4Q06 and 2006 Conference Call Presentation

Transcrição

1 4Q06 and 2006 Conference Call Presentation February 15, 2007

2 Peru Bolivia Argentina Cuiabá Guianas Uruguai Itaipú V. Conde Colinas Miracema Gurupi Tucuruí Imperatriz Curitiba B.J. Lapa São Luís Teresina Sapeaçu Fortaleza Natal João Pessoa Recife Maceió Aracajú Terna Participações Strategy GROWTH Operating Financial Governance Social, Environmental and Responsibility 1 Venezuela Serra da Mesa Salvador Samambaia Goiânia Brasília Campo Grande Belo Horizonte Vitória Paraguai Rio de Janeiro São Paulo Porto Alegre Colombia

3 Highlights Recent Events Replacement of US$ dollar debt with long-term local currency debt Sundry Events Conclusion of the acquisition of Munirah Transmissora de Energia Terna Participações concludes its IPO Operating Performance 99.99% of line availability for the 12-month period ended on December 31, 2006 Parcela Variável of 1.7% for the year, below internal targets Financial Performance Revenue Growth Gross Revenue: +0.4% in the 4Q06 and +4.2% in Net Revenue: +8.5% in the 4Q06 and +8.7% in Q06 EBITDA of R$110.9 million and EBITDA Margin of 86.8% / 2006 EBITDA of R$436.4 million and EBITDA Margin of 87.2%. 2

4 Peru Bolivia Argentina Cuiabá Guianas Uruguai Itaipú V. Conde Colinas Miracema Gurupi Tucuruí Imperatriz Curitiba B.J. Lapa São Luís Teresina Sapeaçu Fortaleza Natal João Pessoa Recife Maceió Aracajú Terna Participações Strategy Growth Operating Financial Governance Social, Environmental and Responsibility 3 Venezuela Serra da Mesa Salvador Samambaia Goiânia Brasília Campo Grande Belo Horizonte Vitória Paraguai Rio de Janeiro São Paulo Porto Alegre Colombia

5 Operating Efficiency with a Competitive Advantage Focus on Critical Activities Minimizing Unavailability O&M 99.99% 99.90% Operation Substation Maintenance Line Maintenance In-house Activities Outsourced Activities In-house technical support for complex and critical activities Outsourcing to reduce costs Operational focus on highly qualified human / technical resources 4

6 Peru Bolivia Argentina Cuiabá Guianas Uruguai Itaipú V. Conde Colinas Miracema Gurupi Tucuruí Imperatriz Curitiba B.J. Lapa São Luís Teresina Sapeaçu Fortaleza Natal João Pessoa Recife Maceió Aracajú Terna Participações Strategy Growth Operating Financial Governance Social, Environmental and Responsibility 5 Venezuela Serra da Mesa Salvador Samambaia Goiânia Brasília Campo Grande Belo Horizonte Vitória Paraguai Rio de Janeiro São Paulo Porto Alegre Colombia

7 Revenue Trends Quarterly Gross Revenue (R$ million) 0.4% Quarterly Net Revenue (R$ million) % Q06 4Q05 4Q06 4Q05 Annual Gross Revenue (R$ million) % Annual Net Revenue (R$ million) %

8 Cost Trends Quarterly Operating Costs and Expenses (R$ million) % Quarterly Depreciation and Amortization (R$ million) % Q06 4Q05 Personnel Material Third party services G&A Others 4Q06 4Q05 Annual Operating Costs and Expenses (R$ million) Annual Depreciation and Amortization (R$ million) -2.3% % Personnel Material Third party services G&A Others

9 EBITDA and Net Income Quarterly EBITDA and Margin (R$ million) 86.8% % 97.2 Quarterly Net Income (R$ million) Q06 4Q05 4Q06 4Q05 EBITDA EBITDA Margin Annual EBITDA and Margin (R$ million) Annual Net Income (R$ million) 87.2% % EBITDA EBITDA Margin 8

10 Capex ANNUAL CAPEX 25,495 6,221 4,559 1,930 12,655 17,676 3,583 3,460 7,872 Other expenditures EPC and extraw orks Information technology Tools, vehicles and equipment Requirements from third parties Line improvement CAPEX (R$ million) 4Q06 4Q05 Var. % 2006 Combined 2005 Combined Var. % Line improvement % % Tools, vehicles and equipment % % System expansion Information technology % % EPC contracts % % Trird party requirements Other % % Total % % % EBITDA 2.5% 15.6% pp 4.1% 6.5% -2.4 pp 9

