2011 03-28 cteep-presentation_4_q10

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2011 03-28 cteep-presentation_4_q10

  1. 1. 2010 ResultsPresentation São Paulo, March 28th 2011 © Todos os direitos reservados para CTEEP
  2. 2. Agenda IFRS – Key Impacts 2010 Results Capital Market Performance2010 Results Presantion © Todos os direitos reservados para CTEEP 2
  3. 3. IFRS - Key Impacts Equity 2010 2009 01.01.2009 According BR GAAP 4,440,350 4,185,346 4,103,296 Concession agreements 165,611 112,959 - Employee Benefit - 13,601 68,503 Negative Goodwill 32,557 49,541 66,525 Deferred income Tax and Social Contribution (74,683) (66,718) (59,601) Accounting of the proposal of dividend payment - 368,282 228,390 According IFRS 4,563,835 4,663,011 4,407,1132010 Results Presantion © Todos os direitos reservados para CTEEP 3
  4. 4. IFRS – Key Impacts Income Statement 2009 BR GAAP Adjustment IFRS Operational Revenues 1,912.8 543.1 2,455.8 Deductions from gross revenues (256.3) (50.5) (306.8) Net Operating Revenue 1,656.5 492.5 2,149.0 Operational Costs and Expenses (289.3) (644.0) (933.3) EBITDA 1,367.2 (151.4) 1,215.7 % EBITDA Margin 82.5% 56.6% Depreciation (219.8) 215.1 (4.7) EBIT 1,147.4 63.6 1,211.0 Financial Income 154.2 1.9 156.0 Finacial Expenses (424.9) (2.9) (427.7) Other operating expenses (31.2) (16.9) (48.1) Income before taxes/ social contribution 845.4 45.8 891.2 Taxes and social contribution (268.1) (11.7) (279.8) Interest on own capital 250.6 - 250.6 Net Income 828.0 34.0 862.0 % Net Margin 50.0% 40.1%2010 Results Presantion © Todos os direitos reservados para CTEEP 4
  5. 5. IFRS - Key Impacts Balance Sheet 2009 01.01.2009 R$ million BR GAAP Adjustment IFRS BR GAAP Adjustment IFRS ASSETS 6,321.0 67.0 6,388.0 5,669.5 (49.2) 5,620.3 Current Assets + Long Term 1,571.5 4,793.4 6,364.9 1,359.7 4,242.2 5,601.9 Cash and cash equivalents (ST + LT) 43.2 0.0 43.2 123.0 0.0 123.0 Clients 351.6 4,735.7 5,087.3 344.4 4,242.3 4,586.7 Deferred Taxes (ST + LT) 98.6 (70.1) 28.4 88.0 (60.8) 27.1 Inventory (LT) 0.0 126.9 126.9 0.0 70.6 70.6 Other 1,078.1 1.0 1,079.1 804.3 (9.8) 794.5 Property, Plant and Equipament (Own + Concession) 4,749.6 (4,726.4) 23.1 4,309.9 (4,291.4) 18.5 CURRENT LIABILITIES 6,321.1 67.0 6,388.1 5,669.6 (49.3) 5,620.3 Non-Current Liabilities + Long Term 2,135.8 (410.7) 1,725.1 1,566.3 (353.1) 1,213.2 Loans, Financing and Bonds (ST + LT) 1,049.4 0.0 1,049.4 856.8 0.0 856.8 Deferred Taxes (ST + LT) 0.0 3.1 3.1 0.0 0.6 0.6 Negative Goodwill 49.5 (49.5) 0.0 66.5 (66.5) 0.0 PIS and COFINS deferred 0.0 60.2 60.2 0.0 9.7 9.7 Interest on Shareholder´s Equity 374.4 (368.3) 6.1 233.3 (228.4) 4.9 Installment of Adjustment (ST + LT) 42.6 (42.6) 0.0 0.0 0.0 0.0 Amounts Payable - Fund. CESP 13.6 (13.6) 0.0 66.5 (66.5) 0.0 Other (ST + LT) 606.3 0.0 606.3 343.2 (2.0) 341.2 Shareholder´s Equity 4,185.3 477.7 4,663.0 4,103.3 303.8 4,407.12010 Results Presantion © Todos os direitos reservados para CTEEP 5
  6. 6. Agenda IFRS – Key Impacts 2010 Results Capital Market Performance2010 Results Presantion © Todos os direitos reservados para CTEEP 6
  7. 7. Gross Operating Revenue (R$ milliion) Gross Operating Revenue increased 3.9%, to R$ 2,551.5 million in 2010 against R$ 2,455.8 million in 2009 due to the growth of 22.7% in construction revenues and 2.0% in financial revenues, partially offset by the reduction of 11.5% of operation and maintenance revenues.2010 Results Presantion © Todos os direitos reservados para CTEEP 7
