Companhia Paranaense de Energia - Copel

Transcrição

1 May 2016

2 Companhia Paranaense de Energia - Copel Head office: Curitiba/PR 62 years in the industry Top technology Generation, Transmission, Distribution and Telecomunication Since 1994 on the BM&FBovespa 22 years of listing 19 years of listing on the NYSE the first of the brazilian electric sector Present in the European Union 14 years listed on Latibex 1 On / US$1 = R$

3 State of Paraná Geographic Information Area: 199,000 km 2 (2.3% of the country) Population: 11 milion (5.5% of Brazil s population) Counties: 399 Economic Data GDP 2014: R$ 358 billion (6% of Brazilian GDP) GDP 2015¹: R$ 354 billion Breakdown by Income Segment Services 47.5% Trade 15.9% Construction 5.7% Utilities 4.0% Industries 16.4% Agricultural 10.6% 1 Estimated value. 3

4 Companhia Paranaense de Energia - Copel GENERATION TRANSMISSION 5,683 MW of installed capacity in operation 2,844 km of lines¹ and 39 Substations² in operation 30 power plants and 10 Corporate partnerships 2,400 km of transmission lines by 2021 Addition of 737 MW by 2019 Concession renewed until 2042 (Contract 060/2001) DISTRIBUTION More than 4.3 million customers 4th largest Distributor in number of costumers 3rd largest in electricity consumption (MWh) TELECOMUNICATION 28,205 km of optical fiber 401 municipalities with optic fiber 48 thousand customers BREAKDOWN BY OPERATING SEGMENTS- 1T16 ¹ Adjusted by Copel s stake. ² Participation in 5 Substations. EBITDA Net income Ger 83% Tra³ 8% Dis 6% Other 4 8% Ger 84% Other 4 3% Dis 5% Tra³ 8% ³ Estimated value. 4 Includes the sectors of telecom, water and sanitation and gas. 4

5 Organization Chart COPEL COPEL Geração e Transmissão 100.0% COPEL Distribuição 100.0% COPEL Telecom 100.0% COPEL Renováveis 100.0% COPEL Comercialização 100.0% Dominó Holding 49.0% UEG Araucária 60.0% Marumbi 80.0% Integração Maranhense 49.0% São Bento Energia 100.0% Cruzeiro do Sul 51.0% Costa Oeste 51.0% Caiuá 49.0% CUTIA 100.0% São Miguel do Gostoso I 49.0% UEG Araucária 20.0% SERCOMTEL 45.0% São Jerônimo 41.2% Mata de Santa Genebra 50.1% Cantareira 49.0% Brisa Potiguar 100.0% Elejor 70.0% COMPAGAS 51.0% ESCOELECTRIC 40.0% Baixo Iguaçu 30.0% Matrinchã 49.0% Paranaiba 24.5% Dona Francisca 23.0% CARBOCAMPEL 49.0% Paraná Gás 30.0% Tapajós 11.1% Guaraciaba 49.0% Sul Brasileira 20.0% Foz do Chopim 35.8% Dois Saltos 30.0% SANEPAR 7.6% Generation Transmission Other AMEC 48.0% 5

6 Capital Structure and Shareholders Thousand shares Shareholders Common % Preferred "A" % Preferred "B" % TOTAL % State of Paraná , ,0 BNDESPAR , , ,0 Eletrobras , ,6 Free Floating , , , ,2 BM&FBovespa , , , ,6 NYSE , , ,6 LATIBEX , Other 297 0, , ,2 TOTAL , , , ,0 Common Preferred 0.2% 58.6% 0.2% 13.7% 1.1% State of Paraná BNDESPAR Eletrobras Free Floating Other 78,6% 21.2% BNDESPAR Free Floating Other 26.4% As of

7 Power Generation Assets Installed Capacity 4% Copel 5,683 MW 7% 1% 6% 61% Brazil 143,134 MW 29% 86% HPP TPP SHP Wind 6% Main Power Plants Installed Capacity (MW) Assuresd Power (average MW) Concession Expires Gov. Bento Munhoz da Rocha Netto (Foz do Areia) Gov. Ney Aminthas de B. Braga (Segredo) Gov. José Richa (Salto Caxias) Mauá (1) 1, , , Gov. Pedro V. Parigot de Souza (Capivari-Cachoeira) (2) (1) Refered to Copel's stake (51% of power plant capacity of 363 MW). (2) Plant hired in quota regime from 2016, paid that year by the service providing revenue of R$ million. From 2017, 30% of the assured power is avaible. 7

