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November 13th, 2013
3Q13 Results
2
Disclaimer
The stand-alone and consolidated financial statements were prepared in accordance with the accounting
principles adopted in Brazil, which include corporation law, the pronouncements, instructions and
interpretations issued by the Accounting Pronouncements Committee (CPC) and the regulations of the
Securities and Exchange Commission of Brazil (CVM), combined with specific legislation issued by the
National Electric Power Agency (ANEEL). As the industry regulator, ANEEL has powers to regulate the
concessions. The results are usually presented in both IFRS and former formats in order to permit
comparisons with other periods. However, the results presented in “Regulatory” format are not audited.
ALUPAR uses the audited results based on the IFRS principles to declare dividends.
The forward-looking statements contained in this document relating to the business outlook, projections of
operational and financial results and the growth prospects of ALUPAR are merely projections, and as such
are based exclusively on management’s expectations for the future of the business. These expectations
depend materially on changes in market conditions and the performance of the Brazilian economy, the
sector and international markets and therefore are subject to change without prior notice.
3
Alupar at a Glance
Alupar is the only listed company in Brazil operating in transmission and generation segments
Geographic Footprint of the Assets
Operational Under construction
Portfolio of 28 long-term
concessions, starting to expire
in 2030 (transmission) and
2034 (generation)
Transmission
Generation
Alupar Concession – Transmission and Generation
Today
LifetimeTranschile
Operating Under Construction
Lifetime
4
Company’s Assets
Generation Under Construction TBE1 TBE group’s assetsTransmission
Nota:
(1) TBE holds 10 transmission assets: EATE, EBTE, ECTE, ENTE, ERTE, ESDE, ETEP; ETSE, LUMITRANS e STC.
V 50.01%
T 42.51%
100%
50.01%V 50.02%
T 50.02%
V 100%
T 50.01%
70.02%
V 50.01%
T 42.51%
99.90%
41.00%
41.00%
41.00%
Transminas
Lavrinhas
47.51%
50.99%
V 50.02%
T 50.02%
51.00%
80.00%15.00% 80.00% 20.00%
Transirapé
Transleste
Rio Claro
Ijuí
Queluz
STC
EBTE
Transudeste
Lumitrans
ETES
50.01%
V 100%
T 50.01%
STN ENTEEATE
ECTE
ERTE
ETEP
ETEM
62.6%
ETVG
ESDE
Ferreira
Gomes
100%
TNE
51.00%
Risaralda
99.86%
100%
ETSE
100%
46.00%
TME
50.99%Energia
dos Ventos
51.00%
Transchile
TBE
TBE
TBE
TBE
TBE TBE TBE
TBE TBE
TBE
10.00%
10.00%
10.00%
Verde 8
82.00%
5
Alupar’s Business Culture
Financial Discipline
Responsible and Sustainable Growth
Efficient Capital Structure
Corporate Governance and Transparency
Skilled and Motivated Team
99.86%
6
Material Fact, August 29th, 2013
Negotiation of 13,1 MW average of SHPP Verde 8
Auction: 06/2013 - ANEEL
Location: Rio Verde, municipality of Santa Helena de Goiás (GO)
Installed Capacity: 30.0 MW
Assured Energy: 18.7 MW
Start-up (ANEEL): 2018
7
Material Fact, August 29th, 2013
Withdrawal of the consortium for participation in the HPP Sinop’s bidding process
8
TNE – Installation License for the expansion of the Boa Vista substation
Notice to the Market, October 4th, 2013
A ALUPAR INVESTIMENTO S.A., a publicly-held company registered with the CVM under no 2149-0, with
headquarters at Avenida Doutor Cardoso de Melo, 1.855, Bloco I, 9º andar, sala A, in the city and state of São
Paulo, inscribed in the corporate roll of taxpayers (CNPJ/MF) under no. 08.364.948/0001-38 (“Alupar”),
hereby informs its shareholders and the market in general that, as published in today’s Diário Oficial da
União, its subsidiary, TRANSNORTE ENERGIA S.A. (“TNE”) has received Installation License 968/2013 from
the Brazilian Institute of the Environment and Renewable Natural Resources (“IBAMA”), which is valid for
eighteen (18) months as of its issue date, September 30, 2013, for the Expansion of the Boa Vista Substation
and the Installation of a Static Var Compensator in the municipality of Boa Vista (RR).
