1
APIMEC 2013
and Presentation of Results for 2Q13
São Paulo - August 15th, 2013
2
APIMEC 12 –Year Seal
3
Agenda
CTEEP - Operating Performance
Financial Results 2Q13 and 1H13
ISA and CTEEP – Strategic Review
Annual Tariff Read...
4
ISA - Profile
More than 48 years of experience in the energy transmission sector
Assets in energy transmission, telecomm...
5
MEGA Achievements
Targets for 2016 Goals reached by 2012
Revenue of USD 3.5 billion USD 2.434 billion (70%)
80% of reven...
6
Up to the current time ISA’s growth exceeded targets
<Progress at MEGA
Revenue in US$ MM
2,410
1,931
400
600
800
1,000
1...
7
ISA’s growth exceeded other benchmark companies in
electric energy transmission
28
20
13
12
11
9 9
5
sOURCE: Financial i...
8
Results 2006 -2012
1
Year
2006
Year 2012
Geographical expansion, diversification
16,836 km to 40,626 km of circuits (142...
9
Corporate Strategy - Consolidation
START
GROWTH
MATURITY
… recognize and
consolidate the
capacity both in scale
and join...
10
Corporate Strategy - Guidelines
Group returns
as the principal
strategic
aspiration
Mix of businesses and geographies: ...
11
ISA is aligned around 3 strategic axes
Capture of growth opportunities with
higher returns for ISA
▪ Focus on profitabl...
12
ISA’s Vision
ISA will have a higher return than the cost of equity and long-term stability.
In the Energy Transmission ...
13
Strategic Directions Cycle
ISA’s
Strategic
Update
ISA’s
Strategic
Update
New scenário
for the sector
New scenário
for t...
14
Strategic Guidance Cycle 2013
ISA’s
Strategic
Update
ISA’s
Strategic
Update
New scenario
for the sector
New scenario
fo...
15
Regulatory challenges
Indemnification for the existing system (ES)
Indemnification for the improvements
Remuneration of...
16
Strategic Focus
Atualização da Estratégia
CTEEP’s strategy implies efforts in the direction of PRODUCTIVITY AND EFFCIEN...
17
Agenda
CTEEP - Operating Performance
Financial Results 2Q13 and 1H13
ISA and CTEEP – Strategic Review
Annual Tariff Rea...
18
Operating performance
The indicator for first half results remained at 99.97% for
Transformers and 99.99% for Transmiss...
19
Parcel A Cost Variation Account
Source: ONS
0.66%
1.26%
0.20%
0.44%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.8...
20
Agenda
CTEEP - Operating Performance
Financial Results 2Q13 and 1H13
ISA and CTEEP – Strategic Review
Annual Tariff Rea...
21
Results - Consolidated
Consolidated
(*) ex Depreciation
(**)ex Amortization of goodwill
Gross Operating Revenue 235.2 5...
22
Results - Company
(*) ex Depreciation
(**)ex Amortization of goodwill
Gross Operating Revenue 206.3 532.7 (61.3%) 402.2...
23
Gross Revenue
2Q13 2Q12 Change 1S13 1S12 Change 2Q13 2Q12 Change 1S13 1S12 Change
Construction 30.5 41.1 -25.8% 55.1 79...
24
Costs and Expenses
(*) ex depreciation
2Q13 2Q12 ∆% 1S13 1S12 ∆% 2Q13 2Q12 ∆% 1S13 1S12 ∆%
Personnel (59.5) (57.8) 3.0%...
25
Ebitda and Ebitda Margin
2Q13 2Q12 Δ% 1S13 1S12 ∆% 2Q13 2Q12 ∆% 1S13 1S12 ∆%
Net Income 47.4 201.2 (76.4%) 118.4 406.3 ...
26
Financial Result
(*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper
2Q1...
27
201.2
47.4
406.3
118.4
2Q12 2Q13 1S12 1S13
Net Income
(R$ million)
28
Debt
29.4%
60.2%
10.1%
0.2%
Distribuition of
debt contracting
BNDES Comercial Papers Debêntures Banks Others
29.4%
56.5...
29
Breakdown of Net Debt
(*) As from January 2013, the Company’s financial investments have been concentrated in exclusive...
