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- CTEEP's annual allowed revenue (RAP) increased by 21.7% from 2013/14 to 2014/15 due to inflation adjustments and tariff reviews.
- CTEEP's net income increased in the first nine months of 2014 compared to the same period in 2013, with EBITDA and EBITDA margin also increasing.
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4. 4
História CTEEP
1999
CTEEP is incorporated
with the transmission
assets of CESP
Incorporation of EPTE –
Empresa Paulista de
Transmissão de Energia
Elétrica
Rollover of Concession
Agreement 059/2001 with
ANEEL, beginning a new
cycle for its businesses.
Expansion to 16 Brazilian states result
from participation in auctions and
acquisitions
Business portfolio with 8 subsidiaries,
investments of R $ 6.2 billion and RAP of
R $ 670.2 MM
The IEMadeira transmission line becomes
operational and conclusion of work on
IEMadeira
ISA sets out a new business vision for the long
term
Adheres to Level 1 of
Bovespa’s Corporate
Governance
CTEEP is privatized.
ISA becomes the new
controller
2001
2002 2006
2012 2013 2014
5. 5
Breakdown of Shareholding - CTEEP
Preferred Shares – TRPL4
(60% do total)
Common Shares - TRPL3
(40% do total)
Capital Total
89.5%
9.8%
0.7%
ISA Capital do Brasil
Eletrobras
Others
3.6%
52.4%
9.6%
7.0%
27.4%
ISA Capital do Brasil
Eletrobras
State Government of São Paulo
Vinci Ltda
Others
38.0%
35.4%
ISA Capital do Eletrobras
State Government Vinci Ltda
Others
89.5%
9.8%
0.7%
ISA Capital do Brasil
Eletrobras
Others
3.6%
52.4%
9.6%
7.0%
27.4%
ISA Capital do Brasil
Eletrobras
State Government of São Paulo
Vinci Ltda
Others
38.0%
ISA Capital Eletrobras
State Vinci Others
3.6%
52.4%
9.6%
7.0%
27.4%
ISA Capital do Brasil
38.0%
35.4%
5.8%
4.2%
16.7%
ISA Capital do Brasil
89.5%
9.8%
0.7%
ISA Capital do Brasil
Eletrobras
Others
3.6%
52.4%
9.6%
7.0%
27.4%
ISA Capital do Brasil
Eletrobras
State Government of São Paulo
Vinci Ltda
Others
38.0%
ISA Capital Eletrobras
State Vinci Others
89.5%
9.8%
0.7%
ISA Capital do Brasil
Eletrobras
Others
3.6%
52.4%
9.6%
7.0%
27.4%
ISA Capital do Brasil
Eletrobras
State Government of São Paulo
Vinci Ltda
Others
89.5%
9.8%
0.7%
do Brasil
3.6%
52.4%
9.6%
7.0%
27.4%
ISA Capital do Brasil
Eletrobras
State Government of São Paulo
Vinci Ltda
Others
38.0%
35.4%
5.8%
4.2%
16.7%
ISA Capital do Brasil
Eletrobras
State Government of São Paulo
Vinci Ltda
Others
6. 6
Perfil da ISA
49-year track record in the energy transmission sector
Assets in energy transmission, telecoms and highways
Footprint in Brazil, Chile, Argentina, Colombia, Peru, Bolivia
and Central America
USD 946 million in operating revenue in the first half of
2014
Multilatina works
with 33
companies in 8
countries and 4
busin
EBITDA by country EBITDA by business
2,8% 0,8%
Fonte: 2ºITR 2014 ISA
Colômbia
Chile
Peru
Brasil
Outros
41,1%
28,2%
15,6%
1,4%
13,6%
Transporte de Energia
Concessões Viárias
Telecomunicações
Gestão Inteligente de Tempo
Real
68%
28,4%
7. 7
Perfil da CTEEP
13,726 Km in transmission
lines
19,189 Km of circuits
107 substations
45.737 MVA of installed
transformation capacity
Data: 30/set/14
Responsible for transmission of about 25% of all the energy produced in
Brazil and 60% of the energy consumed in the southeast region and
approximately 100% in the state of São Paulo.
