2013 Results Presentation
São Paulo, February, 28 2014

1
Agenda

2013 Highlights

Financial Results 2013

Capital Market Performance

Other Highlights

2
Economic and Financial

net operating revenue of R$ 981.2 million

success in lengthening the debt profile

net income of ...
Operations

4

2010

2011

2012

622.90

980.70

2009

1057.36

2008

1208.41

2007

1285.17

2006

1229.91

1331.53

2005...
Growth

BRL 800 million in investments.
We added 1,035 MVA of installed power.
Startup in operations of the Madeira
Comple...
Agenda

2013 Highlights

Financial Results 2013

Capital Market Performance

Other Highlights

6
Gross Operating Revenue

Company

Consolidated

Gross Revenue
(R$ million)

2012

Δ%

2013

2012

Δ%

Construction

219.1
...
Net Operating Revenue

2,015.0

-51.3%

126.6

1,888.4

981.2
158.9

822.2

2012
Company

8

2013
Subsidiaries
Costs of Construction Services, O&M and
Operating Expenses
Cost and Expenses
(R$ '000)

Company

Consolidated

2013

2012
...
Other Operating Income (Expenses)



In 2013, the other operating income (expenses) account represents an
expense of R$ 5...
Financial Result

Financial Result
(R$ million)

Company

Consolidated

2013

2012

Δ%

2013

2012

Δ%

Interest Receivabl...
EBITDA
Company

Consolidated

EBITDA
(R$ million)

2013

2012

2013

2012

Net Income

31.9

843.5

31.9

843.5

Income ta...
Net Debt

Debt
(BRLm)

3Q13

2012

1,239.5

2,521.0

Short-term Debt

377.7

1103.2

Long-term Debt

861.8

1,417.8

Cash*...
0.3%

Debt
Distribuition of debt contracting
0.3%

2013

40.2%
12,5%

59.5%

25,7%

40.2%

2012

59.5%

17,2%

44,6%

0.3%...
Amortização da Dívida - Consolidado
(R$ milhões)

Future Cash (NI)

2014

2015

Total

Accounts Receivable (NI) - (project...
Debt

Debt
Company
Controlled companies*
Total Consolidated

2013
967.0
272.5
1,239.5

(*) IEMG, IE Pinheiros, Serra do Ja...
Investments
R$ (million)

2013

Forecast
2014

Proprietary (A)

224.9

247.3

Complementary Projects and New Connections

...
Agenda

2013 Highlights

Financial Results 2013

Capital Market Performance

Other Highlights

18
Capital Market Performance
Trade Financial - 12/31/2013
(R$ million)
Total R$ 1,922 Million

Daily Average / Day R$ 7.6 mi...
Agenda

2013 Highlights

Financial Results 2013

Capital Market Performance

Other Highlights

20
Principal Challenges for CTEEP in 2014

The rollover of the 059 agreement extended CTEEP’s concession for an
additional 30...
Disclaimer

All statements contained herein with regard to the Company’s
business prospects, projected results and the pot...
Investor Relations
Tel: +55 11 3138-7557
ri@cteep.com.br
www.cteep.com.br/ri

