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2
Energy market overview
CPFL Energia – Highlights and Results
Summary
3
13%
12%
8%
8%
7%
5%
5%
4%
4%
34%
CPFL Energia
Brasiliana Energia
Cemig
Neoenergia
Copel
Celesc
Energias do Brasil
Rede Energia
Ashmore Energy
Others
Market Share1 (%)
1) ANEEL – Ref. 1H08
Brazilian market has 64 distribution’s companies
Distribution Business – 2008
Distributors (#) 64
63Clients (million)
Distributed Energy (TWh) 393
Market Breakdown
• The 5 largest groups have 48%of market-share
• State-owned companies: 34%
• Private Company: 66%
Spreading proposes consolidation opportunities
4
Market Share1 (%)
1) ANEEL – Ref. 1H08
Brazilian market has 1,994 power plants. The public sector concentrates 70% of the assets
Generation Business – 2008
Hydroelectric plants (#) 1,994
111,540Installed Capacity (MW)
Market Breakdown
• The 6 largest groups have 50% of the market
• State-owned companies: 70%
• Private Company: 30%
4th largest private generation company in Brazil
10%
9%
9%
7%
7%
7%
6%
5%
4%
3%
2%
2%
29%
Chesf
Furnas
Eletronorte
Cesp
Itaipu
Cemig
Tractebel
Petrobras
Copel
AES Tietê
Duke
CPFL Energia
Others
5
Energy market overview
CPFL Energia – Highlights and Results
Summary
6
• Brazilian’s largest player in distribution and commercializationbusinesses
• Energy market is concentrated in the most developed regions of Brazil (South/Southeast)
• CPFL is listed in the Bovespa’s Novo Mercado and NYSE’s ADR level III
• Differentiated Dividend Policy: payment of 50% of the net income on a semi-annual basis
• 100% hydraulic generation portfolio, with a strong growth in theinstalled capacity in the last few years
• Long term generation and distribution concessions
• 5 distribution companies’ acquisition, 9 SPP’s and RGE’s stake (33%), Foz do Chapecó HPP’s stake (11%) and Lajeado HPP’s stake (7%) inthe last 2 years, with a R$ 1.1 billion investment
• First company in the Brazilian electric sector to negotiate carbon credits, through a run-of-stream HPP
• Constitution of CPFL Bioenergia, for investments in energy generation from biomass
Highlights
7
Corporate Structure
1) Inclui participação da Camargo Correa S.A.
DIS
TRIB
UTI
ON
CO
MM
ERC
IALI
ZATI
ON
an
dV
AS
GEN
ERA
TIO
N100%
31.1% 12.7% 30.5%
100%
100%
99.99%
96.56%
90.15%
87.80%
89.75%
100%
100%
89.81%
100%
100%
99.95%
100%
100%
90.15%
100%
65%
25.01%
48.72%
51%
100%
59.93%
5.91%
25.7%1
8 1) TUSD + Captive (Excludes CCEE sales) - LTM
The solidity achieved by CPFL reflects its operational efficiency and the quality of the markets in which operates
Distribution1 – 1H09
49,033¹Sales Concession Area (GWh)
6.4Costumers (million)
13.0Market Share (%)
208,226Concession Area (km²)
568Municipalities (#)
8Distribution Companies (#)
9
CPFL Energia: Industrial segment by activity
Industrial segment by activity: CPFL Energia’s concession area (GWh)
CPFL Energia – Characteristics of the revenues:
• Distribution: reduction in the demand of the customer is done only 180 days after the request
• Commercialization: average take or pay of the contractsin 2009 is 96%
• Generation: 100% long-term contracted energy, withoutpossibility of reduction
1) From Oct, 08 to Jun,09
2Q09Dec.08
1
Metallurgical: 20%
Food: 15%
Chemicals: 10%Textiles: 8%
Transportation equipment: 7%
Rubber: 6%
Non-metallic minerals: 6%
Paper and Cardboard: 5%
Others: 23% Metallurgical: 17%
Food: 16%
Chemicals: 12%Textiles: 8%
Transportation equipment: 6%
Rubber: 6%
Non-metallic minerals: 6%
Paper and Cardboard: 5%
Others: 23%
10
12.81% per yearNominal WACC
9.95% per yearReal WACC
16.71%Ke
14.97%Kd
3rd Cycle2nd Cycle
Apr/2013Apr/2008
Feb/2012Feb/2008
Apr/2013Apr/2008
Feb/2012Feb/2008
Feb/2012Feb/2008
Feb/2012Feb/2008
Feb/2012Feb/2008
Oct/2011Oct/20072nd Cycle – Regulatory Premise1