9
Material Fact, October 17th, 2013
Acquisition of the Trasnmineiras’s finalized by EATE
V 50.02%
T 50.02%
70.02%
Transminas
Transirapé
Transleste
Transudeste
EATE
10.00%
10.00%
10.00%
Before – Indirect Interest 28.71%
41.00%
41.00%
41.00%
Acquisition of 4,956,900 preferred shares issued by Transleste, held by ORTENG
Acquisition of 3,000,000 preferred shares issued by Transudeste, held by ORTENG
Acquisition of 2,234,049 preferred shares issued by Transirapé, held by ORTENG
Total Amount: 33,5 millions
Now – Indirect Interest 33.71%
70.02%
Transminas
Transirapé
Transleste
Transudeste
41.00%
41.00%
41.00%
10
Financial settlement and consequent acquisition of SHPP’s preferred shares
Material Fact, October 28th, 2013
QUELUZ
LAVRINHAS
Before
V 50.01%
Acquisition of 3,285,627 preferred shares issued by Lavrinhas, held by FI-FGTS
Acquisition of 3,387,982 preferred shares issued by Queluz, held by FI-FGTS
Total Amount: 11,5 millions
T 35.01%
V 50.01%
T 35.01%
QUELUZ
LAVRINHAS
Now
V 50.01%
T 42.51%
V 50.01%
T 42.51%
11
The Diversion of the Araguari river
Notice to the Market, November 4th, 2013
ALUPAR INVESTIMENTO S.A., a publicly-held company registered with the CVM under no 21490, with
headquarters at Avenue Doutor Cardoso de Melo, 1.855, Bloco I, 9th floor, room A, in the city and state of
São Paulo, inscribed in the corporate roll of taxpayers (CNPJ/MF) under no. 08.364.948/0001-38 (“Alupar”),
hereby informs its shareholders and the market in general that, on this date, its subsidiary Ferreira Gomes
Energia S.A. concluded the diversion of the Araguari river via the spillways of the 252 MW Ferreira Gomes
hydropower plant, located in the state of Amapá.
12
Energy Price
-
-Increase in thermal generation
Delays in construction of greenfield projects
Recent adoption of risk aversion procedures in the electricity spot price (PLD) formation
May pressure up electricity prices in the near future
Source: ONS/CCEE
Source: ONS
0
20
40
60
80
100
0
100
200
300
400
500
600
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
%
R$/MWh
Termo (%) Hidro (%) PLD - SE (R$/MWh) Energy Storage - SE (%)
Financial Highlights
14
Financial Highlights - Consolidated
Key Indicators "CORPORATE LAW (IFRS)"
R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg.
Adjusted Net Revenue 302.0 277.9 8.7% 885.3 818.2 8.2%
EBITDA (CVM 527) 263.4 241.7 9.0% 751.7 686.3 9.5%
Adjusted Ebitda Margin 87.2% 87.0% 0.2 p.p 84.9% 83.9% 1.0 p.p
EBITDA (Excluding GSF effectcs) - - - 765.3 - 11.5%
Ebitda Margin (Excluding GSF effects) - - - 86.4% - 2.5 p.p
Financial Results -41.2 -65.7 -37.2% -137.3 -171.3 -19.8%
Consolidated Net Income 175.0 132.3 32.3% 490.6 402.5 21.9%
Subsidiaries` Minority Interest 92.7 83.8 10.7% 268.7 235.3 14.2%
Net Income – Alupar 82.3 48.5 69.5% 221.9 167.2 32.7%
Earnings per UNIT (R$)* 0.39 0.23 69.5% 1.07 0.80 32.7%
Net Income – Alupar (Excluding GSF) - - - 227.1 - 35.8%
Net Debt** 2,196.9 2,578.4 -14.8% 2,196.9 2,578.4 -14.8%
Net Debt / Ebitda*** 2.1 2.7 2.2 2.8
Key Indicators "REGULATORY"
R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg.
