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Apre 4 t07

The document provides a 3-paragraph summary of a utility company's performance in 2007: (1) The company's customer base grew slightly to over 39,000 customers in 2007, with captive customers making up over 80% of the total. Revenue increased slightly to over $11.2 million in 2007. (2) Operating expenses increased in 2007 due to higher energy purchase and transportation costs. Adjusted EBITDA declined slightly to $2.3 million in 2007. (3) Net debt declined from 2006 to 2007 as short term debt was paid down. Key financial ratios remained stable with average debt maturity of over 5 years.

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$ % & '( ! % ) + ,+ , * - .+/ +0 12*+ 3 05 0 ) 4 6 $ 7 ' ) .+ 1 *- 44 0/ +0 12*, ,3 0 ) . 6 $ ,0 $+ 8. ) 9 :53 / , ; 3 +0 . 0 $ ( ) 2*-, 0 ) < 69 = ) % ( > + < / +0 1 ' 4 0 ( > -+< ' / +0 . 0 = & % ? +5 +0 1 34 0 +0 . 0 $ 30 $ 8. '&2 ! ' 6 $ ( @ 9 *- 03 ) , +0 1 0 ) 3 .5 * 5 -0 A. $ ' &B 9 *1 5 ) . ! ( +0 +0 . 0 $ ( @ 2 0 69 *- 43 +A . ) < $ C +0 .2? ? 69 <- 0 & @1 - / $ 2 6 <1 $ & D +1 +0 5 0 +< 9 0 - 3
! 2F 6 E % "# ! $ % " & # #' && ( ) + * , Captive Consumers ' -. $ 80.0% /' $ 18.8% Free Clients 0 11 # . $- 1.2% 2 - $- Potentially Free Clients* ""3 2% - $ . 0# 14 # # # 5 + 78 6 8 39,932 38,183 2006 2007 32,577 31,656 13,500 12,687 10,072 9,898 6,606 6,475 6,527 7,355 2,465 2,530 Residencial Industrial Commercial Public sector and Free Clients Captive Market Total Market Others 26 % & ?) G 7& +3 H.: % & ?2 .0 7& 6 4 2G G6
24 0# # 5 # 6# 7 3# ' # 5 7 < 4 $ 4 13.5 99.0 99.1 99.5 12.9 12.0 97.5 11.5 7.0 6.4 5.5 5.0 6.5 6.5 6.5 6.5 2004 2005 2006 2007 2004 2005 2006 2007 Technical Losses* Commercial Losses 0# # 5 7 ; ' '/ 0# # 5 7 $ @ 9 0 +/ -- $ +5 0 0 00 +30 0 0 $ @ 9 43 4 / 0 ' # # 9 # ( $ . 00 + 0 " 5 : 7 $ 9 - 30 0 - 0 -+ 00 - 0 = #> #& 1# ? $ ) 9 . 00 5 00 30 <0 - 26 G ? 5
/ 1 / 1 5 )1 #7 ? ) - .1 - # 544.4 15% 98.5 16% 10% 433.5 403.6 377.7 69.2 2% 48.8 76.8 19% 446.0 364.3 37% 354.8 300.8 Customer Service and System Expansion Maintenance 2005 2006 2007 2008 (e) Self - Financed Capex Self-Financed Information Technology Loss Recovery Others 6
#4 # " & # @ & # " & # & # - A * 2/ / 0 ;= . A % A B . . /A 6 . - $ - $ $. $ $ $ $ . -8 . A ' / 9" & & A .* 5 * * 7 ? > # 1 # ## ( ' > & # #? = ) = ? = ID = ' ) = ) % ! 26 D G H +0 < 0 7