30
Debt Repayment
(R$ millions)
Future Cash (NI) 2013 2014 2015 Total
Accounts Receivable (NI) - (projection) 286.0 572.1 ...
31
Debt Joint Ventures
IE MADEIRA ITAÚ BBA IPCA + 5,5% a.a. 3/18/2025 183.1
IE MADEIRA BNDES TJLP + 2,42% a.a. 2/15/2030 7...
32
Agenda
CTEEP - Operating Performance
Financial Results 2Q13 and 1H13
ISA and CTEEP – Strategic Review
Annual Tariff Rea...
33
Capital Market
Total Trade: 126,096
Daily Average/Day: 985
Market value 06/30/13
R$6,2 billion70.00
100.00
Jan-13 Feb-1...
34
On July 18, 2013, CTEEP engaged Credit Suisse to be the Market Maker for TRPL4
to enhance the liquidity of its preferre...
35
Agenda
CTEEP - Operating Performance
Financial Results 2Q13 and 1H13
ISA and CTEEP – Strategic Review
Annual Tariff Rea...
36
Tariff Readjustment
Ratifying Resolution 1.595 of June 27, 2013
Cycle: July 1, 2013 to June 30, 2014.
Indices used for ...
37
RAP (whithout PIS/COFINS)
(R$ ‘000)
Subsidiaries % CTEEP RAP PA TOTAL RAP PA TOTAL
CTEEP* - 540,760.0 (35,142.4) 505,61...
38
Agenda
CTEEP - Operating Performance
Financial Results 2Q13 and 1H13
ISA and CTEEP – Strategic Review
Annual Tariff Rea...
39
IFRS X Regulatory - Company
(R$ million) IFRS
Regulatory
(not audited)
1S13 1S13
Net operating revenue 402.2 340.4 61.8...
40
IFRS X Regulatory - Consolidated
(R$ million) IFRS
Regulatory
(not audited)
1S13 1S13
Net operating revenue 469.2 381.1...
41
Disclaimer
All statements contained herein with regard to the Company’s
business prospects, projected results and the p...
42
Investor Relations
Tel: +55 11 3138-7557
ri@cteep.com.br
www.cteep.com.br/ri
Ethics Line Channel
www.canalconfidencial....
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  1. 1. 1 APIMEC 2013 and Presentation of Results for 2Q13 São Paulo - August 15th, 2013
  2. 2. 2 APIMEC 12 –Year Seal
  3. 3. 3 Agenda CTEEP - Operating Performance Financial Results 2Q13 and 1H13 ISA and CTEEP – Strategic Review Annual Tariff Readjustment – 2013/2014 Cycle Capital Markets Performance IFRS X Regulatory
  4. 4. 4 ISA - Profile More than 48 years of experience in the energy transmission sector Assets in energy transmission, telecommunications and highways Footprint in Brazil, Chile, Argentina, Colombia, Peru, Bolivia and Central America USD 890 milllion in operating revenue in the first quarter of 2013 Long-term financial investor with focus on optimizing of capital structure CTEEP is a component of one of the largest energy transmission groups in Latin America Consolidated EBITDA by businessConsolidated EBITDA by country 39% 27% 21% 11% Colombia Chile Brazil Peru 67% 27% 4% 2% Transporte de energia Concessões Viárias Telecomunicação Gestão de Sistema em tempo Real Electric Energy Transport Road Concessions Telecommunications Transport Smart Management of Real Time System
  5. 5. 5 MEGA Achievements Targets for 2016 Goals reached by 2012 Revenue of USD 3.5 billion USD 2.434 billion (70%) 80% of revenue generated outside Colombia USD 1.664 million (68%) 20% of revenue from different Energy Transmission sectors USD 538 million (22%) Presence in 50% of energy interconnections International interconnections Business diversification Entry into the Highway Concessions business Largest data transmitter in the Andean Region Continental leadership in connectivity infrastructure Development of future energy markets Energy derivatives negotiation system
  6. 6. 6 Up to the current time ISA’s growth exceeded targets <Progress at MEGA Revenue in US$ MM 2,410 1,931 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2006 2007 2008 2009 2010 2011 CAGR1 +20% +25% MEGA upward path defined in 2006 ISA Revenue CAGR- Compound Annual Growth Rate SOURCE: 2011 Consolidated Results Statement and Consolidated Financial Plan updated in August 2012
  7. 7. 7 ISA’s growth exceeded other benchmark companies in electric energy transmission 28 20 13 12 11 9 9 5 sOURCE: Financial information from ISA for August 2012; CPAT; Working team’s analysis Average annual growth in revenue %, CAGR1 2006-11 14% average 1 CAGR- Compound Annual Growth Rate ) 2 CAGR 2007-2011 3 CAGR 2010-2011
  8. 8. 8 Results 2006 -2012 1 Year 2006 Year 2012 Geographical expansion, diversification 16,836 km to 40,626 km of circuits (142%). 4,267 km to 22,730 km of optic fiber cable (433%). 6 to 30 companies. Entry into the Highway Concessions business. Transformation of Markets’ Operation and Management business. Financial and economic management, growth 100% in assets. 113% in operating revenue. 161% in EBITDA. 81% in profits. 70% share appreciation (closing 2005). About US$ 500 million in dividends.
