This document summarizes the financial results and capital market performance of a company for the second quarter and first half of 2014. Key highlights include a 9.2% revenue growth in the first half compared to the same period in 2013. EBITDA reached R$204 million in the first half of 2014 with a margin of 46%. Net income increased 90.1% compared to the second quarter of 2013 and 48.4% compared to the first half of 2013. The company's stock performance exceeded market indices with growth of 7.17% since the beginning of 2014. Total market value as of June 30, 2014 was R$5.4 billion.
3. 3
Highlights 2Q14
Conclusion of work on the IEMadeira substations:
Net Income
EBITDA (ICVM 527) and Ebitda Margin
Readjustment in Annual Revenue Allowance (RAP)
Recognition of Improvements Effect
5. 5
Costs of Construction Services, O&M and Operating
Expenses
368.5 78.1
30.0
96.0
164.4
144.9
62.3
13.0
60.8 281.0
Costs and
Oper.
Expenses
Construction Improvements Gen. and
Adm.
Expenses
O&M O&M Gen. and
Adm.
Expenses
Improvements Construction Costs and
Oper.
Expenses
Controladora Controladas
1H13 1H14
Efficient management of costs and expenses
6. 6
40.0
114.3
91.6
217.3
5.7
5.5
11.1
8.1
2Q13 2Q14 1H13 1H14
Company Subsidiaries
45.7
225.4
119.8
102.7
Ebitda ICVM 527 and Ebitda Margin
28.4%
46.9%
Ebitda Margin
(R$ 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. 7
Equity
(R$ million) 1H13 1H14
Startup of Lot F of IEMadeira
43.0
1.0 0,1 0.4
deira 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
10. 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. 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
14. 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. 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.