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Cteep presentation 1 q12_may_14_2012

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  • 1. 1Q12 Results Presentation São Paulo, May 15th 2012 Your energy1 INSPIRES US
  • 2. CTEEP Operating Performance 1Q12 Results Capital Market Performance Your energy2 INSPIRES US
  • 3. CTEEP Profile  A estratégia da CTEEP é baseada no crescimento sustentável  com foco na contínua criação de valor The largest private sector concessionaire operating a public utility service for the transmission of energy in Brazil, controlled by ISA, one of the largest energy transmission groups in Latin America.  Responsible for the annual transmission of 28.8% 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;  12,993 Km of transmission lines;  18,782 Km of circuits;  2,488 Km of optic fiber cables  106 substations. Your energy3 INSPIRES US
  • 4. Corporate Structure  CTEEP is a company which has a series of corporate participations, its results depending directly on the results  A estratégia da CTEEP é baseada no crescimento sustentável of its subsidiaries and joint ventures. Control of these companies arises when the Company has the power to com foco na contínua criação de valor control financial and operational policies of an entity, thereby accruing benefits to its activities. Your energy4 INSPIRES US
  • 5. 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  Major supporting Works in the South and Southeast of Brazil Your energy5 INSPIRES US
  • 6. CTEEP Market Share 2.537  A estratégia da CTEEP é baseada no crescimento sustentável RAP Total: 15.247  2.324 407 2.281 com foco na contínua criação de valor 302 Bid  Bid     Not Bid     Not Bid  1.710 1.481 CTEEP holds 16% of the market  CTEEP holds 16% of the market   422 1.819 RAP trasmission.  transmission  1.229 471 2.129 370 2.022 627 1.288 546 491 470 1.010 26 858 191 268 265 301 627 231 221 546 - 192 462 465 216 279 268 265 231 221 76 192 76 85 - - - - - - - Furnas CTEEP CEMIG + Chesf Eletronorte Eletrosul State Grid Alupar CEEE Copel Isolux Cien Abengoa Elecnor Your energy Cobra CYMI Outras Outras  Taesa6 INSPIRES US
  • 7. CTEEP Operating Performance 1Q12 Results Capital Market Performance Your energy7 INSPIRES US
  • 8. Uptime of Assets  A estratégia da CTEEP é baseada no crescimento sustentávelCTEEP’s operating revenue is directly related to the uptime of its com foco na contínua criação de valor assets: transmission lines, reactors and transformers. 99.75% ------------ -------------------- 99.50% ------------ -------------------- 99.55% ------------ -------------------- 2008 2009 2010 2011 1Q12 2008 2009 2010 2011 1Q12 2008 2009 2010 2011 1Q12 Transmition lines Transformers Your energy Reactors8 INSPIRES US Goal -------------- ----------------
  • 9. National Interconnection System (SIN)  A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor GWh 448,090 443,585 475,090 491,271 CTEEP Others  317,464 313,823 335,090 350,144 129,425 130,626 129,762 140,000 141,127 92,175 37,250 2008 2009 2010 2011 1Q12 Your energy9 INSPIRES US
  • 10. CTEEP Operating Performance 1Q12 Results Capital Market Performance Your energy10 INSPIRES US
  • 11. Highlights  A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor  Gross Operation Revenue: R$ 722.1 million      Net Operation Revenue: R$ 651.4 million     EBITDA: R$ 350.7 million    EBITDA Margin: 53.8%     Net Income: R$ 205.1 million      Your energy11 INSPIRES US
  • 12. Gross Operating Revenue  A estratégia da CTEEP é baseada no crescimento sustentável (R$ million)  com foco na contínua criação de valor Your energy12 INSPIRES US
  • 13. Net Operating Revenue (R$ million)   A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor .0  706.5 .0  651.4 607.0 .0  .0  .0  .0  .0  .0  1Q11 4Q11 1Q12 Your energy13 INSPIRES US
  • 14. Maintenance Services Costs and Operating Expenses  A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor Cost of Services Change % Change % (R$ 000) 1Q12 4Q11 1Q11 1Q12/4Q11 1Q12/1Q11 Personnel (48,174) (44,319) (38,800) 8.7% 24.2% Material (125,594) (137,144) (146,621) -8.4% -14.3% Leases and rentals (2,145) (2,205) (1,855) -2.7% 15.6% Services (74,838) (201,528) (63,242) -62.9% 18.3% Other (6,162) (4,701) (5,219) 31.1% 18.1% Total (256,913) (389,897) (255,737) -34.1% 0.5% Your energy14 INSPIRES US
  • 15. General and Administrative Expenses  A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor General and Administrative Expenses Change % Change % (R$ 000) 1Q12 4Q11 1Q11 1Q12/4Q11 1Q12/1Q11 Personnel (12,918) (10,179) (9,776) 26.9% 32.1% Material (504) (394) (253) 27.9% 99.2% Leases and rentals (1,464) (1,037) (995) 41.2% 47.1% Services (13,758) (14,064) (11,452) -2.2% 20.1% Depreciation (1,269) (1,405) (1,513) -9.7% -16.1% Contingencies (5,576) 17,625 (5,582) 131.6% -0.1% Other (9,549) (12,051) (6,083) -20.8% -57.0% Total (45,038) (21,505) (35,654) 109.4% 26.3% Your energy15 INSPIRES US
  • 16. Ebitda and Ebitda Margin (R$ million)   A estratégia da CTEEP é baseada no crescimento sustentável 52.2% 53.8% com foco na contínua criação de valor 42.0% 350.7 317.2 296.5 1Q11 4Q11 1Q12 Ebitda EBITDA Margin Your energy16 INSPIRES US
  • 17. Net Income  A estratégia da CTEEP é baseada no crescimento sustentável (R$ million)  com foco na contínua criação de valor 1.0  205.8 205.1 164.0 .0  1Q11 4Q11 1Q12 Your energy17 INSPIRES US
