Post on 23-Jan-2015
description
Your energyINSPIRES US1
2Q12 Results PresentationSão Paulo, August 14th 2012
Your energyINSPIRES US2
Capital Market Performance
2Q12 Results
CTEEP
Highlights of the Quarter
Your energyINSPIRES US3
CTEEP Profile
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
� 12,993 Km of transmission lines;
� 18,782 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 energyINSPIRES US4
Expansion of national Territory
A estratégia da CTEEP é baseada no crescimento sust entável 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 energyINSPIRES US5
2Q12 Results
Highlights of the Quarter
CTEEP
Capital Market Performance
Your energyINSPIRES US6
Rating Fitch
� In June, Fitch Ratings assigned a ‘AA+(bra)’ Long-Term National Rating to
Transmissão de Energia Elétrica Paulista S.A. (CTEEP).
� CTEEP’s ratings reflect the Company’s strong financial profile characterized by
manageable leverage, stable cash flow generation and predictable and low business risk.
Your energyINSPIRES US7
Acquisition of Evrecy Participações
� Acquisition of 100% of the shares of Evrecy,
from EDP – Energias do Brasil S.A. (“EDP”) for R$
58MM. Concession expires on July 17, 2025.
States of Minas Gerais and Espírito Santo:
� TL 230 kV Governador Valadares/Conselheiro
Pena;
� TL Conselheiro Pena/Aimorés,
� TL Aimorés /Mascarenhas
� 154 km in length
� SS Mascarenhas 500 MVA
� RAP of R$ 8,205,061 (RAP Cycle 2011/2012).
� Additional RAP for complementary work on SS
Conselheiro Pena of R$ 1,196,305
(baseline: Dec/2010)
Your energyINSPIRES US8
2Q12 Results
Highlights of the Quarter
CTEEP
Capital Market Performance
Your energyINSPIRES US9
Highlights
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
� Gross Operation Revenue: R$ 758.5 million
� Net Operation Revenue: R$ 659.4 million
� EBITDA: R$ 346.8 million
�EBITDA Margin: 52.6%
� Net Income: R$ 201.2 million
Your energyINSPIRES US10
Gross Operating Revenue
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$ million)
Your energyINSPIRES US11
Net Operating Revenue
(R$ million)
690.7659.4
1,297.8 1,310.8
2Q11 2Q12 1H11 1H12
Your energyINSPIRES US12
Maintenance Services Costs and OperatingExpenses
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$' 000) 2Q12 2Q11Change %
2Q12/2Q111H12 1H11
Change %
1H12/1H11
Personnel (48,509) (40,736) 19.1% (96,683) (79,536) 21.6%
Material (115,213) (209,955) -45.1% (240,807) (356,576) -32.5%
Leases and rentals (2,177) (2,346) -7.2% (4,321) (4,201) 2.9%
Services (107,879) (63,449) 70.0% (182,718) (126,691) 44.2%
Other (3,834) (3,633) 5.5% (9,996) (8,852) 12.9%
Total (277,612) (320,119) -13.3% (534,525) (575,856) -7.2%
Cost of Services
Your energyINSPIRES US13
General and Administrative Expenses
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$' 000) 2Q12 2Q11Change %
1Q12/1Q111H12 1H11
Change %
1H12/1H11
Personnel (12,407) (10,630) 16.7% (25,325) (20,406) 24.1%
Material (188) (399) -52.9% (691) (652) 6.0%
Leases and rentals (1,612) (1,209) 33.3% (3,077) (2,203) 39.7%
Services (11,788) (8,376) 40.7% (25,545) (19,828) 28.8%
Depreciation (1,025) (1,639) -37.5% (2,292) (3,152) -27.3%
Contingencies (4,434) (12,606) -64.8% (10,010) (18,188) -45.0%
Other (4,603) (3,969) -16.0% (14,156) (10,052) 40.8%
Total (36,057) (38,828) -7.1% (81,096) (74,481) 8.9%
General and Administrative Expenses
Your energyINSPIRES US14
Ebitda and Ebitda Margin
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$ million)
333.4 346.8
650.6 697.5
48.3% 52.6% 50.13% 53.21%
-1000.0%
-800.0%
-600.0%
-400.0%
-200.0%
0.0%
200.0%
1.0
351.0
701.0
1,051.0
2Q11 2Q12 1H11 1H12
Ebitda Ebitda Margin
Your energyINSPIRES US15
Net Income
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor(R$ million)
200.5 201.2
406.3 406.3
2Q11 2Q12 1H11 1H12
Your energyINSPIRES US16
Capital Structure
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(*) with Swap 103,5% CDI
(**) with Swap 98,3% CDI
(***) The cost of debt is 8.5% annually, including a performance bonus of 1.5%..
