1 / 21

Conference Call

Conference Call. 2 th Quarter 2014. Highlights. FINANCIAL. CDE FUNDS. Energy consumption grew by 3.0% between 2Q14 and 2Q13, driven by an 8.0% consumption increase in the residential segment ;

ave
Télécharger la présentation

Conference Call

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. ConferenceCall 2th Quarter 2014

  2. Highlights FINANCIAL CDE FUNDS • Energy consumption grew by 3.0% between 2Q14 and 2Q13, driven by an 8.0% consumption increase in the residential segment; • Non-technical losses/BT market in the last 12 months stood at 41.9%, 0.5 p.p. down quarter-over-quarter with a drop of 2.3 p.p. year-over-year; • Collections fee in the quarter reached 103.5%, 0.7 p.p. down year-over-year; • Allowance for doubtful accounts (PCLD) of 1.7% of revenue from energy billing in 2Q14, 0.8 p.p. down on PCLD of 2.5% recorded in 2Q13; • DEC e FEC, in thelast12 months, increase 26.21% and 16.91%, respectively, in comparationwiththesameperiodofthepreviousyear; OPERATING • Net revenue, excluding construction revenue, grew by 1.4% year-over-year, totaling R$ 1,601.5 million; • Consolidated EBITDA in 2Q14 of R$239.3 million, 13.9% down on 2Q13; • Net income for 2Q14 totaled R$15.3 million, compared to a net income of R$58.2 million in 2Q13; • Consolidated net debt of R$5,229.6 million, 2.1% down on the same quarter last year; • CDE (Energy Development Account) transfer of funds to distribution companies to settle energy purchase commitments with CCEE (Electricity Chamber of Trade); • Amount of R$224.3 million in April and May was recorded in profit or loss as cost reduction with Portion A; • Total transfer of R$1,385 million in the first half, reducing its period tariff deficit to R$250 million, which will be passed on to consumers in the next tariff adjustment through the CVA.

  3. EnergyConsumptionDistribution – Quarter TOTAL MARKET (GWh) ¹ +4.6% +3.0% Industrial captive5.3% Free20.3% 6,495 6,304 5,754 5,669 Others captives14.0% 23.5ºC 23.2ºC 23.1ºC Residential captive32.8% 22.7ºC Commercialcaptive 27.6% 2Q13 2Q14 2Q11 2Q12 1Note: To preserve comparability in themarketapprovedbyAneel in thetariffadjustmentprocess. thebilledenergyofthefreecustomer CSN hasbeenconsideredback.

  4. Energy ConsumptionDistribution – Accumulated TOTAL MARKET (GWh) ¹ +5.1% +5.5% Industrial captive5.1% Free18.6% 13,869 13,145 11,934 11,960 Others captives13.6% 25.7ºC Residential captive35.2% 25.2ºC 25.1ºC 25.1ºC Commercialcaptive 27.6% 1H13 1H14 1H11 1H12 1Note: To preserve comparability in themarketapprovedbyAneel in thetariffadjustmentprocess. thebilledenergyofthefreecustomer CSN hasbeenconsideredback.

  5. Total Market ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET – QUARTER +3.0% 6,495 6,304 1,319 1,349 +2.8% +8.0% 2,128 2,017 1,962 1,972 -3.0% 224 215 +2.3% 1,428 1,385 4,954 5,176 964 942 54 49 1,793 1,748 1,041 1,085 910 893 342 344 2Q13 2Q14 2Q13 2Q14 2Q13 2Q14 2Q13 2Q14 2Q13 2Q14 OTHERS TOTAL RESIDENTIAL COMMERCIAL INDUSTRIAL FREE CAPTIVE

  6. Total Market ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET - ACCUMULATED +5.5% 13,869 13,145 +11.1% 2,576 2,618 5.7% 4,880 4,395 4,284 4,055 -2.6% 457 430 +4.2% 2,787 11,292 2,715 10,526 5,176 1,990 1,909 109 103 3,827 3,625 1,748 2,010 2,086 1,880 910 1,806 893 701 342 705 344 1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14 OTHERS TOTAL RESIDENTIAL COMMERCIAL INDUSTRIAL FREE CAPTIVE

  7. Collection COLLECTION RATE BY SEGMENTQuarter PCLD/Gross Revenue (Billed Sales) - Quarter 108.1% -0.8 p.p. 104.5% 105.1% 104.2% 103.5% 102.9% 101.8% 3.4% 97.3% 2.5% 1.7% Retail 2Q12 2Q13 Total Public Sector 2Q1 4 Large Clients 2Q13 2Q14

  8. LossPrevention LOSS (12 MONTHS) INSTALLED METERS (Thousand Units) - 2.3p.p. 44.2% 43.7% 42.4% 42.2% 41.9% 8,815 509 8,352 8,552 8,582 8,748 432 116 351 102 5,953 5,905 5,738 5,955 5,972 79 227 393 122 330 30 7 272 197 2,629 2,614 2,793 2,843 2,647 115 Jun/14 Sep/13 Dec/13 Mar/14 2011 2012 2013 Jun/14 Jun/13 2010 Communities Technical losses GWh Non-technical losses GWh WithoutCommunities % Non-technical losses/ LV Market

  9. LossesCombatActionsAPZ Results ByJune. theprogramcoverd 505 thousandcustomers in 29 APZs. whichones 22 hadtheresultscalculated: -30.0p.p

