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Conference Call1th Quarter 2014
Highlights Energy consumption increased by 7.8% between 1Q13 and 1Q14 due to higher
temperatures in the quarter; Captive Market growth 6.7% in 1Q14. Non-technical energy losses in the last 12 months came to 42.4% of billed energy in the
low-voltage market, 0.2 p.p. up on the 12 months ended December 2013. In comparison with March 2013, there was a 2.5 p.p. decline;
Collections stood at 94.6% of billed consumption in 1Q14, 6.4 p.p. down on the same quarter last year;
Provisions for past due accounts (PCLD) represented 1.0% of gross billed energy, totaling R$25.3 million, 0.2 p.p. down in 1Q13;
OPERATING
Net revenue, excluding construction revenue, increased by 20.1% over 1Q13, reaching R$2,118.7 million;
Consolidated EBITDA came to R$452.9 million, 27.5% higher than in 1Q13; Net income totaled R$180.5 million in 1Q14, 129.5% up year-on-year; Consolidated net debt closed 1Q14 at R$5,341.8 million, with a net debt/EBITDA ratio of
2.90x;
FINANCIAL
CDE FUNDS
Transfer of CDE funds to the distributors to settle energy purchase commitments with the CCEE;
The company recognized reduction of expenses with parcel A of R$181.2 million, R$556.7 million and R$423.1 million, respectively, for January, February and March, giving R$1,161.0 million for the quarter as a whole.
Energy Consumption Distribution – Quarter
1Note: To preserve comparability in the market approved by Aneel in the tariff adjustment process. the billed energy of the free customer CSN has been considered back.
TOTAL MARKET (GWh) ¹
Industrial captive
4.9%
Free17.1%
Others captives
13.2%
Commercialcaptive27.6%
Residential captive37.3%
+7.8%
6,8416,180
27.0ºC
28.3ºC
1Q12
6,291 7,374
1Q11
26.9ºC27.8º
C
+5.4% a.a.
1Q13 1Q14
Total Market
RESIDENTIAL INDUSTRIALCOMMERCIAL OTHERS TOTAL
1Q13 1Q14
ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET – QUARTER
1Q13 1Q14 1Q13 1Q14 1Q13 1Q14 1Q13 1Q14
FREECAPTIVE
+7.8%
5,572 6,117
6,841
1,2691,257
7,374
+6.1%
913 970
96653 55
1,025
+8.3%
2,093
215233
2,267
359 360
1,359
1,000
970
1,330
+13.6%
2,4232,752
-2.1%
1,877 2,034
CollectionCOLLECTION RATE BY SEGMENT
Quarter
1Q13
1Q14
Total Retail Large Clients
Public Sector
101.0% 94.6%
100.2% 93.2%
104.7% 98.0%
97.2%95.4%
PCLD/Gross Revenue (Billed Sales) - 12 Months
mar/11 mar/1 3
mar/12
3.0% 2.8%
1.8%
-1.0 p.p.
Loss PreventionLOSS (12 MONTHS)
% Non-technical losses/ LV Market
Non-technical losses GWh
Technical losses GWh
% Non-technical losses / LV Market - Regulatory
42.2%
43.7%
32.0%
5,738
2,614
8,552
44.2%
Mar/13 Jun/13
42.4%
6,029
2,618
8,748
Dec/13
5,955
2,793
8,352
Mar/13
44.9%
5,953
2,629
8,647
Sep/13
5,905
2,647
8,582
- 2.5%
INSTALLED METERS (Thousand Units)
Communities
Without Communities
2009 2010 2011 2012 2013
351
2010 2011 20132012
307
79
102
227122
432
197115272
330
Mar-14
109467
358
Losses Combat ActionsAPZ Results
By March. the program coverd 446 thousand customers in 27 APZs. which ones 22 had the results calculated:
-29.5 %
* Reflects the results accumulated until mar/14 since the begining of the implementation of each APZ. Subtitle: N = N / Y = Yes.
