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Cteep presentation 2_q11
1.
2Q11 Results Presentation
São Paulo, August 17th 2011 © Todos os direitos reservados para CTEEP
2.
Agenda
IFRS – Key Impacts 2Q11 Results Capital Market Performance 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 2
3.
IFRS - Key
Impacts Assets BR GAAP Effect of the IFRS BR GAAP Effect of the IFRS transition to the transition to IFRS the IFRS Assets (R$' 000) June 30, 2011 March 31, 2011 CURRENT ASSETS Cash and Banks 217,196 - 217,196 54,983 - 54,983 Trade Account Receivable 272,418 1,053,937 1,326,355 244,524 1,179,866 1,424,390 Inventory 47,663 - 47,663 44,791 - 44,791 Amounts Receivable from the State Finance Secretariat 24,360 - 24,360 22,938 - 22,938 Taxes and Contributions to be offset 11,224 - 11,224 11,230 - 11,230 Tax benefit - Goodwill 28,832 (28,832) - 28,832 (28,832) - Deferred income Tax and Social Contribution 32,039 (32,039) - 32,575 (32,575) - Prepaid Expenses 7,923 536 8,459 1,876 735 2,611 Others 56,032 - 56,032 35,848 - 46 35,802 697,687 993,602 1,691,289 477,597 1,119,148 1,596,745 NON-CURRENT ASSETS Long-Term Assets Trade Account Receivable - 4,804,728 4,804,728 978 4,224,331 4,225,309 Amounts Receivable from the State Finance Secretariat 730,583 - 730,583 681,129 - 681,129 Tax benefit - incorporated goodwill 104,663 28,832 133,495 119,079 28,832 147,911 Deferred income Tax and Social Contribution 62,569 - 16,567 46,002 62,171 - 34,121 28,050 Pledges and Escrow 45,298 - 45,298 42,248 - 42,248 Inventory - 178,940 178,940 - 184,264 184,264 Credits with Associates 8,874 - 8,874 6,624 - 6,624 951,987 4,995,933 5,947,920 912,229 4,403,306 5,315,535 Property, Plant and Equipment 5,676,778 (5,667,833) 8,945 5,254,978 (5,245,784) 9,194 Intangible Assets 74,655 (64,011) 10,644 70,066 (60,122) 9,944 5,751,433 (5,731,844) 19,589 5,325,044 (5,305,906) 19,138 Total Assets 7,401,107 257,691 7,658,798 6,714,870 216,548 6,931,418 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 3
4.
IFRS – Key
Impacts Income Statement 2Q11 RESULTS (in R$' 000) 2Q11 2Q10 Effect of the Effect of the BR GAAP transition to IFRS BR GAAP transition to IFRS the IFRS the IFRS Net operating revenue 447,504 243,231 690,735 409,247 93,835 503,082 Costs of operating services (114,282) (205,837) (320,119) (102,547) (92,307) (194,854) Gross Revenue 333,222 37,394 370,616 306,700 1,528 308,228 Operational Revenues (Expenses) General and administrative (38,094) 824 (37,270) (21,926) (4,989) (26,915) Management fees (1,314) (244) (1,558) (1,195) (340) (1,535) Financial expenses (42,900) (18,853) (61,753) (35,238) (3,159) (38,397) Financial income 6,347 1,657 8,004 12,312 293 12,605 Other expenses, net (5,711) (28,490) (34,201) (324) (4,246) (4,570) Operating profit 251,550 (7,712) 243,838 260,329 (10,913) 249,416 Income tax and social contribuition Current (54,638) - (54,638) (65,590) - (65,590) Deferred 2,187 9,118 11,305 2,105 4,663 6,768 Profit before reversal of interest on own capital 199,099 1,406 200,505 196,844 (6,250) 190,594 Net income for the fiscal year 199,099 1,406 200,505 196,844 (6,250) 190,594 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 4
5.
IFRS – Key
Impacts Cash Flow 1H11 1H10 Effect of the Effect of the BR GAAP transition to3T09 IFRS BR GAAP transition to IFRS the IFRS the IFRS Cash Flow of operating activities 513,906 (477,782) 36,124 710,284 (283,837) 426,447 Cash flow of investment activities (496,660) 479,957 (16,703) (285,443) 283,837 (1,606) - Cash flow of financing activities 144,968 (2,175) 142,793 (129,523) - (129,523) 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 5
6.