23
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Cteep presentation 2013

  1. 1. 2013 Results Presentation São Paulo, February, 28 2014 1
  2. 2. Agenda 2013 Highlights Financial Results 2013 Capital Market Performance Other Highlights 2
  3. 3. Economic and Financial net operating revenue of R$ 981.2 million success in lengthening the debt profile net income of R$ 31.9 million 3
  4. 4. Operations 4 2010 2011 2012 622.90 980.70 2009 1057.36 2008 1208.41 2007 1285.17 2006 1229.91 1331.53 2005 ENES 1343.53 MWh 1740.84 lowest level of Unsupplied Energy in 8 years 2013
  5. 5. Growth BRL 800 million in investments. We added 1,035 MVA of installed power. Startup in operations of the Madeira Complex transmission line priority for pending compensation for pre-May 2000 assets. 5
  6. 6. Agenda 2013 Highlights Financial Results 2013 Capital Market Performance Other Highlights 6
  7. 7. Gross Operating Revenue Company Consolidated Gross Revenue (R$ million) 2012 Δ% 2013 2012 Δ% Construction 219.1 149.3 46.8% 267.9 208.1 28.7% Operation and Maintenance 563.1 587.2 (4.1%) 586.6 592.3 (1.0%) Financial 140.5 1,412.6 (90.1%) 242.7 1,467.3 (83.5%) Others 22.4 20.3 10.3% 21.2 19.5 8.7% Total 7 2013 945.0 2,169.4 (56.4%) 1,118.3 2,287.2 (51.1%)
  8. 8. Net Operating Revenue 2,015.0 -51.3% 126.6 1,888.4 981.2 158.9 822.2 2012 Company 8 2013 Subsidiaries
  9. 9. Costs of Construction Services, O&M and Operating Expenses Cost and Expenses (R$ '000) Company Consolidated 2013 2012 Δ% 2013 2012 Δ% Personnel (252.3) (241.8) 4.3% (260.2) (249.1) 4.5% Material (95.4) (157.5) (39.4%) (148.6) (207.2) (28.3%) Services (205.9) (227.4) (9.5%) (213.8) (232.7) (8.1%) Leases and rentals (14.0) (14.6) (4.1%) (14.4) (14.9) (3.4%) Contingencies (51.1) (44.3) 15.3% (51.1) (44.3) 15.3% Depreciation (7.3) (5.0) 46.0% (7.3) (5.0) 46.0% Others (26.2) (44.2) (40.7%) (27.4) (47.1) (41.8%) Subtotal (652.3) (734.8) (11.2%) (722.8) (800.4) (9.7%) 198.8 135.5 46.7% 243.8 182.8 33.4% (453.5) (599.3) (24.3%) (479.0) (617.6) (22.4%) Construction costs Total 9
  10. 10. Other Operating Income (Expenses)  In 2013, the other operating income (expenses) account represents an expense of R$ 531.7 million  Main impact was the provision for losses on the realization of receivables due from the State Government of São Paulo’s Department of Finance (SEFAZ-SP) worth R$ 516.3 million during the third quarter of 2013 Other Operating Income (Expenses) (R$ million) Operating Income 2012 18.4 4,457.5 Operating Expenses (33.8) (4,399.6) SEFAZ-SP Provision (516.3) 0 (531.7) 10 2013 57.9
  11. 11. Financial Result Financial Result (R$ million) Company Consolidated 2013 2012 Δ% 2013 2012 Δ% Interest Receivable 170.8 31.5 441.5% 172.7 32.9 425.6% Monetary (net) 66.1 45.7 (44.7%) 66.1 45.7 (44.7%) (44.6) (50.2) (30.3%) (45.0) (51.1) (31.7%) 90.1 (123.8) 72.2 (143.9) Financial Expenses* Total 172.8% (*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper. 11 150.2%
  12. 12. EBITDA Company Consolidated EBITDA (R$ million) 2013 2012 2013 2012 Net Income 31.9 843.5 31.9 843.5 Income tax and social contribuition (182.0) 339.8 (169.2) 349.3 Financial Results (90.1) 123.8 (72.2) 143.9 39.7 33.8 39.7 33.8 EBITDA ICVM 527/12 (200.4) 1,340.8 (169.8) 1,370.5 SEFAZ-SP Provision 516.3 - 516.3 - EBITDA ex- SEFAZ Provision 315.9 1,340.8 346.5 1,370.5 Leases and rentals/Amortization Ebitda Margin EBITDA Margin 12 0.384212543 38.4% 0.710028214 71.0% 0.353186203 35.3% 0.68012768 68.0%
