Webcast 3 q13 eng

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Webcast 3 q13 eng

  1. 1. OPERATING AND FINANCIAL RESULTS 3Q13
  2. 2. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results 2
  3. 3. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results 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 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, 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 5
  6. 6. Operating Highlights ► CEMAR’s total billed energy volume reached 1,362 GWh in 3Q13, 12.3% higher than in 3Q12. The total volume distributed by CELPA (captive and free markets) totaled 1,857 GWh in 3Q13, representing growth of 9.1% YoY. ► In CEMAR, energy losses of the last 12 months ending 3Q13 represented 20.3% of the required energy, with a decrease of 0.5 percentage points compared to 20.8% recorded in 3Q12. In CELPA, total losses ended the year at 36.5% of the required energy. ► In 3Q13, CEMAR’s DEC and FEC indexes (accumulated over the last 12 months) were 19.2 hours, a decrease of 10.7%, and 10.6 times, a decrease of 6.4%, compared to those observed at the end of 3Q12. In CELPA, these same indexes closed the quarter with improvements of 19.2% and 18.7%, respectively. Analyzing CELPA’s indexes only in the quarter, we can see improvements of 17.9% and 32.0%, respectively. 6
  7. 7. Financial Highlights ► Net operating revenues (NOR) in 3Q13 reached R$1,203 million, almost twice 3Q12’s NOR, which reflects the beginning of the consolidation of CELPA. ► In 3Q13, EBITDA totaled R$331 million, an 146.7% increase compared to the 3Q12 amount, mainly due to the recognition of the CDE Revenue in CEMAR’s Tariff Review and CELPA’s Tariff Adjustment. ► The net result of the quarter was a profit of R$200 million, mainly due to the recognition of the CDE Revenue in the quarter. ► In 3Q13, Equatorial's consolidated investments totaled R$161 million, 3.2% lower than those made in 3Q12. If we consider only CEMAR’s own investments, the decrease amounted to 46.8% in the quarter. ► In August 2013, Equatorial transferred R$50 million to its subsidiary CELPA for Future Capital Increase. 7
  8. 8. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results 8
  9. 9. Energy Market - CEMAR ► CEMAR: 3Q13 energy sales moved up by 12.3%, reaching 1,362 GWh. Electricity Consumption per Segment (GWh) CONSUMPTION SEGMENTS * (MWh) Residential 3Q12 563.400 2Q13 606.984 3Q13 658.860 Chg. 16,9% 9M12 1.654.571 9M13 1.873.387 Chg. 13,2% Industrial Commercial Others 128.518 240.682 279.996 112.909 253.536 276.432 127.738 272.786 302.309 -0,6% 13,3% 8,0% 355.237 706.436 813.572 354.759 775.029 844.411 -0,1% 9,7% 3,8% 1.212.595 1.249.861 1.361.693 12,3% 3.529.816 3.847.585 9,0% TOTAL * Does not include sales to CEPISA and ow n consumption. Energy Balance (GWh) ENERGY BALANCE (MWh) Required Energy Sold Energy (*) Losses 3Q12 2Q13 3Q13 Chg. 9M12 9M13 Chg. 1.571.246 1.214.616 1.581.854 1.251.923 1.699.003 1.363.727 8,1% 4.807.472 3.853.646 8,3% 12,3% 4.439.536 3.535.713 356.630 329.931 335.276 -6,0% 903.823 953.826 5,5% 9,0% (*) Co nsiders sale to the segments, o wn co nsumptio n and sales to CEP ISA 9
  10. 10. Distribution – Energy Losses in CEMAR 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. 10
  11. 11. Distribution – DEC and FEC - CEMAR ► CEMAR: In 3Q13, the DEC index decreased 10.7% compared to 3Q12 while the FEC index decreased 6.4% compared to the same quarter last year. DEC (hours) FEC (times) 21.5 -10.7% 3Q12 11.4 -6.4% 19.2 3Q13 3Q12 10.6 3Q13 11
  12. 12. Energy Market - CELPA ► CELPA: Energy demand growth of 9.1% in energy sales in 3Q13 (Captive Market + Free), reaching 1,857 GWh. . Electricity Consumption per Segment (GWh) CONSUMPTION SEGMENTS * (MWh) 3Q12 2Q13 3Q13 Chg. 9M12 9M13 Chg. Residential Industrial 645.850 299.897 669.518 302.887 700.202 339.552 8,4% 13,2% 1.867.653 930.055 1.999.630 929.362 7,1% -0,1% Commercial Others 379.460 290.699 402.887 300.736 418.796 310.328 10,4% 6,8% 1.090.346 848.413 1.193.639 888.331 9,5% 4,7% 1.615.905 1.676.027 1.768.878 9,5% 4.736.466 5.010.962 5,8% 86.436 83.002 87.716 1,5% 208.003 254.574 22,4% 1.702.342 1.759.030 1.856.593 9,1% 4.944.469 5.265.536 6,5% TOTAL Free Consumers TOTAL (Captive + Free) * Does not include ow n consumption. Energy Balance (GWh) Energy Balance (MWh) Energy Sales (Captive + Own Consumption) Total Losses Required Energy Own Generation Energy Purchase (Contracts) Energy Purchase (Spot Market) Basic Network Losses 3Q12 1.622.956 948.784 2.571.689 105.796 2.535.444 (18.720) (50.831) 2Q13 1.682.452 1.006.117 2.688.478 110.319 2.358.964 275.370 (56.175) 3Q13 1.775.472 1.053.750 2.828.517 115.621 2.495.787 275.311 (58.202) Chg. 9,4% 11,1% 10,0% 9,3% -1,6% 1570,7% 14,5% 9M12 4.758.655 2.597.467 7.356.075 292.595 7.120.931 98.195 (155.645) 9M13 5.030.136 3.015.932 8.045.091 328.572 7.086.373 798.141 (167.996) Chg. 5,7% 16,1% 9,4% 12,3% -0,5% 712,8% 7,9% 12
