Presentation 4Q12
- 1. Your energy INSPIRES US1 2012 Results Presentation São Paulo, February 26 2012
- 2. Your energy INSPIRES US2 Capital Market Performance 2012 Results CTEEP
- 3. Your energy INSPIRES US3 CTEEP Profile A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor13,723 Km of transmission lines; 18,794 Km of circuits; 2,488 Km of optic fiber cables 106 substations. 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; 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.
- 4. Your energy INSPIRES US4 Expansion of national Territory A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valorLargest Non-stop Transmission Lines under construction in the world (IEMadeira) Starting in the continuous current technology Relevant Interconnection Projects in the North of Brazil Major supporting Works in the South and Southeast of Brazil In Operating In Construction EVRECY* Acquisition of Assets
- 5. Your energy INSPIRES US5 53.86% 10.59% 7,22% Preferred Shares– TRPL4 (58% of the total) 89.50% 9.75% 0.75% Ordinary Shares- TRPL3 (42% of the total) ISA Capital do Brasil Eletrobrás Others Shareholders Total Capital Stock Eletrobrás Secretaria da Fazenda do Estado Others Shareholders Shareholder Breakdown–31/12/12 Vinci 53.86% 37.81% 35.23% 16.67% 6.12% 4.17% Eletrobrás Secretaria da Fazenda do Estado Others Shareholders Vinci ISA Capital do Brasil
- 6. Your energy INSPIRES US6 Capital Market Performance 2012 Results CTEEP
- 7. Your energy INSPIRES US7 Results 2011 2012 Var % 2011x2012 2011 2012 Var % 2011x2012 Gross Operating Revenue 2,302.7 2,169.4 -5.8% 3,268.7 3,173.9 -2.9% Revenue from Construction Services 265.4 149.3 -43.7% 1,103.7 976.7 -11.5% Revenue from Operational and Maintenance Services 540.6 587.2 8.6% 555.1 594.7 7.1% Financial Revenue 1,477.0 1,412.6 -4.4% 1,590.0 1,584.8 -0.3% Others 19.7 20.3 3.0% 19.9 17.7 -11.1% Deductions from Operating Revenue -276.9 -281.0 1.5% -367.9 -354.9 -3.5% Net operating revenue 2,025.8 1,888.4 -6.8% 2,900.8 2,819.0 -2.8% Other General and Administrative Expenses -699.1 -729.7 4.4% -1,444.3 -1,433.7 -0.7% Other Operating (Expenses) - Income - ex goodwill -2.1 84.1 -4104.8% -2.0 86.6 -4430.0% Equity 57.6 98.1 70.3% - - 0.0% EBITDA 1,382.3 1,340.8 -3.0% 1,454.6 1,471.9 1.2% % Margem EBITDA 68.2% 71.0% 4.1% 50.1% 52.2% 4.1% Depreciation -34.9 -33.8 -3.2% -34.9 -33.8 -3.2% EBIT 1,347.4 1,307.0 -3.0% 1,419.7 1,438.1 1.3% Financial Results -158.9 -123.8 -22.1% -200.5 -211.4 5.4% Operating Income 1,188.4 1,183.3 -0.4% 1,219.1 1,226.7 0.6% Income tax and social contribuition -273.1 -339.8 24.4% -303.8 -383.2 26.1% Net Income 915.3 843.5 -7.8% 915.3 843.5 -7.8% Results (R$ million) COMPANY CONSOLIDATED
- 8. Your energy INSPIRES US8 Gross Operating Revenue A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor (R$ million) 265.4 149.3 540.6 587.2 1,477.0 1,412.6 19.7 20.3 2,302.7 2,169.4 2011 2012 Construction Operation and Maintenance Financial Others 1,103.7 976.7 555.1 594.7 1,590.0 1,584.8 19.9 17.7 3,268.7 3,173.9 2011 2012 Construction Operation and Maintenance Financial Others Company Consolidated
- 9. Your energy INSPIRES US9 Costs and Expenses A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor 2011 2012 Var % 2011x2012 2011 2012 Var % 2011x2012 Personnel -204.2 -241.8 18.4% -210.8 -253.8 20.4% Material -171.8 -157.5 -8.3% -705.3 -549.5 -22.1% Services -264.3 -227.4 -14.0% -467.8 -520.5 11.3% Other -64.9 -108.1 66.5% -66.5 -114.8 72.7% Total -705.2 -734.8 4.2% -1,450.4 -1,438.7 -0.8% Cost and Expenses (R$ '000) Company Consolidated
- 10. Your energy INSPIRES US10 Other Operating Income and (expenses) (ex Goodwill) Note: Excludes the amortization of goodwill of $ 28.8 million 2011 2012 Var % 2011x2012 2011 2012 Var % 2011x2012 Update VNR accounts receivable NI and SE - 4,444.5 - - 4,444.5 - Lower accounts receivable Built NI and SE - -2,724.6 - - -2,724.6 - Recognition of provision at cost - SE - -1,535.3 - - -1,535.3 - Low values in replacement stock investments - NI SE - -87.1 - - -87.1 - Others (2.1) -13.4 538.1% (2.0) -10.9 445.0% Total -2.1 84.1 -4104.8% (2.0) 86.7 -4435.0% ConsolidatedOther Operating Income and (Expenses) (R$ million) Company
