January, I Utilities CEO/CFO Day

Transcrição

1 January, 2016 I Utilities CEO/CFO Day

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 bilion (6% of Brazilian GDP) GDP 9M15¹: R$ 275 bilion 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 2,794 km of lines¹ and 38 Substations² in operation 30 power plants and 10 Corporate partnerships 3,131 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 28,005 km of optical fiber 401 municipalities with optic fiber More than 41,153 customers BREAKDOWN BY OPERATING SEGMENTS 9M15 ¹ Adjusted by Copel s stake. ² Participation in 5 Substations. EBITDA Net income Tra³ 9% Tra³ 12% Gen 73% Dis 10% Gen 69% Dis 11% Other 4 8% Other 4 7% 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 Participações 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 85, , BNDESPAR 38, , , Eletrobras 1, , Free Floating 19, , , BM&FBovespa 18, , , NYSE 1, , , LATIBEX Other TOTAL 145, , , 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% 86% Copel 5,683 MW 7% 1% 6% 61% Brazil 140,640 MW 29% 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) 1, Gov. Ney Aminthas de B. Braga (Segredo) 1, Gov. José Richa (Salto Caxias) 1, Mauá (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 physical guarantee is uncontracted. 7

8 Energy Sale Copel GeT Will be sold in the spot market (CCEE) 12% 17% 40% 61% 59% 64% 73% 73% R$ R$ % 27% 24% R$ R$ R$ % 15% 15% R$ R$ R$ 167,65 R$ 168,33 13% 13% 12% 12% R$ R$ R$ R$ 171, R$ R$ 171, 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) , ,931 1,2 2, , ,163 2,157 Data available up to December-15. Prices will be adjusted by inflation. Assured energy avaiable in the cargo center, included HPP Dona Francisca, net of losses. From 2017 includes GPS physical collateral available for sale. 1 Consider the delay of Colíder HPP. 2 Consider the delay of Baixo Iguaçu HPP. 8

9 Growth in Generation 17% R$ 131,92 30% 30% R$ R$ % 67% R$ % 12% 12% R$ R$ R$ % R$ % R$ R$ % 39% 32% 28% 19% 19% 16% R$ R$ R$ R$ R$ R$ R$ São Bento Energia Brisa Potiguar SMG I Cutia Assured power (average-mw) Data available up to November-15. 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, ¹ Price updated by IPCA until September Font CCEE. ² Sale 70% in ACR. Concession Contract No. 002/2012 of 20/08/2012. ³ Adjusted for Copel s stake. Types of auctions: LFA Auction of Alternative Sources/ LER Auction Reserve Energy/ LEN New Energy Auction (LER) 2019 (LEN) average MW R$ SHP ³ WPP TPP 1, , % Copel * Estimated Values 10

11 Transmission Assets Subsidiary / SPC Contract Enterprise TL Substation APR ¹ Extension (km) Amount MVA (R$ million) Copel GeT 060/2001² Several 1, , Dec-42 Copel GeT 075/2001 TL Bateias - Jaguariaiva Jul-31 Concession Expiration 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 LT Foz do Chopim - Salto Osório Copel GeT 022/ Aug-42 LT Londrina - Figueira Subtotal Copel GeT 4 2, , Costa Oeste Copel GeT - 51% Eletrosul - 49% Transm. Sul Brasileira Copel GeT - 20% Eletrosul - 80% 001/2012 TL Cascavel Oeste - Umuarama Sul Umuarama Sul Substation Jan /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% Marumbi Copel GeT - 80% Eletrosul - 20% 011/2012 TL Açailandia - Miranda II May /2012 LT Curitiba - Curitiba Leste May-42 Subtotal SPCs 5 1, , Total 3, , ¹ Refered to Copel's stake 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 ubsidiaries R$ 882 million 6 Evaluation Report of Transmission Assets RBSE R$ 894 million 7 Compensation of the assets that entered into operation after May Value submitted to Aneel. Subject to validation. 7 To be received in installments between January 2013 and January

