1Q15 Results Conference Call

Transcription

1 1Q15 Results Conference Call May/2015 Economic-Financial Office and Investor Relations Office

2 Notice This presentation may contain forward-looking statements referring to SABESP s business outlook. operating and financial results estimates. and growth prospects. These are only projections. and as such. they are exclusively based on SABESP s management expectation in relation to the future of business and its continuous access to capital to finance the Company s business plan. These forward-looking statements largely depend on changes in market conditions. governmental rules. industry performance and the Brazilian economy. amongst other factors. in addition to risks exhibited in disclosure documents filed by SABESP. Therefore. they are subject to changes without prior notice. 2

3 Billed volume Total water and sewage billed volume, including wholesale (million m³) (11.7)% Sewage Water (9.7)% (13.2)% Q14 1Q15 Produced Water Volume Billed Water Volume Q14 1Q15 1Q14 1Q15 3

4 Financial Highlights (R$ million) Net operating revenue 2.468, ,0 (11.6)% Costs, adm. exp., selling and construction 1.365, ,0 (32.9)% Adjusted EBITDA 1.015, ,5 33.6% Adjusted EBIT 755, ,2 46.1% Net income 318,2 477,6 (33. 4)% 1Q15 1Q14 4

5 Costs and Expenses (R$ million) Costs and expenses in 1Q14*: R$1,515.5 Costs and expenses in 1Q15*: R$ (47.9)% *Not including constuction costs 7.6% % 3.7% (6.0)% % (64.4)% (2.7)% % 1.0% Payroll and Benefits Supplies Treatment supplies Services Electric power General Expenses 1Q14 1Q15 Depreciation and Amortization Credit writeoffs Tax expenses % Net revenue in 1Q % 1.7% 2.5% 11.3% 5.0% 5.5% 9.3% 0.5% 0.7% % Net revenue in 1Q % 2.0% 2.9% 12.0% 6.4% 2.2% 10.3% 1.9% 0.8% 5

6 Net income Main variations 1Q15 1Q14 Var. Net Income 1Q Net Operating Revenue 2, ,792.0 (323.4) Costs and Expenses (1,365.5) (2,036.0) Other Revenues and Expenses (*) 33.2 (43.5) 76.7 Net Financial (985.8) 27.5 (1,013.3) Income Tax and Social Contrib (262.4) Net Income 1Q (1,013.3) (323.4) Net Income 1Q14 N.O.R. Costs and Expenses Other Rev. and Expenses(*) Net Financial Income Tax and Social Contribution Net Income 1Q15 *Including equity result 6

7 Cantareira System Rainfall (in mm) 350,0 156% 300,0 250,0 200,0 150,0 93% 84% 73% 56% 105% 103% 100,0 50,0 32% 59% 28% 33% 35% 96% 51% 45% 28% 81% 61% 72% 0,0 OUT OCT NOV NOV DEZ DEC JAN JAN FEV FEB MAR APR ABR MAY MAI JUN JUN JUL JUL AUG AGO SEP SET Média Histórica 130,8 161,2 226,8 265,9 206,5 184,1 89,2 83,2 56,0 49,9 36,9 91,9 Historical avg Minima Histórica 21, , , , , , , , , , , ,9 2013/14Historical low 123, , , , , , , , , , , ,0 2014/ /14 42, , , , , , , /

8 Cantareira System Water inflow (m³/s) 80,0 70,0 60,0 50,0 40,0 30,0 20,0 10,0 0,0 Oct outubro Nov novembro Dec dezembro Jan janeiro Feb fevereiro Mar março Apr abril May maio Jun junho Jul julho Aug agosto Sep setembro Média Historical Histórica avg. 30, , , , , ,9 48, , , , , , Mínima Histórica 14,0 14,0 21,8 26,9 27,6 28,1 24,7 19,9 16,5 13,9 12,0 11, Historical low 17, , , , , ,8 34, , , , , , / , , , , , ,9 17, , , ,4 8, , /2015 5,2 8,8 16,0 11,5 40,7 42,6 18,1 2013/ /

