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Your energy INSPIRES US1
2012 Results PresentationSão Paulo, February 26 2012
Your energy INSPIRES US2
Capital Market Performance
2012 Results
CTEEP
Your energy INSPIRES US3
CTEEP Profile
A estratégia da CTEEP é baseada no crescimento sustentável
com foco na contínua criação de valor 13,723 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.
Your energy INSPIRES US4
Expansion of national Territory
A estratégia da CTEEP é baseada no crescimento sustentável
com foco na contínua criação de valor Largest 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
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 Fazendado Estado
Others Shareholders
Shareholder Breakdown–31/12/12
Vinci
53.86%
37.81%35.23%
16.67%
6.12%
4.17%
Eletrobrás
Secretaria da Fazendado Estado
Others Shareholders
Vinci
ISA Capital do Brasil
Your energy INSPIRES US6
Capital Market Performance
2012 Results
CTEEP
Your energy INSPIRES US7
Results
2011 2012Var %
2011x20122011 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
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 20.32,302.7 2,169.4
2011 2012Construction Operation and Maintenance Financial Others
1,103.7 976.7
555.1 594.7
1,590.0 1,584.8
19.9 17.73,268.7 3,173.9
2011 2012Construction Operation and Maintenance Financial Others
-5.8%
-2.9%
Company Consolidated
Your energy INSPIRES US9
Costs and Expenses
A estratégia da CTEEP é baseada no crescimento sustentável
com foco na contínua criação de valor
2011 2012Var %
2011x20122011 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
Your energy INSPIRES US10
Other Operating Income and (expenses)(ex Goodwill)
Note: Excludes the amortization of goodwill of $ 28.8 million
2011 2012Var %
2011x20122011 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
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 2012Var %
2011x20122011 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
Your energy INSPIRES US12
Financial Result
(*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper.
2011 2012Var %
2011x20122011 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$'million)
Company Consolidated
Your energy INSPIRES US13
Net Income
A estratégia da CTEEP é baseada no crescimento sustentável
com foco na contínua criação de valor
(R$ million)
915.3 843.5
-
350.0
700.0
2011 2012
-7.8%
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)
Contract059/2001
Contract143/2001
ContractSubsidiaries
2012 2011
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$million)
Company Consolidated
BNDES39.1%
Comercial Papers16.6%
Debêntures35,6%
Banks12,2%
Distribuition ofdebt contracting
TJLP39.1%
CDI45.3%
IPCA2,0%
Others12,0%
Distribuition of debtburdens
Your energy INSPIRES US16
Debt Repayment
1,064.23 1,056.3
92.9 17.1 17.1 0.1
238.0 111.0
82.1 85,1 89.2
841.3
1,302.2 1,167.3
175.0 102,2 106.3
841.4
2013 2014 2015 2016 2017 Após 2017
Company Subsidiaries
(R$ million)
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 2013 2012
(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
Your energy INSPIRES US18
Capital Market Performance
2012 Results
CTEEP
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
MP
579
MP
591
Port
aria
s In
term
inis
teri
ais 5
79 e
580
-11.72%
+7.40%
-43.11%
-17.59%
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
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.