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 Southeast TL Araraquara - Taubaté 356 km TL Assis Paraguaçu Paulista II 37 km + 1 SE SPE Mata de Santa Genebra 847 km + 3 SE SPE Cantareira 328 km Total Capex 1,2 R$ 3.8 billion ¹ Adjusted for Copel s stake ² Aneel reference value APR Copel ¹ R$ million TL extension ¹ 2,437 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 Dec-16 Oct-40 Copel GeT 007/12 Feb-13 TL Assis Paraguaçu Paulista II Paraguaçu Paulista II Substation SP 37 - Feb-16 Feb Feb-16 Feb-43 Copel GeT 007/13 Jan-14 TL Bateias - Curitiba Norte PR Mar-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 Copel GeT 005/15 Pendente LT Curitiba Leste - Blumenau LT Baixo Iguaçu - Realeza PR / SC Mar-21 Sep-19 3 Subtotal Copel GeT , Matrinchã Copel GeT - 49% State Grid - 51% Guaraciaba Copel GeT - 49% State Grid - 51% Paranaíba Copel GeT - 24,5% Furnas - 24,5% State Grid - 51% Mata de Santa Genebra Copel GeT - 50,1% Furnas - 49,9% Cantareira Copel GeT - 49% Elecnor - 51% 002/12 May-12 TL Paranaíta - Ribeirãozinho MT 1, Nov-15 May /12 May-12 TL Ribeirãozinho - Marimbondo 007/12 May-13 TL Barreiras II - Pirapora II MT / GO / MG BA / MG / GO Nov-15 May May-16 May /13 May-14 TL Araraquara II - Bateias SP / PR Nov-17 May /14 Sep-14 TL Estreito - Fernão Dias SP / MG Mar-18 Sep-44 Subtotal SPC 3, ,648.5 Total 4, ,789.9 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. 3 The grant will expire 30 years after the contract signing date 13

14 Distribuition Concession area 194,854 km² Distribution lines 192,854 km Customers 4,391,802 Substations 362 Average Consumption kwh/month Tariff Adjustment - June/2014 Market Growth Copel Distribuição 3.64% Deferral % Deferral % Parcel A and Parcel B adjustment Brazil 3Q15 Copel Captive Copel Grid -2.7% -1.0% -2.5% Brazil 9M15 Copel Captive Copel Grid -1.7% 0.6% -0.8% Average increase: 15.32% Source: EPE Monthly Market Review Rural 9% Others 10% Residential 30% Quality Recognized Awards in 2014 and 2015 > ABRADEE - Best Evaluation by Customer 2014 and 2015 > CIER - Best distribution company in Latin America > IASC (ANEEL) Best distribution company in Brazil s south region > PNQ - Worldwide Company Customer s Outlook Commercial 23% Industrial 28% 14

15 Distribuition Extension of Distribution Concessions Criteria to be achieved from 2016, as new Concession Agreement: > Quality > Operational and financial management > Tariff affordability Year Quality (Limit Established) 1 DEC i ² ² FEC i EBITDA EBITDA (-) QRR³ {Net Debt / [EBITDA (-) QRR³]} 1 / (0.8 * SELIC 4 ) {Net Debt / [EBITDA (-) QRR³]} 1 / (1.11 * SELIC 4 ) ³ 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. 4 Selic: limited to 12.87% p.y. Economic and Financial Management 1 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. 15

16 Telecommunications and other sectors > Telecommunications > Water and Sewage > Gas Copel s stake 100.0% Optical cables network 28,005 km Number of Customers 41,153 EBITDA 9M15 R$87.5 million Copel s stake 13.6% Population served with water network 10.8 milhões Distribution network extension 47,000 km Equity in earnings of subsidiaries 9M15² R$40.8 million Copel s stake 51.0% Number of Customers 29,138 Amount of sales in 9M15¹ 3.4 million m³/day EBITDA 9M15² R$ 22.2 million ¹ Includes the average supply of 2.1 million m³ /day to TPP Araucaria from February 1, 2014 ² Adjusted for Copel s stake 16

17 Thermal Power Plant Result 9M15 > Operation of UEGA (Copel 80%) since 02/01/2014 > Merchant model, does not have availability agreements > Energy produced is sold in the short-term market (MCP) > Variable Unit Cost - CVU¹ > From 02/01 to 05/31/2015: R$ /MWh > From 06/01/2015 to 01/31/2016: R$ /MWh Araucária TPP Dispatch (GWh) 3,308 2, Total Consolidated net revenue 3Q15 UEGA Results (R$ million) 3Q15/3Q14 % 9M15 9M15/9M14 % (38.5) 1,406.8 (6.8) Net Margin 3Q15 EBITDA Margin 8.1% 5.7% Net income 23.1 (67.9) (12.2) EBITDA 16.4 (84.0) (7.8) ¹ Defined by Aneel Ruling 210/2015 Subject to change Net Margin 9M15 EBITDA Margin 19.8% 28.6% 17

18 Operating revenue 9M15 9,456 3,287 Operating revenue +20% 11,391 3,245 6,169 8,146 Copel Dis 64% 9M15 UEGA 12% Outros 5% Copel GeT 19% R$ million Electricity sales to final customers Eletricity sales to distributors Use of transmission grid Other operating revenues +35% -5% +4% +62% 4,159 3,239 3,086 3,072 1, ,229 1,843 2,749 2,281 2,335 1,649 1, ,062 1,075 2, , , * Amounts subject to rounding. 1H 3Q 18

