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Presentation 4Q12 Presentation 4Q12 Presentation Transcript

  • Your energyINSPIRES US12012 Results PresentationSão Paulo, February 26 2012
  • Your energyINSPIRES US2Capital Market Performance2012 ResultsCTEEP
  • Your energyINSPIRES US3CTEEP ProfileA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valor13,723 Km of transmission lines;18,794 Km of circuits;2,488 Km of optic fiber cables106 substations.Responsible for the annualtransmission of 28.0% of allelectricity produced in the country,60% of the energy consumed in theSoutheast Region and nearly 100%in the state of São Paulo;The largest private sector concessionaire operating a publicutility service for the transmission of energy in Brazil,controlled by ISA, one of the largest energy transmissiongroups in Latin America.
  • Your energyINSPIRES US4Expansion of national TerritoryA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valorLargest Non-stop TransmissionLines under construction in theworld (IEMadeira)Starting in the continuous currenttechnologyRelevant Interconnection Projectsin the North of BrazilMajor supporting Works in theSouth and Southeast of BrazilIn OperatingIn ConstructionEVRECY*Acquisition of Assets
  • Your energyINSPIRES US553.86%10.59%7,22%Preferred Shares– TRPL4(58% of the total)89.50%9.75%0.75%Ordinary Shares- TRPL3(42% of the total)ISA Capital do BrasilEletrobrásOthers ShareholdersTotal Capital StockEletrobrásSecretaria da Fazendado EstadoOthers ShareholdersShareholder Breakdown–31/12/12Vinci53.86%37.81%35.23%16.67%6.12%4.17%EletrobrásSecretaria da Fazendado EstadoOthers ShareholdersVinciISA Capital do Brasil
  • Your energyINSPIRES US6Capital Market Performance2012 ResultsCTEEP
  • Your energyINSPIRES US7Results2011 2012Var %2011x20122011 2012Var %2011x2012Gross Operating Revenue 2,302.7 2,169.4 -5.8% 3,268.7 3,173.9 -2.9%Revenue from Construction Services 265.4 149.3 -43.7% 1,103.7 976.7 -11.5%Revenue from Operational and Maintenance Services 540.6 587.2 8.6% 555.1 594.7 7.1%Financial Revenue 1,477.0 1,412.6 -4.4% 1,590.0 1,584.8 -0.3%Others 19.7 20.3 3.0% 19.9 17.7 -11.1%Deductions from Operating Revenue -276.9 -281.0 1.5% -367.9 -354.9 -3.5%Net operating revenue 2,025.8 1,888.4 -6.8% 2,900.8 2,819.0 -2.8%Other General and Administrative Expenses -699.1 -729.7 4.4% -1,444.3 -1,433.7 -0.7%Other Operating (Expenses) - Income - ex goodwill -2.1 84.1 -4104.8% -2.0 86.6 -4430.0%Equity 57.6 98.1 70.3% - - 0.0%EBITDA 1,382.3 1,340.8 -3.0% 1,454.6 1,471.9 1.2%% Margem EBITDA 68.2% 71.0% 4.1% 50.1% 52.2% 4.1%Depreciation -34.9 -33.8 -3.2% -34.9 -33.8 -3.2%EBIT 1,347.4 1,307.0 -3.0% 1,419.7 1,438.1 1.3%Financial Results -158.9 -123.8 -22.1% -200.5 -211.4 5.4%Operating Income 1,188.4 1,183.3 -0.4% 1,219.1 1,226.7 0.6%Income tax and social contribuition -273.1 -339.8 24.4% -303.8 -383.2 26.1%Net Income 915.3 843.5 -7.8% 915.3 843.5 -7.8%Results(R$ million)COMPANY CONSOLIDATED
  • Your energyINSPIRES US8Gross Operating RevenueA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valor(R$ million)265.4 149.3540.6 587.21,477.0 1,412.619.720.32,302.72,169.42011 2012Construction Operation and Maintenance Financial Others1,103.7 976.7555.1 594.71,590.0 1,584.819.9 17.73,268.7 3,173.92011 2012Construction Operation and Maintenance Financial OthersCompany Consolidated
  • Your energyINSPIRES US9Costs and ExpensesA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valor2011 2012Var %2011x20122011 2012Var %2011x2012Personnel -204.2 -241.8 18.4% -210.8 -253.8 20.4%Material -171.8 -157.5 -8.3% -705.3 -549.5 -22.1%Services -264.3 -227.4 -14.0% -467.8 -520.5 11.3%Other -64.9 -108.1 66.5% -66.5 -114.8 72.7%Total -705.2 -734.8 4.2% -1,450.4 -1,438.7 -0.8%Cost and Expenses(R$ 000)Company Consolidated
  • Your energyINSPIRES US10Other Operating Income and (expenses)(ex Goodwill)Note: Excludes the amortization of goodwill of $ 28.8 million2011 2012Var %2011x20122011 2012Var %2011x2012Update VNR accounts receivable NI and SE - 4,444.5 - - 4,444.5 -Lower accounts receivable Built NI and SE - -2,724.6 - - -2,724.6 -Recognition of provision at cost - SE - -1,535.3 - - -1,535.3 -Low values in replacement stock investments - NI SE - -87.1 - - -87.1 -Others (2.1) -13.4 538.1% (2.0) -10.9 445.0%Total -2.1 84.1 -4104.8% (2.0) 86.7 -4435.0%ConsolidatedOther Operating Income and (Expenses)(R$ million)Company
