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Cteep presentation 2_q09
 

Cteep presentation 2_q09

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    Cteep presentation 2_q09 Cteep presentation 2_q09 Presentation Transcript

    • 2Q09 ResultsPresentation São Paulo, August 17th 2009 © Todos os direitos reservados para CTEEP
    • Agenda Company Update 2Q09 Results Capital Market Performance Subsequent Events2Q09 Results Presentation © Todos os direitos reservados para CTEEP 2
    • 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.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 3
    • 12,140 km of Transmission Lines 102 SubstationsHigh Technology Miguel Reale Substation 2Q09 Results Presentation © Todos os direitos reservados para CTEEP 4
    • COT- Transmission Operating Center - JundiaíCOR- Backup OperationsCenter - Cabreúva2Q09 Results Presentation © Todos os direitos reservados para CTEEP 5
    • CTEEP and its Shareholder’s Breakdown Common Shares - TRPL3 Preferred Shares – TRPL4 (42% of total) (58% of total) 9.85% 0.75% 35.59% ISA Capital do Brasil Eletrobrás Eletrobrás Secretaria da Fazenda Other Other 89.40% 10.77% 53.64% Total Paid Up Capital ISA Capital do Brasil 27.25% 37.46% Eletrobrás Other 35.29%2Q09 Results Presentation © Todos os direitos reservados para CTEEP 6
    • Agenda Company Update 2Q09 Results Capital Market Performance Subsequent Events2Q09 Results Presentation © Todos os direitos reservados para CTEEP 7
    • Net Revenue Revenue linked to uptime of the Company’s assets (R$ million) +14.9% -1.6% 419.9 413.1 359.6 2Q08 1Q09 2Q09 )2Q09 Results Presentation © Todos os direitos reservados para CTEEP 8
    • Cost of Operating Expenses 2Q09/2Q08 main changes: The increase in personnel expenses in 2Q09 against the same period in 2008 is due to the annual wage bargain agreement of 6.8% in June 2008, the increase in CESP Foundation expenses and the lower income expected from the retirement plans (CVM Decision 371); The increase in third party IT services and outsourced transmission line maintenance; In 2Q09, expenses relating to allowances for contingencies fell by 75.8% as compared with 2Q08; The positive value for expenditures with materials in 2Q09 is due to a reclassification for permanent assets in progress of a expense of R$ 2,357 thousand booked in 1Q09. Cost of Services and General and Administrative Expenses Change % Change % (R$ 000) 2Q09 1Q09 2Q08 1Q09/2Q09 2Q08/2Q09 Personnel -28,373 -30,840 -23,137 -8.0% 22.6% Material 108 -4,474 -2,745 -102.4% -103.9% Services -22,792 -19,432 -16,201 17.3% 40.7% Depreciation -47,012 -46,576 -44,436 0.9% 5.8% Contingencies -2,390 -3,468 -9,870 -31.1% -75.8% Other -6,762 -6,981 -8,320 -3.1% -18.7% Total -107,221 -111,771 -104,709 -4.1% 2.4%2Q09 Results Presentation © Todos os direitos reservados para CTEEP 9
    • EBITDA Strong Cash Generation (R$ million) 85.4% 8 84.5% 8 83.2% 8 +17.9% 8 -0.5% 354.7 352.9 8 299.4 8 8 2Q08 1Q09 2Q09 Ebitda Ebitda Margim2Q09 Results Presentation © Todos os direitos reservados para CTEEP 10
    • Financial Results The principal factor impacting this item was the growth in charges on debt, most notably on commercial papers repaid in 2Q09. Excluding interest on shareholders’ equity from financial expenses, the financial result would have reported an expense of R$ 17.2 million in the quarter. Change % Financial Income (R$ 000) 2Q09 2Q08 2Q08/2Q09 Income from financial investments 4,383 5,063 -13.4% Interest on assets 943 1,070 -11.9% Net monetary variations 3,377 3,025 11.6% Other 200 188 6.4% Total Financial Income 8,903 9,346 -4.7% Change % Financial Expenses (R$ 000) 2Q09 2Q08 2Q08/2Q09 Interest on own capital (63,938) (58,311) 9.6% Interest on liabilities (15,944) (16,283) -2.1% Charges on promissory notes (9,279) - - Other (889) (2,342) -62.0% Total Financial Expenses (90,050) (76,936) 17.0% Financial result, net (R$ 000) (81,147) (67,590) 20.1%2Q09 Results Presentation © Todos os direitos reservados para CTEEP 11
    • Net Income (R$ million) +14.9% -1.6% 419.9 413.1 359.6 2Q08 1Q09 2Q09 Earnings per share of R$ 1.47 in the second quarter of 2009.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 12
