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Presentation of Results - 2015
São Paulo, March 1º 2016
2
Highlights 2015
Desafios 2016
 Growth of 12,8% in Net Revenue and 19,1% in Ebitda, with margin of 48,1%
 Payment of R$ 365,9 MM in dividends
 Receipt of R$ 3,2 BI in NI indemnity, R$ 545,4 MM in 2015
 Review of the provision methodology for labor claims
Financial
Regulatory
 Conclusion of the Operation and Maintenance area restructuring
 Energization of 45 reinforcement projects with aditional RAP of R$26,4MM
 Startup the operations of IEGaranhuns
Operational
Regulatory
 DIT’s: Public hearing realized, contributions in review by ANEEL
 RBSE: ANEEL approval of the indemnity value in R$ 3,9 billions and wating
the publication of MME ordinance for the 1º quarter of 2016
3
IFRS Gross Operating Revenue - Consolidated
Gross Revenue
2015
1,442.1
154.9
+16.8%
Net Revenue
2015
1,287.2
Deduction
Others 1.0
Infrastructure 13.6
Operation and
Maintenance
88.9
Assets 104.2
Gross Revenue
2014
1,234.3
(R$ MM)
 Energization of 45 projects
with RAP growth of R$ 26,9
MM
 RAP correction by inflation
 Concession Assets:
monetary correction of the
period and new investments
 Inclusion of CAIMI in the
RAP, including retroactive
effect
Growth of 16,8% in Gross Revenue
Company Subsidiaries
4
Regulatory Gross Operating Revenue -
Consolidated
Growth of 13,6% in Gross Revenue
 Startup the operations of new
investments
 Rap correction by inflation
 Inclusion of CAIMI in the RAP,
including retroactive effect
+13.6%
Net Revenue
2015
889.5
Deductions 124.0
Gross Revenue
2015
1,013.5
Others 1.0
RAP
(O&M and CAAE*)
120.3
Gross Revenue
2014
892.2
(R$ MM)
Company Subsidiaries
**CAAE - Eletric Assets Annual Cost Remuneration
5
IFRS Breakdown of Costs and Expenses -
Consolidated
543.2
+5.4%
2015
Contigencies 54.6
488.6Sub-Total
Others(**)
Material
Services
0.6
2014(*)
8.3Personnel
16.0
463.7
(R$ MM)
(*) Includes R$ 21 MM of non-recurrent expenses in 2014
(**) Includes depreciation
 Wage bargain of 8,2%, june - 15
 Reorganization of activities and
optimization of the Operation and
Maintence structure
 Reduction on recurring costs of
materials and services
 Review of the provision
methodology for labor claims
Growth of recurrent costs in 5,4% vs inflation of 10,67% in the period
SubsidiariesCompany
6
Regulatory Breakdown of Costs and Expenses -
Consolidated
+1.8%
2015 578.2
Contigencies 54.6
Sub-Total 523.6
Others(*) 6.5
Material
Services
-2.4
Personnel 5.2
2014 514.4
(R$ MM)
Company Subsidiaries
* Includes depreciation
 Wage bargain of 8,2%,
june - 15
 Reorganization of
activities and optimization
of the Operation and
Maintence structure
 Review of the provision
methodology for labor
claims
Growth of former contigencies costs below inflation
7
IFRS Financial Result - Consolidated
2015 -4.5
Others
Interest and
expenses
-0.5
Monetary (net) -7.8
Interest
Receivable
-17.8
9.7
2014 11.9
Ending of RBNI receipt flow
(R$ MM)
 Reduction of financial
applications (cash)
 NI indemnity receipt
 Financial income for the
recognition of monetary
variation of judicial
deposits
 PIS and COFINS taxes
on financial income
8
IFRS Equity Income
Increase of R$ 56,5MM through the IEMadeira subsidiary
18,6
28,4
67,1
123,6
9,3
5,1
+77.5%
2015
161.3
2014
90.9
IEENE/IESULIEGaranhusIEMadeira
(R$ MM)
 Adjustment to the
2015/2016 RAP cycle
 Periodic Tariff
Revision (RTP) of
IEMadeira recognized
in 2014
 Financial Asset
IEGaranhuns
9
Regulatory Equity Income
59,0
67,0
-1,7-2,3
2,1
+18.8%
2015
67.4
2014
56.7
IENNE/IESULIEGaranhunsIEMadeira
(R$ MM)
 Adjustment to the
2015/2016 RAP cycle of
IEMadeira subsidiary.
 Beginning the operation
of IEGaranhuns.
