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Annual and Sustainability Report .Pdf 2012 Annual and Sustainability Report Main Indicators Consolidated financial information Results (R$ million) 2011 2012 Gross revenue 3,268.68 3,173.90 Net revenue 2,900.80 2,818.99 Gross profit 1,577.39 1,568.42 EBITDA 1,454.56 1,471.93 Net income 915.26 843.48 Net value added 2,062.52 2,144.20 Margin (%) EBITDA margin 50.14 52.21 Net margin 31.55 29.92 Financial indicators Total assets 8,409.49 9,836.58 Shareholders` equity 4,539.43 5,078.23 Net debt 2,564,10 3,265.25 Net debt/EBITDA (x) 1.76 2.22 Market indicators Number of shares outstanding (`000) 31,823.90 31,823.90 Financial trading volume (R$ `000) 1,795,974 3,589,365 Closing price (preferr./PN) (R$) 57.99 32.99 Earnings per share (R$/`000 shares) 6.03 5.53 Market capitalization (R$ `000) 8,549,759 5,778,521 Shareholder remuneration (dividends and interest on equity - IOE) (R$ `000) 789,020 275,282 Sustainability indicators Environmental protection expenditures (R$ `000) 4.3 Number of injuries 2.00 Average training hours per employee 52.56 68.75 Training hours on sustainability - 1,240 2 2012 Annual and Sustainability Report Annual and 2012 Sustainability Report 4 Message from Management 6 About CTEEP 12 About this Report 14 Corporate Governance 20 Competitiveness and Management 30 Operational Performance 32 Economic and Financial Performance 37 Social Performance 55 Environmental Performance 63 Annual Social Balance / 2012 65 GRI Summary 73 Examination Statement of the Application Level by the GRI 74 Corporate information and credits 75 Glossary Message from Management In 2012, consolidated investments totaled R$ 952, 2 million. GRI 1.1, 1.2 The year 2012 was a particularly challenging period, primarily in charge of managing its transmission assets for a further 30- due to the changes in the Brazilian electric power sector. As such, year term, thus giving way to a broader scope for our oper- CTEEP Management exerted considerable efforts in assessing ations, in the light of new paradigms, while maintaining our the effects from provisional executive orders 579 and 591, in ad- search for operational efficiency and service excellence, as well dition to preparing studies and evaluation reports aimed to sup- as our commitment to all stakeholders. port the deliberation to be taken at the Shareholders’ Meeting, regarding the extension of the concession agreement 059/2001, The Company`s economic and financial performance results re- while at the same time striving to ensure and enhance both the flect the success of our management geared towards the creation creation of value and the preservation of business sustainability. of sustainable value, which is grounded on financial discipline and compliance with our operational strategy. In 2012, our net The Brazilian government proposed the extension of the con- operating revenue remained stable and amounted to R$ 2,819.0 cession agreements scheduled to expire between 2015 and million, versus R$ 2,900.8 million in 2011. EBITDA also remained 2017, with a view to bolstering competitiveness within the do- flat at R$ 1,471.9 million in 2012, with a 52.2% EBITDA margin, mestic manufacturing industry and benefiting the population versus R$ 1,454.6 million in 2011, with a 50.1% margin. through the cut in electric energy costs. This measure ended up triggering a complex process that brought about a severe Consistent operational performance is one of CTEEP’s remark- financial impact on share prices on the equity market. During able features. In this regard, we may highlight the maintenance the second half, CTEEP’s preferred shares (TRPL4) showed his- of the best index of non-supplied energy in 2012, as well as torically atypical oscillations and closed the year priced at R$ the higher additional Allowed Annual Revenue (RAP) granted 32.99, representing a 43.11% decline year-over-year. by the Brazilian Electric Power Agency (ANEEL) to companies recording the highest asset availability. The new rules recently set out by the government, effective as of 2013, has laid down a new regulatory framework for the In 2012, consolidated capital expenditures amounted to R$ 952.2 electric power industry, with a significant impact on our opera- million, mainly in reinforcement, modernization and improve- tions. This new arrangement will enable the Company to remain ment in existing assets, as well as in investments in both work- 4 2012 Annual and Sustainability Report Back to Index Message from Management force and subsidiaries. We have also started up 60 new business mitment to the Global Compact, of which we have been signa- ventures, consisting in projects that evidence CTEEP`s endeavor tories since 2011, by promoting practical initiatives in support to strengthen its operations, while maintaining the credibility and of Human Rights, Labor Rights, Environmental protection and high quality of its electric power transmission services. Anti-Corruption