Companhia Paranaense de Energia - Copel

Transcription

1 April 2017

2 Disclaimer Any statements made during this event involving Copel s business outlook or financial and operating forecasts and targets constitute the beliefs and assumptions of the Company s Management, and the information currently available. Forward-looking statements are not guarantees of performance and involve risks, uncertainties and assumptions, given that they refer to future events, and thus are dependent on circumstances that may or may not occur. The general economic conditions, industry conditions and other operating factors could come to affect the future performance of Copel and lead to results that are materially different from those expressed in said forward-looking statements. 2

3 Companhia Paranaense de Energia - Copel Head office: Curitiba/PR 62 years in the industry Integrated Company - Generation, Transmission, Distribution, Energy Trading and Telecommunication 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$3.12 3

4 State of Paraná Geographic Information Area: 199,000 km 2 (2.3% of the country) Population: 11 million (5.5% of Brazil s population) Cities: 399 Economic Data GDP 2015: R$ 366 billion (6% of Brazilian GDP) GDP 2016: R$ 387 billion (6% of Brazilian GDP) Breakdown by Income Segment Services 47.5% Commerce 15.9% Construction 5.6% Utilities 4.0% Industries 16.4% Agricultural 10.6% 4

5 Companhia Paranaense de Energia - Copel GENERATION TRANSMISSION 5,675 MW of installed capacity in operation 4,097 km of lines² and 45 Substations³ in operation 30 Power Plants¹ and 11 Corporate partnerships Addition of 1,291 km of transmission lines until 2021 Addition of 737 MW until 2019 Concession renewed until 2042 (Contract 060/2001) DISTRIBUTION More than 4.4 million customers 4th largest in number of costumers 3rd largest in electricity consumption (MWh) TELECOMUNICATION 31,117 km of optical fiber 401 cities with optic fiber 64 cities with broadband for retail BREAKDOWN BY OPERATING SEGMENT 12 months 4 ¹Considers the HPP GPS. ²Adjusted by Copel s stake. ³Participation in 9 Substations. Tra 37% EBITDA Dis 4% Net income Tra 73% Dis 3% Ger 39% Others 4 20% Ger 12% Others 4 11% 4 Includes the sectors of telecom, water and sanitation and gas. 5

6 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% Baixo Iguaçu 30.0% Mata de Santa Genebra 50.1% Cantareira 49.0% Brisa Potiguar 100.0% Elejor 70.0% COMPAGAS 51.0% ESCOELECTRIC 40.0% Matrinchã 49.0% Paranaiba 24.5% Dona Francisca 23.0% CARBOCAMPEL 49.0% Paraná Gás 30.0% Guaraciaba 49.0% Sul Brasileira 20.0% Foz do Chopim 35.8% Dois Saltos 30.0% Generation Transmission Other 6

7 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 21.2% BNDESPAR Free Floating Other Other 78.6% 26.4% As of

8 Power Generation Assets Installed Capacity Copel 5,675 MW 7% 1% 6% 61% 4% Brazil 151,571 MW 28% 86% HPP TPP SHP WPP 7% Main Power Plants Installed Capacity (MW) Assured 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) Relative by Copel's stake (51% of power plant capacity of 363 MW). (2) The energy generated by the plant will be allocated 100% in the physical guarantee of quota system in 2016, and 70% from 1 January 2017, and to that portion of energy, Copel GeT will not bear the hydrological risks or with the financial results of the MRE associated with the plant.. 8

9 Energy Sale Copel GeT Will be sold in the spot market (CCEE) 23% 36% 47% 55% 78% 5% 71% R$ R$ % 41% R$ % 10% 11% 12% 12% 12% R$ R$ R$ R$ R$ 167,65 R$ 168,33 R$ R$ 171,02 R$ R$ ,74 R$ 147,07 R$ 147,07 R$ 147, R$ 152,92 R$ 152,92 R$ 152,92 Regulated Market Free Market Avaiable R$ Assured Energy (MW average) ,938¹ 2, ,160 2,154 2,153 Updated until March Prices will be adjusted by inflation. Assured energy avaiable in the cargo center, included HPP Dona Francisca, net of losses. From 2017 on, includes 30% HPP GPS assured Energy. 1 Considers the delay of Colíder HPP. 2 Considers the new schedule of Baixo Iguaçu HPP. 9

10 Energy Sale Wind Power Plant 27% R$ % 21% R$ % R$ R$ % 39% R$ R$ % 18% R$ R$ % 35% R$ R$ R$ % 29% R$ % 17% 14% 14% R$ R$ R$ R$ São Bento Energia Brisa Potiguar SMG I Cutia Assured power (average-mw) Updated until Mar Gross value of PIS / Cofins. Prices are adjusted by inflation. 10

