institucional 2 q14 padrão 2014 eng
DESCRIPTION
TRANSCRIPT
INSTITUTIONAL
PRESENTATION
August, 2014
2
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
►Annex – Data
3
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
Agenda
►Annex - Data
DISTRIBUTION SEGMENT
GENERATION SEGMENT
4
Equatorial Overview
• Distribution company in the State of
Maranhão
• Annual gross revenues of R$2.5
billion in 2013.
• EBITDA (2013): R$ 560 million
• Energy Losses (2013): 19.2%
• Executed Turnaround
• Thermal Generation Company, 25%
owned by Equatorial;
• Joint installed capacity of 331 MW;
• 240 MW of energy sold at the A-3
auction in 2007;
• Start-up: January 2010;
• EBITDA 2013 (25%): R$ 31 million
• + Opportunistic Investments
• Electricity trading company and
developer of new products and
services
• Experienced executives and well-
recognized in the trading market
• Market intelligence focused in new
opportunities
PA MA
CELPA
• Distribution company in the
State of Pará.
• Annual gross revenues of R$3.4
billion in 2013.
• EBITDA (2013): R$ 113 million
• Energy Losses (2013): 35.5%
• Undergoing Turnaround
TRADING SEGMENT
5
Ownership Structure – Current
• Total no. of shares:
• Share price (08.14.2014):
• Free float:
• ADTV90:
198,447,352
R$ 25.05
77.1% / R$3,833 MM
R$ 17.871 MM
ADTV90 represents the average volume traded in the past 90 days
Luis Otávio Laydner
Officer
Felipe Borges
Officer
Carlos Piani
Chairman of the Board
Firmino Sampaio
CEO
Eduardo Haiama
CFO & IRO
Tinn Amado
Regulatory Affairs Officer
Ana Marta Horta Veloso
Officer
Augusto Miranda
Officer
• Officer of Equatorial since January 2013.
• Former Banco Original Legal Officer; Also worked at Ulhoa Canto Lawyers and Mattos Filho.
Management
• Former CEO of Equatorial and CEMAR. Currently, partner at Vinci Partners and CEO of PDG Realty.
• Former 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.
• CFO and IRO of Equatorial since 2008. IRO of CEMAR since 2008;
• Former UBS Pactual equity research senior analyst for the Utilities Segment.
• Regulatory Affairs Officer of Equatorial since April 2008 and of CEMAR since August 2006;
• Former consulting partner of Amado Consultoria; former ANEEL analyst.
• Officer of Equatorial since November 2008.
• Former executive at UBS Pactual and BNDES (Brazilian Development Bank);
• Officer of Equatorial since May 2013.
• Partner at Vinci Partners. Former executive at Banco Pactual and Esso
• Officer of Equatorial since May 2013.
• Currently, CEO at CEMAR since April 2010. Executive at CEMAR since 2004. Over 20 years experience in the sector having worked at COELBA.6
7
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
►Annex - Data
8
EBITDA (IFRS) (R$ million)
Financial Performance
(*) As from 2010, all values are according to IFRS(**) In 2012, CELPA’s consolidation started as from November.
Consolidated Net Debt and Net Debt/LTM Regulatory EBITDA
R$ million / Times
In 2012, Equatorial consolidated 100% of CELPA’s Net Debt, however, only consolidated CELPA’s EBITDA
for the months of November and December 2012.
Since 2004, Equatorial has been presenting an excellent financial performance.