  13. 13. Net Debt Debt (BRLm) 3Q13 2012 1,239.5 2,521.0 Short-term Debt 377.7 1103.2 Long-term Debt 861.8 1,417.8 Cash* 600.0 309.6 Net Debt 639.5 2,211.4 Debt -71.1% (*) As from January 2013, the Company’s financial investments have been concentrated in exclusive investment funds. These are made up of highly liquid investment fund units, readily convertible into cash, irrespective of the maturity of the assets. 13
  14. 14. 0.3% Debt Distribuition of debt contracting 0.3% 2013 40.2% 12,5% 59.5% 25,7% 40.2% 2012 59.5% 17,2% 44,6% 0.3% 6.1% BNDES Debentures BNDES Banks Others Debentures BNDES Banks NPs Debêntures Others 0.3% Bancos 40.2% 6.1% Interest Rate 2013 12,5% 40.2% 53.4% 2,8% 53.4% 25,7% 2012 59,0% TJLP 14 TJLP CDI IPCA Others CDI IPCA Others
  15. 15. Amortização da Dívida - Consolidado (R$ milhões) Future Cash (NI) 2014 2015 Total Accounts Receivable (NI) - (projection) 569.5 332.2 901.7 69.3 12.0 81.3 638.8 344.2 983.0 Interest Income on the Accounts Receivable (projection) Total Cash and Financial Investments on 12/31/13: R$ 600.0 millions 377.7 39,6 338,0 210.8 26,5 120.1 26,5 210.8 26,5 184,3 184,3 193.2 26,5 166,7 26.5 93,6 2014 15 2015 74,9 2016 2017 Company 2018 0.0 2019 Subsidiaries 25,50 2020 0.0 a 2024 2025 a 2030
  16. 16. Debt Debt Company Controlled companies* Total Consolidated 2013 967.0 272.5 1,239.5 (*) IEMG, IE Pinheiros, Serra do Japi Controlled companies run jointly with third parties IE Madeira (51%) IENNE (25%) IE Garanhuns (51%) IE SUL (50%) 16 1,423.2 1,245.1 57.9 101.2 18.9
  17. 17. Investments R$ (million) 2013 Forecast 2014 Proprietary (A) 224.9 247.3 Complementary Projects and New Connections 155.2 194.6 Improvements 49.9 31.0 Corporative 5.3 8.4 Capitalization of Labor Costs 14.5 13.3 Investments - Subsidiaries (B) 590.5 366.9 IEMG 6.3 5.5 IENNE 0.4 0.5 IEPinheiros 39.4 31.1 IESul 21.9 9.4 IEMadeira 344.6 137.0 Serra do Japi 3.6 5.1 IEGaranhuns 166.1 177.1 8.3 1.3 815.4 614.2 Evrecy TOTAL (A+B) 17
  18. 18. Agenda 2013 Highlights Financial Results 2013 Capital Market Performance Other Highlights 18
  19. 19. Capital Market Performance Trade Financial - 12/31/2013 (R$ million) Total R$ 1,922 Million Daily Average / Day R$ 7.6 million 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Share Performance until 12/31/2013  Total Trade: 272, 2 mil until 12/31/2013 100.00 -1.12%  Daily Average/Day -8.83% -15.50% -18.40% (base 12/31/2012 = 100) 70.00 Jan-13  Market Value 12/31/2013 R$ 5,2 Feb-13 Mar-13 Apr-13 May-13 TRPL3 19 1,074 Jun-13 Jul-13 TRPL4 Aug-13 Sep-13 IBOVESPA Oct-13 IEE Nov-13 Dec-13 billion
  20. 20. Agenda 2013 Highlights Financial Results 2013 Capital Market Performance Other Highlights 20
  21. 21. Principal Challenges for CTEEP in 2014 The rollover of the 059 agreement extended CTEEP’s concession for an additional 30-year term. The initial conditions of the agreement are well below the previous ones, with a reduction of 70% in Annual Allowed Revenue  The recovery in growth capacity and CTEEP’s shareholder remuneration is conditional on: Receipt of fair compensation 21 Increase inoperating efficiency Increase of returns from the investments
  22. 22. 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. 22
  23. 23. Investor Relations Tel: +55 11 3138-7557 ri@cteep.com.br www.cteep.com.br/ri 23
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