6# 5) #7 11,246.3 11,292.0 4,326.7 4,161.2 -. 2,947.4 2,843.3 6,919.6 7,130.8 1,187.9 970.7 1,759.5 1,872.6 2006 2007 4Q06 4Q07 Net Revenue Deduction on Operating Revenue / # 1 ! ' ' ( " & & ' C#& - 44 D ( $ +0 1 +0 . 31 0 09 / $ 3 0 3 09 3 81 8.3 / ; ( # (3 (> $#& & ) 1 # E 3> # F' # #2 & 4 1 ( #& ' 00 0 ' ( 'G 1 # #$ & D ( $ +0 1 +0 . ,5 0 09 / $ 3 0 3 0 9 5, 81 8.- / 8
24 C4 85 ) #7 5,466.1 5,156.3 695.5 848.5 / #4 # 3,330.5 ' 4# 1 # & 3,142.8 . # ' 1,660.9 # 1H # > 4 1,326.4 151.6 160.8 899.3 C4 ' & # 1,440.1 873.6 1,165.0 292.0 610.0 ) 1 # ' ) 1 # 4 2006 2007 4Q06 4Q07 ( &# 1 # Other Operating Expenses Energy Purchase Transport #14 # C 2 C4 ? # - & 5) . 1 #7 ? $ ' 9 3 0 9 6 ) +0 . 8.2 * 0 D & ) % : 26 ) - 10 * 1 2*- 4 ) +0 +0 1 2 6 ) , < 06 * 0 J ( @ $ ( 9 *3 3 ) , +0 . 0 (A ? #& 5) 1 # 7' # / 4 C4 5) 1 #7 ' 'G 1 #& # # &5 ) & 1 #7 26 ( G 9
B" % /F %G ' ' B " %85 ) /F #7 - - 2,490.8 2,312.3 727.4 647.6 - . $. 1,763.4 1,664.7 578.4 459.2 145.3 $. 247.4 433.1 211.8 2006 2007 4Q06 4Q07 EBITDA Adjusts Adjusted EBITDA Margin 26 % G & '( K & '( > @ ! % ! % D > ) &> @ >; ( 10
; 5) #7 = / # 5) 1 #7 2006 2007 4Q06 4Q07 712.6 (41.5) 373.4 (149.4) (176.6) 99.0 9.5 (342.2) 2006 2007 4Q06 4Q07 / # 1 14 #& & ? '#& # # #& ' $ ( D & 9 > A # ; ' 5 )- 1 # & C 7 = ) ) < 3 * +< = ? 2( > -, / ' - +0 1 0 F ' ' 4 ' '# 5) ( > 05 / ' . +0 . 06 1 #7 = ) -, < / +0 1 0 F ' ' # 44 '? -5 -/ +0 . 0 $ ( 9 *- 43 ) < E C E ? #& & C4 ' $ ' &B 9 *1 4 ) . # C4 # ) & 1 # / # 04 $ ) - - 0 0L * 1 H0 7 2*30 ) H 6 $ ) - . 0 0@ * . H0 7 2*33 ) H 6 A($# ? - 11
0 #' # 'F # " 1 :3# " 1 5) #7 F $ $ - $ 4,305 4,830 4,305 6# F ? 4,105 949 367 367 523 3,658 $ ) - 4 2*< 3 0 / ) +< 6 3,276 2,972 2,972 3,937 3,881 3,937 3,582 = F ? $ ) - . 2*1 <. 5/ ) 5 6 3Q07 4Q07 2006 2007 Long Term Short Term Net Debt = >" 1 '0 ' # # 0B 0 / / / F . * * * * *-* * * , 1 5 )1 # #7 - . / 0 / F < 0 / F < . 0 / F < 0 / F < . (5 ( 7 % 3&85 ( 7 G@ 12
0 #' # 'F % 0# '% 3& 6# F 9 5.5 5.5 5.5 6.4 6.2 IGP-DI 54.0% Fixed Rate 12.2% 123.3% 109.9% 105.3% 104.3% 102.6% Libor 1.0% CDI/Selic 32.8% 4Q06 1Q07 2Q07 3Q07 4Q07 @ D ) +, * +. % CDI Avergage Life - years @ ) -4 5 * . ""3 2% ) - .1 # %1# H # ' 58 87 -- . . . . . . . . . . . . . . 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-22 )5 # >* ; A 0 7 ; A 0 BF = I )8 26 & G ) 9 +H H 0 $ M *-0 K ) -. - +5+0 . 0 * . 13 2G @ G6
