Presentation 3Q12

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Presentation 3Q12

  1. 1. 2Q12 Results Presentation São Paulo, August 14th 2012 Your energy1 INSPIRES US
  2. 2. CTEEP Highlights of the Quarter 2Q12 Results Capital Market Performance Your energy2 INSPIRES US
  3. 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 28.0% 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; 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. 4. 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
  5. 5. CTEEP Highlights of the Quarter 2Q12 Results Capital Market Performance Your energy5 INSPIRES US
  6. 6. Rating Fitch In June, Fitch Ratings assigned a ‘AA+(bra)’ Long-Term National Rating to Transmissão de Energia Elétrica Paulista S.A. (CTEEP). CTEEP’s ratings reflect the Company’s strong financial profile characterized by manageable leverage, stable cash flow generation and predictable and low business risk. Your energy6 INSPIRES US
  7. 7. Acquisition of Evrecy Participações Acquisition of 100% of the shares of Evrecy, from EDP – Energias do Brasil S.A. (“EDP”) for R$ 58MM. Concession expires on July 17, 2025. States of Minas Gerais and Espírito Santo: TL 230 kV Governador Valadares/Conselheiro Pena; TL Conselheiro Pena/Aimorés, TL Aimorés /Mascarenhas 154 km in length SS Mascarenhas 500 MVA RAP of R$ 8,205,061 (RAP Cycle 2011/2012). Additional RAP for complementary work on SS Conselheiro Pena of R$ 1,196,305 (baseline: Dec/2010) Your energy7 INSPIRES US
  8. 8. CTEEP Highlights of the Quarter 2Q12 Results Capital Market Performance Your energy8 INSPIRES US
  9. 9. Highlights A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor Gross Operation Revenue: R$ 758.5 million Net Operation Revenue: R$ 659.4 million EBITDA: R$ 346.8 million EBITDA Margin: 52.6% Net Income: R$ 201.2 million Your energy9 INSPIRES US
  10. 10. Gross Operating Revenue (R$ million) A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor Your energy10 INSPIRES US
  11. 11. Net Operating Revenue (R$ million) 1,297.8 1,310.8 690.7 659.4 2Q11 2Q12 1H11 1H12 Your energy11 INSPIRES US
  12. 12. 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) 2Q12 2Q11 1H12 1H11 2Q12/2Q11 1H12/1H11 Personnel (48,509) (40,736) 19.1% (96,683) (79,536) 21.6% Material (115,213) (209,955) -45.1% (240,807) (356,576) -32.5% Leases and rentals (2,177) (2,346) -7.2% (4,321) (4,201) 2.9% Services (107,879) (63,449) 70.0% (182,718) (126,691) 44.2% Other (3,834) (3,633) 5.5% (9,996) (8,852) 12.9% Total (277,612) (320,119) -13.3% (534,525) (575,856) -7.2% Your energy12 INSPIRES US
  13. 13. 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) 2Q12 2Q11 1H12 1H11 1Q12/1Q11 1H12/1H11 Personnel (12,407) (10,630) 16.7% (25,325) (20,406) 24.1% Material (188) (399) -52.9% (691) (652) 6.0% Leases and rentals (1,612) (1,209) 33.3% (3,077) (2,203) 39.7% Services (11,788) (8,376) 40.7% (25,545) (19,828) 28.8% Depreciation (1,025) (1,639) -37.5% (2,292) (3,152) -27.3% Contingencies (4,434) (12,606) -64.8% (10,010) (18,188) -45.0% Other (4,603) (3,969) -16.0% (14,156) (10,052) 40.8% Total (36,057) (38,828) -7.1% (81,096) (74,481) 8.9% Your energy13 INSPIRES US
  14. 14. Ebitda and Ebitda Margin (R$ million) A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação200.0% valor de 48.3% 52.6% 50.13% 53.21% 1,051.0 0.0% -200.0% 697.5 701.0 650.6 -400.0% 333.4 346.8 -600.0% 351.0 -800.0% 1.0 -1000.0% 2Q11 2Q12 1H11 1H12 Ebitda Ebitda Margin Your energy14 INSPIRES US
  15. 15. Net Income A estratégia da CTEEP é baseada no crescimento sustentável (R$ million) com foco na contínua criação de valor 406.3 406.3 200.5 201.2 2Q11 2Q12 1H11 1H12 Your energy15 INSPIRES US