8 Energy Sale Copel GeT Will be sold in the spot market (CCEE) 16% 30% 60% 52% 64% 68% R$ % R$ % R$ R$ % 36% R$ % R$ % R$ R$ 167,65 R$ 168,33 12% 12% 12% R$ R$ R$ 171,02 R$ R$ ,74 R$ 147,07 R$ 147,07 R$ 147, Regulated Market Free Market Avaiable R$ 152,92 R$ 152,92 R$ 152,92 Assured Energy (MW average) ,903 2,074¹ 2, ,161 2,155 Data up date to March Prices will be adjusted by inflation. Assured energy avaiable in the cargo center, included HPP Dona Francisca, net of losses. From 2017 includes 30% HPP GPS assured Energy. 1 Consider the delay of Colíder HPP. 2 Consider the delay of Baixo Iguaçu HPP. 8

9 Growth in Generation 17% R$ 136,68 30% R$ 165,66 30% R$ 165,66 43% 55% R$ 174,45 12% 12% R$ 136,68 R$ 136,68 39% 39% R$ 174,45 R$ 174,45 R$ 161,80 10% R$ 136,68 32% R$ 174,45 28% 19% 19% R$ 199,29 R$ 199,29 R$ 199,29 16% R$ 199, São Bento Energia Brisa Potiguar SMG I Cutia Assured power (average-mw) Data available up to March Gross value of PIS / Cofins. Prices are adjusted for inflation. 9

10 Growth in Generation Power Plant Installed Capacity (MW) Assured Power (Average MW) Capex Project* (R$ million) Start-up Energy Sold¹ Stake Under construction Copel GeT average MW HPP Colíder , % Copel GeT R$ average MW 30% Copel GeT HPP Baixo Iguaçu², ³ R$ % Neoenergia Copel Renováveis Cutia (LER 2014 and LEN 2014) Projects in the portfolio 1, (LER) 2019 (LEN) average MW R$ SHP ³ WPP TPP 1, ,600 ¹ Price updated by IPCA until March Font CCEE. ² Sale 70% in ACR. Concession Contract No. 002/2012 of 20/08/2012. Considering waiver of 756 days. ³ Adjusted for Copel s stake. Types of auctions: LFA Auction of Alternative Sources/ LER Auction Reserve Energy/ LEN New Energy Auction. 100% Copel * Estimated Values 10

11 Transmission Assets Subsidiary / SPC Contract TL Extension (km) Amount MVA Copel GeT 060/2001² Several 1, , Dec-42 Copel GeT 075/2001 TL Bateias - Jaguariaiva Jul-31 Copel GeT 006/2008 TL Bateias - Pilarzinho Mar-38 Copel GeT 027/2009 ³ TL Foz - Cascavel Oeste Nov-39 Copel GeT 015/2010 Cerquilho III Substation Oct-40 Copel GeT 022/2012 Enterprise LT Foz do Chopim - Salto Osório LT Londrina - Figueira Substation APR ¹ (R$ million) Concession Expiration Aug-42 TL Assis Paraguaçu Paulista II Copel GeT 002/ Feb-43 Paraguaçu Paulista II Substation Subtotal Copel GeT 4 2, , Costa Oeste Copel GeT - 51% Eletrosul - 49% 001/2012 TL Cascavel Oeste - Umuarama Sul Umuarama Sul Substation Jan-42 Transm. Sul Brasileira Copel GeT - 20% Eletrosul - 80% 004/2012 Nova Sta Rita - Camaquã May-42 Caiuá Transmissora Copel GeT - 49% Elecnor - 51% 007/2012 TL Guaíra - Umuarama Sul TL Cascavel Norte - Cascavel Oeste Santa Quitéria Substation / Cascavel Norte Substation May-42 Integração Maranhense Copel GeT - 49% Elecnor - 51% 011/2012 TL Açailandia - Miranda II May-42 Marumbi Copel GeT - 80% Eletrosul - 20% 008/2012 LT Curitiba - Curitiba Leste May-42 Subtotal SPCs 5 1, , Total 3, , ¹ Refered to Copel's stake. Value of RBNI: R$ million ² Renewed contract pursuant to Law 12,783/13 ³ APR updated as tariff review process - Aneel Resolution 1,901/15 4 Consolidated Financial Statement 5 Equity in Earning of Subsidiaries 6 Value submitted to Aneel. Subject to validation. After the validation, the value will be incorporate to the Transmission Asset Base and will be received via APR from

12 Growth in Transmission Midwest Guaraciaba Transmissora 600 km + 1 SE Matrinchã Transmissora 1,005 km + 3 SE Northeast Paranaíba Transmissora 967 km South TL Bateias Curitiba Norte 33 km + 1 SE TL Foz do Chopim - Realeza 53 km + 1 SE TL Assis - Londrina 120 km TL Curitiba Blumenau 230 Km + 1 SE Southeast TL Araraquara - Taubaté 356 km SPE Mata de Santa Genebra 847 km + 3 SE SPE Cantareira 328 km Total Capex 1,2 R$ 3.7 billion ¹ Adjusted for Copel s stake ² Aneel reference value APR Copel ¹ R$ million TL extension ¹ 2,400 km 12