19 Operating Costs and Expenses 9M15 Operating costs and expenses +27% 9M15 UEGA 10% Outros 6% R$ million 8,218 2,981 5,237 10,418 3,183 7,235 Copel Dis 69% Copel GeT 15% By subsidiary Eletricity Charges for the use of main transmission grid Natural Gas Manageable Costs¹ +44% +46% -1% +16% 3,486 1,311 2,175 5,015 1,448 3, ,061 1, ,673 1, , * Amounts subject to rounding ¹ Considers the cost of staff, managers, pension plan and health care, material, third party services and other H 3Q 19

20 EBITDA 9M15 Subsidiary EBITDA Breakdown EBITDA 3Q15 R$ million 3Q15/3Q14 % Telecom 5% Outros 19% 9M15 Copel GeT 1,073.8 (27.2) Copel Distribuição Copel Telecom Other/eliminations (27.1) Copel Dis 10% Copel GeT 66% Consolidated 1,627.3 (10.6) By subsidiary EBITDA Margin per subsidiary (%) Evolution of Consolidated EBITDA margin (%) 9M15-39% -26% GeT Distribuição Telecom Q14 3Q15 9M14 9M15 20

21 Net income 9M15 Net Income Breakdown R$ million Subsidiary Income 9M15 R$ milion 9M15/9M14 % Copel GeT (28.6) Copel Distribuição Net Income Performance 1, Copel Telecom Other/eliminations Consolidated (18.9) Consolidated net margin performance (%) 1H 3Q -61% -33% Net margin by subsidiary (%) 9M GeT Distribuição Telecom Q14 3Q15 9M14 9M15 21

22 Dividends Dividend and IOC Historical Year Annual Dividend Yield¹ 50% 50% % % % 28% 30% 35% 35% % % % Gross Value (R$ mm) Payout ¹ Calculated by taking the annual dividend per share and dividing by the CPLE6 stock s price. 22

23 Subsidiaries Financial Indicators Wholly Owned Subsidiaries 9M15 Subsidiary GeT Dis Tel Consolidated Operating Revenues (R$ million) 2, , ,391.1 Operating Income (R$ million) ,278.2 Net Income (R$ million) EBITDA (R$ million) ,627.3 Retur on Equity¹ (%) EBITDA Margin (%) Net Margin (%) ¹ Annualised. 23

24 R$ million times Debt profile R$'000 Short Term Long Term Oct-15 - Sep-16 Oct-16 - Dec From 2021 Total Domestic Currency 627, ,317 1,665,770 1,483, , ,674 1,032,933 6,983,340 Foreign Currency 1, , ,491 TOTAL 629, ,317 1,665,770 1,483, , ,674 1,137,425 7,089,831 Net Debt / EBITDA 7, Debt / Shareholders Equity 49.7% 6,000 5,000 4,000 3,000 2,000 1,000 - (407) 541 1,014 2,280 4,723 5, (1,000) M Net Debt Net Debt/ EBITDA ¹ ¹ EBITDA YoY As of

25 Capex Historical Capex R$ million 3,150 Capex by Business (Schedule 2015) 1,846 1,777 2,477 Copel GeT 1 76% Copel Dis 18% Other 2 16% 1,430 1,027 1, Schedule Accumulated 9M Carried Carried Capex -14% 1,850 1,586 1 Considers the transfer of wind farms to Copel GeT 2 Included Copel Telecomunicações, Holding & New Business 9M14 9M15 25

26 Capex Copel Geração e Transmissão , ,695.1 HPP Colíder HPP Baixo Iguaçu HPP Gov. Parigot de Souza (GPS) - Auction 12/ TL Araraquara / Taubaté TL Figueira-Londrina / Foz do Chopim-Salto Osório 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 Energia ¹ SPC Mata de Santa Genebra Transmissão ¹ SPC Cantareira Transmissora de Energia ¹ SPC Paranaíba Transmissora de Energia ¹ Other Copel Distribuição Copel Telecomunicações Copel Participações Copel Renováveis Holding Copel Brisa Potiguar São Bento Energia Cutia Wind Farm Complex Bento Miguel Wind Farm Complex São Miguel do Gostoso Wind Farm Complex ¹ Other Invesment ² TOTAL , , ,149.8 ¹ Referring to COPEL's stake. Subsidiary / SPC ² Including the gas blocks and other wind farms in final stages of construction. Carried out 3Q15 Carried out 9M15 Scheduled 2015 R$ million Scheduled

27 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 27

28 Investor Relations