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© Todos os direitos reservados para CTEEP
3Q11 Results Presentation
São Paulo, November 16th 2011
© Todos os direitos reservados para CTEEP 22
Agenda
Capital Market Performance
3Q11 Results
IFRS – Key Impacts
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP
BR GAAP IFRS BR GAAP IFRS
Assets (R$' 000)
CURRENT ASSETSCash and Banks 327,466 - 327,466 54,983 - 54,983 Trade Account Receivable 260,703 1,338,171 1,598,874 244,524 1,179,866 1,424,390 Inventory 48,181 - 48,181 44,791 - 44,791 Amounts Receivable from the State Finance Secretariat 20,798 - 20,798 22,938 - 22,938 Taxes and Contributions to be offset 13,434 - 13,434 11,230 - 11,230 Tax benefit - Goodwill 28,832 (28,832) - 28,832 (28,832) - Deferred income Tax and Social Contribution 28,997 (28,997) - 32,575 (32,575) - Prepaid Expenses 6,339 455 6,794 1,876 735 2,611 Financial Derivatives 5,881 - 5,881 Others 73,975 - 73,975 35,848 46- 35,802
814,606 1,280,797 2,095,403 477,597 1,119,148 1,596,745
NON-CURRENT ASSETSLong-Term Assets
Trade Account Receivable 316 4,986,841 4,987,157 978 4,224,331 4,225,309 Amounts Receivable from the State Finance Secretariat 771,118 - 771,118 681,129 - 681,129 Tax benefit - incorporated goodwill 97,455 28,832 126,287 119,079 28,832 147,911 Deferred income Tax and Social Contribution 75,690 75,690- - 62,171 34,121- 28,050 Pledges and Escrow 54,858 - 54,858 42,248 - 42,248 Inventory - 192,125 192,125 - 184,264 184,264 Financial Derivatives 26,770 - 26,770 Credits with Associates 7,925 - 7,925 6,624 - 6,624
1,034,132 5,132,108 6,166,240 912,229 4,403,306 5,315,535
Property, Plant and Equipment 5,895,774 (5,886,988) 8,786 5,254,978 (5,245,784) 9,194 Intangible Assets 74,246 (64,450) 9,796 70,066 (60,122) 9,944
5,970,020 (5,951,438) 18,582 5,325,044 (5,305,906) 19,138
Total Assets 7,818,758 461,467 8,280,225 6,714,870 216,548 6,931,418
September 30, 2011 December 31, 2010
Effect of the transition to the
IFRS
Effect of the transition to
the IFRS
3
IFRS - Key Impacts: Assets
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP
3Q11 RESULTS (in R$' 000)
BR GAAPEffect of the transition to
the IFRSIFRS BR GAAP
Effect of the transition to
the IFRSIFRS
Net operating revenue 474,958 421,575 896,533 442,824 177,884 620,708 Costs of operating services (121,506) (236,408) (357,914) (110,233) (106,638) (216,871)
Gross Revenue 353,452 185,167 538,619 332,591 71,246 403,837
Operational Revenues (Expenses)General and administrative (27,062) (2,052) (29,114) (35,557) (3,980) (39,537) Management fees (1,347) (306) (1,653) (1,378) (316) (1,694) Financial expenses (78,937) (4,743) (83,680) (33,723) (4,360) (38,083) Financial income 33,247 9,911 43,158 11,389 970 12,359 Other expenses, net (7,433) 28,575 21,142 (2,418) (4,248) (6,666)
Operating profit 271,920 216,552 488,472 270,904 59,312 330,216
Income tax and social contribuitionCurrent (73,799) - (73,799) (41,729) - (41,729) Deferred 10,091 (79,901) (69,810) (25,262) (19,215) (44,477)
Profit before reversal of interest on own capital 208,212 136,651 344,863 203,913 40,097 244,010
Net income for the fiscal year 208,212 136,651 344,863 203,913 40,097 244,010
3Q103Q11
4
IFRS – Key Impacts: Income Statement
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP
BR GAAPEffect of the transition to
the IFRST IFRS BR GAAP
Effect of the transition to
the IFRSIFRS
333,180 (301,325) 31,855 311,231 (170,914) 140,317
(301,776) 301,325 (451) (171,210) 170,914 (296) -
78,866 - 78,866 (152,424) - (152,424)Cash flow of financing activities
9M11 CASH FLOW (in R$' 000)
Cash Flow of operating activities
Cash flow of investment activities
9M11 9M10
5
IFRS - Key Impacts: Cash Flow
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP 66
Agenda
3Q11 Results Presantion
3Q11 Results
Capital Market Performance
IFRS – Key Impacts
© Todos os direitos reservados para CTEEP 7
Readjusted Annual Allowed Revenue
Readjustment in Annual Allowed Revenue - RAP: Pursuant toRatifying Resolution 1171, the electric energy regulator – ANEEL hasannounced the new RAP for the 2011/2012 cycle. CTEEP’s RAP will now beR$ 2,008.3 million, equivalent to an increase of 14.1% in relation to the2010/2011 cycle.