  9. 9. 9 Corporate Strategy - Consolidation START GROWTH MATURITY … recognize and consolidate the capacity both in scale and jointly for preparing the foundations for the next phase of the growth cycle.
  10. 10. 10 Corporate Strategy - Guidelines Group returns as the principal strategic aspiration Mix of businesses and geographies: on the basis of synergy of existing assets and capacities, principally in Colombia, Brazil, Peru and Chile. Growth: will depend on the opportunities for achieving the desired level of return (higher). ISA’s vocation: creation of value through “excellence” in operation and development of the infrastructure. Capture of growth opportunities with higher returns 1 Improvement in returns from current businesses and “core” business 2 Dynamic adjustment of businesses and geographies portfolio 3
  11. 11. 11 ISA is aligned around 3 strategic axes Capture of growth opportunities with higher returns for ISA ▪ Focus on profitable opportunities in Energy Transmission (ET) –Focus on growth opportunities in higher return ET segments –Selective participation in new tender bids (according to the degree of synergies with current assets, expansion in sub- transmission assets) –Opening up of new markets with opportunities for creating value through restructuring ▪ Development of highway concessions, principally in Colombia ▪ Capture of highly synergetic opportunities in other businesses such as: –Telecoms1 –Real Time Systems Intelligent Management Dynamic adjustment of business and geographies portfolio Maintain active a constant reflection on opportunities for adjusting the portfolio based on criteria of: –Potential for value creation at ISA in relation to the value for a third party –Access to profitable growth opportunities –Return in relation to other options 1 Improvement in returns from current Group businesses and "core" business ▪ Improvement in Group O&M through identification and extension of best practice in a transversal manner ▪ Leveraging of the Group scale in supplies of equipment, materials and projects ▪ Ensure cost and delivery and optimization of CapEx 2 3
  12. 12. 12 ISA’s Vision ISA will have a higher return than the cost of equity and long-term stability. In the Energy Transmission business, ISA will maintain its position of operator with the largest footprint in Latin America, consolidating its position in the region and reaching high levels of operating efficiency aligned to best global practices. In the Highway Concessions business, ISA will capture opportunities in the region with a focus on Colombia. In the Telecoms Carrier Network business, ISA will consolidate its leadership as na independent carrier in Latin America, developing an IP (internet protocol) ecosystem in the region. ISA will expand its Real Time Systems Intelligent Management with new services, accessing new highly profitable opportunities in other sectors. ISA 2020 By 2020, ISA will have multiplied its profits 3 times through the capture of the most profitable growth opportunities in the existing businesses in Latin America, increase in efficiency and portfolio optimization.
