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Your energyINSPIRES US1
3Q12 Results PresentationSão Paulo, November 13rd 2012
Your energyINSPIRES US2
Capital Market Performance
3Q12 Results
CTEEP
Annual Revenues Readjustment - RAP
Your energyINSPIRES US3
CTEEP Profile
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor� 12,993 Km of transmission lines;
� 18,782 Km of circuits;
� 2,488 Km of optic fiber cables
� 106 substations.
Responsible for the annual
transmission of 28.2% 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.
Your energyINSPIRES US4
Expansion of national Territory
A estratégia da CTEEP é baseada no crescimento sust entável 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
Your energyINSPIRES US5
53.86%10.59%
35.55%
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
37.81%
35.23%
26.96%
Total Capital Stock
Eletrobrás
Secretaria da Fazendado Estado
Others Shareholders
ISA Capital do Brasil
Eletrobrás
Others Shareholders
Shareholder Breakdown – 3Q12
Your energyINSPIRES US6
Capital Market Performance
3Q12 Results
CTEEP
Annual Revenues Readjustment - RAP
Your energyINSPIRES US7
Gross Operating Revenue
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$ million)
Your energyINSPIRES US8
Net Operating Revenue
(R$ million)
645.1 514.0
1,588.2 1,410.7
251.4 292.1
606.1 705.0
3Q11 3Q12 9M11 9M12
Company Subsidiaries
(R$ millions)2.194.3
2.115.7
806.1896.5
Your energyINSPIRES US9
Costs and Expenses
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$' 000) 3Q12 3Q11Var %
3Q12/3Q119M12 9M11
Var %
9M12/9M11
Consolidado (64,680) (56,310) 14.9% (186,689) (156,253) 19.5%
Controladora 61,694- 55,583- 11.0% 178,416- 151,685- 17.6%
Consolidado (138,509) (210,512) -34.2% (380,008) (567,740) -33.1%
Controladora 33,136- 33,610- -1.4% 79,737- 145,165- -45.1%
Consolidado (3,938) (3,531) 11.5% (11,336) (9,934) 14.1%
Controladora 3,438- 3,511- -2.1% 10,546- 9,875- 6.8%
Consolidado (125,997) (105,648) 19.3% (333,061) (252,167) 32.1%
Controladora 57,519- 74,619- -22.9% 160,388- 167,542- -4.3%
Consolidado (1,224) (1,582) -22.6% (3,517) (4,733) -25.7%
Controladora 1,216- 1,570- -22.5% 3,495- 4,708- -25.8%
Consolidado (2,996) (1,035) 189.5% (13,006) (19,223) -32.3%
Controladora 2,996- 1,035- 189.5% 13,006- 19,223- -32.3%
Consolidado (10,269) (10,063) -2.0% (34,418) (28,974) 18.8%
Controladora 9,935- 10,892- -8.8% 33,632- 27,959- 20.3%
Consolidado 347,613- 388,681- -10.6% 962,035- 1,039,024- -7.4%
Controladora 169,934- 180,820- -6.0% 479,220- 526,157- -8.9%
Contingencies
Other
TOTAL
Personnel
Material
Leases and rentals
Services
Depreciation
Your energyINSPIRES US10
Ebitda and Ebitda Margin
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$ million)
465,9 345,3
1.066,7 934,9
43,6 114,4
93,3 222,2
3Q11 3Q12 9M11 9M12
Company Subsidiaries
1.157.21.160.0
67,2% 66,3%72,2%67,2%
56,8% 57,0%
1 2
52,9% 54,7%
Ebitda Margin Consolidated
Ebitda Margin Company
459.7509.4
(R$ millions)
Your energyINSPIRES US11
Net Income
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(R$ million)
344.9
241.3
751.2
647.6
0.0
350.0
700.0
3Q11 3Q12 9M11 9M12
(R$ million)
Your energyINSPIRES US12
Capital Structure
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
(*) with Swap 103,5% CDI (**) with Swap 98,3% CDI (***) The cost of debt is 8.5% annually, including a performance bonus of 1.5%..
