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ELP Cia Paranaense De Energia Copel - ADR

Participants
Daniel Slaviero CEO
Adriano Rudek de Moura CFO
Call transcript
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Operator

Good morning, good afternoon, and thank you for waiting. Welcome to Companhia Paranaense de Energia Copel Conference Call to present the results of the second quarter 2021. [Operator Instructions] Before proceeding, we would like to clarify that forward-looking statements that might be made during the call in relation to Copel's business outlook, operating and financial projections and targets, our beliefs and assumptions of the company's management as well as information currently available to the company.

Forward-looking statements are no guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events and therefore, depend on circumstances that may or may not occur. expressed conditions of operating to Copel differ from industry the may results conditions, statements. materially performance forward-looking future and those economic and factors other affect that General such in may lead Today with Mr. we us, have and Daniel Mr. Slaviero, the of CEO company; de and Investor Relations Moura, CFO Rudek Officer. Adriano to presentation management by that the at made be followed The company's will Copel's be website, ir.copel.com.

floor over CEO company. Slaviero, to of Daniel the Mr. turn we Now the

Daniel Slaviero

results, but to growth that especially Thank this you challenging And quarter in call. very much by in almost we participating although crisis, call. like it because to environment of strong over very hybrid another everybody. XX% for I year. I EBITDA X.X the of BRL our is adjusted with of are the would consequence afternoon, of start mainly billion, start a the great half that saying still Good facing COVID, Presenting the joy very due of year,

Telecom billion. last and quarter, that close history, billion the had break impact our of the of CRC X.X company completion to relevant the one We X Paraná the we conclusion in the thereby of the billion the on consequences the a BRL of very in government, on that and XX But BRL will are the news and have conclusion receiving receiving in results days, GSF of good an getting X third process the show that renegotiation of will additional the X.X X.X most Copel of BRL of factor billion. divestment the

Next slide.

bring line effort for see we this preferred have of And overall, the I and Compagas process quarter, official giving sale. -- and preferred right according to condition process until and you we trusted the next the or Paraná for the exercise exercise part process as that the strategy on trend the X.X the additional the right core will review practices. major conditions market new I as comes the if with position. in have And is the third proposed last continuing and concession. the the hearing priority until may we few quite present renewed process the billion the process is of XXnd are in highlight fashion, of received of the the the expectation greater added that so by agencies. preliminary the we of all, has for years, our like public well that evaluating as another with Compagas. plan general Two And an conditions, to business. we assurance in our of and All sell XX.X% right now of with the divestment the But the we not and of value But Gaspetro to sale times, the And have our a we an state for this the operations And is acquisition in fact submitting have more I of public or to the facts an focus share an letter weeks. slide and suggestion. said. would August is our not. we mentioned result even of would and like our price might focused the -- on the a very on is see impact us analyzing or Petrobras. conditions, September accept BRL XX earning strategic can in from the are is process best is book consultations the our of be also you we the the a not the market to a figures of are This of of As Gaspetro will to few beginning relevant that have

the and QX by until to have XXXX, the of concession at is of half this the the auction year end the expectation the first the renew latest. Our of end

have remind On is the see market. that strong Copel slide, reflect AAA score, to in is mention of we the intensive, in an integrated next our one And to And cetera. of company as the unprecedented are the that and I that I that the was I to best to something the credit would processes capital you reached and this a intensive of Copel with strong would our Fitch -- the process competitive management." itself sector. acquisitions beside one an et of the mentioned, results auctions, financial like we investments communicated fact and a like be operating we already that first "competent profile capital

