3Q13 Results Presentation
São Paulo, October 2013

1
Agenda

CTEEP

3Q13 and 9M13 Results

Capital Market Performance

IFRS X Regulatory

Other Highlights

2
Company Profile
A CTEEP faz parte da ISA, um dos maiores
grupos de transmissão da América Latina:

Responsible for transmi...
Shareholder Breakdown - 3Q13
Preferred Shares– TRPL4
(58% of the total)

Ordinary Shares- TRPL3
(42% of the total
89.5%

1...
Agenda

CTEEP

3Q13 and 9M13 Results

Capital Market Performance

IFRS X Regulatory

Other Highlights

5
Results
Consolidated
Results
(R$ million)

3Q13

3Q12

∆%

9M13

9M12

∆%

Gross Operating Revenue

323.3

660.8

(51.1%)
...
SEFAZ-SP Provision – Law 4.819

In 3Q13, CTEEP reviewed amounts receivable under Law 4.819/58 and in the
light of events i...
Gross Operating Revenue

Company

Consolidated

Gross Revenue
(R$ million)

3Q12

Change

9M13

9M12

Change

3Q13

3Q12

...
Custos e Despesas Operacionais

Company

Cost and Expenses*
(R$ million)

3Q13

3Q12

∆%

Personnel

(62.9)

(61.7)

1.9%
...
Resultado Financeiro

Company

Financial Result
(R$ million)

3Q13

3Q12

Interest Receivable

46.7

8.6

Monetary (net)

...
Net Income
(R$ millions)

647.6

241.3

213.9
95.4

3Q12

3Q13
ex SEFAZ-SP
Provision

3Q13

-245.3

11

9M12

9M13
ex SEFA...
EBITDA

Company
3Q12
9M13

9M12

3Q13

(245.3)

241.3

(126.9)

647.6

Income tax and social contribuition (161.8)

114.9
...
Perfil da Dívida - Consolidado
FUNDING

CHARGES

MATURITY

3Q13

2012

TJLP + 2,3% year

15/06/15

164,574

234,681

TJLP ...
Perfil da Dívida - Consolidado

Debt
(BRLm)

3Q13

2012

Debt

1,916.4

%

2,521.0

%

Short-term Debt

1349.4

70.4%

110...
Debt Repayment - Consolidated
(R$ millions)
Future Cash (NI)

2013

2014

2015

Total

Accounts Receivable (NI) - (project...
Dívida Controladas em conjunto
Debt CTEEP (Equity Income) - 09/30/2013
Cost

Final
Maturity

Value (R$ MM)

IPCA + 5,5% a....
Agenda

CTEEP

3Q13 and 9M13 Results

Capital Market Performance

IFRS X Regulatory

Other Highlights

17
Capital Market Performance
Trade Financial - 09/30/2013
(R$ million)
Total R$ 1,406 Million

Daily Average / Day R$ 7.5 mi...
Agenda

CTEEP

3Q13 and 9M13 Results

Capital Market Performance

IFRS X Regulatory

Other Highlights

19
IFRS X Regulatório - Consolidated
(R$ millions)

Results
Net operating revenue
Receita de uso da rede elétrica

9M13
792.6...
Agenda

CTEEP

3Q13 and 9M13 Results

Capital Market Performance

IFRS X Regulatory

Other Highlights

21
Other Outstandings
REH 1.595 established the new RAP for the 2013/2014 cycle at R$ 630.2
million
The IEMadeira Transmissin...
Disclaimer

All statements contained herein with regard to the Company’s
business prospects, projected results and the pot...
Investor Relations
Tel: +55 11 3138-7557
ri@cteep.com.br
www.cteep.com.br/ri