Net Revenue 282.3 264.4 6.8% 818.8 765.6 7.0%
EBITDA (CVM 527) 239.8 225.4 6.4% 674.9 625.7 7.9%
Ebitda Margin 84.9% 85.3% -0.4 p.p 82.4% 81.7% 0.7 p.p
EBITDA (Excluding GSF effectcs) - - - 688.5 - 10.0%
Ebitda Margin (Excluding GSF effects) - - - 84.1% - 2.4 p.p
Financial Results -41.2 -65.7 -37.2% -137.3 -171.2 -19.8%
Consolidated Net Income 136.8 102.5 33.5% 356.8 295.8 20.6%
Subsidiaries` Minority Interest 74.3 67.0 10.9% 198.8 182.0 9.2%
Net Income – Alupar 62.5 35.4 76.4% 158.0 113.8 38.8%
Earnings per UNIT (R$)* 0.30 0.17 76.4% 0.76 0.55 38.8%
Net Income – Alupar (Excluding GSF) - - - 163.2 - 43.4%
Net Debt** 2,196.9 2,578.4 -14.8% 2,196.9 2,578.4 -14.8%
Net Debt / Ebitda*** 2.3 2.9 2.4 3.1
*Net Income / Units Equivalents (208.300.600) **Including Securities under Non–Current Assets ***Annualized EBITDA
15
Consolidated Financial Highlights - IFRS
241.7
263.4
87.0% 87.2%
3Q12 3Q13
EBITDA (R$ MM) and Margin (%)
48.5
82.3
3Q12 3Q13
Net Income (R$ MM)
277.9
302.0
3Q12 3Q13
Adjusted Net Revenue (R$ MM)
686.3
751.7 765.313.6
9M12 9M13 GSF Adjust. Adjusted
9M13
EBITDA (R$ MM) and Margin (%)
84.9%
86.4%
83.9%
167.2
221.9
227.1
5.2
9M12 9M13 GSF
Adjust.
Adjusted
9M13
Net Income (R$ MM)
818.2
885.3
9M12 9M13
Adjusted Net Revenue (R$ MM)
16
Consolidated Financial Highlights - Regulatory
225.4
239.8
85.3% 84.9%
3Q12 3Q13
EBITDA (R$ MM) and Margin (%)
35.4
62.5
3Q12 3Q13
Net Income (R$ MM)
264.4
282.3
3Q12 3Q13
Net Revenue (R$ MM)
765.6
818.8
9M12 9M13
Net Revenue (R$ MM)
625.7
674.9 688.513.6
9M12 9M13 GSF Adjust. Adjusted
9M13
EBITDA (R$ MM) and Margin (%)
82.4%
84.1%
81.7%
113.8
158.0
163.25.2
9M12 9M13 GSF Adjust. Adjusted
9M13
Net Income (R$ MM)
17
Transmission Financial Highlights - Combined
Key Indicators "CORPORATE LAW (IFRS)"
R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg.
Adjusted Net Revenue 282.9 254.8 11.0% 821.4 745.9 10.1%
Adjusted Operating Costs* -19.6 -18.8 4.4% -52.2 -47.7 9.5%
Depreciation / Amortization -1.5 -1.4 11.1% -4.3 -2.0 112.7%
Operating Expenses -9.0 -9.1 -1.4% -29.2 -27.5 6.4%
EBITDA (CVM 527) 254.2 226.9 12.0% 739.9 670.8 10.3%
Adjusted EBITDA Margin 89.9% 89.0% 0.9 p.p. 90.1% 89.9% 0.2 p.p.
Financial Results -33.4 -34.5 -3.1% -88.2 -103.9 -15.1%
Net Income 180.6 156.7 15.3% 547.5 477.9 14.6%
Net Debt** 1,277.6 1,358.5 -6.0% 1,277.6 1,358.5 -6.0%
Key Indicators "REGULATORY"
R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg.
Adjusted Net Revenue 256.3 236.7 8.3% 737.6 681.3 8.3%
Adjusted Operating Costs -19.7 -18.5 6.3% -52.3 -47.2 10.7%
Depreciation / Amortization -28.5 -27.5 3.7% -84.2 -79.2 6.3%
Operating Expenses -8.9 -9.1 -1.2% -29.2 -27.4 6.4%
EBITDA (CVM 527) 227.7 209.1 8.9% 656.1 606.7 8.2%
Adjusted EBITDA Margin 88.8% 88.4% 0.4 p.p.. 89.0% 89.0% 0.0 p.p..