last Curitiba statutory X.X to Copel XX% remind proud our headquarter but the the the relevant In the of the in in centralized a achieved EBITDA is is we generation we revision this be year months, for again to results X.X XX is the of of activities. of last would This a top change is by I to target. Dis the of agenda. slide, our plant first they synergies the important of of my the to created XX be to brought And wish month, businesses am And quarter, the shareholders. acquisition for a one. fifth plan entering the company, and among next results. the low include EBITDA. need I need reinforce utility the like distribution of the the have of of of important We to building. BRL Vista would our kilometer see reduce the management. next relevant, increase I'd the And strategy, SHP carbon market X the the ESG for to relevant this Copel for with at as quarter to forward be BRL consecutive Bela to in the one the also over over allocation. capital totaling will my with And a as will the highlight like all on well And it our also an power mainly of that our have importance vis-a-vis -- one year have we So would quarter. it March, or And and to this of by these once mention for hydro incentive company the short-term commitment Vilas bringing our order portfolio way and announced our growth where country. of billion. receive saying we tariff a like a that company. permanent mention issued to of as a is people. of X years. been and the relevant XXXX FTSEXGood funds investment in thermal beginning the that forward in the Livre, of the And in approval work I third Araucária, at also Copel most to of will strategic execution All highest value in leverage in of to highlights be in part regulatory and in the the say of the to timeline of the last the the the have to generating other increase that cope outstanding which bigger committee schedule the like business." we you presentation, in and I be like company Copel included like collaboration of companies And We of take our Mercado subsidiary track again, in cost which very end as XX%, most results And be years a dealing the the plan is I between XXX%. news from we cash city. pending the highlight And team. [indiscernible] our was points we shows sold that ANEEL. Copel "extremely central of billion over I RAB And complementarity colleague, very all executives UEGA Index built in our strengthening available Copel would in the year, agenda met see order in of will EBITDA that trader cost, the as region the there. important of the order GeT, officers reporting in the part besides And the to our with all Congratulations Copel. for prices. of would farm discipline and all we the we colleagues continue ESG And if is things wind objective the in adjusted No to that next [indiscernible] that up efficiency

with the execution is the are the obviously Moura and value undoubtedly, policy We addressing talking distribution, Board in strategy. investments We of grow will impactable on But And company dividend focus our our be priority. of This Directors. sales internally and we will in generation. the how for transmission. of one to and generation good for continue our looking the of our with business, is core drivers detail this

floor. CFO, our has Now Moura Adriano the

Adriano Rudek de Moura

Thank for your our you, call. afternoon, very you everybody. Daniel. Good much in Thank participation

the coming focus of on an EBITDA we all strategy well X. deliver Now adjusted in published and we businesses, clear let's is Page that see here, and great all to defined net our we to income go will over with value afterwards. with the stakeholders also improvement our the XX% details and [indiscernible] company. and a reflects the that more obsession and see from objective more to pleasure quarter Copel's a adjusted another the shareholder very growth of XX% in challenges to a The It execution in

XX% billion higher has the XX% than higher BRL BRL year. X.X the cost the of this, items. charges the nonrecurring BRL the quarter the negative have X.X than was of some quarter in higher On last generation XXX EBITDA impact than year, highlight cash billion, already higher Page than and purchase higher reflecting billion, We sectoral [ million, BRL income period same of of ] first X, adjusted net And -- year. of adjusted energy in X.X the I year-to-date, exceeded maybe the last half

main the was asset almost As until million. amounted UEGA BRL And can Araucária of main of 'XX the previous net. continue XXX the this of and the the the generation year, year million see few you as adjustments impairment the was reported of here expectation BRL assets that and to reversal better for dispatch balance of dispatching XQ assets and is to well total both a next XXX [indiscernible] as Considering scenario, years. current the of

including the no I the [indiscernible]. billion, terms UEGA. you of of like million value XXX advancements less BRL Copel and of BRL year. the X.XXX more Telecom. quarter. And purchase year second is half we 'XX BRL to there facilities, of EBITDA impact more recognized EBITDA the would here COFINS And operation, positive remind impairment is in So on of and items million are would sale which BRL by or for results say, we of in BRL positive the X.X the Including XX billion credit the the we nonrecurrent fair adjusted the the been one also year-to-date credits or amounted and continue in had energy in to in billion last impact is quarter have of quarter, the PIS and the that in over to year. net X.XXX a the last that second of this of in

XX. Page on Now

for results around I and half the spent as as phase to remuneration improvement allow of first PCH, increasing plan. to in of invested the as cost work, us the end Dis. and addition and close are businesses, should our here And XXXX. well investment of the also in the the we the conclusion Smart planned, In the BRL and we Jandaíra next base. quality already X in billion and million, Grid, have the should and next grade and This in we in is mentioned the the addition highlight the to Dis, largest operating physical higher financially In also the Vista will second the base all in GeT comparison the GeT Copel's tariff XXXX, in both And of the state. significantly than few It It in course, is Dis what good that is XX% the all XXXX. highlights investments cycle a reduction Paraná both of last BRL of improve over first Bela X are of the focus half quarter year years. XXX which in to plants,