Before Current Before Current
Curicica 2010 12.967 38% 10% 95% 97% NRealengo/Batan 2010/2013 18.967 38% 13% 94% 96% N/YCosmos 1 2012 18.395 49% 16% 92% 95% NCosmos 2 2012 19.737 46% 16% 92% 104% NSepetiba 2012 20.650 57% 31% 88% 95% NCaxias 1 e 2 2012 14.186 59% 32% 83% 92% NBelford Roxo 1 e 2 2013 21.559 63% 23% 88% 93% NVigário Geral 2012 17.616 35% 13% 94% 99% NCaxias 3 2013 17.897 43% 18% 96% 93% NNova Iguaçu 1 2013 33.485 49% 28% 90% 96% NNova Iguaçu 2 2013 21.757 46% 22% 88% 96% NNilópolis 2013 10.396 42% 29% 90% 95% NNilópolis Convencional 2010 11.158 38% 12% 94% 96% NRicardo de Albuquerque 2013 25.703 35% 14% 94% 96% NMesquita 2013 9.038 51% 24% 84% 95% NCabritos/Tabajaras/Chapéu Mangueira/Babilônia/Santa Marta
2012 8.125 68% 12% 62% 96% Y
Coelho da Rocha 2013 18.407 41% 11% 92% 96% NCaxias 4 2013 16.971 42% 20% 90% 90% NAlemão 2014 13.519 63% 34% 91% 92% YCidade de Deus 1 2011 6.211 52% 17% 23% 98% YTomazinho 2013 12.712 43% 20% 87% 93% NFormiga/Borel/Macaco/Salgueiro/Andarai 2012 15.454 51% 27% 50% 87% Y
Média 364.910 50% 21% 89% 96%
NeighborhoodImplementation
YearNumber of
clients
Non-Technical Losses / Grid Load*
Collection RateUPP Area
Net Revenue
Industrial (Captive) 5.3%
NET REVENUE (R$MN)Generation
9.4%
Distribution 77.6%**
NET REVENUE BY SEGMENT (1Q14)*
Commercialization 13.1%
* Eliminations not considered** Construction revenue not considered
NET REVENUE FROM DISTRIBUTION (1Q14)
Commercial (Captive)
30.0%Others (Captive) 11.2%
Network Use (TUSD)(Free +
Concessionaires) 6.7%
Residential (Captive)
46.8%
Construction RevenueRevenue w/out construction revenue
1Q141Q13
1,765
1,834
+18.8%
2,119 6,602
1,922 2,282
157 164
CDE Fund
9
Involuntary exposure together with unfavorable hydrological scenario and PLD in the ceiling, put the cash flow under pressure in the short term
Decree8203
(jan/14)
Decree8221
(apr/14)
Quotas Involuntary Exposure
A-1 Auction Involuntary Exposure
Involuntary Exposure – New Energy
Availabilitie Contracts
Hydrological Risk
A-0 Auction Contract NA
(84,6)
(1.245,7)1.161,0
Short-TermEnergy(Spot)
BalanceCDE FundTotal
Aporte CDE -1Q14 (R$ MN)
Operating Costs and Expenses
Manageable (distribution): R$
351(18.5%) Generation and
Commercialization: R$ 315
(16.6%)
Non manageable (distribution**): R$
1,227(64.8%)
* Eliminations not considered** Construction revenue not considered
DISTRIBUTION PMSO COSTS (R$MN)COSTS (R$MN)*1Q14
R$ MN 1Q13 1Q14 Var.
PMSO (184.0) (187.8) 2.1%
Provisions (45.2) (65.3) 44.3%
PCLD (29.0) (25.3) -12.8%
Contingencies (16.2) (40.0) 146.6%
Depreciation (80.6) (85.4) 6.0%Other operational/revenues expenses (7.3) (12.1) 66.3%
Total (317.1) (350.6) 10.6%
184 188
+2.1%
1Q141Q13
EBITDAEBITDA BY SEGMENT (R$ MN)
1Q13 1Q14
453
355
+27.5%
Generation and CommercializationDistribution
44.0%
56.0%
36.2%
63.8%64.9%
Consolidated EBITDA (R$ MN) 1Q14 1Q13 Var.%Distribution 254.8 228.1 11.7% EBITDA Margin (%) 14.6% 14.3% 0.2 p.p.
Generation 182.8 119.3 53.2% EBITDA Margin (%) 86.5% 82.1% 4.4 p.p.
Commercialization 17.5 9.9 76.9% EBITDA Margin (%) 6.0% 6.3% -0.3 p.p.