3Q11 Results Presantion
Existing Assets
New Investiments
BidShare
AdjustmentExisting Assets
New Investiment
s
Share Adjustment
TOTAL
59/2001 1,241,581 314,290 ‐ ‐17,795 360,076 106,099 ‐11,767 1,992,484 143/2001 ‐ ‐ 15,925 ‐132 ‐ ‐ ‐ 15,793
IEMG 004/2007 14,193 ‐ ‐ ‐ ‐ ‐ ‐ 14,193 012/2008 ‐ ‐ 7,386 ‐ ‐ ‐ ‐ 7,386 015/2008 12,491 ‐ ‐ ‐ ‐ ‐ ‐ 12,491 018/2008 ‐ ‐ 3,174 ‐ ‐ ‐ ‐ 3,174
SERRA DO JAPI
026/2009 ‐ ‐ 25,200 ‐ ‐ ‐ ‐ 25,200
IENNE 001/2008 36,435 ‐ ‐ ‐ ‐ ‐ ‐ 36,435 013/2008 4,447 ‐ ‐ ‐ ‐ ‐ ‐ 4,447 016/2008 8,006 ‐ ‐ ‐ ‐ ‐ ‐ 8,006 013/2009 ‐ ‐ 176,249 ‐ ‐ ‐ ‐ 176,249 15/2009 ‐ ‐ 151,788 ‐ ‐ ‐ ‐ 151,788
1,317,153 314,290 379,722 ‐17,927 360,076 106,099 ‐11,767 2,447,646
IEMADEIRA
(R$ million)
Network Basic Other Transmission Facilities
Concessionay / Contract
CTEEP
PINHEIROS
IESUL
© Todos os direitos reservados para CTEEP 88
Gross Operating Revenue
Gross Operating Revenue reported a quarter-on-quarter increase of 28.4% to R$ 1,002.2million in 3Q11 and 43.2% when compared with 3Q10 due in large part to the increase of104.1% in construction revenues and 35.8% in financial revenues in the past 12 months.
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP 99
Net Operating Revenue
Deductions from Operating Revenue increased 17.8% in the quarter and 33.1% inthe past 12 months, reaching R$ 105.7 million in 3Q11 against R$ 89.7 million in2Q11 and R$ 79.4 million in 3Q10, due to the increase, verified in the last 12months, of 53.2% in taxes on revenue - reflecting growth in operating revenue.
3Q11 Results Presantion
620.7 690.7
896.5
3Q10 2Q11 3Q11
+29.8%
+44.4%
Net Operating Revenue (R$ million)
© Todos os direitos reservados para CTEEP 1010
Costs of the Operating Services andOperating Expenses
Major Changes:
Construction together with operation and maintenance costs posted an increaseof 11.8% relative to the second quarter of 2011 and 65.0% against the sameperiod in 2010, totaling R$ 357.9 million in 3Q11 against R$ 320.1 million in 2Q11and the R$ 216.9 million in 3Q10. This variation arises largely from the increase of176.3% in expenditures with materials, reflecting the progress made in work atSerra do Japi and IEMadeira in addition to upgrading and expansion work at CTEEPin the past 12 months.
General and Administrative Expenses reported a reduction of 20.8% in relationto 2Q11 also declining by 25.4% compared with 3Q10, largely due to thereduction in contingencies offset by the increase in outstanding executory actionsinvolving tied escrow accounts and deposits.
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP 1111
Ebitda e Ebitda Margin
In 3Q11, EBITDA margin was 56.8%, amounting to R$ 509.4 million, a growth of 52.8% compared with 2Q11 (R$ 333.4 million) and 39.9% against the same period for 2010 when EBITDA totaled R$ 364.1 million.
3Q11 Results Presantion
364.1 333.4
509.4
58.7% 48.3% 56.8%
-300.0%
-250.0%
-200.0%
-150.0%
-100.0%
-50.0%
0.0%
50.0%
100.0%
0.0
350.0
700.0
3Q10 2Q11 3Q11
Ebitda Ebitda Margin
+52.8%
+39.9%
Ebitda (R$ million) and Ebitda Margin (%)
© Todos os direitos reservados para CTEEP 1212
Financial Results
Major Changes:
The financial result was an expense of R$ 40.5 million in 3Q11, corresponding toa reduction of 24.6% (R$ 53,7 million) in relation to 2Q11 and an increase of57.5% (R$ 25.7 million) for the same period in 2010.