  10. Net Revenue NET REVENUE BY SEGMENT (2Q14)* NET REVENUE (R$MN) Generation7.5% +11.5% 4,098 3,677 Distribution80.5%** 378 Commercialization 12.0% 333 +3.5% +11.2% 1,816 1,755 3.720 3,720 * Eliminationsnotconsidered ** Constructionrevenuenotconsidered 3.344 3,344 214 176 +1.4% 1,602 1.602 1.580 1,580 NET REVENUE FROM DISTRIBUTION (2Q14) 2Q14 1H14 2Q13 1H13 Commercial(Captive) 42.6% Industrial (Captive) 5.9% Construction Revenue Revenue w/out construction revenue Others (Captive) 12.2% Residential(Captive) 31.5% Network Use (TUSD)(Free + Concessionaires)7.8%

  11. OperatingCostsandExpenses COSTS (R$MN)* 2Q14 DISTRIBUTION PMSO COSTS (R$MN) Generation and Commercialization:R$ 249 (15.2%) -3.6% Non manageable (distribution**):R$ 1,084 (66.1%) -16.2% 702 677 368 309 Manageable (distribution):R$ 309 (18.8%) 2Q13 2Q14 1H13 1H14 COSTS (R$MN)* 1H14 Non manageable (distribution**):R$ 2,293 (66.0%) Generation and Commercialization:R$ 506 (14.6%) Manageable (distribution):R$ 677 (19.5%) * Eliminationsnotconsidered ** Constructionrevenuenotconsidered

  12. TarifDeficit The exposure to the spot Market and its high prices, which reflect the low levels of hydro plant reservoirs and the dispatch of thermal plants, resulted in an expressive deficit for distributors Aporte CDE -1H14 (R$ MN) 1,385 (1,635) (250) Balance Tarif Deficit CDE FundTotal The remaining balance of R$ 250 millions refers to the portion of items not covered by the decrees, with an emphasis on: availability contracts in January , energy contracted through the A-1 auction, a portion of the energy contracted in the A-0 auction, hydrological risk, revenue from hydrological risk deducted from the January and February transfers and from the cut in the April transfer

  13. EBITDA EBITDA BY SEGMENT (R$ MN) +9.9% 699 636 44.7% 36.7% -12.5% 56.0% 279 244 37.4% 63.3% 55.3% 45.8% 62.6% 54.2% 1H14 1H13 2Q14 2Q13 Generation and Commercialization Distribution

  14. EBITDA Adjusted EBITDA – 2Q13 / 2Q14(R$ MN) - 9.4% - 13.9% 119 22 120 (4) (110) 360 52 (2) 3 397 278 239 EBITDA2Q14 Regulatory Assets and Liabilities Net Revenue Non-Manageable Costs Equity Pikup Adjusted EBITDA 2Q13 Regulatory Assets and Liabilities EBITDA2Q13 Other operacional revenues Manageable Costs (PMSO) Adjusted EBITDA 2Q14 Provisions

  15. EBITDA Adjusted EBITDA – 1H13 / 1H14(R$ MN) - 6.9% +9.3% (328) 376 102 220 (6) 32 (10) (6) 794 854 692 633 EBITDA1H14 Regulatory Assets and Liabilities Net Revenue Non-Manageable Costs Equity Pikup Adjusted EBITDA 1H13 Regulatory Assets and Liabilities EBITDA1H13 Other operacional revenues Manageable Costs (PMSO) Adjusted EBITDA 1H14 Provisions

  16. Net Income ADJUSTED NET INCOME 2Q13 / 2Q14 (R$ MN) -30.8% - 73.8% 79 137 79 95 (39) 58 (3) (16) 15 15 EBITDA Financial Result Taxes Depreciation Adjusted Net Income 2Q13 Regulatory Assets and Liabilities 2Q13 2Q14 Regulatory Assets and Liabilities Adjusted Net Income 2Q14

  17. Net Income ADJUSTED NET INCOME 1H13 / 1H14 (R$ MN) - 6.8% + 43.1% 44 67 145 (36) (8) 59 263 282 196 137 (3) (16) EBITDA Financial Result Taxes Depreciation Adjusted Net Income 1H13 Regulatory Assets and Liabilities 1H13 1H14 Regulatory Assets and Liabilities Adjusted Net Income 1H14

  18. Indebtedness U$/Euro -2.7% AMORTIZATION SCHEDULE* (R$ MN) TJLP13.3% AverageTerm: 3.9 years IPCA 11.0% Others 3.7% 1,166 1,031 832 781 729 717 573 476 408 CDI 74.5% *ConsideringHedge * Principal only NET DEBT COST OF DEBT 11.03% 10.49% 9.68% 8.21% 2.99 4.25% 3.55% 2.90 3.87% 2.62 2.24% 2Q14 2011 2013 2012 Jun/13 Mar/14 Jun/14 Nominal Cost Real Cost Net Debt / EBITDA

  19. Investments CAPEX BREAKDOWN(R$ MN) 1H14 CAPEX (R$ MN) 929 Administration 12.2 845 797 Generation 8.4 154 +9.5% 701 Others 5.0 132 103 Commerc./Energy Eficiency 5.0 358 327 182 26 54 713 694 775 519 332 519 273 Develop. of Distribution System 207.5 Losses Combat 119.7 1H14 1H13 2010 2013 2011 2012 Investments in Electric Assets (Distribution)

  20. ImportantNotice 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.

  21. Contacts João Batista Zolini CarneiroCFO and IRO Gustavo WerneckSuperintendent of Finance and Investor Relations +55 21 2211 2560gustavo.souza@light.com.br Mariana da Silva RochaIR Manager + 55 21 2211 2814mariana.rocha@light.com.br ri.light.com.br www.facebook.com/lightri twitter.com/LightRI

More Related