  13. 13. Distribution – Energy Losses in CELPA 13
  14. 14. Distribution – DEC and FEC ► CELPA: In 3Q13, the DEC index improved 19.2% compared to 3Q12 while the FEC index decreased 18.7% compared to the same quarter last year. Analyzing CELPA’s indices only in the quarter, we can see improvements of 17.9% and 32.0%, respectively. DEC (hours) 102.3 -19.2% FEC (times) 51.3 -18.7% 82.7 41.7 CELPA – Last 12 months 3Q12 3Q13 20.3 3Q12 3Q13 11.9 -17.9% -32.0% 16.7 8.1 CELPA – Quarterly 3Q12 3Q13 3Q12 3Q13 14
  15. 15. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results 15
  16. 16. Quarterly Results Equatorial’s EBITDA EBITDA CEMAR EBITDA CELPA EBITDA Holding + Others Consolidated Accounting EBITDA Net Reg. Assets and Liabilities CEMAR Net Reg. Assets and Liabilities CELPA Net Reg. Assets and Liabilities Monetary Update Dispatch ANEEL 4991/11 PMSO Adjustment CELPA Adjusted Consolidated Regulatory EBITDA 3Q12 137 (37) (3) 97 53 34 6 (4) 186 2Q13 121 (53) (4) 64 37 52 (1) (5) 147 3Q13 172 161 (2) 331 (11) (125) (2) 9 26 228 Chg. 26.0% 531.2% 566.7% 241.2% N/A N/A N/A 302.6% N/A 22.6% 9M12 385 21 (8) 398 (13) 11 1 (12) 0 385 9M13 381 90 (17) 454 71 (13) (9) 26 529 Chg. -1.2% 325.7% 100.4% 14.1% N/A N/A N/A N/A N/A 37.4% In 3Q12, we are consolidating CELPA on a pro forma basis, to maintain comparability between quarters. 16
  17. 17. Quarterly Results Net Income 3Q12 2Q13 3Q13 Chg. 9M12 9M13 Chg. Consolidated Reported Net Income 58 (44) 200 247.2% 150 131 -12.7% Net Reg. Assets and Liabilities CEMAR and CELPA 67 - 75 - (108) - N/A N/A (18) (1) 43 - N/A N/A NRV Adjustment (CEMAR) - - 14 N/A - 14 N/A Deferred Taxes Adjustment (CELPA) - - 23 N/A - 23 N/A PMSO Adjustment (CELPA) - - 25 N/A - 25 N/A Non-Operating Result + Financial Result (CELPA) - - (4) N/A - (13) N/A Depreciation and Amortization (CELPA) - - 8 N/A - 22 N/A Energy Purchase Adjustment (CEMAR) Others (CELPA) Consolidated Adjusted Regulatory Net Income 4 5 9 N/A 12 (9) N/A 129 36 167 28.7% 142 237 67.3% In 3Q12, we are consolidating CELPA on a pro forma basis, to maintain comparability between quarters. 17
  18. 18. Debt: Schedule of Gross Debt Maturities Consolidated Gross Debt (100% CEMAR + 100% CELPA) 18
  19. 19. Net Debt - Consolidated 100% CEMAR + 100% CELPA Net Debt (R$MM) and Net Debt/ EBITDA (Last 12 months) 2.6 2.0 989 Net Debt Reconciliation (R$MM) 2.7 2.2 1.8 1,430 932 426 1.6 1,403 1,001 1,078 1,593 3,097 1,078 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Gross Debt Net Regulatory Cash Net Debt Asset We adjusted Equatorial’s net debt of previous quarters excluding the 25% stake in Geramar due to the change in the accounting consolidation rule. 19
  20. 20. Net Debt – Pro-rata 65.11% CEMAR + 96.18% CELPA Net Debt (R$MM) and Net Debt/ EBITDA (Last 12 months) 2.7 2.0 638 2Q12 1,001 1.8 2.9 984 2.2 380 1.6 629 601 3Q12 Net Debt Reconciliation (R$MM) 4Q12 1Q13 2Q13 738 1,374 2,492 738 3Q13 Gross Debt Net Regulatory Cash Net Debt Asset We adjusted Equatorial’s net debt of previous quarters excluding the 25% stake in Geramar due to the change in the accounting consolidation rule. 20
  21. 21. Capex - Equatorial ► CEMAR: In 3Q13, total capex reached R$68 million, of which R$62 million are own capex and R$6 million regarding the Light for All Program (PLPT). ► CELPA: In 3Q13, total capex reached R$94 million, of which R$78 million are own capex and R$16 million regarding the Light for All Program (PLPT). INVESTIMENTS (R$MM) 3Q12 2Q13 3Q13 Chg. 9M12 9M13 Chg. CEMAR Own (*) 116 54 62 -46.8% 291 194 -33.5% PLPT 50 7 6 -88.8% 132 18 -86.4% Total 167 61 68 -59.5% 423 212 -50.0% Own (*) 0 89 78 N/A 0 250 N/A PLPT Total 0 0 4 93 16 94 N/A N/A 0 0 23 0 N/A 167 154 161 -3.2% 423 212 -50.0% CELPA TOTAL EQUATORIAL N/A (*) Including indirect Light Fo r A ll P rogram investments 21
  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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