9 jan/14 fev/14 mar/14 abr/14 mai/14 jun/14 jul/14 ago/14 set/14 out/14 nov/14 dez/14 jan/15 fev/15 mar/15 abr/15 Inflow in m³/s 37,0 32,0 Measures taken due to lower water volume withdrawal from the Cantareira System Water production in the Cantareira System (in m³/s) Reduction from initiatives: (in m³/s) 27, ,0 Feb/14 to Apr/ m³/s ,0 Pressure reduction / Losses 12,0 Reduction of transferred water to Guarulhos and São Caetano Water transferred between systems Bonus program 9

10 Water Plan for the SPMR 2015 to 2017 (main initiatives) Description flow (m³/s) Availability / guarantee estm. Objectives Status Reversion increase from Guaratuba River to the Ponte Nova reservoir by 0.5 m³/s Reversion from the Guaió River to the Taiaçupeba reservoir: 1 m³/s 0.5 jan/15 Recover the storing volume and assure completed 1 mai/15 Alto Tietê's water source works in progress Interconnection between: Pequeno River Grande River (Billings) Taiaçupeba (Alto Tietê) 4 m³/s 4 set/15 Recover the storing volume and assure the Alto Tietê reservoir works in progress 1 m³/s transfer increasefrom Taquacetuba to Guarapiranga (from 4 to 5 m³/s) Increase of the ABV Water Treatment Station production from 15 to 16 m³/s total dez/15 Assure Guarapiranga's water source works in progress jun/15 Transfer water from Guarapiranga to the Cantareira area via the aqueduct system works in progress Reversion from Itapanhaú River (Ribeirão Sertãozinho) to the Biritiba reservoir: 2.5 m³/s Reversion of 1 m³/ sfrom Alto Juquiá to Ribeirão Santa Rita (Guarapiranga basin) Jaguari Atibainha Interconnection: 5.13 m³/s to the Cantareira system (security increase) total Recover the storing volume and assure Alto Tietê's water source under development Increase Guarapiranga's water source under development a) Recover the stored volume and assure the Cantareira System's water source in bidding process (works scheduled to last for 18 months) São Lourenço Production System: 6.4 m³/s 6, total total geral Produce 6.4 m³/s for the Greater São Paulo's western region works in progress 10

11 Water Consumption Incentive Program - Bonus Total São Paulo Metropolitan Region 20% consumption reduction / 30% bonus 15% - 20% consumption reduction / 20% bonus 51% 49% 50% 53% 53% 53% 60% 62% 62% 10% - 15% consumption reduction / 10% bonus Reduced consumption / did not reach the bonus Above average consumption (Feb/13 to Jan/14) 25% 26% 24% 25% 25% 25% 23% 24% 22% 22% 19% 18% 18% 12% 13% 10% 10% 10% 7% 7% 6% 5% 5% 6% 5% 5% 5% 5% Aug Sep Oct Nov Dec Jan Feb Mar Apr 76% adhesion -3.9 m 3 /s 75% adhesion -3.6 m 3 /s 75% adhesion -3.6 m 3 /s 76% adhesion 78% adhesion 78% adhesion 81% adhesion -4.1 m 3 /s -4.8 m 3 /s -5.4 m 3 /s -6.0 m 3 /s 82% adhesion -6.1 m 3 /s 82% adhesion -6.2 m 3 /s 11% with fine and 7% of social tariff/min. consumption (no bonus) 11

12 Tariff Adjustment and Extraordinary Tariff Revision Item Arsesp I Sabesp Arsesp II (+) IPCA % % % (-) X Factor % % % (+) Residual % % % (=) Adjustment % % % (+) Energy and billed volume unbalance % % % (+) Compensation period % % % (=) Extraordinary revision % % % Total % % % 12

13 IR Contacts Mario Azevedo de Arruda Sampaio Angela Beatriz Airoldi +55 (11) (11)