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4Q12 MPX Results

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MPX_RI

MPX Energia reported strong financial results in 4Q12 and full year 2012. Net operating revenues increased 413.5% in 4Q12 and 191.7% for the full year driven by the beginning of commercial operations of several power plants totaling 1,058 MW. Operating expenses decreased 18.4% in 4Q12 due to optimization of the corporate structure and reduction in bonus payments. Key events in the quarter included the start of commercial gas production in the Parnaiba Basin reaching 2.1 million cubic meters per day.

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4Q12 Earnings Release Rio de Janeiro | February, 2013
DISCLAIMER The material that follows is a presentation of general background information about MPX Energia S.A. and its subsidiaries (collectively, “MPX” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. This presentation may contain certain forward-looking statements and information relating to MPX that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “may”, “plan”, “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard. The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. MPX, the placement agents and the underwriters do not make any representation as to the accuracy of such information. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MPX’s prior written consent. 2
4Q12 HIGHLIGHTS & SUBSEQUENT EVENTS Beginning of Commercial Operations at Pecém I, Itaqui and Parnaíba I, totaling 1,058 MW:  Pecém I TPP (1st turbine): 360 MW  Itaqui TPP: 360 MW  Parnaíba I TPP (1st and 2nd turbines): 338 MW Gas production in the Parnaíba basin reaches 2.1 million m3/day and OGX Maranhão declares commerciality of the Gavião Branco gas field, with estimated volume in place between 0,2 and 0,5 Tcf. Acquisition of the TPP MC2 Nova Venécia project (176 MW), subject to authorization from the Mining and Energy Ministry. Significant reduction in spot market exposure with postponement of PPA start dates for Pecém II (365 MW) to June 01, 2013 and Parnaíba I (676 MW) to April 01, 2013. 3
POWER PLANTS IN OPERATION Total Capacity Energy Sold Annual Capacity Payment Regulated Market COD (MW) (Avg MW) (R$ MM/year) Pecém I (1st turbine) 360 307.5 283.6 12/01/2012 Itaqui 360 315 299.8 02/05/2013 Parnaíba I (1st turbine) 169 112.5 105.3 02/01/2013 Parnaíba I (2nd turbine) 169 112.5 105.3 02/20/2013 TOTAL 1,058 847.5 794.0 Figures reflect 100% of the projects. 4
POWER PLANTS UNDER CONSTRUCTION Annual Capacity Total Capacity Energy Sold COD Regulated Market Payment (MW) (Avg MW) (Expected) (R$ MM/year) Pecém I (2nd turbine) 360 307.5 283.6 1Q13 Pecém II 365 276 269.2 2Q13 Parnaíba I (3rd and 4th turbines) 338 225 210.6 1Q13 Parnaíba I (5th turbine) 176 98 93.5 2Q13 Parnaíba II 517 450 353.1 4Q13 TOTAL 1,756 1,356.5 1,210.0 MILESTONES LEADING TO COMMERCIAL OPERATIONS Pecém I (2nd turbine): electrical tests  first synchronization  electrical load tests  COD Pecém II: steam blowing  reinstatement  by-pass operation  steam to turbine  electrical tests  first synchronization  electrical load tests  COD Parnaíba I: turbines 3 and 4 are in the final stages of electromechanical assembly Parnaíba II: turbines 1 and 2, already at the site, are currently in the mechanical construction stage Figures reflect 100% of the projects. 5