2004 2005 2006 2007 2008 2009 2010 (*) 2011 2012 (**) 2013 1S14
Net Revenue 526 629 810 879 2,346 2,506 1,799 1,981 2,987 4,715 2,678
LTM EBITDA (IFRS) 93 189 341 379 784 757 510 504 567 586 670
LTM Regulatory EBITDA 93 189 341 379 784 757 499 504 500 652 887
9
Distributions to Shareholders/Net IncomeR$ million
Financial Performance
* 2008 figure includes R$82 million in Capital Reduction
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Consolidated Dividends (R$ MM) - 54 108 151 284 51 197 50 37 18
CEMAR - 54 108 112 91 58 200 94 76 38
Light - - - 27 111 56 - - - -
Capital Reduction (holding) - - - - 82 - - - - -
Net Income (R$ MM) 123 229 119 153 300 207 189 160 141 69
CEMAR (31) 234 116 117 148 129 279 248 385 192
Celpa - - - - - - - - (160) (229)
Geramar - - - - - - 6 11 18 -
Equatorial Soluções - - - - - - - - 3 7
Light - - - - 130 79 - - - -
The Consolidated div idends incorporate 100% of CEMAR
2004 2005 2006 2007 2008* 2009 2010 2011 2012 2013
Payout 0% 24% 90% 99% 95% 25% 104% 32% 26% 26%
Div idend Yield N/A N/A 10% 13% 27% 3% 18% 4% 2% 0%
10
Financial Performance
made a longer debt amortization schedule possible…
Debt Amortization Schedule - R$ MM
Short Term 2015 2016 2017 2018 After 2018 Total
CEMAR 447 152 205 186 217 458 1.665
Celpa 395 185 11 10 8 1.077 1.686
Total 842 337 216 196 225 1.535 3.351
11
Investments
Investments - R$ MM
and a significant increase in investments.
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1S14
CEMAR 70 232 306 394 465 419 399 497 619 325 173
Celpa - - - - - - - - 42 421 326
Light - - - - 137 141 - - - - -
Geramar - - - - 24 107 16 0,4 0,4 0,1 0,0
Total 70 232 306 394 626 667 415 497 661 746 211
12
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
►Annex - Data
13
CEMAR and CELPA comparison
PA MA
CEMAR 2004 2013
Energy Sold GWh 2.593 5.288
Net Revenues R$ MM 495 1.969
PMSO R$ MM 127 367
PDA + Contingencies R$ MM 47 59
Accounting Ebitda R$ MM 93 494
Regulatory EBITDA R$ MM 93 560
Net Income R$ MM (31) 192
Dividends R$ MM - 38
Net Debt R$ MM 362 870
Net Debt / Reg. EBITDA times 3,9 1,6
Clients '000 1.161 2.126
PMSO/Client R$/Client 109 173
EBITDA/Client R$/Client 80 232
DEC (*) Hours/Year/Client 63,4 18,9
FEC (*) Times/Year/Client 39,3 10,9
Total Losses (*) % 29,9% 19,2%
CAPEX R$ MM 45 296
PLPT (**) R$ MM 25 29
(*) Last 12 months
(**) Light For All Program
(***) Values according to IFRS
CELPA 2012 2013
Energy Sold GWh 6.383 7.250
Net Revenues R$ MM 2.350 2.495
PMSO R$ MM 1.069 769
Non-manageable costs R$ MM 1.233 1.049
Accounting Ebitda R$ MM -369 113
Regulatory EBITDA R$ MM -344 113
Net Income R$ MM -697 -229
Net Debt R$ MM 1.219 961
Net Debt / Reg. EBITDA R$ MM N/A 8,5
Clients '000 1.931 2.031
PMSO / Client R$ / Client 553 379
EBITDA/Client R$ / Client N/A 56
DEC (*) Horas / Ano / Cons. 101,6 73,5
FEC (*) Vezes / Ano / Cons. 50,9 38,0
Total Losses (*) % 35,0% 35,5%
CAPEX R$ MM 433 361
PLPT (**) R$ MM 46 61
14
Highlights (CEMAR)
3,551
