Transmissora Alianca de Energia Eletrica SA
BOVESPA:TAEE3
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Transmissora Alianca de Energia Eletrica SA
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[Interpreted] Good morning. And thank you for waiting. Welcome to Taesa's Fourth Quarter and 2020 Results Video Conference Call. This event is being simultaneously broadcasted over the Internet via webcast through ri.taesa.com.br, where you can find the presentation. The replay of this event will be available soon after its closing, and participants will control the slide selection. This event is being recorded.
[Operator Instructions]
We would like to inform that this video conference is being simultaneously translated into English. Before proceeding, we would like to clarify that statements made during this video conference call regarding Taesa's business prospects, projections and operating and financial targets are beliefs and assumptions of the company's management, as well as information currently available to Taesa.
Forward-looking statements are not guarantees 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. Investors should understand that general economic conditions, industry conditions and other operating factors can affect the company's future results and may lead to results that differ materially from those expressed in such forward-looking statements.
Now I would like to give the floor to Mr. Cristiano Grangeiro, Investor Relations Manager. Mr. Cristiano, you may proceed.
[Interpreted] Good morning, everyone. And thank you for joining our video conference call for Taesa's fourth quarter and year 2020 results.
[Operator Instructions]
And before we start, I would like to introduce the Executive Board of Taesa. Let's go to Slide #3. Here, I will introduce our Executive Board. We have CEO, Andre Telles Moreira, an electrical engineer from Itajuba, 2 MBAs, 15 years of experience in the power sector. 9 of them in the C-level experience and Board of Directors of companies in the power sector in Brazil, Spain and the United States. He has led companies that were awarded 7 times in first place in [ ABRATE ] and 6 consecutive times in Great Place to Work Brazil. And is at Taesa since November 2020.
Erik Breyer, CFO and Investor Relations Director. He has a law degree from UFF, Master's degree from PUC/MG from Fundação Dom Cabral, 2 MBAs, 2 (sic) [ 20 ] years of experience in the power sector, 16 of them as C-level experience and Board of Directors of dozens of companies in infrastructure and financial sector. He is in Taesa since November 2020. Then we have Marco Faria, our Technical Director and electrical engineer by the Catholic University MG, MBA by Fundacao Getulio Vargas. 40 years of experience in the power sector, 11 of them as C-level, and Board members of [ ONS Abrace ] and several companies in the power sector. He's in Taesa since 2009.
Fabio, the Director and Business and Equity Management, Fabio Fernandes, Economist, graduated from Cândido Mendes, MBA from IBMEC. 25 years of experience in the infrastructure and financial market. Board member of several companies in the electrical sector. With Taesa since 2007.
And Marcus Vinicius, our Implementation Director, electrical engineer from Catholic University MG, MBA by FGV. 45 years of experience, 7 of them as a C-level and member of the Board of Directors of ABRATE. And is at Taesa since 2019. So this is our management, and they will present our results. And I will give the floor to Andre, our CEO, to begin his presentation.
[Interpreted] Thank you, Cristiano, for the brief presentation of Taesa's new management. And good morning to all. It is a real pleasure to sit here for the first time to present the results of Taesa, and to talk a little bit about this incredible company. In the short time I've been here, 4 months next 16th, I've been able to understand the capacity and the quality that the team has to -- have to deliver, not to mention the great collaborative spirit of everyone.
And I have quickly identified my [ job ]. We have great challenges ahead of us. I am sure that with this great asset that are the people and the other resources of Taesa, we will conquer great opportunities, and it's just a matter of time. And together with the management, we're here for this, to contribute and do better what Taesa already does.
We have a lot to work and my feeling is that everyone at Taesa is very motivated and will do their best to achieve them. But before we discuss our future, it's important to celebrate the present and our achievements, that were many in 2020. This year, 2020, was undeniably very challenging. And I don't need to dwell here on the reasons why, as it is common knowledge to all.
And Taesa, which has a golden rule that is the health and safety of its employees, and the national interconnected system quickly sought to inform itself and to take the necessary measures to protect people, its greatest asset, and ensure the continuity of its operations and do its part containing the pandemic in the country.
