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Adriano Rudek de Moura, CFO
12.01.2017
Disclaimer
Any statements made during this conference call 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
Highlights
3
3Q17 3Q16 Var. % 9M17 9M16 Var. %
Net Operating Revenues 3,644 2,914 25.0 10,114 9,805 3.2
Operating Costs and Expenses 3,160 2,728 15.8 8,367 7,883 6.1
EBITDA 644 435 48.1 2,357 2,627 (10.3)
Net Income 390 (75) - 958 1,058 (9.4)
Reversal of loss of R$75 million in 3Q16 with Net Income of R$390 million in 3Q17, positive
impact of R$114 million due to the adhesion PERT Program;
Increase of 48% in EBITDA (3Q17 vs. 3Q16), impacted by impairment reversal of R$158 million;
Growth of 25% in Net Operating Revenues, considering, among others, increase of 4.7% in
Copel Distribuição's grid market;
Operating Costs and Expenses strongly impacted by the effects of GSF and PLD;
R$ million
EBITDA
4 4
Breakdown EBITDA R$ million
EBITDA of R$381 million in GeT, result positively impacted by the impairment reversal of R$163
million, partially offset by the effects of GSF and PLD;
Copel Distribuição recorded EBITDA of R$134 million in 3Q17, 41.6% higher than reported in 3Q16,
due to the increase of 4.7% in the grid market and the reduction of manageable costs and
provisions;
Copel Telecom's EBITDA increased by 32%, reflecting the increase in the customer base;
Key Factors
Subsidiary 3Q17 3Q16 Var.% 9M17 9M16 Var.%
Copel GeT 381 217 76.2 1,515 2,077 (27.1)
Copel Dis 134 95 41.6 462 19 2,367.9
Copel Telecom 41 31 31.6 110 93 17.6
Other/Elimination 88 92 (4.6) 270 438 (38.2)
Consolidated 644 435 48.1 2,357 2,627 (10.3)
EBITDA Margin 18% 15% 18.5 23% 27% (13.0)
EBITDA
5 5
Breakdown Ajusted EBITDA1
GeT Distribuição Telecom
30.6 5.2 41.7
EBITDA1 Margin per Subsidiaries (%)
3Q17 Copel GeT 46%
Copel DIS 28%
Telecom 9%
Outros 17%
Breakdown – EBITDA1 3Q17
R$ million
¹ EBITDA adjusted for non-recurring events: GeT - 3Q17: positive impact of R$163 million reversal of Impairment. GeT - 3T16: negative impact of R$206.4 million referring to RBSE remeasurement and R$14.5 million referring to the provision for impairment. GeT - 9M17: positive impact of R$183.0 million referring to RBSE remeasurement and R$97.1 million referring to reversal of impairment. GeT - 9M16: positive impact of R$771.3 million referring to RBSE’s remeasurement and negative impact of R$14.5 million referring to the provision for impairment. 3Q17 - Hol: positive impact of reversal of impairment of R$4.6 million. 9M16 - Hol: positive impact of R$193.4 million related to the reversal of a provision related to Cofins.
Subsidiary 3Q17 3Q16 Var.% 9M17 9M16 Var.%
Copel GeT 219 437 (50.0) 1,230 1,320 (6.8)
Copel Dis 134 95 41.6 462 19 -
Copel Telecom 41 31 31.6 110 93 17.6
Other/Elimination 92 106 (13.0) 275 245 12.3
Consolidated 486 655 (25.9) 2,077 1,677 23.8
EBITDA Margin 13% 21% (36.5) 21% 19% 12.6
1,677 2,077
950 280
9M16 9M17
Recurring EBITDA Non-recurring
655 530
-221
176
3Q16 3Q17
Highlights
6
Hydrological Risk;
GSF: 64.2% (3Q17) vs 82.8% (3Q16);
PLD increased;
R$436.20/MWh (3Q17) vs. R$112.05/MWh (3Q16);
Decrease of manageable cost;
Recurrent EBITDA decrease 25.9% (3Q17x3Q16)
Grid Market grows
4.7% in 3Q17 and 2.9% in 9M17;
Results of 4th tariff review cycle and tariff adjustment in 2017;
Reduction of R$36 million in provisions in 3Q17;
Non recurrent 3Q17 considers a reversal of impairment of R$158. Non recurrent 3Q16 considers the negative impact of R$206 million related to RBSE remeasurement and a reversal of impairment of R$15 million. Non recurrent 2017 considers the positive impact of R$183 related to RBSE remeasurement, after an approval of the report by Aneel and the reversal of impairment of R$97 million. Non recurrent 2016 considers the initial recognition of the RBSE indemnity of R$771 million, a reversal of provision R$193 million related to COFINS litigation and a reversal of impairment of R$15 million.