0 ;#> )1 # E E -E E / 0 - . - 24 0 ; > # - - .- . / 1 5 7 - 5.7 5 7 5 7 5 7 5 7 = ; C4 5 7 . 5 7 5- 7 5- 7 - 5 7 . 5 7 . = %1# H # 5. 7 . 5 7 5-7 5 .7 5 7 A # ; ' C4 5 7 - 5 7 5 7 5 7 5- .7 5 7 / # "C 1 5 7 5 7 5 7 5 7 5 7 5 7 F ' ' $ $ 5- 7 5 .7 57 5 .7 ; 0 ; > # -. .. 5 7 . ; 0 - . - -- - -- - C ? $ 24 0 ;#>? 53 / , ; 3 +0 . 0 $ = %1# H # ? ) ,. *. " +0 . 0 $ A # ; '? +0 1 0 $ F ' '? ) - 03 *, +0 1 0 ) 3 .5 * 5 -0 A. 14
0 4 # # 6# 0 4 # # 6# 3 *-* $ %@ 2? ? 69 & @< 5/ 0 $ !@ 2? ? 69 & @1 -0 0/ $ +0/ ' ! 4 # #!? & $ % & ! 0 +1+0 5 +H H 0 +< 9 0 - ( $ ? '& ( - +0 < 0 $ ) E' ) 3 3 : 3 3 :/ # A A. 4 C/ F (% , 1 # 2 ' $- +50 K - 0 +H H1 0 6 @ 2* ) 6 28,216.7 . < - <- . - - . < - < . 9,515.8 4,758.0 F $ D $ ; $ $ % $ 4 ($ D $ D$ % $ 4$ 2 $ = $ # 33 A 33 A. /2 B , A% / 2005 2006 2007 15
0# # "# # 14 # ' # - - 6+ %G ' ' B" % /F ' ' 1# = A# # ) & & 1 # #14 ' # )- - 1 # ' # #& # #' ' ' ( C # #& ' @ & &# ..( 1 # ( # / 5# B 4 J0 4 # # (/ ' C7 F ' ' ' #;K $ ) . 1 # $ @ : 90 , -0 / 16
$ & '( ! % ) -0 55 * 4 +0 . 0 +0 12*-0 14 0 ) 4 6 $ 7 ' ) 1 4- *0 +0 . 0 +0 12*1 3- 0 ) - 6 $ +8 .: @ H 0 ' $ 2 1/ ,< 6$ ) 3+ *4 $ +8 .$ % 0 % , A@ @ ) ; $ +8 .$ ' 0 2M ( NO 6 $ ) 4 < *+ +0 3 0 ) 3, * 3 +0 .+0 5 0H 0 $ ,0 :% 8. +0+5 +0 < - $ 30 $M 8. 7 ( 2( 6 $ <. 0P 0 $ ' ( 9 *3 ,. ) 3 40 . $ ' &B 2& ) , , ' 69 * 0 ! ( +0 +0 . 0 E % +, +0 5 0 $ ( @ 28 . ) - << 3 0 69 * , $ C 9 0+/ @ - 2 6 @ 40 / 2 6 $ & D +1 +0 5 0 +< 9 0 - 18
(B 6 # 9 +% B ' (9 6+ 13.816 12.774 968 537 1.740 . 1.130 0 *# 0 3 11.108 11.108 .- . - -- #4 # - . 2006 2007 6 #$ +% 6 # *% ' ( / #& ' ( 0 A 9B 0# > 5 C 7 #4 # ) - ? * + 6 # # % ' ( " &9 & ) * + 5 . + 7 % 4 #& ' (# # 00 9 ) * + 6#> # . & # # 1 # 00 * 19
/ 1 0 4 C9 ? ). 1 # $ &B $)* ,- - 3.4% $ & 2 6 $ ) 5, * 2.8% 16.2% Equip. $ A @ @ 2A @6 $ ) 5+ @ * $ L 2 A ' 6 $ ) ,+ * Environm. 16.3% 1 '0 4 C9 ? ) 1 # Hydroway $ ) -- * - A @Q O ; B @ R IT ; : ) O@ 61.3% = ' 9 0 FS , SHPP = % & 9 < F - 4 S = & 9% +0 4 0 $ ) -3 * , A @Q O ; T @ R ; : ) O@ 9 )1 # = ' 9 0 FS 3 224.0 = % & 9 5 F -4 S = & 9 +0 4 0 $ ) - -+ * 3 % % SHPPs - RJ 141.2 , A@ ) @ ; = ' 9 + 0 FS < = % & 9 4 F +5 . S 46.5 50.7 21.9 27.5 82.8 = ) +< 0 * . 12.4 +0 0 - = % - ,H 0 ) - < +H-+0 . * 4 2003 2004 2005 2006 2007 2008 (E) 20
C4 # 1 1 ? ' 4 ( ( . 5 +7 F 1 ? $ ' O@ S $ @ O @ 2 < 6 # # #14 1 ? $ O@ @ S $ ' S $ Q7 & R2 ? U - 5 50 6 0 3 H3 % " L ' 4 H' # #14 ( # 4# # C ' & 4 # 4 ( M A # # @ ? $ %) %& V :D +0 5 ' 0 2 * * % " ' &# % 1 = 3 = # & 1 # ( #& 0 14 ( # @ ' > &#1 M A # # # 1 ? 5 # C ' 7 ' ' #&& C4 # 1 #F 1 '5 7 # % " & # 1 % # A > 1# & 4 # # 4 & 1 ' 1 # 0# # # ' &# #& #4 & # 4 # 21
