The presentation is on the asset swap which exchanged on the one hand: for Energias do Brasil, of the totality of the corporate stake held in Enersul, and on the other: by Rede Group, of the corporate stakes in the companies Rede Lajeado Energia S.A., Investco S.A. (“Investco”), and Tocantins Energia S.A.
Electric Load Forecasting Using Genetic Algorithm – A Review IJMER
Many real-world problems from operations research and management science are very
complex in nature and quite hard to solve by conventional optimization techniques. So, intelligent
solutions based on genetic algorithm (GA), to solve these complicated practical problems in various
sectors are becoming more and more widespread nowadays. GAs are being developed and deployed
worldwide in myriad applications, mainly because of their symbolic reasoning, flexibility and
explanation capabilities.
This paper provides an overview of GAs, as well as their current use in the field of electric load
forecasting. The types of GA are outlined, leading to a discussion of the various types and parameters of
load forecasting. The paper concludes by sharing thoughts and estimations on GA for load forecasting
for future prospects in this area. This review reveals that although still regarded as a novel
methodology, GA technologies are shown to have matured to the point of offering real practical benefits
in many of their applications.
The presentation is on the asset swap which exchanged on the one hand: for Energias do Brasil, of the totality of the corporate stake held in Enersul, and on the other: by Rede Group, of the corporate stakes in the companies Rede Lajeado Energia S.A., Investco S.A. (“Investco”), and Tocantins Energia S.A.
Electric Load Forecasting Using Genetic Algorithm – A Review IJMER
Many real-world problems from operations research and management science are very
complex in nature and quite hard to solve by conventional optimization techniques. So, intelligent
solutions based on genetic algorithm (GA), to solve these complicated practical problems in various
sectors are becoming more and more widespread nowadays. GAs are being developed and deployed
worldwide in myriad applications, mainly because of their symbolic reasoning, flexibility and
explanation capabilities.
This paper provides an overview of GAs, as well as their current use in the field of electric load
forecasting. The types of GA are outlined, leading to a discussion of the various types and parameters of
load forecasting. The paper concludes by sharing thoughts and estimations on GA for load forecasting
for future prospects in this area. This review reveals that although still regarded as a novel
methodology, GA technologies are shown to have matured to the point of offering real practical benefits
in many of their applications.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
2. Disclaimer
This presentation may include forward-looking statements of future events or results according to regulations
of the Brazilian and international securities and exchange commissions. These statements are based on
certain assumptions and analysis by the company that reflect its experience, the economic environment and
future market conditions and expected events, many of which are beyond the control of the company.
Important factors that may lead to significant differences between the actual results and the statements of
expectations about future events or results include the company’s business strategy, Brazilian and
international economic conditions, technology, financial strategy, public service industry developments,
hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans,
objectives, expectations and intentions, among others. Considering these factors, the actual results of the
company may be significantly different from those shown or implicit in the statement of expectations about
future events or results.
The information and opinions contained in this presentation should not be understood as a recommendation
to potential investors and no investment decision is to be based on the veracity, current events or
completeness of this information or these opinions. No advisors to the company or parties related to them or
their representatives shall have any responsibility for whatever losses that may result from the use or contents
of this presentation.
This material includes forward-looking statements subject to risks and uncertainties, which are based on
current expectations and projections about future events and trends that may affect the company’s business.
These statements include projections of economic growth and energy demand and supply, as well as
information about the competitive position, the regulatory environment, potential opportunities for growth
and other matters. Several factors may adversely affect the estimates and assumptions on which these
statements are based.
2
4. Highlights of 2007
█ Net income increases 11.6%
█ Consolidated EBITDA reaches R$ 1,123 MM in 2007, a growth of 4.6% yoy
█ EBITDA growth would be 16.3% if non-recurring items were eliminated
(negative impact of R$ 183.1 MM due to extraordinary reduction in Enersul’s RAB)
█ Generation segment’s EBITDA grows 62.1% reaching R$ 442 MM
█ Generation contributes with 38% of consolidated EBITDA
█ Commercialization grows 7.2% yoy in volume and 25.7% yoy in margin
█ Net operating revenue from Distribution grows 9.6%
█ In Distribution, manageable expenditures per MWh distributed grow 5.5%, increasing less
than inflation
█ Financial expenses decrease 22.5%
█ Company’s Board of Executive Officers restructured with the appointment of a new CEO
4
6. Generation’s performance was outstanding in 2007, driven by
the increase in capacity...