PORTO DO PECÉM I & II TPP 6
PORTO DO ITAQUI TPP 7
TPP PARNAÍBA I & II TPP 8
PARNAÍBA BASIN: NATURAL GAS E&P GAVIÃO REAL  Beginning of commercial production in Jan/13  Current gas production: 2.1 million m3/day  GTU’s production capacity: 6.0 MM m³/day, ramping-up to 7.5 MM m³/day GAVIÃO BRANCO  Declaration of commerciality presented to ANP  Total estimated volume in place between 0.2 and 0.5 Tcf 3 ongoing exploratory wells:  OGX-105: Rocha Lima  OGX-107: Fazenda Chicote  OGX-108: Fazenda Santa Isabel 9
PARNAÍBA BASIN: NATURAL GAS E&P 10
FINANCIAL HIGHLIGHTS
NET OPERATING REVENUES Net Operating Revenues Consolidated (R$ MM) 4Q12 4Q11 % 2012 2011 % Gross Operating Revenues Energy Supply 150.0 10.4 1346.9% 238.9 42.3 464.7% Energy Commercialization 89.5 39.9 124.2% 302.8 148.1 104.5% Taxes (23.2) (8.2) 184.5% (50.7) (22.1) 129.3% NET OPERATING REVENUES 216.3 42.2 413.5% 490.9 168.3 191.7%  Net Operating Revenues: + R$ 174.1 MM, Net Operating Revenues (R$ MM) - Pecém I (50%) Commercial generation - 1st turbine 13.2 highlighted by: Pass-through of the energy aquisition cost - Res. 165 70.5  Beginning of commercial operations at Pecém I TPP: Additional revenue considering pass-through by ICB – 4Q12 20.4 + R$ 114,9 MM Additional revenue considering pass-through by ICB – 3Q12 10.8 Total Net Operating Revenues 114.9 12
OPERATING EXPENSES Operating Expenses (R$ MM)  Personnel: - 27.9%, highlighted by:  Optimization of the corporate structure with the creation of MPX / E.ON Participações (-R$ 5.3 MM) -18.4%  Reduction of the bonus payments (-R$ 2.5 MM) 104.1  Non-cash expenses related to outstanding stock options plans (- 84.9 R$ 2.9 MM)  Spin-off of Colombian mining assets (-R$ 4.2 MM)  Outsourced Services: -2.3%, highlighted by:  Legal and technical consulting expenses related to the takeover of construction works at Pecém and Itaqui (+R$ 4.7 MM);  IT (+ R$ 2.3 MM) 4Q11 4Q12  Spin-off of Colombian mining assets (-R$ 8.2 milhões). 13
INDEBTEDNESS Debt Profile R$ billion Dec/12 Sep/12 Gross Debt (R$ MM) 6.0 5.6 37% 32% Net Debt (R$ MM) 5.4 4.6 Short Term Average Cost (%) 8.7 8.7 63% 68% Long Term Average Tenure (years) 5.1 5.1 Sep/12 Dec/12 Debt Maturity Profile (R$ million) 3,189.2 R$ 724.6 million refer to outstanding bridge- loans to Parnaíba I & II power plants -> to be 1,915.4 paid-off with draw down from long-term financing. R$ 234.3 million refer to debt amortization for 593.9 333.1 315.4 314.3 Pecém I, II and Itaqui -> amounts to be amortized in 2013, with the beginning of Cash & Cash 2013 2014 2015 2016 From 2017 on commercial operation and end of grace Equivalents periods 14 Note: Values incorporate principal + capitalized interest + charges and exclude outstanding convertible debentures.