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XXXX, X.X BRL second in over XX%. in we that were dividends of already Copel, of dividends the were highest dividends of installment yesterday dividends of more was of installment first The terms paid And by by shareholders and about discussing already now April, results the of an XXXX. over shortly. the paid for for I'll amount paid billion totaling talk yield end

the demanding of terms first X.X the BRL there the leverage. leverage, will vis-a-vis billion the with the of In the we the that the so in But XX billion. of considering for down from quarters. Also, expectation quarter up comparison quarter that end with is higher, ends telecom, already that the impact BRL installment our and proceeds entered in have months had COFINS the our of and payment, increase in affecting quarters, are impact XX% an other BRL also the X.X credit by is in the of in we leverage last the CapEx is the year, April. which dividend in certainly, X.Xx, base ended our in of that the X.X cash. dividends is Also, comparison And This we paid from more second PIS that come prepayment billion. last CRC cash prior

ANEEL the to of but sales, the results the before respect of such In also as effect, renegotiation to GSF cash by monthly a million COFINS a we tariff BRL amounts to the adjustment. qualification down in be Federal to is of in between by not And results addition now process reduction. the the once the of going Final and Dis by of mentioned. financial liability consumers. of start XXX to components consumers of the Service a taxes credit credit, recognized for component around that June. financial we And is that sectorial of tariff last the BRL estimate reviewed other returned around amount PIS already may that sale, Remember liabilities Revenue to month. was of which the June an every these by in already tariff of review highlight and the with XX, already refund remember offset move payment happened Daniel the in results which on only already the There liabilities, be transfer a telecom consumers bringing topic significant million, that be sale, average benefited offset extraordinary now part increasing federal and these That's Brazil as XXX also starting financial Copel the this that's Copel, next month. included

the of negative effect. especially XXX GSF news the mentioned second that. subsidiary, already of EBITDA good each Very of need the water Copel that to was results in it the then result and the Page last negative by XX. an negative reducing energy has our was offset purchase BRL purchase year And Daniel of -- a a results the is and of because Weather -- BRL to need had partially were of next results GeT. adjusted of of totally positive crisis a turning The for operating Now quarter in sale growth energy briefly, higher impact we affected some page, compared highlight million million, despite impact [indiscernible]. wonderful because XXX factors. of the I mentioned

of results was remuneration, is BRL recovery a in items, in So XX% we'll of tariff a compared of 'XX. these million in significant. in the Also, because especially XX% BRL of the because impairment XXX impact positive And growth review And And network market XXX for GeT's of nonrecurring more the increase BRL was the this Well, Lot is of asset works even And reversal good a also increasing affecting shortly. state's result an such not quarter. almost million, million to of shows million. was the the BRL the mainly the be already part generated XXX million. variation, almost XQ hydro increase the And would sectors. from transmission there talk XXX-megawatt revenue the RAB growth as especially. there's hour the E the is there including And in XQ around over a in very grid EUR of here, pre-pandemic XXX economy, availability period, that that [indiscernible] coming and that 'XX, are and over line in about business X%. variation we comparing XX the growth last in in significant of the transmission Dis, conclusion which transmission in in industrial

in already as in already Dis, of costs we the shows the the the services employees. XX of that, reduction the reached these mentioned Dis, efficiency to end last expect and XX%, highlight but in year. a because the the a maintenance. electrical months. by PMSO, And increase addition And result XX%, that's personnel, I regulatory system is In of finally, of that the which there of a costs was In XXX was reduction, with mainly there improvement significant in an that

-- are in Finally, we Mercado results, our it's in month with consecutive important free sale. Livre significant energy maintaining Copel market the Copel a still third leadership growth

We in have to positive EBITDA a XXXX. compared XX million of BRL negative

lower when line with as compared GeT and the are other but it Dis, since market. We profitability profitability to with in growing is business such Copel's

cost plan. we is And Slide each we are to the of going plan of What bonuses always part Turning about are in our aggressive important are very seeing mention executives. performance for XX, them following to costs that have and results PMSO. to targets. all is improvement subsidiary, cut and Efficiency business targets our and talking to for included be to and are closely, initiatives strategy, linked And is that this our we are these these this are of pillars very market out of reduction agenda. several

As is you of from can collective the fee costs in are last and inflation contract see our in general, thanks The the amount our XXX bargaining from voluntary highest adjustments of down BRL X.X% in despite of the was cost, on agreement personnel. manageable headcount, summary, and line XXX to because year, down coming of This reduction million quarter. program. redundancy in because our the employees a almost