Financial Results -33.4 -34.5 -3.1% -88.2 -103.8 -15.0%
Net Income 138.3 123.3 12.2% 402.1 361.1 11.4%
Net Debt** 1,277.6 1,358.5 -6.0% 1,277.6 1,358.5 -6.0%
*Adjusted Operating Costs: excluding infrastructure costs
** Including Securities under Non-Current Assets
18
Transmission Financial Highlights - Combined
254.8 282.9
745.9
821.4
3Q12 3Q13 9M12 9M13
Adjusted Net Revenue (R$ MM)
236.7 256.3
681.3
737.6
3Q12 3Q13 9M12 9M13
Net Revenue (R$ MM)
123.3 138.3
361.1
402.1
3Q12 3Q13 9M12 9M13
Net Income (R$ MM)
Corporate Law (IFRS)
Regulatory
156.7 180.6
477.9
547.5
3Q12 3Q13 9M12 9M13
Net Income (R$ MM)
226.9 254.2
670.8
739.9
89.0% 89.9% 89.9% 90.1%
3Q12 3Q13 9M12 9M13
EBITDA (R$ MM) and Margin (%)
209.1 227.7
606.7
656.1
88.4% 88.8% 89.0% 89.0%
3Q12 3Q13 9M12 9M13
EBITDA (R$ MM) and Margin (%)
19
Generation Financial Highlights - Combined
Key Indicators "CORPORATE LAW (IFRS)"
R$ million 3Q13 3Q12 % Chg. 9M13 9M12 % Chg.
Net Revenue 43.8 43.1 1.7% 134.8 121.8 10.7%
Operating Costs -10.6 -2.0 424.9% -25.4 -6.6 287.0%
Depreciation & Amortization -8.3 -8.5 -1.9% -25.1 -24.0 4.5%
Energy Purchases -1.2 -0.8 50.1% -24.7 -22.2 11.2%
Operating Expenses -2.4 -7.3 -66.6% -10.0 -25.7 -61.1%
EBITDA (CVM 527) 29.5 32.9 -10.2% 74.6 67.3 10.9%
EBITDA Margin 67.4% 76.4% -9.0 p.p. 55.4% 55.2% 0.2 p.p.
EBITDA (Excluding GSF) - - - 88.2 - 31.1%
EBITDA Margin (Excluding GSF) - - - 65.4% - 10.2 p.p.
EBITDA Margin (Excluding Intercompany) 70.3% -6.1 p.p. 56.7% 1.5 p.p.
Financial Result -11.3 -12.9 -12.6% -34.4 -41.1 -16.3%
Net Income / Loss 8.9 10.8 -17.7% 12.7 0.4 -
Net Income (Excluding GSF) - - - 24.7 - -
Net Debt* 1,141.3 1,009.7 13.0% 1,141.3 1,009.7 13.0%
* Including Securities under Non-Current Assets
20
67.3
74.6
88.2
13.6
9M12 9M13 GSF Adjust. Adjusted
9M3
EBITDA (R$ MM) and Margin (%)
55.4%
64.5%
Generation Financial Highlights - Combined
43.1 43.8
3Q12 3Q13
Net Revenue (R$ MM)
121.8
134.8
9M12 9M13
Net Revenue (R$ MM)
32.9
29.5
76.4% 67.4%
3Q12 3Q13
EBITDA (R$ MM) and Margin (%)
0.4
12.7
24.7
12.0
9M12 9M13 GSF Adjust. Adjusted
9M13
Net Income (R$ MM)
55.2%
10.8
8.9
3Q12 3Q13
Net Income (R$ MM)
21
Indebtedness - Consolidated
3,195.8
2,196.9
999.0
Gross Debt Cash and
Cash Equivalents
Net Debt
Total Debt Sep/13
32.9%
36.7%
14.4%
0.2%
15.8% CDI
TJLP
Fixed
Foreign Currency
IPCA
Gross Debt by Index Sep/13 (%)
1,328.9
301.0
4.65.6
1,555.8
BNDES (TJLP / IGP-M)
Other Development Banks
Other Local Currency
Foreign Currency
Debentures
Gross Debt Composition Sep/13
18%
82%
Debt Profile (%)
Short Term Long Term
22
Indebtedness - Consolidated
Moody’sMoody’sMoody’sMoody’s InvestorsInvestorsInvestorsInvestors ServiceServiceServiceService
Corporate (national scale) AA+ Corporate (national scale) Aa2.br
Corporate (globa scalel) Ba1
255.4
75.4
271.7
318.0 278.0 251.1
135.8
930.6
743.6
126.9
89.3
83.8 24.1
124.1
68.9
257.7
Cash and
Cash
Equivalents
2013 2014 2015 2016 2017 2018 after 2018
Debt Amortization Schedule (R$ million)
Subsidiaries Parent Company Bridges Loans
160.4
IR Contacts
Marcelo Costa
IRO
Luiz Coimbra
IR Analyst
Tel.: (011) 2184-9600
ri@alupar.com.br
November 13th, 2013

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3Q13 Results Presentation

  • 2. 2 Disclaimer The stand-alone and consolidated financial statements were prepared in accordance with the accounting principles adopted in Brazil, which include corporation law, the pronouncements, instructions and interpretations issued by the Accounting Pronouncements Committee (CPC) and the regulations of the Securities and Exchange Commission of Brazil (CVM), combined with specific legislation issued by the National Electric Power Agency (ANEEL). As the industry regulator, ANEEL has powers to regulate the concessions. The results are usually presented in both IFRS and former formats in order to permit comparisons with other periods. However, the results presented in “Regulatory” format are not audited. ALUPAR uses the audited results based on the IFRS principles to declare dividends. The forward-looking statements contained in this document relating to the business outlook, projections of operational and financial results and the growth prospects of ALUPAR are merely projections, and as such are based exclusively on management’s expectations for the future of the business. These expectations depend materially on changes in market conditions and the performance of the Brazilian economy, the sector and international markets and therefore are subject to change without prior notice.