24
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3Q13 Presentation

  1. 1. 3Q13 Results Presentation São Paulo, October 2013 1
  2. 2. Agenda CTEEP 3Q13 and 9M13 Results Capital Market Performance IFRS X Regulatory Other Highlights 2
  3. 3. Company Profile A CTEEP faz parte da ISA, um dos maiores grupos de transmissão da América Latina: Responsible for transmission of: 27% of all electricity produced in the 48 years experience in the electrical country industry 60% of the energy consumed in the Assets in power transmission, 100% in the state of São Paulo; telecommunication and and highways Present in Brasil, Chile, Argentina, Colômbia, Peru, Bolívia and financial 19,189 Km of circuits investor with emphasis on optimizing capital structure 3 A network made up of: 13,724 Km of transmission lines América Central Long-term Southeast Region quase an 2,280 Km of optic fiber cables 106 substations
  4. 4. Shareholder Breakdown - 3Q13 Preferred Shares– TRPL4 (58% of the total) Ordinary Shares- TRPL3 (42% of the total 89.5% 10.6% 6.6% 53.9% 9.8% 0,7% ISA Capital do Brasil Eletrobras Others 29.0% Eletrobras State Government of São Paulo Vinci Ltda Others 0,7% Total Capital Stock 35.2% 6.1% 3.8% 37.8% 4 17.1% ISA Capital do Brasil Eletrobras State Government of São Paulo Vinci Ltda Others
  5. 5. Agenda CTEEP 3Q13 and 9M13 Results Capital Market Performance IFRS X Regulatory Other Highlights 5
  6. 6. Results Consolidated Results (R$ million) 3Q13 3Q12 ∆% 9M13 9M12 ∆% Gross Operating Revenue 323.3 660.8 (51.1%) 792.6 1,772.0 (55.3%) Deductions from Operating Revenue (35.3) (74.0) (52.3%) (98.4) (210.2) (53.2%) Net operating revenue 288.0 586.8 (50.9%) 694.2 1,561.8 (55.6%) (183.3) (175.5) 4.5% (548.2) (523.6) 4.7% (9.3) (8.4) 10.5% (27.9) (25.1) 11.0% Other Operating (Expenses)/Income** 0.4 0.7 32.2% 17.3 (2.3) 836.3% Equity 9.3 20.6 (55.1%) 53.8 46.6 15.3% Financial Results 13.3 (46.2) 128.9% 64.3 (154.3) 141.6% Operating Income 118.4 377.9 (68.7%) 253.4 903.1 (71.9%) IR & CSLL (23.0) (136.6) (83.2%) (39.6) (255.5) (84.5%) 95.4 241.3 (60.4%) 213.9 647.6 (67.0%) SEFAZ-SP Provision (***) (340.7) 0.0 - (340.7) 0.0 - Net Income (245.3) 241.3 (201.6%) (126.9) 647.6 (119.6%) General and Administrative Expenses* Depreciation Net Income ex-SEFAZ-SP provision 6 (*) ex Depreciation (**)ex Amortization of goodwill (***) Net worth calculated as the difference between R$ 516.3 million related to the valuation allowance for the portion of receivables from SEFAZ-SP and R$ 175.6 million related to credit deferred IR/CS (34%).