BNDES
TJLP + 2.3% year 6/15/2015 281,409 328,318
TJLP + 1.8% year 6/15/2015 168,894 196,251
IEMG TJLP + 2.4% year 4/15/2023 55,077 57,631
TJLP + 2.8% year 1/15/2013 235,052 229,947
TJLP + 2.8% year 1/15/2013 144,468 71,890
5,5% year 5/15/2025 5,062 5,328
TJLP + 2.4% year 1/15/2021 4,982 4,240
5,5% year 5/15/2026 49,646 49,562
TJLP + 2.6% year 1/15/2021 78,035 75,872
TJLP + 1.9% year 5/15/2026 51,609 48,282
TJLP + 1.5% year 5/15/2026 44,726 42,217
Comercial Papers
5th Series - CTEEP CDI + 0.4% year 7/5/2012 332,115 316,885
4th Series - CTEEP CDI + 0.4% year 1/12/2012 - 223,048
6th Series - CTEEP 104,9% CDI year 1/5/2013 417,886
2nd
Series - IEMadeira 106,5% do CDI year 10/24/2012 150,260 -
Debentures
1s t Issuance - CTEEP CDI + 1.3% year 12/15/2014 490,249 490,736
2nd Issuance - CTEEP IPCA + 8.1% year 12/15/2017 66,348 67,117
Single Series - IEMadeira 106.5% CDI year 9/15/2012 229,420 221,608
Banks
USD + 4% year * 4/26/2013 131,620 122,077
USD + 2.1% year ** 10/21/2013 173,211 159,116
CDI + 2.0% year 10/21/2013 4,510 4,365
10.0% year - 55,069 55,898
Eletrobras 8% year 11/15/2021 366 391
Leasing - - 467 619
3,170,481 2,771,398TOTAL CONSOLIDATED
4Q11
CTEEP
IENNE
FUNDING CHARGES MATURITY 2Q12
IEMADEIRA
SERRA DO JAPI
CTEEP
IESUL
PINHEIROSTJLP
35.3%
CDI51.2%
IPCA2.5%
Others11.4%
Distribuition of debt burdens
BNDES35.3%
Comercial Papers28.4%
Debentures24.8%
Banks12.4%
Distribuition of debt
contracting
Your energyINSPIRES US17
Breakdown of Net Debt
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
� As a contractual obligation under its financing
agreements, the Company must comply with
quarterly and semi-annually determined
covenants on the basis for the financial
statements for these periods and prepared in
line with generally adopted accounting practices
in Brazil. The Company’s principal covenant is
the Net Debt to Ebitda ratio that should be
equal or less than 3.5.
2,564.1
2,959.8
1.0
351.0
701.0
1,051.0
1,401.0
1,751.0
2,101.0
2,451.0
2,801.0
4T11 2T12
Net Debt
(R$ million)
1.82.0
Net Debt/EBITDA (Last 12 months)
� At the end of 2Q12, net debt was R$ 2,959.8 million, representing an increase of 15.4 % over outstanding
debt in 4Q11. The net debt to shareholders equity ratio at the end of 2Q12 was 63.8%.
Your energyINSPIRES US18
2Q12 Results
Highlights of the Quarter
CTEEP
Capital Market Performance
Your energyINSPIRES US19
Capital Market
80.00
90.00
100.00
110.00
120.00
130.00
January-12 February-12 March-12 April-12 May-12 June-12
TRPL3 TRPL4 IBOVESPA IEE
+8.59%
-4.23%
+10.54%
+25.93%
(base 31/12/2011 = 100)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12
Trading Financial 1H12(R$ million)
Total R$ 1,192 milhões Daily Avarege/ Dia R$ 9.5 milhões
� 104.444 thousand trading
transactions in 1H12 (829
daily average traded);
� Present on all trade days;
� Component of Ibovespa;
� R$ 10.0 billion market
capitalization.
Your energyINSPIRES US20
Shareholder’s Remuneration
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
� In 2Q12, CTEEP paid out to its shareholders R$ 63.9 million as interest on shareholders’ equity, corresponding to
R$ 0.4189 per share for both types of share and R$ 81.7 million as dividends equivalent to R$ 0.5350 per share,
again for both types.
EVENT DATE TOTAL P/SHARE
Dividends 50,331,754.67 0.329695
JCP 63,949,929.58 0.4189
AGO/E 4/16/2012 Dividends 31,348,975.09 0.205349 2011
145,630,659.34 0.953944
AMOUNT R$TYPE
3/29/2012 2012
DATE OF PAYMENT FISCAL YEAR
4/30/2012
AUTHORIZED
RCA
TOTAL OF PAYMENT - 2Q12
Your energyINSPIRES US21
Disclaimer
A estratégia da CTEEP é baseada no crescimento sust entável 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.
Your energyINSPIRES US22
Investor Relations
Phone: 55 11 3138-7557
ri@cteep.com.br
www.cteep.com.br/ri