11 Indebtedness Long-term debt, with attractive conditions Debt and Net Debt Trends (R$ million) Breakdown of Debt 1,600 CDI, 11.5% 1,400 1,200 1,000 1,293 1, TJLP, 79.6% Basket Curr., 8.9% (R$ million) % 91% 786 AverageCostofDebt Debt BNDES TJLP Average Cost TJLP + 4.0% % 9% Cash 2006 Net Debt 2006 BNDES BoC CDI BoC + 3.5% CDI + 0.9% Short Term Long Term Net Debt / LTM EBITDA (x) 10

12 Dividends 2006 (R$'000) Net Profit ,034 Legal Reserve -6,352 Dividends 120,682 Interim Dividends -26,754 Interest on Equity 0 Dividends Balance 93,928 TOTAL DIVIDENDS + NET IoE 93,928 11

13 Share Performance TRNA11: Performance since IPO 23,2 23,1 24,0 24,4 24,5 24,1 24,0 23,7 23,7 23,0 25,0 24,2 21,0 25/out 1/nov 9/nov 17/nov 27/nov 4/dez 11/dez 18/dez 26/dez 4/jan 11/jan 18/jan 26/jan 2/fev 9/fev Price Mkt Cap Mkt Cap (R$/Unit) (R$ mln) ) (US$ mln) 14-fev 24, , ,45 31-jan 23, ,73 949,18 28-dez 24, ,18 988,39 31-out 22, ,90 923,89 26-out 21, ,36 861,94 Feb Average 23, , ,13 Jan Average 23, ,89 978,46 Price Mkt Cap Mkt Cap (R$/Unit) (R$ mln) ) (US$ mln) IPO Price 21, ,36 861,94 Average Since IPO 23, , ,41 Max IPO 25, , ,94 Min IPO 21, ,36 861,94 12

14 Peru Bolivia Argentina Cuiabá Guianas Uruguai Itaipú V. Conde Colinas Miracema Gurupi Tucuruí Imperatriz Curitiba B.J. Lapa São Luís Teresina Sapeaçu Fortaleza Natal João Pessoa Recife Maceió Aracajú Venezuela Serra da Mesa Salvador Samambaia Goiânia Brasília Campo Grande Belo Horizonte Vitória Paraguai Rio de Janeiro São Paulo Porto Alegre Terna Participações Strategy Growth Operating Financial Governance 13 Social, Environmental and Responsibility Colombia

15 Governance We are committed to the best managerial and Governance practices, our Company being listed on the Bovespa s Level 2 of Governance. Our preferred shares have 100% tag along rights in the case of a transfer of control. Our Governance practices are subjected to continuous monitoring in order to verify if there is room for improvement 14

16 Peru Bolivia Argentina Cuiabá Guianas Uruguai Itaipú V. Conde Colinas Miracema Gurupi Tucuruí Imperatriz Curitiba B.J. Lapa São Luís Teresina Sapeaçu Fortaleza Natal João Pessoa Recife Maceió Aracajú Venezuela Serra da Mesa Salvador Samambaia Goiânia Brasília Campo Grande Belo Horizonte Vitória Paraguai Rio de Janeiro São Paulo Porto Alegre Terna Participações Strategy Growth Operating Financial Governance 15 Social, Environmental and Responsibility Colombia

17 Environmental Management System Commitment to improving the quality of life of Brazilian citizens and developing and managing social responsibiility projects. Environmental Management System (SGA) Improving the effectiveness and efficiency of our services and environmental performance Social and Cultural Programs i. Right-of-Way Use and Occupation Program ii. Electrical Interference Perception Program iii. Social Communication and Environmental Education Program Environmental Programs i. Waste Management Program PGR ii. Access Way and Right-of-Way Maintenance Program iii. Recovery of Environmentally Degraded Area Program PRAD 16

18 Human Resources Young Qualified Motivated Work safety Staff training and due respect for employees worth Constant improvements to the workplace Participatory management Internal communications Assessment of performance and growth potential Review of job and wage plan Variable Compensation Program 17

19 MyTransfo do Brasil

20 Peru Bolivia Argentina Cuiabá Guianas Uruguai Itaipú V. Conde Colinas Miracema Gurupi Tucuruí Imperatriz Curitiba B.J. Lapa São Luís Teresina Sapeaçu Fortaleza Natal João Pessoa Recife Maceió Aracajú Venezuela Serra da Mesa Salvador Samambaia Goiânia Brasília Campo Grande Belo Horizonte Vitória Paraguai Rio de Janeiro São Paulo Porto Alegre Terna Participações Strategy Growth Operating Financial Governance 19 Social, Environmental and Responsibility Colombia

21 Growth in Brazil EXISTING LINES More than 20,000 km of lines auctioned between 1999 and 2006 Almost 88% are fragmented among private companies representing more than R$2.5 billion of APR (2006/2007) NEW AUCTIONS 3,294 km of new lines auctioned in More than 4,000 km expected to be auctioned in 2007 and more than 2,000 km in subsequent years. 20

22 Q&A