6# $ ) # 0# '24 # C4 $ ) # < - < . - -. 1,527 1,531 140 67 1,387 1,464 150 281 < 548 $ - 381 189 140 . 84 346 359 42 50 . 27 8 2006 2007 4Q06 4Q07 2006 2007 4Q06 4Q07 Net Revenue Deductions Pow er purchase and sector charges Other operational expenses ( # 1 #' #0 0 * N5 6 + Depreciation C -6 + 7 N 4 # 00 ' 5) -* + C ) * + #& 1 # # " F? I 7N $ +0 .+0 5 ) 3 , 0H 0 * 3 S ' # # F' # ) 1 # ' # $ ) +0 3 ) 4 < 0 *+ # A *# / 0& C&#1 1 5 . 7# # $ 1 5 . - 7# D 22
B " %$ /F ) # 79.1% 75.1% 84.1% 80.2% 1,097 1,099 < < 278 302 2006 2007 4Q06 4Q07 B" % /F 23
; 9 ) # = / # 9 1 ) # 2006 2007 4Q06 4Q07 $ 44.3% 41.6% 47.7% 46.0% (34.6) (53.9) 614 609 < <.. 165 165 (110.6) (119.9) 2006 2007 4Q06 4Q07 < Net Income Net Margin C A(1 #& 1F ' ' ' ? ) $ ' & W ( '@ E: - 1 # 2 ./ . < +0 . ,5 / 0 , +0 1 0 6S A(1 G # 4 # 4 ' E ? $ ,3 : & 'S ? $ ( 9 *- << ) , S -0 0/ (' 2-5 / - 3 +0 . - +. 0 < / +0 1 06 $ '&) , , * 0 S $ 9 $ : ) -1 H 0 * 1 00 2*03 H ) - 6 $ : ) -5 H 0 * , 00 @ 2*03 H ) 1 6 A( ? # K '? 5 7 ' A 5 7 0 24
0 #' # 'F Amount Creditor Maturity Cost Collateral R$ million 1,296.8 Eletrobrás May 2013 IGP-M + 10% p.a. Receivables 2.4 FunCesp III Sep 2027 IGP-M + 6% p.a. Receivables = F $ ) # 3.2x 2.0x 1.4x 0.7x 0.6x 0.6x 1,406 1,254 1,096 676 682 661 2002 2003 2004 2005 2006 2007 Net Debt Net Debt / EBITDA 0 % ( * * - O ) - -1 # $ 40 $ % -0 0/ (' 25
0 ;# 9 A > 0 14 ( # ) # E E -E E /// 30 ="% % -. . . 24 0 ;> # -- .< 3 +5 4 . , .4 0 +3 4 5 +. + - -- <4 - / 1 2+ - 3 6 2. 46 2-4 - 6 2, 46 2<0 - 6 210 3 6 = ; C4 2+ , . 6 21- - 6 250 - 6 24, - 6 25< - 6 2-4 . 6 = %1# H # 25 0 -0 6 213 3 6 25, 3 6 205 < 6 2+ 0 < 6 24 3 -. 6 / # "C 1 2 +< +- 6 2 - ++0 6 211 - 6 25 46 : 2 1< +3 6 F ' ' '/ # 23 . .. 6 00 2+<3 , 6 23 4 -- 6 23 0 -- 6 20 , 15 6 ; ;> # 5 7 5 7 5 -7 5 . 7 ; 0 -. . . -- -- 26
0 4 # # 6# % " L:/ # 4 C/ F (" ' '% , 1 # 2 ' - +50 K - 0 + 1 06 )* 160 9.121 150 < - 140 .- 3.583 130 < 5.930 < - 120 110 1.698 < 100 3.440 90 1.628 5.538 80 4.232 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 1.813 GETI3 GETI4 Ibovespa IEE . 4 # #!? & OS CS $ % & ! 0 +1+0 5 +H H 0 +< 9 0- ( $ ? '& ( - +0 . 0 $ D + ) E' ) $ M7 ( 2( 6 27
0# # 6 # > # % ' ( ' 1 - AA #' D # 5. +#& ' 4 (7 ' AA M A # # 5 +#& ' 4 ( 7 B " %# ) /F & 1 # > 5) 1 #7 = / # # ) 1 & 1 # > #14 '# 5) 1 #7 A(# #& #& = / #1 & 1#' ' ' # & ' / # # ) 1 # K '? 5 7 ' A 5 7 0 28

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Apre 4 t07

  • 1.
