4. 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.
6. 6
Operating Highlights
► CEMAR’s billed energy volume totaled 1,201 GWh in 2Q12, 12.5% more than in 2Q11.
► CEMAR’s last-12-month energy losses totaled 20.4% of required energy in 2Q12, 1.0 p.p. less than the
2Q11 ratio.
► CEMAR’s last-12-month DEC and FEC indices came to 21.7 hours and 11.6 times, respectively, in
2Q12, 10.6% and 0.2% up on the 2Q11 figures.
► Pursuant to a Material Fact published on June 27, Equatorial presented a proposal for the acquisition of
control of CELPA (Centrais Elétricas do Pará S.A.), currently in judicial reorganization. It should be
noted that the completion of this potential acquisition is subject to precedent conditions as indicated in
the aforementioned proposal.
7. 7
► Net operating revenues (NOR) totaled R$570.8 million in 2Q12, 22.1% up on 2Q11, reflecting a 19.7%
increase by CEMAR.
► 2Q12 adjusted EBITDA came to R$115.2 million, 4.3% higher than the amount reported in 2Q11.
► Adjusted Net Income totaled R$38.8 million in the quarter, 11.6% down on the adjusted amount reported in
the same period last year.
► Equatorial’s consolidated investments amounted to R$138.1 million in 2Q12, 24.8% up year-on-year. In
CEMAR (excluding direct investments in the Light For All Program), total capex amounted to R$101.0 million,
58.1% growth. Light For All Program investments totaled R$37.1 million.
► In June 2012, CEMAR’s 4th Issuance of Debentures was concluded, where R$280 million were raised,
maturing in 2020.
Financial Highlights
11. 11
DEC (hours) FEC (times)
Distribution – DEC and FEC (Last 12 months)
► CEMAR: In 2Q12, the DEC and FEC rates increased respectively 10.6% and 0.2% over the same quarter last year.
21.7
19.6
2Q11 2Q12
10.6%
11.5 11.6
2Q11 2Q12
0.2%
13. 13
Quaterly Results
► In 2Q12, there was a non-recurring compensation for costs regarding energy purchase that have been overly recognized on
prior years. Thus, this quarter’s energy purchase is R$9.8 million lower, of which R$2.3 million refer to 2011 and R$7.5 million
to 2Q11.
Adjusted EBITDA
120.3 125.0
123.3
115.2
(3.0) 5.5 (9.8)
EBITDA
2Q11 REFIS
Adjusted EBITDA
2Q11
Adjusted EBITDA
2Q12
Energy
Purchase
EBITDA
2Q12
-4.3%
14. 14
Quaterly Results
► Adjusted Net Income for the quarter was R$38.8 million, a decrease of 11.6% compared to the same amount of the previous
year.
Adjusted Net Income
43.9
33.8
44.2
44.3
(0.4)
(5.4)
NI
2Q11 REFIS
Adjusted NI
2Q11
Adjusted NI
2Q12
Energy
Purchase
NI
2Q12
-11.6%
16. 16
100% CEMAR + 25% Geramar
Net Debt - Consolidated
Net Debt (R$MM) and Net Debt/ EBITDA
(Last 12 months)
Net Debt Reconciliation (R$MM)
537,6
1.108,3
1.641,7
(4,2)
Dív. Bruta Ativo Reg.
Líquido
Disponível Dív. Líq.
1,108.3
994.2
1,082.6
1,002.4974.6
2.02.0 2.1 2.22.1
2Q11 3Q11 4Q11 1Q12 2Q12
17. 17
65.11% CEMAR + 25% Geramar
Net Debt – Pro-rata
Net Debt (R$MM) and Net Debt/ EBITDA
(Last 12 months)
Net Debt Reconciliation (R$MM)
751.0674.7 735.0681.7661.5
2.1 2.2 2.22.1 2.1
2Q11 3Q11 4Q11 1Q12 2Q12
356.6
751.0
1,104.9
(2,7)
Gross Debt Net
Regulatory
Asset
Cash Net Debt
18. 18
► CEMAR: In 2Q12, total capex reached R$138.1 million, of which R$101.0 million are own capex and R$37.1 million regarding the
Light for All Program (PLPT).
Capex - Equatorial
INVESTMENTS (R$MM) 2Q11 1Q12 2Q12 Chg. 1S11 1S12 Chg.
CEMAR
Own (*) 63.8 73.8 101.0 58.1% 106.4 174.8 64.2%
Light For All Program 46.8 44.5 37.1 -20.7% 84.5 81.7 -3.4%
Total 110.7 118.4 138.1 24.8% 191.0 256.5 34.3%
Geramar
Generation 0.0 0.2 0.0 -13.9% 0.2 0.2 0.1%
TOTAL 110.7 118.5 138.1 24.8% 191.2 256.7 34.3%
(*) Including indirect Light For All Program investments
20. 20
• 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.
Disclaimer