8. 8
Expansion in Brazil
Present in 16
Brazilian states
Subsidiarie State(s)
CTEEP
Participation
RAP
Total
(R$)
Pinheiros SP 100% 34.8 MM
Serra do
Japi
SP 100% 32.6 MM
IEMG MG 100% 14.3 MM
Evrecy MG e ES 100% 10 MM
Madeira
RO, MT, GO,
MG e SP
51% 445.4 MM
Garanhuns PB, PE, AL 51% 81.4 MM
IESUL PR, SC e RS 50% 14.1 MM
IENNE MA, PI e TO 25% 37.9 MM
11. 11
Value Drivers
O&M
EFFICIENCY
Investments
PROFITABILITY
Subsidiaries
GOVERNANCE
Indemnification
FAIR VALUE
Contingencies
REDUCTION
Optimization
of Costs
Tax
Optimization
Optimization
O&M Model
Optimization of
CapEx
Utilization of
Inventory
Centralization
of FIN/ADM
100% in
CTEEP
Controls of
IEMG and
Evrecy via COT
RBSE Report
Área de
Assuntos
Regulatórios
Strategic
Project for
Liability
Management
12. 12
Operation and Maintenance
Costs/Tax Optimization
Actions already adopted
Review of support and operational processes
Contract renegotiation
Adequacy of scope
Review of assumptions anticorrosive treatmen
Adjustment of investments in R&D
PIS/COFINS credit for Inputs and Fixed Assets
Studies in Progress
Optimization of the O&M model, capture of efficiency 2015- 2020
Other support processes (services agreements)
Logistics and Supplies
R$ MM
(*) exclui custos de construção e despesa de depreciação
13. 13
Investments
Principal Initiatives
Optimization of CapEx
Equilibrium of Profitability from Projects
Analysis of insourcing of inspection and commissioning activities
CTEEP Prices Bank vs Aneel
Optimization of Inventory
Review of investments governance
14. 14
Subsidiaries
Governance and Efficiency
Stakes in 8 subsidiaries
Total investment of R$ 6.2 bi
Capital injections by CTEEP of
R$ 1.6 bi
RAP 14/15 of R$ 670.6 million
Portfolio totally operational in
2015
Wholly-owned Subsidiaries
Evrecy and IEMG controlled by
COT
Coordination and centralization
of the financial/administrative
functions
IEMadeira
Conclusion of work in May 2014
Economic and financial rebalancing of Lote D requested of ANEEL
Cost overrun: R$ 342 million / Loss of RAP R$ 251million / Readjustment
of 26.8% in RAP
E
S
P
BP
EA
L
15. 15
Indemnification
Status
Indemnification as offset for reduction in RAP for the anticipated return of capital
RBNI (Upgrades and Improvements): R$ 2,891 million
50% cash paid in January 2013 and
50% in monthly installments for January 2013 through July 2015, Interest at IPCA +
5.59% p.a
RBSE (Basic Network – Existing System): pending since December 2012
Absolute priority of Management
Independent report delivered to ANEEL on August 14 with a value of R$ 5,186 million
16. 16
Indemnification
Physical Inventory of 140 ESs, 85 locations isolated from Telecom and 2,000
km of transmission lines (sample), distributed throughout the state of São
Paulo in 4 months;
Transformers: 600 units
Circuit breakers: 1,600 units
Load break switch disconnectors: 7,000 units
CT’s/PT’s: 9,000 units
Towers: 31,000 towers, totaling 44,000 tons.
Conductors: 14,000 km length of line totaling 150,000 tons.
