SEGMENTS * (MWh) 4Q11 3Q12 4Q12 Chg. 2011 2012 Chg. CEMAR Residential 549,955 563,400 602,968 9.6% 2,041,253 2,257,539 10.6% Industrial 110,457 128,518 124,489 12.7% 442,397 479,727 8.4% Commercial 234,202 240,682 253,985 8.4% 872,763 960,422 10.0% Others 264,636 279,996 284,782 7.6% 1,014,469 1,098,354 8.3% TOTAL 1,159,250 1,212,595 1,266,225 9.2% 4,370,881 4,796,041 9.7% Celpa Residential 647,423 645,850 658,898 1.8% 2,460,203 2,526,551 2.7% Industrial 324,154 299,897 296,871 -8.4% 1,320,616 1,226,926 -7.1% Commercial 374,555 379,460 389,469 4.0% 1,396,763 1,479,814 5.9% Others 290,698 290,699 301,819 3.8% 1,110,160 1,150,232 3.6% TOTAL (Captive Market) 1,636,831 1,615,905 1,647,057 0.6% 6,287,742 6,382,977 1.5% Free Consumers 52,128 86,436 85,117 63.3% 196,287 293,119 49.3% TOTAL (Captive Market + Free) 1,688,959 1,702,342 1,732,174 2.6% 6,484,029 6,676,096 3.0% Energy Balance (GWh) ENERGY BALANCE (MWh) 4Q11 3Q12 4Q12 Chg. 2011 2012 Chg. CEMAR Required Energy 1,491,056 1,571,246 1,619,776 8.6% 5,539,391 6,059,311 9.4% Sold Energy (*) 1,161,335 1,214,772 1,268,309 9.2% 4,378,551 4,804,495 9.7% Losses 329,722 356,474 351,466 6.6% 1,160,841 1,254,816 8.1% Celpa Required Energy 2,541,768 2,658,177 2,759,975 8.6% 9,527,941 10,324,099 8.4% Sold Energy (*) 1,645,907 1,622,956 1,653,922 0.5% 6,321,764 6,412,577 1.4% Losses 895,861 1,035,221 1,106,053 23.5% 3,206,177 3,911,522 22.0% (*) Considers sale to the segments, own co nsumption and sales to CEP ISA 9
  10. 10. Distribution – Energy Losses in CEMAR 10
  11. 11. Distribution – Energy Losses in Celpa 11
  12. 12. Distribution – DEC and FEC (Last 12 months) ► CEMAR: In 4Q12, the DEC index increased 1.2% compared to 4Q11 while the FEC index decreased 5.4% compared to the same quarter last year. ► Celpa: In 4Q12, the DEC index increased 1.9% compared to 4Q11 while the FEC index decreased 4.1% compared to the same quarter last year. DEC (hours) FEC (times) 21.4 1.2% 21.7 11.6 -5.4% 11.0 CEMAR 4Q11 4Q12 4Q11 4Q12 99.7 1.9% 101.6 55.5 -4.1% 50.9 Celpa 4Q11 4Q12 4Q11 4Q12 12
  13. 13. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results ► Corporate Events 13
  14. 14. Quarterly Results Consolidated EBITDA 18.1% 167.6 141.9 4Q11 4Q12 Consolidated EBITDA grew by 18.1% on the 4Q12 when compared to the 4Q11 figures. CEMAR’s quarterly EBITDA grew by 10.5%, amounting to R$147.7 million. Celpa’s EBITDA contribution in the 4Q12 totaled R$20.9 million. 14
  15. 15. Quarterly Results Net Income 33.9 -126.1% (8.8) 4Q11 4Q12 This quarter’s result was a loss of R$8.8 million due to the consolidation of Celpa. CEMAR’s adjusted net income, excluding the non-recurring results of R$68.9 million and minorities’ stake, amounted to R$52.7 million in the quarter, a 3.9% growth. Celpa’s result in november and december, already excluding minorities and which were conolidated under Equatorial’s result, represented a R$98.3 million loss. 15
  16. 16. Debt: Schedule of Gross Debt Maturities Consolidated Gross Debt (100% CEMAR + 100% Celpa + 25% Geramar) 16
  17. 17. Net Debt - Consolidated 100% CEMAR + 100% Celpa + 25% Geramar Net Debt (R$MM) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM) (Last 12 months) 3.1 2.0 1,758.2 2.0 2.0 51,1 1.9 1,082.6 1,108.3 1,631.4 1,002.4 1,051.3 3,627.9 1,758.2 4Q11 1Q12 2Q12 3Q12 4Q12 Gross Debt Net Cash Net Debt Regulatory Asset Despite the consolidation of 100% of Celpa’s gross debt, its EBITDA contribution to Equatorial’s consolidated figure represents only the results from November and December. 17
  18. 18. Net Debt – Pro-rata 65.11% CEMAR + 61.37% Celpa + 25% Geramar Net Debt (R$MM) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM) (Last 12 months) 2.4 2.1 2.0 2.0 2.0 890.9 33,3 735.0 751.0 681.7 714.4 1,296.1 2,334.3 890.9 4Q11 1Q12 2Q12 3Q12 4Q12 Gross Debt Net Cash Net Debt Regulatory Asset Despite the consolidation of 61.37% of Celpa’s gross debt, its proportional EBITDA contribution to Equatorial’s consolidated figure represents only the results from November and December. 18
  19. 19. Capex - Equatorial► CEMAR: In 4Q12, total capex reached R$195.5 million, of which R$150.2 million are own capex and R$45.4 million regarding the Light for All Program (PLPT).► Celpa: In 4Q12, total capex reached R$62.5 million, of which R$57.5 million are own capex and R$5.0 million regarding the Light for All Program (PLPT). INVESTMENTS (R$MM) 4Q12 3Q12 4Q12 Chg. 2011 2012 Chg. CEMAR Own (*) 141,3 116,2 150,2 6,3% 322,3 441,2 36,9% Light For All Program 50,1 50,5 45,4 -9,5% 174,6 177,5 1,6% Total 191,4 166,7 195,5 2,1% 496,9 618,7 24,5% Celpa Own (*) 100,5 124,5 57,5 -42,8% 487,1 432,6 -11,2% Light For All Program 47,9 8,6 5,0 -89,6% 165,3 45,5 -72,5% Total 148,4 133,1 62,5 -57,9% 652,4 478,1 -26,7% Geramar Generation 0,1 0,0 0,1 8,7% 0,1 0,3 335,6% TOTAL 339,9 299,8 258,1 -24,1% 1.149,4 1.097,1 -4,6% (*) Including indirect Light Fo r A ll P ro gram investments 19
  20. 20. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results ► Corporate Events 20
  21. 21. Corporate Events ► In December 2012, Equatorial completed its capital increase operation (follow on) in which raised just over R$1.1 billion of net proceeds through the issuance of new shares priced at R$16.00 each. ► In December 2012, the Company published a Material Fact informing the signing of Investment, Purchase and Sale of Shares’ Commitment targeting the acquisition of Grupo Rede Energia, together with CPFL Energia. ► In January 2013, the Company’s Board of Directors approved the new capital increase operation through the capitalization of R$234.8 million of loans held by BNDESPAR against the Company. Since then, Equatorial’s capital came to be represented by 198,447,352 shares.
  22. 22. Contacts Eduardo Haiama CFO and IRO Thomas Newlands 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 22
  23. 23. 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 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. 23

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