Others and eliminations (2.2) (2.2) 0.4%Total 452.9 355.1 27.5%EBITDA Margin (%) 21.4% 20.1% 1.2 p.p
EBITDA
EBITDA1Q13
EBITDA1Q14
Net Revenu
e
Non-Manageabl
e Costs
Manageable Costs (PMSO)
Provisions
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
Adjusted EBITDA
1Q13
Adjusted EBITDA
1Q14
Adjusted EBITDA – 1Q13 / 1Q14(R$ MN)
Other operacion
al revenues
Equity Pikup
EBITDA Ajustado -
2T11
Ativos e Passivos
Regulatórios
EBITDA -2T11
Receita Líquida
Custos Não Gerenciáveis
Custos Gerenciáveis
(PMSO)
Provisões EBITDA -2T12
Ativos e Passivos
Regulatórios
EBITDA Ajustado -
2T12
101
456355
354(217)
(8)
(18)
435
- 4.7%
+ 27.5%
453
(13) (4) (20) (2)
EBI TDA Ajustado -
2T11
Ativos e Passivos
Regulatórios
EBI TDA -2T11
Receita Líquida
Custos Não Gerenciáveis
Custos Gerenciáveis
(PMSO)
Provisões EBI TDA -2T12
Ativos e Passivos
Regulatórios
EBI TDA Ajustado -
2T12
Net Income
1Q13 1Q14EBITDA
Financial Result
Taxes Depreciation
ADJUSTED NET INCOME 1Q13 / 1Q14 (R$ MN)
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
Adjusted Net Income
1Q13
Adjusted Net Income
1Q14
+129.5%
14567
79
60 (51)(5)
181
(12)
168
+15.9%
98
Indebtedness
Average Term: 3.9 years
AMORTIZATION SCHEDULE* (R$ MN)
Nominal Cost Real Cost
NET DEBTWith Pension Fund
*ConsideringHedge* Principal only
COST OF DEBT
20122011 1Q142007 2008 2009 set/10
Custo Real Custo Nominal
2013
Net Debt / EBITDA
2009 2010 2011 2012
Custo Nominal Custo Real
2009 2010 2011 2012
Custo Nominal Custo Real
2009 2010 2011 2012
Custo Nominal Custo Real
Mar/13
2.24%
8.21%
3.63%
10.01%
4.25%
11.03% 9.68%
3.55%
TJLP13.5%
CDI 73.9%
IPCA 10.7%
Others 1.5%
U$/Euro 0.4%
2014 2015
494779
1,017811 899
441 450 450 565
2016 2017 2018 2019 2020 2021 After 2021
20092010
Custo Real
Custo Real
2.84 2.90
Mar/14
Dec/13
5,096.8 5,249.5
5,341.8
2.73
Investments
CAPEX (R$ MN)CAPEX BREAKDOWN
(R$ MN)1Q14
Generation3.5
Administration 3.3 Othe
rs2.8
Develop. of Distribution System
106.6
Losses Combat
48.9
Investments in Electric Assets (Distribution)
Commerc./Energy Eficiency10.5
2010
929
701
2011
2012
797
694
103
519
182
775
154
713
132
845
+7.9%
2013
2014E
163
1Q13
1Q14
36 17
127 158
1,055
176
Dividends
2007 2008 2009 2010 2011 2012 2013
100% 100%
76% 81%
100%86% 85%
50%
Minimal Dividends PolicyPayout
Important Notice
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international movable values. These declarations are based on certain assumptions and analyses made by the Company in accordance with its experience. the economic environment. market conditions and future events expected. many of which are out of the Company’s control. Important factors that can lead to significant differences between the real results and the future declarations of expectations on events or business-oriented results include the Company’s strategy. the Brazilian and international economic conditions. technology. financial strategy. developments of the public service industry. hydrological conditions. conditions of the financial market. uncertainty regarding the results of its future operations. plain. goals. expectations and intentions. among others. Because of these factors. the Company’s actual results may significantly differ from those indicated or implicit in the declarations of expectations on events or future results. The information and opinions herein do not have to be understood as recommendation to potential investors. and no investment decision must be based on the veracity. the updated or completeness of this information or opinions. None of the Company’s assessors or parts related to them or its representatives will have any responsibility for any losses that can elapse from the use or the contents of this presentation. This material includes declarations on future events submitted to risks and uncertainties. which are based on current expectations and projections on future events and trends that can affect the Company’s businesses. These declarations include projections of economic growth and demand and supply of energy. in addition to information on competitive position. regulatory environment. potential growth opportunities and other subjects. Various factors can adversely affect the estimates and assumptions on which these declarations are based on.
Contacts
João Batista Zolini CarneiroCFO and IRO
Gustavo WerneckSuperintendent of Finance and Investor Relations
+55 21 2211 [email protected]
Mariana da Silva RochaIR Manager
+ 55 21 2211 [email protected]
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