11 Growth in Generation Power Plant Installed Capacity (MW) Assured Power¹ (Average MW) Capex Project (R$ million) Start-up Energy Sold² Stake Under construction Copel GeT average MW HPP Colíder , % Copel GeT R$ average MW HPP Baixo Iguaçu 3, 4 30% Copel GeT R$ % Neoenergia Copel Renováveis Cutia (LER 2014 and LEN 2014) Projects in the portfolio 2, (LER) 2019 (LEN) average MW R$ SHP³ HPP³ WPP TPP 1, ¹ For HPP Colíder and HPP Baixo Iguaçu, the values were adjusted according to Administrative Rule No. 258 of December 2016 and January 11, 2017 respectively. ² Price updated by IPCA until Mar Font CCEE. 3 Sold 70% in the regulated market. Concession Contract No. 002/2012 of Considering waiver of 756 days. 4 Adjusted by Copel s stake. Types of auctions: LFA Auction of Alternative Sources/ LER Auction Reserve Energy/ LEN New Energy Auction. 2, % Copel 11

12 Transmission Assets Consolidated financial Statement Copel GeT Subsidiária / SPE Contrato de Concessão Empreendimento LT SE Extensão (km) Quantidade MVA RAP ¹ (R$ milhões) Vencimento da Concessão Copel GeT 060/ Diversos 2, , Copel GeT 075/ LT Bateias - Jaguariaiva Copel GeT 006/2008 LT Bateias - Pilarzinho Copel GeT 027/2009 LT Foz - Cascavel Oeste Copel GeT 015/2010 SE Cerquilho III Copel GeT 022/2012 LT Foz do Chopim - Salto Osório LT Londrina - Figueira ¹ Updated according to Aneel Resolution No /2016. ² Renewed pursuant Law No. 12,783/13 ³ From the APR will be reduced 50%. 4 Amount not yet approved by ANEEL. After approval, the receipt will be through APR from Copel GeT 002/2013 LT Assis Paraguaçu Paulista II Copel GeT 005/2014 LT Bateias - Curitiba Norte Copel GeT 021/2014 LT Foz do Chopim - Realeza Subtotal Copel GeT 4 2, ,

13 Transmission Assets Equity in Earning of Subsidiaries Subsidiary / SPC Contract Enterprise TL Substation Extension (km) Amount MVA APR ¹ (R$ million) Concession Expiration Costa Oeste Copel GeT - 51% Eletrosul - 49% 001/2012 TL Cascavel Norte - Cascavel Oeste TL Cascavel Norte - Umuarama Sul Umuarama Sul Substation Transm. Sul Brasileira Copel GeT - 20% Eletrosul - 80% 004/2012 TL Nova Sta Rita - Camaquã Caiuá Transmissora Copel GeT - 49% Elecnor - 51% 007/2012 TL Guaíra - Umuarama Sul TL Cascavel Norte - Cascavel Oeste Santa Quitéria Substation / Cascavel Norte Substation Integração Maranhense Copel GeT - 49% Elecnor - 51% 011/2012 TL Açailandia - Miranda II Marumbi Copel GeT - 80% Eletrosul - 20% 008/2012 TL Curitiba - Curitiba Leste Matrinchã Copel GeT - 49% State Grid - 51% 012/2012 TL Paranaíta - Ribeirãozinho 1, Guaraciaba Copel GeT - 49% State Grid - 51% 013/2012 LT Ribeirãozinho - Marimbondo Paranaíba Copel GeT - 24,5% Furnas - 24,5% State Grid - 51% 007/2013 TL Barreiras II - Pirapora II May-43 Subtotal SPCs 5 4, , ¹ Proportion to the participation of Copel in the venture. Updated according to Aneel Aproval Resolution No. 2,098/

14 Growth in Transmission Subsidiary / SPC Auction Signing of Contract Enterprise State km Subst APR¹ (R$ million) CAPEX² (R$ million) Start up Concession Expiration Copel GeT 001/10 Oct-10 TL Araraquara II Taubaté SP Aug Copel GeT 001/14 Sep-14 TL Assis Londrina SP / PR Sep TL Curitiba Leste - Blumenau Copel GeT 005/15 Apr-16 PR / SC TL Baixo Iguaçu - Realeza Sep-19 Mar-21 Subtotal Copel GeT , Mata de Santa Genebra Copel GeT - 50,1% Furnas - 49,9% 007/13 May-14 TL Araraquara II - Bateias SP / PR Nov Cantareira Copel GeT - 49% Elecnor - 51% 001/14 Sep-14 TL Estreito - Fernão Dias SP / MG Mar Subtotal SPC 1, ,434.8 Total 1, ,580.9 ¹ Updated according to Aneel Ratification Resolution 1918/2015 / Adjusted for Copel s stake. ² Adjusted for Copel s stake (considers own capital and third-party capital). 14