  13. 13. 13 Strategic Directions Cycle ISA’s Strategic Update ISA’s Strategic Update New scenário for the sector New scenário for the sector Company Profile Post- Concession Rollover Company Profile Post- Concession Rollover A atualização estratégica da ISA embasa o ciclo de Direcionamento Estratégico da CTEEP
  14. 14. 14 Strategic Guidance Cycle 2013 ISA’s Strategic Update ISA’s Strategic Update New scenario for the sector New scenario for the sector Company Profile Post Concession Rollover Company Profile Post Concession Rollover New scenario for the sector New scenario for the sector Company Profile Post Concession Rollover
  15. 15. 15 Regulatory challenges Indemnification for the existing system (ES) Indemnification for the improvements Remuneration of future improvements Capital Structure Adjustment to the new operating reality Reduction in debt to the new optimum financial leverage Preference for long-term financial resources Operating Efficiency and Growth Optimization of costs Efficiency in the investments in capacity upgrades and improvements Selectivity in participating in auctions and acquisitions Challenges
  16. 16. 16 Strategic Focus Atualização da Estratégia CTEEP’s strategy implies efforts in the direction of PRODUCTIVITY AND EFFCIENCY, Responding to the requirements of an increasingly demanding and dynamic market, with outstanding RETURNS. For the 2013/2014 cycle, CTEEP has itemized some strategic initIatives: Smart Grid Optimization of Costs Capital Structure and Debt Endividamento Regulatory Management Updating of Strategy
  17. 17. 17 Agenda CTEEP - Operating Performance Financial Results 2Q13 and 1H13 ISA and CTEEP – Strategic Review Annual Tariff Readjustment – 2013/2014 Cycle Capital Markets Performance IFRS X Regulatory
  18. 18. 18 Operating performance The indicator for first half results remained at 99.97% for Transformers and 99.99% for Transmission Lines, showing an excellent Operating Performance. ENES – Energy Not Supplied Uptime Indicator 1285.16 1208.42 1057.37 173.78 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
  19. 19. 19 Parcel A Cost Variation Account Source: ONS 0.66% 1.26% 0.20% 0.44% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% JUL AGO SET OUT NOV DEZ JAN FEV MAR ABR MAI JUN Transmissoras Ciclo 11/12 Transmissoras Ciclo 12/13 CTEEP Ciclo 11/12 CTEEP Ciclo 12/13 1.26% 0.66% 0.44% 0.20% Transmitters 11/12 Cycle Transmitters 12/13 Cycle CTEEP Cycle 11/12 CTEEP Cycle 12/13 AUG SEP OCT NOV DEC JAN FEV MAR APR MAY JUNJUL
  20. 20. 20 Agenda CTEEP - Operating Performance Financial Results 2Q13 and 1H13 ISA and CTEEP – Strategic Review Annual Tariff Readjustment – 2013/2014 Cycle Capital Markets Performance IFRS X Regulatory
