infrastructure - Ministério da Fazenda

Transcrição

Brazil’s economic outlook and
infrastructure
investment opportunities
January | 2014
B R A Z I L I A N
Ministry of
Finance
G O V E R N M E N T
Ministry
of Finance
Summary
Foreword
5
Economic Outlook
Economic Development and Demand for Infrastructure
Capital Market Instruments
Highways
Railways
Ports
Airports
Oil and Gas
Electricity
7
31
43
51
63
79
85
95
105
Appendix – Main types of business organizations in Brazil
Useful Links
Glossary
121
126
128
3
Ministry
of Finance
Brazil currently presents enormous opportunities
for investment in infrastructure
The Brazilian economy has changed substantially over the last ten years. From 2003 to 2012, real GDP increased by 42
percent, real total wages by 65 percent and domestic retail sales by 96 percent. It was a period of strengthening of the
domestic market, based on income growth and social inclusion. The country is currently among the biggest markets
in the world. In the last decade, investments grew by 73 percent, above GDP growth rates, but they should increase
even further in order to become the new engine of economic development.
Economic growth has brought about challenges for Brazilian long term development. Among them are the need to
build up and modernize infrastructure. That is the reason why President Dilma Rousseff launched the Energy and
Logistics Investment Program (PIL) in 2012, consisting of highways (7,000 km), railways (11,000 km), airports and
ports concessions. PIL will not only reduce costs and improve competitiveness for all industries, but also keep Brazilian
economy on the sustainable growth path that has been achieved over the last decade.
Foreword
In oil and gas, the 11th Bidding Round in May 2013 was very successful, as well as both the 12th Bidding Round and
the 1st Round of the Pre-Salt Layer at the end of 2013. Regarding the latter, signature bonus paid for the Libra field
was R$ 15 billion (~ US$ 6.5 billion) and will generate investments above US$ 80 billion concentrated in the next years. In electricity, a consolidated sector in the government concessions program, many auctions are being carried out
for 28,000 MW additional generation (from hydropower, wind power and other sources) and construction of 20,000
km of new transmission lines until 2017.
With regard to short term perspectives, Brazil resumed economic growth in 2013, after a short period of
deceleration due to the deepening of the international crisis. Up to the third quarter of 2013, GDP grew 2.4
percent (year to date percent change). Economic recovery sustainability is supported by high levels of investment,
which increased 6.5 percent up to the third quarter of 2013, year to date. Manufacturing sector shows signs of
5
Ministry
of Finance
improvement, particularly capital goods production, after two years of difficulties.
World economy outlook for 2014 is positive. The world GDP will begin a rising growth path after three consecutive
years of fall. It is possible to observe indicators showing consistent recovery in the advanced economies, mainly from
the United States and Europe, which will promote a more robust improvement of the global trade. Emerging nations
will benefit from greater global demand and economic activity, although there are still uncertainties regarding the
pace of U.S. monetary stimulus tapering.
The Brazilian economy will benefit from the global economic recovery in 2014. In addition to its considerable size –
200 million people, mostly belonging to the middle social classes –, the domestic market has been growing at an
annual rate of over 6 percent in the last five years. Brazil’s banks and financial markets are among the soundest and
most dynamic in the world. International reserves of around US$ 375 billion vis-à-vis short term foreign debt of US$
40 billion grant economic authorities comfortable room of maneuver to face any international challenges. In 2012,
foreign direct investment inflows to Brazil were US$ 65.3 billion, the fourth largest in the world.
Foreword
After a decade strengthening its domestic market, Brazil is ready for another decade of growth, now supported by
investments, particularly in infrastructure. Private businesses and investors, both domestic and foreign, have the
opportunity to take part in this process.
6
infrastructure
Economic Outlook
Ministry
of Finance
World GDP: “W-shaped” performance
World GDP growth, in % YoY
6
5
Economic Outlook
4
3
4.1
4.1
4.1
4.0
3.6
2.9
3.2
3.9
5.2
-0.4
0
2.7
5.2
1
5.3
2
Source: IMF
Produced by: Ministry of Finance
*
18
20
*
17
20
*
*
16
20
*
15
20
14
20
*
13
20
20
12
1
20
1
20
10
09
20
8
20
0
20
07
-1
20
06
* IMF estimates.
8
Ministry
of Finance
Leaving crisis behind: slow (and unstable) recovery of global economy
GDP growth, 2013 (IMF estimates), in %, YoY
-0.4
Euro
Zone
1.6
Germany
United States
Russia
-1.8
Italy
0.2
Spain France
1.2
3.8
China
India
Mexico
Above or equal to 2%
Less than 2%
Japan
South
2.8 Korea
5.3
2.5
Brazil
2.0
7.6
Economic Outlook
United
Kingdom 1.4
-1.3
1.5
0.5
2.0
South Africa
Indonesia
Source: IMF
9
Ministry
of Finance
Global market: slow recovery
World trade growth, quantum, in % YoY
15
10
5
7.5
9.2
7.1
2.2
14.1
6.5
2.5
2.7
5.0
5.5
5.7
Economic Outlook
0
-5
-10
* IMF estimates.
*
20
16
*
20
15
*
20
14
*
20
13
20
12
20
11
20
10
20
08
20
07
20
06
20
05
20
09
-11.7
-15
Source: IMF
10
ay
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M
th
15
01
3
ay 201
3
31
Ju st 2
n
14 013
Ju th 2
n
28 013
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13
5t
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20
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13
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15 13
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30 13
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De 6th 2
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10 01
3
th
20
14
ay
M
2.25
2.00
Economic Outlook
M
Ministry
of Finance
United States: uncertainties about pace of monetary stimulus tapering
10-Year U.S. Treasury yields, in % per annum
3.00
2.75
2.91
2.50
1.75
1.50
Source: Bloomberg
11
Ministry
of Finance
The long-term appreciation of Brazilian Real has been partially reversed
Nominal exchange rate, in U.S. dollars/national currency, index (Jan 2007 = 100)
140
120
South Africa
Economic Outlook
Brazil
100
80
88.9
84.2
Mexico
Turkey
20
14
Source: Bloomberg
Ja
n
8t
h
20
13
Ja
n
20
12
Ja
n
20
11
Ja
n
20
10
Ja
n
20
09
Ja
n
20
08
Ja
n
20
07
60
Ja
n
71.2
67.0
65.0
India
12
Ministry
of Finance
Volatility did not affect the financial account of the balance of payments
In US$ million
2012
2013
2013
Jan-Nov
November
Jan-Nov
Estimates*
Current Account
-6,257
-45,824
-5,145
-72,693
-79,000
Financial Account
-7,022
69,769
4,084
69,599
71,000
Direct Investment (net)
6,073
62,980
8,839
60,809
-
FDI
4,587
59,914
8,334
57,478
63,000
Investment Portfolio
1,850
7,605
-946
27,667
-
Other Investments
-925
-990
-3,796
-18,981
-
Economic Outlook
November
* Central Bank of Brazil estimates.
Source: Central Bank of Brazil
13
Ministry
of Finance
Confidence in Brazil: high inflows of FDI
Foreign direct investment, in US$ billion
2010
197.9
114.7
85.7
82.7
2011
United States
China
Belgium
Hong Kong
57.4
Brazil
53.6
Australia
British Virgin Islands
Singapore
Russia
United Kingdom
Germany
Canada
France
India
Italy
50.6
49.1
Brazil
48.5
Russia
Ireland
Spain
Australia
Luxembourg
France
43.2
42.8
39.9
35.2
34.8
33.6
226.9
124.0
103.3
2012
United States
China
Hong Kong
96.1
Brazil
66.7
United Kingdom
Australia
Singapore
Russia
Canada
Chile
Ireland
Luxembourg
Spain
India
65.3
62.7
55.9
55.1
51.1
48.9
41.4
38.5
36.2
34.3
167.6
121.1
74.6
65.3
64.9
62.4
Economic Outlook
United States
China
Belgium
Hong Kong
Germany
Singapore
United Kingdom
57.0
56.7
51.4
45.4
30.3
29.3
27.9
27.7
25.5
Source: UNCTAD
14
Ministry
of Finance
Brazil’s international reserves in a comfortable situation
International reserves, in US$ billion, December 2013 or latest date available
3,663
3,800
1,900
1,210
950
715
376
346
269
177
112
99
71
59
44
42
37
36
28
Source: Bloomberg
Ch
i
na
**
**
Sa Jap
a
ud
iA n
ra
Ru bia
ss
ia
**
*
Br
So
a
ut
zi
h
l
Ko *
re
a
*
In *
di
a
*
M
ex *
ic
o
**
Tu
rk
e
Un In
y
ite don **
d
es
Ki
ng ia *
do *
m
**
Ca *
na
da
So Au
st
ut
ra
h
lia
Af
ric
a
*
Ge **
rm
an
y
Ita
ly
Fr
an
ce
0
480
* January 2014.
** November 2013.
*** October 2013.
**** September 2013.
Economic Outlook
2,850
15
Ministry
of Finance
Brazil’s international reserves are stable
even under international uncertainty
International reserves, in US$ billion
400
US$ 376 bn
375
Economic Outlook
350
325
20
14
14
t
h
20
13
th
26
t2
No
v
1s
Ja
n
01
3
3
01
No
v
O
ct
1s
d
2n
p
t2
20
13
01
3
Se
Au
g
1s
t2
20
13
st
Ju
l1
d
3r
Ju
n
d
M
ay
2n
1s
20
13
3
20
1
01
3
t2
01
3
t2
1s
ar
M
Ap
r
t2
1s
Fe
b
Ja
n
2n
d
20
13
01
3
300
16
Ministry
of Finance
Brazil’s international reserves are 57% above annual imports
Reserves-to-imports of goods ratio, in %, on a 12-month basis up to November 2013 or latest date available
200
150
50
44%
41%
S
Af out
ric h
a
**
Ar
ge
nt
in
a
ex
i
46%
Tu
rk
ey
do
M
si
ne
di
In
co
46%
a
53%
a
56%
In
Ru
ss
ia
**
140%
*
il
*
**
na
Ch
i
157%
Br
az
191%
0
* December 2013.
** October 2013.
*** September 2013.
Economic Outlook
100
Source: Bloomberg
17
Ministry
of Finance
Brazil’s international reserves much above external debt levels
Reserves-to-short term external debt ratio, in %, second quarter of 2013
1,200
1,000
800
Economic Outlook
600
400
109%
Ar
ge
nt
in
a
a
Af
ric
h
ut
So
In
do
ne
ex
i
M
157%
si
co
210%
a
227%
a
294%
In
di
na
459%
Ch
i
ss
ia
563%
Ru
l
Br
az
i
0
1,069%
84%
Tu
rk
ey
200
Source: Bloomberg, IMF
and Central Bank of Brazil
18
Ministry
of Finance
Public sector net debt drops consistently while gross debt remains stable
Public Sector Net Debt and General Government Gross Debt, in % of GDP
70
Public Sector
Net Debt
60
56.4
58.0
47.3
45.5
56.4
58.0
57.4
57.4
60.9
60.9
53.4
54.2
39.2
36.4
53.4
58.5
35.3
33.9
* November 2013.