Amongst the measures are the use of medical scientific technology and knowledge to monitor symptoms and keep our teams safe with the use of home office by the administrative teams, which completed 1 year in March. And operating and maintenance plan that has been successful in ensuring the availability of our assets in the FI end. And even in the face of all the adversities, the company presented a solid result in 2020, confirming its commitment to our strategic values of sustainable growth and financial discipline.
In the first semester of 2020, we concluded the acquisition of Sao Joao, [ São Pedro and Lagoa Nova ] we energized EDTE and Mariana projects. These events associated with the projects completed at the end of 2019, Miracema and Novatrans reinforcements added around BRL 260 million RAP for the company and were responsible for the resumption of the growth in operating income.
In the operating field, we maintained our level of operational excellence, demonstrating our capacity to adapt and react quickly in the midst of a very adverse scenario never before seen. I would like to highlight the continuity and the execution of the work with emphasis on the investments in 2020 and say that there are good expectations of delivering some projects in 2021.
Before the [ endeal etdive ], we will go more into details about our performance in the next slides. But first, I would like to show the progress made in our sustainability agenda. So let's go to Slide #4. Well we've continued implementing several actions in order to strengthen communication and transparency and provide a continued evolution of environmental, social and government matters, inside and outside Taesa.
Amongst the actions are the definition of our long-term strategic planning to 2020. So to ensure a long-lasting and sustainable success of the business with the participation of practically 100% of our employees. We had -- we've divided this in a number of areas: competitiveness and efficiency.
To be more competitive in the auctions, we have to be more efficient. Growth, growth focused on auctions, acquisitions and improvement in our assets. With part of our strategic plan, we are resizing the operations and control area in order for it to be more modern and support our growth.
Another point, regulatory management, that is important for a transmission company. And finally, sustainability. We are strongly discussing this theme that is very important to guide the future and to guarantee the sustainability of our business. As an example, we launched the diversity program with a number of actions that will hire diverse employees. And we will sensitize employees to include coexistence in equity and respect.
Valuing differences, they could be cultural, social, religious or ethnic. There is no doubt about the fact that the diversity of ideas, opinions and beliefs generates value to any business, and for each person.
And now we want the intensification of protection, safety and health measures in the face of the pandemic. There is the evolution of the 2020/'21 social environmental report, following international reporting standards for responsible investments as GRI Global Reporting Initiative. And also mapping of our greenhouse gas inventory, which is [ a start ] to understand our impact on climate change and global warming, and set reduction targets.
2021, we adhered to the Women's Empowerment Principles created by the UN Women in conjunction with global tactical chains to incorporate into company's values and practices [ into ] gender equity and women's empowerment.
Finally, I would like to highlight our financial discipline associated with adequate compensation for our shareholders. More than a value, it's a [ mantra ] in the company. Our decisions are always made with financial discipline in mind. As is our business model provides a predictable cash flow, it is important that this translates into remuneration to our shareholders.
And it's also only feasible with a diligent management of the business, thus generating a virtual cycle between shareholders and company, sustaining the long-lasting [ of the business ]. That said, I am pleased to share with you [ the decision ] of the Board of Directors of the proposed allocation of the 2020 profit still to be submitted to the shareholders' meeting, which includes the distribution of an additional dividend of BRL 562 million or BRL 1.63 per unit. This amount, added to the dividends already paid in the year 2020, total [ an impressive ] amount of BRL 4.66 per unit for the full fiscal year.
This surprising figure places Taesa amongst the highest dividend payers in Brazil, something that the market has already recognized as a consequence of a regular distribution of dividends during practically its entire existence. And if you were -- and if we compare the total distribution of BRL 4.66, we reach a yield of 15%, unquestionably attractive, considering the current market conditions.
Finally, I would like to highlight a recent Great Place to Work certification award where we were recognized in first place in the Great Place to Work Energy 2020 highlights for the generation, distribution and transmission segments. Once again, I am so proud to be part of all of this. If it depends on me, we will conquer more and more challenges to build a bigger and more sustainable Taesa.
Now I thank everyone. I will turn it over to Marco Faria for [ the ever be ] on some of the differentiators of our operations [ something ] totally aligned to the broad subject of sustainability.