CONSOLIDATED CASH POSITION Cash & Cash Equivalents 181,6 744,2 886,0 1.103,6 24,9 1,003,0 66,1 593,9 155,1 Cash and Cash Revenues OPEX & CAPEX & Cash Flow from Debt Disrbursement Debt Amortization Contribution of Escrow Accounts Cash and Cash Equivalents (3Q12) SG&A Financing partners Equivalents (4Q12) 15
CAPITAL EXPENDITURES (R$ MM) 4Q12 2012 Interest Interest Project Capex Capex Capitalized Capitalized Pecém I (50%) 26.7 16.3 207.5 74.4 Itaqui 99.7 39.7 424.0 148.8 Pecém II 23.2 21.7 214.6 83.2 Parnaíba I 117.5 29.5 544.5 92.3 Parnaíba II 107.1 14.2 425.7 40.6 Total 374.1 121.5 1,816.3 439.3  Additionally in 4Q12, MPX invested R$ 35 million in the exploratory campaign in the Parnaíba Basin and in the development of the Gavião Real and Gavião Branco fields. 16
For more information, contact: Investor Relations (55 21) 2163-9215 ri.mpx@mpx.com.br

More Related Content

4Q12 MPX Results

  • 1. 4Q12 Earnings Release Rio de Janeiro | February, 2013
  • 2. DISCLAIMER The material that follows is a presentation of general background information about MPX Energia S.A. and its subsidiaries (collectively, “MPX” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. This presentation may contain certain forward-looking statements and information relating to MPX that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “may”, “plan”, “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard. The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. MPX, the placement agents and the underwriters do not make any representation as to the accuracy of such information. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MPX’s prior written consent. 2
  • 3. 4Q12 HIGHLIGHTS & SUBSEQUENT EVENTS Beginning of Commercial Operations at Pecém I, Itaqui and Parnaíba I, totaling 1,058 MW:  Pecém I TPP (1st turbine): 360 MW  Itaqui TPP: 360 MW  Parnaíba I TPP (1st and 2nd turbines): 338 MW Gas production in the Parnaíba basin reaches 2.1 million m3/day and OGX Maranhão declares commerciality of the Gavião Branco gas field, with estimated volume in place between 0,2 and 0,5 Tcf. Acquisition of the TPP MC2 Nova Venécia project (176 MW), subject to authorization from the Mining and Energy Ministry. Significant reduction in spot market exposure with postponement of PPA start dates for Pecém II (365 MW) to June 01, 2013 and Parnaíba I (676 MW) to April 01, 2013. 3
  • 4. POWER PLANTS IN OPERATION Total Capacity Energy Sold Annual Capacity Payment Regulated Market COD (MW) (Avg MW) (R$ MM/year) Pecém I (1st turbine) 360 307.5 283.6 12/01/2012 Itaqui 360 315 299.8 02/05/2013 Parnaíba I (1st turbine) 169 112.5 105.3 02/01/2013 Parnaíba I (2nd turbine) 169 112.5 105.3 02/20/2013 TOTAL 1,058 847.5 794.0 Figures reflect 100% of the projects. 4
  • 5. POWER PLANTS UNDER CONSTRUCTION Annual Capacity Total Capacity Energy Sold COD Regulated Market Payment (MW) (Avg MW) (Expected) (R$ MM/year) Pecém I (2nd turbine) 360 307.5 283.6 1Q13 Pecém II 365 276 269.2 2Q13 Parnaíba I (3rd and 4th turbines) 338 225 210.6 1Q13 Parnaíba I (5th turbine) 176 98 93.5 2Q13 Parnaíba II 517 450 353.1 4Q13 TOTAL 1,756 1,356.5 1,210.0 MILESTONES LEADING TO COMMERCIAL OPERATIONS Pecém I (2nd turbine): electrical tests  first synchronization  electrical load tests  COD Pecém II: steam blowing  reinstatement  by-pass operation  steam to turbine  electrical tests  first synchronization  electrical load tests  COD Parnaíba I: turbines 3 and 4 are in the final stages of electromechanical assembly Parnaíba II: turbines 1 and 2, already at the site, are currently in the mechanical construction stage Figures reflect 100% of the projects. 5