Volume of Produced Energy Volume Energy Sales
(GWh) (GWh)
+17.0%
+19.7%
4,704 5,568
3,929 4,758
-9.3%
+8.4%
N.A. 1,355 N.A. 1,480
4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007
█ Operation of Peixe Angical HPP and the 4th generating unit at Mascarenhas HPP
fully integrated throughout 2007
█ Startup of commercial operations at São João SHP
6
7. …which resulted in strong EBITDA growth
Net Revenue EBITDA
(R$ MM) (R$ MM)
+28.3%
+62.1%
583 442
454
+26.5% +47.4% 273
170 130
134 88
4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007
Net Income
(R$ MM)
+60.7%
206
128 █ EBITDA margin from generation
+72.5%
increases to 75.8% in 2007 from
63 60.1% in 2006
36
4Q06 4Q07 2006 2007
7
8. Installed capacity has almost doubled since 2005 and with
projects already underway, will almost triple in 2012
Installed capacity
(MW)
+39.2%
1,452
+102.1%
360
409
29 20*
50 25
452
2009 2009 2012
1,043 Estimated start-up of
commercial operation
1,043
516
2005 UHE Peixe 4a Máq. PCH São Atual PCH Santa UTE Pecém 2012
Angical Mascarenhas João Fé Repotenciações
Assured Energy
(average MW)
334 645 980
93.1% 51.9%
Projects concluded since IPO
Projects in progress
* Includes 2.3 MW from the upgrading of Suíça HPP, still awaiting Aneel ratification
8
10. In distribution, despite market growth...
Volume of Distributed Energy Energy Distributed by Customer Class
(GWh) (GWh)
+4.5%
+4.5%
23,948 25,029
25,029
23,948
1%
1%
13%
13%
+6.5% +6.5%
37% 37%
34% 34%
6,428 6,428
6,038 6,038
14% 13% 2%
1% 62% 62%
53% 53% 36% 36%
33% 34%
53% 53% 62% 62%
53%
4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007
Bandeirante Escelsa Enersul End Customers Energy in Transit Other
10
11. ... financial performance was negatively impacted by the
reduction in Enersul’s RAB
Net Revenue EBITDA
(R$ MM) +9.6%
(R$ MM) -18.1%
3,916 829
3,573 679
18% 21%
-9.0% 21% -87.1% 2%
31% 37%
31% 242 33%
978 891
17% 31
20% 7%
31% 36% 29% 46% 61%
48% 51%
49% 57% 54%
4Q06 54% 4Q07 2006 2007 4Q0654% 4Q07 2006 2007
Net Income
(R$ MM) -12.1%
332
292
-79.0% 15%
163 42%
15% 34 █ Reduction in 2007 EBITDA vs 2006
36%
43%
reflects a negative non-recurrent
49%
effect of R$ 183.1 MM with respect
4Q06 4Q07 2006 2007 to the impact of the reduction in
54% Enersul’s RAB
Bandeirante Escelsa Enersul
11
12. Manageable expenditures per MWh increased less than inflation
in the period, despite the increase in contingencies
Manageable Expenditures (R$ MM)
4Q06 4Q07 ∆% 2006 2007 ∆%
Personnel 65.9 70.2 6.4% 303.2 259.1 -14.5%
Material 7.9 10.5 32.4% 33.6 40.0 19.3%
Third Party Services 73.1 87.2 19.3% 265.2 311.2 17.3%
Provisions 14.6 24.0 64.4% 66.7 132.5 98.7%
Others 24.6 18.5 -24.9% 63.8 64.9 1.8%
Total 186.1 210.3 13.0% 732.4 807.7 10.3%
Distr. energy vol. (GWh) 22,394 23,061 3.0% 23,948 25,029 4.5%
R$ / MWh 8.31 9.12 9.7% 30.58 32.27 5.5%
IGPM 7.8% 7.8%
Provisions and Others Third Party Services
+ R$ 11.5 MM in PDD at subsidiary companies + R$ 14.3 MM in operating efficiency programs and
support activities
+ R$ 23.9 MM in civil, tax and labor contingencies
recognized by the discos + R$ 9.9 MM in conservation and repair of discos’
networks
+ R$ 3.4 MM in expenditures with collections, meter
reading, billing, disconnections and reconnections
12
14. Measures taken allowed losses to be kept under control, within
existing limits
Commercial Losses
Bandeirante Escelsa Enersul EDB
2.4 2.5 2.3 5.3 5.6 6.0 7.8 8.2 8.0
2.3 5.4 7.6
4.0 4.2 4.4 4.4
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
2007 2007 2007 2007
Total Losses
~ 745 thousand inspections undertaken and
13.2% 13.5% 13.5%
13.0% 300 thousand frauds detected in 2007
4.1% 4.2% 4.4% 4.4%
~ R$32.5 in recovered revenues
Efficacy of investments aimed at
8.9% 9.0% 9.1% 9.1%
combating losses is reflected primarily
in avoidance of increased fraud
Mar Jun Sep Dec
2007
14
15. And in April, we conclude the second cycle of periodic tariff
review
ENERSUL
2nd Tariff Review Cycle ESCELSA BANDEIRANTE
(preliminary)
Verified Revenue 1,356,583 2,146,463 925,262
Parcel A 814,707 1,402,476 512,844
Parcel B 452,202 567,473 379,984
Model Company 221,263 262,867 183,254
Delinquency 8,852 12,667 7,571
Remuneration 143,590 184,119 117,407
Regulatory Depreciation 78,497 107,820 71,752
Total Required Revenue 1,266,908 1,969,950 892,827
(-) Other Revenue 4,177 12,443 1,285
Net Required Revenue 1,262,730 1,957,506 891,542
Tariff Review (excl. fin. adjust.) -6.92% -8.80% -3.64%
Financial Adjustments 2007 4.76% -0.52% -12.29%
Financial Adjustments 2006 -7.46% -3.15% -3.00%
Post Fin. Adjust Tariff Review -9.62% -12.47% -18.93%
Gross RAB 1,842,657 2,354,144 1,704,327
Net RAB 952,457 1,221,292 778,778
15
17. In commercialization, the growth of volume combined with the
increase in margin...