58.8
58.5
54.2
Economic Outlook
50
58.8
*
General
Government
Gross Debt
80
40
30
20
10
60.4
54.8
50.6
48.4
38.5
42.1
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
20
02
0
19
Ministry
of Finance
G20 countries primary result in 2013
Primary result, in % of GDP, 2013 (estimates)
Germany
-2.8
-0.2
1.7
Canada
Canadá
United
Kingdom -4.7
-3.6
Russia
2.0
-2.0
0.7
Turkey
France
9.3
-3.8
India
-1.2
Saudi
Arabia
Mexico
-1.8
-8.8
China
Japan
South
0.5 Korea
-0.8
1.9
Brazil
-1.3
Above zero
Below zero
Argentina
Economic Outlook
Italy
United States
Indonesia
-2.1
-3.1
Australia
South Africa
Source: Fiscal Monitor/IMF
20
Ministry
of Finance
Solid foundations: Inflation under control
Broad Consumer Price Index (IPCA), in % YoY
15
IPCA
12
Upper
Limit
12.5
6
Economic Outlook
9
Target
5.9
5.8
6.5
5.9
4.3
5.9
4.5
3.1
5.7
7.6
9.3
6.0
8.9
7.7
3
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
00
20
19
99
0
Lower
Limit
Source: IBGE and Central Bank of Brazil
21
Ministry
of Finance
G20 emerging markets inflation
Consumer price index, on a 12-month basis, December 2013 or latest date available, in % YoY
12
10
8
Economic Outlook
6
4
* November 2013
** September 2013
Source: Bloomberg and IBGE
di
a
10.8
In
nt
in
a
*
10.3
Ar
ge
do
ne
si
a
8.4
In
ss
Ru
7.4
Tu
rk
ey
6.5
ia
5.9
Br
az
il
5.4
Af So
ric ut
a h
*
ex
ic
o
M
Ch
i
na
*
0
3.6
*
3.0
**
2
22
Ministry
of Finance
Sound financial system
Soundness indicators, in %, October 2013
Basel Index (Capital Adequacy)
19
17
16
16
16
15
15
14
14
14
14
13
13
13
12
11
Brazil
Mexico
Turkey
South Korea
Canada
Russia
India
United Kingdom
USA
Australia
Japan
South Africa
Spain
Italy
-20 -10
10
9
-3
-4
-6
-11
-14
-14
-15
-15
-19
-22
-28
-74
0
10
Net Assets/
Short-term Liabilities
Brazil
Germany
South Korea
Russia
Italy
USA
Turkey
Japan
Canada
Mexico
Australia
United Kingdom
South Africa
India
163
139
121
87
80
77
71
50
48
47
45
40
36
26
Source: IMF (Fiscal Soundness
Indicators) and Central Bank of Brazil
Economic Outlook
Germany
Brazil
Mexico
United Kingdom
Turkey
South Africa
Japan
Canada
South Korea
USA
France
India
Italy
Russia
Australia
Spain
(Provisions minus
Delinquencies)/Capital
-80 -70 -60 -50 -40 -30
23
Ministry
of Finance
Real estate loans still have large room for expansion in Brazil
In % of GDP
83.7
USA (2011)
76.1
Portugal (2011)
66.6
Germany (2011)
45.3
France (2011)
42.4
South Africa (2011)
24.0
Italy (2011)
22.9
Chile (2012)
20.0
China (2011)
14.4
Mexico (2011)
9.1
Brazil (November 2013)
8.1
Argentina (2009)
1.6
0
Economic Outlook
United Kingdom (2011)
20
40
60
80
Source: ABECIP and Central Bank
of Brazil
24
Ministry
of Finance
Growth of education investments will enhance productivity
Public investments in education, in % of GDP
10%
10
9
8
7
6
Economic Outlook
5
4
3
4.7 4.8 4.8 4.6 4.5 4.5 5.0 5.1 5.5 5.7 5.8 6.1
2
6.1
11
20
10
5.8
20
5.7
09
20
08
5.5
20
5.1
07
20
06
5.0
20
4.5
05
20
04
4.5
20
4.6
03
02
4.8
20
20
20
4.8
20
4.7
00
0
01
1
Source: Ministry of Education
and Ministry of Finance
25
Ministry
of Finance
Higher investment expansion will enhance productivity
Investment rate, in % of GDP
24
PAC 1
23
PAC 2
24%
Infrastructure
Program
rs
22
21
Crisis
a
ye
10
Crisis
20
Economic Outlook
19
18
19
19.1
18.1
19.3
19.5
18.1
19.1
17.4
16.4
16.0
16.1
16.4
17.0
16.8
15.7
17.0
17.4
9
19 5
9
19 6
9
19 7
9
19 8
9
20 9
0
20 0
0
20 1
0
20 2
0
20 3
0
20 4
0
20 5
0
20 6
0
20 7
0
20 8
0
20 9
1
20 0
1
20 1
20 12
13
*
14
16.9
15
18.3
16
15.3
17
* Third quarter of 2013.
Source: IBGE and Ministry of Finance
26
Ministry
of Finance
The construction GFCF has large room for expansion
Gross Fixed Capital Formation (GFCF) components, in % of GDP
30
25
20
24.1
GFCF
18.1
15
10
5
Machinery and Equipment
8.5
12.1
12.0
10.4
Construction
8.3
Economic Outlook
16.8
7.6
* Estimates.
*
*
22
20
*
21
20
*
20
20
*
19
20
*
18
20
*
17
20
*
16
20
*
15
20
*
14
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
20
20
03
0
27
Ministry
of Finance
New investment programs in infrastructure will enhance the
investment rate over the next years
Investment rate, in % of GDP
25
24
WITH the new cycle of
infrastructure investments**
23
24.1
22
20
20.5
* Estimates.
19
18
** Approximately US$ 435 billion in
infrastructure investments, either in
public investments or in concessions,
over the next years.
18.1
17
16
*
14
*
20
15
*
20
16
*
20
17
*
20
18
*
20
19
*
20
20
*
20
21
*
20
22
*
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
20
20
03
15
Economic Outlook
WITHOUT the new cycle of
infrastructure investments
21
28
Ministry
of Finance
The infrastructure auctions have been well-succeeded
Concession auctions of infrastructure projects since 2011
Sector
Description
42.3% Tariff discount
US$ 0.1 billion
US$ 7.0 billion
US$ 1.7 billion
US$ 2.0 billion
US$ 8.3 billion
US$ 0.8 billion
-
20.1
2011-2013 20 -30 years
-
7.2
2011-2013
30 years
US$ 1.1 billion
2.5*
May 2013
35 years
US$ 0.1 billion
0.2*
Nov 2013
35 years
US$ 6.5 billion
79.0
Oct 2013
35 years
Auction Concession
Date
Term
Sep 2013
Nov 2013
Dec 2013
Dec 2013
Dec 2013
Aug 2011
Feb 2012
Feb 2012
Feb 2012
Nov 2013
Nov 2013
30 years
30 years
30 years
30 years
30 years
25 years
20 years
30 years
25 years
25 years
30 years
Economic Outlook
BR-050 GO/MG (436 Km)
BR-163 (MT) (851 km)
Highways BR-060/153/262 (1,176 km)
BR-163 (MS) (847 km)
BR-040 DF/GO/MG (937 km)
São Gonçalo do Amarante (Natal)
Guarulhos (GRU)
Viracopos (VCP)
Airports
Brasília (BSB)
Galeão (GIG)
Confins (CNF)
Generation (389 projects - 8 auctions)
Electricity - 12,894 MW
Transmission (11 auctions) - 19,390 Km
11th Bidding Round 61,258.71 km²
( 120 blocks in 7 basins)
Oil and
12th Bidding Round 47,427.6 km²
Gas
(72 blocks in 5 basins): Focus on Natural Gas
1st Bidding Round (Pre-Salt)
Estimated
Investment
(US$ billion)
1.3
2.0
3.1
2.5
3.5
0.3
2.0
3.8
1.2
1.9
1.2
Grant / Signing
bonus
The exchange rate considered is
US$ 1 = R$ 2.30.
* Refers only to exploration phase
Source: EPL, Ministry of Finance,
MME and EPE
29
infrastructure
Economic Development
and Demand for
Infrastructure
Ministry
of Finance
Domestic market: dynamism of retail sales
Broad retail sales, seasonally adjusted, in % YoY
* On a 12-month basis up
to November 2013.
** Estimate.
2014 2015 2016 2017 2018
20
22
13
*
3.8
20
12
8.0
20
11
6.6
20
10
12.2
20
09
6.8
20
08
9.9
20
07
13.6
20
06
6.4
20
05
3.1
20
20
04
11.1
Economic Development and
Demand for Infrastructure
Avarage**: 6.0% YoY
Source: Brazilian Institute of
Geography and Statistics (IBGE)
32
Ministry
of Finance
Sustainable labor market ensures dynamic domestic demand
New formal jobs, in millions
20.3 million jobs
3.0
2.5
2.0
1.5
* January to November 2013
*
1.1
2.2
2.9
1.8
1.8
2.5
1.9
1.8
1.9
0.9
1.5
1.0
1.2
0.5
0.4
0.3
0.1
0.5
0.1
1.0
Source: Ministry of Labor and
Employment (MTE)
13
20
12
20
11
10
20
09
20
08
20
20
07
20
06
20
05
20
04
20
03
20
02
01
20
00
20
99
20
19
98
19
97
19
96
19
19
95
0.0
1.5
33
Ministry
of Finance
Increasing demand for infrastructure services: airline passengers
Airline passengers, in millions
120
2003-2012:182.5% growth
100
80
60
40
20
101.4
20
12
92.6
20
11
77.2
20
10
62.8
20
09
56.0
20
08
52.1
20
07
47.7
20
06
44.1
20
05
35.7
20
04
33.4
20
03
35.9
20
02
36.0
20
01
34.0
20
00
0
Source: National Agency for Civil
Aviation (ANAC)
34
Ministry
of Finance
Growing external trade
Brazilian trade flow (exports plus imports), in US$ billion
500
2003-2012: 332.5% growth
400
300
480.0
*
Source: Ministry of Development,
Industry and Foreign Trade (MDIC)
13
12
465.7
* On a 12-month basis up
to November 2013
20
482.3
11
20
280.7
370.9
281.3
229.2
383.7
20
10
20
09
20
08
20
07
06
20
192.1
05
20
121.5
107.7
113.9
111.0
159.5
20
04
20
03
20
02
20
01
00
20
97.2
99
20
108.8
98
19
101.0
112.7
19
97
19
96.4
19
19
95
0
96
100
200
35
Ministry
of Finance
Significant growth in port trade volume
Total cargo handling in ports, in millions of tons
2003-2012: 70.9% growth
950
900
850
800
750
700
650
600
550
529.0
570.8
620.7
649.4
692.8
754.7
768.3
732.9
833.9
885.6
904.0
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
20
02
500
Source: National Agency for Waterway
Transportation (ANTAQ)
36
Ministry
of Finance
Vehicular traffic
In thousand vehicles per km per year, on highways under concession
120
2003-2012: 86.6% growth
100
80
60
99
89
69
60
69
67
65
61
56
57
51
43
20
105
40
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
02
20
01
20
20
00
0
Source: Brazilian Association of
Highway Concessionaires (ABCR)
37
Ministry
of Finance
Vehicle sales more than doubled in ten years
New vehicles (buses, trucks, light commercial vehicles and cars), in millions of vehicles
2003-2012: 153.5% growth
4.0
4th largest vehicle
market in the world
3.5
3.0
2.5
2.0
1.5
1.0
0.5
1.5
1.4
1.5
1.7
1.9
2.5
2.8
3.1
3.5
3.6
3.8
3.8
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
20
02
0.0
Source: Brazilian Association of
Automotive Vehicle Manufacturers
(ANFAVEA)
38
Ministry
of Finance
Railroad volumes
Revenue Tonne Kilometers (RTKs), in billions
2003-2012: 77.4% growth
300
266
232
198
164
168
182
203
221
232
258
271
244
278
291
298
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
20
02
130
Source: National Agency for Road
Transport (ANTT)
39
Ministry
of Finance
Brazilian harvest in record figures
Brazilian grain harvest, in millions of tons
210
195.9
190
186.9
170
162.8
144.1
130
123.2
110
100.3
90
119.1
114.7
122.5
131.8
149.3
135.1
96.8
/0
2
20
02
/0
3
20
03
/0
4
20
04
/0
5
20
05
/0
6
20
06
/0
7
20
07
/0
8
20
08
/0
9
20
09
/1
0
20
10
/1
1
20
11
/1
2
20
12
/1
3*
20
13
/1
4*
*
20
01
20
00
/
01
70
* Preliminary data: subject to change by
Conab/MAPA.
