Upload
cpfl-ri
View
254
Download
0
Embed Size (px)
Citation preview
1
2
• Energy market is concentrated in the most developed regions of Brazil (South/Southeast)
• Market cap of R$ 18 billion in April, 20101
• Listed on Bovespa’s Novo Mercado and NYSE’s ADR Level III
• Differentiated Dividend Policy: minimum payment of 50% of the net income on a semi-annual basis
• Strong growth in the generation installed 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%), Lajeado HPP’s stake (7%) and EPASA TPP’s stake (51%) in the last 3 years
• First company in the Brazilian electric sector to negotiate carbon credits, through a run-of-stream HPP
• Investments in energy generation from biomass: Baldin Biomass TPP, Baía Formosa Biomass TPP, Pedra Biomass TPP, Buriti Biomass TPP and Ipê Biomass TPP
• 188 MW sold in the Wind Energy Auction in Dec, 2009
Highlights
The largest private player in the Brazilian Electric Sector
1) Share price April 7th 2010: R$ 36.94/ON2
33
Corporate Structure
4
Brazilian’s largest player in distribution and commercialization businesses
CPFL 2%1
Others 98%
CPFL Energia
Others 79%
CPFL 21%4
Others 87%
CPFL 13%1
Market-share
DistributionConcession Area (captive + TUSD)
• 6.6 million customers• 568 municipalities• Sales of 49,806 GWh²
GenerationFocused mainly in renewables
• 40 HPP operating• 1,737 MW installed capacity• 15 plants under construction
CommercializationEnergy free market and Businesses Units of Services
• 79 free customers• Sales of 10,306 GWh²• Services: revenues of R$ 78 million3
Market leader
4th Brazilian private generator
Market leader
GENERATION
COMMERCIALIZATION AND SERVICESCOMMERCIALIZATION AND SERVICES
DISTRIBUTION
1) Aneel – last available information 2) Mar, 10 – LTM. Concession area sales (excludes CCEE) 3) LTM 4) Year 20094
55
CPFL Energia’s estimated CAPEX of R$ 6 billion for the next 5 years
66
Acquired Distributors have reported improved indicators
77
Operational efficiency
88
Initiation of the process of private networks’ incorporation
99
Foz do Chapecó HPP: 91% already concluded
1010
Projects under construction: Baldin and CPFL Bioformosa TPPs
1111
Projects under construction: EPASA TPP and CPFL Wind Farms
1212
Announcement of three new biomass energy generation’s projects:CPFL Bio Buriti, Ipê and Pedra
13
Strong growth in the generation installed capacity and assured energy
13 1) Guarantee of 51.54% of the assured energy until 2028 2) Hydroelectric power projects with less than 1,000 Kw that are not considered concession by the grantor3) From 9 SPPs from CPFL Jaguariúna (today are in the Distribution), 6 are in the situation described in note 2
2.765CAGR: 39,0% a.a.
1414
CPFL is consolidated as one of the leading private players in thegeneration segment and diversify its energy matrix
1515
New Energy Auctions - 2010
1616
Businesses Units Services
1717
CPFL Brasil progresses in the commercialization of renewable energy (special energy)
18
CPFL presents sales growth in the concession area and in the free market
9,841
37,82133,076 31,23537,32335,24531,778
2,955
10,97811,710
3,28811,230
9,5857,263
12,796
48,79949,033
38,49836,364
46,47541,363
2004 2005 2006 2007 2008 2009 1Q10
TUSDCAPTIVE
2,391
10,2438,9048,9519,334
7,120
3,209
2004 2005 2006 2007 2008 2009 1Q10
Concession Area Sales – GWh1 Free Market Sales - GWh1
CAGR = 6.1% p.y.
CAGR = 26.1% p.y.
Concession Area Sales (GWh) – 20092
-0.5% -1.1%Brazil
-0,4% -2.4%Southeast
-0,9% -0.7%South
1) Excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market). 2009 TUSD adjusted (97 CAT Resolution) 2) Source: EPE. 2009 CPFL figures adjusted (97 CAT Resolution) 18
1919
Residential consumption – outlookInternational comparison of residential energy consumption
20
279 390
1,2861,276
1,6411,404
1,021
2004 2005 2006 2007 2008 2009 1Q10
EBITDA (R$ million)1 Net Income (R$ million)1
809
2,7652,8083,345
2,789
2,1201,681
2004 2005 2006 2007 2008 2009 1Q10
CAGR = 35.7% p.y.
EBITDA Breakdown2
CAGR = 10.5% p.y.
CPFL presents strong growth of EBITDA and Net Income in the last years
Recurring EBITDA Margin 1Q10
1) 2007 and 2008 adjusted by the impact of Law 11,638 and PM 449/08 2) Mar, 10 (last twelve months)20
25%63%
11%
1Q09
29.6%
1Q10
30.0%
21
Distribution of dividends in accordance with creation of shareholder value
1) Considering last two half-years’ dividend yield 2) Refer to declared dividend. Payment in the next half year 3) IPO price per share: R$ 17.2221
2222
1Q10 Debt Profile
2323
1Q10 Debt Profile
2424
Capital market performance
25