13 Growth in Transmission Subsidiary / SPC Auction Signing of Contract Enterprise State km Subst APR¹ (R$ million) CAPEX ² (R$ million) Start up Concession Expiration Copel GeT 001/10 Oct-10 TL Araraquara II Taubaté SP Mar-17 Oct-40 Copel GeT 007/13 Jan-14 TL Bateias - Curitiba Norte PR May-16 Jan-44 Copel GeT 001/14 Sep-14 TL Foz do Chopim - Realeza PR Mar-17 Sep-44 Copel GeT 001/14 Sep-14 TL Assis Londrina SP / PR Sep-17 Sep-44 TL Curitiba Leste - Blumenau Copel GeT 005/15 Mar-16 PR / SC Mar-21 Mar-46 TL Baixo Iguaçu - Realeza Subtotal Copel GeT , Matrinchã Copel GeT - 49% State Grid - 51% 002/12 May-12 TL Paranaíta - Ribeirãozinho MT 1, Apr-16 May-42 Guaraciaba Copel GeT - 49% State Grid - 51% 002/12 May-12 TL Ribeirãozinho - Marimbondo MT / GO / MG Jun-16 May-42 Paranaíba Copel GeT - 24,5% Furnas - 24,5% State Grid - 51% 007/12 May-13 TL Barreiras II - Pirapora II BA / MG / GO May-16 May-43 Mata de Santa Genebra Copel GeT - 50,1% Furnas - 49,9% 007/13 May-14 TL Araraquara II - Bateias SP / PR Nov-17 May-44 Cantareira Copel GeT - 49% Elecnor - 51% 001/14 Sep-14 TL Estreito - Fernão Dias SP / MG Mar-18 Sep-44 Subtotal SPC 3, ,648.5 Total 4, ,732.1 ¹ Update according to Aneel Ratification Resolution 1918/2015 (R$ milion) / Adjusted for Copel s stake. ² Aneel reference value (R$ million) / Adjusted for Copel s stake. 13

14 Distribution Concession Area Distribution Lines Customers Substations Average Consumption 194,854 km² 193,938 km 4,438, kwh/month Market Growth Copel Distribuição 1T16 Brazil Copel Captive Copel Grid Breakdown by Segment Rural 9% Others 10% Residential 30% -4.2% -4.3% -4.3% Source: EPE Monthly Market Review Extension of Distribution Concessions Commercial 23% Industrial 28% Year Economic and Financial Management Quality (Limit Established) 1 DEC i ² ² FEC i EBITDA EBITDA (-) QRR {Net Debt / [EBITDA (-) QRR 4 ]} 1 / (0.8 * SELIC 5 ) {Net Debt / [EBITDA (-) QRR 4 ]} 1 / (1.11 * SELIC 5 ) According to Aneel s Technical Note No. 0335/2015 ² DECi Equivalent Time of Interruption Caused by Internal Source per Consumer Unit; and FECi Equivalent Frequency of Interruption Caused by Internal Source per Consumer Unit. 3 EBITDA adjusted for the effects of post-employment benefits, provisions and PDV. 4 QRR: Regulatory Reintegration Quota or Regulatory Depreciation Expense. This is the value defined in the most recent Periodical Tariff Review (RTP), plus the General Market Price Index (IGP-M) between the month preceding the RTP and the month preceding the twelve-month period of the economic and financial sustainability measurement. 14

15 Telecommunications and other sectors > Telecommunications > Water and Sewage > Gas Copel s stake 100.0% Optical cables network 28,210 km EBITDA R$29.0 million Copel s stake 13.6% Population served with water network 10.8 million Equity in earnings of subsidiaries ¹ R$19.8 million Copel s stake 51.0% Number of Customers 32,619 Amount of sales in 1.5 million m³/day EBITDA ¹ R$ 18.8 million ¹ Adjusted for Copel s stake 15

16 Operating Revenues BRL million Operating Revenues -27% 4,237 3,074 Copel Dis 68% TEL 3% Outros 6% Copel GeT 24% Result of Sectorial Financial Assets and Liabilities 1T (527.2) Electricity Sales to Final Customers Eletricity Sales to Distributors Use of Transmission and Distribution Grid Other Operating¹ +19% -47% +44% +6% 1,329 1,579 1, * Amounts subject to rounding. ¹ Composed of construction revenue, telecommunications, gas distribution and other. 16

17 Operating Costs and Expenses Operating Costs and Expenses -23% TEL 2% Other 6% BRL million 3,571 2,772 Copel Dis 78% Copel GeT 14% Charges For The Use of Main Eletricity Transmission Grid Manageable Costs¹ Provision and Reversal -33% +26% +12% -45% 1,792 1, * Amounts subject to rounding ¹ Considers the cost of staff, managers, pension plan and health care, material, third party services and other. 17

