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- 2. Agenda
IFRS – Key Impacts
2010 Results
Capital Market Performance
2010 Results Presantion © Todos os direitos reservados para CTEEP 2
- 3. IFRS - Key Impacts
Equity
2010 2009 01.01.2009
According BR GAAP 4,440,350 4,185,346 4,103,296
Concession agreements 165,611 112,959 -
Employee Benefit - 13,601 68,503
Negative Goodwill 32,557 49,541 66,525
Deferred income Tax and Social Contribution (74,683) (66,718) (59,601)
Accounting of the proposal of dividend payment - 368,282 228,390
According IFRS 4,563,835 4,663,011 4,407,113
2010 Results Presantion © Todos os direitos reservados para CTEEP 3
- 4. IFRS – Key Impacts
Income Statement
2009
BR GAAP Adjustment IFRS
Operational Revenues 1,912.8 543.1 2,455.8
Deductions from gross revenues (256.3) (50.5) (306.8)
Net Operating Revenue 1,656.5 492.5 2,149.0
Operational Costs and Expenses (289.3) (644.0) (933.3)
EBITDA 1,367.2 (151.4) 1,215.7
% EBITDA Margin 82.5% 56.6%
Depreciation (219.8) 215.1 (4.7)
EBIT 1,147.4 63.6 1,211.0
Financial Income 154.2 1.9 156.0
Finacial Expenses (424.9) (2.9) (427.7)
Other operating expenses (31.2) (16.9) (48.1)
Income before taxes/ social contribution 845.4 45.8 891.2
Taxes and social contribution (268.1) (11.7) (279.8)
Interest on own capital 250.6 - 250.6
Net Income 828.0 34.0 862.0
% Net Margin 50.0% 40.1%
2010 Results Presantion © Todos os direitos reservados para CTEEP 4
- 5. IFRS - Key Impacts
Balance Sheet
2009 01.01.2009
R$ million
BR GAAP Adjustment IFRS BR GAAP Adjustment IFRS
ASSETS 6,321.0 67.0 6,388.0 5,669.5 (49.2) 5,620.3
Current Assets + Long Term 1,571.5 4,793.4 6,364.9 1,359.7 4,242.2 5,601.9
Cash and cash equivalents (ST + LT) 43.2 0.0 43.2 123.0 0.0 123.0
Clients 351.6 4,735.7 5,087.3 344.4 4,242.3 4,586.7
Deferred Taxes (ST + LT) 98.6 (70.1) 28.4 88.0 (60.8) 27.1
Inventory (LT) 0.0 126.9 126.9 0.0 70.6 70.6
Other 1,078.1 1.0 1,079.1 804.3 (9.8) 794.5
Property, Plant and Equipament (Own + Concession) 4,749.6 (4,726.4) 23.1 4,309.9 (4,291.4) 18.5
CURRENT LIABILITIES 6,321.1 67.0 6,388.1 5,669.6 (49.3) 5,620.3
Non-Current Liabilities + Long Term 2,135.8 (410.7) 1,725.1 1,566.3 (353.1) 1,213.2
Loans, Financing and Bonds (ST + LT) 1,049.4 0.0 1,049.4 856.8 0.0 856.8
Deferred Taxes (ST + LT) 0.0 3.1 3.1 0.0 0.6 0.6
Negative Goodwill 49.5 (49.5) 0.0 66.5 (66.5) 0.0
PIS and COFINS deferred 0.0 60.2 60.2 0.0 9.7 9.7
Interest on Shareholder´s Equity 374.4 (368.3) 6.1 233.3 (228.4) 4.9
Installment of Adjustment (ST + LT) 42.6 (42.6) 0.0 0.0 0.0 0.0
Amounts Payable - Fund. CESP 13.6 (13.6) 0.0 66.5 (66.5) 0.0
Other (ST + LT) 606.3 0.0 606.3 343.2 (2.0) 341.2
Shareholder´s Equity 4,185.3 477.7 4,663.0 4,103.3 303.8 4,407.1
2010 Results Presantion © Todos os direitos reservados para CTEEP 5
- 6. Agenda
IFRS – Key Impacts
2010 Results
Capital Market Performance
2010 Results Presantion © Todos os direitos reservados para CTEEP 6
- 7. Gross Operating Revenue
(R$ milliion)
Gross Operating Revenue increased 3.9%, to R$ 2,551.5 million in 2010 against R$ 2,455.8 million in 2009
due to the growth of 22.7% in construction revenues and 2.0% in financial revenues, partially offset by the
reduction of 11.5% of operation and maintenance revenues.
2010 Results Presantion © Todos os direitos reservados para CTEEP 7
- 8. Net Operating Revenue
Net operating revenue increased 5.0% totaling R$ 2,256.3 million in 2010 against
R$ 2,149.0 million in 2009 due to the factors mentioned above.
2010 Results Presantion © Todos os direitos reservados para CTEEP 8
- 9. Costs of the Operating Services and
Operational Expenses
Major changes:
Construction, operational and maintenance costs rose 32.6% to R$ 948.3 million in
2010 against R$ 715.0 million in 2009. This increase reflects the 33.1% hike in
construction costs together with the rise of 32.1% in operational and maintenance costs.
The increase reported in construction costs was the result of the advance in work at
IEMadeira offset by a reduction in upgrading and expansion work at CTEEP and the
conclusion of work or startup of operations at the IEMG, IENNE and Pinheiros controlled
companies.
