Teleconference 4Q12

22
Your energy INSPIRES US 1 2012 Results Presentation São Paulo, February 26 2012

Transcript of Teleconference 4Q12

Page 1: Teleconference 4Q12

Your energy INSPIRES US1

2012 Results PresentationSão Paulo, February 26 2012

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Your energy INSPIRES US2

Capital Market Performance

2012 Results

CTEEP

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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.

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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

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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

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Capital Market Performance

2012 Results

CTEEP

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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)

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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

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Capital Market Performance

2012 Results

CTEEP

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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%

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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

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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.

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Investor Relations

Phone: 55 11 [email protected]

www.cteep.com.br/ri