eng apresentação de resultados v.final
TRANSCRIPT
3Q13 Results
This presentation may contain statements that represent expectations about future events or results according to Brazilian and international securities regulations. These statements are based on certain assumptions and analyses made by the Company pursuant to its experience and the economic environment, market conditions and expected future events, many of which are beyond the Company's control.
Important factors that could lead to significant differences between actual results and the statements on expectations about future events or results include the Company's business strategy, Brazilian and international economic conditions, technology, financial strategy, developments in the utilities industry, hydrological conditions, financial market conditions, uncertainty regarding the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the Company's actual results may differ materially from those indicated or implied in forward-looking statements about future events or results.
The information and opinions contained in this presentation should not be construed as a recommendation to potential investors and no investment decision should be based on the truthfulness, timeliness or completeness of such information or opinions. None of the advisors of the Company or parties related to them or their representatives shall be liable for any losses that may result from the use or of this presentation.
This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the Company's business. These statements may include projections of economic growth, demand, energy supply, as well as information about its competitive position, the regulatory environment, potential growth opportunities and other matters. Many factors could adversely affect the estimates and assumptions on which these statements are based.
Disclaimer
2
Installed capacity increased to 1,233 MW, 59 plants in operation, +9% vs 3Q12
Operations’ start Coopcana plant with 50 MW of installed capacity in Paraná
Wind Farm Campo dos Ventos II with 30MW of installed capacity in Rio Grande do Norte, already apt to operate
Net revenue of R$ 269 million in the 3Q13 and R$ 685 million in the 9M13
EBITDA of R$ 149 million in the 3Q13 (-11% x 3Q12) and R$ 388 million in the 9M13 (+14% x 9M12)
Solid liquidity situation, with cash of R$ 792 million in the 3Q13
Investments amounting R$ 687 million in the 9M13
Leverage of 7.1x EBITDA, debt profile and cost suitable with the Company’s projects
Recent event
On November, 11th the Alvorada plant - with 50 MW of installed capacity and located in Minas Gerais - has started its operations
Highlights 3Q13
3
#1 in renewable energy in Brazil
1.7 GW of contracted capacity (71% already in operation)
Regionally diversified portfolio with presence in 4 sources 3Q12 3Q13 4Q13 2016 Total
contracted
1,132.0 1,233.1
248.2 ²
254.0 1,735.3
In Operation
1) Does not consider Rosa dos Ventos wind farm, acquired in operation, whose acquisition is still awaiting fulfillment of contractual conditions
2) Considers the entry into operation of the first wind farm of the Macacos and Atlântica’s Complex
SHPP (MW)
Solar (MWp)
Wind (MW)
Total portfolio contracted (MW)(1)
Biomass (MW)
3Q12 3Q13
307.6 326.6
3Q12 3Q13
555.5 585.5
3Q12 3Q13
0.0 1.1
3Q12 3Q13
270.0 320.0
Portfolio installed capacity
8.9%
4
Start of Operations 3Q13 1 3Q13
Installed Capacity
(MW) 30.0 50.0
Physical Guarantee (average MW)
15.0 18.0
PPA LER2/2010 - 20 years ACL3 - 21 years
Projects concluded in the 3Q13
Campo dos Ventos II
Bio Coopcana
1) Campo dos Ventos II is already able to generate power and is entitled to revenue corresponding to the billing contracted in the 2010 Reserve Energy Auction (LER) as of September 27, 2013 – conclusion of the construction of ICG still pending
2) Reserve Auction
3) Free Market 5
Project completed in November 2013
92% concluded
Start of operation
Installed capacity (MW)
Physical Guarantee (average MW)
Financing PPA
4Q131 50 18.0 BNDES (contracted and
partially disbursed) ACL - 20 years
6
1) Dispatch published on November 11, 2013, authorizing the commercial operation
UTE Alvorada
Operating data
3Q12 3Q13
185.0 263.8 0
0.4 416.8
359.6
178.8 276.7
SHPP
SOL
WIND
BIO
780.6
9M12 9M13
777.2 906.8
0 1.0
760.3 837.5
365.4
459.1
Energy generation per source (GWh) (1)
899.1
1,903.9
2,204.4
9M13’s generation reached 2,204GWh, 15.8% more than the same period of 2012, mainly due to growth of portfolio in operation
1) The energy generation data does not consider Santa Clara and Campo dos Ventos II wind farms which are able to generate energy and have been receiving the revenue from their contracts – conclusion of the construction of ICG still pending
15.2%
15.8%
7
9M12 9M13
528.7
684.5
Net Income