Volume of Energy Commercialized Number of Customers
(GWh)
+50% 78
+7.2%
52
7,188
6,702
814
1,193
+8.6%
2006 2007
6,374
1,706 5,509
1,571
222 37 Commercialization Margin
1,349 1,669 2007 vs 2006
4Q06 4Q07 2006 2007
Energias do Brasil Group Companies
Other
25.7%
17
18. …resulted in growth of 37% in EBITDA, adjusted to exclude the
impact of provisions for Ampla’s receivables
Net Revenue Adjusted EBITDA
(R$ MM) (R$ MM)
+24.9%
+ 37.2% 59
618 47
+ 37.5% 12
495 43
+30.2%
8 11 47
8 40
3
153 3
118
40
8 3
-32
-32
4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007
Net Income
(R$ MM)
> 10x
34
7 9
-18
4Q06 4Q07 2006 2007
18
20. Reduction in Enersul’s RAB also had a significant impact on
consolidated results…
Net Revenue Adjusted EBITDA
(R$ MM) (R$ MM) +16.3%
+13.3% 1.340
1.152
4,513 1074 1123
3,985
-11.0%
-0.8%
1,074 1,123
384
342
1,085 1,076 290
156
290 156
4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007
Net Income
(R$ MM) +11.6%
440
394
-55.8%
█ The retroactive impact (2003-2007)
155 of the reduction in Enersul’s RAB of
68 R$183.1MM, was fully recognized in
4Q07 accounts
4Q06 4Q07 2006 2007
20
21. …offsetting the positive effect of the growth in the result for
generation
EBITDA 2007 vs. 2006
(R$ MM)
169 34 -14 -183
43 1,123
1,074
B
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21
22. Excluding non-recurring events, EBITDA posted growth of 16.3%
non-
in 2007
2007 2006 Change
R$ R$ R$ %
Reported EBITDA 1,123.0 1,073.6 49.4 4.6%
Elimination of non-recurring effects Bandeirante
Enersul’s RAB Reduction – retroactive impact (2003 - 2007) 183.1 - 183.1
Provision for receivables due from Ampla - Enertrade 12.0 40.2 (28.2)
Delinquency from collection agent - Bandeirante 11.7 - 11.7
RTE Write-off - Bandeirante 9.9 - 9.9
Redundancy program - 51.6 (51.6)
Recognition of R&D – regulated by Aneel (Apr/2006) - 18.4 (18.4)
Fiscal contingencies - Bandeirante (ICMS - Santos e Salto) - 7.9 (7.9)
Reversion of CVA - Enersul - 6,3 (6.3)
Sectorial contribution - FNDCT (Nat. Fund for Scientific and Tech. Development) - 4,5 (4.5)
Tariff readjustment – Impact from deverticalization (Aug/2006) - (34.4) 34.4
RAB revision - Bandeirante (Resol. 226 of October 18, 2005) - (16.0) 16.0
Adjusted EBITDA 1,339.7 1,152.1 187.6 16.3%
22
23. Discos’ debt restructuring was important in reducing financial
expenses by 22.5%...
Financial Result (R$ MM)
4Q06 4Q07 ∆% 2006 2007 ∆%
Financial Income 117.3 41.1 -65.0% 321.0 234.3 -27.0%
Financial Expenses (313.9) (215.7) -31.3% (639.3) (495.6) -22.5%
Net Forex Result (14.5) (12.4) -14.2% (59.5) (42.4) -28.8%
Swap - net result (21.6) (15.5) -28.4% (110.7) (110.4) -0.3%
Foreign Exchange Rate Variation 7.1 3.0 -57.2% 51.2 68.0 32.7%
TOTAL (211.1) (187.0) -11.4% (377.8) (303.7) -19.6%
█ Other factors contributing to improvement in the financial result were
– Lower monetary restatement due to reduction in regulatory asset outstanding; and
– Lower expenses with interest on shareholders’ equity.