[Interpreted] Thank you, Andre. Good morning, ladies and gentlemen. Now corroborating with Andre's speech, I'd like to highlight the importance of innovation as a differentiating [ point ] for Taesa in the operational efficiency and sustainability of the business.
So let's go to Slide 5. Here, you can see some of our operational differentials. In 2020, Taesa was ranked first in the utilities category in the award of the 100 Most Innovative in the Use of IT in 2020 in Brazil. In our technical operational processes, we apply research and development projects, especially for innovation, safety and operational efficiency.
One example is a transformer and reactor monitoring system, which allows the [ system ] to indicate and prioritize through a priority and risk level matrix, the asset that must undergo maintenance. This allows us to intervene in the equipment before it fails. This reduces maintenance costs and variable portion.
Another R&D projects such as thermal monitoring and control of disconnecting switch maneuvers operated directly by Taesa's operation center, has reduced the variable portion by more than BRL 1 million per year, besides increasing the system's availability and reliability. Our oil analysis laboratory, which is state of the art in this process, has computerized and automated the oil analysis process promoting reliability and safety in the diagnosis.
It's reduced the time of the field and laboratory teams by about 500 hours a year. The maintenance management system, Mega, also developed exclusively for Taesa, provides complete efficiency to all operation and maintenance processes from the scheduling of field teams, execution of services, records and performance indicators.
Only in the process of inspection and registration, we've eliminated the use of paper in over 10,000 sheets a year just in this part of the process. So this is equivalent of preserving a tree a year. Taesa -- this is Taesa contributing to the environment through its process chain. In the constant pursuit for operational efficiency and innovation, Taesa's assets performance management system, the analysis of events and calculation of events, and through a centralized environment and indicators, allows us to have a clear vision for decision-making and optimizing maintenance planning for all assets installed in our concessions.
The time optimization in the process is around 2,000 man-hour a year. Also the failure location system, the control of teams and the field services by geo referencing allow the reduction of time for the teams to respond to the events, which sustains their high rates of availability, as will be presented by Erik.
And finally, I highlight Piaget, which is our intelligence portal for strategic benefit for Taesa that gathers all the technical, financial and resource information, transforming data and measurements into information and decision, which is made available to all management levels, bringing agility and security to the processes.
Innovation is one of Taesa's values and one of the pillars of sustainability, which supports the company's results to be presented now by Erik. Thank you very much.
[Interpreted] Thank you, Marco, and good morning to everyone. I have been introduced, I am Erik Breyer, Chief Financial and Investor Relations Officer at Taesa. I would like to thank Cristiano for presenting the management, and therefore, the introduction. And Marco Faria for -- the Technical Director, for his words.
On the innovation front, it is impressive. I have undergone a number of power integration companies. This is a specialized company. When you have a company that only does this like Taesa, it's important how broad [ is its ] digital disruption and how this allows us to improve what we do, the capacity of control to know what has happened, the intervention by an innovation and technology has been something very positive that I saw when I arrived.
So let's go to our results, and let's go to Slide #6 with the highlights of the fourth quarter of 2020. Here on this slide, we can see the 12.8% growth in the regulatory net operating revenue, considering the fourth quarter of 2020. This increase was driven by the combination of Miracema, Mariana, Novatrans enforcements, the acquisitions of the Sao Joao, Sao Pedro and Lagoa Nova concessions and by inflationary adjustments, the effects partially offset by the RAP drop in some concessions. With this, the regulatory net revenue in 2020 totaled BRL 1.5 billion, showing an annual increase of 9.4%. The regulatory EBITDA in the fourth quarter reached BRL 302 million, 17% higher than the fourth quarter of 2019.
With a EBITDA margin of 78.9%. The regulatory EBITDA was BRL 1.2 billion, 8.3% higher compared to 2019 with an EBITDA margin of 81.9%. Another major highlight of the quarter was the strong performance of net income in IFRS that showed an increased [ full ] in the comparison between the quarters. The year comparison totaling BRL 829 million and BRL 2.3 billion year-to-date.
In the next slide, we will give you more details about the regulatory EBITDA and then x-ray on the net income performance, the IFRS. As Andre anticipated, the performance IFRS income in 2020 provided for a robust dividend payout throughout the year as well as an additional dividend [ a total of ] BRL 562 million to be approved at the shareholders meeting in April, on April 29. With this, the company will distribute [ BRL 1.6 billion ] of dividends for year of 2020, representing a payout of 71% of net income in IFRS and 98.5% of adjusted net income which excludes the effects of CPC-47.