10
IFRS basic earnings per share reached R$ 3,12807 in 2015
IFRS and Regulatory Net Income
284,6
249,7
517,2
379,7
2014 2015
+14.0%
+36.2%
20152014
(R$ MM)
▲ Recipiency of CAIMI to the RAP
▲ Equity income results of IEMadeira subsidiary
▲ Ex-contingencies costs below inflaction
▼ Financial Income: Aplications/RBNI balance reduction
IFRS Regulatory
11
Consolidated Ebitda as ICVM 527/12
2014 2015 2014 2015
Net Income 379.7 517.2 249.7 284.6
Income tax and social contribuition 80.5 92.4 44.5 56.1
Financial Results (11.9) 4.5 (11.9) 4.5
Depreciation and Amortization 41.2 40.9 77.4 83.0
EBITDA ICVM nº 527/12 2,462.3 2,629.1 359.6 428.2
EBITDA Margin 44.4% 50.9% 45.6% 48.1%
EBITDA
(R$ million)
IFRS Regulatory
12
77% of long term debt
Net Debt
▲ NI indemnity earnings of 545,4 MM
▲ BNDES disbursement clearence of R$ 103,9 MM
▼ BNDES debt service payment of R$ 108,9 MM
▼ 1st emission Debentures : payment of R$ 29,3MM (interests and principal)
▼ 3rd emission Debentures: payment of R$ 141,5MM (interests and principal)
(*) Company’s resources are concentrated on exclusives investments funds, that’s also being used for investments of Company’s subsidiaries and afiliates, it
reflects shares of high liquidity investments funds conversable in current Cash independently of the asset ‘s maturity.
Debt 1,191.9 1,096.7 -8.0%
Short-term Debt 215.9 251.9 16.7%
Long-term Debt 976.0 844.8 -13.4%
Cash 484.3 446.2 -7.9%
Net Debt 707.6 650.5 -8.1%
Debt
(R$ million)
2015 Δ%2014
13
R$ 475,2 MM de investimentos em 2016
Investiments
(*) Considers projects authorized and not authorized by ANEEL.
(**) Investments total represents CTEEP’s participation on it’s affiliates.
Investment Plan
R$ (million)
Accomplished
2015
Forecast
2016
CTEEP 223.1 356.9
Complementary Projects and New
Connections
214.2 347.9
Improvements 8.9 9.0
CONTROLADAS 39.3 17.7
COLIGADAS** 114.1 100.6
TOTAL 376.5 475.2
14
Thank you
Investor Relations
 Tel: +55 11 3138-7557
 ri@cteep.com.br
 www.cteep.com.br/ir
15

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CTEEP Results Presentation 2015

  • 1. 1 Presentation of Results - 2015 São Paulo, March 1º 2016
  • 2. 2 Highlights 2015 Desafios 2016  Growth of 12,8% in Net Revenue and 19,1% in Ebitda, with margin of 48,1%  Payment of R$ 365,9 MM in dividends  Receipt of R$ 3,2 BI in NI indemnity, R$ 545,4 MM in 2015  Review of the provision methodology for labor claims Financial Regulatory  Conclusion of the Operation and Maintenance area restructuring  Energization of 45 reinforcement projects with aditional RAP of R$26,4MM  Startup the operations of IEGaranhuns Operational Regulatory  DIT’s: Public hearing realized, contributions in review by ANEEL  RBSE: ANEEL approval of the indemnity value in R$ 3,9 billions and wating the publication of MME ordinance for the 1º quarter of 2016
  • 3. 3 IFRS Gross Operating Revenue - Consolidated Gross Revenue 2015 1,442.1 154.9 +16.8% Net Revenue 2015 1,287.2 Deduction Others 1.0 Infrastructure 13.6 Operation and Maintenance 88.9 Assets 104.2 Gross Revenue 2014 1,234.3 (R$ MM)  Energization of 45 projects with RAP growth of R$ 26,9 MM  RAP correction by inflation  Concession Assets: monetary correction of the period and new investments  Inclusion of CAIMI in the RAP, including retroactive effect Growth of 16,8% in Gross Revenue Company Subsidiaries
  • 4. 4 Regulatory Gross Operating Revenue - Consolidated Growth of 13,6% in Gross Revenue  Startup the operations of new investments  Rap correction by inflation  Inclusion of CAIMI in the RAP, including retroactive effect +13.6% Net Revenue 2015 889.5 Deductions 124.0 Gross Revenue 2015 1,013.5 Others 1.0 RAP (O&M and CAAE*) 120.3 Gross Revenue 2014 892.2 (R$ MM) Company Subsidiaries **CAAE - Eletric Assets Annual Cost Remuneration