• Contribution of assets that started operations during 2012 (Bio Ipê, Bio Pedra, Santa Clara Wind Complex, Solar Tanquinho and SHPP Santo Góes)
• Contribution of Bons Ventos S.A. and Ester’s acquisition, in June and October 2012, respectively
• Revenue added in 2013 (Bio Coopcana, Bio Alvorada, Campos dos Ventos II Wind Farm and Atlântica Wind Complex)
Net Income (R$ Million)
34.5% SHPP
17.0% Bio 48.5%
Wind
3Q12 3Q13
242.9
268.8
10.6%
29.5% Per source (9M13)
8
• Extraordinary costs with energy purchase for supplying contracts amounting R$ 51.7 million in the 3Q13 and R$ 101.5 million in the 9M13
• Current expenses level to fulfill Company’s expansion plan
Cost of Energy Generation and General and Administrative Expenses
Co
sts
– R
$ m
m
Ex
pe
nse
s1 –
R$
mm
3Q12 3Q13
110.9 154.2
39.0%
9M12 9M13
241.5
384.8
59.3%
3Q12 3Q13
26.2 23.8
-9.2%
9M12 9M13
70.4 77.8
10.5%
9 1) Excluding the amortization of the exploitation right
Adjusted EBITDA3Q13
EBITDA (in thousand)
338.9 155.8
101.5 5.7 387.5
EBITDA 3Q12
Net Income Extraordinary Items
PMSO and
other
EBITDA 3Q13
14.4%
EBITDA 9M12
Net Income Extraordinary Items
PMSO and other
EBITDA 9M13
68.9% 55.3%
64.1% 56.6% EBITDA margin
167.5 25.9 148.5 46.3 1.4
EBITDA margin
-11.3%
Increase in portfolio in operation increased (101MW)
Extraordinary items
• 3Q13: R$46.3 MM
• 9M13: R$101.5 MM
72.5%
194.8
Ebitda Ajustado1S13
71.4%
489.1
10
Adjusted EBITDA 9M13
• Costs and expenses in line with CPFL Renováveis’ growth plan
• Excluding extraordinary items: net income of R$ 30.3 million in 3Q13 and R$ 18.7 million in 9M13
Net Income (Loss) (in thousand)
11
-16.0 46.3
30.3
-82.8
101.5
18.7
Net Income
3Q13
Extraordinary Items
Adjusted Net Income 3T13
Net Income 9M13
Extraordinary Items
Adjusted Net Income 9M13
3,555.0 3,809.8 4,129.5 3,903.1
504.3 565.3 572.1 553.4
4Q12 1Q13 2Q13 3Q13²
Net Debt Ebitda LTM³
Cash 3T13 2014 2015 2016 2017 2018+
792.2
137.1
131.0 751.6
324.9 325.7 329.0
2,518.9
173.3
36.2 271.9
923.2
Debt according to index rate (%) Net Debt/Ebitda (R$ mm)
Debt Amortization (R$ mm)
• Average term: 6.6 years
• Average nominal cost: 7.8%
(89.5% of CDI sept/13)
Debt Profile
1) Corresponds to funding for projects under construction works that did not yet have pay-outs of long-term debts
2) Considering the balance in Reserve Accounts of R$ 131 million, cash would achieve R$ 923 MM and the leverage would be 6.8x
3) Last twelve months
Debt Profile
CDI 29%
Fixed 13%
LTIR 53%
TJ6 3%
IGPM 2%
12
1,023.5
Cash Reserve account Bridge loans¹ Loans and Debentures
7.0x 6.7x
7.2x 7.1x
Leverage
¹) Atlântica Wind Farms I, II, IV and V; ²) Considers the start of the first wind farm of the Complex (10 wind turbines in the testing phase and 5 wind turbines in final assembly)
Plants under construction
Start of Operation
Installed capacity (MW)
Physical Guarantee (average MW)
Financing PPA
4Q132 120 52.7
BNDES (bridge contracted and
disbursed, long-term loan under analysis)
LFA 2010 - 20 years
66% concluded
13
Atlântica Complex1
Projects under construction
Start of operation
Installed capacity (MW)
Physical Guarantee (average MW)
Financing PPA
4Q13 2 78.2 37.5 BNDES
(financing approved, contract being concluded)
LFA Aug/10 - 20 years
Projects under construction
14
66% concluded
¹) Macacos, Pedra Preta, Costa Branca and Juremas ²) Considers the start of the first wind farm of the Complex (initiated phase assembly of wind turbines)
Macacos I Complex 1
Start of operation
1Q16 3Q16
Installed Capacity (MW)
82.0 172.0
Physical Guarantee (average MW)
40.2 89.0
Financing BNDES
(structuring)
BNDES (structuring)
PPA ACL - 20 years ACL - 20 years
1) Campo dos Ventos I, III, V 2) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula São Domingos and Ventos de São Martinho; 3) Project with energy sold to the free market at the long term, supply of wind turbines contracted and executive projects being prepared;
Projects under construction
Campo dos Ventos Complex1 3
São Benedito
Complex2 3
15
Capital Markets
16
8.2%
11.0%
2.8%
1) Basis 100 on 07/19/2013
• Stabilization period concluded on August 22, 2013, total funding of R$ 915 million
• Market Maker hired
• 8.2% increase in share’s price since the beginning of negotiations
• Company’s current market value is equivalent to R$ 5.7 billion
Capital Market
Shares performance
Contacts
Closing quotation on 11/12/2013: R$ 13.00
Market Value: R$ 5.7 Billion| US$ 2.5 Billion
André Dorf
Chief Executive Officer
Marcelo Souza
Chief Financial and Investor Relations Officer
Maria Carolina Gonçalves
Investor Relations Head
Daniele de Oliveira
Investor Relations Analyst
Priscila de Oliveira
Investor Relations Analyst
E-mail: [email protected]
Telephone: 55-11- 3157-9305
Press Office
RP1 Comunicação Empresarial
E-mail: [email protected]
Telephone: 55-11- 5501-4655
17