Permanent mobilization of 110 employees to assist the valuation company in its
work;
Reconciling Physical-Book of 171 thousand registrations;
Analysis of 5 thousand acquisitions of machines/equipment to make up the Prices Bank;
Analysis of 700 ES and TL projects and the classification of 157 thousand registrations
for determining the percentages of COM and CA,
Verification of eligibility in the case of 2 thousand land deed registers and 19 thousand
rights of way;
Analysis and classification of 110 thousand assets either in the from of Existing Systems
or Upgrades and Improvements
17. 17
Indemnification
Valuation Report
Prices Bank
CTEEP average
Aneel average
Corrected booking
Baseline date: December 31, 2012
NRV R$ 20.212 million
RBV : R$ 5,186 million
Baseline date: December 31, 2012
ANEEL Inspection - October 14 to 31, 2014
Inspection Monitoring Report – scheduled for the first
half of January 2015
Ratification of the Report by ANEEL’s Executive Board
Critérios
Resultado
Etapas Futuras
18. 18
O&M | Investments | Indemnification
Institutional Relations
Creation of a Regulatory Unit underscores Management priorities and
focus on themes critical to the Company
Public Hearing 021/2014 – Review of Resolution REN 443/2011
Inclusion of revenues for Improvements for the period 2013/18
Treatment of Assets at the end of their useful regulatory life
Treatment of revenue for emergency investments (accidents and claims)
Public Hearing 022/2014 – Creation of a Minimum Maintenance Plan
To establish the Minimum Maintenance Plan for Transmitters
To establish exemption from the Variable Parcel for scheduled downtime
REN589/2013
Regulatory Annuity Baseline – BAR: remuneration, amortization and depreciation in the
form of annuities,
To define the cost of the BAR, 5% of AOM costs since Jan/2013
Public Hearing 027/2014 – Revision of REN 270/2007
Equilibrium in the application of the Variable Parcel
Revise the Permitted Outage Times for the Resumption of Transmission Line Operations
20. 20
Ten Year Energy Expansion Plan to 2022
Electricity consumption in the network
by subsytem
Increase of 205.5 TWh in Brazilian electric energy consumption from 2013 to 2022
59.2% of the increase in Brazilian consumption will be in the Southeast. Center –
West where CTEEP is the leading transmission company for energy transportation
Need for expansion via auctions or authorizations
22. 22
Highlights 3Q14
Increase in Net Income for 9M14
Increase in Ebitda and Ebitda Margin in 9M14
Readjustment in Annual Allowed Revenue (RAP)
Increase in Capital
28. 28
Financial Result
Remuneration of the indemnification for upgrades and improvements (NI)
(R$ million) -71,5%
18.0
-107,5%
(1.0)
3.2
64.3
78.0
15.6
28.6
-4.7 -4.2
-13.8 -13.0
Company Subsidiaries
13.3
3T13 3T14 9M13 9M14
29. 29
Net Income
(R$ million)
+46,7%
+47,5%
Earnings per share reached R$ 1.9579 in 9M13
-245.3
95.5
140.1
-126.9
213.9
315.7
3Q13 3Q13 ex
Provision
SEFAZ
3Q14 9M13
9M13 ex
Provision
SEFAZ
9M14
3T13
30. 30
Net Debt
R$ 127.7 million increase in Capital
Debt
(BRL millions)
9M14 2013 Δ%
Debt 1,286.2 1,239.5 3.8%
Short-term Debt 375.0 377.7 -0.7%
Long-term Debt 911.2 861.8 5.7%
Cash* 777.7 600.0 29.6%
Net Debt 508.5 639.5 -20.5%
(*) As from January 2013, the Company channeled its financial investments into exclusive investment
funds. The investment fund units are highly liquid and are readily convertible into cash irrespective of
the maturity of the assets.
31. 31
Amortization of Debt
Settlement of 1st Series Debentures
(R$ million)
Future Cash (NI) 2014 2015 Total
Accounts Receivable (NI) - (projection) 142.4 332.2 474.6
Interest Income on the Accounts
Receivable (projection)
11.6 12.0 23.5
Total 153.9 344.2 498.1
Cash and Financial Investments on 09/30/14: R$ 777.7 millions
207.7
150.9
197.5 197.6
179.0
13.0
59.4
29.2
9.7
35.7
26.5 26.5
26.5
85.4
15.0
217.4
186.6
224.0 224.1 205.5
39.5
2014 2015 2016 2017 2018 2019 2020 a 2024 2025 a 2029
Company Subsidiaries
144.8
44.2
26.5
35. 35
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.