  • 3. 3 Alupar at a Glance Alupar is the only listed company in Brazil operating in transmission and generation segments Geographic Footprint of the Assets Operational Under construction Portfolio of 28 long-term concessions, starting to expire in 2030 (transmission) and 2034 (generation) Transmission Generation Alupar Concession – Transmission and Generation Today LifetimeTranschile Operating Under Construction Lifetime
  • 4. 4 Company’s Assets Generation Under Construction TBE1 TBE group’s assetsTransmission Nota: (1) TBE holds 10 transmission assets: EATE, EBTE, ECTE, ENTE, ERTE, ESDE, ETEP; ETSE, LUMITRANS e STC. V 50.01% T 42.51% 100% 50.01%V 50.02% T 50.02% V 100% T 50.01% 70.02% V 50.01% T 42.51% 99.90% 41.00% 41.00% 41.00% Transminas Lavrinhas 47.51% 50.99% V 50.02% T 50.02% 51.00% 80.00%15.00% 80.00% 20.00% Transirapé Transleste Rio Claro Ijuí Queluz STC EBTE Transudeste Lumitrans ETES 50.01% V 100% T 50.01% STN ENTEEATE ECTE ERTE ETEP ETEM 62.6% ETVG ESDE Ferreira Gomes 100% TNE 51.00% Risaralda 99.86% 100% ETSE 100% 46.00% TME 50.99%Energia dos Ventos 51.00% Transchile TBE TBE TBE TBE TBE TBE TBE TBE TBE TBE 10.00% 10.00% 10.00% Verde 8 82.00%
  • 5. 5 Alupar’s Business Culture Financial Discipline Responsible and Sustainable Growth Efficient Capital Structure Corporate Governance and Transparency Skilled and Motivated Team 99.86%
  • 6. 6 Material Fact, August 29th, 2013 Negotiation of 13,1 MW average of SHPP Verde 8 Auction: 06/2013 - ANEEL Location: Rio Verde, municipality of Santa Helena de Goiás (GO) Installed Capacity: 30.0 MW Assured Energy: 18.7 MW Start-up (ANEEL): 2018
  • 7. 7 Material Fact, August 29th, 2013 Withdrawal of the consortium for participation in the HPP Sinop’s bidding process
  • 8. 8 TNE – Installation License for the expansion of the Boa Vista substation Notice to the Market, October 4th, 2013 A ALUPAR INVESTIMENTO S.A., a publicly-held company registered with the CVM under no 2149-0, with headquarters at Avenida Doutor Cardoso de Melo, 1.855, Bloco I, 9º andar, sala A, in the city and state of São Paulo, inscribed in the corporate roll of taxpayers (CNPJ/MF) under no. 08.364.948/0001-38 (“Alupar”), hereby informs its shareholders and the market in general that, as published in today’s Diário Oficial da União, its subsidiary, TRANSNORTE ENERGIA S.A. (“TNE”) has received Installation License 968/2013 from the Brazilian Institute of the Environment and Renewable Natural Resources (“IBAMA”), which is valid for eighteen (18) months as of its issue date, September 30, 2013, for the Expansion of the Boa Vista Substation and the Installation of a Static Var Compensator in the municipality of Boa Vista (RR).