Agenda
IFRS – Key Impacts 2Q11 Results Capital Market Performance 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 6
7.
Gross Operating Revenue
(R$ million) + 38.0% + 12.9% 780.5 4.0 691.5 4.2 565.4 339.9 3.8 332.2 328.0 138.0 148.7 99.4 298.7 206.4 134.2 2Q10 1Q11 2Q11 Construction Operation and Maintenance Financial Other Gross Operating Revenue increased 12.9% to R$ 780.5 million in 2Q11 and 38.0% when compared with 2Q10 due in large part to the increase of 122.6% in construction revenues, of 38.0% in revenues from operations and maintenance and 3.6% from financial revenues in the past 12 months. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 7
8.
Net Operating Revenue
(R$ million) +37.3% +13.8% 690.7 607.0 503.1 2Q10 1Q11 2Q11 Deductions from Operating Revenue increased 6.3% in the quarter and 43.9% in the past 12 months, reaching R$ 89.7 million in 2Q11 against R$ 84.6 million in 1Q11 and R$ 62.3 million in 2Q10, due to the increase verified in the last 12 months of 22.3% in regulatory charges due principally to an increase in CCC –Fuel Consumption Account combined with 64.3% tax on revenue reflecting growth in operating revenue. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 8
9.
Costs of the
Operating Services and Operational Expenses Major changes: Construction together with operation and maintenance costs posted an increase of 40.4% relative to the first quarter of 2011 and 60.7% against the same period in 2010, totaling R$ 358.9 million in 2Q11 against R$ 255.7 million in 1Q11 and the R$ 223.3 million in 2Q10. This variation arises largely from the increase of 174% in expenditures with materials, reflecting the progress made in work at Serra do Japi and IEMadeira in addition to upgrading and expansion work at CTEEP in the past 12 months. Other operating expenses refer mainly to the loss arising from the fair revaluation of assets when the acquisition of control of IEMG, the amount of R$ 28.5 million and amortization of goodwill of the amount of R$ 14.4 million. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 9
10.
Ebitda and Ebitda
Margin Ebitda (R$ million) and Ebitda Margin (%) 700.0 100% 56% 52% 48% 50% +18.6% 0% +5.1% -50% 350.0 317.2 333.4 -100% 281.2 -150% -200% -250% 0.0 -300% 2Q10 1Q11 2Q11 Ebitda Ebitda Margin In 2Q11, EBITDA margin reached 48.3%, totaling R$ 333.4 million, a growth of 5.1% compared with 1Q11 and 18.6% against the same period in 2010 when EBITDA reached R$ 317.2 million and R$ 281,2 million, respectively. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 10
11.
Financial Results
Major changes: The financial result was an expense of R$ 53.7 million in 2Q11, corresponding to an increase of 44.2% in relation to 1Q11 and 108.4% against the same period in 2010 when there was an expense of R$ 37.2 million and R$ 25.7 million, respectively. Note: The impact of interest on shareholders’ equity on financial expenses is excluded for the purposes of calculating the financial result. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 11
12.
Net Income
Net Income (R$ million) +5.2% 350.0 -2.6% 190.6 205.8 200.5 0.0 2Q10 1Q11 2Q11 Earnings per share were R$ 1.32 in 2Q11 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 12
13.
