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2013 Results Presentation
São Paulo, February, 28 2014
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Agenda
Financial Results 2013
Capital Market Performance
2013 Highlights
Other Highlights
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Economic and Financial
net operating revenue of R$ 981.2 million
success in lengthening the debt profile
net income of R$ 31.9 million
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Operations
lowest level of Unsupplied Energy in 8 years
1740
.84
1343
.53
1331
.53
1229
.91
1285
.17
1208
.41
1057
.36
980.
70
622.
90
2005 2006 2007 2008 2009 2010 2011 2012 2013
MW
h
ENES
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Growth
BRL 800 million in investments.We added 1,035 MVA of installed power.
Startup in operations of the Madeira Complex transmission line
priority for pending compensation for pre-May 2000 assets.
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Agenda
Financial Results 2013
Capital Market Performance
2013 Highlights
Other Highlights
7
Gross Operating Revenue
2013 2012 Δ% 2013 2012 Δ%
Construction 219.1 149.3 46.8% 267.9 208.1 28.7%
Operation and Maintenance
563.1 587.2 (4.1%) 586.6 592.3 (1.0%)
Financial 140.5 1,412.6 (90.1%) 242.7 1,467.3 (83.5%)
Others 22.4 20.3 10.3% 21.2 19.5 8.7%
Total 945.0 2,169.4 (56.4%) 1,118.3 2,287.2 (51.1%)
Gross Revenue (R$ million)
Company Consolidated
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1,888.4
822.2
126.6
158.9
2,015.0
981.2
2012 2013
Company Subsidiaries
Net Operating Revenue
-51.3%
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Costs of Construction Services, O&M and Operating Expenses
2013 2012 Δ% 2013 2012 Δ%
Personnel (252.3) (241.8) 4.3% (260.2) (249.1) 4.5%
Material (95.4) (157.5) (39.4%) (148.6) (207.2) (28.3%)
Services (205.9) (227.4) (9.5%) (213.8) (232.7) (8.1%)
Leases and rentals (14.0) (14.6) (4.1%) (14.4) (14.9) (3.4%)
Contingencies (51.1) (44.3) 15.3% (51.1) (44.3) 15.3%
Depreciation (7.3) (5.0) 46.0% (7.3) (5.0) 46.0%
Others (26.2) (44.2) (40.7%) (27.4) (47.1) (41.8%)
Subtotal (652.3) (734.8) (11.2%) (722.8) (800.4) (9.7%)
Construction costs 198.8 135.5 46.7% 243.8 182.8 33.4%
Total (453.5) (599.3) (24.3%) (479.0) (617.6) (22.4%)
Cost and Expenses (R$ '000)
ConsolidatedCompany
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In 2013, the other operating income (expenses) account represents an expense of R$ 531.7 million
Main impact was the provision for losses on the realization of receivables due from the State Government of São Paulo’s Department of Finance (SEFAZ-SP) worth R$ 516.3 million during the third quarter of 2013
Other Operating Income (Expenses)
Other Operating Income (Expenses)(R$ million)
2013 2012
Operating Income 18.4 4,457.5
Operating Expenses (33.8) (4,399.6)
SEFAZ-SP Provision (516.3) 0
(531.7) 57.9
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Financial Result
2013 2012 Δ% 2013 2012 Δ%
Interest Receivable 170.8 31.5 441.5% 172.7 32.9 425.6%
Monetary (net) 66.1 45.7 (44.7%) 66.1 45.7 (44.7%)
Financial Expenses* (44.6) (50.2) (30.3%) (45.0) (51.1) (31.7%)
Total 90.1 (123.8) 172.8% 72.2 (143.9) 150.2%
Financial Result (R$ million)
Company Consolidated
(*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper.
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EBITDA
2013 2012 2013 2012
Net Income 31.9 843.5 31.9 843.5
Income tax and social contribuition (182.0) 339.8 (169.2) 349.3
Financial Results (90.1) 123.8 (72.2) 143.9
Leases and rentals/Amortization 39.7 33.8 39.7 33.8
EBITDA ICVM 527/12 (200.4) 1,340.8 (169.8) 1,370.5
SEFAZ-SP Provision 516.3 - 516.3 -
EBITDA ex- SEFAZ Provision 315.9 1,340.8 346.5 1,370.5Ebitda Margin 0.384212543 0.710028214 0.353186203 0.68012768
EBITDA Margin 38.4% 71.0% 35.3% 68.0%
EBITDA (R$ million)
Company Consolidated
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Net Debt
(*) 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.