  • 6. PORTO DO PECÉM I & II TPP 6
  • 8. TPP PARNAÍBA I & II TPP 8
  • 9. PARNAÍBA BASIN: NATURAL GAS E&P GAVIÃO REAL  Beginning of commercial production in Jan/13  Current gas production: 2.1 million m3/day  GTU’s production capacity: 6.0 MM m³/day, ramping-up to 7.5 MM m³/day GAVIÃO BRANCO  Declaration of commerciality presented to ANP  Total estimated volume in place between 0.2 and 0.5 Tcf 3 ongoing exploratory wells:  OGX-105: Rocha Lima  OGX-107: Fazenda Chicote  OGX-108: Fazenda Santa Isabel 9
  • 12. NET OPERATING REVENUES Net Operating Revenues Consolidated (R$ MM) 4Q12 4Q11 % 2012 2011 % Gross Operating Revenues Energy Supply 150.0 10.4 1346.9% 238.9 42.3 464.7% Energy Commercialization 89.5 39.9 124.2% 302.8 148.1 104.5% Taxes (23.2) (8.2) 184.5% (50.7) (22.1) 129.3% NET OPERATING REVENUES 216.3 42.2 413.5% 490.9 168.3 191.7%  Net Operating Revenues: + R$ 174.1 MM, Net Operating Revenues (R$ MM) - Pecém I (50%) Commercial generation - 1st turbine 13.2 highlighted by: Pass-through of the energy aquisition cost - Res. 165 70.5  Beginning of commercial operations at Pecém I TPP: Additional revenue considering pass-through by ICB – 4Q12 20.4 + R$ 114,9 MM Additional revenue considering pass-through by ICB – 3Q12 10.8 Total Net Operating Revenues 114.9 12
  • 13. OPERATING EXPENSES Operating Expenses (R$ MM)  Personnel: - 27.9%, highlighted by:  Optimization of the corporate structure with the creation of MPX / E.ON Participações (-R$ 5.3 MM) -18.4%  Reduction of the bonus payments (-R$ 2.5 MM) 104.1  Non-cash expenses related to outstanding stock options plans (- 84.9 R$ 2.9 MM)  Spin-off of Colombian mining assets (-R$ 4.2 MM)  Outsourced Services: -2.3%, highlighted by:  Legal and technical consulting expenses related to the takeover of construction works at Pecém and Itaqui (+R$ 4.7 MM);  IT (+ R$ 2.3 MM) 4Q11 4Q12  Spin-off of Colombian mining assets (-R$ 8.2 milhões). 13
  • 14. INDEBTEDNESS Debt Profile R$ billion Dec/12 Sep/12 Gross Debt (R$ MM) 6.0 5.6 37% 32% Net Debt (R$ MM) 5.4 4.6 Short Term Average Cost (%) 8.7 8.7 63% 68% Long Term Average Tenure (years) 5.1 5.1 Sep/12 Dec/12 Debt Maturity Profile (R$ million) 3,189.2 R$ 724.6 million refer to outstanding bridge- loans to Parnaíba I & II power plants -> to be 1,915.4 paid-off with draw down from long-term financing. R$ 234.3 million refer to debt amortization for 593.9 333.1 315.4 314.3 Pecém I, II and Itaqui -> amounts to be amortized in 2013, with the beginning of Cash & Cash 2013 2014 2015 2016 From 2017 on commercial operation and end of grace Equivalents periods 14 Note: Values incorporate principal + capitalized interest + charges and exclude outstanding convertible debentures.
  • 15. CONSOLIDATED CASH POSITION Cash & Cash Equivalents 181,6 744,2 886,0 1.103,6 24,9 1,003,0 66,1 593,9 155,1 Cash and Cash Revenues OPEX & CAPEX & Cash Flow from Debt Disrbursement Debt Amortization Contribution of Escrow Accounts Cash and Cash Equivalents (3Q12) SG&A Financing partners Equivalents (4Q12) 15
  • 16. CAPITAL EXPENDITURES (R$ MM) 4Q12 2012 Interest Interest Project Capex Capex Capitalized Capitalized Pecém I (50%) 26.7 16.3 207.5 74.4 Itaqui 99.7 39.7 424.0 148.8 Pecém II 23.2 21.7 214.6 83.2 Parnaíba I 117.5 29.5 544.5 92.3 Parnaíba II 107.1 14.2 425.7 40.6 Total 374.1 121.5 1,816.3 439.3  Additionally in 4Q12, MPX invested R$ 35 million in the exploratory campaign in the Parnaíba Basin and in the development of the Gavião Real and Gavião Branco fields. 16
  • 17. For more information, contact: Investor Relations (55 21) 2163-9215 ri.mpx@mpx.com.br