Capital Structure The
debt ratio (ratio of net debt and equity), in the end of 2Q11 reached 41.8%. FUNDING CHARGES MATURITY 2Q11 1Q11 BNDES TJLP + 2.3% year 6/15/2015 374,596 397,878 CTEEP TJLP + 1.8% year 6/15/2015 224,767 151,709 Distribuition of IEMG TJLP + 2.4% year 4/15/2023 60,160 61,469 debt burdens IEMADEIRA TJLP + 2.8% year 1/15/2012 215,791 192,784 IESUL TJLP + 2.4% year 5/15/2025 9,052 9,616 CDI TJLP 46.3% PINHEIROS TJLP + 2.6% year 5/15/2026 122,777 93,350 48.0% Comercial Papers 4th Series - CTEEP CDI + 0.4% year 1/12/2012 210,397 204,438 IEMadeira CDI + 0.4% year 9/15/2011 93,079 - Serra do Japi CDI + 0.3% year 7/27/2011 71,470 - Debentures 1st Issuance CDI + 1.3% year 12/15/2014 490,496 505,217 2sd Issuance IPCA + 8.1% year 12/15/2017 63,127 68,141 Banks CTEEP 103.50% of CDI year 4/26/2013 102,631 - CDI + 2.0% year - 3,317 3,688 IPCA IENNE Others 3.0% 10.0% year* 5/19/2030 55,000 56,059 2.7% Eletrobras - 11/15/2021 418 429 Leasing - - 974 1,451 TOTAL CONSOLIDATED 2,098,052 1,746,229 *With the bonus of 1.5% due performance of the cost of debt is 8.5% per year. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 13
14.
Agenda
IFRS – Key Impacts 2Q11 Results Capital Market Performance 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 14
15.
Capital Markets
Trading Financial - 2H11 (R$ million) Total R$ 825.9 million Daily Avarege: R$ 6.7 million 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 January-11 February-11 March-11 April-11 May-11 June-11 105 84.2 thousand trading transactions in 2Q11 (685 100 daily average traded). - 0.66% 95 - 4.94% Present on all trade - 6.15% days; - 9.91% 90 Component of TRPL4 Ibovespa; 85 TRPL3 IBOVESPA R$ 7.5 billion market IEE Quotation from April to June 2011 (base 100 = 03/31/2011) capitalization. 80 April-11 May-11 June-11 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 15
16.
Capital Markets
American Depositary Receipts - ADRs $32.82 $33.19 $32.28 $32.93 $31.20 $31.25 $31.15 $31.74 $31.97 $30.48 $27.94 $28.83 $25.83 $66.50 $68.59 $67.25 $66.61 $68.71 $63.69 $64.52 $65.90 $63.00 $62.99 $56.10 $58.00 $51.80 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 DR's Market Capitalization (US$ millions) DR's Month end Price (US$) Increase of 27.5% in the price of ADRs against the 2Q10 Financial Volume of ADRs increase 32.6% compared with 2Q10 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 16
17.
Shareholder Remuneration
In 2Q11, CTEEP paid out R$ 65.6 million in interest on shareholders’ capital corresponding to R$ 0.43 per share of both types and R$ 181.3 million in dividends - equivalent to R$ 1.19 per share of both types. AUTHORIZED AMOUNT R$ DATE OF TYPE FISCAL YEAR PAYMENT EVENT DATE TOTAL P/SHARE RCA 3/31/2011 JCP 2011 65,692,755.70 0.432676 4/29/2011 RCA 3/31/2011 Dividends 2010 181,307,244.30 1.194154 4/29/2011 TOTAL OF PAYMENT - 2Q11 247,000,000.00 1.626830 In addition to the proceeds described above, CTEEP made the following payments to shareholders as Dividends and Interest on shareholders equity. AUTHORIZED AMOUNT R$ DATE OF TYPE FISCAL YEAR EVENT DATE TOTAL P/SHARE PAYMENT RCA 12/17/2010 Dividends 2010 112,072,905.60 0.738152 1/28/2011 RCA 12/17/2010 JCP 2010 63,027,094.35 0.415119 1/28/2011 AGO/E 4/29/2011 Dividends 2010 16,714,326.45 0.110087 7/28/2011 RCA 6/30/2011 Dividends 2011 160,524,955.66 1.057275 7/28/2011 RCA 6/30/2011 JCP 2011 63,460,717.92 0.417975 7/28/2011 TOTAL OF PAYMENT - 2011 (expect those paid in the 2Q11) 415,799,999.98 2.738608 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 17
18.
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. 2Q11 Results Presantion © Todos os direitos reservados para CTEEP 18
19.
Investor Relations
Phone: +55 11 3138-7557 email: ri@cteep.com.br www.cteep.com.br/ir Apresentação de Resultados 2010 2010 Results Presantion © Todos os direitos reservados para CTEEP 19
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