-71.1%
Debt 1,239.5 2,521.0
Short-term Debt 377.7 1103.2
Long-term Debt 861.8 1,417.8
Cash* 600.0 309.6
Net Debt 639.5 2,211.4
Debt(BRLm)
3Q13 2012
14
40.2%
53.4%
6.1%
0.3%
TJLP CDI IPCA Others
40.2%
59.5%
0.3%
BNDES Debentures Banks Others
Debt
Distribuition of debt contracting
25,7%
17,2% 44,6%
12,5%
BNDES NPs Debêntures Bancos
Interest Rate
2013
2012
25,7%
59,0%
2,8%
12,5%
TJLP CDI IPCA Outros
2013
2012
40.2%
59.5%
0.3%
BNDES Debentures Banks Others
40.2%
53.4%
6.1%
0.3%
TJLP CDI IPCA Others
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Amortização da Dívida - Consolidado
(R$ milhões)
338,0
93,6
184,3 184,3166,7
0.0 0.0 -
39,6
26,5
26,5 26,5 26,5
74,9
25,50
377.7
120.1
210.8 210.8 193.2
26.5
2014 2015 2016 2017 2018 2019 2020 a 2024 2025 a 2030
Company Subsidiaries
Future Cash (NI) 2014 2015 Total
Accounts Receivable (NI) - (projection) 569.5 332.2 901.7
Interest Income on the Accounts Receivable (projection)
69.3 12.0 81.3
Total 638.8 344.2 983.0
Cash and Financial Investments on 12/31/13: R$ 600.0 millions
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Debt 2013Company 967.0Controlled companies* 272.5Total Consolidated 1,239.5
Controlled companies run jointly with third parties
1,423.2
IE Madeira (51%) 1,245.1IENNE (25%) 57.9IE Garanhuns (51%) 101.2IE SUL (50%) 18.9
Debt
(*) IEMG, IE Pinheiros, Serra do Japi
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Investments
R$ (million) 2013Forecast
2014
Proprietary (A) 224.9 247.3
Complementary Projects and New Connections 155.2 194.6
Improvements 49.9 31.0
Corporative 5.3 8.4
Capitalization of Labor Costs 14.5 13.3
Investments - Subsidiaries (B) 590.5 366.9
IEMG 6.3 5.5
IENNE 0.4 0.5
IEPinheiros 39.4 31.1
IESul 21.9 9.4
IEMadeira 344.6 137.0
Serra do Japi 3.6 5.1
IEGaranhuns 166.1 177.1
Evrecy 8.3 1.3
TOTAL (A+B) 815.4 614.2
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Agenda
Financial Results 2013
Capital Market Performance
2013 Highlights
Other Highlights
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Capital Market Performance
Total Trade: 272, 2 mil
until 12/31/2013
Daily Average/Day
1,074
Market Value
12/31/2013 R$ 5,2
billion
Share Performance until 12/31/2013
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
Trade Financial - 12/31/2013(R$ million)
Total R$ 1,922 Million Daily Average / Day R$ 7.6 million
70.00
100.00
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
TRPL3 TRPL4 IBOVESPA IEE
-8.83%
-15.50%-18.40%
-1.12%
(base 12/31/2012 = 100)
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Agenda
Financial Results 2013
Capital Market Performance
2013 Highlights
Other Highlights
21
Principal Challenges for CTEEP in 2014
The rollover of the 059 agreement extended CTEEP’s concession for an additional 30-year term. The initial conditions of the agreement are well below the previous ones, with a reduction of 70% in Annual Allowed Revenue
The recovery in growth capacity and CTEEP’s shareholder remuneration is conditional on:
Increase inoperating efficiency
Receipt of fair compensation
Increase of returns from the
investments
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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.