  7. 7. SEFAZ-SP Provision – Law 4.819 In 3Q13, CTEEP reviewed amounts receivable under Law 4.819/58 and in the light of events in 2013, set aside a provision for losses on the realization of credits for part of the total receivable amount corresponding to the installments not recognized as the exclusive responsibility of SEFAZ-SP, of these events most notablybeing: (i) a change in the time horizon for realizing a part of the assets due to extinguishment without a ruling on merit of the legal action for collecting amounts due from the Government of the State of São Paulo and other procedural events; (ii) recognition that the law courts are the correct jurisdictional forum to handle the question based on STF precedent; and (iii) the current legal status of the other actions in relation to Law 4.819/58, such as the recognition of the legitimacy of SEFAZ-SP’s pass-throughs to CTEEP of amounts which had been disallowed up to April 2013 7
  8. 8. Gross Operating Revenue Company Consolidated Gross Revenue (R$ million) 3Q12 Change 9M13 9M12 Change 3Q13 3Q12 Change 9M13 9M12 Change Construction 54.9 38.1 44.1% 110.0 117.6 -6.5% 62.9 41.9 50.1% 148.8 163.0 -8.7% Operation and Maintenance 118.2 121.6 -2.8% 406.4 440.9 -7.8% 125.4 121.8 3.0% 424.4 445.9 -4.8% Financial 66.3 414.8 -84.0% 114.8 1,053.2 -89.1% 129.5 491.5 -73.7% 204.0 Others 5.8 5.8 - 16.3 5.5 5.6 -1.8% 15.5 Total 8 3Q13 245.3 580.2 (57.7%) 647.5 323.3 660.8 (51.1%) 792.6 15.7 3.8% 1,627.4 (60.2%) 1,148.0 -82.2% 15.1 2.6% 1,772.0 (55.3%)
  9. 9. Custos e Despesas Operacionais Company Cost and Expenses* (R$ million) 3Q13 3Q12 ∆% Personnel (62.9) (61.7) 1.9% Material (28.7) (33.1) -13.3% Services (58.0) (57.5) Others (9.0) Contingencies Total (*) ex Depreciation 9 9M13 Consolidated 9M12 ∆% 3Q13 3Q12 ∆% 9M13 9M12 ∆% 7.3% (64.6) (63.7) 1.4% (196.9) (183.7) 7.2% (79.7) -12.1% (39.0) (35.4) 10.2% (113.0) (117.3) -3.7% 0.9% (149.6) (160.4) -6.7% (59.8) (59.8) 0.0% (155.3) (164.7) -5.7% (13.4) 48.4% (39.5) (44.2) -10.6% (9.4) (13.5) -30.8% (40.6) (44.9) -9.8% (10.5) (3.0) -71.5% (42.5) (13.0) 226.5% (10.5) (3.0) 251.0% (42.5) (13.0) 226.5% (169.0) (168.7) 0.2% 4.5% (548.2) (523.6) 4.7% (191.5) (178.4) (70.1) (493.1) (475.7) 3.7% (183.3) (175.5)
  10. 10. Resultado Financeiro Company Financial Result (R$ million) 3Q13 3Q12 Interest Receivable 46.7 8.6 Monetary (net) 5.6 Financial Expenses* Total ∆% Consolidated 9M13 9M12 ∆% 3Q13 3Q12 445.2% 130.5 16.8 678.9% 47.3 9.0 (0.9) 759.1% 52.9 (3.9) 1,451.4% 5.6 (30.8) (33.5) (145.8%) (39.1) (43.9) 18.0 (41.3) 78.0 (139.1) 143.6% (39.0%) 156.1% 9M13 9M12 ∆% 427.1% 131.7 17.8 638.4% (0.9) 759.1% 52.9 (3.9) 1,451.4% (31.0) (33.8) (133.1%) (39.3) (44.6) 13.3 (46.2) 128.9% 64.3 (154.3) (*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper. 10 ∆% (40.9%) 141.6%
  11. 11. Net Income (R$ millions) 647.6 241.3 213.9 95.4 3Q12 3Q13 ex SEFAZ-SP Provision 3Q13 -245.3 11 9M12 9M13 ex SEFAZ-SP Provision 9M13
  12. 12. EBITDA Company 3Q12 9M13 9M12 3Q13 (245.3) 241.3 (126.9) 647.6 Income tax and social contribuition (161.8) 114.9 (147.2) Financial Results (18.0) 41.3 9.3 8.4 EBITDA ICVM 527/12 (415.8) 406.0 SEFAZ-SP Provision 516.3 - 516.3 - 516.3 - 516.3 - EBITDA ex- SEFAZ Provision 100.5 406.0 192.1 1,042.3 114.4 432.6 217.1 1,082.5 EBITDA (R$ million) 3Q13 Net Income Leases and rentals/Amortization 12 Consolidated 3Q12 9M13 9M12 (245.3) 241.3 (126.9) 647.6 230.5 (152.5) 136.6 (136.0) 255.5 (78.0) 139.1 (13.3) 46.2 (64.3) 154.3 27.9 25.1 9.3 8.4 27.9 25.1 (324.2) 1,042.3 (401.9) 432.6 (299.2) 1,082.5