15 Distribution Concession Area Distribution Lines Customers Substations Average Consumption 194,854 km² 195,459 km 4,478, kwh/month Market Growth Copel Distribuição 2016 Brazil Copel Captive Copel Grid -0.9% -7.1% -2.0% Rural 10% Breakdown by Segment Other 11% Residential 31% Source: EPE Monthly Market Review default rates (%) Commercial 23% Industrial 26% 1.95% 1.97% 1.75% 1.58% 1.61% Allow ance for doubtful accounts Total of R$171.0 million R$123.0 million more than the tariff coverage January March June September December 15

16 Distribution Extension of Distribution Concessions 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 ) DEC and FEC Limit versus Performed Measured DEC DEC Annual Aneel Limit Measured FEC FEC Annual Aneel Limit 1 According to Aneel s Technical Note No. 0335/ DECi Duration of outages per customer per year (in hours), caused by Internal Source; and FECi Frequency of outages per customer per year, caused by Internal Source. 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. 16

17 Telecommunications and Other Sectors > Telecommunications > Water and Sewage > Gas Copel s stake 100.0% Optical cables network 31,117 km EBITDA 2016 R$ million Copel s stake 7.2% Population served with water network 10.8 million Equity in earnings of subsidiaries 9M16¹ R$ 43.1 million Copel s stake 51.0% Number of Customers 36,189 Amount of sales in 9M million m³/day EBITDA 2016¹ R$ 33.3 million ¹ Adjusted by Copel s stake 17

18 Operating Revenues Operating Revenues 14,946-4% 13,102 3,555 3, Annual 4Q Copel Dis 64% 2016 Telecom 2% Other 4% Copel GeT 30% R$ million Fair value of assets from the indemnity for the concession 4Q15 4Q Electricity Sales to Final Customers 5,747-31% 5,232 Eletricity Sales to Distributors 3,707 2, % Use of Transmission and Distribution Grid 2, % 3,977 Other Operating¹ 3, % 1,218 1,588 1, M 4Q * Amounts subject to rounding. ¹ Composed of construction revenue, telecommunications, gas distribution and other. 18

19 Operating Costs and Expenses Operating Costs and Expenses 12,912 11,279 2,494 3, M 36% 4Q Copel Dis 77% 2016 TEL 2% Outros 4% Copel GeT 17% R$ million Eletricity Charges For The Use of Main Transmission Grid Manageable Costs¹ Provision and Reversal 6,033 24% 4, ,446-38% +4% 2, % 769 1,018 1, * Amounts subject to rounding ¹ Considers the cost of staff, managers, pension plan and health care, material, third party services and other. It does not consider the gain of R$52.1 million as a result of the change in the evaluation method of Copel's investment in Sanepar. 19

20 EBITDA EBITDA Breakdown Subsidiary 4Q16 4Q15 Var.% Var.% Copel GeT (18.4) , , Copel Dis (38.2) (77.8) Copel Telecom Other/eliminations (81.1) Consolidated ,175.6 (78.4) 2, ,802.9 (1.8) EBITDA Margin 7.4% 33.1% (77.6) 21.0% 18.8% 12.0 R$ million EBITDA Breakdown 2016 Copel GeT 75% other 17% Copel Dis 4% Telecom 4% EBITDA Margin per Subsidiary (%) 2016 GeT Distribuição Telecom

21 Ajusted EBITDA Breakdown 3Q16 Adjusted EBITDA Breakdown 9M16 R$ million R$ million LAJIDA Ajustado 4T16 4T15 Var.% Var.% LAJIDA ,175.6 (78.4) 2, ,802.9 (1.8) (-) GSF Renegotiation / Reversal Provision - Ivaí Engenharia (305.2) - - (305.2) - (-)/+ Impairment Testing GeT 96.1 (66.0) (66.0) - (-)/+ Impairment Testing - UEG Araucária (80%) (-)/+ Impairment Testing - Wind Farms (-)/+ Measurement of Indemnification of Generation Concessions (8.1) - - (8.1) - - (-)/+ Remeasurement of financial assets RBSE (38.3) - - (809.7) - - (-)/+ Impairment Testing - Compagas /(-) Reclassification Fair Value of the concession asset (128.4) (136.0) /(-) Non-recurring Copel Dis (5.3) (+) Sanitation materials and turning off assets Adjusted EBITDA (6.3) 2, , Copel Dis 20% Copel Dis 11% Copel GeT 56% R$ million Copel GeT 63% R$ 2,689.1 million Others 24% Others 26% 21