  • 9. 9 Material Fact, October 17th, 2013 Acquisition of the Trasnmineiras’s finalized by EATE V 50.02% T 50.02% 70.02% Transminas Transirapé Transleste Transudeste EATE 10.00% 10.00% 10.00% Before – Indirect Interest 28.71% 41.00% 41.00% 41.00% Acquisition of 4,956,900 preferred shares issued by Transleste, held by ORTENG Acquisition of 3,000,000 preferred shares issued by Transudeste, held by ORTENG Acquisition of 2,234,049 preferred shares issued by Transirapé, held by ORTENG Total Amount: 33,5 millions Now – Indirect Interest 33.71% 70.02% Transminas Transirapé Transleste Transudeste 41.00% 41.00% 41.00%
  • 10. 10 Financial settlement and consequent acquisition of SHPP’s preferred shares Material Fact, October 28th, 2013 QUELUZ LAVRINHAS Before V 50.01% Acquisition of 3,285,627 preferred shares issued by Lavrinhas, held by FI-FGTS Acquisition of 3,387,982 preferred shares issued by Queluz, held by FI-FGTS Total Amount: 11,5 millions T 35.01% V 50.01% T 35.01% QUELUZ LAVRINHAS Now V 50.01% T 42.51% V 50.01% T 42.51%
  • 11. 11 The Diversion of the Araguari river Notice to the Market, November 4th, 2013 ALUPAR INVESTIMENTO S.A., a publicly-held company registered with the CVM under no 21490, with headquarters at Avenue Doutor Cardoso de Melo, 1.855, Bloco I, 9th floor, room A, in the city and state of São Paulo, inscribed in the corporate roll of taxpayers (CNPJ/MF) under no. 08.364.948/0001-38 (“Alupar”), hereby informs its shareholders and the market in general that, on this date, its subsidiary Ferreira Gomes Energia S.A. concluded the diversion of the Araguari river via the spillways of the 252 MW Ferreira Gomes hydropower plant, located in the state of Amapá.
  • 12. 12 Energy Price - -Increase in thermal generation Delays in construction of greenfield projects Recent adoption of risk aversion procedures in the electricity spot price (PLD) formation May pressure up electricity prices in the near future Source: ONS/CCEE Source: ONS 0 20 40 60 80 100 0 100 200 300 400 500 600 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 % R$/MWh Termo (%) Hidro (%) PLD - SE (R$/MWh) Energy Storage - SE (%)
  • 14. 14 Financial Highlights - Consolidated Key Indicators "CORPORATE LAW (IFRS)" R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg. Adjusted Net Revenue 302.0 277.9 8.7% 885.3 818.2 8.2% EBITDA (CVM 527) 263.4 241.7 9.0% 751.7 686.3 9.5% Adjusted Ebitda Margin 87.2% 87.0% 0.2 p.p 84.9% 83.9% 1.0 p.p EBITDA (Excluding GSF effectcs) - - - 765.3 - 11.5% Ebitda Margin (Excluding GSF effects) - - - 86.4% - 2.5 p.p Financial Results -41.2 -65.7 -37.2% -137.3 -171.3 -19.8% Consolidated Net Income 175.0 132.3 32.3% 490.6 402.5 21.9% Subsidiaries` Minority Interest 92.7 83.8 10.7% 268.7 235.3 14.2% Net Income – Alupar 82.3 48.5 69.5% 221.9 167.2 32.7% Earnings per UNIT (R$)* 0.39 0.23 69.5% 1.07 0.80 32.7% Net Income – Alupar (Excluding GSF) - - - 227.1 - 35.8% Net Debt** 2,196.9 2,578.4 -14.8% 2,196.9 2,578.4 -14.8% Net Debt / Ebitda*** 2.1 2.7 2.2 