  • 3.
    $ % & '( ! % ) + ,+ , * - .+/ +0 12*+ 3 05 0 ) 4 6 $ 7 ' ) .+ 1 *- 44 0/ +0 12*, ,3 0 ) . 6 $ ,0 $+ 8. ) 9 :53 / , ; 3 +0 . 0 $ ( ) 2*-, 0 ) < 69 = ) % ( > + < / +0 1 ' 4 0 ( > -+< ' / +0 . 0 = & % ? +5 +0 1 34 0 +0 . 0 $ 30 $ 8. '&2 ! ' 6 $ ( @ 9 *- 03 ) , +0 1 0 ) 3 .5 * 5 -0 A. $ ' &B 9 *1 5 ) . ! ( +0 +0 . 0 $ ( @ 2 0 69 *- 43 +A . ) < $ C +0 .2? ? 69 <- 0 & @1 - / $ 2 6 <1 $ & D +1 +0 5 0 +< 9 0 - 3
  • 4.
    ! 2F 6 E % "# ! $ % " & # #' && ( ) + * , Captive Consumers ' -. $ 80.0% /' $ 18.8% Free Clients 0 11 # . $- 1.2% 2 - $- Potentially Free Clients* ""3 2% - $ . 0# 14 # # # 5 + 78 6 8 39,932 38,183 2006 2007 32,577 31,656 13,500 12,687 10,072 9,898 6,606 6,475 6,527 7,355 2,465 2,530 Residencial Industrial Commercial Public sector and Free Clients Captive Market Total Market Others 26 % & ?) G 7& +3 H.: % & ?2 .0 7& 6 4 2G G6
  • 5.
    24 0# # 5 # 6# 7 3# ' # 5 7 < 4 $ 4 13.5 99.0 99.1 99.5 12.9 12.0 97.5 11.5 7.0 6.4 5.5 5.0 6.5 6.5 6.5 6.5 2004 2005 2006 2007 2004 2005 2006 2007 Technical Losses* Commercial Losses 0# # 5 7 ; ' '/ 0# # 5 7 $ @ 9 0 +/ -- $ +5 0 0 00 +30 0 0 $ @ 9 43 4 / 0 ' # # 9 # ( $ . 00 + 0 " 5 : 7 $ 9 - 30 0 - 0 -+ 00 - 0 = #> #& 1# ? $ ) 9 . 00 5 00 30 <0 - 26 G ? 5
  • 6.
    / 1 / 1 5 )1 #7 ? ) - .1 - # 544.4 15% 98.5 16% 10% 433.5 403.6 377.7 69.2 2% 48.8 76.8 19% 446.0 364.3 37% 354.8 300.8 Customer Service and System Expansion Maintenance 2005 2006 2007 2008 (e) Self - Financed Capex Self-Financed Information Technology Loss Recovery Others 6
  • 7.
    #4 # " & # @ & # " & # & # - A * 2/ / 0 ;= . A % A B . . /A 6 . - $ - $ $. $ $ $ $ . -8 . A ' / 9" & & A .* 5 * * 7 ? > # 1 # ## ( ' > & # #? = ) = ? = ID = ' ) = ) % ! 26 D G H +0 < 0 7
  • 8.
    6# 5) #7 11,246.3 11,292.0 4,326.7 4,161.2 -. 2,947.4 2,843.3 6,919.6 7,130.8 1,187.9 970.7 1,759.5 1,872.6 2006 2007 4Q06 4Q07 Net Revenue Deduction on Operating Revenue / # 1 ! ' ' ( " & & ' C#& - 44 D ( $ +0 1 +0 . 31 0 09 / $ 3 0 3 09 3 81 8.3 / ; ( # (3 (> $#& & ) 1 # E 3> # F' # #2 & 4 1 ( #& ' 00 0 ' ( 'G 1 # #$ & D ( $ +0 1 +0 . ,5 0 09 / $ 3 0 3 0 9 5, 81 8.- / 8
  • 9.