On the operational side, we had an excellent performance over the year. As I presented last year, reliability of 99.9%. This was a slight drop compared to 2019 in 100%, which shows an extraordinary performance considering the pandemic and reinforces our operational excellence and commitment to transmit energy to all of society.
We'll go now to Slide 7, where we will talk about the regulatory results. And I would like to highlight here the resumption of Taesa's regulatory net revenues after 2 years of recurring declines due to a 50% drop in the RAP of the category 2 recession (sic) [ concession ]. The resumption of growth demonstrates [ Taesa's success ] in recovering this most natural of our business from the acquisition of new [ assets ] and the completion of transmission project, we offset the reduction of RAP. We can see in the upper chart that the new project have BRL 183 million in revenue during the year, more than offsetting the drop in the RAP, that was [ 167 ]. In the lower chart, the regulatory cost rose almost 13%, driven by the incorporation of new assets. Excluding the asset costs it would have risen only 7%, which is basically the effect of inflation in the [ full year ].
It's important to note in this slide though, while we compare the increase in revenue excluding the drop in RAP, drop in the[ increase in ] cost, it's clear that the acquisitions generated [ maintenance revenue ] since revenue grew to 21.4% against 14.6% cost.
This demonstrates not only our disciplined [ outlook ], but also our focus on growth with profitability. In summary, the new projects were a decisive factor for the reduction of growth in the EBITDA as you can see in the chart on the right of the slide. And [ regulatory EBITDA being ] close to 82%. Even if we consider proportional consolidation, the margin is of 83.2% at BRL 1.6 billion of EBITDA in a year.
Now on Slide 8, we break out [ what ] the net income performance is being impacted by. As you can see in the chart the main factors explaining the almost 105 increase in the IFRS net income were BRL 184 million increase in monetary correction revenue due to higher macroeconomic business indexes. The IGP-M presented an increase of 11.24% in the fourth quarter alone.
I would like to remind you that our exposure to the IGP-M is higher, it's around 66%. All types of contractual asset base considering proportionately all participation belong to category to concession. An increase of BRL 193 million in the implementation margin due to higher investments in projects compared to 2019. And three, a BRL 464 million in growth in equity income also explained by the investment in projects and macro indexes.
And finally, due to the consolidation of the results of new brownfield and greenfield assets recently completed adding approximately BRL 340 million in the IFRS net income in the various lines of Taesa's [ PRE ]. On the other hand, we had a negative effect of BRL 217 million in the net financial expenses as a result of the fundings in 2020, the increase in the IPCA, and the lower volume of cash throughout 2020.
Now it is important to mention that in this result, the company adjusted its accounting practices in relation to its assets due to the CVM circular in December, which deals with relevant aspects of CPC 47 and 48 for transmission companies. And thus, we revised our estimate adjustments about the margin and remuneration rates of the project impacting exclusively the concessions that expired in August [ greenfields ].
With this, we have an effect of BRL 125 billion for the year 2020, recorded in the results of BRL 64 million for the previous year. 2018 and '19 recorded [ a pettebul ], therefore, the net income for 2020 [ due to ] this impact was BRL 2.1 billion as can be seen on the right side of the chart. It's revenue -- or the profit of the past years.
Now on Slide 9, where we can see our indebtedness. At the end of the fourth quarter, the net debt totaled BRL 6.2 billion, reaching a leverage level of 3.85. Even with the level of leverage, we believe that the company's debt profile is quite adequate with low costs, 4% -- 4% real, this would be a [ occasion ] for us [ for extending ] the weighted costs. And we have extended terms of 5.1 in years, which is a long period of time.
So we don't have any difficulties in maintaining our indebtedness, our level of capital structure. We have no financial leverage covenant and we have a great credibility with the fixed income market agents. We are Aaa in both Moody's and Fitch rating agencies. And it -- we have a compatible leverage with our cash generation. And I generally say in Taesa, that it's the other way around. Our challenge is to maintain a high level of leverage, obtaining good investment opportunities, as Andre mentioned, because of this leverage level. If we are not able to use it properly inside the company, it will drop significantly because of the continuous cash flow that we have regarding our projects and existing assets.