6,553
2004 2013
CAGR7,0%
Required Energy(GWh)
2,593
5,288
2004 2013
CAGR8,2%
8361,121
2,069
2005 2009 2013
CAGR12,0%
1,161
2,126
2004 2013
CAGR7,0%
Billed Energy(GWh)
Number of Clients(‘000)
Net RAB(R$ million)
15
Highlights (CELPA)
5,736
11,291
2004 2013
CAGR7,8%
4,440
7,250
2004 2013
CAGR5,6%
1,263
2,031
2004 2013
CAGR5,4%
829 889
1,472
2003 2007 2011
CAGR7,4%
Required Energy(GWh)
Billed Energy(GWh)
Number of Clients(‘000)
Net RAB(R$ million)
16
CEMAR: Energy Losses
17
Celpa: Energy Losses
1027372
6455
42403939
313030292827
242322222221
1918
141212
9
CELPA 2012CELPA 2013
ELETROACRECEMAR 2004CEMAR 2005CEMAR 2006
CELGCERON
CELTINSCEAL
CEMATCEPISA
CEMAR 2007CHESP
CEMAR 2008CEMAR 2009
COELBACELPE
CEMAR 2010CEMAR 2012CEMAR 2011CEMAR 2013
CEBCOSERNENERSULSULGIPECOELCE
DEC (hours)
5147
3938
373332
2625
2323
2018
17161615
14121111
9998
85
CELPA 2012ELETROACRECEMAR 2004CELPA 2013
CHESPCEMAR 2005
CERONCELG
CEMAR 2006CEMATCEPISA
CEMAR 2007CELTINS
CEMAR 2008CEALCEB
CEMAR 2009CEMAR 2010CEMAR 2011CEMAR 2012CEMAR 2013
SULGIPECOELBACOSERN
CELPEENERSULCOELCE
FEC (times)
18
CEMAR and CELPA: DEC/FEC 2013 Evolution Comparison
BETTER
In 2004, CEMAR was the worst in quality indicators.
In 2013, according to ANEEL, it was the 3rd best, in terms of adherence to regulatory targets.
19
CEMAR Turnaround – First Steps
Focus in Human Resources
Meritocracy
Obsession to Profit
Dedication to the Client
Ethics and Integrity
Safety
Transparency
Be the best and most profitable distribution company in Brazil.
Distribute electricity with quality to promote the development of Maranhão.
VISION
MISSION
VALUES
CEMAR’s Issues before the acquisition:
• Previous controllers requested bankruptcy protection;
• High indebtedness, including unpaid energy purchase, amounting to R$820 million;
• Very low operating margin;
• Worst quality indicators in Brazil;
• Unmotivated employees and managers, lacking skills to face new challenges;
• Main sector players did not show any interest in acquiring the company.
20
CEMAR Turnaround
FIRST TURNAROUND WAVEReestructuring based on 8 macro initiatives
� Recruiting of New Talents;
� Variable Compensation;
� Operational Reestructuring;
� New Investments;
� Client Satisfaction;
� New IT Infrastructure;
� Financial Discipline;
� Result-oriented Management.
MA
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21
CEMAR Turnaround
GESTÃO DE RESULTADOS
SETTING CLEAR
GOALS FOR THE
COMPANY AND EVERY
SINGLE EMPLOYEE
INVOLVED PARTIES SATISFACTION
Participatory
Management Meritocracy
Financial
recognition for
achieved goals
INVOLVED PARTIES NEEDS
22
CEMAR – Results Matrix Management / Budgeting
Company Areas Expenses Packages
22
23
CEMAR Turnaround
SECOND TURNAROUND WAVE
� Productivity Gains;
� Focus on People;
� Result-Oriented Management;
� Focus on Safety;
� Energy Losses Reduction;
� Client Relationship – Improving the Company’s Image;
� Improvement in Third Party Management;
� Quality Improvement.