23
24. Extended debt maturity, which, together with low levels of
leverage, provides us with a higher investment capacity…
Net debt/EBITDA Debt Maturity Schedule
906.2
2,345 5
1,879 1,957 689.2
2,000 3.0 1,702 4
539.1 524.8
3 504.1
1,000 2 321.4
1.9 1.8 1.7 1
0 0
2004 2005 2006 2007
Cash and 2008 2009 2010 2011 Após
Net Debt/EBITDA Net Debt Cash Equiv. 2011
(Dec/07)
Net Debt Gross Debt Breakdown
(R$ MM) (Dec/07)
2,796
1% 6%
Short-Term Floating Rates
321 (689)
(149)
Long Term Basci
Long Term Interest Rate
2,474 38%
1,957 1,879 55% Dollar
Fixed Rates
Gross Debt (-) Cash and (-) Regulatory Net Debt Net Debt
Dec/07 Marketable Asset and Dec/07 Dec/06
Securities Liabilities *** Includes Selic, CDI, IGP-M and INPC
24
25. A substantial increase in CAPEX is envisaged for 2008, largely
allocated to generation projects
Capex Breakdown* Investments – Universalization
(R$ MM) 1,023 (R$ MM)
585
595 581
106 159 157
217
81
475 438
378
2006 2007 2008E
2006 2007 2008E
Generation Distribution
(*) Does not include Capex for Universalization Program
25
27. From 2004 to 2007, Energias do Brasil delivered an average annual EBITDA
growth of 20.0% and achieved a better balance in its asset portfolio by
growing in the generation segment
EBITDA EBITDA Breakdown
(R$ MM)
Adjusted CAGR 1,340 4%
+20.0% 5% 5%
1,074 1123 15%
913 38%
775
58%
1,123 90%
2004 2007
Generation Distribution Commercial.
2004 2005 2006 2007
440
27
28. Energias do Brasil is today a company that has made important
achievements ...
Today we are... .. with important achievements since the IPO
█ One of the largest listed companies in the
electricity sector Healthy growth of the business (+45%,
EBITDA since 2004)
Doubling of capacity with better
█ A company focused on high standards of
balanced asset portfolio (generation
governance and sustainability
increasing from 5% of EBITDA in 2004 to
30% currently)
█ The 3rd largest commercialization company
Creation of the Shared Services Center
█ One of the leading discos with about a 3- platform and a reduction of 600 in the
million-customer base number os employees
Continuous productivity improvements in
█ A company well placed to leverage market distribution (MWh/employee and
opportunities customers/employee increased 25% and
27% respetively between 2004 and 2007)
– Experience and know-how along the entire
value chain Sharp increase in the commercialization
– Financial capacity business (+48% in volumes since 2004)
– Parent company has an expanding
international presence
28
30. I. We currently have a portfolio of thermoelectric projects with a total
capacity of 2,080 MW
Main projects in our portfolio Capacity (MW)
█ Joint venture partnership in the Pecem
(720 MW) TPP with MPX (50% stake), and
720 360 1.080
an eventual participation in a further
360MW of capacity
█ Acquisition of the Resende (Rio de
Janeiro) gas-fired TPP with 500 MW of
500
capacity
█ Development of a proprietary project for
a gas-fired TPP in the north of the state of 500
Espírito Santo with 500 MW of capacity
30
31. I. In addition, the hydroelectric project portfolio amounts to a
capacity of more than 1,400 MW
Main projects in our portfolio Capacity (MW)
█ Partnership agreement with Cemig for
developing feasibiility studies for HPPs with
a total capacity of 1,034 MW (360 MW 1.034
with Cemig and 674 MW with Cemig,
Concremat and AG)
█ Partnership agreement with Eletronorte for
developing feasibility studies for HPPs with 235
a total capcity of 235 MW
█ Partnership agreement with Engevix for
developing feasibility studies for HPPs 170
with a total capacity of 170 MW
31
32. II. We currently have renewable generation projects in portfolio
in excess of the ~ 1,000 MW target
Main projects in our portfolio Capacity (MW)
█ 24 SHP projects totaling 538 MW of capacity
– 8 already filed with the regulator for licensing
– 8 to be filed for licensing by July 538
– 5 to be filed in the second half of 2008
– 3 to be filed in the first half of 2009
█ Partnership agreement with Cemig for developing 500 500
MW in wind farm capacity in the state of Minas Gerais
█ Biomass projects under analysis, with a total capacity of
350 MW
350
32