    24 C4 85 ) #7 5,466.1 5,156.3 695.5 848.5 / #4 # 3,330.5 ' 4# 1 # & 3,142.8 . # ' 1,660.9 # 1H # > 4 1,326.4 151.6 160.8 899.3 C4 ' & # 1,440.1 873.6 1,165.0 292.0 610.0 ) 1 # ' ) 1 # 4 2006 2007 4Q06 4Q07 ( &# 1 # Other Operating Expenses Energy Purchase Transport #14 # C 2 C4 ? # - & 5) . 1 #7 ? $ ' 9 3 0 9 6 ) +0 . 8.2 * 0 D & ) % : 26 ) - 10 * 1 2*- 4 ) +0 +0 1 2 6 ) , < 06 * 0 J ( @ $ ( 9 *3 3 ) , +0 . 0 (A ? #& 5) 1 # 7' # / 4 C4 5) 1 #7 ' 'G 1 #& # # &5 ) & 1 #7 26 ( G 9
  • 10.
    B" % /F %G ' ' B " %85 ) /F #7 - - 2,490.8 2,312.3 727.4 647.6 - . $. 1,763.4 1,664.7 578.4 459.2 145.3 $. 247.4 433.1 211.8 2006 2007 4Q06 4Q07 EBITDA Adjusts Adjusted EBITDA Margin 26 % G & '( K & '( > @ ! % ! % D > ) &> @ >; ( 10
  • 11.
    ; 5) #7 = / # 5) 1 #7 2006 2007 4Q06 4Q07 712.6 (41.5) 373.4 (149.4) (176.6) 99.0 9.5 (342.2) 2006 2007 4Q06 4Q07 / # 1 14 #& & ? '#& # # #& ' $ ( D & 9 > A # ; ' 5 )- 1 # & C 7 = ) ) < 3 * +< = ? 2( > -, / ' - +0 1 0 F ' ' 4 ' '# 5) ( > 05 / ' . +0 . 06 1 #7 = ) -, < / +0 1 0 F ' ' # 44 '? -5 -/ +0 . 0 $ ( 9 *- 43 ) < E C E ? #& & C4 ' $ ' &B 9 *1 4 ) . # C4 # ) & 1 # / # 04 $ ) - - 0 0L * 1 H0 7 2*30 ) H 6 $ ) - . 0 0@ * . H0 7 2*33 ) H 6 A($# ? - 11
  • 12.
    0 #' # 'F # " 1 :3# " 1 5) #7 F $ $ - $ 4,305 4,830 4,305 6# F ? 4,105 949 367 367 523 3,658 $ ) - 4 2*< 3 0 / ) +< 6 3,276 2,972 2,972 3,937 3,881 3,937 3,582 = F ? $ ) - . 2*1 <. 5/ ) 5 6 3Q07 4Q07 2006 2007 Long Term Short Term Net Debt = >" 1 '0 ' # # 0B 0 / / / F . * * * * *-* * * , 1 5 )1 # #7 - . / 0 / F < 0 / F < . 0 / F < 0 / F < . (5 ( 7 % 3&85 ( 7 G@ 12
  • 13.
    0 #' # 'F % 0# '% 3& 6# F 9 5.5 5.5 5.5 6.4 6.2 IGP-DI 54.0% Fixed Rate 12.2% 123.3% 109.9% 105.3% 104.3% 102.6% Libor 1.0% CDI/Selic 32.8% 4Q06 1Q07 2Q07 3Q07 4Q07 @ D ) +, * +. % CDI Avergage Life - years @ ) -4 5 * . ""3 2% ) - .1 # %1# H # ' 58 87 -- . . . . . . . . . . . . . . 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-22 )5 # >* ; A 0 7 ; A 0 BF = I )8 26 & G ) 9 +H H 0 $ M *-0 K ) -. - +5+0 . 0 * . 13 2G @ G6
  • 14.
    0 ;#> )1 # E E -E E / 0 - . - 24 0 ; > # - - .- . / 1 5 7 - 5.7 5 7 5 7 5 7 5 7 = ; C4 5 7 . 5 7 5- 7 5- 7 - 5 7 . 5 7 . = %1# H # 5. 7 . 5 7 5-7 5 .7 5 7 A # ; ' C4 5 7 - 5 7 5 7 5 7 5- .7 5 7 / # "C 1 5 7 5 7 5 7 5 7 5 7 5 7 F ' ' $ $ 5- 7 5 .7 57 5 .7 ; 0 ; > # -. .. 5 7 . ; 0 - . - -- - -- - C ? $ 24 0 ;#>? 53 / , ; 3 +0 . 0 $ = %1# H # ? ) ,. *. " +0 . 0 $ A # ; '? +0 1 0 $ F ' '? ) - 03 *, +0 1 0 ) 3 .5 * 5 -0 A. 14
  • 15.