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24
CEMAR – Understanding Energy Losses
84,5%
MUNICIPALITY WEIGHT MHW
SÃO LUÍS 45,2% 374.456 MIRANDA 24,0% 198.472 IMPERATRIZ 15,3% 126.857 P. DUTRA 4,9% 40.335 PERITORÓ 4,8% 39.521 CEPISA 2,8% 23.098 COELHO NETO 2,5% 20.387 TOTAL 99,4% 823.126
24
25
Energy Losses (2008)
16.15%
29.24%28.18%
11.78%1.83%
0.74%0.92%0.12%
13.09%1.06%
0.76%
CEMAR – Understanding Energy Losses
26
CEMAR Turnaround – Reducing Energy Losses
Structuring Actions
1) Regularize costumers with quick-fixes (“gambiarras”);
2) Inspect and update the public lighting data;
3) Install and check the fiscal measurement;
4) Regularize clandestine clients;
5) Assure every client has a metering;
6) Reduce cut off and disconnected clients in the commercial system;
7) Recall of malfunctioning metering;
8) Check clients being billed by the minimum;
9) Check the Technical Losses percentage;
1) Structure the energy losses matrix;
2) Structure the Unregistered Consumption (“CNR”) treatment;
3) Avoid administrative losses from the billing system;
4) Assure the Energy Balance operation;
5) Recover metering equipment;
6) Weekly meetings to measure the results of the loss combating initiatives.
Maintenance Actions
27
CEMAR Turnaround – Reducing Energy Losses
Amount of Actions(in ‘000s)
2008 2009 2010 2011 2012 2013*
Gambiarras Clandestinos DS LD Recall Minimo
91
390
531
623708
252
Quick-fix(“gambiarra”)
Clandestine Minimum
28
CEMAR Turnaround
� Currently, 93% of CEMAR’s Leadership Team ismade of people that were internally promoted
� RELATIONSHIP VISIT
• Visit the client and inform about the debt before cutting its power;
• Respect and good relationship with the clients.
� IMMEDIATE BILLING
• Improved billing quality;
• Measuring and delivery on time;
• Client can follow the whole process.
� First and only company from Maranhão to be in the list ofbest places to work in Brazil, being part of the ranking for thethird time in a row.
2011 – 92nd Place2012 – 32nd Place2013 – 21st Place
FOCUS ON PEOPLE CLIENT RELATIONSHIP
29
CEMAR Turnaround
THIRD PARTIES MANAGEMENT
MANAGEMENT EXCELLENCE PROGRAM
CEMAR’s SUPPLIERS
� Project Safety Management System;� Integration – Training Team Leaders;� Legal Sustainability Project;� Management Excellence Program
• The Program pillars are aimed at developing and standardizeall third parties:
� Operational Management;� Safety;� Supply Management;� Environment;� Social Responsibility� Financial Administrative, and;� Accounting.
COI
INTEGRATED OPERATIONAL CENTER
• Integration of IT Systems and Teams;• Productivity Gains• Modernization.
Maranhão
Area: 332,000 km²Pop.: 6.7 millionDens.: 20 pp/km²
30
Overcoming Challenging Situations– CEMAR and CELPA
CEMAR CELPA
31
CELPA Turnaround – Main Issues and Initiatives
Complexity of the concession area
Innefficient operational management
� Management model, based on the experience in CEMAR;� Variable compensation linked to clear goals� IT Systems� Telecommunications� Geo-referencing the operating assets� Best Practices shared between CEMAR and CELPA
Misunderstanding of the regulatory rules� Review of the regulatory parameters� Priority ranking for the Capex� Asset Base complete analysis
High Energy Losses � Energy Losses Reduction Plan
Poor collection rate � Collection in Focus
Very high financial leverage � Debt Reestructuring: Judicial Recovery concluded in Sep-12
Awful Quality Indicators � Quality Improvement in focus
Inadequate Structure and Procurement� Joint procurement and IT infrastructure� Voluntary Dismissal Plan
32
Geramar: Ownership Structure
33
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$45 million.
34
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
►Annex – Data
35
Financial strength and solid management team with turnaround experience
Growth prospects and consolidation opportunities
Result-oriented management model
High level of
Corporate Governance
Value Creation
36
Agenda
►Financial Performance
►Portfolio Overview
►Company Profile
►Annex - Data
►Value Creation
37
CEMAR: Highlights
MA
� Distribution company in the State of Maranhão
� 2.1 million clients (4th largest in the Northeast region)*
� Billed energy (2Q14): 2,686 GWh
� Annual gross revenues of R$ 2.5 billion in 2013.