With this, I thank you for your attention. I will give the floor to Marcus Vinicius, who will end the presentation with a brief summary of our projects under construction and investments. Thank you very much.
[Interpreted] I would like to thank Erik and the Directors that preceded me. And now I will talk about the new development. Here, you can see Janaúba, Paraguaçu, Sant'Ana, and also the developments that became operational. The works of the projects under construction are ongoing, although with the pandemic that has affected the country, the company is pursuing CapEx efficiency.
And here, you can see a number of projects for this year. We would like to highlight that in 2020, here, we brought new revenues, that these investments of BRL 1.5 billion. This is an increase of 10%; when we compare it to the past year, this is an increase of 60% in investments.
We believe that we will be able to deliver them before the deadline. And we have good prospects because we had to undergo a very complicated year during 2020. We had a health problem, so I have a positive message, and we are at your disposal to answer specific questions. So we wish all of you a very good morning.
[Interpreted] Thank you, Marcus Vinicius. Now we will initiate our Q&A session. We already have some questions in line. And as I mentioned, some participants have already sent their questions. I will be the mediator of this session, and I will give the floor to the directors responsible for each one of the subjects.
[Operator Instructions]
Here, I have a number of them. I will start. Erik talked about indebtedness, but we received some questions about this.
The indebtedness in 2020 ended in 3.8x, how -- what does the company see in terms of financial soundness? And in the future, what do you see in terms of capacity? And another question that there is an increase in Selic, what happens to the company in terms of its debt? Could -- Erik, could you elaborate on these matters? So now I will hand it over to you.
[Interpreted] Thank you, Cristiano. We used BRL 3.8 billion in the pre-operational company that doesn't have cash flow, that still depends on funding to [ in business ] to start to operate. This seems like a high number but a company like Taesa that has robust cash generation, [ stable enroll this ] cash flow, of course, is looking for new investments to increase its EBITDA, but it doesn't need investments to increase the cash flow. This is a very adequate number because with the level of leverage we have, an all-in cost level of IPCA plus 4. And with low exposure to Selic. Our exposure is very low.
Of course, we try to manage this liability close to our revenue but this is not something that concerns Taesa. We do have a leverage for our debt profile that is an average 4.1 years with amortization totally adequate, it doesn't concern us and there is space to even do more because of the cash flow that we have, and because of the assets that we have that are stable and predictable.
[Interpreted] Thank you, Erik. Our next question is connected to the readjustment of the RAP. Here we have some questions about the IGP-M. How does the readjustment work? How would the inflation impact the results? I will give the floor to André, and if any of the other officers want to contribute, they can speak after Andre. Thank you, Andre.
[Interpreted] As we already presented on the net income slide. And here, we have 2 parts, IGP-M for 1/3 in IPCA. That is what we follow, and we will continue performing. And as we go through an acquisition or we buy something greenfield, we're talking about 2/3 in IGP-M and 1/3 IPCA. This is the profile, right.
[Interpreted] Thank you, Andre. I have some questions, many questions that are similar, so I apologize if I don't mention everybody's name. Here we have M&A and auctions. How does the company see the growth of Taesa in the future, bearing in mind auctions and M&As? So I will give the floor to Fabio. Fabio, if you could elaborate on these matters?
[Interpreted] Thank you, Cristiano. Thank you to everyone for participating in this conference, and thank you for the questions. As Andre Moreira mentioned in the beginning of the conference, Taesa sees in the upcoming 10 years [ of as a ] very active event in the transmission line sector, being it through M&As or auctions through [ NEM ].
We fortunately, due to our geographic presences -- we are present in all the regions in Brazil with 14,000 in [ endlines ], we can differentiate ourselves from other players. And I believe that in the upcoming 3 years, we will position ourselves very actively and with competency. Taesa, always thoroughly studies and responsibly studies the opportunities, always bearing in mind our pillars of sustainable growth, financial discipline and also operational efficiency within these principles, and aware that these opportunities can give satisfactory returns to our customers. We will be active. I hope I was able to answer your question. Any additional questions, please feel at ease to question again. So I'll give it back to Cristiano.