22 Net Income Net Income Breakdown R$ million Subsidiary 4Q16 4Q15 Var.% Var.% Copel GeT (144.2) ,027.4 (12.0) Copel Dis (34.5) (159.3) Copel Telecom Other/eliminations (56.0) (40.0) (22.5) - Consolidated (109.8) ,265.6 (25.1) Net Margin % - 7.2% 8.5% (14.6) Net Income Performance 1, Net Margin by Subsidiary (%) M 4Q GeT Distribuição Telecom

23 Subsidiaries Financial Indicators Wholly Owned Subsidiaries 2016 Subsidiary GeT Dis Telecom Consolidated Operating Revenues (R$ million) 3, , ,101.7 Operating Income (R$ million) 1,340.1 (130,6) ,478.3 Net Income (R$ million) (159,3) EBITDA (R$ million) 2, ,752.4 Return on Equity¹ (%) 13, EBITDA Margin (%) Net Margin (%) ¹ 12 months. Considers the equity of the beginning of the period. 23

24 Debt profile R$'000 Short Term Long Term From 2023 Total Domestic Currency 2,601,104 2,255,359 1,735, , , ,597 1,246,084 8,746,597 Foreign Currency ,669 90,505 TOTAL 2,601,940 2,255,359 1,735, , , ,597 1,335,753 8,837,102 10,000 8,000 6,000 4,000 2,000 - Net Debt/EBITDA¹ (R$ million) 4,652 5,695 6, ,283 2,233 2,544 5,446 1, ,282 1, (2.0) (4.0) (6.0) (8.0) (10.0) Index Debt Composition by Index Value (R$ million) Part. % CDI 6.317,0 71,5 TJLP 1.949,2 22,1 IPCA 344,7 3,9 Dollar 90,5 1,0 Other 135,8 1,5 Guarantees and endorsements Net Debt/EBITDA² Net Debt² Net Debt/EBITDA³ Debt / Shareholders Equity 58.3% ¹ EBITDA 12 months ² Do not considers endorsements and guarantees ³ Considers endorsements and guarantees As of

25 Dividends Year Annual Dividend Yield¹ Dividend and IOC Historical 50% 50% ,9% ,9% 35% 35% 27% 30% ,2% ,8% ,6% ,2% ² Gross Value (R$ mm) Payout Multiple 2016¹ EV/EBITDA P/E P/BVPS Copel Sector Average ¹ Source: Economática.Date base ² Dividend proposed for AGM, a meeting held on April 28, Amount related to Preferred B. 25

26 Capex Historical Capex R$ million Capex by Business (Schedule 2017) Carried Copel Dis 31% 3,575 Copel GeT 1 76% Other 2 16% 1,937 2,469 2,365 2,035 Carried Capex +51.0% Schedule ,365 3,575 1 Considers the transfer of wind farms to Copel GeT 2 Included Copel Telecomunicações, Copel Holding and New Business

27 Capex Investment Program 2016/2017 R$ million Subsidiary / SPC Carried 4Q16 Carried 2016 Scheduled Scheduled Copel Geração e Transmissão , , HPP Colíder HPP Baixo Iguaçu HPP Gov. Parigot de Souza (GPS) - Leilão nº 12/ TL Araraquara / Taubaté SE Paraguaçu Paulista TL Bateias - Curitiba Norte TL Foz do Chopim - Realeza TL Assis - Londrina TL Curitiba Leste / Blumenau Matrinchã Transmissora Guaraciaba Transmissora Mata de Santa Genebra Transmissão Cantareira Transmissora Paranaíba Transmissora Others Copel Distribuição Copel Telecomunicações Copel Comercialização Copel Renováveis Holding Copel Brisa Portiguar São Bento Energia Cutia Wind Farm Complex Other Invesment TOTAL , , , Capital budget originally approved by the Board of Directors. These values do not consider appropriation due to own labor, interest and others. 2 Regarding the participation of Copel in Enterprises. 3 Includes Voltalia São Miguel do Gostoso I Participações among others. 27

28 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 2016 > 11 years of adoption of the GRI - Global Reporting Initiative guidelines > Adoption of the International Integrated Reporting Council > 10 years in the top 10 in Abradee Social Responsibility Award > In 2015 included in the Global Sustainability Index MSCI > 7 years prepares and publishes Greenhouse Gas Inventory no GHG Protocol > Award Seal Paraná Climate - Gold category in the years 2015 and 2016 Principles: > Commitment > Proactive attitude before the law > Dialogue, communication and transparency > Respect to environmental dynamics > Individual responsibility > Valuing Diversity 28

29 Investor Relations ir.copel.com