  8. 8. Net Operating Revenue Net operating revenue increased 5.0% totaling R$ 2,256.3 million in 2010 against R$ 2,149.0 million in 2009 due to the factors mentioned above.2010 Results Presantion © Todos os direitos reservados para CTEEP 8
  9. 9. Costs of the Operating Services and Operational Expenses Major changes:  Construction, operational and maintenance costs rose 32.6% to R$ 948.3 million in 2010 against R$ 715.0 million in 2009. This increase reflects the 33.1% hike in construction costs together with the rise of 32.1% in operational and maintenance costs.  The increase reported in construction costs was the result of the advance in work at IEMadeira offset by a reduction in upgrading and expansion work at CTEEP and the conclusion of work or startup of operations at the IEMG, IENNE and Pinheiros controlled companies.  Growth registered in operation and maintenance costs was the result of a larger number of maintenance events at CTEEP’s installations and the entry into operation of the IEMG, IENNE and Pinheiros controlled companies.  General and administrative expenses posted a 38.1% reduction to R$ 137.9 million in 2010 against R$ 223.0 million in 2009 due to a fine imposed in the course of regularizing a tax issue in 2009.2010 Results Presantion © Todos os direitos reservados para CTEEP 9
  10. 10. Ebitda and Ebitda Margin In 2010, the EBITDA margin was 52.1%, totaling R$ 1,176.1 million, a reduction of 3.3% compared with 2009 when the margin reached 56.6% and EBITDA, R$ 1,215.7 million, due to an increase of 32.6% in construction and operation costs.2010 Results Presantion © Todos os direitos reservados para CTEEP 10
  11. 11. Financial Results Major changes:  The financial result was an expense of R$ 356.3 million in 2010, corresponding to an increase of 31.1% in relation to R$ 271.7 million in 2009 due to higher debt in 2010 compared to 2009, largely reflecting overheads with a debenture issue in January 2010.  If the impact of interest on shareholders’ equity is excluded, then the financial result for 2010 would have reported an expense of R$ 104.7 million.2010 Results Presantion © Todos os direitos reservados para CTEEP 11
  12. 12. Net Income (R$ million) Earnings per share were R$ 5.36207 in 20102010 Results Presantion © Todos os direitos reservados para CTEEP 12
  13. 13. Capital Structure The debt ratio (ratio of net debt and equity), in the end of 2010 reached 30.1%. Funding Charges Maturity 2010 2009 1/1/2009 BNDES TJLP + 2.3% year 15/6/2015              421.146              514.117              606.169 CTEEP TJLP + 1.8% year 15/6/2015              160.605                             ‐                             ‐ IEMG TJLP + 2.4% year 15/4/2023                  37.630                  40.680                             ‐ IEMADEIRA TJLP + 2.8% year 15/4/2011              185.134                             ‐                             ‐ Comercial Papers 1st Series  ‐  17/9/2009                                                                       ‐ ‐ 199.068 2sd Series 119.5% year CDI 19/4/2010                                           ‐ 213.696                             ‐ 3rd Series 106.5% year CDI 13/1/2010                                           ‐ 208.029                             ‐ Debentures st 1 Issuance CDI + 1.3% year 15/12/2014              490.405                                                         ‐ ‐ 2sd Issuance IPCA + 8.1% year 15/12/2017                  65.388                                                         ‐ ‐ Banks CDI + 2% year   ‐                     1.396                  45.717                  51.010 IENNE 10,0% year 19/5/2030                  56.094                                                         ‐ ‐ IESUL CDI + 1.5% year  11/3/2011                    8.297                  24.537                             ‐ Eletrobras  ‐  15/11/2021                      441                      491                      541 Leasing ‐  ‐                     1.702                    2.143                             ‐ Total 1.428.238 1.049.410 856.788 Distribuition  of debt  burdens 35.0% 56.3% *With the bonus of 1.5% due performance of the cost of debt is 8.5% per year in the second line of IENNE. 4.6% 4.1%2010 Results Presantion © Todos os direitos reservados para CTEEP 13
  14. 14. Agenda IFRS – Key Impacts 2010 Results Capital Market Performance2010 Results Presantion © Todos os direitos reservados para CTEEP 14
  15. 15. Capital Markets Trading Financial - 2010 (R$ million) Total R$ 1,768.05 million Daily Avarege: R$ 7.2 million 25.00 20.00 15.00 10.00 5.00 0.00 J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10 D-10 120 +18.09%  170.4 thousand trading 115 transactions in 2010 (690 110 + 11.98% daily average traded). 105 + 6.47%  Present on all trade 100 + 1.04% days; 95 TRPL4 Ajustad TRPL4 Unadjusted  Component of 90 IBOVESPA Ibovespa; 85 TRPL4, IBOV e IEE (base 30/12/2009 = 100) IEE 80  R$ 8.3 billion market capitalization.2010 Results Presantion © Todos os direitos reservados para CTEEP 15
  16. 16. Capital Markets American Depositary Receipts - ADRs Increase of 19.5% in the price of ADRs against the 2009 Financial Volume of ADRs increase 20% compared with 20092010 Results Presantion © Todos os direitos reservados para CTEEP 16
  17. 17. Shareholder Remuneration AUTHORIZED AMOUNT R$ DATE OF  TYPE FISCAL YEAR EVENT DATE TOTAL P/SHARE PAYMENT RCA 9/30/2010 Dividends 2010             146,280,110.02               0.963453 10/25/2010 RCA 9/30/2010 Int. Equ. Cap. 2010               63,719,889.98               0.419682 10/25/2010 RCA 6/28/2010 Int. Equ. Cap. 2010               62,925,824.42               0.414452 7/23/2010 RCA 6/28/2010 Dividends 2010               63,671,569.98               0.419364 7/23/2010 AGO/E 4/29/2010 Dividends 2009               77,302,605.60               0.509143 7/23/2010 RCA 3/30/2010 Int. Equ. Cap. 2010               61,920,147.06               0.411002 4/20/2010 RCA 3/30/2010 Dividends 2009             129,979,852.90               0.862756 4/20/2010 RCA 1/11/2010 Dividends 2009             161,000,000.00               1.068656 1/22/2010 TOTAL OF PAYMENT  766,799,999.96 5.068508 During 2010, CTEEP approved the payout of R$ 188.6 million in interest on shareholders equity corresponding to R$ 1.24 per share and R$ 578.2 million in dividends equivalent to R$ 3.83 per share.2010 Results Presantion © Todos os direitos reservados para CTEEP 17
  18. 18. 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.2010 Results Presantion © Todos os direitos reservados para CTEEP 18
  19. 19. Investor Relations Phone: +55 11 3138-7557 email: ri@cteep.com.br www.cteep.com.br/irApresentação de Resultados 20102010 Results Presantion © Todos os direitos reservados para CTEEP 19

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