36. 36
A CTEEP
Principais Desafios
Oportunidades de Crescimento
Resultados Financeiros do 3T14
Sessão de Perguntas e Respostas
Monitored Visit
Conclusão das obras das Estações da IEMadeira: em 12 de maio as obras das estações retificadora (Porto Velho) e Inversora (Araraquara), ambas do Lote F – Leilão 007/2008, da subsidiária IEMadeira (51% CTEEP) foram disponibilizadas ao Operador Nacional do Sistema. A RAP 2014/2015 integral do lote é de R$ 213,6 milhões;
Lucro Líquido: alcançou no 1S14 R$ 175,7 milhões, aumento de 48,3% em relação ao mesmo período de 2013;
EBITDA (ICVM nº 527): com margem operacional de 50,8%, EBITDA atinge R$ 225,4 milhões no 1S14 e supera em 25,5 pp o mesmo período de 2013, considerando contribuição expressiva do crédito extemporâneo de PIS/COFINS;
Reajuste Anual da Receita (RAP): em 24 de junho de 2014, foi publicada a Resolução Homologatória nº 1.756, estabelecendo as RAPs da CTEEP e suas Controladas para o ciclo 2014/2015. A RAP da Controladora que era de R$ 542,1 milhões, passou para R$ 659,9 milhões (aumento de 21,7%), a RAP das Controladas que era de R$ 88,1, passou para R$ 101,6 (aumento de 15,3%). A CTEEP aguarda análise da ANEEL referente aos pleitos que realizou sobre o referido reajuste;
Efeito do Reconhecimento das Melhorias: em 27 de dezembro de 2013 a ANEEL divulgou o Despacho de Encerramento nº 4.413 que reconhece as receitas dos investimentos realizados em Melhorias a partir de 2013. Os resultados de 2014 trazem esse efeito positivo, não contemplado nas comparações trimestrais com 2013, pois seu reconhecimento ocorreu após o pronunciamento da ANEEL (dezembro de 2013).
Trocar virgulas para pontos
RAP 13/14 IPCA /IGP-M Upgrade RAP 14/15 Adjust. Parcel Total RAP 14/15 Total RAP 14/15 CTEEP
RAP 13/14 IPCA. IGP-M Tariff Rev. RAP 14/15 Adjust. Parcel Total RAP 14/15 Total RAP 13/14 Subsidiaries
RAP 13/14 IPCA/ IGP-M Tariff Rev. RAP 14/15 Adjust. Parcel Total RAP 14/15 Total RAP 13/14 Jointly Controlled Subsidiaries
TROCAR VIRGULAS PARA PONTOS
O&M Construction Financial/Others Gross Revenue Deductions Net Revenue 9M13/9M14
CONTROLLING COMPANY SUBSIDIARIES
TROCAR VIRGULAS PARA PONTOS
CONTROLLING COMPANY SUBSIDIARIES
Slide 5 – O Total dos Custos e Despesas Operacionais Consolidados tiveram uma redução de 23,7% registrando R$ 281,0 million no 1S14 frente aos R$ 368,5 million em 1S13.
A redução nos custos e despesas operacionais é explicada pela redução de 22,2% nos Custos de Construção do 1S14 (que somaram R$60,8 million) em relação ao 1S13 (que somaram R$78 million) devido, principalmente a entrada em operação dos lotes K dos Leilões 004/2008 e 004/2011 da controlada Pinheiros, cujas obras foram concluídas no primeiro e terceiro trimestres de 2013, respectivamente e de menor realização de obras no período
Redução de 56,7% nos custos de Melhorias do 1S14 (que somaram R$13,0 million) contra os custos de melhorias do mesmo período de 2013 (que somaram R$30,0 million), devido ao menor nível de investimentos realizados em melhorias
Redução de 35,1% nas Despesas Gerais e Administrativas devido, principalmente:
i) Redução nas despesas de contingências de 65,3%, devido a menor volume, atípico em relação a média nossa histórica, no pagamento de execuções definitivas no semestre
ii) Redução de 15,1% de serviços de terceiros em virtude do esforço da Companhia para renegociar os contratos vigentes
Finalmente a redução de 11,9% nos Custos de O&M deve-se, sobretudo:
i) à reprogramação de atividades de operação e manutenção em atendimento as necessidades técnicas e de acordo com restrições de intervenção no sistema;
ii) internalização de parte de serviços de O&M.