  • Your energyINSPIRES US11Ebitda and Ebitda MarginA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valor(R$ million)2011 2012Var %2011x20122011 2012Net Income 915.3 843.5 -7.8% 915.3 843.5 -7.8%Income tax and social contribuition 273.2 339.8 24.4% 303.8 383.2 26.1%Financial Results 159.0 123.8 -22.1% 200.5 211.4 5.4%Leases and rentals 34.9 33.8 -3.2% 34.9 33.8 -3.2%EBITDA 1,382.3 1,340.8 -3.0% 1,454.6 1,471.9 1.2%EBITDA Margin 68.2% 71.0% 2.8 p.p 50.1% 52.2% 2.10 p.pEBITDA - ICVM 527 Var %2011x2012Company Consolidated
  • Your energyINSPIRES US12Financial Result(*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper.2011 2012Var %2011x20122011 2012Var %2011x2012Short-term investment yield 16.7 24.1 44.5% 25.6 29.9 16.9%Income / Expenses from financial operations (*) -183.9 -200.3 8.9% -214.4 -288.7 34.7%Foreign exchange varations - 45.7 - - 45.7 -Others 8.3 6.7 -19.2% -11.7 1.6 -114.1%Total -158.9 -123.8 -22.1% -200.5 -211.4 5.5%Financial Result(R$million)Company Consolidated
  • Your energyINSPIRES US13Net IncomeA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valor(R$ million)915.3843.5-350.0700.02011 2012
  • Your energyINSPIRES US14Accounts Receivable (concession assets)Receivables from Construction services 260.6 41.2 2,800.4 3,102.2 5,306.3SE - - - - 1,949.4NI - - - - 1,408.0NIA 260.6 - - 260.6 -Outros - 41.2 2,800.4 2,841.6 1,948.9Receivables from O&M services (b) 258.3 2.0 8.9 269.2 244.1Accounts Receivable Compensation (ExistingSystem - SE and New Investments - NI) - MP 5795,975.4 - - 5,975.4 -SE 3,026.3 - - 3,026.3 -NI 2,949.1 - - 2,949.1 -Accounts Receivable by reversal (d) 1.0 0.1 103.8 104.9 1,259.4SE - - - - 175.4NI - - - - 1,043.7NIA 1.0 - - 1.0 -Outros - 0.1 103.8 103.9 40.3Allowance for Doubtful Accounts (1,535.3) - - (1,535.3) -TOTAL 4,960.0 43.3 2,913.1 7,916.4 6,809.8Accounts Receivable(concession assets) (R$ million)Contract059/2001Contract143/2001ContractSubsidiaries2012 2011
  • Your energyINSPIRES US15Breakdown of Net DebtA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valor2011 2012 2011 2012Debt 1,904.6 2,247.7 2,771.4 3,694.5Short-term Debt 861.7 1,064.2 1,397.5 1,302.2Long-term Debt 1,042.9 1,183.5 1,373.9 2,392.2Cash 151.0 296.5 207.3 429.2Cash 151.0 296.5 207.3 429.2Net Debt 1,753.6 1,951.2 2,564.1 3,265.2EBITDA 1,382.3 1,340.8 1,454.6 1,471.9Covenant (Dívida Líquida/EBITDA) - - 1.8 2.2Debt(R$million)Company ConsolidatedBNDES39.1%ComercialPapers16.6%Debêntures35,6%Banks12,2%Distribuition ofdebt contractingTJLP39.1%CDI45.3%IPCA2,0%Others12,0%Distribuition of debtburdens
  • Your energyINSPIRES US16Debt Repayment1,064.23 1,056.392.9 17.1 17.1 0.1238.0111.082.185,1 89.2841.31,302.21,167.3175.0102,2 106.3841.42013 2014 2015 2016 2017 Após 2017Company Subsidiaries(R$ million)
  • Your energyINSPIRES US17InvestmentsIn 2012, investments made by CTEEP inupgrading, modernization andimprovements to existing assets, in thecapitalization of labor and injection insubsidiaries totaled R$ 952.2 million, areduction of 14.5% when compared toinvestments made in 2011 when this itemwas R$ 1.114.0 million.Investment Plan 20132012(R$ million) 2013Proprietary (A) 283.1Complementary Projects and New Connections 174.2PMT / PMIS 86.3Corporative 9.7Capitalization of Labor Costs 12.9Investments - Subsidiaries (B) 674.3IEMG 3.0IENNE 0.6IEPinheiros 37.9IESul 20.2IEMadeira 343.3Serra do Japi 2.3IEGaranhuns 258.4Evrecy 8.6TOTAL (A+B) 957.4
  • Your energyINSPIRES US18Capital Market Performance2012 ResultsCTEEP
  • Your energyINSPIRES US19Capital MarketPresent on all trade days;Component of Ibovespa;R$ 5.8 billion market capitalization.40.0060.0080.00100.00120.00140.00Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12TRPL3 TRPL4 IBOVESPA IEEMP579MP591PortariasInterministeriais579e580-11.72%+7.40%-43.11%-17.59%
  • Your energyINSPIRES US20Capital Market0.020.040.060.080.0100.0120.0Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12Trading Financial 2012(R$ million)Total R$ 3,589 million Daily Avarege / Day R$ 14.5 milhões-1,0002,0003,0004,0005,0006,000Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12Trade Volume 2012(units)Total Trades: 309,481 Daily Avarege/ Day: 1,248
  • Your energyINSPIRES US21DisclaimerA estratégia da CTEEP é baseada no crescimento sustentávelcom foco na contínua criação de valorAll statements contained herein with regard to the Company’sbusiness prospects, projected results and the potential growthof its business aremere forecasts, based on local managementexpectationsin relation to the Company’s future performance.Dependent as they are on market shifts and on the overallperformance of the Brazilian economy and the sectorand international markets, such estimatesare subject to changes.
  • Your energyINSPIRES US22Investor RelationsPhone: 55 11 3138-7557ri@cteep.com.brwww.cteep.com.br/ri