2.8 Key Indicators "REGULATORY" R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg. Net Revenue 282.3 264.4 6.8% 818.8 765.6 7.0% EBITDA (CVM 527) 239.8 225.4 6.4% 674.9 625.7 7.9% Ebitda Margin 84.9% 85.3% -0.4 p.p 82.4% 81.7% 0.7 p.p EBITDA (Excluding GSF effectcs) - - - 688.5 - 10.0% Ebitda Margin (Excluding GSF effects) - - - 84.1% - 2.4 p.p Financial Results -41.2 -65.7 -37.2% -137.3 -171.2 -19.8% Consolidated Net Income 136.8 102.5 33.5% 356.8 295.8 20.6% Subsidiaries` Minority Interest 74.3 67.0 10.9% 198.8 182.0 9.2% Net Income – Alupar 62.5 35.4 76.4% 158.0 113.8 38.8% Earnings per UNIT (R$)* 0.30 0.17 76.4% 0.76 0.55 38.8% Net Income – Alupar (Excluding GSF) - - - 163.2 - 43.4% Net Debt** 2,196.9 2,578.4 -14.8% 2,196.9 2,578.4 -14.8% Net Debt / Ebitda*** 2.3 2.9 2.4 3.1 *Net Income / Units Equivalents (208.300.600) **Including Securities under Non–Current Assets ***Annualized EBITDA
  • 15. 15 Consolidated Financial Highlights - IFRS 241.7 263.4 87.0% 87.2% 3Q12 3Q13 EBITDA (R$ MM) and Margin (%) 48.5 82.3 3Q12 3Q13 Net Income (R$ MM) 277.9 302.0 3Q12 3Q13 Adjusted Net Revenue (R$ MM) 686.3 751.7 765.313.6 9M12 9M13 GSF Adjust. Adjusted 9M13 EBITDA (R$ MM) and Margin (%) 84.9% 86.4% 83.9% 167.2 221.9 227.1 5.2 9M12 9M13 GSF Adjust. Adjusted 9M13 Net Income (R$ MM) 818.2 885.3 9M12 9M13 Adjusted Net Revenue (R$ MM)
  • 16. 16 Consolidated Financial Highlights - Regulatory 225.4 239.8 85.3% 84.9% 3Q12 3Q13 EBITDA (R$ MM) and Margin (%) 35.4 62.5 3Q12 3Q13 Net Income (R$ MM) 264.4 282.3 3Q12 3Q13 Net Revenue (R$ MM) 765.6 818.8 9M12 9M13 Net Revenue (R$ MM) 625.7 674.9 688.513.6 9M12 9M13 GSF Adjust. Adjusted 9M13 EBITDA (R$ MM) and Margin (%) 82.4% 84.1% 81.7% 113.8 158.0 163.25.2 9M12 9M13 GSF Adjust. Adjusted 9M13 Net Income (R$ MM)
  • 17. 17 Transmission Financial Highlights - Combined Key Indicators "CORPORATE LAW (IFRS)" R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg. Adjusted Net Revenue 282.9 254.8 11.0% 821.4 745.9 10.1% Adjusted Operating Costs* -19.6 -18.8 4.4% -52.2 -47.7 9.5% Depreciation / Amortization -1.5 -1.4 11.1% -4.3 -2.0 112.7% Operating Expenses -9.0 -9.1 -1.4% -29.2 -27.5 6.4% EBITDA (CVM 527) 254.2 226.9 12.0% 739.9 670.8 10.3% Adjusted EBITDA Margin 89.9% 89.0% 0.9 p.p. 90.1% 89.9% 0.2 p.p. Financial Results -33.4 -34.5 -3.1% -88.2 -103.9 -15.1% Net Income 180.6 156.7 15.3% 547.5 477.9 14.6% Net Debt** 1,277.6 1,358.5 -6.0% 1,277.6 1,358.5 -6.0% Key Indicators "REGULATORY" R$ MM 3Q13 3Q12 % Chg. 9M13 9M12 % Chg. Adjusted Net Revenue 256.3 236.7 8.3% 737.6 681.3 8.3% Adjusted Operating Costs -19.7 -18.5 6.3% -52.3 -47.2 10.7% Depreciation / Amortization -28.5 -27.5 3.7% -84.2 -79.2 6.3% Operating Expenses -8.9 -9.1 -1.2% -29.2 -27.4 6.4% EBITDA (CVM 527) 227.7 209.1 8.9% 656.1 606.7 8.2% Adjusted EBITDA Margin 88.8% 88.4% 0.4 p.p.. 89.0% 89.0% 0.0 p.p.. Financial Results -33.4 -34.5 -3.1% -88.2 -103.8 -15.0% Net Income 138.3 123.3 12.2% 402.1 361.1 11.4% Net Debt** 1,277.6 1,358.5 -6.0% 1,277.6 1,358.5 -6.0% *Adjusted Operating Costs: excluding infrastructure costs ** Including Securities under Non-Current Assets
