Conference Call 2Q 2012 Results - Celsia

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Conference Call 2Q 2012 Results - Celsia Powered By Docstoc
					Conference Call 2Q 2012 Results
July 26th, 2012
Disclaimer




This document has been prepared by Celsia S.A. E.S.P. (the “Company” or “Celsia”) using its
own information and information of its subordinate companies that is not definitive nor has been
audited. Therefore, the information contained in this document may be subject of modifications or
amendments without prior notice. In addition, this information may differ from that published by
official entities. Colinversiones does not assume any obligation of updating nor correcting the
information contained in this document.

The Company does not guarantee the thoroughness of the information nor is responsible for it
(not by omission nor by elements contained in the information that could be subject of leading to
error). The Company is not responsible of the consequences resulting from the use of this
document.
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results

5.    Expansion plan
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results

5.    Expansion plan
Highlights

•    Consolidated EBITDA rose 5% and net income, excluding divestitures, 41%.

•    Celsia Brand positioning in the market.

•    Increase of the total installed capacity with the launch of Hidromontañitas and
     Alto Tuluá plants.

•    Consolidation of Flores IV operation with 230 MW produced in 2Q2012, 30
     MW more than in 1Q2012.

•    Distributed energy rose 4% YoY and 3% QoQ.

•    The organization continues with its expansion plan finalizing designs for San
     Andres and making important advances on designs for Porvenir II, as well as
     continuing its efforts to secure environmental licensing.


                                                           5
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results

5.    Expansion plan
Hydrologic conditions and electricity demand

                                                     Hydrologic conditions - SIN
                                                                                                                                                                                                                   •    The hydrologic supply fell 22%
       12.000                                                                                                                                                                                                140
                                                                                                                                                                                                                        compared to 2011 when the
       10.000                                                                                                                                                                                                120        Niña phenomenum was present;
                                                                                                                                                                                                             100
            8.000
                                                                                                                                                                                                             80         nonetheless it remains higher
GWh




            6.000
            4.000
                                                                                                                                                                                                             60
                                                                                                                                                                                                             40
                                                                                                                                                                                                                        than historic average by 22%
            2.000                                                                                                                                                                                            20
               -                                                                                                                                                                                             0
                    Jan-11
                             Feb-11
                                      Mar-11
                                                Apr-11
                                                          May-11
                                                                    Jun-11
                                                                              Jul-11
                                                                                        Aug-11
                                                                                                  Sep-11
                                                                                                            Oct-11
                                                                                                                      Nov-11
                                                                                                                                Dec-11
                                                                                                                                           Jan-12
                                                                                                                                                      Feb-12
                                                                                                                                                                 Mar-12
                                                                                                                                                                            Apr-12
                                                                                                                                                                                       May-12
                                                                                                                                                                                                  Jun-12
                                                 Historic average                                           Real                             Prices



            6.000                                                   Electricity demand - SIN                                                                                                                 6%

            5.000                                                                                                                                                                                            5%

                                                                                                                                                                                                             4%
            4.000
                                                                                                                                                                                                             3%
      GWh




            3.000
                                                                                                                                                                                                             2%
                                                                                                                                                                                                                   •    The electricity demand
            2.000
                                                                                                                                                                                                             1%         increased by 3,6% QoQ
            1.000                                                                                                                                                                                            0%

               -                                                                                                                                                                                             -1%
                    Jan-11
                             Feb-11
                                       Mar-11
                                                 Apr-11
                                                           May-11
                                                                     Jun-11
                                                                               Jul-11
                                                                                         Aug-11
                                                                                                   Sep-11
                                                                                                             Oct-11
                                                                                                                       Nov-11
                                                                                                                                  Dec-11
                                                                                                                                             Jan-12
                                                                                                                                                        Feb-12
                                                                                                                                                                   Mar-12
                                                                                                                                                                              Apr-12
                                                                                                                                                                                         May-12
                                                                                                                                                                                                    Jun-12




                                                                    Demand                                   Acc. Demand (%)




                                                                                                                                                                                                                              7
Power generation and electricity prices

                                                             Power generation - SIN

              6.000                                                                                                                                                        120%   •    The hydropower plants
              5.000                                                                                                                                                        100%
                                                                                                                                                                                       produced 79% the total
              4.000                                                                                                                                                        80%
                                                                                                                                                                                       energy.
GWh