  • 5. 5 IFRS Breakdown of Costs and Expenses - Consolidated 543.2 +5.4% 2015 Contigencies 54.6 488.6Sub-Total Others(**) Material Services 0.6 2014(*) 8.3Personnel 16.0 463.7 (R$ MM) (*) Includes R$ 21 MM of non-recurrent expenses in 2014 (**) Includes depreciation  Wage bargain of 8,2%, june - 15  Reorganization of activities and optimization of the Operation and Maintence structure  Reduction on recurring costs of materials and services  Review of the provision methodology for labor claims Growth of recurrent costs in 5,4% vs inflation of 10,67% in the period SubsidiariesCompany
  • 6. 6 Regulatory Breakdown of Costs and Expenses - Consolidated +1.8% 2015 578.2 Contigencies 54.6 Sub-Total 523.6 Others(*) 6.5 Material Services -2.4 Personnel 5.2 2014 514.4 (R$ MM) Company Subsidiaries * Includes depreciation  Wage bargain of 8,2%, june - 15  Reorganization of activities and optimization of the Operation and Maintence structure  Review of the provision methodology for labor claims Growth of former contigencies costs below inflation
  • 7. 7 IFRS Financial Result - Consolidated 2015 -4.5 Others Interest and expenses -0.5 Monetary (net) -7.8 Interest Receivable -17.8 9.7 2014 11.9 Ending of RBNI receipt flow (R$ MM)  Reduction of financial applications (cash)  NI indemnity receipt  Financial income for the recognition of monetary variation of judicial deposits  PIS and COFINS taxes on financial income
  • 8. 8 IFRS Equity Income Increase of R$ 56,5MM through the IEMadeira subsidiary 18,6 28,4 67,1 123,6 9,3 5,1 +77.5% 2015 161.3 2014 90.9 IEENE/IESULIEGaranhusIEMadeira (R$ MM)  Adjustment to the 2015/2016 RAP cycle  Periodic Tariff Revision (RTP) of IEMadeira recognized in 2014  Financial Asset IEGaranhuns
  • 9. 9 Regulatory Equity Income 59,0 67,0 -1,7-2,3 2,1 +18.8% 2015 67.4 2014 56.7 IENNE/IESULIEGaranhunsIEMadeira (R$ MM)  Adjustment to the 2015/2016 RAP cycle of IEMadeira subsidiary.  Beginning the operation of IEGaranhuns.
  • 10. 10 IFRS basic earnings per share reached R$ 3,12807 in 2015 IFRS and Regulatory Net Income 284,6 249,7 517,2 379,7 2014 2015 +14.0% +36.2% 20152014 (R$ MM) ▲ Recipiency of CAIMI to the RAP ▲ Equity income results of IEMadeira subsidiary ▲ Ex-contingencies costs below inflaction ▼ Financial Income: Aplications/RBNI balance reduction IFRS Regulatory
  • 11. 11 Consolidated Ebitda as ICVM 527/12 2014 2015 2014 2015 Net Income 379.7 517.2 249.7 284.6 Income tax and social contribuition 80.5 92.4 44.5 56.1 Financial Results (11.9) 4.5 (11.9) 4.5 Depreciation and Amortization 41.2 40.9 77.4 83.0 EBITDA ICVM nº 527/12 2,462.3 2,629.1 359.6 428.2 EBITDA Margin 44.4% 50.9% 45.6% 48.1% EBITDA (R$ million) IFRS Regulatory
  • 12. 12 77% of long term debt Net Debt ▲ NI indemnity earnings of 545,4 MM ▲ BNDES disbursement clearence of R$ 103,9 MM ▼ BNDES debt service payment of R$ 108,9 MM ▼ 1st emission Debentures : payment of R$ 29,3MM (interests and principal) ▼ 3rd emission Debentures: payment of R$ 141,5MM (interests and principal) (*) Company’s resources are concentrated on exclusives investments funds, that’s also being used for investments of Company’s subsidiaries and afiliates, it reflects shares of high liquidity investments funds conversable in current Cash independently of the asset ‘s maturity. Debt 1,191.9 1,096.7 -8.0% Short-term Debt 215.9 251.9 16.7% Long-term Debt 976.0 844.8 -13.4% Cash 484.3 446.2 -7.9% Net Debt 707.6 650.5 -8.1% Debt (R$ million) 2015 Δ%2014
  • 13. 13 R$ 475,2 MM de investimentos em 2016 Investiments (*) Considers projects authorized and not authorized by ANEEL. (**) Investments total represents CTEEP’s participation on it’s affiliates. Investment Plan R$ (million) Accomplished 2015 Forecast 2016 CTEEP 223.1 356.9 Complementary Projects and New Connections 214.2 347.9 Improvements 8.9 9.0 CONTROLADAS 39.3 17.7 COLIGADAS** 114.1 100.6 TOTAL 376.5 475.2
  • 14. 14 Thank you Investor Relations  Tel: +55 11 3138-7557  ri@cteep.com.br  www.cteep.com.br/ir
  • 15. 15