Energy Sales (2Q14)
Clients (2Q14)2.1 million
2,686 GWh
*Source: ABRADEE
RS
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DF
PB
49.0%
21.3%
21.0%
8.8%
Residential Industrial
Commercial Others
88.9%
4.1%6.6%
0.4%
Residential Industrial
Commercial Others
38
CEMAR: History
CEMAR under control of Equatorial
1958-Jun. 2000
Aug.2000-Aug.2002
Aug.2002-May 2004
May 2004-Present
State owned
CEMAR under PPL Global’scontrol
ANEEL’s intervention
CEMAR under control of Equatorial
39
CEMAR: Ownership Structure
CEMAR
OthersEquatorial EnergiaEletrobras
65.1% 1.3%33.6%
40
Tariff Review Results
*All values are nominal and in R$ million.
CEMAR 2005 2009 2013
Gross RAB 1.756 2.247 3.309
Net RAB 836 1.121 2.069
Operating Costs 218 278 428
Regulatory Depreciation 68 102 125
Regulatory EBITDA 157 271 341
CAIMI - - 45
Regulatory Losses (12-month) 28,0% 25,6% 19,6%
Deliquency Rate 0,5% 0,9% 0,94%
X Factor (ex-ante) 1,19% 1,06% 2,76%
41
CEMAR: Distribution
CEMAR 2004 2005 2006 2007 2008 2009 2010 1S11 (***) 2011 (***) 2012 2013 1S14
Energy Sold GWh 2,593 2,793 2,917 3,223 3,347 3,566 4,146 2,069 4,379 4,804 5,288 2,686
Net Revenues R$ MM 495 665 810 879 999 1,148 1,756 857 1,912 2,348 1,969 1,001
PMSO R$ MM 127 126 129 126 139 171 245 135 291 321 367 166
PDA + Contingencies R$ MM 47 20 14 30 32 33 68 22 46 69 59 18
Accounting Ebitda R$ MM 93 189 341 379 415 470 500 226 482 533 494 89
Regulatory EBITDA R$ MM 93 189 341 379 415 470 500 - 470 496 560 256
Net Income R$ MM (31) 359 177 222 227 198 279 121 248 385 192 9
Dividends R$ MM - 85 165 172 140 58 200 - 94 76 38 -
Net Debt R$ MM 362 305 291 421 673 768 759 994 898 1,102 870 769
Net Debt / Reg. EBITDA times 3.9 1.6 0.8 1.1 1.6 1.6 1.5 2.1 1.9 2.2 1.6 3.0
Clients '000 1,161 1,254 1,349 1,438 1,535 1,688 1,822 1,884 1,939 2,037 2,126 2,167
PMSO/Client R$/Client 109 101 95 88 90 101 134 71 150 158 173 77
EBITDA/Client R$/Client 80 150 253 264 270 278 274 120 249 262 232 41
DEC (*) Hours/Year/Client 63.4 54.6 42.6 28.7 27.3 23.6 21.8 19.6 21.4 21.7 18.9 16.1
FEC (*) Times/Year/Client 39.3 32.9 24.6 19.8 16.8 15.2 14.1 11.5 11.6 11.0 10.9 10.7
Total Losses (*) % 29.9% 29.5% 29.8% 28.7% 28.9% 25.2% 22.0% 21.4% 21.0% 20.7% 19.2% 17.8%
CAPEX R$ MM 45 103 137 199 278 239 197 106 322 441 296 132
PLPT (**) R$ MM 25 129 169 195 187 180 202 85 175 178 29 41
(*) Last 12 months
(**) Light For All Program
(***) Values according to IFRS
42
Celpa: Highlights
� Distribution company in the State of Pará
� 2.1 million clients
� Billed energy (1S14): 3,676 GWh
� Annual gross revenues of R$ 3.4 billion in 2013.
