Webcast 3Q11 eng

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Webcast 3Q11 eng

  1. 1. OPERATING ANDFINANCIAL RESULTS 3Q11
  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, ii) 25% of Geramar’s results and iii) 100% of Equatorial Soluções Results. ► The operating information presented herein consolidates 100% of CEMAR’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 billed energy volume totaled 1,146.0 GWh in 3Q11, 6.9% more than in 3Q10. ► CEMAR’s last-12-month energy losses totaled 21.2% of required energy in 3Q11, 1.0 p.p. less than the 3Q10 ratio. ► CEMAR’s last-12-month DEC and FEC indices came to 20.6 hours and 11.3 times, respectively, in 3Q11, 11.4% and 24.0% down on the 3Q10 figures. ► In August, 2011, Equatorial announced the investment agreement in Sol Energias, through which it should invest R$6.0 million and should retain 51% of Sol Energias’ total capital. The mentioned investment is being concluded, for which reason the information relating to Sol Energias are not yet consolidated in this Earnings Release. 6
  7. 7. Financial Highlights ► Net operating revenues (NOR) totaled R$498.5 million in 3Q11, 2.8% up on 3Q10, reflecting a 3.0% increase at CEMAR. ► 3Q11 adjusted EBITDA came to R$131.6 million, 4.0% higher than the amount reported in 3Q10. ► Adjusted Net income totaled R$50.7 million in the quarter, 17.0% down on the adjusted amount reported in the same period last year. ► Equatorial’s consolidated investments amounted to R$114.6 million in 3Q11, 1.2% up year-on-year. In CEMAR (excluding direct investments in the Light For All Program), total capex amounted to R$74.5 million, 55.2% growth. Light For All Program investments totaled R$40.0 million. 7
  8. 8. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results 8
  9. 9. CEMAR – Electricity Sales Volume► CEMAR: 3Q11 energy sales moved up by 6.9%, reaching 1,146.0 GWh. Electricity Consumption per Segment (GWh) CONSUMPTION SEGMENTS * (GWh) 3Q10 2Q11 3Q11 Chg. 9M10 9M11 Chg. Residential 485.6 497.2 526.4 8.4% 1,409.6 1,491.3 5.8% Industrial 112.3 107.1 122.8 9.4% 315.2 331.9 5.3% Commercial 211.2 213.1 226.6 7.3% 602.1 637.9 5.9% Other 263.0 249.9 270.2 2.7% 724.1 749.8 3.5% TOTAL 1,072.2 1,067.3 1,146.0 6.9% 3,051.0 3,210.9 5.2% (*) Does not consider own consumption and sales to CEPISA. Energy Balance (GWh) ENERGY BALANCE (GWh) 3Q10 2Q11 3Q11 Chg. 9M10 9M11 Chg. Required Energy 1,379 1,334 1,456 5.6% 3,905 4,048 3.7% Sold Energy (*) 1,074 1,069 1,148 6.9% 3,056 3,217 5.3% Losses 305 265 308 1.0% 849 831 -2.1% (*) Considers sale to the segments, own consumption and sales to CEPISA 9
  10. 10. Distribution – Energy Losses in CEMAR Total Losses over Required Energy (last 12 months) 28.7% 28.9% 28.6% 28.9% 28.5% 28.1% 28.1% 26.4% 25.2% 24.2% 23.4% 22.2% 22.2% 22.0% 21.6% 21.4% 21.2% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Regulatory Target Total Losses (from Aug-11 until Jul-12) Non-technical Losses over Low-Voltage Market (last 12 months) 30.4% 30.6% 29.9% 30.0% 29.0% 28.7% 27.3% 23.7% 21.5% 18.9% 19.5% 15.7% 15.2% 15.4% 15.3% 15.7% 15.9% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Regulatory Target Non-technical Losses (from Aug-11 until Jul-12) 10
  11. 11. Distribution – DEC and FEC (Last 12 months) ► CEMAR: The DEC index improved 11.4% compared with 3Q10 and the FEC index improved 24.0% in the same period. DEC (hours) FEC (times) 23.3 14.8 -11.4% 20.6 -24.0% 11.3 3Q10 3Q11 3Q10 3Q11 11
  12. 12. Agenda ► Introduction ► Highlights ► Operating Results ► Financial Results 12
  13. 13. Adjusted EBITDA Adjusted EBITDA 4.0% 5.5 126.5 131.6 126.1 EBITDA Adjust. EBITDA RGR Adjust. EBITDA 3Q10 3Q11 3Q11► RGR: 3Q11 consolidated EBITDA was negatively affected by R$ 5.5 million, arising from the adjustment at an accounting entry in CEMAR (no cash affected) in RGR expenses referring to 1H11, part of Deductions from Revenue. Thus, the quarterly adjusted EBITDA grew by 4.0% over the 3Q10 value. 13
  14. 14. Adjusted Net Income Adjusted Net Income 17.0% 3.1 43.3 50.7 47.6 Net Income Adjust. Net Income RGR Adjust. Net Income 3Q10 3Q11 3Q11► RGR: The adjustment of CEMAR’s RGR accounting entry, net of tax and minority interest, negatively impacted net income by R$ 3.1 million. Excluding this effect, 3Q11’s result would be R$ 50.7 million, representing a growth of 17.0 when compared to 3Q10. 14
  15. 15. Debt: Schedule of Gross Debt Maturities Consolidated Gross Debt (100% CEMAR + 25% Geramar) 106.3 64.7 Geramar 231.2 - 46.8 - 353.8 1,177.1 - 124.1 - CEMAR 117.8 41.6 303.3 Gross Debt Short Term 2012 2013 2014 2015 After 2015 15
  16. 16. Net Debt - Consolidated 100% CEMAR + 25% Geramar Net Debt (R$MM)(*) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM) (Last 12 months) 2.1 2.0 1.5 1.5 1.4 994.2 974.6 90.4 758.7 752.8 218.5 733.4 1,283.4 974.6 Gross Debt Net Cash Net Debt 3Q10 4Q10 1Q11 2Q11 3Q11 Regulatory Asset► Net debt proportional to Equatorial stakes (65.11% in CEMAR + 25% in Geramar), reaches R$674.6 million, representing 2.0x EBITDA (last 12 months). 16
  17. 17. Net Debt – Pro-rata 65.11% CEMAR + 25% Geramar Net Debt (R$MM) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM) (Last 12 months) 2.1 2.1 1.4 1.5 1.5 674.7 58.9 661.5 152.4 483.3 499.1 494.4 872.8 661.5 3Q10 4Q10 1Q11 2Q11 3Q11 Gross Debt Net Cash Net Debt Regulatory Assets 17
  18. 18. Capex - Equatorial► CEMAR: In the 3Q11, total capex reached R$114.5 million, of which R$74.5 million are own capex and R$40.0 million regarding the Light for All Program (PLPT).► Ever since the conclusion of the construction of its plants in 1Q10, Geramar has only maintenance capex. INVESTMENTS (R$MM) 3Q10 2Q11 3Q11 Chg. 9M10 9M11 Chg. CEMAR Own (*) 48.0 63.8 74.5 55.2% 129.7 181.0 39.5% Light For All Program 65.0 46.8 40.0 -38.5% 143.8 124.5 -13.4% Total 113.1 110.7 114.5 1.3% 273.5 305.5 11.7% Geramar Generation 0.3 0.2 0.1 -59.5% 15.9 0.3 -98.3% TOTAL 113.3 110.9 114.6 1.2% 289.4 305.8 5.7% (*) Including indirect Light For All Program investments 18
  19. 19. 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 19
  20. 20. 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. 20

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