[Interpreted] Thank you, Fabio. Here, we have a question from an analyst, [ dal ] Guilherme from Santander, asking the exit of [ Sinigue ] from Taesa, and he wants to know what our position is regarding this information. I will give the floor to Andre, so he can answer this question.
[Interpreted] Thank you, again. This is a subject that we don't disclose very much. We -- so it is not our role. Our role at Taesa being what we are consolidators of the sector. This movement has no effect and we continue believing in the company. We believe that we have an ambitious plan that will allow us to increase our figures.
We have our strategy 2021, 2030.
[Interpreted] Thank you very much. Now I received a question about dividends, about the payout of dividends. I can answer this question. As Andre already mentioned, there is a meeting of shareholders to approve what was recommended by the Board. This meeting will take place on April 29. And after this meeting, 3 years after, that will be the base date for the payment.
The next question that we received here, I will also hand it over to Andre. Is a possible intervention of the executive in the power sector? Andre, can you say something about this?
[Interpreted] Thank you for the question. This is a subject that is interesting for the sector, but we continue believing in the evolution of the regulatory Brazilian framework. And as a company that operates in the market, we think in the medium and the long run. Independently of what happens, we will continue focusing on our businesses. We really don't see that -- we're not concerned about this. Thank you for the question.
[Interpreted] I have received a number of similar questions, questions that we have already answered.
[Operator Instructions]
Here we have a question from George. I will hand it over to Erik, our Financial Director. And the question is about the dividend policy of the company vis-à-vis the need of investment. And that, Erik, can you answer this question?
[Interpreted] Thank you. George, thank you for your question. Let's start on a legal basis, 50% our buy loss [ take that ] repayment, 50%. This is where we start. During our strategic planning, we wanted to see if we were going to build a metric in order to determine the amount of investment versus leverage versus the CapEx that has to be realized. And we saw that the best to maximize the value of the shares is to deliberate according to the moment.
So above 50%, we will be deliberating according to the investment possibilities that we have. Our focus is clear, that is to maximize equity, our own capital. We -- if we can maintain sound and stable adaptiveness, we will pay. The nature of our business is to be a cash cow, but our mission is to pursue growth and to increase our equity through points of investment. We will always pay based on the expectations that we have in using properly these resources. Of course, all this is a cash cow that always pays out dividends.
[Interpreted] Thank you, Erik.
[Operator Instructions]
I received a question regarding the drop of RAP. What does the company expect regarding the category 2 contracts? What do we see if the company has reached the greatest impact. Andre, can you talk about the impact of the RAP and the result?
[Interpreted] Well, absolutely. Our plan considers this curve of a drop in the RAP. This is why we're also talking about growth in order to offset a little bit this drop. It's a very significant drop. But certainly, in addition to offsetting, we intend to grow more than this. This is a 10-year view, and our plan is based on this. Offset, we're talking about RAP BRL 300 million throughout 10 years. And we want to offset -- we want to exceed this condition.
[Interpreted] Thank you, Andre. So I believe that we have no further questions. I believe that we have answered all the questions of the investors. Now I would like to thank you. So to bring to an end, I would like to hand it over to Andre for his final remarks. So good morning to everyone.
[Interpreted] Thank you, Cristiano. My last message is to thank the entire team, the management in Taesa for obtaining these results, the shareholders for believing in the company. All the shareholders are very important too. We have 340,000 shareholders, which is very important for us, which exerts up the pressure positively to the company. So we are focusing on the strategic plan and everything will be underway. And we will increase our capacity of governance. We will increase the sustainability of the business.
We are focused on social aspects with projects, especially focused on our concession areas. It has been a challenging moment, and our main focus start believing in our people that are our main assets, and we will continue doing this. We are in the middle of a pandemic, and we have a good scientific infrastructure to guarantee the health of our teams, of our partners, [ of ] the community that surround us.
And in this importance, once again, I would like to thank you and all our important stakeholders. So we continue believing because I believe that Taesa has a brilliant future. I count with all of you. Thank you, Cristiano. Thank you to all of you.
[Interpreted] The videoconference of the fourth quarter and 2020 results of Taesa has come to an end. We thank you, and have a very good day.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]