BNDES
TJLP + 2,3% ano 6/15/2015 257,957 328,318
TJLP + 1,8% ano 6/15/2015 154,817 196,251
Comercial Papers
5ª Emissão - CTEEP CDI + 0,4% ano 7/5/2012 - 316,885
4ª Emissão - CTEEP CDI + 0,4% ano 1/12/2012 - 223,048
6ª Emissão - CTEEP 104,9% CDI ano 1/5/2013 426,156 -
Debêntures
1ª Série - CTEEP CDI + 1,3% ano 12/15/2014 501,485 490,736
2ª Série - CTEEP IPCA + 8,1% ano 12/15/2017 68,348 67,117
Série Única - CTEEP 105,5% do CDI ano 7/2/2014 713,649 -
Banks
USD + 4% ano * 4/26/2013 132,185 122,077
USD + 2,1% ano ** 10/21/2013 176,751 159,116
Eletrobras 8% ano 11/15/2021 353 391
Arrendamento Mercantil - - 400 619
TOTAL CTEEP: 2,432,101 1,904,558
BNDES
IEMG TJLP + 2,4% ano 4/15/2023 53,772 57,631 TJLP + 2,8% ano 1/15/2013 239,893 229,947 TJLP + 2,8% ano 1/15/2013 143,788 71,890
TJLP + 2,4% ano 5/15/2025 4,771 5,328
5,5% a.a 1/15/2021 4,715 4,240
TJLP + 2,6% ano 5/15/2026 49,136 49,562
5,5% a.a 1/15/2021 78,683 75,872 TJLP + 1,9% ano 5/15/2026 50,725 48,282 TJLP + 1,5% ano 5/15/2026 43,825 42,217
Comercial Papers
2ª Emissão - IEMadeira 106,5% do CDI ano 10/24/2012 153,186 - 3ª Emissão - IEMadeira 106,5% do CDI ano 3/18/2013 219,893
Debêntures
Série Única - IEMadeira 106,5% do CDI ano 9/15/2012 - 221,608
Banks
IEMadeira 10% a.a. 7/10/2032 69,911 - CDI + 2,0% ano - - 4,365
CDI + 1,4% a.a. - 6,233 - 10% ano*** 5/19/2030 54,851 55,898
TOTAL SUBSIDIÁRIAS 1,173,382 866,840
3,605,483 2,771,398
IENNE
Total Consolidated (R$ mil)
CTEEP
CTEEP
IEMADEIRA
IESUL
PINHEIROS
SERRA DO JAPI
FUNDING CHARGES MATURITY 3Q12 4T11
BNDES30,0%
Comercial Papers22,2%
Debentures35,6%
Banks12,2%
Distribuition ofdebt contracting
TJLP30,0%
CDI56,0%
IPCA2,0%
Others12,0%
Distribuition of debt burdens
Your energyINSPIRES US13
Breakdown of Net Debt
A estratégia da CTEEP é baseada no crescimento sust entável com foco na contínua criação de valor
� The financial obligations in the loan contracts
require the Company to meet certain financial
covenants on a quarterly and annual basis
based on the quarterly information and annual
financial statements, respectively, prepared in
line with the accounting practices used in Brazil.
The Company´s main covenant refers to the Net
Debt/EBITDA ratio which must be equal to or
lower than 3.5.
� The consolidated net debt at the end of 3Q12 was R$ 3,125.6 million, an increase of 21.9 % over 4Q11. The
debt ratio (net debt to shareholder´s equity) came to 64.0% at the end of 3Q12.
2,564.1
3,125.6
1.0
351.0
701.0
1,051.0
1,401.0
1,751.0
2,101.0
2,451.0
2,801.0
3,151.0
4Q11 3Q12
Net Debt
(R$ million)
1.8
2.2
Net Debt /EBITDA (Last 12 months)
Your energyINSPIRES US14
Capital Market Performance
3Q12 Results
CTEEP
Annual Revenues Readjustment - RAP
Your energyINSPIRES US15
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
TRPL3 TRPL4 IBOVESPA IEE
-7,73%
+4,27%
-35,02%
-27,78%
(base 31/12/2011 = 100)
MP
57
9
Your energyINSPIRES US16
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
Trading Financial 9M12(R$ million)
Total R$ 2,588 million Daily Avarege/ Day R$ 27.2 millions
01.0002.0003.0004.0005.0006.000
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12
Trade Volume 9M12(units)
Total Trades: 205,797 Daily Avarege/ Day: 1,089
Your energyINSPIRES US17
Capital Market Performance
3Q12 Results
CTEEP
Annual Revenues Readjustment - RAP
Your energyINSPIRES US18
Annual Revenues Readjustment
Existing
Assets
New
InvestimentsBid
Share
Adjustment
Existing
Assets
New
InvestimentsBid
Share
AdjustmentTOTAL
59/2001 1,294,492 350,847 - -44,133 374,685 128,404 - 9,657 2,113,952
143/2001 - - 16,604 -670 - - - - 15,934
IEMG 004/2007 - - 14,161 - 594 - - - - 13,567
012/2008 - - 6,739 418 - - 1,016 - 8,173
015/2008 - 3,671 12,800 1,259 - 1,032 314 20 19,096
018/2008 - - 3,292 - - - 40 - 3,332
SERRA DO
JAPI026/2009 - - 21,554 - 1,355 - - 4,903 - 25,102
IENNE 001/2008 - - 38,253 3,640 - - - - 41,893
013/2008 - - 4,669 - 2,294 - - - - 2,375
016/2008 - - 8,216 1,649 - - 190 - 10,055
013/2009 - - 218,933 - - - - - 218,933
15/2009 - - 184,866 - - - - - 184,866
1,294,492 354,518 530,087 -42,080 374,685 129,436 6,463 9,677 2,657,278
IESUL
IEMADEIRA
(R$' 000)
Ciclo 2012/2013 - Ratifying Resolution nº 1.313
Network Basic Other Transmission Facilities
Concessionay /
Contract
CTEEP
PINHEIROS
Your energyINSPIRES US19
Disclaimer
A estratégia da CTEEP é baseada no crescimento sust entável 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.