  21. 21. 21 Results - Consolidated Consolidated (*) ex Depreciation (**)ex Amortization of goodwill Gross Operating Revenue 235.2 563.4 (58.2%) 469.3 1,111.6 (57.8%) Deductions from Operating Revenue (29.9) (81.6) (63.3%) (63.1) (136.1) (53.6%) Net operating revenue 205.3 481.9 (57.4%) 406.2 975.4 (58.4%) General and Administrative Expenses* (185.7) (172.8) 7.4% (364.8) (348.5) 4.7% Other Operating (Expenses)/Income** 2.3 (3.6) 164.2% 16.8 (3.0) 660.6% Equity 23.7 14.5 63.7% 44.5 26.0 71.1% EBITDA 45.7 319.9 (85.7%) 102.7 649.9 (84.2%) % Margem EBITDA 22.3% 66.4% -66.5% 25.3% 66.6% -62.1% Depreciation (9.3) (8.2) 12.9% (18.6) (16.7) 11.3% EBIT 36.4 311.7 (88.3%) 84.1 633.2 (86.7%) Financial Results 11.9 (52.2) 122.8% 50.9 (108.1) 147.1% Operating Income 48.3 259.5 (81.4%) 135.0 525.1 (74.3%) IR & CSLL (0.9) (58.4) (98.4%) (16.6) (118.9) (86.0%) Net Income 47.4 201.2 (76.4%) 118.4 406.3 (70.9%) Results (R$ million) ∆%2Q13 2Q12 ∆% 1S13 1S12
  22. 22. 22 Results - Company (*) ex Depreciation (**)ex Amortization of goodwill Gross Operating Revenue 206.3 532.7 (61.3%) 402.2 1,047.1 (61.6%) Deductions from Operating Revenue (27.4) (78.7) (65.2%) (56.9) (150.5) (62.2%) Net operating revenue 179.0 454.0 (60.6%) 345.3 896.6 (61.5%) General and Administrative Expenses* (170.8) (153.3) 11.4% (324.1) (307.0) 5.6% Other Operating (Expenses)/Income** 2.3 (6.1) (137.8%) 16.8 (5.5) (405.5%) Equity 29.5 18.9 56.5% 53.6 52.3 0.0% EBITDA 40.0 313.4 (87.2%) 91.6 636.4 (85.6%) % Margem EBITDA 22.4% 69.0% -67.6% 26.5% 71.0% -62.6% Depreciation (9.3) (8.2) 12.9% (18.6) (16.7) 11.3% EBIT 30.8 305.2 (89.9%) 73.0 619.7 (88.2%) Financial Results 16.4 (46.5) (135.3%) 60.0 (97.8) (161.4%) Operating Income 47.2 258.7 (81.8%) 133.0 521.9 (74.5%) IR & CSLL 0.2 (57.6) (100.4%) (14.6) (115.6) (87.3%) Net Income 47.4 201.2 (76.4%) 118.4 406.3 (70.9%) 1S12 ∆% Results (R$ million) 2Q13 2Q12 Δ% 1S13
  23. 23. 23 Gross Revenue 2Q13 2Q12 Change 1S13 1S12 Change 2Q13 2Q12 Change 1S13 1S12 Change Construction 30.5 41.1 -25.8% 55.1 79.5 -30.7% 39.3 59.8 -34.2% 85.8 121.1 -29.1% Operation and Maintenance 149.1 162.7 -8.3% 288.2 319.3 -9.8% 155.2 166.6 -6.8% 298.9 324.1 -7.8% Financial 21.5 324.3 -93.4% 48.5 638.5 -92.4% 35.7 332.5 -89.3% 74.5 656.5 -88.7% Others 5.3 4.6 15.3% 10.5 9.9 6.8% 5.0 4.6 9.5% 10.0 9.9 1.8% Total 206.3 532.7 (61.3%) 402.2 1,047.1 (61.6%) 235.2 563.4 (58.2%) 469.3 1,111.6 (57.8%) Gross Revenue (R$ '000) Company Consolidated
  24. 24. 24 Costs and Expenses (*) ex depreciation 2Q13 2Q12 ∆% 1S13 1S12 ∆% 2Q13 2Q12 ∆% 1S13 1S12 ∆% Personnel (59.5) (57.8) 3.0% (128.6) (116.7) 10.2% (61.2) (59.8) 2.5% (132.2) (119.9) 10.3% Material (21.4) (21.1) 1.6% (41.4) (46.6) -11.1% (32.3) (43.3) -25.4% (74.0) (81.9) -9.7% Services (48.6) (57.2) -15.1% (91.6) (102.9) -10.9% (50.4) (53.3) -5.3% (95.5) (105.2) -9.3% Others (16.8) (12.9) 30.4% (30.5) (30.8) -1.0% (17.2) (12.1) 41.6% (31.2) (31.4) -0.7% Contingencies (24.6) (4.4) 454.0% (31.9) (10.0) 219.2% (24.6) (4.4) 454.0% (31.9) (10.0) 219.2% Total (170.8) (153.3) 11.4% (324.1) (307.0) 5.6% (185.7) (172.8) 7.4% (364.8) (348.5) 4.7% Cost and Expenses* (R$ million) Company Consolidated