              3.000                                                                                                                                                        60%
              2.000                                                                                                                                                        40%
                                                                                                                                                                                  •    Del total de energía generada
              1.000                                                                                                                                                        20%
                 -                                                                                                                                                         0%          durante el segundo trimestre,
                                                                                                                                                                                       el 14% corresponde a la
                        ene-10

                                 mar-10

                                           may-10

                                                    jul-10

                                                              sep-10

                                                                       nov-10

                                                                                 ene-11

                                                                                          mar-11

                                                                                                    may-11

                                                                                                               jul-11

                                                                                                                        sep-11

                                                                                                                                  nov-11

                                                                                                                                           ene-12

                                                                                                                                                      mar-12

                                                                                                                                                               may-12
                                                                                                                                                                                       generación por seguridad
                    Hidro.                 Thermal                     Cogen.                       Minors                       Thermal (%)                            Hydro




                                                              Electricity prices - SIN
               140
               120
               100
                                                                                                                                                                                  •    The average spot price fell
 COP / /kWh




                80
                60                                                                                                                                                                     3% QoQ, reaching 64$/kWh.
                40
                20
                -
                         Ene              Feb       Mar           Abr           May        Jun               Jul        Ago          Sep            Oct        Nov          Dic

                      Spot 2011                              Spot 2012                             Contracts 2011                                   Contracts 2012




                                                                                                                                                                                           8
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results

5.    Expansion plan
Consolidated power generation

                 Consolidated power generation - Celsia                                                                                                                                               •    The total power production
      1000
                                                                                                                                                                                                           reached 2701 GWh.
       800
       600
GWh




       400
       200
         0                                                                                                                                                                                            •    Hydric generation was lower
                                                                                                                                                                                                           by 7% while thermal
                 Jan-11
                          Feb-11
                                   Mar-11
                                               Apr-11
                                                          May-11
                                                                    Jun-11
                                                                              Jul-11
                                                                                       Aug-11
                                                                                                Sep-11
                                                                                                         Oct-11
                                                                                                                  Nov-11
                                                                                                                            Dec-11
                                                                                                                                      Jan-12
                                                                                                                                                Feb-12
                                                                                                                                                           Mar-12
                                                                                                                                                                       Apr-12
                                                                                                                                                                                May-12
                                                                                                                                                                                         Jun-12
                                                                                                                                                                                                           generation rose 30%
                                                                            Hydric              Thermal



                 Consolidated power generation - Celsia
      1000
                                                                                                                                                                                                      •    Flores I and Flores IV
GWh




      500
                                                                                                                                                                                                           produced 49 GWh and 190
         0                                                                                                                                                                                                 GWh to cover grid restraints,
             Jan-11
                      Feb-11
                               Mar-11
                                            Apr-11
                                                        May-11
                                                                   Jun-11
                                                                             Jul-11
                                                                                       Aug-11
                                                                                                Sep-11
                                                                                                         Oct-11
                                                                                                                   Nov-11
                                                                                                                             Dec-11
                                                                                                                                       Jan-12
                                                                                                                                                  Feb-12
                                                                                                                                                              Mar-12
                                                                                                                                                                          Apr-12
                                                                                                                                                                                    May-12
                                                                                                                                                                                             Jun-12
                                                                                                                                                                                                           respectively.

             Minors                          Albán                               Calima                           Meriléctrica                    Prado
             Salvajina                       F1                                  F2                               F3                              F4




                                                                                                                                                                                                              10
Electricity distribution: EPSA and CETSA

    Electricity losses and collection rate
      98,90%                         99,60%


                                                  •    Electricity losses were 9,67% during
                                                       the second half for EPSA and Cetsa.


      1H2011                        1H2012

         Electricity losses     Collection rate



                      Clients

      504.530                       518.767



                                                  •    EPSA and CETSA registered 14,237
                                                       more clients than in June 2011.