  13. 13. Perfil da Dívida - Consolidado FUNDING CHARGES MATURITY 3Q13 2012 TJLP + 2,3% year 15/06/15 164,574 234,681 TJLP + 1,8% year 15/06/15 98,574 140,798 Distribuition of debt contracting BNDES CTEEP 0.2% 10.1% Comercial Papers 6th Series - CTEEP 29.4% 104,9% CDI yera 05/01/13 0 433,873 1st Issuance - CTEEP CDI + 1,3% year 15/12/14 334,233 325,959 2nd Issuance - CTEEP IPCA + 8,1% year 15/12/17 72,834 70,915 Single Series - CTEEP 105,5% do CDI year 02/07/14 769,705 726,476 USD + 4% year 26/04/13 0 132,309 USD + 2,1% year 21/10/13 195,368 177,318 8% year 15/11/21 302 340 - - 3,784 5,048 1,639,374 2,247,717 Debêntures 60.2% Banks CTEEP Eletrobras Leasing TOTAL CTEEP: BNDES Debentures Banks Interest Rate 3.7% 10.3% BNDES IEMG 29.4% 13 52,513 15/05/26 45,381 47,758 TJLP + 2,6% year 15/04/21 73,720 80,152 15/04/23 14,413 15/02/28 7,166 TJLP + 1,9% year 15/05/26 47,003 49,801 TJLP + 1,5% year Total Consolidated (R$ mil) 48,692 TJLP + 2,06% year TOTAL SUBSIDIARIES 15/04/23 3,5 year SERRA DO JAPI TJLP + 2,4% year 5,5% year PINHEIROS Others 15/05/26 40,624 43,038 276,999 273,262 1,916,373 2,520,979 56.5% TJLP CDI IPCA Others
  14. 14. Perfil da Dívida - Consolidado Debt (BRLm) 3Q13 2012 Debt 1,916.4 % 2,521.0 % Short-term Debt 1349.4 70.4% 1103.2 43.8% Long-term Debt 567.0 29.6% 1,417.8 56.2% Cash* Net Debt 1244.2 309.6 672.2 2,211.4 (*) As from January 2013, the Company’s financial investments have been concentrated in exclusive investment funds. These are made up of highly liquid investment fund units, readily convertible into cash, irrespective of the maturity of the assets. 14
  15. 15. Debt Repayment - Consolidated (R$ millions) Future Cash (NI) 2013 2014 2015 Total Accounts Receivable (NI) - (projection) 143.0 572.1 333.7 1,048.8 27.0 69.3 12.0 108.2 170.0 641.4 345.7 1,157.1 Interest Income on the Accounts Receivable (projection) Total Position of the Fund on 09/30/13: R$ 1.239,4 millions 1,137.6 418.2 152.3 120.1 44.1 2013 2014 2015 CTEEP 15 44.1 2016 2017 Subsidiaries After 2017
  16. 16. Dívida Controladas em conjunto Debt CTEEP (Equity Income) - 09/30/2013 Cost Final Maturity Value (R$ MM) IPCA + 5,5% a.a. 3/18/2025 186.0 IE MADEIRA BNDES TJLP + 2,42% a.a. 2/15/2030 776.9 IE MADEIRA BNDES 2,5% a.a 10/15/2022 120.1 8,50% a.a.* 10/10/2032 142.1 Company Bank IE MADEIRA ITAÚ BBA IE MADEIRA BASA Total IE Madeira (51% CTEEP) IENNE BB IENNE BNB 1,225.0 CDI + 1,35% a.a 11/5/2013 4.1 8,50% a.a.* 5/19/2030 53.9 4/30/2014 58.0 0.0 98.8 Total IENNE (25% CTEEP) IEGARANHUNS HSBC 106,50% CDI Total IE GARANHUNS (51% CTEEP) 98.8 IE SUL BNDES 5,50% a.a. 1/15/2021 4.0 IE SUL BNDES 3,00% a.a 4/15/2023 4.4 IE SUL BNDES TJLP + 2,58% a.a. 5/15/2025 10.8 Total IE SUL (50% CTEEP) TOTAL (R$ million) 16 19.3 1,401.1