  25. 25. 25 Ebitda and Ebitda Margin 2Q13 2Q12 Δ% 1S13 1S12 ∆% 2Q13 2Q12 ∆% 1S13 1S12 ∆% Net Income 47.4 201.2 (76.4%) 118.4 406.3 (70.9%) 47.4 201.2 (76.4%) 118.4 406.3 (70.9%) Income tax and social contribuition (0.2) 57.6 (100.4%) 14.6 115.6 (87.3%) 0.9 58.4 (98.4%) 16.6 118.9 (86.0%) Financial Results (16.4) 46.5 (135.3%) (60.0) 97.8 (161.4%) (11.9) 52.2 (122.8%) (50.9) 108.1 (147.1%) Leases and rentals/Amortization 9.3 8.2 12.9% 18.6 16.7 11.3% 9.3 8.2 12.9% 18.6 16.7 11.3% EBITDA 40.0 313.4 (87.2%) 91.6 636.4 (85.6%) 45.7 319.9 (85.7%) 102.7 649.9 (84.2%) EBITDA Margin 22.4% 69.0% (46.7) 26.5% 71.0% (44.4) 22.3% 66.4% (44.1) 25.3% 66.6% (41.4) EBITDA - ICVM 527 (R$ million) ConsolidatedCompany
  26. 26. 26 Financial Result (*) Includes charges, income and foreign exchange hedges on CCB International and Commercial Paper 2Q13 2Q12 ∆% 1S13 1S12 ∆% 2Q13 2Q12 ∆% 1S13 1S12 ∆% Interest Receivable 38.0 3.1 1140.8% 83.8 8.2 923.9% 38.4 3.3 1066.9% 84.5 8.9 851.9% Monetary (net) 16.7 (1.4) 1310.3% 47.3 (3.1) 1644.8% 16.7 (1.4) 1310.3% 47.3 (3.1) 1644.8% Financial Expenses* (38.3) (48.1) 57.1% (71.1) (102.9) (20.4%) (43.2) (54.1) 53.1% (80.8) (113.9) (23.0%) Total 16.4 (46.5) 135.3% 60.0 (97.8) 161.4% 11.9 (52.2) 122.8% 50.9 (108.1) 147.1% Financial Result (R$ million) Company Consolidated
  27. 27. 27 201.2 47.4 406.3 118.4 2Q12 2Q13 1S12 1S13 Net Income (R$ million)
  28. 28. 28 Debt 29.4% 60.2% 10.1% 0.2% Distribuition of debt contracting BNDES Comercial Papers Debêntures Banks Others 29.4% 56.5% 3.7% 10.3% Interest Rate TJLP CDI IPCA Others FUNDING CHARGES MATURITY 2Q13 2012 BNDES TJLP + 2,3% year 15/06/15 187,884 234,681 TJLP + 1,8% year 15/06/15 112,627 140,798 Comercial Papers 6th Series - CTEEP 104,9% CDI yera 05/01/13 0 433,873 Debêntures 1st Issuance - CTEEP CDI + 1,3% year 15/12/14 326,282 325,959 2nd Issuance - CTEEP IPCA + 8,1% year 15/12/17 70,747 70,915 Single Series - CTEEP 105,5% do CDI year 02/07/14 752,858 726,476 Banks USD + 4% year 26/04/13 0 132,309 USD + 2,1% year 21/10/13 192,809 177,318 Eletrobras 8% year 15/11/21 315 340 Leasing - - 4,207 5,048 TOTAL CTEEP: 1,647,729 2,247,717 BNDES IEMG TJLP + 2,4% year 15/04/23 49,953 52,513 TJLP + 2,6% year 15/05/26 45,912 47,758 5,5% year 15/01/21 76,274 80,152 TJLP + 1,9% year 15/05/26 47,933 49,801 TJLP + 1,5% year 15/05/26 41,412 43,038 TOTAL SUBSIDIARIES 261,484 273,262 Total Consolidated (R$ mil) 1,909,213 2,520,979 SERRA DO JAPI CTEEP CTEEP PINHEIROS
  29. 29. 29 Breakdown of 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. Debt 1,909.2 2,521.0 Short-term Debt 549.6 28.8% 1103.2 43.8% Long-term Debt 1,359.6 71.2% 1,417.8 56.2% Cash* 1233.6 309.6 Net Debt 675.6 2,211.4 EBITDA 12 months 823.2 1,370.5 Net Debt/Ebitda (Last 12 months) 0.8 1.6 Debt (BRLm) Consolidated 20122Q13
  30. 30. 30 Debt Repayment (R$ millions) Future Cash (NI) 2013 2014 2015 Total Accounts Receivable (NI) - (projection) 286.0 572.1 333.7 1,191.8 Interest Income on the Accounts Receivable (projection) 55.5 69.3 12.0 136.8 Total 341.6 641.4 345.7 1,328.7 Position of the Fund on 06/30/13: R$ 1.221.8 454.7 1,097.6 124.1 48.1 48.1 136.7 2013 2014 2015 2016 2017 After 2017 CTEEP Subsidiaries