R$ million
435 644
2,627 2,357
3,120
3,644 +126
+114 +85
+19
+354 -174
3Q16¹ Electricity sales tofinal customers
Electricity sales todistributors
Use of the maindistribution and
transmission grid¹
Revenues fromtelecommunications
CVA Other operating² 3Q17
7
Recurrent operating revenue increased by 16.8% in the quarter
+12% +17% +12%
+29%
+549% -33% +17%
Operating Revenues
Growth of 0.8% in the volume of energy sold to final customers;
Adjustment of the energy tariff (TE) by 10%;
Sale of energy by Copel Comercialização;
Grouth of 4.7% in the grid market;
Expansion of services to new customers of Copel Telecom;
Increase in PLD and GSF;
* Amounts subject to rounding. ¹ Recurrent revenue adjusted by negative impact of R$206 million referring to RBSE remeasurement; Composed of construction revenue, fair value of assets from the indemnity for the concession, gas distribution and other revenue.
R$ million
2,714
3,318
+784 -31 -36 -1
-112
3Q16¹ Eletricity Charges for the use ofmain
Transmission Grid
Provision and reversal² Manageable costs Other operating³ 3Q17¹
8
Operating Costs and Expenses
R$ million
* Amounts subject to rounding. ¹ Recurring revenue adjusted for the negative impact of R$206 million referring to RBSE remeasurement. ² Consider the construction revenue lines, fair value of the concession's assets, distribution of piped gas, and other operating revenues.
Operating costs and expenses increased by 22% in the quarter
Higher ESS due to thermal dispatch;
Reduction of 35% in PECLD;
Hydrological Risk;
GSF 64.2% (3Q17) vs. 82.8% (3Q16);
PLD increased;
R$436.20/MWh (3Q17) vs. R$112.05/MWh (3Q16);
+67% -15% -38% -0.2% -14% +22%
352
19
136 66
574
353
20
135 66
573
P M S O Total
Manageable Costs (3Q17x3Q16)
3T16 3T17Compensation - Voluntary Termination Program/Retirement Pension and healthcare plans
9
Custos Gerenciáveis
R$ million
12 9 58 66
277 283 +2%
+0.2%
+2.2%
-1.0% -1.4%
-0.2%
3Q17 3Q16
Growth of 2% in Personnel and management;
Salary Adjustment of 9.15% in October/16;
Reduction of 145 employees in the last 12
months;
Policy of not filling job vacancies;
Inflation of 2.54% in the last 12 months;
Salary Adjustment of 1.63% in October/17
by INPC index;
Review of third-party service contracts;
Financial Leverage
10
Evolution of Net Debt/EBITDA
EBITDA 12 months does not consider equity accounting results;
Growth of 2.6% in net debt (Sep.17 vs Jun.17);
Growth of R$ 381 million in EBITDA 12 months (Sep.17 vs Jun.17);
R$ million
6,740 7,284 7,446 7,543 7,742
1,356 1,373 1,510 1,492 1,514
2.2 3.4 3.0 4.1 3.9
Net Debt Guarantees and Endorsements Net Debt / EBITDA
3,688 2,531 3,014
2,073 2,436
sep/16 dec/16 mar/17 jun/17 sep/17
EBITDA 12 months
GeT Distribuição Telecom
22.6 7.0 18.9
Net Income
11
Net Income Breakdown
Net Margin by Subsidiary (%)
3Q17
1,058 958
-75
390
2016 2017
9M 3Q
Net Income Performance
R$ million
Subsidiary 3Q17 3Q16 Var.% 9M17 9M16 Var.%
Copel GeT 165 45 267.3 655 1,049 (37.6)
Copel Dis 182 (127) - 261 (230) -
Copel Telecom 19 13 48.2 46 39 19.0
Other/Elimination 24 (6) - (4) 200 -
Consolidated 390 (75) - 958 1,058 (9.4)
Net Margin 11% -3% - 9% 11% (12.2)