Teleconference 4Q12
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Teleconference 4Q12

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Teleconference 4Q12 Teleconference 4Q12 Presentation Transcript

  • 2012 Results Presentation São Paulo, February 26 2012 Your energy1 INSPIRES US
  • CTEEP 2012 Results Capital Market Performance Your energy2 INSPIRES US
  • CTEEP Profile A estratégia da CTEEP é baseada no crescimento sustentável The largest private sector concessionaire operating a public  contínua criação lines; com foco na13,723 Km of transmission de valor utility service for the transmission of energy in Brazil,  18,794 Km of circuits; controlled by ISA, one of the largest energy transmission  2,488 Km of optic fiber cables groups in Latin America.  106 substations. Responsible for the annual transmission of 28.0% of all electricity produced in the country, 60% of the energy consumed in the Southeast Region and nearly 100% in the state of São Paulo; Your energy3 INSPIRES US
  • Expansion of national Territory A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua Non-stop Transmission  Largest criação de valor Lines under construction in the world (IEMadeira)  Starting in the continuous current technology  Relevant Interconnection Projects in the North of Brazil EVRECY*  Major supporting Works in the South and Southeast of Brazil In Operating In Construction Your energy Acquisition of Assets INSPIRES US4
  • Shareholder Breakdown–31/12/12 Ordinary Shares- TRPL3 Preferred Shares– TRPL4 (42% of the total) (58% of the total) 0.75% 7,22% 9.75% 53.86% ISA Capital do Brasil 10.59% Secretaria da Fazenda do Estado Eletrobrás Eletrobrás Others Shareholders Vinci Others Shareholders 89.50% 53.86% Total Capital Stock 16.67% 4.17% ISA Capital do Brasil Secretaria da Fazenda 6.12% do Estado Eletrobrás Vinci 37.81% Others Shareholders 35.23% Your energy5 INSPIRES US
  • CTEEP 2012 Results Capital Market Performance Your energy6 INSPIRES US
  • Results COMPANY CONSOLIDATED Results Var % Var % (R$ million) 2011 2012 2011 2012 2011x2012 2011x2012 Gross 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% Your energy7 INSPIRES US
  • Gross Operating Revenue(R$ million) A estratégia da CTEEP é baseada no crescimento sustentável Company Consolidated com foco na contínua criação de valor 3,268.7 3,173.9 19.9 17.7 2,302.7 1,590.0 19.7 2,169.4 1,584.8 20.3 1,477.0 1,412.6 555.1 594.7 540.6 1,103.7 976.7 587.2 265.4 149.3 2011 2012 2011 2012 Construction Operation and Maintenance Financial Others Construction Operation and Maintenance Financial Others Your energy8 INSPIRES US
  • Costs and Expenses A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor Company Consolidated Cost and Expenses Var % Var % (R$ 000) 2011 2012 2011 2012 2011x2012 2011x2012 Personnel -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% Your energy9 INSPIRES US
  • Other Operating Income and (expenses) (ex Goodwill) Other Operating Income and (Expenses) Company Consolidated Var % Var % (R$ million) 2011 2012 2011 2012 2011x2012 2011x2012 Update 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% Note: Excludes the amortization of goodwill of $ 28.8 million Your energy10 INSPIRES US
  • Ebitda and Ebitda Margin (R$ million) A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor Company Consolidated EBITDA - ICVM 527 Var % Var % 2011 2012 2011 2012 2011x2012 2011x2012 Net 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.p Your energy11 INSPIRES US
  • Financial ResultFinancial Result Company Consolidated Var % Var % (R$million) 2011 2012 2011 2012 2011x2012 2011x2012Short-term investment yield 16.7 24.1 44.5% 25.6 29.9 16.9%Income / Expenses from financial operations (*) -183.9 -200.3 8.9% -214.4 -288.7 34.7%Foreign exchange varations - 45.7 - - 45.7 -Others 8.3 6.7 -19.2% -11.7 1.6 -114.1%Total -158.9 -123.8 -22.1% -200.5 -211.4 5.5% (*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper. Your energy12 INSPIRES US