** Conab estimates in December 2013.
150
166.2
Source: Ministry of Agriculture,
Livestock and Food Supply (MAPA)
40
Ministry
of Finance
Agricultural leadership
Brazil in the global ranking, by production and exports quantities, 2011
Exporter
Coffee
1
1
Processed beef
1
1
Orange Juice
1
1
White sugar
2
1
Chicken
2
1
Tobacco
2
1
Soybean
2
2
Beans
2
16
Corn
3
3
Producer
Source: Food and Agriculture
Organization (FAO)
41
infrastructure
Capital Market
Instruments
Ministry
of Finance
Financial Instruments for Infrastructure Investments
How can non-resident investors negotiate debt securities and funds in Brazil?
CMN Resolution 2,689/2000, which rules on investments by non-resident investors in the
financial and capital markets, provides all necessary information
• More Info:
CMN Resolution 2,689
https://www3.bcb.gov.br/normativo/
detalharNormativo.do?method=deta
lharNormativo&N=100014927
Brazil does not impose taxes
on international remittance of profits and dividends
Produced by: Ministry of Finance and
Brazilian Development Bank (BNDES)
44
Ministry
of Finance
Investment Debentures and Real Estate Receivables Certificates
Debêntures de Investimento e Certificados de Recebíveis Imobiliários (CRI)
Benefits for
non-resident investors*
Minimum Requirements
• Zero Income Tax Rate (IR)
• Weighted average maturity: over four years.
• Zero Tax on Financial Operations (IOF)
• Return: CRI pays interest at a fixed rate or at a floating rate pegged to an inflation index or the Reference
Rate (TR). Total or partial use of post-fixed rate of interest are forbidden.
• No repurchase: by the issuer or related party in the first two years after issuance and early liquidation,
except in cases to be regulated by Brazil’s National Monetary Council (CMN).
• Simplified procedure: to demonstrate the purpose of allocating resources into the future payment or
reimbursement of expenses, costs or liabilities related to investment projects, including those aimed at R&D&I
(research, development and innovation).
• No resale commitment: undertaken by the buyer.
• Yield payment frequency: if any, it must be at least 180 days apart.
* In case of investments from countries
which are not subject to a 20% (or higher)
income tax rate (“tax havens”), the above
mentioned tax benefits do not apply,
unless it is related to a wealth fund
• Required evidence documents: security should be registered with clearing houses duly authorized by
the Central Bank of Brazil or the Brazilian Securities and Exchange Commission (CVM).
45
Ministry
of Finance
Credit Rights Investment Fund
Fundos de Investimento em Direitos Creditórios (FIDC)
Benefits for non-resident investors*
• Zero Tax on Financial
Operations (IOF)
• Term of duration: minimum of six years.
• No payment, fully or partially: of principal of the Fund’s quotas in the first two years from the closing date of the public
offering of the quota distribution that constitute the initial assets of the Fund, except in cases of the Fund’s early liquidation
mentioned in the Fund’s regulation.
• No acquisition of quotas: by the seller or by the issuer or by any parties related to them, except in case of subordinated
quotas for purposes of amortization and withdrawal.
• Amortization plan of quotas: including those from incorporated yields, if any, must be at least 180 (one hundred and
eighty) days apart.
• Required evidence documents: quotas must be admitted to trading on an organized securities market or registered
with a registry system duly authorized by the Central Bank of Brazil or the Brazilian Securities and Exchange Commission
(CVM) under their respective jurisdiction.
• Simplified procedure: to demonstrate the purpose of allocating resources into a transaction of investment projects,
including those aimed at R&D&I.
• Mandatory presence of the following: in the assignment agreement, regulation and prospectus, if any, in a manner to
be determined by CVM:
• Goal of the project or the beneficiary projects;
• Estimated beginning and end periods or, for ongoing projects, description of the current stage and estimated end period;
• Estimated volume of financial resources required to carry out the project or not initialized projects or for the completion of ongoing projects;
• Estimated percentage of funds to be raised with the selling of the credit rights compared to the financial resource
requirements of the beneficiary projects.
• Fund’s equity: consists of at least 85% (eighty-five) percent of credit rights and, for the remaining portion, of federal
government securities, repurchase agreements backed by government bonds or mutual fund quotas that invest in federal
government bonds.
* In case of investments from countries
which are not subject to a 20% (or
higher) income tax rate (“tax havens”),
the above mentioned tax benefits do not
apply, unless it is related to a wealth fund
46
Ministry
of Finance
Infrastructure Debentures
Debêntures de Infraestrutura
Benefits for non-resident investors*
• Specific Purpose Companies (SPC): for management and implementation.
• Issuer: dealer or grantee or authorized contractors or lessee.
• Zero Income Tax Rate (IR) • Issuance: must be between January 2011 and December 2015.
• Weighted average maturity: over four years.
• Zero Tax on Financial
• Return: Debentures pay interest at a fixed rate or at a floating rate pegged to an inflation index or the Reference
Operations (IOF)
Rate (TR). Total or partial use of post-fixed rate of interest are forbidden.
• No repurchase: by the issuer or related party in the first two years after issuance and early liquidation, except in
cases to be regulated by Brazil’s National Monetary Council (CMN).
• Required evidence documents: security should be registered with clearing houses duly authorized by the
Central Bank of Brazil or the Brazilian Securities and Exchange Commission (CVM).
• Simplified procedure: to demonstrate the purpose of allocating resources into the future payment or reimbursement of
expenses, costs or liabilities related to investment projects, including those aimed at R&D&I.
• No resale commitment: undertaken by the buyer.
• Yield payment frequency: if any, it must be at least 180 days apart.
Projects Approval:
• Priority investment projects: to be implemented in the infrastructure area, or intensive economic production in
research, development, and innovation. Also, according to the Decree n. 7,603 of year 2011, projects should have:
• Approval Ordinance: issued and approved by the Ministry responsible for that sector
• Focus on deployment, expansion, maintenance, recovery, adaptation or modernization processes in the
following sectors:
• Logistics and transportation • Broadcasting
• Urban mobility
• Basic sanitation and
• Energy
• Irrigation
• Telecommunications
* In case of investments from
countries which are not subject
to a 20% (or higher) income tax
rate (“tax havens”), the above
mentioned tax benefits do not apply,
unless it is related to a wealth fund
47
Ministry
of Finance
Brazilian Infrastructure Bonds Investment Funds
Fundos de Debêntures Incentivados
Benefits for
non-resident investors*
• Zero Tax on Financial Operations (IOF)
• Concentration in investments: must hold at least 67% (sixty-seven) percent of the Fund’s
net worth within the first two years and 85% (eighty-five) percent in the remaining years.
• Fund of Funds (FIC) investments: must hold at least 95% (ninety-five) percent of FIC net
worth in the Infrastructure Bonds Investment Fund’s quota.
48
Ministry
of Finance
• More Info (useful links):
CMN Resolution 3,974/2011
http://www.planalto.gov.br/
ccivil_03/_Ato2011-2014/2011/Lei/
L12431.htm
http://www.bcb.gov.br/pre/normativos/res/2011/pdf/res_3947_v1_O.
pdf
Law 12,715/2012
Decree 7,632/2011
ccivil_03/_Ato2011-2014/2012/Lei/
L12715.htm#art71
Decree 7,632/11
ccivil_03/_Ato2011-2014/2011/
Decreto/D7632.htm
Brazilian Financial and
Capital Markets Association
http://portal.anbima.com.br/Pages/
home.aspx
Law 12,431/2011
49
infrastructure
Highways
Ministry
of Finance
Highway Concessions
Belém
PA
MA
Açailândia
Parnamirim
PE
TO
Recife
Maceió
Palmas
Aliança do Tocantins
Feira de Santana
Lucas do Rio Verde
BR-050
BR-153
BR-163
1
6
5
BR
-04
0
BR
-26
Belo
Horizonte
2
Estrela
D’Oeste
Dourados
São Paulo
Santos
PR
Mafra
RS
Vitória
Campos dos Goytacazes
Além Paraíba
Rio de
Janeiro
1
2
3
4
5
BR-050/GO-MG
BR-163/MT
BR-060/153/262/DF-GO-MG
BR-163/MS
BR-040/MG-GO-DF
6
BR-116/MG
BR-101/BA
BR-153/GO-TO
BR-262/MG-ES
7
8
Rio Grande
Mucurí
9 ES
BR-262
Juíz de Fora
SP
SC
Porto Seguro
0
3
4
7
MG
-06
BR
Highways
Campo
Grande
GO
Divisa Alegre
01
Anápolis
Goiânia
MS
BR-1
Uruaçu
Brasília
2
Cuiabá
Salvador
8
BR-153
BR-163
Sinop
BR-116
MT
Aracaju
BA
9
Highways awarded
Highways to be awarded
Updated information available at
www.logisticsbrazil.gov.br
Source: National Logistics & Planning
Company (EPL)
52
Ministry
of Finance
Highway Concessions: summary
Estimated
Investment
(US$ billion)
Auction Date
Concession
Term
BR-050 GO/MG (436 Km)
42.3% Tariff Discount
1.3
Sep 2013
30 years
BR-163 (MT) (851 km)
2.0
Nov 2013
30 years
BR-060/153/262 (1,176 km)
3.1
Dec 2013
30 years
BR-163 (MS) (847 km)
2.5
Dec 2013
30 years
BR-040 DF/GO/MG (937 km)
3.5
Dec 2013
30 years
BR-116 (MG) (817 km)
-
1.6
2014
30 years
US$ 1 = R$ 2.30
BR-101 (BA) (772 km)
-
1.6
2014
30 years
BR-153 TO/GO (625 km)
-
2.4
2014
30 years
BR-262 ES/MG (376 km)
-
0.7
2014
30 years
Highways
Grant / Signing
bonus
Description
Source: Ports Special Secretariat
(SEP), National Logistics & Planning
Company (EPL) and Ministry of Finance
53
Ministry
of Finance
Highway Concession – BR-050: from Cristalina (GO) to MG/SP border
Object
Demand
• Section: BR-050, junction of BR-040/
GO (Cristalina) to MG/SP border
Estimated demand (AADT):
2014 (54,232), 2019 (62,790),
2024 (76,046).
• Total length: 436.6 km
TO
Connects Brasília, the state of Minas
Gerais and the state of São Paulo,
crossing an important agricultural and
wholesale retail center.
BR-050/GO/MG
BA
GO
BR-060
Brasília
Anápolis
Goiânia
Cristalina
Catalão
Uberlândia
Uberaba
SP
BR-050
BR-040
Curitiba
ES
Vitória
Financing conditions:
Term: 25 years (Grace Period: 5 years)
Rate: TJLP* + 2% p.a.
Maximum leverage: 70%
Environmental licensing:
State-owned EPL will be in charge of
obtaining both the Previous License
(LP) and the Installation License (LI) of
the widening works.
* TJLP - Long Term Interest Rate,
currently 5% p.a. (Dec 2013)
US$ 1 = R$ 2.30
RJ
Rio de Janeiro
São
Paulo
PR
MG
Economic and Financial
Modeling
CAPEX: US $ 1.3 billion
Palmas
BR-153
42%
Highways
• Length to be widened: 218.5 km
The project includes the widening,
maintenance and operation of the
highway. Other projects are also planned
to happen, including the construction of
22 km of side roads, 7 pedestrian bridges
and 1 intersection.
Criteria
Term: 30 years
Number of toll plazas: 6
Criteria: lowest tariff
54
Ministry
of Finance
Highway Concession – BR-163 (MT): from Sinop (MT) to MT/MS border
Object
Demand
• Section: BR-163, Sinop/MT to MT/MS
border
2014 (80,210), 2019 (88,247),
2024 (100,358)
Sinop
TO
MT
Posto Gil
Connects Sinop, Cuiabá and
Rondonópolis with the North/
Southeast/South Regions of Brazil,
crossing an important Brazilian
agricultural production area.
