CTEEP Results Presentation 2015
15
1 Presentation of Results - 2015 São Paulo, March 1º 2016
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Transcript of CTEEP Results Presentation 2015
1
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
488.6 Sub-Total
Others(**)
Material
Services
0.6
2014(*)
8.3 Personnel
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
Subsidiaries Company
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
18,628,4
67,1
123,6
9,3
5,1
+77.5%
2015
161.3
2014
90.9
IEENE/IESUL IEGaranhus IEMadeira
(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/IESUL IEGaranhuns IEMadeira
(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
284,6249,7
517,2
379,7
2014 2015
+14.0%
+36.2%
2015 2014
(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
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