    0 4 # # 6# 0 4 # # 6# 3 *-* $ %@ 2? ? 69 & @< 5/ 0 $ !@ 2? ? 69 & @1 -0 0/ $ +0/ ' ! 4 # #!? & $ % & ! 0 +1+0 5 +H H 0 +< 9 0 - ( $ ? '& ( - +0 < 0 $ ) E' ) 3 3 : 3 3 :/ # A A. 4 C/ F (% , 1 # 2 ' $- +50 K - 0 +H H1 0 6 @ 2* ) 6 28,216.7 . < - <- . - - . < - < . 9,515.8 4,758.0 F $ D $ ; $ $ % $ 4 ($ D $ D$ % $ 4$ 2 $ = $ # 33 A 33 A. /2 B , A% / 2005 2006 2007 15
  • 16.
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  • 18.
    $ & '( ! % ) -0 55 * 4 +0 . 0 +0 12*-0 14 0 ) 4 6 $ 7 ' ) 1 4- *0 +0 . 0 +0 12*1 3- 0 ) - 6 $ +8 .: @ H 0 ' $ 2 1/ ,< 6$ ) 3+ *4 $ +8 .$ % 0 % , A@ @ ) ; $ +8 .$ ' 0 2M ( NO 6 $ ) 4 < *+ +0 3 0 ) 3, * 3 +0 .+0 5 0H 0 $ ,0 :% 8. +0+5 +0 < - $ 30 $M 8. 7 ( 2( 6 $ <. 0P 0 $ ' ( 9 *3 ,. ) 3 40 . $ ' &B 2& ) , , ' 69 * 0 ! ( +0 +0 . 0 E % +, +0 5 0 $ ( @ 28 . ) - << 3 0 69 * , $ C 9 0+/ @ - 2 6 @ 40 / 2 6 $ & D +1 +0 5 0 +< 9 0 - 18
  • 19.
    (B 6 # 9 +% B ' (9 6+ 13.816 12.774 968 537 1.740 . 1.130 0 *# 0 3 11.108 11.108 .- . - -- #4 # - . 2006 2007 6 #$ +% 6 # *% ' ( / #& ' ( 0 A 9B 0# > 5 C 7 #4 # ) - ? * + 6 # # % ' ( " &9 & ) * + 5 . + 7 % 4 #& ' (# # 00 9 ) * + 6#> # . & # # 1 # 00 * 19
  • 20.
    / 1 0 4 C9 ? ). 1 # $ &B $)* ,- - 3.4% $ & 2 6 $ ) 5, * 2.8% 16.2% Equip. $ A @ @ 2A @6 $ ) 5+ @ * $ L 2 A ' 6 $ ) ,+ * Environm. 16.3% 1 '0 4 C9 ? ) 1 # Hydroway $ ) -- * - A @Q O ; B @ R IT ; : ) O@ 61.3% = ' 9 0 FS , SHPP = % & 9 < F - 4 S = & 9% +0 4 0 $ ) -3 * , A @Q O ; T @ R ; : ) O@ 9 )1 # = ' 9 0 FS 3 224.0 = % & 9 5 F -4 S = & 9 +0 4 0 $ ) - -+ * 3 % % SHPPs - RJ 141.2 , A@ ) @ ; = ' 9 + 0 FS < = % & 9 4 F +5 . S 46.5 50.7 21.9 27.5 82.8 = ) +< 0 * . 12.4 +0 0 - = % - ,H 0 ) - < +H-+0 . * 4 2003 2004 2005 2006 2007 2008 (E) 20
  • 21.
    C4 # 1 1 ? ' 4 ( ( . 5 +7 F 1 ? $ ' O@ S $ @ O @ 2 < 6 # # #14 1 ? $ O@ @ S $ ' S $ Q7 & R2 ? U - 5 50 6 0 3 H3 % " L ' 4 H' # #14 ( # 4# # C ' & 4 # 4 ( M A # # @ ? $ %) %& V :D +0 5 ' 0 2 * * % " ' &# % 1 = 3 = # & 1 # ( #& 0 14 ( # @ ' > &#1 M A # # # 1 ? 5 # C ' 7 ' ' #&& C4 # 1 #F 1 '5 7 # % " & # 1 % # A > 1# & 4 # # 4 & 1 ' 1 # 0# # # ' &# #& #4 & # 4 # 21
  • 22.