BR-163/MT
BR-163
BA
Cuiabá
Rondonópolis
BR-364
GO
MG
Goiânia
BR-262
SP
BR-267
BR-163
Modeling
CAPEX: US$ 2.0 billion
Term: 25 years (Grace Period: 5 years)
(LP) and the Installation license (LI) of
the widening works.
US$ 1 = R$ 2.30
ES
MS
Campo Grande
52%
Highways
maintenance and operation of the highway.
Other projects are also planned to happen,
including 27 km of side roads and a 10
km contour with two-lane highway in
Rondonópolis.
Criteria
Term: 30 years
PR
Curitiba
RJ
55
Ministry
of Finance
Highway Concession – BR-060 (DF/GO), BR-153 (GO/MG) and BR-262 (MG)
Object
Demand
• Section: BR-060, junction of BR-251/DF to
junction of BR-153/GO; BR-153, junction of BR-060/
GO to junction of BR-262/MG; BR-262, junction of
BR-153/MG to junction of BR-381/MG (Betim)
Estimated demand
(AADT): 2014 (154,630),
2019 (173,585), 2024
(196,169).
• Total length: 1,176.5 km
Palmas
TO
MT
Gurupi
BA
BR-153
BR-060/153/262
DF/GO/MG
Uruaçu
GO
BR-060
Anápolis
BR-040
BR-153
BR-050
MS
BR-262
SP
MG
Belo Horizonte
Betim
RJ
Rio de Janeiro
52%
Modeling
Term: 25 years (Grace period: 5
years)
(LP) and the Installation license (LI)
of the widening works.
Highways
Connects Brasília, Goiânia,
Uberaba e Belo Horizonte,
crossing a major Brazilian
The project includes the widening, maintenance and agricultural pole.
operation of the highway. Other widening projects
are also planned to happen, including 36 km of side
roads and a 30 km beltway in Goiânia.
Criteria
Term: 30 years
US$ 1 = R$ 2.30
56
Ministry
of Finance
Highway Concession – BR-163 (MS): from MT/MS border to MS/PR border
Object
Demand
• Section: BR-163, MT/MS border to MS/PR
border
Connects Cuiabá, Campo Grande
and the Southeast/South Region of
Brazil, constituting an alternative
route for the flow of Brazilian
agricultural production.
Other widening projects are also planned to
happen, including the construction of 19,4 Km
of beltways in 4 cities and 35 km of side roads.
BR-163 MS
BR-163
BA
Cuiabá
GO
MG
ES
MS
Campo Grande
Nova Alvorada
Dourados
SP
BR-163 PR
Curitiba
RJ
Term: 30 years
53%
Modeling
Term: 25 years (Grace period: 5 years)
Rate: TJLP*+ 2% p.a.
Highways
TO
MT
BR-364
Criteria
2014 (66,769), 2019 (77,274),
2024 (88,017).
US$ 1 = R$ 2.30
57
Ministry
of Finance
Highway Concession – BR-040: Brasília (DF) – Juiz de Fora (MG)
Object
Demand
• Section: BR-040, Juiz de Fora (MG) to
junction of BR-251/DF (Brasília)
• Total length: 937 km
2014 (194,623), 2019 (222,779),
2024 (250,304).
Criteria
Term: 30 years
Connects two important economic
centers in Brazil - Rio de Janeiro and
Belo Horizonte - to the fourth most
Modeling
populous city and the highest GDP Brasília. It is also the main route for CAPEX: US$ 3.5 billion
the supply of coal to steel parks.
Rate: TJLP*+ 2% p.a.
BR-040
MG
DF/GO/MG
Belo Horizonte
ES
the widening works.
61%
• Length to be widened: 715 km
Other widening projects are also planned to
happen, including the construction of 148
km of side roads.
Brasília
Luziânia
BR-040
Sete Lagoas
SP
BR-381
RJ
São Paulo
Curitiba
Juiz de Fora
Rio de
Janeiro
Highways
GO
US$ 1 = R$ 2.30
58
Ministry
of Finance
Highway Concession – BR-116:
from BA/MG border (Divisa Alegre) to MG/RJ (Além Paraíba) border
Object
Demand
• Section: BR-116, RJ/MG border (Além
Paraíba) to MG/BA border (Divisa Alegre)
Estimated demand: under study
• Length to be widened: 815 km
maintenance and operation of the highway,
as well as the construction of side roads.
Connects two important economic
centers in Brazil - Rio de Janeiro
and Salvador - accross the eastern
parts of the State of Minas Gerais.
BA
Divisa Alegre
BR-116
Teófilo Otoni
Gov. Valadares
MG
ES
Belo Horizonte
Muriaé
Além Paraíba
SP
São
Paulo
Rio de
Janeiro
RJ
BR-116 MG
the widening works.
Highways
GO
Modeling
TO
Salvador
Criteria
Term: 30 years
US$ 1 = R$ 2.30
Vitória
59
Ministry
of Finance
from BR-324 (Feira de Santana) to the BA-698 (Mucuri) junction
Object
Demand
• Section: BR-101, junction of BA-698
(Mucuri) to junction of BR-324/BA
under study
Criteria
Term: 30 years
MG
BR-101
João
Belo Monlevade
Horizonte
ES
BR-262
SP
Mucurí
Vitória
BR-381
São
Paulo
RJ
Rio de
Janeiro
Highways
Connects the southern coast of the
state of Bahia to the states of Espírito
Santo and Rio de Janeiro. BR-101 is the
(221.0 km, Growth Acceleration Program most important road connecting the
Modeling
(PAC) widening)
Northeast to the Southeast and South
regions along the coastal line where lives
a large share of the Brazilian population.
highway. Other widening projects are
Important ports are also connected by
also planned to happen, including the
this road.
construction of side roads.
Rate: TJLP**+ 2% p.a.
TO
Feira de Santana
BA
Salvador
BR-101 BA
GO
BR-116
the widening works.
US$ 1 = R$ 2.30
60
Ministry
of Finance
from Aliança do Tocantins (TO) to Anápolis (GO) (BR-060 junction)
Object
Demand
2014 (87,815), 2019 (98,796),
2024 (113,003).
• Section: BR-153, Anápolis (BR060/GO junction) to the TO-070
junction (Aliança do Tocantins).
Palmas
TO
MT
Gurupi
BA
BR-153
Uruaçu
GO
BR-060
Anápolis
BR-050
MG
BR-262
SP
US$ 1 = R$ 2.30
BR-040
BR-153
MS
Connects Palmas, Goiânia and the
southeast region of the country, crossing a
Modeling
major Brazilian agricultural pole. BR-153 is
the main road to reach the city of Manaus CAPEX: US$ 2.4 billion
from other regions, benefitting from the
heavy traffic of Manaus Free Trade Zone,
which concentrates Brazilian electronic
production, among other important
industries.
BR-153 GO/TO
the widening works.
Highways
highway. Other widening projects are
also planned to happen, including the
construction of 14 km of side roads.
Criteria
Term: 30 years
RJ
61
Ministry
of Finance
from the BR-381 junction (João Monlevade) to the BR-101 (ES) junction
Object
Demand
• Section: BR-262, BR-381 junction
(João Monlevade) to BR-101/ES junction.
Estimated demand: under study
TO
BA
Salvador
GO
BR-262 ES/MG
BR-116
MG
Belo
Horizonte
BR-262
SP
BR-101
Mucurí
Governador
Valadares
João
Monlevade ES
Vitória
BR-381
São
Paulo
RJ
Rio de
Janeiro
modeling
Highways
Minas Gerais (MG) state has the
third largest population in Brazil.
This road grants access to the ports
of the Espirito Santo state, the
(180.5 km, Growth Acceleration Program
main gateway for MG’s exports
(PAC) widening)
and imports, constituting an
alternative route for the flow of
The project includes the widening, maintenance MG’s production.
and operation of the highway. Other widening
projects are also planned to happen, including
the construction of side roads.
Criteria
Term: 30 years
** TJLP - Long Term Interest Rate,
US$ 1 = R$ 2.30
62
infrastructure
Railways
Ministry
of Finance
Railway Network
Belém /
V. Conde
Santarém
Manaus
Itaqui
Pecém
Açailândia
Pacific
Link
Estreito
Eliseu
Martins
Porto Velho
Barreiras
Salvador
Aratu
Uruaçu
Ilhéus
Rondonópolis
Maracaju
Belo Horizonte
Estrela
d’Oeste
Itaguaí
Santos
Cascavel
Pacific
Link
Suape
Paranaguá
S F. Sul
Itajaí / Navegantes
Rio Grande
Vitória
Rio de Janeiro
Awarded rail network
PIL - Rail Network
(11,000 km) – to be awarded
PAC – Rail network
New railways – Studies
underway
Structuring Waterways
Railways
Figueirópolis
Lucas do Rio
Verde
Salgueiro
Company (EPL)
64
Ministry
of Finance
Railway Concession: summary
Estimated
investment
(US$ billion)
Auction date
Concession
term
Lucas do Rio Verde/MT – Campinorte/GO
883 km
2.7
Mar 2014*
35 years
Açailândia/MA – Barcarena/PA
457 km
1.4
Not available
35 years
Porto Nacional/TO – Estrela D’Oeste/SP
1,536 km
-
Not available
35 years
Estrela D’Oeste/SP – Dourados/MS
659 km
1.8
Not available
35 years
Maracaju/MS – Lapa/PR
989 km
-
Not available
35 years
Rio de Janeiro/RJ – Vila Velha/ES
551 km
-
Not available
35 years
Feira de Santana/BA – Ipojuca/PE
893 km
-
Not available
35 years
Uruaçu/GO – Campos dos Goytacazes/RJ
1,706 km
-
Not available
35 years
Mairinque/SP – Rio Grande/RS
1,667 km
-
Not available
35 years
Belo Horizonte/MG – Salvador/BA
1,420 km
-
Not available
35 years
Lapa/PR – Paranaguá/PR
150 km
-
Not available
35 years
* Estimate
São Paulo Beltway – southern section (SP)
58 km
-
Not available
35 years
São Paulo Beltway – northern section (SP)
52 km
-
Not available
35 years
Railways
Total
extension
Railway
US$ 1 = R$ 2.30
65
Ministry
of Finance
Railway Concession: Lucas do Rio Verde (MT) to Campinorte (GO)
Object
Demand
Section: Lucas do Rio Verde/
MT - Campinorte/GO
Length: 883 km
Concession characteristics
Interconnects Brazil’s Midwest Region to the
Build, operate and transfer
North-South railway, ensuring the outflow from
production centers through the main ports in
Estimated CAPEX: US$ 2.7 billion
Southeast and Northeast regions of Brazil.
Rail infrastructure builder and
manager: Railway concession, including:
construction, maintenance, signaling,
comunications systems and traffic control.
Lucas do Rio Verde/MTCampinorte/GO
TO
MT
State-owned EPL is responsible for
obtaining the Previous License (LP)
and will give support for obtaining
the Installation Licence (LI) for the
construction works.
Lucas do Rio Verde
BA
Campinorte
GO
MG
MS
Risk Mitigation: Demand Risk
(Guaranteed purchase of 100% of railway
operational capacity availability); Socioenvironmental and Expropriation Risks
(Environmental and Expropriation costs and
charges limited to values pre-established in
concession contracts).
ES
Rate: Up to TJLP* + 2% p.a.
Upfront payment of revenues due
to operational capacity availability,
in equivalent value of 15% of total
referential CAPEX.
Railways
Concession Term: 35 years
Construction to be completed up to the
5th year of the concession term.
Financing Conditions
Term: 30 years
(Grace period: 5 years)
US$ 1 = R$ 2.30
66
Ministry
of Finance
Railway Concession: Açailândia (MA) to Bacarena/Vila do Conde (PA)
Object
Demand
Section: Açailândia/MA Barcarena/Vila do Conde/PA
Extension: 457 km
Interconnects the North-South Railway to Build, operate and transfer
the port of Vila do Conde/PA, ensuring the
outflow of the production of grains, minerals Estimated CAPEX: US$ 1.4 billion
and oil through that port.
Açailândia/MABarcarena/Vila do Conde/PA
Belém
Barcarena/
Vila do Conde
PA
Porto de
Itaqui
Açailândia
MA
Carajás
TO
construction works.
referential CAPEX.
Railways
Term: 30 years
US$ 1 = R$ 2.30
67
Ministry
of Finance
Railway Concession: Porto Nacional (TO) - Estrela D’Oeste (SP)
Object
Demand
Section: Porto Nacional/TO –
Estrela D’Oeste/SP
Interconnects the North-South Railway with Build, operate and transfer
the Midwest Integration Railway and with
the awarded railways in Anapolis/GO and the Rail infrastructure builder and
state of São Paulo.
Extension: 1,536 km
Porto Nacional/TOEstrela do Oeste/SP
Campinorte
GO
Ouro Verde de Goiás
Anápolis
Goiânia
MG
MS
ES
Estrela d’Oeste
SP
referential CAPEX.
RJ
construction works.
Railways
BA
MT
Porto Nacional
TO
Term: 30 years
68
Ministry
of Finance
Railway Concession: Estrela D’Oeste (SP) - Dourados (MS)
Object
Demand
Section: Estrela D’Oeste/SP –
Dourados/MS
Extension: 659 km
Expands the North-South Railway in order to Build, operate and transfer
reach important production centers of grains.
Estimated CAPEX: US$ 1.8 billion
MT
Estrela do Oeste/SPDourados/MS
GO
MG
ES
Estrela d’Oeste
MS
PanoramaSP
Dourados
PR
RJ
construction works.
referential CAPEX.
Railways
Term: 30 years
US$ 1 = R$ 2.30
69
Ministry
of Finance
Railway Concession: Maracajú (MS) to Lapa (PR)
Object
Demand
Section: Maracaju/MS –
Lapa/PR
Creates new logistic possibilities for the
outflow of grains and other cargo from
production centers through the Port of
Paranaguá.
Extension: 989 km
MS
RJ
Panorama
São Paulo
SP
PR
Cascavel
Chapecó
Campo Alto
do Sul
Porto de Itajaí
Florianópolis
Porto de Imbituba
Porto de Laguna
Porto Alegre
Terminal Portuário
de Guaíba
Arraial do Cabo
Porto de São Sebastião
Porto de Santos
Curitiba
Eng. Bley
Porto de Paranaguá
Lapa
Mafra
SC
RS
Rio de Janeiro
Maracajú/MS Lapa/PR
referential CAPEX.
construction works.
Railways
Maracaju
Term: 30 years
Porto de Pelotas
Porto de Rio Grande
70
Ministry
of Finance
Railway Concession: Rio de Janeiro (RJ) to Vila Velha (ES)
Object
Demand
Section: Rio de Janeiro/RJ Vila Velha/ES
Extension: 551 km
Integrates the port of Rio de Janeiro and its
Terminals to the Ports of Vitória e Tubarão,
creating new logistic possibilities for the cargo
movement.
Terminal Portuário Marítimo
de Ponta UBU
Terminal
Portuário
de Açu
RJ
Campos dos
Goytaguazes
Barra do Piraí
Terminal Portuário de
Terminal
Duque de Caixias
Portuário
de Macaé
Nova
Iguaçú
Porto de Niterói
Porto do Rio de Janeiro
Praia
Rio de Janeiro
Formosa
Porto de Tubarão
Vila Velha
Porto de Vitória
Rio de Janeiro-RJ Vila Velha-ES
referential CAPEX.
construction works.
Railways
ES
MG
Vitória
Term: 30 years
71
Ministry
of Finance
Railway Concession: Feira de Santana (BA) to Ipojuca (PE)
Object
Demand
Section: Feira de Santana/
BA – Ipojuca/PE
Extension: 893 km
Modernizes the northeastern railway network, Build, operate and transfer
linking the major ports to the regional major
markets.
Salgueiro
BA
PE
SE
AL
Terminal Portuário
de Atalaia Velha
Aracajú
Feira de
Santana
Porto de
Aratu
referential CAPEX.
Porto de Recife
Recife
Porto de Suape
Maceió
Porto de Maceió
Feira de
Santana/BA Ipojuca/PE
construction works.
Railways
PB
Term: 30 years
Salvador
Porto de Salvador
72
Ministry
of Finance
Railway Concession: Uruaçu (GO) to Campos dos Goytacazes (RJ)
Object
Demand
Section: Uruaçu/GO - Corinto/ Creates new possibilities for the outflow of
MG - Campos dos Goytacazes/RJ grains and minerals from production centers
through the Southeast main ports.
Extension: 1,706 km
Brumado
BA
Porto de
Ilhéus
Concessão: Uruaçu
- Campos dos Goytacazes
Anápolis
GO
MG
Corinto
Intendente Câmara
ES
Vitória
Belo Horizonte
Porto de
Vitória
SP
RJ
Terminal Portuário
de Açu
referential CAPEX.
construction works.
Railways
Uruaçu
Term: 30 years
73
Ministry
of Finance
Railway Concession: Mairinque (SP) to Rio Grande (RS)
Object
Demand
Section: Mairinque/SP – Rio
Grande/RS
Creates new logistics possibilities for the flow
of cargo between São Paulo and the South
Region of Brazil, linking production and
consumption centers.
Extension: 1,667 km
MS
RJ
Panorama
São Paulo
Mairinque
PR
Cascavel
Chapecó
RS
Rio de Janeiro
Porto do Forno
SP
Eng. Bley
Porto de
Porto
São Sebastião
de Santos
Porto de
Paranaguá
Mafra
Porto de
Campo Alto Itajaí
do Sul
Florianópolis
SC Porto de Imbituba
Porto de Laguna
Porto Alegre
Terminal Portuário
de Guaíba
Porto de Pelotas
Porto de Rio Grande
Mairinque/SP
Rio Grande/RS
referential CAPEX.
construction works.
Railways
Maracaju
Term: 30 years
74
Ministry
of Finance
Railway Concession: Belo Horizonte (MG) to Salvador (BA)
Object
Demand
Section: Belo Horizonte/MG Salvador/BA
Creates new possibilities for transport of general
cargo between the southeast and northeast
regions, refocusing on the use of railways to the
development of the internal market.
Extension: 1,420 km
Salvador
Porto de
Aratu Porto de Salvador
Caetité
GO
Brumado
Porto de Ilhéus
Corinto
MG
Belo
Horizonte
SP
Belo Horizonte/MG Salvador/BA
referential CAPEX.
construction works.
Railways
Candeias
BA
Term: 30 years
ES
RJ
75
Ministry
of Finance
Railway Concession: Lapa (PR) to Paranaguá (PR)
Object
Demand
Section: Lapa/PR –
Paranaguá/PR
Expands and modernizes rail access to the
port of Paranaguá.
Extension: 150 km
MS
RJ
Panorama
São Paulo
Rio de Janeiro
Arraial do Cabo
SP
Cascavel
Porto de
PR
Curitiba Porto de São Sebastião
Santos
Eng. Bley
Porto de
Lapa
Paranaguá
Mafra
Chapecó
Campo Alto
do Sul
SC
RS
Porto de Itajaí
Florianópolis
Porto de Imbituba
Porto de Laguna
Porto Alegre
Terminal Portuário
de Guaíba
Concessão:
Lapa - Paranaguá
referential CAPEX.
construction works.
Railways
Maracaju
Term: 30 years
Porto de Pelotas
Porto de Rio Grande
76
Ministry
of Finance
Railway Concession: São Paulo rail beltway (“Ferroanel”)
Object
Demand
Amador
Marinque Bueno
Eng Manoel Feio
Ferroanel Norte (SP)
Lapa
Ipiranga
Canguera
Suzano
Rio Grande
da Serra
Itaquaciara
Pereque
Evangelista
de Souza
referential CAPEX.
construction works.
Railways
Perus
Term: 30 years
Jundiaí
SP
Allows cargo and passengers transportation
to Santos seaport without the need of sharing
São Paulo Metropolitan Region railway system. Rail infrastructure builder and
North rail leg: 52 Km
South rail leg: 58 Km
The North Ferroanel will
surround the metropolitan
region of São Paulo,
connecting Santos to Jundiaí.
It will increase the rail cargo
capacity and alleviate the
traffic in the city.
Section:
Jundiaí-Manuel Feio; Riberão
Pires-Evangelista de Souza;
access to Santos Seaport
Santos
Porto de Santos
77
infrastructure
Ports
Ministry
of Finance
Major Brazilian Ports
RR
AP
AM
CE
MA
PA
PI
AC
RO
TO
BA
MT
MS
SP
MG
RJ
PR
SC
RS
Federal Dock Companies
Ports delegated to State and Municipal management
ES
MACEIÓ Port
SALVADOR Port
ARATU Port
ILHEUS Port
BARRA DO RIACHO Port
VITÓRIA Port
FORNO Port
NITERÓI Port
RIO DE JANEIRO Port
ITAGUAÍ Port
ANGRA DOS REIS Port
SÃO SEBASTIÃO Port
SANTOS Port
ANTONINA Port
PARANAGUÁ Port
SÃO FRANCISCO DO SUL Port
ITAJAÍ Port
IMBITUBA Port
LAGUNA Port
ESTRELA Port
CACHOEIRA DO SUL Port
PORTO ALEGRE Port
PELOTAS Port
RIO GRANDE Port
PORTO VELHO Port
Ports
DF
GO
RN
PB
PE
AL
SE
MANAUS Port
MACAPÁ Port
SANTARÉM Port
VILA DO CONDE Port
BELÉM Port
ITAQUI Port
FORTALEZA Port
AREIA BRANCA Port
NATAL Port
CABEDELO Port
RECIFE Port
SUAPE Port
Company (EPL)
80
Ministry
of Finance
Leases in Public Ports
Block
Block 1 – São Paulo and Pará
ANALYSIS
BY TCU
PUBLIC
HEARING
Relevant Facts
• Leasing of areas, infrastructure and public port
facilities.
• These are 29 areas (16 lots) at Santos, Outeiro, Santarém, Belém, Miramar and Vila do Conde ports.
• Maximum lease term: 25 years, renewable once for
a period not longer than originally contracted.
• Estimated investment: US$ 1.5 billion.
• TCU conditioned the approval
of this block’s auction to the
attendance of 19 changes in
the bidding documents and
contracts.
• Lease area, infrastructure and public port facilities.
• There are 18 areas (11 lots) at Paranaguá, Salvador,
São Sebastião and Aratu ports.
• Maximum lease term: 25 years, renewable once for
a period not longer than originally contracted.
• Public hearings regarding to
minutes of bidding announcements and contract are
completed, although the final
report has not yet been released by the National Agency
of Waterway Transportation
(ANTAQ).
Block 2 – Paraná, Bahia
and São Paulo
Project Description
US$ 1 = R$ 2.30
Source: Secretariat of Ports (SEP)
81
Ministry
of Finance
Blocks
Block 3
STUDIES/
PROJECTS
Block 4
STUDIES/
PROJECTS
Project Description
• There are 36 areas at the ports of Cabedelo, Fortaleza, Itaqui, Macapá, Recife and
Suape.
• There are 28 areas at the ports of Itaqui, Niterói, Rio de Janeiro, Itajaí, São Francisco do
Sul, Rio Grande, Porto Alegre and Vitória.
82
Ministry
of Finance
Private use terminals
Terminals authorized by the Secretariat of Ports
Locality
Cargo type
Cargo traffic
Guarujá-SP
US$ 7.4 million
General Cargo
112,000 t/year
Ilhéus-BA
US$ 390.4 million
Solid bulk
20 million t/year
Ilhéus-BA
US$ 1,053 million
Solid bulk, General Cargo
and Conteinerized
75 million t/year
Niterói-RJ
US$ 26.1 million
General Cargo
7,000 t/year
Porto Belo-SC
US$ 0.8 million
Passengers
80,000 passengers/year
Santos-SP
US$ 956.5 million
Solid bulk
12.15 million t/year
São João da Barra-RJ
US$ 61.9 million
General Cargo
44,000 t/year
Total
US$ 2,496 million
US$ 1 = R$ 2.30
Private use Terminals
Investment
83
Ministry
of Finance
Private use terminals
Terminals which autorizations are under final analysis by ANTAQ
Locality
Cargo type
Cargo traffic
Aracruz-ES
US$ 217.4 million
General Cargo
10,000 t/year
Barbacena-PA
US$ 22.8 million
Solid bulk
1.2 million t/year
Itaituba-PA
US$ 22 million
Solid bulk
3.5 million t/year
Juruti-PA
US$ 0.5 million
General Cargo
113.2 million t/year
Manaus-AM
US$ 0.08 million
General Cargo and Solid bulk
362 million t/year
(considering General Cargo)
Manaus-AM
US$ 1.3 million
General Cargo
102,000 t/year
Manaus-AM
US$ 4.3 million
Liquid bulk
440.8 m³/year
Porto Velho-RO
US$ 0.9 million
Solid bulk
480,000 t/year
Total
US$ 269.3 million
US$ 1 = R$ 2.30
Private use Terminals
Investment
84
infrastructure
Airports
Ministry
of Finance
Major Brazilian airports
Boa Vista
Macapá
Belém (Val de Cans)
Santarém
Manaus
Parnaíba
Tefé
Belém (Júlio César)
Altamira
Tabatinga
Marabá
Carajás
Rio Branco
João Pessoa
Campina
Petrolina Grande
Palmas
Porto Velho
Natal
Juazeiro
do Norte
Imperatriz
Cruzeiro do Sul
Fortaleza
Teresina
Paulo
Afonso
New Concessions
Guarulhos (São Paulo)
Viracopos (São Paulo)
Brasília (Distrito Federal)
Galeão (Rio de Janeiro)
Confins (Belo Horizonte)
Recife
Maceió
Aracajú
Salvador
Airports
Brasília
Cuiabá
Ilhéus
Montes Claros
Goiânia
Confins
Corumbá
Passengers per year
15,000,001 to 30,100,000 (3 airports)
5,000,001 to 15,000,000 (9 airports)
Campo Grande
Uberaba
CampinasBH (Carlos Prates)
Ponta Porã
100,001 to500,000 (19 airports)
Up to 100,000 (13 airports)
RJ (Galeão)
RJ (Jacarepaguá)
RJ Santos Dumont
SJ dos Campos
Guarulhos
SP (Congonhas)
Navegantes
SP (Campos de Marte)
Curitiba (Afonso Pena)
Curitiba
(baracher)
Foz do Iguaçú
Joinville
Florianópolis
Uruguaiana
Criciúma
Bagé
Vitória
Macaé
Londrina
1,000,001 to 5,000,000 (15 airports)
500,001 to 1,000,000 (7 airports)
BH (Pampulha)
Uberlândia
Updadet Information available at
Porto Alegre
Pelotas
Aviation (ANAC)
86
Ministry
of Finance
Airport concessions: auctions completed since 2011
Estimated
Investment
(US$ billion)
Auction
Date
Concession
Term
0.1
0.3
Aug 2011
25 years
Guarulhos (GRU)
7.0
2.0
Feb 2012
20 years
Viracopos (VCP)
1.7
3.8
Feb 2012
30 years
Brasília (BSB)
2.0
1.2
Feb 2012
25 years
Galeão (GIG)
8.3
1.9
Nov 2013
25 years
Confins (CNF)
0.8
1.2
Nov 2013
30 years
Total
19.9
10.3
US$ 1 = R$ 2.30
Source: Ministry of Finance and
National Agency for Civil Aviation (ANAC)
Airports
Grant / Signing
bonus
(US$ billion)
Description
87
Ministry
of Finance
São Gonçalo do Amarante - Natal/RN - new airport
Winning proposal: : US$ 73.9 million
Date: August 2011
Winner group: Consórcio Inframérica
.8%
228
Corporación America
50%
50%
Infravix
Airports
Lenght: 25 years
Estimated investment: US$ 283 million
Passenger flow (2014): 3 million
Passenger flow (2030): 7.9 million
US$ 1 = R$ 2.30
Aviation (ANAC)
88
Ministry
of Finance
Guarulhos airport (GRU) - Guarulhos/SP
Guarulhos (GRU)
Winning proposal: US$ 7.04 billion
Date: February 2012
Winner group: Invepar + ACSA
30% of National
Passenger Flow
.5%
373
10%
ACSA
90%
Invepar
Airports
Lenght: 20 years
Estimated investment: US$ 2.04 billion
Variable contribution (National Fund for Civil Aviation
– FNAC): 10% of gross income
US$ 1 = R$ 2.30
Source: Civil Aviation Secretariat (SAC)
89
Ministry
of Finance
Viracopos airport (VCP) - Campinas/SP
Viracopos (VCP)
Date: February 2012
Winner group: Consórcio Aeroportos Brasil
8% of National
Passenger Flow
.8%
159
10%
45%
45%
Egis
UTC
Lenght: 30 years
Airports
Triunfo
US$ 1 = R$ 2.30
90
Ministry
of Finance
Brasília airport (BSB) - Brasília/DF
Brasília (BSB)
Date: February 2012
Winner group: Consórcio Inframérica
15% of National
Passenger Flow
.4%
673
Corporación America
50%
50%
Infravix
Airports
Lenght: 25 years
US$ 1 = R$ 2.30
91
Ministry
of Finance
Galeão airport (GIG) – Rio de Janeiro/RJ
Galeão (GIG)
Date: November 2013
Winner group: Odebrecht + CHANGI (Cingapura)
18% of National
Passenger Flow
%
294
CHANGI
40%
60%
Odebrecht
Airports
Lenght: 25 years
US$ 1 = R$ 2.30
Source: Civil Aviation Secretariat
(SAC) and National Agency for Civil
Aviation (ANAC)
92
Ministry
of Finance
Confins airport (CNF) – Belo Horizonte/MG
Confins (CNF)
Date: November 2013
Winner group: CCR + Munich/Zurich
25%
10% of National
Passenger Flow
66%
Munich/Zurich Airport
CCR
Lenght: 30 years
Airports
75%
US$ 1 = R$ 2.30
93
infrastructure
Oil and Gas
Ministry
of Finance
Oil and gas: summary
Description
1st Bidding Round (Pre-Salt)
1.1
2.5
Not Available May 2013
8 + 27
years
0.1
0.2
Not Available
Nov 2013
8 + 27
years
US$ 1 = R$ 2.30
6.5
0.3
78.7
Oct 2013
35 years
Source: Ministry of Mines
and Energy (MME)
Oil and Gas
11th Bidding Round
61,258.71 km²
( 120 blocks in 7 basins)
12th Bidding Round
47,427.6 km² (72 blocks in
5 basins): Focus on Natural Gas
Estimated
Estimated
Grant /
Investment
Investment
Concession
Signing bonus in exploration in production Auction
Date
Term
(US$ billion) (US$ billion) (US$ billion)
96
Ministry
of Finance
11th Bidding Round (May 2013): Results
• 120 granted blocks from 289 offered at the auction
• US$ 1.1 billion in signature bonus
• Estimated exploration investment: US$ 2.5 billion
• Auction bids showed high commitment with local content
• 30 companies bought blocks at the bidding round
- 18 companies from 11 different countries
Oil and Gas
US$ 1 = R$ 2.30
Source: National Agency of Petroleum,
Natural Gas and Biofuels (ANP) and
Ministry of Mines and Energy (MME)
97
Ministry
of Finance
Amazonas River Mouth
Potiguar Onshore
Basin
Pará-Maranhão
Barreirinhas
Ceará
Potiguar Offshore
Parnaíba
Sergipe-Alagoas Basin
Oil and Gas
Pernambuco-Paraíba
Tucano and
Recôncavo Basins
Sedimentary Basin
Granted Blocks
Offered but not sold
Offshore
Pre-Salt Limit
Espírito Santo
Onshore/Offshore
Brasília
98
Ministry
of Finance
Sedimentary basin
Sergipe-Alagoas onshore
Foz do Amazonas
Pernambuco-Paraíba
Potiguar offshore
Potiguar onshore
Barreirinhas
Pará-Maranhão
Parnaíba
TOTAL
Granted Blocks
Area Km2
AL
AP
PB
PE
BA
ES
ES
BA
CE
CE
RN
RN
MA
MA
PA
PI
MA
11
11
12
1
3
19
6
6
15
5
3
1
12
16
1
1
7
1
120
321
9,009
477
1,776
3,419
4,328
179
443
3,130
2,303
767
363
8,844
769
769
21,366
2,996
61,259
Oil and Gas
Tucano Sul
Espírito Santo offshore
Espírito Santo onshore
Recôncavo
Ceará
State
99
Ministry
of Finance
1st Round of production sharing – Pre-Salt layer (October 2013): Results
Contract Term: 35 years
Field name: Libra
• 1,548 km2
• Deep water of Santos Basin
• Well with tested oil discovery
• Estimate of 42 billion barrels of oil in situ, indicating recovery of 8 to 12 billion barrels
Signature Bonus: R$ 15 billion (~US$ 6.5 billion)
Winning percentage of profit oil for the government: 41.65%
Oil and Gas
Estimated Investment: US$ 79.0 billion (exploration and production)
Judgement criteria: Percentage of profit oil for the Government
(minimum of 40% in average over the contract period)
Local Content
• 37% at Exploratory Phase
• From 55% to 65% at Production Development Phase
US$ 1 = R$ 2.30
100
Ministry
of Finance
Brazil Pre-Salt layer – Bidding under production sharing regime
RJ
270 km
Oil and Gas
187 km
166 km
Libra Field
8 to 12 bi boe
• At the Pre-Salt evaluated areas, expected recoverable volumes could reach twice the
actual proved reserves
101
Ministry
of Finance
12th Bidding Round (November 2013): Results
Concession of areas under rules and terms established by Law 9,478/1997
Focus on natural gas – conventional and unconventional resources
Granted Blocks: 72 (from 240 offered at the auction)
• 47,428 km²
• 5 Sedimentary Basins
Oil and Gas
Signature Bonus: US$ 0.1 billion
Estimated Investment: US$ 217 million
US$ 1 = R$ 2.30
102
Ministry
of Finance
12th Bidding Round (November 2013): Results
Amazonas River
Mouth
Tacutu
Alagoas
Pará-Maranhão
Barreirinhas
Solimões
Parnaíba
Acre
Madre de Dios
Sergipe
Potigar
Amazonas
Rio do Peixe
Pernambuco-Paraíba
Alto Tapajós
Sergipe-Alagoas
Bananal
Acre
Oil and Gas
Camamu-Almada
Parecis
Tucano Sul
São
Francisco
Pantanal
Recôncavo
Espírito Santo
Paraná
Campos
Santos
Oil and Gas in Brazil
Sedimentary Basins
Granted Blocks
103
infrastructure
Electricity
Ministry
of Finance
Electricity Auctions: summary
Estimated
Investment
(US$ billion)
Auction
Concession
Term
Generation
(389 projects - 8 auctions)
12,894 MW
20.1
2011-2013
20 to 30 years
Transmission (11 auctions)
19,390 Km
7.2*
2011-2013
30 years
Generation
27,575 MW
44.5
2014-2017
20 to 30 years
Transmission
19,658 Km
9.1*
2014-2017
30 years
US$ 1 = R$ 2.30
* Includes estimated investment in
transmission line and substations
Source: Energy Research Company (EPE)
Produced by: Ministry o Finance
Electric Power Generation
Capacity
Description
106
Ministry
of Finance
Wind Power Plants auctioned since 2011
CE
46 wind farms
1,029.6 MW
MA
9 wind farms
259.2 MW
RN
61 wind farms
1,596.7 MW
PI
PE
32 wind farms
903.6 MW
BA
98 wind farms
2,267.8 MW
18 wind farms
509.7 MW
Capacity (MW)
< 300
300 - 600
600 - 1,000
1,000 - 1,500
TOTAL
329 wind farms
7,897.7 MW
RS
65 wind farms
1,331.1 MW
1,500 - 2,000
> 2,000
and Electric Energy Trading Chamber (CCCE)
107
Ministry
of Finance
Thermal Power Plants auctioned since 2011 (Natural Gas and Biomass)
MA
PI
1 TPP
499.2 MW
1 TPP
150.0 MW
BA
2 TPP
166.8 MW
GO
2 TPP
100.0 MW
MT
MG
4 TPP
170.0 MW
MS
9 TPP
426.8 MW
TOTAL
29 TPP
2,492.8 MW
RJ
SP
8 TPP
420.0 MW
1 TPP
530.0 MW
Natural Gas
250 - 500
1 TPP
30.0 MW
Capacity (MW)
500
Biomass
< 30
30 - 100
100 - 250
250 - 500
500
Produced by: Ministério da Fazenda
108
Ministry
of Finance
Hydro Power Plants and Small Hydro Plants auctioned since 2011
AP
PA
2 HPP
292.4 MW
PE
1 HPP
700.0 MW
1 HPP
5.0 MW
RO
GO
1 HPP
450.0 MW
5 HPP
119.6 MW
MG
MT
5 HPP
508.2 MW
SC
PR
5 HPP
184.3 MW
1 HPP
18.0 MW
TOTAL
31 HPP
2,503.6 MW
Capacity (MW)
6 HPP
165.0 MW
< 20
20 - 65
65 - 160
160 - 320
RS
320 - 550
4 HPP
61.1 MW
550 - 700
109
Ministry
of Finance
Hydropower Expansion: auctions from 2014 to 2017
Hydro Power
Plant
2014
2016
2017
Paraíba do Sul/ RJ
Tapajós/ PA
Paranaíba/ MG-GO
Tibagi/ PR
Piquiri/ PR
Piquiri/ PR
Chopim/PR
Piquiri/ PR
Piquiri/ PR
Arinos/ MT
Ji-Paraná/RO
Tapajós/PA
Uruguai/SC-RS
Branco/ RR
Palmas/ TO
Aripuanã/ AM
Total
145
6,133
74
109
96
87
63
139
140
192
350
2,338
725
708
70
796
Total
Capacity
(MW)
Estimated Investment
(US$ billion)
Total estimated
investment in HPP
to be contracted
US$ 19.2 billion
6,461
8.8
525
1.4
3,605
6.0
1,574
3.0
12,165
19.2
2015
Itaocara
S. Luíz Tapajós
Davinópolis
Telêmaco Borba
Foz Piquiri
Ercilândia
Paranhos
Apertados
Comissário
Castanheira
Tabajara
Jatobá
Itapiranga
Bem Querer
Arraias
Prainha
River/State
Capacity
(MW)
US$ 1 = R$ 2.30
110
Ministry
of Finance
The development of wind power in Brazil
Operating and contracted capacity
12,000
11,252
10,862 11,196
10,000
8,000
6,027
6,000
4,000
* Estimates
*
*
17
20
*
16
20
15
20
14
*
US$ 1 = R$ 2.30
20
*
13
20
12
20
11
10
20
09
20
927
604
20
08
398
20
07
248
20
06
237
20
20
05
0
29
2,000
2,202
1,425 1,882
To be contracted in 2014-2017 auctions
Capacity (MW)
Investment (US$ billion)
7,200
13.0
111
Ministry
of Finance
The development of bioelectricity in Brazil
Operating and contracted capacity – Bagasse Biomass
12,000
10,000
9,339
8,000
7,421
10,844
10,114 10,494
11,334
8,069
6,159
6,000
4,000
3,023
4,640
* Estimates
US$ 1 = R$ 2.30
*
*
17
20
*
16
20
*
15
20
14
20
*
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
20
05
0
Produced By: Ministry of Finance
2,000 1,755
2,584
3,910
To be contracted in 2014 - 2017 auctions
Capacity (MW)
3,480
3.2
112
Ministry
of Finance
Other energy sources to be contracted in 2014 - 2017 auctions
Small hydropower plants
Capacity (MW)
1,130
3.3
Solar energy
Capacity (MW)
2,000
4.3
Capacity (MW)
1,600
1.4
US$ 1 = R$ 2.30
Natural gas* or mineral coal thermal power plant
*Additional expansions depend on the
effective exploration of unconventional gas
113
Ministry
of Finance
Power to be contracted in the auctions
from 2014 to 2017 (consolidated data)
Capacity
(MW)
Hydro
12,165
19.2
Others Renewable Sources
(Wind, Biomass, Small Hydro and Solar)
13,810
23.9
Natural Gas and Mineral Coal
1,600
1.4
27,575
44.5
Sources
Total
US$ 1 = R$ 2.30
114
Ministry
of Finance
Projects to be Auctioned in 2014-2017: Transmission lines
Associated Projects
Expansion of the
Interconnection N/SE
Transmission Lines
TL Xingu – Terminal Minas CC (Bipole 1)
PA/SP
800
2,140
MT/GO
MT
MT
500
500
500
348
350
300
RN/CE
500
235
PA/RJ
800
2,575
SP
MA
SP/RJ
MG/SP
MA
PA
PA
PA
PA
TO
440
500
500
500
230
230
500
230
500
500
52
107
340
660
95
64
59
79
116
30
7,550 km
Electric Power Transmission
TL Paranatinga - Ribeirãozinho C3
Teles Pires Power Plant TL Cláudia - Paranatinga C3
TL Paranaíta - Cláudia C3
Northeast Wind
TL Açu - Quixadá
Power Plant
Expansion of the
interconnection N/SE TL Xingu – N. Iguaçu CC ( Bipole 2)
TL Fernão Dias - Cabreuva
TL Miranda II - São Luis II C3
TL Fernão Dias - Nova Iguaçu
TL Estreito - Fernão Dias CD
To meet
TL Ribeiro Gonçalves - Balsas C2
the electricity
TL Marituba - Castanhal
demand growth
TL Vila do Conde - Marituba
TL Integradora Sossego - Xinguara
TL Paraupebas - Int. Sossego CD
TL Miracema - Lajeado C2
Subtotal 1
State Voltage (kV) Length (Km)
115
Ministry
of Finance
Projects to be Auctioned in 2014-2017: Transmission lines (continuation)
Associated Projects
Transmission Lines
PA
PA
PA
PA
PA
MG
MG
MS
PR
MT
TO
GO
BA
RN
RN
RN
230
230
230
230
230
230
230
230
230
230
230
230
500
500
500
230
63
185
195
130
137
135
61
85
50
275
120
88
280
131
64
68
2,067 km
TL Xingu - Altamira C1
TL Altamira - Transamazônica C2
TL Transamazônica - Tapajós C1
TL Oriximiná - Juruti CD
Integration of isolated systems
TL Juruti - Parintins CD
TL Janaúba 3 - Irapé
TL Araçuai 2 - Irapé C2
TL Paraíso 2 - Chapadão C2
To meet the electricity
TL Foz do Chopim - Realeza
demand growth
TL Paranatinga - Canarana
TL Lajeado - Palmas CD
TL Trindade - Firminópolis
TL Morro do Chapéu II - Sapeaçu
TL Açu III - João Câmara III
Northeast Wind Power Plant
TL João Câmara III - Ceará Mirim II C2
TL João Câmara II - Ceará Mirim II C2
Subtotal 2
demand growth
116
Ministry
of Finance
Associated Projects
Projects
TL 2th SECC (TL B. J. Lapa/Ibicoara)
- Igaporã III
BA
500
80
demand growth
TL Linhares 2 - São Mateus 2
ES
230
108
525
525
525
525
525
525
525
230
230
230
230
230
230
230
235
36
52
152
168
120
80
78
60
126
240
105
35
116
1,791 km
South Wind Power Plants
Amapá HPP flows
To meet the electricity demand
Northeast Wind Power Plant
Subtotal 3
TL Povo Novo - Guaíba 3 C2
TL Nova Santa Rita - Guaíba 3 C2
TL Santa Vitória - Marmeieiro C2
TL Marmeieiro - Povo Novo C2
TL Guaíba - Capivari do Sul
TL Guaíba 3 - Gravataí
TL Capivari do Sul - Gravataí
TL Osório 3 - Gravataí 2 (new)
TL Capivari do Sul - Viamão 3 (new)
TL Livramento 3 - Alegrete 2 (new)
TL Livramento 3 - Santa Maria (new)
TL Jurupari - Laranjal do Jari C3 (new)
TL Baixo Iguaçu - Realeza (new)
TL Santa Rita - C. Grande C1
RS
Northeast Wind Power Plants
117
Ministry
of Finance
Associated Projects
To meet the
electricity demand
Subtotal 4
TOTAL
TL Viana 2 - João Neiva 2
TL Mesquita - João Neiva 2
TL Pirapora 2 - Presidente Juscelino C1
TL Presidente Jucelino - Itabira
SECC TL Neves 1 - Barreiro em Betim 6
TL Betim 6 Sarzedo (new) - compact TL
TL Sete Lagoas 4 - Betim 6
TL Sete Lagoas 4 Presidente Juscelino C1 and C2
TL Itabirito 2 - Barro Branco
TL Barreiras II - Gentio do Ouro
TL Gentio do Ouro - Ourolândia
TL Ourolândia - Morro do Chapéu
TL Gentio do Ouro - Brotas de Macaúbas
SECC TL Irecê - S. Bonim em Ourolândia
ES
ES
MG
MG
MG
MG
MG
345
500
500
500
345
345
345
80
240
322
193
21
22
43
MG
345
194
MG
BA
BA
BA
BA
BA
345
500
500
500
230
230
54
288
167
110
131
48
1,913 km
13,321 km
Northeast Wind
Power Plant
Projects
118
Ministry
of Finance
TL Projects to be contracted in the auctions from 2014 to 2017
(consolidated data)
Auctions
2014 - 2017
Total
Length (Km)
Defined TL
13,321
Estimated TL
6,337
19,658
US$ 9.1 billion
US$ 1 = R$ 2.30
Estimated investment
in Transmission Line
and substations
119
infrastructure
Appendix
Ministry
of Finance
Main Types of Business Organizations in Brazil
Limited Liability Company
(LLC)
Joint-Stock Company
(Business Corporation)
• Law No. 10,406/2002 – Brazilian Civil Code • Law No. 6,404/1976, supplemented by
Law No. 10,303/2001.
(from Article 1,052 to Article 1,087).
Applicable
Legislation
• Normative Ruling No. 100, of April 19,
2006, issued by the National Trade Registry
Department (DNRC), establishing the
Manual on Registry Acts of Sociedade
Anônima.
• Business company formed by individuals
or capital.
• Business corporation formed by either
public or private capital (either publicly- or
closely-held companies).
• For-profit.
Legal Name
• Corporate Name: name of one or more of
company’s partners + “Limitada” or “Ltda.”;
or
• Denomination: corporate object +
“Limitada” or “Ltda.”
• For-profit.
• Denomination: fictitious business name
or shareholders´ civil name + company’s
core business + “Sociedade Anônima” or
“Companhia” or “S.A.” or “Cia.” (the latter
cannot be placed at the end of corporate
denomination).
• Law No. 12,441/2011, which amends provisions in the
Brazilian Civil Code, introducing item VI to Article 44 and
Article 980-A to Book II, Special Part. Additionally, it also
amends the sole paragraph of Article 1,033.
• Normative Ruling No. 117, of November 22, 2011, issued
by the National Trade Registry Department (DNRC),
establishing the Manual on Registry Acts of Empresa
Individual de Responsabilidade Limitada.
Appendix
Classification
• Normative Ruling No. 98, of December
23, 2003, issued by the National Trade
Registry Department (DNRC), establishing
the Manual on Registry Acts of Sociedade
Limitada.
Eireli (Individual Company Of
Limited Liability)
• Individual company.
• For-profit.
• Corporate Name: holder´s name + “Eireli”; or
• Denomination: corporate object + “Eireli”.
Source: Brazilian Trade and Investment
Promotion Agency (APEX)
122
Ministry
of Finance
Partners
Composition
• Two or more partners.
• Individuals or legal entities (of Brazilian or
foreign origin1).
• At least two shareholders for closely-held
companies and three for publicly-held ones.
• Individuals or legal entities (of Brazilian or foreign
origin).
• Articles of association/Bylaw.
• Articles of incorporation/Bylaw.
• Registry and filing at the competent Board • Registry and filing at the competent Board of Trade
of Trade (Junta Comercial).
(Junta Comercial).
Corporate
Capital
• Divided into shares.
• No minimum capital is required, but shareholders must
• Divided in quotas.
integrate at least 10% of the issuance price of the shares
subscribed in cash.
• No minimum corporate capital is legally
• The bylaws will establish:
required.
- the number of shares; and
• An increase of the corporate capital is
- whether the shares will have nominal value or not.
admitted as soon as all the subscribed
• The corporate capital may be increased in the
quotas are paid. Preferential rights are
following cases:
granted to keep the original share of the
- issuance of shares provisioned in the bylaws;
existing partners in the corporate capital.
- conversion of debentures and participation
certificates into shares;
• The corporate capital may be subject to
- deliberation of the Annual General Meeting regarding
reduction in the following cases:
capitalization of profits or reserves or issuance of new
(i) occurrence of losses; or
(ii) corporate capital is excessive pursuant to shares.
the company’s corporate object.
• The corporate capital may be reduced in the case of
loss or excessive capital pursuant to the company´s
corporate object.
* Once the individual opts for an Eireli, he/she can run only one
company under that modality.
• Incorporation document (private instrument).
• Registry and filing at the competent Trade Board (Junta
Comercial).
• Given that the company relies on a sole holder, it is not
required that the corporate capital is divided into quotas.
• The minimum corporate capital may not be less than one
hundred times the sum of the highest minimum salary
applied in Brazil on the date of filing for registration.
Appendix
Articles of
Association /
Incorporation
• Only one holder – a one-man undertaking*.
• Individual2 (of Brazilian or foreign origin).
• Once it is immediately paid in, the corporate capital may
be increased at any time.
• The corporate capital may suffer a reduction, respected
the minimum value required by law.
123
Ministry
of Finance
Paying In
Partners
Liability
• The articles of association shall establish
the time limit for payment.
• The bylaws shall establish the time limit
for payment.
• Any assets shall be used for paying in,
provided that they are susceptible to cash
assessments.
• Any assets shall be used for paying in,
provided that they are subject to expert
assessment.
• Any assets shall be used for paying in, provided that they
are susceptible to cash assessments.
• No liability: share subscribed and paid.
• Limited to the capital that has been paid in.
• Limited to the shares shareholders
subscribed and have not yet paid for.
• Unlimited: in case the corporate capital has not yet been
paid in, unobserving the required minimum value.
• Limited to the capital that has been paid in.
• In case the corporate capital has not been
fully paid in, the partners shall be deemed
unlimitedly and jointly liable.
• Control defined by the number of quotas.
Control and
Management
• Control exercised by the sole holder.
Appendix
• Control defined by shareholders with
voting rights. The controlling shareholder
• Resolutions are taken during meetings (up owns a major portion of the voting capital.
to 10 partners) or general meetings (more
• In compliance with company’s bylaws,
than 10 partners).
corporate management will be performed
• The company may be managed by a non- by the Board of Directors and the Executive
partner, should that be provisioned in the
Office, or solely by the Executive Office.
articles of association.
• The chair of the Executive Office, whether
• A foreigner may be appointed to be
shareholder or not, must reside in Brazil4.
the manager provided that he/she has
permanent visa and is not otherwise
• The members of the Board of Directors may
prevented from occupying management
reside abroad, provided that they appoint a
positions3.
Brazilian-resident representative.
• Statement, in the incorporation document, that the
corporate capital has been fully paid in.
• An Eireli may be managed by its owner or by a non-owner,
as indicated on the incorporation document.
• A foreigner may be appointed to be the manager, provided
that he/ she has a permanent visa and is not otherwise
prevented from occupying management positions5.
124
Ministry
of Finance
Termination/
Dissolution
• The dissolution occurs in the following
cases: (i) at the end of its term; (ii)
unanimous resolution of all quota holders;
(iii) resolution of quota holders representing
an absolute majority, in companies with
an undetermined term of duration; (iv)
insufficient plurality of quota holders; (v)
expiration of company´s license to operate;
(vi) court decision; and (vii) bankruptcy
(Article 1,033; Article 1,034; and Article
1,087 of the Brazilian Civil Code).
Appendix
• Judicial or extrajudicial liquidation shall
take place after the company is terminated.
The remaining assets shall be distributed
to the quota holders proportionally to their
respective quotas.
• The dissolution comes into effect either by
court decision or by the ruling of competent
administrative authorities. Incorporation,
merger and spin-off are forms of
dissolution.
• Compliance with Sociedade Limitada’s rules, wherever
applicable.
• Judicial or extrajudicial liquidation shall
take place after the company is terminated.
The remaining assets shall be distributed
to the shareholders proportionally to their
respective shares.
1
Foreign shareholding in business activities in Brazil is limited to the constitutional restrictions and constraints that discipline foreign shareholding in Brazilian companies. Normative Ruling No.
76/1998, issued by the National Trade Registry Department (DNRC), disciplines the filing of acts of commercial companies or cooperatives with foreign shareholders that are resident and domiciled
in Brazil; individuals, of Brazilian or foreign origin, resident and domiciled abroad; and legal entities headquartered abroad. Its annex brings a list with business activities that are either restricted or
forbidden to foreign shareholding.
2
As understood by the National Trade Registry Department (DNRC).
3
For further information see the Annex of Normative Ruling No. 76/1998, issued by the DNRC (only in Portuguese).
4
Individuals of foreign origin are entitled to exercise managing positions provided that they have a permanent visa. Individuals of foreign origin are entitled to be members of a company’s Audit Board if
they reside in Brazil.
5
For further information see the Annex of Normative Ruling No. 76/1998, issued by the DNRC (only in Portuguese).
• Credits: This document was prepared by the Legal Unit of Apex-Brasil in February, 2012. Staff: Silvia Menicucci (Legal Coordinator), Patricia Gonçalves dos Santos (Legal Supervisor) and Camila Paschoal (Attorney).
English version: Simonny V. Soares.
• The information disclosed in this document may be freely reproduced, provided the source is acknowledged.
• This document does not replace legal advice from an attorney.
125
Ministry
of Finance
Useful links
Ministry of Finance
http://www.brasil.gov.br/?set_
language=en
http://www.fazenda.gov.br/
Planning and Logistics
Company (EPL)
National Agency for Civil
Aviation (ANAC)
http://www.epl.gov.br/index.php
http://www.anac.gov.br
Energy Research company
(EPE)
National Agency for Oil,
Natural Gas and Biofuels
(ANP)
http://www.epe.gov.br
http://www.anp.gov.br National Agency for Road
Transport (ANTT)
National Agency of
Waterway Transportation
(ANTAQ)
http://www.antt.gov.br http://www.antaq.gov.br Appendix
Portal Brasil
126
Ministry
of Finance
Useful links
Special Secretariat
of Ports
http://www.portosdobrasil.gov.br/
Civil Aviation Secretariat
http://www.aviacaocivil.gov.br/
Brazilian Trade and
Investment Promotion
Agency (APEX)
http://www2.apexbrasil.com.br/en
Brazilian Development
Bank (BNDES)
http://www.bndes.gov.br/SiteBNDES/bndes/bndes_en/
Banco do Brasil
http://www.mme.gov.br
http://www.bb.com.br
National Network for
Investments Information
(RENAI)
CAIXA
http://www.mdic.gov.br/sistemas_web/renai/
http://www.caixa.gov.br
Appendix
Ministry of Mines
and Energy
127
Ministry
of Finance
Glossary - Institutions
Brazilian Association of Highway
Concessionaires
CAGED
General Registry of the Employed and
Unemployed
MDIC
Ministry of Development, Industry and
Foreign Trade
ANAC
National Agency for Civil Aviation
CCEE
Electric Energy Trading Chamber
MME
Ministry of Mines and Energy
Brazilian Financial and Capital Markets
Association
CMN
National Monetary Council
RAIS
Annual Social Information Relation
National Electricity Agency
CVM
Securities and Exchange Commission of Brazil
RENAI
National Network for Investments Information
Brazilian Association of Automotive Vehicle
Manufactures
EPE
Energy Research Company
SAC
Civil Aviation Secretariat
National Agency for Oil, Natural Gas and
Biofuels
EPL
Brazilian Logistics & Planning Company
SEP
Secretariat of Ports
ANTAQ
National Agency of Waterway
Transportation
FAO
Food and Agriculture Organization
STN
Brazilian National Treasury Secretariat
ANTT
National Agency for Road Transport
IBGE
Brazilian Institute of Geography and Statistics
TCU
Federal Court of Auditors
APEX
Brazilian Trade and Investment
Promotion Agency
IMF
International Monetary Fund
São Paulo Stock Exchange and the Brazilian
Mercantile & Futures Exchange
IPEA
Institute for Applied Economic Research
Brazilian Development Bank
MAPA
Ministry of Agriculture Livestock
and Food Supply
ANBIMA
ANEEL
ANFAVEA
ANP
BM&FBOVESPA
BNDES
UNCTAD
Glossary
ABCR
United Nations Conference on Trade and
Development
128
Ministry
of Finance
Glossary - Terms
PNAD
National Survey by Household Sample/IBGE
Annual Average Daily Traffic
HPP
Hydro Power Plant
CRI
Certificate of Real Estate Receivables
ICMS
Merchandise Circulation and Services Tax
PSI
Investment Maintenance Program
DSCR
Debt Service Coverage Ratio
IOF
Financial Operation Tax
RAP
Allowed Annual Revenue
EBITDA
Earnings Before Interest, Taxes, Depreciation
and Amortization
IPI
Tax over Industrial Products
SPC
Specific Purpose Company
EIRELE
Individual Company Of Limited Liability
IPCA
Broad National Consumer Price Index / IBGE
TJLP
Brazil Long Term Interest Rate
FDI
Foreign Direct Investment
LLC
Limited Liability Company
TPP
Thermal Power Plan
FIC
Fund of Funds
MP
Legal Act
SELIC
Special System for Settlement and Custody
FIDC
Credit Rights Investment Funds
PAC
Growth Acceleration Program
FIP
Share Investment Fund
PPA
Pluri-Annual Plan
GDP
Gross Domestic Product
PIS/COFINS
Glossary
AADT
Social Contributions
129
Ministry
of Finance
Ministry of
Finance
B R A Z I L I A N
G O V E R N M E N T
Art
Visual Project and Final Art: Viviane Barros
Cover: Alline Luz, André Nóbrega, Daniel Gizo and Viviane Barros
Layout Development: Alline Luz, André Nóbrega, Letícia Lopes and Viviane Barros
Design Trainee: Bárbara Vonne and Marco Miranda
www.fazenda.gov.br
130

infrastructure - Ministério da Fazenda

Transcrição

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