  17. 17. Agenda CTEEP 3Q13 and 9M13 Results Capital Market Performance IFRS X Regulatory Other Highlights 17
  18. 18. Capital Market Performance Trade Financial - 09/30/2013 (R$ million) Total R$ 1,406 Million Daily Average / Day R$ 7.5 million 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Total trade:190.9 mil Performance das ações até 30/09/2013 until 09/30/2013 10.79% 5.03% 100.00 -6.10% Daily Average/Day 1,021 Market Value R$6,2 -14.13% 09/30/2013 billion (base 12/31/2012 = 100) 70.00 Jan-13 Feb-13 Mar-13 Apr-13 TRPL3 18 May-13 TRPL4 Jun-13 Jul-13 IBOVESPA Aug-13 IEE Sep-13
  19. 19. Agenda CTEEP 3Q13 and 9M13 Results Capital Market Performance IFRS X Regulatory Other Highlights 19
  20. 20. IFRS X Regulatório - Consolidated (R$ millions) Results Net operating revenue Receita de uso da rede elétrica 9M13 792.6 Regulatory (not audited) 9M13 540.3 0.0 524.8 (524.8) 148.8 0 148.8 424.4 0 424.4 IFRS Adjustments/ Reclassification 252.3 Revenue from Construction Services Revenue from Operational and Maintenance Services Financial Revenue 204.0 0 204.0 Other Revenue 15.5 15.5 (0.0) Deductions from Operating Revenue (98.4) (76.8) (21.6) Net Operating Revenue 694.2 463.5 230.7 Costs and Operating Expenses (548.2) (364.5) (183.7) Personnel (188.0) (188.0) (0.0) MSO (133.9) (134.0) 0.0 Contingencies (42.5) (42.5) 0.0 Construction costs (135.4) 0 (135.4) Improvements (48.3) 0 (48.3) Depreciation/Amortization (5.5) (26.2) 20.7 Financial Result 64.3 64.3 (0.0) Equity 53.8 (1.0) 54.8 (22.4) (22.4) (0.0) 17.3 15.7 1.6 Operating Income 253.4 129.4 124.0 IR & CSLL (39.6) (23.9) (15.6) Net Income (ex SEFAZ-SP provision) 213.9 105.5 108.4 Net effect SEFAZ-SP Provision (340.7) (340.7) - Net Income (126.9) (235.3) 108.4 EBITDA (ex SEFAZ-SP provision) 217.1 113.7 EBITDA Margin 31.3% 24.5% Amortization of goodwill Other Operating (expenses/income) 20 103.5
  21. 21. Agenda CTEEP 3Q13 and 9M13 Results Capital Market Performance IFRS X Regulatory Other Highlights 21
  22. 22. Other Outstandings REH 1.595 established the new RAP for the 2013/2014 cycle at R$ 630.2 million The IEMadeira Transmissin Line (Lot D) went into operation on August 1, 2013 – Total RAP: R$ 233.2 million. The IEPinheiros Itapeti (Lot K) Substation went into operation on August 9, 2013 – RAP: R$ 4.9 million Public Hearing 101/2013 held on October 10, 2013 to establish criteria and procedures for assessing the value of electricity energy transmission company assets not fully depreciated Authorizing resolutions with new Upgrades and New Connections (RBNI) and discussion as to the methodology for remunerating Improvements 22
  23. 23. 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. 23
  24. 24. Investor Relations Tel: +55 11 3138-7557 ri@cteep.com.br www.cteep.com.br/ri 24

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