- 11. Your energy INSPIRES US11 Ebitda and Ebitda Margin A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor (R$ million) 2011 2012 Var % 2011x2012 2011 2012 Net Income 915.3 843.5 -7.8% 915.3 843.5 -7.8% Income tax and social contribuition 273.2 339.8 24.4% 303.8 383.2 26.1% Financial Results 159.0 123.8 -22.1% 200.5 211.4 5.4% Leases and rentals 34.9 33.8 -3.2% 34.9 33.8 -3.2% EBITDA 1,382.3 1,340.8 -3.0% 1,454.6 1,471.9 1.2% EBITDA Margin 68.2% 71.0% 2.8 p.p 50.1% 52.2% 2.10 p.p EBITDA - ICVM 527 Var % 2011x2012 Company Consolidated
- 12. Your energy INSPIRES US12 Financial Result (*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper. 2011 2012 Var % 2011x2012 2011 2012 Var % 2011x2012 Short-term investment yield 16.7 24.1 44.5% 25.6 29.9 16.9% Income / Expenses from financial operations (*) -183.9 -200.3 8.9% -214.4 -288.7 34.7% Foreign exchange varations - 45.7 - - 45.7 - Others 8.3 6.7 -19.2% -11.7 1.6 -114.1% Total -158.9 -123.8 -22.1% -200.5 -211.4 5.5% Financial Result (R$'million) Company Consolidated
- 13. Your energy INSPIRES US13 Net Income A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor (R$ million) 915.3 843.5 - 350.0 700.0 2011 2012
- 14. Your energy INSPIRES US14 Accounts Receivable (concession assets) Receivables from Construction services 260.6 41.2 2,800.4 3,102.2 5,306.3 SE - - - - 1,949.4 NI - - - - 1,408.0 NIA 260.6 - - 260.6 - Outros - 41.2 2,800.4 2,841.6 1,948.9 Receivables from O&M services (b) 258.3 2.0 8.9 269.2 244.1 Accounts Receivable Compensation (Existing System - SE and New Investments - NI) - MP 579 5,975.4 - - 5,975.4 - SE 3,026.3 - - 3,026.3 - NI 2,949.1 - - 2,949.1 - Accounts Receivable by reversal (d) 1.0 0.1 103.8 104.9 1,259.4 SE - - - - 175.4 NI - - - - 1,043.7 NIA 1.0 - - 1.0 - Outros - 0.1 103.8 103.9 40.3 Allowance for Doubtful Accounts (1,535.3) - - (1,535.3) - TOTAL 4,960.0 43.3 2,913.1 7,916.4 6,809.8 Accounts Receivable (concession assets) (R$ million) Contract 059/2001 Contract 143/2001 Contract Subsidiaries 2012 2011
- 15. Your energy INSPIRES US15 Breakdown of Net Debt A estratégia da CTEEP é baseada no crescimento sustentável com foco na contínua criação de valor 2011 2012 2011 2012 Debt 1,904.6 2,247.7 2,771.4 3,694.5 Short-term Debt 861.7 1,064.2 1,397.5 1,302.2 Long-term Debt 1,042.9 1,183.5 1,373.9 2,392.2 Cash 151.0 296.5 207.3 429.2 Cash 151.0 296.5 207.3 429.2 Net Debt 1,753.6 1,951.2 2,564.1 3,265.2 EBITDA 1,382.3 1,340.8 1,454.6 1,471.9 Covenant (Dívida Líquida/EBITDA) - - 1.8 2.2 Debt (R$million) Company Consolidated BNDES 39.1% Comercial Papers 16.6% Debêntures 35,6% Banks 12,2% Distribuition of debt contracting TJLP 39.1% CDI 45.3% IPCA 2,0% Others 12,0% Distribuition of debt burdens
- 16. Your energy INSPIRES US16 Debt Repayment 1,064.23 1,056.3 92.9 17.1 17.1 0.1 238.0 111.0 82.1 85,1 89.2 841.3 1,302.2 1,167.3 175.0 102,2 106.3 841.4 2013 2014 2015 2016 2017 Após 2017 Company Subsidiaries (R$ million)
- 17. Your energy INSPIRES US17 Investments In 2012, investments made by CTEEP in upgrading, modernization and improvements to existing assets, in the capitalization of labor and injection in subsidiaries totaled R$ 952.2 million, a reduction of 14.5% when compared to investments made in 2011 when this item was R$ 1.114.0 million. Investment Plan 20132012 (R$ million) 2013 Proprietary (A) 283.1 Complementary Projects and New Connections 174.2 PMT / PMIS 86.3 Corporative 9.7 Capitalization of Labor Costs 12.9 Investments - Subsidiaries (B) 674.3 IEMG 3.0 IENNE 0.6 IEPinheiros 37.9 IESul 20.2 IEMadeira 343.3 Serra do Japi 2.3 IEGaranhuns 258.4 Evrecy 8.6 TOTAL (A+B) 957.4
- 18. Your energy INSPIRES US18 Capital Market Performance 2012 Results CTEEP
- 19. Your energy INSPIRES US19 Capital Market Present on all trade days; Component of Ibovespa; R$ 5.8 billion market capitalization. 40.00 60.00 80.00 100.00 120.00 140.00 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 TRPL3 TRPL4 IBOVESPA IEE MP579 MP591 PortariasInterministeriais579e580 -11.72% +7.40% -43.11% -17.59%
- 20. Your energy INSPIRES US20 Capital Market 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Trading Financial 2012 (R$ million) Total R$ 3,589 million Daily Avarege / Day R$ 14.5 milhões - 1,000 2,000 3,000 4,000 5,000 6,000 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Trade Volume 2012 (units) Total Trades: 309,481 Daily Avarege/ Day: 1,248
- 21. Your energy INSPIRES US21 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.
- 22. Your energy INSPIRES US22 Investor Relations Phone: 55 11 3138-7557 ri@cteep.com.br www.cteep.com.br/ri