  • Net Income (R$ million) A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor 915.3 843.5 700.0 350.0 - 2011 2012 Your energy13 INSPIRES US
  • Accounts Receivable (concession assets) Accounts Receivable Contract Contract Contract 2012 2011 (concession assets) (R$ million) 059/2001 143/2001 Subsidiaries Receivables from Construction services 260.6 41.2 2,800.4 3,102.2 5,306.3 SE - - - - 1,949.4 NI - - - - 1,408.0 NIA 260.6 - - 260.6 - Outros - 41.2 2,800.4 2,841.6 1,948.9 Receivables from O&M services (b) 258.3 2.0 8.9 269.2 244.1 Accounts Receivable Compensation (Existing 5,975.4 - - 5,975.4 - System - SE and New Investments - NI) - MP 579 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 1,259.4 SE - - - - 175.4 NI - - - - 1,043.7 NIA 1.0 - - 1.0 - Outros - 0.1 103.8 103.9 40.3 Allowance for Doubtful Accounts (1,535.3) - - (1,535.3) - TOTAL 4,960.0 43.3 2,913.1 7,916.4 6,809.8 Your energy14 INSPIRES US
  • Breakdown of Net Debt Debt Company Consolidated (R$million) 2011 2012 2011 2012 A estratégia da CTEEP é baseada no crescimento sustentável Debt 1,904.6 2,247.7 2,771.4 3,694.5 Short-term Debt com1,064.2 na contínua1,302.2 861.7 foco 1,397.5 criação de valor Long-term Debt 1,042.9 1,183.5 1,373.9 2,392.2 Cash 151.0 296.5 207.3 429.2 Cash 151.0 296.5 207.3 429.2 Net Debt 1,753.6 1,951.2 2,564.1 3,265.2 EBITDA 1,382.3 1,340.8 1,454.6 1,471.9 Covenant (Dívida Líquida/EBITDA) - - 1.8 2.2 Distribuition of Distribuition of debt debt contracting burdens Comercial Papers 16.6% CDI TJLP BNDES 45.3% 39.1% 39.1% Debêntures 35,6% Your energy15 Banks Others IPCA INSPIRES US 12,2% 12,0% 2,0%
  • Debt Repayment (R$ million) 1,302.2 1,167.3 238.0 111.0 841.4 841.3 1,064.23 1,056.3 175.0 102,2 106.3 82.1 89.2 92.9 85,1 17.1 17.1 0.1 2013 2014 2015 2016 2017 Após 2017 Company Subsidiaries Your energy16 INSPIRES US
  • Investments  2012  Investment Plan 2013 In 2012, investments made by CTEEP in (R$ million) 2013 upgrading, modernization and Proprietary (A) 283.1 Complementary Projects and New Connections 174.2 improvements to existing assets, in the PMT / PMIS 86.3 capitalization of labor and injection in Corporative 9.7 subsidiaries totaled R$ 952.2 million, a Capitalization of Labor Costs 12.9 Investments - Subsidiaries (B) 674.3 reduction of 14.5% when compared to IEMG 3.0 investments made in 2011 when this item IENNE 0.6 was R$ 1.114.0 million. IEPinheiros 37.9 IESul 20.2 IEMadeira 343.3 Serra do Japi 2.3 IEGaranhuns 258.4 Evrecy 8.6 TOTAL (A+B) 957.4 Your energy17 INSPIRES US
  • CTEEP 2012 Results Capital Market Performance Your energy18 INSPIRES US
  • Capital Market 140.00 MP 591 MP 579 Portarias Interministeriais 579 e 580 120.00 +7.40% 100.00 -11.72% 80.00 -17.59% 60.00 -43.11% 40.00 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 TRPL3 TRPL4 IBOVESPA IEE  Present on all trade days;  Component of Ibovespa;  R$ 5.8 billion market capitalization. Your energy19 INSPIRES US
  • Capital Market Trading Financial 2012 (R$ million) Total R$ 3,589 million Daily Avarege / Day R$ 14.5 milhões 120.0 100.0 80.0 60.0 40.0 20.0 0.0 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Trade Volume 2012 (units) Total Trades: 309,481 Daily Avarege/ Day: 1,248 6,000 5,000 4,000 3,000 2,000 1,000 - Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Your energy20 INSPIRES US
  • Disclaimer A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor 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. Your energy21 INSPIRES US
  • Investor Relations Phone: 55 11 3138-7557 ri@cteep.com.br www.cteep.com.br/ri Your energy22 INSPIRES US