    6# $ ) # 0# '24 # C4 $ ) # < - < . - -. 1,527 1,531 140 67 1,387 1,464 150 281 < 548 $ - 381 189 140 . 84 346 359 42 50 . 27 8 2006 2007 4Q06 4Q07 2006 2007 4Q06 4Q07 Net Revenue Deductions Pow er purchase and sector charges Other operational expenses ( # 1 #' #0 0 * N5 6 + Depreciation C -6 + 7 N 4 # 00 ' 5) -* + C ) * + #& 1 # # " F? I 7N $ +0 .+0 5 ) 3 , 0H 0 * 3 S ' # # F' # ) 1 # ' # $ ) +0 3 ) 4 < 0 *+ # A *# / 0& C&#1 1 5 . 7# # $ 1 5 . - 7# D 22
  • 23.
    B " %$ /F ) # 79.1% 75.1% 84.1% 80.2% 1,097 1,099 < < 278 302 2006 2007 4Q06 4Q07 B" % /F 23
  • 24.
    ; 9 ) # = / # 9 1 ) # 2006 2007 4Q06 4Q07 $ 44.3% 41.6% 47.7% 46.0% (34.6) (53.9) 614 609 < <.. 165 165 (110.6) (119.9) 2006 2007 4Q06 4Q07 < Net Income Net Margin C A(1 #& 1F ' ' ' ? ) $ ' & W ( '@ E: - 1 # 2 ./ . < +0 . ,5 / 0 , +0 1 0 6S A(1 G # 4 # 4 ' E ? $ ,3 : & 'S ? $ ( 9 *- << ) , S -0 0/ (' 2-5 / - 3 +0 . - +. 0 < / +0 1 06 $ '&) , , * 0 S $ 9 $ : ) -1 H 0 * 1 00 2*03 H ) - 6 $ : ) -5 H 0 * , 00 @ 2*03 H ) 1 6 A( ? # K '? 5 7 ' A 5 7 0 24
  • 25.
    0 #' # 'F Amount Creditor Maturity Cost Collateral R$ million 1,296.8 Eletrobrás May 2013 IGP-M + 10% p.a. Receivables 2.4 FunCesp III Sep 2027 IGP-M + 6% p.a. Receivables = F $ ) # 3.2x 2.0x 1.4x 0.7x 0.6x 0.6x 1,406 1,254 1,096 676 682 661 2002 2003 2004 2005 2006 2007 Net Debt Net Debt / EBITDA 0 % ( * * - O ) - -1 # $ 40 $ % -0 0/ (' 25
  • 26.
    0 ;# 9 A > 0 14 ( # ) # E E -E E /// 30 ="% % -. . . 24 0 ;> # -- .< 3 +5 4 . , .4 0 +3 4 5 +. + - -- <4 - / 1 2+ - 3 6 2. 46 2-4 - 6 2, 46 2<0 - 6 210 3 6 = ; C4 2+ , . 6 21- - 6 250 - 6 24, - 6 25< - 6 2-4 . 6 = %1# H # 25 0 -0 6 213 3 6 25, 3 6 205 < 6 2+ 0 < 6 24 3 -. 6 / # "C 1 2 +< +- 6 2 - ++0 6 211 - 6 25 46 : 2 1< +3 6 F ' ' '/ # 23 . .. 6 00 2+<3 , 6 23 4 -- 6 23 0 -- 6 20 , 15 6 ; ;> # 5 7 5 7 5 -7 5 . 7 ; 0 -. . . -- -- 26
  • 27.
    0 4 # # 6# % " L:/ # 4 C/ F (" ' '% , 1 # 2 ' - +50 K - 0 + 1 06 )* 160 9.121 150 < - 140 .- 3.583 130 < 5.930 < - 120 110 1.698 < 100 3.440 90 1.628 5.538 80 4.232 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 1.813 GETI3 GETI4 Ibovespa IEE . 4 # #!? & OS CS $ % & ! 0 +1+0 5 +H H 0 +< 9 0- ( $ ? '& ( - +0 . 0 $ D + ) E' ) $ M7 ( 2( 6 27
  • 28.
    0# # 6 # > # % ' ( ' 1 - AA #' D # 5. +#& ' 4 (7 ' AA M A # # 5 +#& ' 4 ( 7 B " %# ) /F & 1 # > 5) 1 #7 = / # # ) 1 & 1 # > #14 '# 5) 1 #7 A(# #& #& = / #1 & 1#' ' ' # & ' / # # ) 1 # K '? 5 7 ' A 5 7 0 28