The decline in financial expenses in the quarter is mainly due to the recognitionof financial revenue in the form of Interest on Assets with respect to a legal rulingin favor of the Company*, as well as an increase in the average outstandingbalance of Interest on Assets and Liabilities of R$ 6.7 million, a result of thepositive accumulated currency translation effect at the IEMadeira subsidiary ofR$ 9.9 million offset against a negative accumulated currency translation effect ofR$ 3.2 million.
Note: The impact of interest on shareholders’ equity on financial expenses isexcluded for the purposes of calculating the financial result.
* Note 9 (b) of the ITR
3Q11 Results Presantion
© Todos os direitos reservados para CTEEP 1313
Net Income
Earnings per share were R$ 2.27 in 3Q11
3Q11 Results Presantion
244.0 200.5
344.9
0.0
350.0
700.0
3Q10 2Q11 3Q11
Net Income (R$ million)
+72.0%
+41.3%
© Todos os direitos reservados para CTEEP 1414
Capital Structure
At the end of 3Q11, net debt was R$ 2,166.6 million.The net debt to net equity ratio at the end of 3Q11 was 47.0%.
* With swap 103.5% of CDI.** With performance bonus of 1.5% the cost of debt is 8.5% per annum.
3Q11 Results Presantion
BNDESTJLP + 2.3% year 6/15/2015 351,410 421,146 TJLP + 1.8% year 6/15/2015 210,417 160,605
IEMG TJLP + 2.4% year 4/15/2023 58,889 37,630 IEMADEIRA TJLP + 2.8% year 1/15/2012 217,147 185,134 IESUL TJLP + 2.4% year 5/15/2025 9,671 - PINHEIROS TJLP + 2.6% year 5/15/2026 123,932 -
Comercial Papers5th Series - CTEEP CDI + 0.4% year 7/5/2012 308,237 - 4th Series - CTEEP CDI + 0.4% year 1/12/2012 216,998 -
Debentures1st Issuance CDI + 1.3% year 12/15/2014 507,100 490,405 2sd Issuance IPCA + 8.1% year 9/15/2012 64,911 65,388 Single Series CDI + 6.5% year 9/15/2012 205,141 -
BanksCTEEP USD + 4% year * 4/26/2013 119,754 -
CDI + 2.0% year - 2,969 1,396 10.0% year 5/19/2030 55,748 56,094
IESUL CDI + 1.5% year 3/11/2011 - 8,297 Serra do Japi CDI + 0.3% year 10/20/2011 40,645 -
Eletrobras - 11/15/2021 407 441 Leasing - - 726 1,702
TOTAL CONSOLIDATED 1,428,2382,494,102
12/31/2010
CTEEP
IENNE
FUNDING CHARGES MATURITY 3Q11
BNDES39.0%
Comercial Papers21.1%
Debentures31.2%
Bancos8,7%
Distribuition of debtcontracting
TJLP39.0%
CDI51.4%
IPCA2.6%Others
7.1%
Distribuition of debt burdens
© Todos os direitos reservados para CTEEP 1515
Agenda
3Q11 Results Presantion
3Q11 Results
Capital Market Performance
IFRS – Key Impacts
© Todos os direitos reservados para CTEEP 16
Capital Market
135.7 thousand trading transactions in 3Q11 (722 daily average traded).
Present on all trade days;
Component of Ibovespa;
R$ 7.8 billion market capitalization.
3Q11 Results Presantion
0.002.004.006.008.00
10.0012.0014.0016.0018.0020.00
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
Trading Financial - 9M11(R$ million)
Total R$ 1,327 million Daily Avarege: R$ 7.1 million
© Todos os direitos reservados para CTEEP 17
Shareholder’s Remuneration
In 3Q11, CTEEP paid out R$ 63.5 million in interest on shareholders’ capitalcorresponding to R$ 0.42 per share of both types and R$ 177.2 million individends - equivalent to R$ 1.16 per share of both types.
3Q11 Results Presantion
EVENT DATE TOTAL P/SHARE
RCA 6/30/2011 JCP 2011 63,460,717.92 0.417975 7/28/2011
RCA 6/30/2011 Dividends 2011 160,524,955.66 1.057275 7/28/2011
RCA 4/29/2011 Dividends 2010 16,714,326.45 0.110087 7/28/2011
240,700,000.03 1.585337
AUTHORIZED AMOUNT R$ DATE OF PAYMENT
TOTAL OF PAYMENT - 3Q11
TYPE FISCAL YEAR
© Todos os direitos reservados para CTEEP 1818
Disclaimer
All statements contained herein with regard to the Company’sbusiness prospects, projected results and the potential growthof its business aremere forecasts, based on local managementexpectationsin relation to the Company’s future performance.
Dependent as they are on market shifts and on the overallperformance of the Brazilian economy and the sector
and international markets, such estimatesare subject to changes.
© Todos os direitos reservados para CTEEP 1919
CTEEP – Companhia de Transmissão de Energia Elétrica Paulista
Investor RelationsPhone: 55 11 3138-7557