Energy Sales (1S14)
Clients (1S14)2.1 million
3,676 GWh
RS
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DF
PB
PA
PA
43.0%
17.4%
22.3%
17.3%
Residential Industrial
Commercial Others
85.8%
6.5%7.5%
0.2%
Residential Industrial
Commercial Others
43
Celpa: History
Celpa under Equatorial’scontrol
1962-Jul.1998Jul.1998-Oct.2012
Nov.2012-Present
State owned
Celpa under Grupo Rede’scontrol
Celpa’s Judicial Recovery Filing
Feb. 2012
44
Celpa: Ownership Structure
EquatorialEnergia
CELPA - Centrais
Elétricas do Pará S.A.
96.4% VC
96.2% TC
Minorities
(free float)
3.6% VC
3.8% TC
45
Tariff Review Results
CELPA (in R$ million) 2011
Gross RAB 2.338
Net RAB 1.472
Operating Costs (starting point) 429
Operating Costs (upper limit) 352
Regulatory Depreciation 95
Regulatory EBITDA 253
Deliquency Rate (% GOR) 1.0%
X Factor (ex-ante) 2.42%
Regulatory Losses* 41,55%-34,00%
*Non-technical over low voltage market
46
• 2.1 million clients in 144 municipalities, covering the whole state of
Pará (total area 1,247,955 km²)
• Energy sales reached 3,676 GWh in 1S14, 13.4% higher than
1S13’s figures.
• In 2Q14, energy losses from the last 12 months represented 33.0%
of required energy, 3.4 p.p. lower than the 36.4% recorded in 1S13.
• In 2Q14, DEC and FEC for Celpa (accumulated over the last 12 mo
nths) were 56.7 hours, down 34.4%, and 31.5 times, a 30.7%
decrease when compared to indices observed at the end of 1S13.
• More than 352 thousand clients connected through the Light for All
Program.
CELPA: Distribution
CELPA 2012 2013 1S14
Energy Sold GWh 6,383 7,250 3,676
Net Revenues R$ MM 2,350 2,495 1,504
PMSO R$ MM 1,069 769 310
Non-manageable costs R$ MM 1,233 1,049 1,252
Accounting Ebitda R$ MM (369) 113 (58)
Regulatory EBITDA R$ MM (344) 113 250
Net Income R$ MM (697) (229) (227)
Net Debt R$ MM 1,219 961 650
Net Debt / Reg. EBITDA R$ MM N/A 8.5 2.6
Clients '000 1,931 2,031 2,106
EBITDA/Client R$ / Clients N/A 56 (28)
DEC (*) Hours / Year / Cons. 101.6 73.5 56.7
FEC (*) Times / Year / Cons. 50.9 38.0 31.5
Total Losses (*) % 35.0% 35.5% 33.0%
CAPEX R$ MM 433 361 245
PLPT (**) R$ MM 46 61 80
(*) Includes Construction Costs/Rev enues
(**) Last 12 months
(***) Light For All Program
All v alues are in accordance w ith IFRS
47
Eduardo HaiamaCFO and IRO
Thomas NewlandsInvestor Relations
Renato ParentoniInvestor Relations
Phone 1: 55 21 3206-6635Phone 2: 55 21 3206-6607
E-mail: [email protected]
Website: http://www.equatorialenergia.com.br/ir
Contacts
48
► This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as theywere based on the expectations of Company’s management and on available information. These prospects includestatements 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 orsuggested by said forward-looking statements. Many factors and values that can establish these results areoutside Company’s control or expectation. The reader/investor is prevented not to completely rely on theinformation above.
► The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, areintended to identify estimates. Such estimates refer only to the date in which they were expressed, therefore theCompany has no obligation to update said statements.
► This presentation does not consist of offering, invitation or request of subscription offer or purchase of anymarketable securities. And, this statement or any other information herein, does not consist of a contract base orcommitment of any kind.
Disclaimer