  • 18. Capital Structure FUNDING CHARGES MATURITY 1Q12 4Q11 BNDES CTEEP  A estratégia 6/15/2015                        182,971                        no crescimento sustentável TJLP + 2.3% year da CTEEP é 304,747                        196,251 6/15/2015                         baseada 328,318 Distribuition of TJLP + 1.8% year debt IEMG TJLP + 2.4% year 4/15/2023                          56,359                          57,631 contracting TJLP + 2.8% year 7/15/2012                       231,372 foco na contínua criação de valor com                        229,947 IEMADEIRA TJLP + 2.8% year 7/15/2012                       142,397 Comercial                          71,890 Papers IESUL TJLP + 2.4% year 5/15/2025                             9,598                             9,568 24.3% PINHEIROS TJLP + 2.6% year 5/15/2025                        126,682                        125,434 SERRA DO JAPI TJLP + 1.9% year 5/15/2026                         51,292                          48,282 BNDES TJLP + 1.5% year 5/15/2026                         44,334                          42,217 38.1% Comercial Papers 5th Series - CTEEP CDI + 0.4% year 7/5/2012                      325,131                       316,885 4th Series - CTEEP CDI + 0.4% year 1/12/2012                                     ‐                       223,048 6th Series - CTEEP 104,9% CDI year 1/5/2013                      408,548 Debentures Debentures 1st Issuance - CTEEP CDI + 1.3% year 12/15/2014                       504,617                        490,736 26.4% Banks 2sd Issuance - CTEEP IPCA + 8.1% year 12/15/2017                        69,468                         67,117 12.4% Single Series ‐ IEMadeira 106.5% CDI year 9/15/2012                         224,202                        221,608 Banks USD + 4% year * 4/26/2013                       119,572                        122,077 Distribuition of CTEEP debt burdens USD + 2.1% year ** 10/21/2013                       157,804                        159,116 CDI + 2.0% year 10/21/2013                           4,348                            4,365 IENNE 10.0% year ‐                         55,737                         55,898 Eletrobras 8% year 11/15/2021                               378                                391 Leasing ‐ ‐                                540                                619 CDI TOTAL CONSOLIDATED 3,020,097 2,771,398 48.6% TJLP 38.1% (*) with Swap 103,5% CDI   (**) with Swap 98,3% CDI   (***) The cost of debt is 8.5% annually, including a performance bonus of 1.5%.. IPCA 2.5% Others 11.1% Your energy18 INSPIRES US
  • 19. Breakdown of Net Debt  At the end of 1Q12, net  A estratégia da CTEEP é baseada no crescimento sustentável debt stood at R$ 2,811.7 million, representing an increase of 9.7% in relation to 4Q11. com foco The net debt to shareholders equity ratio at the end of 1Q12 was 60.7%. na contínua criação de valor (R$ 000) 1Q11 4Q11 1Q12 Debt Short-term Debt 559,278 1,397,498 1,700,195 Long-term Debt 1,186,951 1,373,900 1,319,902 1,746,229 2,771,398 3,020,097 Cash 162,998 207,295 208,432 162,998 207,295 208,432 Net Debt 1,583,231 2,564,103 2,811,665 Your energy19 INSPIRES US
  • 20. Breakdown of Net Debt 2,811.7  A estratégia da CTEEP é baseada no crescimento sustentável (R$ million) 2,564.1 com foco na contínua criação de valor  As  a  contractual  obligation  under  its  financing  agreements,  the  Company  must  comply  with  quarterly  and  semi‐annually  determined  1,583.2 covenants  on  the  basis  for  the  financial  statements  for  these  periods  and  prepared  in  line with generally adopted accounting practices  1.9 1.8 in  Brazil.  The  Company’s  principal  covenant  is  1.3 the  Net  Debt  to  Ebitda  ratio  that  should  be  equal or less than 3.5.  1Q11 4Q11 1Q12 Net Debt Net Debt/EBITDA (Last 12 months) Your energy20 INSPIRES US
  • 21. CTEEP Operating Performance 1Q12 Results Capital Market Performance Your energy21 INSPIRES US
  • 22. Capital Market  A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor Your energy22 INSPIRES US
  • 23. Capital Market  A estratégia da CTEEP é baseada no crescimento sustentável Trading Financial 1T12 com foco na contínua criação de valor (R$ million) Total R$ 631 million Daily Avarege: R$ 10 million 25.0 20.0 15.0 10.0 5.0 0.0 Jan‐12 Feb‐12 Mar‐12  58.5 thousand trading transactions in 1Q12 (818 daily average traded);  Present on all trade days;  Component of Ibovespa;  R$ 9 billion market capitalization. Your energy23 INSPIRES US
  • 24. Shareholder’s Remuneration  A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor AUTHORIZED AMOUNT R$ TYPE DATE OF PAYMENT FISCAL YEAR EVENT DATE TOTAL P/SHARE JPC 64,158,159.95 0.420264 RCA 12/21/2011 1/30/2012 2011 Dividends 169,841,944.86 1.112539 TOTAL OF PAYMENT - 1Q12 234,000,104.81 1.532803  In 1Q12, CTEEP paid out to its shareholders R$ 64.2 million as interest on shareholders’ equity, corresponding to R$ 0.42 per share for both types of share and R$ 169.8 million as dividends equivalent to R$ 1.1 per share, again for both types. Your energy24 INSPIRES US
  • 25. 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 energy25 INSPIRES US
  • 26.      Investor Relations   Phone: 55 11 3138‐7557  ri@cteep.com.br  www.cteep.com.br/ri  Your energy26 INSPIRES US