  31. 31. 31 Debt Joint Ventures IE MADEIRA ITAÚ BBA IPCA + 5,5% a.a. 3/18/2025 183.1 IE MADEIRA BNDES TJLP + 2,42% a.a. 2/15/2030 736.9 IE MADEIRA BNDES 2,5% a.a 10/15/2022 119.6 IE MADEIRA BASA 8,50% a.a.* 10/10/2032 140.5 Total IE Madeira (51% CTEEP) 1,180.1 IENNE BB CDI + 1,35% a.a 7/18/2013 4.4 IENNE BNB 8,50% a.a.* 5/19/2030 53.8 Total IENNE (25% CTEEP) 58.2 IEGARANHUNS HSBC 106,50% CDI 4/30/2014 96.6 Total IE GARANHUNS (51% CTEEP) 96.6 IE SUL BNDES 5,50% a.a. 1/15/2021 4.3 IE SUL BNDES TJLP + 2,58% a.a. 5/15/2025 4.4 8.7 1,343.5 Value (R$ MM) Total IE SUL (50% CTEEP) TOTAL (R$ milhões) Subsidiarie Bank Charges Maturity
  32. 32. 32 Agenda CTEEP - Operating Performance Financial Results 2Q13 and 1H13 ISA and CTEEP – Strategic Review Annual Tariff Readjustment – 2013/2014 Cycle Capital Markets Performance IFRS X Regulatory
  33. 33. 33 Capital Market Total Trade: 126,096 Daily Average/Day: 985 Market value 06/30/13 R$6,2 billion70.00 100.00 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 TRPL3 TRPL4 IBOVESPA IEE -11.76% -22.14% 1.55% 12.25% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Trade Financial - 06/30/2013 (R$ million) Total R$ 936 Million Daily Average / Day R$ 7.3 million
  34. 34. 34 On July 18, 2013, CTEEP engaged Credit Suisse to be the Market Maker for TRPL4 to enhance the liquidity of its preferred shares, thereby increasing the number of transactions and trading volume. In addition to offering greater secondary market liquidity, this initiative (which complies with the regulations established in CVM Instruction 384/2003) seeks to ensure that TRPL4 remains a component of BM&FBOVESPA’s IBrX-100 and Ibovespa stock indices (sharply impacted since the publication of MP-579/2012) Market Maker First results: Principal Characteristics Maximum spread 1.50% Minimum lot available 2.000 shares
  35. 35. 35 Agenda CTEEP - Operating Performance Financial Results 2Q13 and 1H13 ISA and CTEEP – Strategic Review Annual Tariff Readjustment – 2013/2014 Cycle Capital Markets Performance IFRS X Regulatory
  36. 36. 36 Tariff Readjustment Ratifying Resolution 1.595 of June 27, 2013 Cycle: July 1, 2013 to June 30, 2014. Indices used for readjustment: IPCA/ IBGE Jun/12 to May/13 = 6.50% (NI authorized after June/2012) Out/12 to May/13 = 4.93% (O&M in the agreement addendum) Dec/12 to May/13 = 3.69% (AI – Adjustment Installment) after December/2012) IGP-M / FGV Jun/12 to May/13 = 6.22% (NI prior to June/2012) Jun/12 to Nov/12 = 4.46% (AI prior to December/2012) Analysis of RAP Cycle 2013-2014