18 EBITDA Subsidiary EBITDA Breakdown EBITDA BRL million EBITDA BRL million Var. % Telecom 5% Other 9% BRL million Copel GeT (26.8) Copel Distribuição (28.6) Copel Telecom Other/eliminations (46.3) Copel GeT 86% Consolidated (36.7) EBITDA Margin per Subsidiary (%) Evolution of Consolidated EBITDA Margin (%) -13% GeT Distribuição Telecom

19 Adjusted EBITDA Copel Distribuição R$ million Adjusted EBITDA Var. % EBITDA (28.6) /(-) PCLD additional to the tariff coverage (+) Provisions for legal claims (+) Corporate restructuring Adjusted EBITDA (58.3) 19

20 Net Income Subsidiary Net Income Breakdown Income BRL million Income BRL million Var. % Net Income Performance BRL million Copel GeT (59.5) Copel Distribuição (39.1) Copel Telecom (22.8) Other/eliminations (1.2) Consolidated (71.0) 136 1Q14 Consolidated Net Margin Performance (%) -60% Net Margin by Subsidiary (%) GeT Distribuição Telecom

21 Dividends Dividend and IOC Historical Year Annual Dividend Yield¹ 50% 50% % % 30% 35% 35% 27% % % % % % Gross Value (R$ mm) Payout ¹ Calculated by taking the annual dividend per share and dividing by the CPLE6 stock s price. 21

22 Subsidiaries Financial Indicators Wholly Owned Subsidiaries 2015 Subsidiary GeT Dis Telecom Consolidated Operating Revenues (R$ million) , ,073.6 Operating Income (R$ million) (56.8) Net Income (R$ million) (39.1) EBITDA (R$ million) (28.6) Retur on Equity¹ (%) EBITDA Margin (%) Net Margin (%) ¹ 12 months. Considers the equity of the beginning of the period. 22

23 Debt profile R$'000 Short Term Long Term Apr-16 - Mar-17 Apr-17 - Dec From 2022 Total Domestic Currency 1,403,196 2,140,191 1,499, , , ,103 1,182,992 7,718,823 Foreign Currency 1, , ,970 TOTAL 1,405,090 2,140,191 1,499, , , ,103 1,282,068 7,819,793 Divida Líquida*/EBITDA Index Debt Composition by Index Value (R$ million) Part. % CDI 5, , ,545 5,517 7,065 7,425 TJLP 1, IPCA Dollar Other Net Debt Net Debt/EBITDA *Considers endorsements and guarantees ¹ EBITDA 12 Moths Debt / Shareholders Equity 53.2% As of

24 Capex Historical Capex R$ million Capex by Business (Schedule 2016) 3,150 Copel GeT 1 76% Copel Dis 18% Other 2 16% 2,469 2,365 1,430 1,846 Carried Capex 108% Schedule Considers the transfer of wind farms to Copel GeT 2 Included Copel Telecomunicações, Holding & New Business 24

25 Capex R$ million Subsidiary / SPC Carried Scheduled 2016 Copel Geração e Transmissão ,695.1 Copel Distribuição Copel Telecomunicações Copel Brisa Portiguar Cutia Wind Farm Complex Other Invesment₂ TOTAL ,149.8 ₁ Includes Paraná Gas SPC, Voltalia São Miguel do Gostoso I, Copel Participações, Copel Renováveis, among others. R$ million Copel Geração e Transmissão ,695.1 HPP Colíder HPP Baixo Iguaçu HPP Gov. Parigot de Souza (GPS) TL Araraquara / Taubaté SE Paraguaçu Paulista TL Bateias - Curitiba Norte TL Foz do Chopim - Realeza TL Assis - Londrina TL Curitiba Leste / Blumenau SPC Matrinchã Transmissora de Energia ₁ SPC Guaraciaba Transmissora de Energia₁ SPC Mata de Santa Genebra Transmissão₁ SPC Cantareira Transmissora de Energia₁ SPC Paranaíba₁ Others ₁ Regarding the participation of Copel in Enterprises. 25

26 Sustainability Practices Copel sustainability strategies are in line with our strategic framework and the best market practices: > Signatory of the Global Compact since 2000 > Copel s share remain in the Corporate Sustainability Index of Bovespa in 2015 > 10 years of adoption of the GRI - Global Reporting Initiative guidelines > 9 years in the top 10 in Abradee Social Responsibility Award > In 2015 included in the Global Sustainability Index - MSCI Principles: > Commitment > Proactive attitude before the law > Dialogue, communication and transparency > Respect to environmental dynamics > Individual responsibility > Valuing Diversity 26

27 Investor Relations