  16. 16. Capital Structure FUNDING CHARGES MATURITY 2Q12 4Q11 Distribuition ofBNDES debt burdensCTEEP A estratégia da CTEEP281,409 TJLP + 2.3% year 6/15/2015 é baseada no crescimento sustentável 328,318 TJLP + 1.8% year 6/15/2015 168,894 196,251IEMG TJLP + 2.4% year 4/15/2023 TJLP + 2.8% year 1/15/2013 com foco229,947 contínua criação de valor 55,077 235,052 na 57,631IEMADEIRA CDI TJLP + 2.8% year 1/15/2013 144,468 71,890 5,5% year 5/15/2025 5,062 5,328 51.2%IESUL TJLP + 2.4% year 1/15/2021 4,982 4,240 5,5% year 5/15/2026 49,646 49,562 TJLPPINHEIROS 35.3% TJLP + 2.6% year 1/15/2021 78,035 75,872 TJLP + 1.9% year 5/15/2026 51,609 48,282SERRA DO JAPI TJLP + 1.5% year 5/15/2026 44,726 42,217 IPCAComercial Papers 2.5%5th Series - CTEEP CDI + 0.4% year 7/5/2012 332,115 316,885 Others4th Series - CTEEP CDI + 0.4% year 1/12/2012 - 223,048 11.4%6th Series - CTEEP 104,9% CDI year 1/5/2013 417,8862nd Series - IEMadeira 106,5% do CDI year 10/24/2012 150,260 - Distribuition ofDebentures debt1s t Issuance - CTEEP CDI + 1.3% year 12/15/2014 490,249 490,736 contracting2nd Issuance - CTEEP IPCA + 8.1% year 12/15/2017 66,348 67,117 ComercialSingle Series - IEMadeira 106.5% CDI year 9/15/2012 229,420 221,608 PapersBanks 28.4% USD + 4% year * 4/26/2013 131,620 122,077CTEEP USD + 2.1% year ** 10/21/2013 173,211 159,116 BNDES CDI + 2.0% year 10/21/2013 4,510 4,365 35.3%IENNE 10.0% year - 55,069 55,898Eletrobras 8% year 11/15/2021 366 391Leasing - - 467 619 TOTAL CONSOLIDATED 3,170,481 2,771,398 Debentures 24.8% Banks (*) with Swap 103,5% CDI 12.4% (**) with Swap 98,3% CDI (***) The cost of debt is 8.5% annually, including a performance bonus of 1.5%.. Your energy16 INSPIRES US
  17. 17. Breakdown of Net Debt At the end of 2Q12, net debt was R$ 2,959.8 million, representing an increase of 15.4 % over outstanding A estratégia da CTEEP é baseada no crescimento sustentável debt in 4Q11. The net debt to shareholders equity ratio at the end of 2Q12 was 63.8%. com foco na contínua criação de valor (R$ million) 2,959.8 As a contractual obligation under its financing 2,801.0 2,564.1 agreements, the Company must comply with 2,451.0 quarterly and semi-annually determined 2,101.0 covenants on the basis for the financial 1,751.0 statements for these periods and prepared in 1,401.0 2.0 line with generally adopted accounting practices 1.8 1,051.0 in Brazil. The Company’s principal covenant is 701.0 the Net Debt to Ebitda ratio that should be equal or less than 3.5. 351.0 1.0 4T11 2T12 Net Debt Net Debt/EBITDA (Last 12 months) Your energy17 INSPIRES US
  18. 18. CTEEP Highlights of the Quarter 2Q12 Results Capital Market Performance Your energy18 INSPIRES US
  19. 19. Capital Market Trading Financial 1H12 (R$ million) Total R$ 1,192 milhões Daily Avarege/ Dia R$ 9.5 milhões 30.0 25.0 20.0 15.0 10.0 5.0 0.0 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 104.444 thousand trading 130.00 +25.93% transactions in 1H12 (829 120.00 daily average traded); +10.54% 110.00 +8.59% Present on all trade days; 100.00 -4.23% Component of Ibovespa; 90.00 (base 31/12/2011 = 100) 80.00 R$ 10.0 billion market January-12 February-12 March-12 April-12 May-12 June-12 capitalization. Your energy19 TRPL3 TRPL4 IBOVESPA IEE INSPIRES US
  20. 20. Shareholder’s Remuneration A estratégia da CTEEP é baseada no crescimento sustentável AUTHORIZED TYPE com foco na contínua criação de valor AMOUNT R$ DATE OF PAYMENT FISCAL YEAR EVENT DATE TOTAL P/SHARE Dividends 50,331,754.67 0.329695 RCA 3/29/2012 2012 JCP 63,949,929.58 0.4189 4/30/2012 AGO/E 4/16/2012 Dividends 31,348,975.09 0.205349 2011 TOTAL OF PAYMENT - 2Q12 145,630,659.34 0.953944 In 2Q12, CTEEP paid out to its shareholders R$ 63.9 million as interest on shareholders’ equity, corresponding to R$ 0.4189 per share for both types of share and R$ 81.7 million as dividends equivalent to R$ 0.5350 per share, again for both types. Your energy20 INSPIRES US
  21. 21. 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
  22. 22. Investor Relations Phone: 55 11 3138-7557 ri@cteep.com.br www.cteep.com.br/ri Your energy22 INSPIRES US

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