cteep presentation 2q14
TRANSCRIPT
1
2Q14 Results Presentation
São Paulo, July 31 2014
2
Agenda
Financial Results 2Q14 and 1H14
Capital Market Performance
3
Highlights 2Q14
Conclusion of work on the IEMadeira substations:
Net Income
EBITDA (ICVM 527) and Ebitda Margin
Readjustment in Annual Revenue Allowance (RAP)
Recognition of Improvements Effect
4
298.9
85.8
84.5 469.3 63.1
406.2
334.3
81.2
83.2 498.7 55.0
443.7
Company Subsidiaries
Revenue Composition
1H13 1H14
Growth of 9.2% in 1H14
5
Costs of Construction Services, O&M and Operating
Expenses
368.5 78.1
30.0
96.0
164.4144.9
62.313.0
60.8 281.0
Costs andOper.
Expenses
Construction Improvements Gen. andAdm.
Expenses
O&M O&M Gen. andAdm.
Expenses
Improvements Construction Costs andOper.
Expenses
Controladora Controladas
1H13 1H14
Efficient management of costs and expenses
6
40.0
114.391.6
217.3
5.7
5.5
11.1
8.1
2Q13 2Q14 1H13 1H14
Company Subsidiaries
45.7
225.4
119.8
102.7
Ebitda ICVM 527 and Ebitda Margin
28.4%
46.9%
Ebitda Margin
(R$ million)
22.3%
54.9%
25.3%
50.8%
EBITDA (ex-Credit PIS / COFINS) reached R$ 204.0 million in 1H14, the EBITDA
margin was 46.0%.
7
Equity
(R$ million) 1H13 1H14
Startup of Lot F of IEMadeira
43.0
1.0 0,1 0.4
Madeira Garanhuns IENNE IESUL
28.9
8.1
-1.1 0.2
Equity: R$ 44.3 Equity: R$ 36.043,0
1,0 0,1 0,4
Madeira Garanhuns IENNE IESUL
8
16.411.3
60.0
25.4
-4.5 -4.6-9.1 -8.8
11.9
6.7
Company Subsidiaries
11.9
6.7
2T13 1H132T14 1H14
50.9
16.5
Financial Result
(R$ million)
Lower interest income on the NI
-67.6%
-43.7%
9
118.4
175.7
47.4
90.1
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
2Q14 2Q13 1H14 1H13
Net Income
(R$ million)
+90,1%
+48,4%
Whereas the exclusion of non-recurring net effect of credits of PIS and
COFINS tax, net income would be R$ 161.5 million in 1H14.
10
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.
Funding BNDES of R $ 151.0 million
Debt 1,308.9 1,239.5 5.6%
Short-term Debt 388.2 377.7 2.8%
Long-term Debt 920.6 861.8 6.8%
Cash* 533.0 600.0 -11.2%
Net Debt 775.9 639.5 21.3%
Debt
(BRLm)1H14 2013 Δ%
11
Debt amortization
(R$ million)
240.7
133.4
197.40 197.4 179.1
13.0
59.4
29.2
19.8
33.1
26.5 26.5 26.5
85.4
15.0
260.5
166.5
223.9 223.9 205.6
39.5
2014 2015 2016 2017 2018 2019 2020 a 2024 2025 a 2029
CTEEP Subsidiaries
144.8
44.2
26.5
Future Cash (NI) 2014 2015 Total
Accounts Receivable (NI) - (projection) 332.2 332.2 664.4
Interest Income on the Accounts
Receivable (projection)33.0 12.0 45.0
Total 365.2 344.2 709.4
Cash and Financial Investments on 06/30/14: R$ 533.0 millions
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Debt - Jointly Owned Companies
1.245,1
101,257,9 18,9
Madeira Garanhuns IENNE IESUL
CTEEP Participation
2013 1H14
(R$ million)
Debt: R$ 1,423.2Debt: R$ 1.475,9
1,245.1
101.257.9 18.9
Madeira Garanhuns IENNE IESUL
1,253.9
146.3
57.4 18.3
13
Agenda
Financial Results 2Q14 and 1H14
Capital Market Performance
14
Capital Market Performance
Total Trade: 139,986 mil
Daily Average/Day1,229
Market Value
06/30/2014 R$5,4billion
Share Performance until 06/30/2014
70.00
100.00
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
TRPL3 TRPL4 IBOVESPA IEE
7.17%
3.22%2.71%
4.50%
(base 12/31/2013 = 100)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Trade Financial - 06/30/2014(R$ million)
Total R$ 842 Million Daily Average / Day R$ 6.8 million
15
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.