A respectiva receita de construção é calculada acrescendo-se as alíquotas de PIS e COFINS ao valor do custo do investimento. Para as subsidiárias em fase pré-operacional acrescenta-se ao valor do custo do investimento as despesas gerais administrativas e despesas financeiras. Os projetos embutem margem suficiente para cobrir os custos de construção mais determinadas despesas do período de construção.
Os custos de construção acompanham a variação da receita de construção, que passou a ter maior representatividade nos custos totais, uma vez que, com o reconhecimento da receita de construção para Melhorias (Dezembro de 2013), a parcela de gastos correspondentes a estas melhorias é registrada como custo de construção e não mais como custo de operação e manutenção. Tal efeito aumenta o custo de construção e reduz o custo de operação e manutenção.
TROCAR VIRGULAS PARA PONTOS
Controlling Company Subsidiaries
Slide 8 - O resultado financeiro consolidado atingiu receita de R$ 16,5 million no 1S14 apresentando redução de 67,6% em relação aos R$ 50,9 million no 1S13, a saber:
i) Redução do reconhecimento de receitas de variação monetária e de juros ativos no montante de R$ 93,6 million no 1S13, comparado com R$ 54,7 million no 1S14, referentes à atualização pelo IPCA + 5,59% do Contas a Receber de ativo de indenização – Lei nº 12.783, sendo que no 1T13 a maior parte dessa atualização refere-se a parcela recebida à vista (50% do total). O saldo está sendo recebido em parcelas mensais até julho de 2015; e
ii) Redução dos juros e encargos sobre empréstimos e financiamentos, devido à liquidação de alguns contratos na Controladora.
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3Q13 ex-Provision SEFAZ
As despesas com imposto de renda e contribuição social somaram R$ 45,8 no 1S14, frente a R$ 16,6 million no 1S13. A taxa efetiva foi de 20,7% no 1S14 comparado com 12,3% em 1S13.
Em decorrência dos fatores mencionados anteriormente, o lucro líquido do 1S14 atingiu R$ 175,7 million, um aumento de 48,4% em relação ao 1S13. O lucro por ação, básico e diluído, atingiu R$ 1,15.
Considerando a exclusão do efeito líquido do crédito extemporâneo de PIS e COFINS, o lucro líquido seria de R$ 161,6 million no 9M14.
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Loans and Financing (R$ million)
Gross Debt
Short Term
Long Term
Cash and Cash Equivalents
Net debt
Slide 10 - A dívida bruta consolidada em 30 de junho de 2014 somou R$ 1.308,9 million, aumento de 5,6% em relação a ao final de 2013 quando registrou R$ 1.239,5 million. As disponibilidades da Companhia somavam R$ 533,0 million, valor R$ 67,0 million inferior ao registrado em 31 de dezembro de 2013.
Dessa forma, a dívida líquida consolidada totalizou R$ 775,9 million, representando um aumento de 21,3% em relação à dívida líquida ao final de 2013. A variação é decorrente, principalmente da captação, junto ao BNDES, no montante de R$ 124,1 million e R$ 26,9 million ocorrida em janeiro e junho de 2014, respectivamente, conforme contrato de empréstimo assinado em dezembro de 2013, no montante de R$ 391,3 million. Também no 1S14, a CTEEP efetuou o pagamento de parcela de principal e juros referentes à 1ª Emissão de Debêntures de 1ª e 2ª séries.
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Future Cash from Receivables (NI)
NI Indemnification receivable (forecasted)
Financial Income without NI indemnification receivable (forecasted)
Total
Cash and Cash Equivalents on September 30, 2014: R$ 777.7 million
Controlling Company Subsidiaries
Slide 12 – The average cost of consolidated debt increased from 9.5% p.a. on December 31, 2013 to 10.0 % p.a. on June 30, 2014. This increase was principally due to the increase in the CDI curve. The average consolidated debt maturity on June 30, 2014 remained at the same level as December 31, 2013 of 2.6 years.
CTEEP 2014 maturities
BNDES – R$ 76.8 million
Debentures – R$ 163.8 million (December/14)
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CTEEP debt (Equity Income) 06/30/2014
Company Source Interest Maturity CTEEP’s Stake
TOTAL (R$ million)