Growth registered in operation and maintenance costs was the result of a larger
number of maintenance events at CTEEP’s installations and the entry into operation of
the IEMG, IENNE and Pinheiros controlled companies.
General and administrative expenses posted a 38.1% reduction to R$ 137.9 million in
2010 against R$ 223.0 million in 2009 due to a fine imposed in the course of regularizing
a tax issue in 2009.
2010 Results Presantion © Todos os direitos reservados para CTEEP 9
- 10. Ebitda and Ebitda Margin
In 2010, the EBITDA margin was 52.1%, totaling R$ 1,176.1 million, a reduction of 3.3% compared with
2009 when the margin reached 56.6% and EBITDA, R$ 1,215.7 million, due to an increase of 32.6% in
construction and operation costs.
2010 Results Presantion © Todos os direitos reservados para CTEEP 10
- 11. Financial Results
Major changes:
The financial result was an expense of R$ 356.3 million in 2010, corresponding to an
increase of 31.1% in relation to R$ 271.7 million in 2009 due to higher debt in 2010
compared to 2009, largely reflecting overheads with a debenture issue in January 2010.
If the impact of interest on shareholders’ equity is excluded, then the financial result for
2010 would have reported an expense of R$ 104.7 million.
2010 Results Presantion © Todos os direitos reservados para CTEEP 11
- 12. Net Income
(R$ million)
Earnings per share were R$ 5.36207 in 2010
2010 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 2010 reached 30.1%.
Funding Charges Maturity 2010 2009 1/1/2009
BNDES
TJLP + 2.3% year 15/6/2015 421.146 514.117 606.169
CTEEP
TJLP + 1.8% year 15/6/2015 160.605
‐
‐
IEMG TJLP + 2.4% year 15/4/2023
37.630
40.680
‐
IEMADEIRA TJLP + 2.8% year 15/4/2011 185.134
‐
‐
Comercial Papers
1st Series ‐ 17/9/2009
‐ ‐ 199.068
2sd Series 119.5% year CDI 19/4/2010
‐ 213.696
‐
3rd Series 106.5% year CDI 13/1/2010
‐ 208.029
‐
Debentures
st
1 Issuance CDI + 1.3% year 15/12/2014 490.405
‐ ‐
2sd Issuance IPCA + 8.1% year 15/12/2017
65.388
‐ ‐
Banks
CDI + 2% year ‐
1.396
45.717 51.010
IENNE
10,0% year 19/5/2030
56.094
‐ ‐
IESUL CDI + 1.5% year 11/3/2011
8.297
24.537 ‐
Eletrobras ‐ 15/11/2021 441 491 541
Leasing ‐ ‐
1.702 2.143
‐
Total 1.428.238 1.049.410 856.788
Distribuition of debt
burdens
35.0%
56.3%
*With the bonus of 1.5% due performance of the cost
of debt is 8.5% per year in the second line of IENNE.
4.6%
4.1%
2010 Results Presantion © Todos os direitos reservados para CTEEP 13
- 14. Agenda
IFRS – Key Impacts
2010 Results
Capital Market Performance
2010 Results Presantion © Todos os direitos reservados para CTEEP 14
- 15. Capital Markets
Trading Financial - 2010
(R$ million)
Total R$ 1,768.05 million Daily Avarege: R$ 7.2 million
25.00
20.00
15.00
10.00
5.00
0.00
J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10 D-10
120
+18.09% 170.4 thousand trading
115
transactions in 2010 (690
110
+ 11.98% daily average traded).
105 + 6.47%
Present on all trade
100
+ 1.04% days;
95
TRPL4 Ajustad
TRPL4 Unadjusted
Component of
90
IBOVESPA
Ibovespa;
85 TRPL4, IBOV e IEE
(base 30/12/2009 = 100) IEE
80 R$ 8.3 billion market
capitalization.
2010 Results Presantion © Todos os direitos reservados para CTEEP 15
- 16. Capital Markets
American Depositary Receipts - ADRs
Increase of 19.5% in the price of ADRs against the 2009
Financial Volume of ADRs increase 20% compared with 2009
2010 Results Presantion © Todos os direitos reservados para CTEEP 16
- 17. Shareholder Remuneration
AUTHORIZED AMOUNT R$ DATE OF
TYPE FISCAL YEAR
EVENT DATE TOTAL P/SHARE PAYMENT
RCA 9/30/2010 Dividends 2010
146,280,110.02
0.963453 10/25/2010
RCA 9/30/2010 Int. Equ. Cap. 2010
63,719,889.98
0.419682 10/25/2010
RCA 6/28/2010 Int. Equ. Cap. 2010
62,925,824.42
0.414452 7/23/2010
RCA 6/28/2010 Dividends 2010
63,671,569.98
0.419364 7/23/2010
AGO/E 4/29/2010 Dividends 2009
77,302,605.60
0.509143 7/23/2010
RCA 3/30/2010 Int. Equ. Cap. 2010
61,920,147.06
0.411002 4/20/2010
RCA 3/30/2010 Dividends 2009
129,979,852.90
0.862756 4/20/2010
RCA 1/11/2010 Dividends 2009
161,000,000.00
1.068656 1/22/2010
TOTAL OF PAYMENT 766,799,999.96 5.068508
During 2010, CTEEP approved the payout of R$ 188.6 million in interest on shareholders
equity corresponding to R$ 1.24 per share and R$ 578.2 million in dividends equivalent to
R$ 3.83 per share.
2010 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.
2010 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