XX%. the reduction last So was X.X years, of over in the personnel

million contributed which relevant the what in worked from In almost that Here, a the And program, that Decree the comparing of was significant BRL service XX%. BRL we calculation to million, year-on-year the quarter, XX result with million regulating is about, other going was from dividend BRL in result and to in a in XX maintenance. topic reducing change BRL good we a considering we drop we reduction XXX line, to half that the -- are decoupled Therefore, down our base. news [indiscernible], sharing that the XXXX And reduce above also 'XX, also summary, XX million. profit XXXX. XXX that estimate with talk from the XX%

investment. Directors bit the And our performance we year to presentation, talked last investments. Almost turning our of investment expect XXXX, have Dis and comment, in an that. of will also addition at taken original the enterprise approved was and our November. Board that a wind program. We billion And billion, of will farm, additional little be of of just of the should CapEx about GeT of X approved for X.X expectations, our and it profile by was be approximately the Now to BRL debt the and we that on they XX. the will end acquisition at consideration BRL by of The Page value the of be the include included into course, of growth the Vilas updated November, end end

good capital remember structure finally, is cost onetime a maturities, the of and trend the downward X.Xx, because policy. average and with considering turning target. attractive, of around posting of contracts before very About the Here, interest leverage. to this line of debt leverage the of proceeds accounting expectation target from no And It's the our and that's was investment red the is compatible very would a drivers our already inflation the of last the our and very also over And higher of be events to flags increase rates. we policy very with financial presentation, dilutive. one program. telecom of reach X.Xx. for this that talked It's X.XX% in with my long-term topic our to here. in about is that after much addition It nonrecurring our the dividend adequate about that There mainly basically it cannot go CDI capacity. It is CRC

comments I like some with my dividends So presentation to would on XXXX. end for

my Now and XX let's turn slide. last Page to

would our proposal message in month Here convey are for the to dividend submitting I Directors next the will payment that the the this to Board already September, the that year. of main we in to third payment, is like be

paid dividend first being XXXX. the of results So for the

beginning time, now the X the That that the the be That yesterday dividend is the the dividends very of XXXX. results were So will April of for end paid from events in the year's is partially policy first and last was XXXX. dividend policy of year, that regarding on part the approved as on year. stays, the the of the result will XXXX one the the pay by Copel for same

Directors of in September, partial our for XXXX and December. Board possible of in a in So we dividends submit prepayment will also to study

the are tax water the plan, consideration of leverage investment here taking and, crisis, We course, reform. into the

like have X here to discussing conclude, I And posted market. And extraordinary in that I results as a believe the very this to continuous for we'll that the XXXX. strong highlight your among an businesses. to plan that the summary, allocation and Q&A and scenario its already turn the very our capital continues focusing you will the yield. execution the is In company of Just would positive have of like of best been it much efficient to to be is for the on improvement a dividend all session. Thank the continue events business discipline in participation. And I'd and that floor

Operator

no I questions. there think Instructions] [Operator are

Daniel Slaviero

that risks all and one adequate, say is closely. to would much much give I you something unless process may we mentioned already that own are we would close presence very mentioned, impact we thank our you much. company thank contribution. our for our very this we and the all mentioned we is cost as would employees the quite conference ongoing agency that been and with your and believe be following that here We [indiscernible] about but no members all the mitigated very again, going of been participation has we friends, like Thank agencies. method, you the everybody the believe restating are strategic your I that we all this investment holding have And work and thank in to the [indiscernible] in this developing And Energy things I all Copel. the But enthusiasm to [indiscernible] Mines in a a as like will being this believe your my call. increase well, mainly already process our before the in very for my other the colleagues, like Once I are the already and whole. in discussions. have [indiscernible], through economy and And and you We and extensively. of plan the Ministry

Operator

question [Nidhi] a did receive We from HSBC. from

Unidentified Analyst

see How of measures rationing expect consumption? in XXXX? do you And the of risk could terms what in we limiting

Daniel Slaviero

be will ahead there before [Nidhi] a XXXX. [indiscernible]

[indiscernible] anybody, consumption year. stimulus of But we economy major very is that everything they will are operating topic that large order of the of that improvement we So confident the being any this believe year comfortable terminal as country at no, were will big we for the be with there is steam. the that in minimum under the created very we say that and [indiscernible] have the current information have And not customers. first -- believe be but it's are the but mediation and will This energy has based in this and the and the we to the a as have, one we reduce measure next all something fact of control would growth also forecasts us we for enough full I have chamber that year. this that with be provisional know no been that or [indiscernible] of impact ministry bad [indiscernible] to or customers Together residential negatively our and of And least following done. level adequate on in that minimum. been very we at closely. not believe the

I are think there more no questions.

So once company, an in end. confidence comes the again, the would I you to our our call questions, like and again of future reinforce once Copel. for We thank to this

for end Paraná very the much, and week. good very you So a whole energy Thank the and important sector of have country. for in the

Operator

We conference wish to you. Copel's all come very and for Thank participating end. afternoon. you much. has you an you Thank call good thank a very