4. Introduction
Presentation of Operating and Financial Information
► The financial information contained herein is presented in consolidated figures, pursuant to Brazilian
Corporate Law, based on revised financial information. The consolidated financial information
represents: i) 100% of CEMAR’s results, excluding 34.89% related to minority interests, ii) 25% of
Geramar’s results and iii) 100% of Equatorial Soluções’ results, which in turn consolidated 100% of Sol
Energias’ results, excluding 49% of minority interest before Net Income.
► The operating information presented herein consolidates 100% of CEMAR’s results and 25% of
Geramar’s results.
► The following information was not reviewed by the independent auditors: i) non-financial information
relating to CEMAR, Light and the PLPT (Programa Luz para Todos - Light for All Program); ii) pro forma
information and its comparison with the results presented in the period; and iii) management
expectations regarding the future performance of the Companies.
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6. Operating Highlights
► CEMAR’s billed energy volume totaled 1,161.0 GWh in 4Q11, 6.1% more than in 4Q10.
► CEMAR’s last-12-month energy losses totaled 21.0% of required energy in 4Q11, 1.0 p.p. less than the
4Q10 ratio.
► CEMAR’s last-12-month DEC and FEC indices came to 21.4 hours and 11.6 times, respectively, in
4Q11, 0.3% and 17.1% down on the 4Q10 figures.
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7. Financial Highlights
► Net operating revenues (NOR) totaled R$602.3 million in 4Q11, 17.9% up on 4Q10, reflecting a 13.5%
increase by CEMAR and the beginning of Sol Energias consolidation.
► 4Q11 adjusted EBITDA came to R$142.0 million, 1.7% lower than the amount reported in 4Q10.
► Adjusted Net income totaled R$52.9 million in the quarter, 9.3% down on the adjusted amount reported in
the same period last year.
► Equatorial’s consolidated investments amounted to R$191.5 million in 4Q11, 52.0% up year-on-year. In
CEMAR (excluding direct investments in the Light For All Program), total capex amounted to R$141.3 million,
110.0% growth. Light For All Program investments totaled R$50.1 million.
► At Equatorial’s Board of Directors meeting, the dividends proposal of R$50.4 million was approved,
corresponding to approximately R$ 0.46 per share. Such proposal should be submitted to the Company’s
Annual General Meeting, whose date is still to be defined.
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11. Distribution – DEC and FEC (Last 12 months)
► CEMAR: The DEC index improved 0.3% compared with 4Q10 and the FEC index improved 17.1% in the same period.
DEC (hours) FEC (times)
-0.3% 14.0
21.5 21.4
-17.1%
11.6
4Q10 4Q11 4Q10 4Q11
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13. Adjusted EBITDA
Adjusted EBITDA
-1.7% -0.1
15.0
129.4
144.4 142.0 142.1
EBITDA Legal Adj. EBITDA Adj. EBITDA Meter EBITDA
4Q10 Deposits 4Q10 4Q11 Structure 4Q11
► Meter Structure: During 4Q11, R$12.9 million were reported in Other Revenues, due to the sale of the metering equipment
structure, when installed. There are associated costs (R$10.8 million), reported in the Company’s PMSO, and taxes (R$1.9 million)
in Deductions from Operating Revenues, ending in EBITDA’s net effect of R$0.1 million.
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14. Adjusted Net Income
Adjusted Net Income
-9.3%
14.5
8.3 19.3 -0.1
35.5 58.3
52.9
33.7 33.7
NI Judicial Monetary Adj. Adj. NI Adj. NI Cut offs Meter NI
4Q10 Deposits Provisions 4Q10 4Q11 Structure 4Q11
► Write-off: Besides the effect of the metering structures sale recognition already mentioned in EBITDA, Net Income was
extraordinarily reduced by R$19.3 million due to the write-offs reported in the quarter. It occurs due to the accounting write-off of
older equipment that are replaced by new ones, given the investment level being implemented by CEMAR.
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15. Debt: Schedule of Gross Debt Maturities
Consolidated Gross Debt
(100% CEMAR + 25% Geramar)
107.3 64.7
Geramar
282.3
-
384.1
-
1,385.2 171.0
-
148.0 42.6
CEMAR
399.8
Gross Debt Short Term 2013 2014 2015 After 2015
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16. Net Debt - Consolidated
100% CEMAR + 25% Geramar
Net Debt (R$MM)(*) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM)
(Last 12 months)
2.1 2.0 2.0
1.5 1.5
41.8
445.5
758.7 752.8 994.2 974.6 1,005.1 1,492.5
1,005.1
4Q10 1Q11 2Q11 3Q11 4Q11 Gross Debt Net Cash Net Debt
Regulatory
Asset
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17. Net Debt – Pro-rata
65.11% CEMAR + 25% Geramar
Net Debt (R$MM) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM)
(Last 12 months)
2.1 2.0 2.0
1.5 1.5
674.7 27.2
661.5 684.4
499.1 494.4 297.6
1,009.2
684.4
4Q10 1Q11 2Q11 3Q11 4Q11 Gross Debt Net Cash Net Debt
Regulatory
Assets
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18. Capex - Equatorial
► CEMAR: In the 4Q11, total capex reached R$191.4 million, of which R$141.3 million are own capex and R$50.1 million regarding
the Light for All Program (PLPT).
► Ever since the conclusion of the construction of its plants in 1Q10, Geramar has only maintenance capex.
INVESTMENTS (R$MM) 4Q10 3Q11 4Q11 Chg. 2010 2011 Chg.
CEMAR
Own (*) 67.3 74.5 141.3 110.0% 197.0 322.3 63.6%
Light For All Program 58.3 40.0 50.1 -14.1% 202.1 174.6 -13.6%
Total 125.6 114.5 191.4 52.4% 399.1 496.9 24.5%
Geramar
Generation 0.4 0.1 0.1 -73.6% 16.2 0.4 -97.7%
TOTAL 126.0 114.6 191.5 52.0% 415.4 497.3 19.7%
(*) Including indirect Light For All Program investments
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20. Disclaimer
• This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as they were based on the
expectations of Company’s management and on available information. These prospects include statements concerning the Company’s
current intentions or expectations for our clients; this presentation will also be available at our website www.equatorialenergia.com.br/ir and
in the IPE system of the Brazilian Securities and Exchange Commission (CVM).
• Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share
and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors
and values that can establish these results are outside Company’s control or expectation. The reader/investor is advised not to completely
rely on the information above.
• The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, are intended to identify
estimates, which refer only to the date on which they were expressed. Hence, the Company has no obligation to update said statements.
• This presentation does not constitute any offering, invitation or request of subscription offer or purchase of any marketable securities. And,
this statement or any other information herein, does not constitute the basis for any contract or commitment of any kind.
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