measures. Moreover, CTEEP`s acquisition of Evrecy has enabled our stron- In 2013, CTEEP shall embark in a new path within the Brazilian ger presence in Minas Gerais State and broadened our footprint electric power transmission industry. We are convinced that our to 16 Brazilian states, following our start-up operations in Es- discipline in carrying out investments; our continuous quest for pírito Santo State. productivity improvement coupled with excellence and steady progress in operational performance; plus our focus on human Notwithstanding the scenario marked by uncertainties in 2012, capital and on financial soundness; should jointly enable us to we have reiterated our belief that the human capital is a deter- mitigate the effects from the changes in the sector environment. mining factor in the achievement of success in an organization, Thus, we will be able to move forward with our plans for the fu- on account of the determination and competence of our team ture growth of the Company, always excelling in our commitment of professionals, who have supported and contributed to our to our stakeholders, with particular emphasis on sustainability at decision-making processes. In the technical area alone, in 2012, all times, which will pave the way for the perpetuity of our busi- CTEEP invested nearly R$ 1.3 million in training and develop- ness, along with the attainment of long-term positive results. ment of its employees, through programs intended to technical and behavioral development. The Company Management would like to reiterate its sincere gratitude to all customers and suppliers, for their continuous Sustainability also consists in a concept embedded amidst the contribution to the quest for excellence; to our employees, for Company’s core values, and thus we also place emphasis in their dedication and competence, essential attributes to allow investments and long-term initiatives related to social-envi- for the achievement of positive results; to our shareholders ronmental issues. In 2012, we implemented the environmental and investors, for their trust in our management of operations, management system in all substations, and we consider the ISO in every instance based on the principles of transparency, and 26000 standard guidelines as one of our relationship directives to the society in general, for their trust in the public utility towards the stakeholders. We have also reaffirmed our com- services that we provide. 5 2012 Annual and Sustainability Report Back to Index About CTEEP Headquartered in São Paulo, CTEEP is present in 16 states. GRI EU4 CTEEP (Companhia de Transmissão de Energia Elétrica Paulis- CTEEP is a publicly-held company, controlled by ISA, which ta) is responsible for the transmission of 30% of Brazil`s overall in turn holds, through its investment vehicle ISA Capital do annual electric power generation, and 60% of the electric en- Brasil, a 37.81% stake in the Company`s capital stock. The ergy consumed in the Southeast region. The Company is one of remaining is held by Eletrobrás (35.23%), the São Paulo State the leading electric power transmission concessionaires in the Government (6.12%), as well as by over 61,000 shareholders, country, focusing on innovation and consistent improvement both individuals and corporate organizations. In 2012, one of intended to ensure the quality and credibility of its operations. CTEEP`s shareholders, Vinci Equities Gestora de Recursos Ltda (GRI 2.1, 2.2, 2.5, 2.7) (an asset management company) raised its share in preferred ISA ISA is one of the largest electric power transmission groups in Latin America, with 40,665 km of high-tension circuits and in- stalled capacity of 74,040 MVA. The Group operates in Colombia, Chile, Peru, Bolivia, Ecuador, Argentina and Central America, as well as in Brazil, through CTEEP. ISA`s segments of operations include electric power transportation, telecommunications, toll road concessions and real-time intelligent vision systems. At the close of FY 2012, ISA`s consolidated financial statements reported total assets in the amount of US$ 14.6 billion, and US$ 2.4 billion in revenues. Eletrobras Eletrobras` operations focus on electric power generation, transmission and distribution. It is controlled by the Brazilian Federal Govern- ment, and it is the largest company operating in the electric power sector in Latin America, comprising 162 hydroelectric, thermoelec- tric, wind farms and thermonuclear plants, in addition to over 50% of the Brazilian transmission lines and six distribution companies. 6 2012 Annual and Sustainability Report Back to Index About CTEEP stock to 7.22%, accounting for 4.17% of the Company`s total Length of transmission capital stock. (GRI 2.6) lines by voltage category km 440 kV 6,504.32 CTEEP is headquartered in the city of São Paulo, and it is pres- ent in 16 Brazilian states through its own operational assets, 345 kV 725.75 subsidiaries and equity interests.
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