    • Breakdown of Debt in 2Q09 Optimization of Capital Structure (R$ 000) 2Q09 1Q09 Non - Current TJLP + 2,3% year 602,825 71.1% 625,984 73.1% Current TJLP 120% of CDI - - 207,013 24.2% 71.1% 119,5% of CDI 202,622 23.9% - - 123% of CDI 20,084 2.4% 20,462 2.4% 113% of CDI 20,008 2.4% - - Others 2,889 0.3% 3351 0.4% CDI TOTAL 848,428 100% 856,810 100% 28.6% Others 0.3%2Q09 Results Presentation © Todos os direitos reservados para CTEEP 13
    • Company Update 2Q09 Results Capital Market Performance Subsequent Events2Q09 Results Presentation © Todos os direitos reservados para CTEEP 14
    • Capital Market PerformanceTrading Financial - 2Q09(R$ million) Total: R$ 705,86 million Daily Avarege: R$ 11,57 million $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 abr-09 mai-09 jun-09 52.5 thousand trading transactions in EVOLUTION - 1H09 2Q09 (860 daily average traded). Growth of IBOV x IEE x TRPL4 x TRPL3 93.8% compared with 2Q08; 37.06% 33.66% Present on all trade days; 14.50% 27.25% Free-float ; 10.99% Component of Ibovespa; IBOV IEE TRPL4 TRPL3 R$ 7.4 billion market capitalization. 2Q09 Results Presentation © Todos os direitos reservados para CTEEP 15
    • 2Q09 Shareholder Remuneration Date Date of Type Regarding P/ share Amount Approved Payment 6/30/2009 Dividend 2009 R$ 0.407557 7/21/2009 R$ 60,842,176.35 Interest on 6/19/2009 stockholders 2009 R$ 0.428297 7/1/2009 R$ 63,938,332.64 equity 4/15/2009 Dividend 2008 R$ 0.709319 4/24/2009 R$ 105,890,687.96 R$ 1.545173 R$ 230,671,196.95 In 2Q09, the Company authorized the payout of R$ 63.9 million in interest on shareholders’ equity corresponding to R$ 0.428297 per shares and R$ 166.7 million in dividends, equivalent to R$ 1.116876 per share.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 16
    • 2Q09 Investor Relations Events A roadshow to launch the 3rd Commercial Papers Issue; 2 domestic non-deal roadshows; 3 Broker Conference presentations with more than 30 participants involving one on one meetings at each event; Some 30 meetings held at the Company’s head offices and more than 200 responses by e-mail and telephone during the quarter; An APIMEC meeting held on June 4 2009 in which the Company presented its results for 1Q09; 9 institutions provide coverage and publish investment research reports on the Company – an increase of 80% in the past nine months.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 17
    • Agenda Company Update 2Q09 Results Capital Market Performance Subsequent Events2Q09 Results Presentation © Todos os direitos reservados para CTEEP 18
    • Capitalization of Goodwill The Extraordinary General Meeting of June 16 approved the increase in the capital stock of up to R$ 70.5 million with the following characteristics: R$ 26.4 million in favor of the controlling shareholder, ISA Capital do Brasil, paid from the special reserve for goodwill as registered in CTEEP’s shareholders’ equity; The right to subscribe up to R$ 44.1 million was granted to the other shareholders in such a way as not to dilute their stakes in the Company’s capital stock; The average price established at R$ 45.97 per share for both classes of share considering the average trading price for preferred shares in the two months prior to the last trading day before the EGM; The maximum quantity of new shares to be issued is 1,534,717, which would represent an increase in capital stock of 1.03% in the number of shares; and The subscription period was from June 17 2009 to July 17 2009. Following the termination of the subscription period on July 17 the total amount subscribed was R$ 63,049,004.25, corresponding to 89.4% of the total capital increase proposed.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 19
    • 3rd Commercial Papers Issue Through the bookbuilding procedure of July 8, the Company was able to reduce the cost of remuneration from 115% to 106.5% of the CDI, the lowest remuneration to date for securities with the same characteristics. The characteristics of the offering are as follows: Issue rating: Fitch F1+(bra); Nominal Unit Value: R$ 500 thousand; Remuneration: 106.5% of the CDI; Financial Settlement on July 17 2009; Use of Resources: cash reinforcement following the payment of the Company’s 1st commercial papers issue.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 20
    • 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.2Q09 Results Presentation © Todos os direitos reservados para CTEEP 21
    • Investor Relations Phone: +55 11 3138-7557 email: ri@cteep.com.br www.cteep.com.br/ir2Q09 Results Presentation © Todos os direitos reservados para CTEEP 22