  • 18. 18 Transmission Financial Highlights - Combined 254.8 282.9 745.9 821.4 3Q12 3Q13 9M12 9M13 Adjusted Net Revenue (R$ MM) 236.7 256.3 681.3 737.6 3Q12 3Q13 9M12 9M13 Net Revenue (R$ MM) 123.3 138.3 361.1 402.1 3Q12 3Q13 9M12 9M13 Net Income (R$ MM) Corporate Law (IFRS) Regulatory 156.7 180.6 477.9 547.5 3Q12 3Q13 9M12 9M13 Net Income (R$ MM) 226.9 254.2 670.8 739.9 89.0% 89.9% 89.9% 90.1% 3Q12 3Q13 9M12 9M13 EBITDA (R$ MM) and Margin (%) 209.1 227.7 606.7 656.1 88.4% 88.8% 89.0% 89.0% 3Q12 3Q13 9M12 9M13 EBITDA (R$ MM) and Margin (%)
  • 19. 19 Generation Financial Highlights - Combined Key Indicators "CORPORATE LAW (IFRS)" R$ million 3Q13 3Q12 % Chg. 9M13 9M12 % Chg. Net Revenue 43.8 43.1 1.7% 134.8 121.8 10.7% Operating Costs -10.6 -2.0 424.9% -25.4 -6.6 287.0% Depreciation & Amortization -8.3 -8.5 -1.9% -25.1 -24.0 4.5% Energy Purchases -1.2 -0.8 50.1% -24.7 -22.2 11.2% Operating Expenses -2.4 -7.3 -66.6% -10.0 -25.7 -61.1% EBITDA (CVM 527) 29.5 32.9 -10.2% 74.6 67.3 10.9% EBITDA Margin 67.4% 76.4% -9.0 p.p. 55.4% 55.2% 0.2 p.p. EBITDA (Excluding GSF) - - - 88.2 - 31.1% EBITDA Margin (Excluding GSF) - - - 65.4% - 10.2 p.p. EBITDA Margin (Excluding Intercompany) 70.3% -6.1 p.p. 56.7% 1.5 p.p. Financial Result -11.3 -12.9 -12.6% -34.4 -41.1 -16.3% Net Income / Loss 8.9 10.8 -17.7% 12.7 0.4 - Net Income (Excluding GSF) - - - 24.7 - - Net Debt* 1,141.3 1,009.7 13.0% 1,141.3 1,009.7 13.0% * Including Securities under Non-Current Assets
  • 20. 20 67.3 74.6 88.2 13.6 9M12 9M13 GSF Adjust. Adjusted 9M3 EBITDA (R$ MM) and Margin (%) 55.4% 64.5% Generation Financial Highlights - Combined 43.1 43.8 3Q12 3Q13 Net Revenue (R$ MM) 121.8 134.8 9M12 9M13 Net Revenue (R$ MM) 32.9 29.5 76.4% 67.4% 3Q12 3Q13 EBITDA (R$ MM) and Margin (%) 0.4 12.7 24.7 12.0 9M12 9M13 GSF Adjust. Adjusted 9M13 Net Income (R$ MM) 55.2% 10.8 8.9 3Q12 3Q13 Net Income (R$ MM)
  • 21. 21 Indebtedness - Consolidated 3,195.8 2,196.9 999.0 Gross Debt Cash and Cash Equivalents Net Debt Total Debt Sep/13 32.9% 36.7% 14.4% 0.2% 15.8% CDI TJLP Fixed Foreign Currency IPCA Gross Debt by Index Sep/13 (%) 1,328.9 301.0 4.65.6 1,555.8 BNDES (TJLP / IGP-M) Other Development Banks Other Local Currency Foreign Currency Debentures Gross Debt Composition Sep/13 18% 82% Debt Profile (%) Short Term Long Term
  • 22. 22 Indebtedness - Consolidated Moody’sMoody’sMoody’sMoody’s InvestorsInvestorsInvestorsInvestors ServiceServiceServiceService Corporate (national scale) AA+ Corporate (national scale) Aa2.br Corporate (globa scalel) Ba1 255.4 75.4 271.7 318.0 278.0 251.1 135.8 930.6 743.6 126.9 89.3 83.8 24.1 124.1 68.9 257.7 Cash and Cash Equivalents 2013 2014 2015 2016 2017 2018 after 2018 Debt Amortization Schedule (R$ million) Subsidiaries Parent Company Bridges Loans 160.4
  • 23. IR Contacts Marcelo Costa IRO Luiz Coimbra IR Analyst Tel.: (011) 2184-9600 ri@alupar.com.br November 13th, 2013