1) Source: ANEEL
Tariff Review Cycle - Overview
2nd Tariff Review Cycle
R$ 4,688 millionNet Regulatory Asset Base (RAB)
R$ 1,116 millionReferency Company (RC)
11Campos Novos HPP Castro Alves HPP
The solidity achieved by CPFL reflects its operational efficiency and the quality of the markets in which operates
2,202Installed Capacity until 2010 (MW)
229Assured Energy (MWmedium)
465Installed Capacity (MW)
1HPP (#)
In operation
1TPP Biomass (#)
Under construction33SPP (#)
7HPP (#)864 (e)Assured Energy (MWmedium)
1,737 (e)Installed Capacity (MW)
Generation – 1H09
12
812
434
854 915 1,072
1,588 1,704 1,7372,202
472 525 571 800 862 864 1,093
2003 2004 2005 2006 2007 2008 2009(e) 2010(e)
Serra da Mesa1
SPP’s CPFL Geração Monte Claro Barra Grande
14 de Julho
Castro Alves Foz do ChapecóCampos Novos
CPFL Sul2 Lajeado
SPP’s CPFL Jaguariúna3
2027 2036 2036 2036 20362035
2028 20362032
2015
Installed Capacity (MW)Assurede Energy (MWmedium)Concession Term 48%
40%
9%
8%
27%
27%
After 2027
2013
2012
CPFL Energia Generation Business Contracts Expiration Date
58%
35%
7%
1) CPFL has the right of 51.54% of the Assurede Energy until 20282) Hydroelectric projects with installed capacity <= 1,000 kW are not eligible to concession 3) Among the 9 SPP’s, 6 of them are in the situation mentioned in note 2
Baldin Biomass
Strong growth in the installed capacity and long term concessions
13
• Contract signed: Aug 2008
• Construction of a sugar cane bagasse-fired thermoelectric generation plant
• Location: Pirassununga – SP
• Expected operations: April 2010
CPFLInvestment:R$ 98 million
CPFL will have the right to 24 MW of energy exported during
harvest season
Baldin Project – 1st Deal
1) Source: EPE2) Source: Cogem - SP
Expansion Bioelectricity² (MWmedium) Expansion of ethanol plants
Expansion into biomass, CPFL Bioenergia’s constitution and its first deal
151 new plants expected to be built inthe state of São Paulo by 20111
15
Energy Commercialization DeskCampinas - SP
86% 77% 73% 72% 74% 75%
14% 23% 27% 28% 26% 25%
2004 2005 2006 2007 2008 2009ACR - Regulated Contracting Ambience ACL - Free Contracting Ambience
The solidity achieved by CPFL reflects its operational efficiency and the quality of the markets in which operates
Captive and Free Market’s Sales Evolution in Brazil (% of TWh)
21Market Share (%)
54Inside Concession Area
18Outside Concession Area
72Free Costumers
Commercial expertise: competitive performance in free market sales and Value-Added Services – VAS
Commercialization – 1H09
1) LTM until Jun, 09
1
1) Excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market)2) Source: EPE
16
17
279
1.021
1.4041.641
1.276
572
2004 2005 2006 2007 2008 1H09
EBITDA (R$ million)1 Net Income (R$ million)1
1.349
2.8083.345
2.789
2.1201.681
2004 2005 2006 2007 2008 1H09
CAGR 4 years = 46.2%
EBITDA Breakdown²
CAGR 4 years = 13.7%
Commercializationand Services
10%
Distribution63%
Generation27%
1) 2007 and 2008 adjusted by the impact of Law 11,638 and PM 449/08 2) Reported values3) Excluding main non-recurring effects and items that affect Revenue, but don’t affect EBITDA
A CPFL apresentou forte crescimento de EBITDA e Lucro Líquidonos últimos anos
Consolidated EBITDAMargin of 28% andNet Margin of 12%3
18
19
20
CPFL Energia´s Estimated Capex
738 1.012
934
776 740
2009E 2010E 2011E 2012E 2013E
Biomass Generation¹ Hydraulic Generation Distribution
1) CPFL Bioenergia
Total: R$ 5 billion
Distribution – R$ million
384 424541
438363
354
588 483
337 377
2009E 2010E 2011E 2012E 2013EMaintenance Expansion
2009E 2010E 2011E 2012E 2013EEquity Debt
1.235 1.228
993
789 752
429
191 57 12 1268 24 2 1 0
738
1.012 934
776 740
497
215
5913 12
260
236 156
59 39
Generation – R$ million
Total Capex – R$ million
21
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