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  • 1. UTE Pecm - October 2007

2. Disclaimer This presentation may include forward-looking statements of future events or results according to regulations of the Brazilian and international securities and exchange commissions. These statements are based on certain assumptions and analysis by the company that reflect its experience, the economic environment and future market conditions and expected events, many of which are beyond the control of the company. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the companys business strategy, Brazilian and international economic conditions, technology, financial strategy, public service industry developments, hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual results of the company may be significantly different from those shown or implicit in the statement of expectations about future events or results.The information and opinions contained in this presentation should not be understood as a recommendation to potential investors and no investment decision is to be based on the veracity, current events or completeness of this information or these opinions. No advisors to the company or parties related to them or their representatives shall have any responsibility for whatever losses that may result from the use or contents of this presentation.This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the companys business. These statements include projections of economic growth and energy demand and supply, as well as information about the competitive position, the regulatory environment, potential opportunities for growth and other matters. Several factors may adversely affect the estimates and assumptions on which these statements are based.2 3. UTE Pecem Revenues and Costs Energy price (ICB) = R$ 125.95 / MWh COP/CEC = R$ 48.47/MWh Flexibility = 100% Availability = 615 MW Useful Life = 30 years Fixed Revenue = (ICB COP/CEC) x Availability = (R$ 125.95 R$ 48.47)/MWh x 615 MW x 24 hrs x 365 days = R$ 417.4 million / year Fixed CostOperation & Maintenance = 7% of Fixed Revenue DispatchMargin on dispatch = R$ 3.68/ MWhWe assume that the plant will be dispatched 50% of the year EBITDAEBITDA Margin = 55%3 4. UTE Pecem Sectorial Taxes and Fiscal BenefitsSectorial Taxes TUST = R$5.60/KW installed R&D = 1% of Net Revenue ANEELs ficalization fee = R$ 1.67/MWh ONS fee = 25% of ANEELs feeFiscal BenefitsADENE: 75% reduction on Taxable Income for 10 yearsPAC (exemption of PIS/Cofins on capex) 4 5. UTE Pecem Capex and Financing CapexTotal Capex = US$ 1.346 billion Leverage = 75% Hedge (USD) on 100% of capex Financing BNDES = 42% Cost = TJLP (long term basic basic interest rate) + 2.25% Term = 14 years Grace period = 4 years for principal and interestExternal Financing (IBD/IFC) = 33%Cost = Libor + risk spreadTerm = 13 to 16 yearsGrace period = 4 years for principal e interestWe assume refinancing after amortization of debt and hedge on 100% of debt (USD and Libor)5 6. October 2007