The document discusses a proposed corporate restructuring at Equatorial Energia that involves 3 main steps: 1) PCP Latin America Power Fund increasing its controlling interest in Equatorial and CEMAR, 2) PCP Energia merging with Equatorial, and 3) Equatorial listing on the Novo Mercado exchange. It provides details on exchange ratios calculations and the goals of capturing efficiencies at CEMAR and Light, consolidating distributors, and investing in generation and transmission opportunities in Brazil.
The document summarizes the corporate structure and hydroelectric power plant assets of AES Tietê, a Brazilian energy company. AES Tietê operates 10 hydroelectric power plants located along rivers in the state of São Paulo under 30-year concession agreements. The plants have a total installed capacity of 2,651 MW and AES Tietê sells 100% of the assured energy production of 1,275 MW on long-term contracts. Over the last 20 years, AES Tietê has consistently generated 18% more energy than the minimum assured amounts in the concession agreements.
The document summarizes MPX Energia S.A., a Brazilian power company, as of January 2009. It discusses MPX's portfolio of power generation projects including 3 contracted projects totaling 1,100 MW of capacity. MPX has high liquidity with R$1.8 billion in cash but is trading below cash value. By 2012, MPX's projects will generate over R$1 billion in annual revenues from 15-year power purchase agreements. Construction is already underway at the Porto do Pecém thermal power plant.
This document provides a summary of CTEEP's 2Q10 results. It discusses the company update including CTEEP's footprint in Brazil. It outlines the key aspects of the 2nd tariff review cycle including the reduction in revenue recognition. The presentation then summarizes 2Q10 results including a 4.3% decrease in net revenues due to tariff adjustments, cost of operating expenses, EBITDA increase of 84.9%, a net financial loss of R$85.9 million, and net income decrease of 11.3%. It concludes with an overview of CTEEP's debt breakdown as of 2Q10.
This document provides a disclaimer and overview of MPX Energia S.A., a Brazilian energy company. It summarizes that MPX has secured 15-year contracts to sell 1,100 MW of electricity capacity. MPX has a portfolio of licensed and developing power projects in Brazil totaling over 6,000 MW. It also has coal assets in Brazil and Colombia. The document outlines MPX's strong financial position with R$1.8 billion in cash reserves and projected operating cash flows beginning in 2011.
The electricity sector in the Dominican Republic has been stuck in a "vicious cycle" for the past 12 years. Some key causes of this cycle include a lack of tariff adjustments to reflect costs, non-targeted subsidies, and an inconsistent long-term investment plan. This has led to effects like service interruptions, the exit of private companies, and the halting of new efficient generation projects. In contrast, from 1999-2001 the sector saw a "virtuous cycle" driven by privatization, a supportive regulatory framework, long-term contracts, and market-oriented policies, which attracted over 1,500MW of new generation capacity and diversified the energy supply. To transform the sector, the document argues the
CEO the National Energy Policy Council
Over 30 years of experience in the energy sector
Ricardo Lima Former CEO of CEMIG and Light S.A.
Business Development Former President of the Brazilian Association of Electric Energy Distributors (ABRADEE)
Over 30 years of experience in the mining sector
Ricardo Mendes Former CEO of Vale Fertilizantes and Vale Mozambique
Mining Former Director of Vale Coal
Over 30 years of experience in the power generation sector
P
2009 Brazil Equity Ideas Conference - Credit Suisse*CPFL RI
CPFL Energia has grown significantly in the past 4 years since its IPO. Some key points:
- Installed capacity and assured energy increased over 100% through acquisitions and investments.
- Total capex over the period was over R$5 billion, including acquisitions of distribution companies.
- Share performance has significantly outperformed major indexes since the IPO, with returns over 130% in local currency and over 200% in US dollars.
- In the recent market downturn, CPFL shares held up relatively well due to their defensive nature and limited currency and consumption exposure.
This document provides an overview of Eletropaulo, the largest electricity distribution company in Latin America. It includes a corporate structure chart and highlights from the first half of 2007. Some key points:
- Eletropaulo serves over 5.6 million customers across 24 municipalities in Greater São Paulo.
- Adjusted EBITDA for 1H07 was R$1.294 billion, up 3.2% from 1H06. Net profit increased 122.7% to R$505.5 million.
- ANEEL authorized an average tariff reduction of 8.43% for Eletropaulo effective July 2007 following a tariff review.
- Operating highlights for
The document summarizes the corporate structure and hydroelectric power plant assets of AES Tietê, a Brazilian energy company. AES Tietê operates 10 hydroelectric power plants located along rivers in the state of São Paulo under 30-year concession agreements. The plants have a total installed capacity of 2,651 MW and AES Tietê sells 100% of the assured energy production of 1,275 MW on long-term contracts. Over the last 20 years, AES Tietê has consistently generated 18% more energy than the minimum assured amounts in the concession agreements.
The document summarizes MPX Energia S.A., a Brazilian power company, as of January 2009. It discusses MPX's portfolio of power generation projects including 3 contracted projects totaling 1,100 MW of capacity. MPX has high liquidity with R$1.8 billion in cash but is trading below cash value. By 2012, MPX's projects will generate over R$1 billion in annual revenues from 15-year power purchase agreements. Construction is already underway at the Porto do Pecém thermal power plant.
This document provides a summary of CTEEP's 2Q10 results. It discusses the company update including CTEEP's footprint in Brazil. It outlines the key aspects of the 2nd tariff review cycle including the reduction in revenue recognition. The presentation then summarizes 2Q10 results including a 4.3% decrease in net revenues due to tariff adjustments, cost of operating expenses, EBITDA increase of 84.9%, a net financial loss of R$85.9 million, and net income decrease of 11.3%. It concludes with an overview of CTEEP's debt breakdown as of 2Q10.
This document provides a disclaimer and overview of MPX Energia S.A., a Brazilian energy company. It summarizes that MPX has secured 15-year contracts to sell 1,100 MW of electricity capacity. MPX has a portfolio of licensed and developing power projects in Brazil totaling over 6,000 MW. It also has coal assets in Brazil and Colombia. The document outlines MPX's strong financial position with R$1.8 billion in cash reserves and projected operating cash flows beginning in 2011.
The electricity sector in the Dominican Republic has been stuck in a "vicious cycle" for the past 12 years. Some key causes of this cycle include a lack of tariff adjustments to reflect costs, non-targeted subsidies, and an inconsistent long-term investment plan. This has led to effects like service interruptions, the exit of private companies, and the halting of new efficient generation projects. In contrast, from 1999-2001 the sector saw a "virtuous cycle" driven by privatization, a supportive regulatory framework, long-term contracts, and market-oriented policies, which attracted over 1,500MW of new generation capacity and diversified the energy supply. To transform the sector, the document argues the
CEO the National Energy Policy Council
Over 30 years of experience in the energy sector
Ricardo Lima Former CEO of CEMIG and Light S.A.
Business Development Former President of the Brazilian Association of Electric Energy Distributors (ABRADEE)
Over 30 years of experience in the mining sector
Ricardo Mendes Former CEO of Vale Fertilizantes and Vale Mozambique
Mining Former Director of Vale Coal
Over 30 years of experience in the power generation sector
P
2009 Brazil Equity Ideas Conference - Credit Suisse*CPFL RI
CPFL Energia has grown significantly in the past 4 years since its IPO. Some key points:
- Installed capacity and assured energy increased over 100% through acquisitions and investments.
- Total capex over the period was over R$5 billion, including acquisitions of distribution companies.
- Share performance has significantly outperformed major indexes since the IPO, with returns over 130% in local currency and over 200% in US dollars.
- In the recent market downturn, CPFL shares held up relatively well due to their defensive nature and limited currency and consumption exposure.
This document provides an overview of Eletropaulo, the largest electricity distribution company in Latin America. It includes a corporate structure chart and highlights from the first half of 2007. Some key points:
- Eletropaulo serves over 5.6 million customers across 24 municipalities in Greater São Paulo.
- Adjusted EBITDA for 1H07 was R$1.294 billion, up 3.2% from 1H06. Net profit increased 122.7% to R$505.5 million.
- ANEEL authorized an average tariff reduction of 8.43% for Eletropaulo effective July 2007 following a tariff review.
- Operating highlights for
This document provides an overview of Eletropaulo, the largest electricity distribution company in Latin America. It includes a corporate structure chart and highlights from the first half of 2007. Some key points:
- Eletropaulo serves over 5.6 million customers in Greater São Paulo.
- Adjusted EBITDA increased 3.2% in 1H07 compared to 1H06. Net profit increased 122.7%.
- Tariffs were reduced by 8.43% effective July 2007 following a regulatory review.
- Investments totaled R$193 million in 1H07 focused on expansion, IT, and loss recovery.
- Operating results were positively impacted by higher energy
CPFL Energia operates in the distribution, generation, commercialization, and transmission of electricity in Brazil. It has experienced strong growth through acquisitions and organic expansion. As of 2007, CPFL Energia had 8 distribution companies serving over 6 million customers, 32 small hydroelectric plants and 8 large plants with over 1,500 MW of installed capacity. It also had a 23% market share in commercialization of electricity to free customers. CPFL Energia has consistently distributed 100% of its profits as dividends to shareholders and maintained a conservative capital structure and debt profile.
The document provides an investor scorecard for Gran Tierra Energy Inc. as of September 27, 2010. Some key points:
- Gran Tierra Energy is an independent energy company engaged in oil and gas exploration, development and production in Colombia, Argentina and Peru.
- As of September 2010, the company had a market capitalization of $1.677 billion, with no long-term debt and $311.6 million in cash.
- The company has exploration and production operations on 32 blocks totaling 8.4 million net acres. It is the operator on 29 of these blocks.
- Gran Tierra Energy has an ongoing drilling program with wells planned in Colombia, Peru, Argentina and Brazil
CPFL Energia is Brazil's largest private distributor and generator of electricity. Over the past 4 years since its IPO, it has grown significantly through acquisitions and investments totaling over $1 billion. Its distribution business serves over 13% of the Brazilian market, while its generation portfolio has nearly doubled in capacity. Going forward, CPFL Energia plans to continue expanding organically and through M&A, with a planned $5 billion in investments over the next 5 years to further consolidate its position as a leading player in Brazil's energy market.
El Paso Corporation is a major natural gas company that owns pipelines and conducts exploration and production. The presentation discusses the implications of carbon regulation for natural gas companies and El Paso's strategies. Regulations could significantly increase costs for natural gas. El Paso aims to make its new Ruby Pipeline project carbon neutral through offsets, efficiency measures, and allowing trading. The company also commits to assessing and reducing its emissions footprint to prepare for a carbon constrained future. Natural gas may play a bridging role but its role depends on regulation stringency and other energy sources.
Citi´s 17th Annual Latin America Conference*CPFL RI
The document provides an overview of the Brazilian energy market and highlights for CPFL Energia:
1) The Brazilian energy market is concentrated among a few large players and state-owned entities still dominate generation assets. CPFL Energia has a 13% share of the distribution market and 2% of generation.
2) CPFL Energia is Brazil's largest private distributor and focuses on operational efficiency and acquiring smaller distributors. It is also growing its generation portfolio through new projects.
3) CPFL Energia aims to capture synergies across its business segments and reduce delinquencies while expanding its installed generation capacity and customer base.
The document summarizes CPFL Energia's financial results for 2Q07. Key highlights include an 18.2% increase in net revenue to R$2,224 million, a 23.5% increase in EBITDA to R$814 million, and a 20.9% increase in net income to R$369 million. Integration of the acquisition of RGE contributed to growth and resulted in cost reductions. CPFL Energia maintained its focus on value creation through organic and acquisition growth, operational efficiency, financial discipline, and sustainability.
'12ª Conferência Anual América Latina - Santander (15 a 18-01-2008)'CPFL RI
CPFL Energia has grown aggressively since 1997 through acquisitions and investments in distribution, generation, and commercialization of electricity in Brazil. It is a leader in these sectors with over 13% of the distribution market share and operations across São Paulo, Rio Grande do Sul, Paraná and Minas Gerais states. Recent deals include purchases of stakes in distribution and generation companies to increase its installed capacity to over 2 GW by 2010.
The document discusses trends in hydropower deployment globally and regionally. It notes that Brazil generates 87.2% of its electricity from renewables, mostly hydro at 81.2%. While Brazil has already developed 34% of its hydro potential, it has an estimated remaining potential of 260 GW, mostly in the Amazon basin. Major new hydro projects like Belo Monte aim to develop this clean energy resource while promoting regional development.
1) AES Tietê reported a 15% increase in 3Q11 net income compared to 3Q10, reaching R$228 million. Revenues increased 10% to R$519 million.
2) Generation was 5% higher in 3Q11 than the prior year period and 26% higher for the first nine months of 2011 compared to physical guarantees.
3) Investments of R$46 million in 3Q11 went mainly to modernizing power plants, and the company was awarded an environmental license for its Termo São Paulo project.
CEMAR and CELPA saw increases in operating metrics in 3Q14. CEMAR's energy sales grew 9.3% and losses decreased. CELPA's energy sales grew 12.4% while losses decreased. Both companies saw improvements in DEC and FEC indexes. Financially, Equatorial's EBITDA grew 36% to R$450 million and net income grew 41% to R$282 million. Total capex for Equatorial increased 115% to R$323 million in 3Q14. Corporate updates included tariff adjustments for CEMAR and CELPA, refinancing of fiscal debt, new debt issuances, and CCC subvention for CELPA.
O relatório apresenta os resultados financeiros e operacionais da Equatorial no 3T14. Destaca-se o crescimento de 9,3% na demanda de energia da CEMAR e de 12,4% na CELPA. O EBITDA Regulatório Ajustado consolidado atingiu R$276 milhões, aumento de 21%. Os investimentos totais da Equatorial somaram R$323 milhões no trimestre.
The document provides an overview of Equatorial, a Brazilian energy company with segments in distribution, generation, and trading. It discusses the company profile, financial performance, portfolio, and value creation. Equatorial's main distribution assets are CEMAR in Maranhão and CELPA in Pará, which the document compares on metrics like energy sold, revenues, losses, and investments showing improvements at CEMAR following its turnaround. The summary highlights Equatorial's operations and the turnaround efforts at its CEMAR distribution segment.
O documento apresenta o perfil e desempenho financeiro da Equatorial Energia, incluindo suas subsidiárias CEMAR e CELPA. Detalha os principais indicadores das distribuidoras como receita, EBITDA, dívida líquida e investimentos realizados. Apresenta também a evolução dos indicadores de qualidade como perdas de energia e indicadores DEC/FEC nas duas empresas.
The document provides an overview of Equatorial Energia, a Brazilian electricity distribution and generation company. It discusses the company's distribution and generation segments, including details on its subsidiaries CEMAR and CELPA. It then reviews the company's financial performance from 2004-2013, highlighting improvements in EBITDA, investments, and debt levels. Charts are presented comparing operating and financial metrics for CEMAR and CELPA from 2004-2013. The document also summarizes CEMAR's turnaround, outlining initiatives to improve operations, management, and financial results.
O documento apresenta o perfil e desempenho financeiro da Equatorial Energia, incluindo suas subsidiárias CEMAR e CELPA. Detalha os indicadores operacionais e financeiros das empresas entre 2004-2013, destacando a melhoria dos indicadores de qualidade da CEMAR e os desafios da CELPA. Apresenta também a visão, missão e valores da Equatorial Energia.
The document provides an overview of Equatorial Energia, a Brazilian electricity distribution and generation company. It discusses the company's distribution and generation segments, including its ownership of CEMAR and a majority stake in CELPA. Charts show key financial metrics like revenue, EBITDA, and investments for CEMAR and CELPA from 2004-2013. The document also reviews the turnaround efforts at CEMAR to reduce energy losses and improve operational and financial performance.
O documento apresenta o perfil e desempenho financeiro da Equatorial Energia, incluindo suas subsidiárias CEMAR e CELPA. Detalha os principais indicadores operacionais e financeiros das empresas entre 2004-2013, destacando a melhora nos indicadores de qualidade da CEMAR após um turnaround bem-sucedido.
Equatorial's operating and financial results for 2Q14. Key highlights include:
- CEMAR's energy sales grew 8.2% and losses decreased. CELPA's sales grew 12.5% and losses decreased.
- Adjusted regulatory EBITDA increased 63.5% to R$242 million.
- Adjusted regulatory net income grew 162.1% to R$98 million.
- Total capex was R$286 million, an 84% increase, focusing on network improvements.
O relatório apresenta os resultados financeiros e operacionais da Equatorial no 2T14. Os destaques incluem crescimento de 8,2% na demanda de energia da CEMAR e de 12,5% na CELPA, melhorias nos índices de perdas de energia, DEC e FEC em ambas as distribuidoras, aumento de 21,2% na receita líquida consolidada e de 63,5% no EBITDA regulatório ajustado. Os investimentos totais consolidados somaram R$286 milhões no trimestre.
Institucional 1 q14 novo padrão eng-finalEquatorialRI
This document provides an overview of Equatorial Energia, a holding company focused on energy distribution and generation in Brazil. It summarizes Equatorial's portfolio, which includes controlling stakes in CEMAR, the 4th largest electricity distributor in Brazil's Northeast region, and CELPA in Pará state. The document reviews CEMAR's history and financial performance over time, noting improvements in operating metrics, declining leverage, and increasing investments. Tariff reviews for CEMAR are also summarized.
Institucional 1 q14 novo padrão port-finalEquatorialRI
O documento apresenta a Equatorial Energia, holding com investimentos no setor elétrico brasileiro. Apresenta os principais ativos da companhia, como a distribuidora CEMAR no Maranhão e a distribuidora CELPA no Pará, além de duas usinas termelétricas. Detalha também a estrutura acionária, a estratégia corporativa e o histórico da companhia desde sua aquisição pelo Fundo PCP em 2004.
This document provides an overview of Eletropaulo, the largest electricity distribution company in Latin America. It includes a corporate structure chart and highlights from the first half of 2007. Some key points:
- Eletropaulo serves over 5.6 million customers in Greater São Paulo.
- Adjusted EBITDA increased 3.2% in 1H07 compared to 1H06. Net profit increased 122.7%.
- Tariffs were reduced by 8.43% effective July 2007 following a regulatory review.
- Investments totaled R$193 million in 1H07 focused on expansion, IT, and loss recovery.
- Operating results were positively impacted by higher energy
CPFL Energia operates in the distribution, generation, commercialization, and transmission of electricity in Brazil. It has experienced strong growth through acquisitions and organic expansion. As of 2007, CPFL Energia had 8 distribution companies serving over 6 million customers, 32 small hydroelectric plants and 8 large plants with over 1,500 MW of installed capacity. It also had a 23% market share in commercialization of electricity to free customers. CPFL Energia has consistently distributed 100% of its profits as dividends to shareholders and maintained a conservative capital structure and debt profile.
The document provides an investor scorecard for Gran Tierra Energy Inc. as of September 27, 2010. Some key points:
- Gran Tierra Energy is an independent energy company engaged in oil and gas exploration, development and production in Colombia, Argentina and Peru.
- As of September 2010, the company had a market capitalization of $1.677 billion, with no long-term debt and $311.6 million in cash.
- The company has exploration and production operations on 32 blocks totaling 8.4 million net acres. It is the operator on 29 of these blocks.
- Gran Tierra Energy has an ongoing drilling program with wells planned in Colombia, Peru, Argentina and Brazil
CPFL Energia is Brazil's largest private distributor and generator of electricity. Over the past 4 years since its IPO, it has grown significantly through acquisitions and investments totaling over $1 billion. Its distribution business serves over 13% of the Brazilian market, while its generation portfolio has nearly doubled in capacity. Going forward, CPFL Energia plans to continue expanding organically and through M&A, with a planned $5 billion in investments over the next 5 years to further consolidate its position as a leading player in Brazil's energy market.
El Paso Corporation is a major natural gas company that owns pipelines and conducts exploration and production. The presentation discusses the implications of carbon regulation for natural gas companies and El Paso's strategies. Regulations could significantly increase costs for natural gas. El Paso aims to make its new Ruby Pipeline project carbon neutral through offsets, efficiency measures, and allowing trading. The company also commits to assessing and reducing its emissions footprint to prepare for a carbon constrained future. Natural gas may play a bridging role but its role depends on regulation stringency and other energy sources.
Citi´s 17th Annual Latin America Conference*CPFL RI
The document provides an overview of the Brazilian energy market and highlights for CPFL Energia:
1) The Brazilian energy market is concentrated among a few large players and state-owned entities still dominate generation assets. CPFL Energia has a 13% share of the distribution market and 2% of generation.
2) CPFL Energia is Brazil's largest private distributor and focuses on operational efficiency and acquiring smaller distributors. It is also growing its generation portfolio through new projects.
3) CPFL Energia aims to capture synergies across its business segments and reduce delinquencies while expanding its installed generation capacity and customer base.
The document summarizes CPFL Energia's financial results for 2Q07. Key highlights include an 18.2% increase in net revenue to R$2,224 million, a 23.5% increase in EBITDA to R$814 million, and a 20.9% increase in net income to R$369 million. Integration of the acquisition of RGE contributed to growth and resulted in cost reductions. CPFL Energia maintained its focus on value creation through organic and acquisition growth, operational efficiency, financial discipline, and sustainability.
'12ª Conferência Anual América Latina - Santander (15 a 18-01-2008)'CPFL RI
CPFL Energia has grown aggressively since 1997 through acquisitions and investments in distribution, generation, and commercialization of electricity in Brazil. It is a leader in these sectors with over 13% of the distribution market share and operations across São Paulo, Rio Grande do Sul, Paraná and Minas Gerais states. Recent deals include purchases of stakes in distribution and generation companies to increase its installed capacity to over 2 GW by 2010.
The document discusses trends in hydropower deployment globally and regionally. It notes that Brazil generates 87.2% of its electricity from renewables, mostly hydro at 81.2%. While Brazil has already developed 34% of its hydro potential, it has an estimated remaining potential of 260 GW, mostly in the Amazon basin. Major new hydro projects like Belo Monte aim to develop this clean energy resource while promoting regional development.
1) AES Tietê reported a 15% increase in 3Q11 net income compared to 3Q10, reaching R$228 million. Revenues increased 10% to R$519 million.
2) Generation was 5% higher in 3Q11 than the prior year period and 26% higher for the first nine months of 2011 compared to physical guarantees.
3) Investments of R$46 million in 3Q11 went mainly to modernizing power plants, and the company was awarded an environmental license for its Termo São Paulo project.
CEMAR and CELPA saw increases in operating metrics in 3Q14. CEMAR's energy sales grew 9.3% and losses decreased. CELPA's energy sales grew 12.4% while losses decreased. Both companies saw improvements in DEC and FEC indexes. Financially, Equatorial's EBITDA grew 36% to R$450 million and net income grew 41% to R$282 million. Total capex for Equatorial increased 115% to R$323 million in 3Q14. Corporate updates included tariff adjustments for CEMAR and CELPA, refinancing of fiscal debt, new debt issuances, and CCC subvention for CELPA.
O relatório apresenta os resultados financeiros e operacionais da Equatorial no 3T14. Destaca-se o crescimento de 9,3% na demanda de energia da CEMAR e de 12,4% na CELPA. O EBITDA Regulatório Ajustado consolidado atingiu R$276 milhões, aumento de 21%. Os investimentos totais da Equatorial somaram R$323 milhões no trimestre.
The document provides an overview of Equatorial, a Brazilian energy company with segments in distribution, generation, and trading. It discusses the company profile, financial performance, portfolio, and value creation. Equatorial's main distribution assets are CEMAR in Maranhão and CELPA in Pará, which the document compares on metrics like energy sold, revenues, losses, and investments showing improvements at CEMAR following its turnaround. The summary highlights Equatorial's operations and the turnaround efforts at its CEMAR distribution segment.
O documento apresenta o perfil e desempenho financeiro da Equatorial Energia, incluindo suas subsidiárias CEMAR e CELPA. Detalha os principais indicadores das distribuidoras como receita, EBITDA, dívida líquida e investimentos realizados. Apresenta também a evolução dos indicadores de qualidade como perdas de energia e indicadores DEC/FEC nas duas empresas.
The document provides an overview of Equatorial Energia, a Brazilian electricity distribution and generation company. It discusses the company's distribution and generation segments, including details on its subsidiaries CEMAR and CELPA. It then reviews the company's financial performance from 2004-2013, highlighting improvements in EBITDA, investments, and debt levels. Charts are presented comparing operating and financial metrics for CEMAR and CELPA from 2004-2013. The document also summarizes CEMAR's turnaround, outlining initiatives to improve operations, management, and financial results.
O documento apresenta o perfil e desempenho financeiro da Equatorial Energia, incluindo suas subsidiárias CEMAR e CELPA. Detalha os indicadores operacionais e financeiros das empresas entre 2004-2013, destacando a melhoria dos indicadores de qualidade da CEMAR e os desafios da CELPA. Apresenta também a visão, missão e valores da Equatorial Energia.
The document provides an overview of Equatorial Energia, a Brazilian electricity distribution and generation company. It discusses the company's distribution and generation segments, including its ownership of CEMAR and a majority stake in CELPA. Charts show key financial metrics like revenue, EBITDA, and investments for CEMAR and CELPA from 2004-2013. The document also reviews the turnaround efforts at CEMAR to reduce energy losses and improve operational and financial performance.
O documento apresenta o perfil e desempenho financeiro da Equatorial Energia, incluindo suas subsidiárias CEMAR e CELPA. Detalha os principais indicadores operacionais e financeiros das empresas entre 2004-2013, destacando a melhora nos indicadores de qualidade da CEMAR após um turnaround bem-sucedido.
Equatorial's operating and financial results for 2Q14. Key highlights include:
- CEMAR's energy sales grew 8.2% and losses decreased. CELPA's sales grew 12.5% and losses decreased.
- Adjusted regulatory EBITDA increased 63.5% to R$242 million.
- Adjusted regulatory net income grew 162.1% to R$98 million.
- Total capex was R$286 million, an 84% increase, focusing on network improvements.
O relatório apresenta os resultados financeiros e operacionais da Equatorial no 2T14. Os destaques incluem crescimento de 8,2% na demanda de energia da CEMAR e de 12,5% na CELPA, melhorias nos índices de perdas de energia, DEC e FEC em ambas as distribuidoras, aumento de 21,2% na receita líquida consolidada e de 63,5% no EBITDA regulatório ajustado. Os investimentos totais consolidados somaram R$286 milhões no trimestre.
Institucional 1 q14 novo padrão eng-finalEquatorialRI
This document provides an overview of Equatorial Energia, a holding company focused on energy distribution and generation in Brazil. It summarizes Equatorial's portfolio, which includes controlling stakes in CEMAR, the 4th largest electricity distributor in Brazil's Northeast region, and CELPA in Pará state. The document reviews CEMAR's history and financial performance over time, noting improvements in operating metrics, declining leverage, and increasing investments. Tariff reviews for CEMAR are also summarized.
Institucional 1 q14 novo padrão port-finalEquatorialRI
O documento apresenta a Equatorial Energia, holding com investimentos no setor elétrico brasileiro. Apresenta os principais ativos da companhia, como a distribuidora CEMAR no Maranhão e a distribuidora CELPA no Pará, além de duas usinas termelétricas. Detalha também a estrutura acionária, a estratégia corporativa e o histórico da companhia desde sua aquisição pelo Fundo PCP em 2004.
Equatorial reported operating and financial results for 1Q14. Key highlights include:
- CEMAR's energy sales grew 7.9% and losses decreased. CELPA's sales grew 14% and losses decreased. Both saw improvements in outage indices.
- Consolidated net revenues grew 24.3% to R$1.325 billion. EBITDA was R$144 million, up from R$60 million in 1Q13. Adjusted net income was R$91 million.
- Total investments were R$211 million, a 25.2% increase over 1Q13. CEMAR invested R$79 million and CELPA R$132 million.
- Debt increased to
Os principais pontos do relatório são:
1) A receita operacional líquida consolidada cresceu 24,3% no 1T14 impulsionada pelo desempenho da CELPA.
2) O EBITDA Regulatório Ajustado consolidado somou R$231 milhões no 1T14, aumento de 45,3% em relação ao mesmo período do ano anterior.
3) O lucro líquido ajustado consolidado foi de R$91 milhões no 1T14, alta de 50,9% na comparação anual.
Institucional 4 q13 novo padrão eng-finalEquatorialRI
This document provides an overview of Equatorial Energia, a Brazilian holding company focused on energy distribution and generation. It summarizes Equatorial's portfolio, which includes controlling stakes in CEMAR, the 4th largest electricity distributor in Brazil's Northeast region, and CELPA, a distributor in Pará state. The document also reviews Equatorial's financial performance, noting steady revenue and EBITDA growth since 2004, as well as its strategy to increase returns through operational improvements and consolidation in the Brazilian energy sector.
Institucional 4 q13 novo padrão port-finalEquatorialRI
O documento apresenta a Equatorial Energia, uma holding com investimentos no setor elétrico brasileiro, controlada pelo Fundo PCP da Vinci Partners. Apresenta os principais investimentos da Equatorial, que incluem distribuidoras nos estados do Maranhão e Pará, além de usinas termelétricas. Também descreve a estratégia, história, desempenho financeiro e time de gestão da empresa.
Equatorial reported its operating and financial results for the fourth quarter of 2013. Key highlights include:
- CEMAR's energy sales grew 13.8% year-over-year to 1,440 GWh. CELPA's total energy sales increased 14.6% to 1,985 GWh.
- CEMAR's energy losses decreased 1.1 percentage points to 19.2% while CELPA's losses fell 2.9% to 35.5%.
- Net operating revenues increased 15.8% to R$1,329 million due to the consolidation of CELPA. However, EBITDA declined 21.1% to R$131 million due to higher energy purchase costs
O documento apresenta os resultados financeiros e operacionais da empresa no 4T13. Destaca o crescimento de 13,8% na demanda de energia da CEMAR e de 14,6% na CELPA. A receita operacional líquida consolidada cresceu 15,8% em relação ao 4T12, enquanto o EBITDA consolidado caiu 21,1% no período. O resultado líquido foi um prejuízo de R$62 milhões. Os investimentos consolidados totalizaram R$261 milhões no trimestre.
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O documento apresenta a pauta e metodologia para a realização da 3a rodada de revisões tarifárias das distribuidoras CEMAR e CELPA. Apresenta os principais pontos da metodologia como: reposicionamento tarifário, custos operacionais, base de remuneração e custo de capital, resultados para CEMAR e CELPA.
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4. Corporate Restructuring
• Corporate Restructuring
• Step # 1: Increase in the Controlling Interest of Equatorial and CEMAR
• Step # 2: Merger of PCP Energia by Equatorial
• Step # 3: Listing on the Novo Mercado
• Exchange Ratios Analysis
• Post-Restructuring Strategy
4
5. 1. Increase in the Controlling Interest of
Equatorial and CEMAR
On November 5, GP Energia and PCP Latin America Power Fund entered into an
agreement to transfer the total ownership interest held by GP Energia in Equatorial
Energia Holdings, LLC, a company that indirectly controls Equatorial and CEMAR, to
PCP Latin America Power Fund
The amount to be paid to GP Energia in reference to the transfer is R$203.8 million,
implying a price of R$18.64/Unit
The transaction is contingent upon the prior consent by ANEEL and will only be
implemented if and when this consent is obtained
On conclusion of the transaction, corporate control of Equatorial and CEMAR will be
held solely by PCP Latin America Power Fund
5
6. 1. Increase in the Controlling Interest of
Equatorial and CEMAR
• Current Structure • Structure after Increase in
Controlling Interest
PCP Latin America
PCP Latin America GP Energia Brasil LP
GP Energia Brasil LP PCP Latin America
PCP Latin America
Power Fund Limited
Power Fund Limited Power Fund Limited
Power Fund Limited
46.25% total 53.75% total 100% total
Equatorial Energia
Equatorial Energia Equatorial Energia
Equatorial Energia
Holdings, LLC
Holdings, LLC Holdings, LLC
Holdings, LLC
100% total 100% total
Brasil Energia II LLC
Brasil Energia LLC Brasil Energia II LLC
Brasil Energia LLC
Abroad Abroad
55.60% ON 55.60% ON
3.80% PN 3.80% PN
30.70% total Brazil 30.70% total Brazil
Equatorial Energia
Equatorial Energia Equatorial Energia
Equatorial Energia
S.A.
S.A. S.A.
S.A.
65.07% ON 65.07% ON
65.02% total 65.02% total
CEMAR
CEMAR CEMAR
CEMAR
6
7. 2. Merger of PCP Energia by Equatorial
• Structure of Interest in Light S.A.
PCP Latin America
PCP Latin America
After the increase in controlling interest, Power Fund Limited
Power Fund Limited
PCP Latin America Power Fund will aim to
99.96% ON Abroad
consolidate its investments in the energy
99.96 total
Brazil
sector
PCP Energia
PCP Energia
Participações S.A.
Participações S.A.
The proposal is to merge PCP Energia by
25.00% ON
Equatorial 25.00% total
RME – Rio Minas
RME – Rio Minas
PCP Energia indirectly holds 13.06% of Energia S.A.
Energia S.A.
Light through RME and shares its
corporate control through a shareholders’ 52.24% ON
52.24% total
agreement
Light S.A.
Light S.A.
7
8. 2. Merger of PCP Energia by Equatorial
On November 5, 2007, the Board of Directors of Equatorial approved the execution of a
protocol establishing the terms and conditions for the merger of PCP Energia into
Equatorial
The protocol establishes an exchange ratio between Equatorial and PCP Energia shares
based on the weighted average of the quoted value of Equatorial Units (EQTL11) and Light
common shares (LIGT3) during the last 90 Bovespa trading sessions until November 5,
2007
The average price for EQTL11 was R$19.31/Unit and for LIGT3 was R$27.85/thousand
shares, equivalent to an exchange ratio of 0.6934 Equatorial Unit per thousand Light
common shares
Equatorial will hire an independent specialized company to prepare an appraisal report of
Equatorial and PCP Energia to provide additional information in regard to the value of the
companies
The merger will only be implemented upon the conclusion of the transfer of GP Energia’s
interest to PCP Latin America Power Fund and the transaction’s approval by a general
shareholders’ meeting, where holders of preferred shares will have the same voting rights
as holders of common shares
8
9. 2. Merger of PCP Energia by Equatorial
Structure after the Increase in Controlling Interest
PCP Latin America
PCP Latin America
Power Fund Limited
Power Fund Limited
100% total
Equatorial Energia
Equatorial Energia
Holdings, LLC
Holdings, LLC
100% total
Brasil Energia II LLC
Brasil Energia LLC
Abroad
99.96% ON 55.60% ON
99.96 total 3.80% PN
PCP Energia
PCP Energia 30.70% total Brazil
Participações S.A.
Participações S.A.
Equatorial Energia
Equatorial Energia
25.00% ON S.A.
S.A.
25.00% total
RME – Rio Minas
RME – Rio Minas
Energia S.A.
Energia S.A. 65.07% ON
65.02% total
52.24% ON
52.24% total
Light S.A.
Light S.A. CEMAR
CEMAR
9
10. 2. Merger of PCP Energia by Equatorial
Calculation of the Equity Value of Equatorial Energia and PCP Energia Participações
PCP Energia Part.
Stake(%) 25,0%
Stake (R$) R$ 740.036.708,96
RME / Lidil
Stake (%) 52,24%
Stake (R$) R$ 2.960.146.835,85
EQTL11 (R$/Unit) LIGT3 (R$/000 shares)
Weighted Average Price* R$ 19,31 (1) R$ 27,85 (2)
Number of Units /Shares 66.218.483 203.462.739.012
Market Cap R$ 1.278.678.900,29 R$ 5.666.437.281,48
Implict Exchange Ratio (1)/(2) 0,6934
* 90 trading days
Calculation of the Exchange Ratio between Equatorial Energia and PCP Energia Participações
Equatorial Energia PCP Energia Part.
Equity Value R$ 1.278.678.900,29 R$ 740.036.708,96
Number of shares 198.655.448 179.831.100
Price per Share R$ 6,44 (1) R$ 4,12 (2)
Exhange Ratio (2)/(1) 0,6393
.50% Common Shares Issue 0,3197
.50% Preferred Shares Issue 0,3197
10
11. 3. