2010 05-17 cteep-presentation_1_q10

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2010 05-17 cteep-presentation_1_q10

  1. 1. 1Q10 ResultsPresentation São Paulo, May 17th 2010 © Todos os direitos reservados para CTEEP
  2. 2. Agenda Company Update 1Q10 Results Capital Market Performance Subsequent Events1Q10 Results Presentation © Todos os direitos reservados para CTEEP 2
  3. 3. Company Update Leading private sector energy transmission concessionaire in Brazil. Responsible for transmission of 30% of electricity produced in the country and 60% of consumption in the Southeast. First São Paulo electricity energy company to sign up to Bovespa’s Level 1 Corporate Governance. Footprint in 12 states.1Q10 Results Presentation © Todos os direitos reservados para CTEEP 3
  4. 4. CTEEP and its Shareholder’s Breakdown Common Shares - TRPL3 Preferred Shares - TRPL4 (42% of the total) (58% of the total) ISA Capital Other 89.40% Shareholders Eletrobras 35.58% 53.74% Secretaria da Eletrobras Fazenda Other 9.85% 10.68% Shareholders 0.75% Total Capital Stock ISA Capital Eletrobras 37.50% 35.33% Secretaria da Fazenda Other 6.20% Shareholders 20.97%1Q10 Results Presentation © Todos os direitos reservados para CTEEP 4
  5. 5. Agenda Company Update 1Q10 Results Capital Market Performance Subsequent Events1Q10 Results Presentation © Todos os direitos reservados para CTEEP 5
  6. 6. Net Revenue Revenue linked to uptime of the Company’s assets (R$ million) -7.6% +1.8% 419.9 381.2 388.1 1Q09 4Q09 1Q10 Main changes: The provision for a reduction in revenue of R$ 21.3 million, the result of the second periodic tariff review cycle; Reduction in the Adjustment Portion for the 2009/2010 cycle of R$ 22.9 million with respect to the agreement with the distributors CPFL Paulista and CPEE.1Q10 Results Presentation © Todos os direitos reservados para CTEEP 6
  7. 7. Cost of Operating Expenses Main changes: Reduction of 66.9% in the actuarial gain from the pension and healthcare plans; Due to the Company’s practice of recording an actuarial gain up to the actuarial liability limit and not recognizing eventual actuarial assets. Increase of 177.6% (R$ 6.1 million) in contingency expenses: Reflects the reversal of the judicial deposit held in escrow with respect to a law suit involving the INSS – Federal Social Security Service (explanatory note 20 (b) (iv) of 1Q10 ITR (Quarterly Information)). Cost of Services and General and Administrative Expenses Change % Change % (R$ 000) 1Q10 4Q09 1Q09 1Q10/4Q09 1Q10/1Q09 Personnel (41,559) (47,852) (44,119) -13.2% -5.8% Material (2,918) (2,852) (4,474) 2.3% -34.8% Deliberation CVM 371/00 3,401 15,062 13,279 -77.4% -74.4% Services (21,639) (27,954) (19,432) -22.6% 11.4% Depreciation (50,646) (78,478) (46,576) -35.5% 8.7% Contingencies (9,627) (1,772) (3,468) 443.3% 177.6% Other (8,392) (16,611) (6,981) -49.5% 20.2% Total (131,380) (160,457) (111,771) -18.1% 17.5%1Q10 Results Presentation © Todos os direitos reservados para CTEEP 7
  8. 8. EBITDA Strong Cash Generation (R$ million) 84.5% 78.5% 79.2% - 13.3% +2.7% 354.7 299.2 307.4 1Q09 4Q09 1Q10 Ebitda Margem Ebitda1Q10 Results Presentation © Todos os direitos reservados para CTEEP 8
  9. 9. Financial Results Main changes: Increase in remuneration on debentures; Recognition in 1Q09 of monetary restatement on the Instrument and Acknowledgement of Debt Payment Agreement with the distributors; Excluding the effect of interest on shareholders’ equity on financial expenses, the financial result for 1Q09 would have been a negative R$ 20.9 million. Change % Financial Income (R$ 000) 1Q10 1Q09 1Q10/1Q09 Income from financial investments 8,351 2,738 205.0% Interest on assets 2,527 959 163.5% Net monetary variations 2,651 28,984 -90.9% Other 103 188 -45.2% Total Financial Income 13,632 32,869 -58.5% Change % Financial Expenses (R$ 000) 1Q10 1Q09 1Q10/1Q09 Interest on own capital (61,920) (63,236) -2.1% Interest on liabilities (16,443) (17,022) -3.4% Charges on promissory notes 0 0 - Other (12,143) (476) 2451.1% Total Financial Expenses (96,447) (87,726) 9.9% Financial Result (R$ 000) (82,815) (54,857) 51.0%1Q10 Results Presentation © Todos os direitos reservados para CTEEP 9
  10. 10. Net Income (R$ million) -12.2% 0 +23.8% 228.0 200.1 161.6 ) 1Q09 4Q09 1Q10 Earnings per share of R$ 1.3280 in the first quarter of 2010.1Q10 Results Presentation © Todos os direitos reservados para CTEEP 10
  11. 11. Breakdown of Debt in 1Q10Fuding Charges Maturity 1Q10 4Q09BNDES (R$ millions) TJLP + 2.3% year 06/15/15 491,209 514,117 CDICTEEP 29.5% TJLP + 1.8% year 06/15/15 160,541 -IEMG TJLP + 2.4% year 04/15/23 39,918 40,680Commercial Papers sd2 Issue 119.5% CDI 04/19/10 218,901 213,696 th3 Issue 106.5% CDI 01/13/10 - 208,029 TJLP 70.2%Debentures1st Issue CDI + 1.3% year 12/15/14 499,659 - sd2 Issue IPCA + 8.1% year 12/15/17 59,216 -BanksIENNE CDI + 2.5% year 14/2/10* 54,760 45,700 OutrosIESUL CDI + 3.0% year 04/15/10 18,953 23,538 0.3%Eletrobras 8% per year 11/15/21 478 491Leasing - 1,815 2,143Total 1,545,450 1,048,394* On February 17 2010, maturities of bank credit certificates were rolled over until July 30 2010 1Q10 Results Presentation © Todos os direitos reservados para CTEEP 11
  12. 12. Company Update 1Q10 Results Capital Market Performance Subsequents Events1Q10 Results Presentation © Todos os direitos reservados para CTEEP 12
  13. 13. Capital Market Performance Trading Financial - 1Q10 (R$ million) Total R$ 478.9 million Daily Avarege: R$ 8.0 million 20 18 16 14 12 10 8 6 4 2 0 January-10 February-10 March-10105 44.3 thousand trading transactions in + 2.60% 1Q10 (738 daily average traded). Growth of100 - 0.44% 76% compared with 1Q09; 95 Present on all trade days; - 7.51% - 9.47% 90 TRPL4 Adjusted 27.17% Free-float ; TRPL4 Unadjusted 85 IBOVESPA TRPL4, IBOV and IEE - January Component of Ibovespa; to March 2010 (base 100 = IEE 12/31/2009) 80 R$ 7.0 billion market capitalization.January-10 February-10 March-10 April-10 1Q10 Results Presentation © Todos os direitos reservados para CTEEP 13
  14. 14. Capital Market Performance American Depositary Receipts 2500 Volume of ADRs (thousands) US$ 54.0 $70 millions Financial Volume of ADRs (US$ millions) 2000 $60 thousands $50 1500 millions $40 1000 $30 $20 500 US$ 4.0 millions $10 0 $0 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Financial Volume of ADRs increase 1,272% compared with 1Q091Q10 Results Presentation © Todos os direitos reservados para CTEEP 14
  15. 15. 1Q10 Shareholder Remuneration AUTHORIZED AMOUNT R$ DATE OF TIPO FISCAL YEAR CAPITAL STOCK PAYMENT EVENT DATE TOTAL P/SHARE RCA 3/30/2010 JCP 2010 61,920,147.06 0.411002 20/04/2010 150,656,559 RCA 3/30/2010 Dividendos 2009 129,979,852.90 0.862756 20/04/2010 150,656,559 RCA 1/11/2010 Dividendos 2009 161,000,000.00 1.068656 22/01/2010 150,656,559 TOTAL OF PAYMENT - 1T10 352,899,999.96 2.342414 In 1Q10, the Company authorized the payout of R$ 61.9 million in interest on shareholders’ equity corresponding to R$ 0.411002 per shares and R$ 290.9 million in dividends, equivalent to R$ 1.931412 per share.1Q10 Results Presentation © Todos os direitos reservados para CTEEP 15
  16. 16. Agenda Company Update 1Q10 Results Capital Market Performance Subsequents Events1Q10 Results Presentation © Todos os direitos reservados para CTEEP 16
  17. 17. Subsequent Events O/EGM resolution on dividend distribution At the Ordinary/Extraordinary Shareholders’ Meeting held on April 29 2010, CTEEP’s shareholders approved the allocation of the remaining outstanding net income for 2009 to the payout of dividends amounting to R$ 77,302,605.60, corresponding to R$ 0.509143 per share of both types with the ex-dividend date as of May 5 2010. Including the distribution of the remaining balance of net income for fiscal year 2009, the Company allocated R$ 783.2 million to its shareholders as dividends and interest on shareholders’ equity, corresponding to a dividend payout of 94.6%.1Q10 Results Presentation © Todos os direitos reservados para CTEEP 17
  18. 18. Subsequent Events Ratification of the Increase in the Capital Stock On April 23 2010, CTEEP’s Board of Directors ratified a capital increase of R$ 56,862.4 thousand through the issue of 661,263 common and 511,158 preferred shares, totaling 1,172,421 new shares. The value subscribed by the controlling company, via the paying in of the fiscal benefit from the amortization of the goodwill premium on the acquisition of CTEEP was R$ 28,832.1 thousand and the remainder subscribed by the minority shareholders corresponded to R$ 28,030.3 thousand. The following graph shows the breakdown in capital stock: Common Shares - TRPL3 Preferred Shares - TRPL4 Total Capital Stock (42% of the total) (58% of the total) ISA Capital Eletrobras 89.40% Other ISA Capital 35.42% Shareholders 37.60% 35.40% Eletrobras 53.98% Secretaria da Fazenda Secretaria da Other 6.15% Fazenda Shareholders Other Eletrobras 10.62% 20.82% Shareholders 9.85% 0.75%3Q09 Results Presentation © Todos os direitos reservados para CTEEP 18
  19. 19. Disclaimer All statements contained herein with regard to the Company’s business prospects, projected results and the potential growth of its business aremere forecasts, based on local management expectationsin relation to the Company’s future performance. Dependent as they are on market shifts and on the overall performance of the Brazilian economy and the sector and international markets, such estimates are subject to changes.1Q10 Results Presentation © Todos os direitos reservados para CTEEP 19
  20. 20. Investor Relations Phone: +55 11 3138-7557 email: ri@cteep.com.br www.cteep.com.br/ir3Q09 Results Presentation © Todos os direitos reservados para CTEEP 20

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