     2Q 2011                        2Q 2012




                                                                    11
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results
      4.1. Consolidated financial results

5.    Expansion plan
Consolidated financial results
                                                                                 Cx minorista
             Operational revenues                                                   31%
                (COP million)


                      +13%          5.459
                                   44.696     -11%
                                                                                         Cx gas
       50.213                      52.170     +50%                                       natural
       34.896                                              Generación                     11%
                                                            y MEM
                                                             47%                       Uso y
                                  138.566
      130.955                                 +6%                                   conexión de
                                                                                Otros redes
                                                                                 1%    10%



                                                     •    Power generation and wholesale
                                              +8%         market sales increased by 8% due to
      -10.431                                             the effect that Flores IV had in the
      2T2011                       2T2012                 results of Zona Franca Celsia and the
     2Q2011                       2Q2012
                                                          power generation with fuel oil. Natural
                                                          gas trading increased 50% with the
   Generación y MEM      Cx minorista
                                                          entrance of new clients and higher
   Cx gas natural        Uso y conexión de redes
                                                          prices
   Otros




                                                                        13
Consolidated financial results

                                                  Consolidated EBITDA

          250.000          43%                                                                    50%
                                                                              41%
                                                                                          38%
                                          34%                   36%
          200.000                                                                                 40%
COP mm




          150.000                                                                                 30%

          100.000                                                                                 20%

              50.000                                                                              10%

                  -                                                                               0%
                          2T2011         3T2011                4T2011        1T2012      2T2012

                                                    Ebitda   Ebitda Margin




         •        The Ebitda increased 5%, with a total of COP $387 billions in the semester and a
                  Ebitda margin of 40%.

         •        The net profit increased 41%, excluding the effect of the divestment in 2011.




                                                                                    14
Consolidated net debt

                       Debt by Company                                                    Debt (currency)
                   1,74                         1,72
 COP millions




                 656.195                    660.691                                                         Libor, 13,1%


                 254.329                    228.609
                                                                             IPC, 68,9%

                                                                                                               DTF, 17,5%



                  dic-11                      jun-12
                 Celsia       Zona Franca Celsia         EPSA




                COP millions         Celsia            ZF Celsia   Colener           EPSA         TOTAL

                Debt                 829.121            228.609          -            660.691    1.718.421
                Cash and
                                     365.985             57.340      14.531           251.953      689.809
                equivalents




                                                                                            15
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results
      4.2. Nonconsolidated financial results

5.    Expansion plan
Nonconsolidated financial results

                   Celsia                                            EPSA
                (COP millions)                                    (COP millions)
                                                            48%
                                      40%                                               43%
         35%




     2T2011                        2T2012               2T2011                      2T2012

         Revenues    Ebitda   % Ebitda                      Revenues    Ebitda   % Ebitda



              Zona Franca Celsia               •    The power generation and the natural
                (COP millions)                      gas trading allowed to Celsia to
                                                    increase the Ebitda in 38% (+$10.556
        18%                              19%        millions).
                                               •    Zona Franca Celsia increased 61% its
                                                    Ebitda compared to the second quarter
     2T2011                        2T2012
                                                    in 2011, reaching COP $15.820
                                                    millions.
         Revenues    Ebitda   % Ebitda




                                                                   17
1.    Highlights

2.    Overview of the Colombian Electricity Market

3.    Operating results

4.    Financial results

5.    Expansion plan
    Alto Tuluá hydroelectric plant
•     The plant started operations in may 28th.

•     The power capacity is 19.9 MW and its production is estimated in 114 GW/hour/year.

•     During the construction there were invested COP $4.800 millions in social-environmental activities.




                                                                          19
Hidromontañitas hydroelectric plant

                                 •    It is located between Santa
                                      Rosa de Osos and Donmatías
                                      townships, in Antioquia.
                                 •    Power capacity 19,9 MW.
                                 •    The investments reached COP
                                      127.000 millions.
                                 •    During the construction there
                                      were created around 300 direct
                                      jobs per month.
                                 •    This project has the possibility
                                      to receive the Clean
                                      Development Mechanisms
                                      (CDM) revenues.




                                        20
Electricity distribution expansion plan (EPSA)

                            EPSA made progress in:

                            •    Upgrading the substations:
                                  –  Tuluá – 115 kV
                                  –  Buga – 115 kV


                            •    The construction of the
                                 substations:
                                  –  Palma Seca – 115 kV
                                  –  San Isidro – 34,5 kV




                                            21
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