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1
1Q14 Results Presentation
São Paulo, May 16 2014
2
Agenda
Financial Results 1Q14
Capital Market Performance
3
46.5 40.7
143.7 168.1
38.838.25.15.3
1Q13 1Q14Construction O&M Financial Others
234.1252.3
Gross Operating Revenue
Company Consolidated(R$ million)
24.5 37.7
139.1
163.0
27.0
19.55.3
6.1
1Q13 1Q14
Construction O&M Financial Others
195.9
226.3
Growth of 17%in operating and maintenance revenue
+15.5% +7.8%
4
Net Operating Revenue
(R$ million)
Reduction of 18.8% on the deductions from revenue
166.3200.2
34.5
25.1
1Q13 1Q14Company Subsidiaries
200.8
225.3
+12.2%
5
Costs of Construction Services, O&M andOperating Expenses
Company Consolidado
-24.1%
*
* Includes contingencies, depreciation and lease rentals
(R$ million)
-69.2-56.6
-20.0
-10.3
-43.0
-36.9
-22.9
-24.8
1Q13 1Q14Personnel Material Services Others
-155.1
-128.5
-71.0-59.0
-41.7
-14.7
-45.1
-38.5
-23.2
-25.3
1Q13 1Q14Personnel Material Services Others
-181.0
-137.4
**
Reduction of 64.7% in material and 14.6% in third p arty services
-17.2%
6
Ebitda ICVM 527 and Ebitda Margin
(R$ million)
28.4%
46.9%
51.6
103.05.4
2.6
1Q13 1Q14Company Subsidiaries
56.9
105.6
Ebitda Margin
7
Equity
(R$ million)
1Q13
1Q14
20.8
19.9
0.6 0.2 0.2
IEMAD IEGAR IENNE IESUL TOTAL
0.0
15.2
12.2
3.5 (0,6) 0.1
IEMAD IEGAR IENNE IESUL TOTAL
Startup of Lot D of IEMadeira and advancement in the works of IEGaranhuns
8
43.6
14.1
-4.6 -4.2
9.9
Company Subsidiaries
39.0
9.9
1Q13 1Q14
Financial Result
-74.6%(R$ million)
Lower interest income on the NI
9
71.0
85.5
1Q13 1Q14
Net Income
+20.4%
(R$ million)
10
Net Debt
(*) As from January 2013, the Company’s financial investments have been concentrated in exclusiveinvestment funds. These are made up of highly liquid investment fund units, readily convertible intocash, irrespective of the maturity of the assets.
Debt 1,337.7 1,239.5 7.9%
Short-term Debt 383.7 377.7 1.6%
Long-term Debt 954.0 861.8 10.7%
Cash* 502.2 600.0 -16.3%
Net Debt 835.5 639.5 30.7%
Debt(BRLm)
1Q14 2013 Δ%
Funding BNDES of R $ 124.1 million
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Debt
Distribuition of contracting Interest Rate
1Q14
2013
1Q14
2013
40.2%
59.5%
0.3%
40.2%
53.4%
6.1%
0.3%
TJLP CDI IPCA OthersBNDES Debentures Banks Others
43.2%
56.5%
0.2%
32.8%
50.7%
5.9% 10.6%
Debt R$ 1,337.7 million
12
Debt amortization
(R$ million)
305.6
101.5
199.83 199.9 181.8
11.1 49.8
21.1
29.9
30.9
26.5 26.5 26.5
85.4
15.0
335.4
132.4
226.3 226.4 208.3
37.6
2014 2015 2016 2017 2018 2019 2020 a 2024 2025 a 2029
CTEEP Subsidiaries
135.2
Future Cash (NI) 2014 2015 Total
Accounts Receivable (NI) - (projection) 427.1 332.2 759.3
Interest Income on the Accounts Receivable (projection)
46.2 12.0 58.2
Total 473.3 344.2 817.5
Cash and Financial Investments on 03/31/14: R$ 502.2 millions
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Debt - Jointly Owned Companies
Madeira Garanhuns IENNE IESUL
CTEEP Participation
2013 1Q14
(R$ million)
1,245.1
101.257.9 18.9
1,256.0
118.357.8 18.8
Debt: R$ 1,423.2 Debt: R$ 1.451,0
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Agenda
Financial Results 1Q14
Capital Market Performance
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Capital Market Performance
� Total Trade: 87,5 mil
� Daily Average/Day1,366
� Market Value
03/31/2014 R$5,2billion
Share Performance until 03/31/2014
0.05.0
10.015.020.025.030.035.040.0
Jan-14 Feb-14 Mar-14
Trade Financial - 03/31/2014(R$ million)
Total R$ 549 Million Daily Average / Day R$ 8.6 million
70.00
100.00
Jan-14 Feb-14 Mar-14
TRPL3 TRPL4 IBOVESPA IEE
-5.38%-2.12%
-8.51%
3.86%
(base 12/31/2013 = 100)
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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.