  37. 37. 37 RAP (whithout PIS/COFINS) (R$ ‘000) Subsidiaries % CTEEP RAP PA TOTAL RAP PA TOTAL CTEEP* - 540,760.0 (35,142.4) 505,617.6 590,949.0 (39,828.0) 551,121.0 9.0% IEMG 100% 14,161.0 (594.0) 13,567.0 15,082.0 (446.0) 14,636.0 7.9% IE Pinheiros 100% 33,491.0 1,697.0 35,188.0 36,305.0 (999.0) 35,306.0 0.3% Serra do Japi 100% 26,457.0 (1,355.0) 25,102.0 28,178.0 1,162.0 29,340.0 16.9% IENNE 25% 38,253.0 3,640.0 41,893.0 34,852.5 (1,198.3) 33,654.2 -19.7% IESUL 50% 13,075.0 (645.0) 12,430.0 13,925.1 (2,700.4) 11,224.7 -9.7% IE Madeira 51% 407,482.0 0.0 407,482.0 433,985.1 0.0 433,985.1 6.5% IE Garanhuns 51% 71,848.0 0.0 71,848.0 76,521.0 0.0 76,521.0 6.5% Evrecy 100% 10,735.0 (891.0) 9,844.0 9,957.0 (1,136.0) 8,821.0 -10.4% 1,156,262.0 (33,290.4) 1,122,971.6 1,239,754.7 (45,145.8) 1,194,608.9 6.4% REH. nº 1.313 - Cycle 2012/2013 REH. nº 1.595 - Cycle 2013/2014 Change% RAP + PA Total (*) CTEEP’s 2012/2013 cycle corresponds to REH 1.395 of December 11, 2012
  38. 38. 38 Agenda CTEEP - Operating Performance Financial Results 2Q13 and 1H13 ISA and CTEEP – Strategic Review Annual Tariff Readjustment – 2013/2014 Cycle Capital Markets Performance IFRS X Regulatory
  39. 39. 39 IFRS X Regulatory - Company (R$ million) IFRS Regulatory (not audited) 1S13 1S13 Net operating revenue 402.2 340.4 61.8 Receita de uso da rede elétrica 329.9 (329.9) Revenue from Construction Services 55.1 0 55.1 Revenue from Operational and Maintenance Services 288.2 0 288.2 Financial Revenue 48.5 0 48.5 Other Revenue 10.5 10.5 0.0 Deductions from Operating Revenue (56.9) (51.2) (5.7) Net Operating Revenue 345.3 289.2 56.1 Costs and Operating Expenses (324.1) (244.0) (80.1) Personnel (122.9) (122.9) 0.0 MSO (90.1) (89.2) (0.9) Contingencies (31.9) (31.9) 0.0 Construction costs (50.0) 0 (50.0) Improvements (29.2) 0 (29.2) Depreciation/Amortization (3.6) (6.6) 2.9 Financial Result 60.0 60.0 0.0 Equity 53.6 6.9 46.6 Amortization of goodwill (14.9) (14.9) 0.0 Other Operating (expenses/income) 16.8 15.8 1.0 Operating Income 133.1 106.4 26.6 IR & CSLL (14.6) (21.5) 6.8 Net Income 118.4 85.0 33.4 Results Adjustments/ Reclassification
  40. 40. 40 IFRS X Regulatory - Consolidated (R$ million) IFRS Regulatory (not audited) 1S13 1S13 Net operating revenue 469.2 381.1 88.1 Receita de uso da rede elétrica 371.1 (371.1) Revenue from Construction Services 85.8 0 85.8 Revenue from Operational and Maintenance Services 298.9 0 298.9 Financial Revenue 74.5 0 74.5 Other Revenue 10.0 10.0 (0.0) Deductions from Operating Revenue (63.1) (55.1) (8.0) Net Operating Revenue 406.1 326.0 80.1 Costs and Operating Expenses (364.6) (252.5) (112.1) Personnel (126.6) (126.6) 0.0 MSO (98.0) (94.0) (4.0) Contingencies (31.9) (31.9) 0.0 Construction costs (78.1) 0 (78.1) Improvements (30.0) 0 (30.0) Depreciation/Amortization (3.6) (17.2) 13.6 Financial Result 50.9 50.9 (0.0) Equity 44.5 (0.3) 44.8 Amortization of goodwill (14.9) (14.9) 0.0 Other Operating (expenses/income) 16.7 15.8 0.9 Operating Income 135.0 107.8 27.2 IR & CSLL (16.6) (22.9) 6.3 Net Income 118.4 85.0 33.5 Results Adjustments/ Reclassification
  41. 41. 41 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.
  42. 42. 42 Investor Relations Tel: +55 11 3138-7557 ri@cteep.com.br www.cteep.com.br/ri Ethics Line Channel www.canalconfidencial.com.br/linhaeticacteep or by calling 0800 777 0775

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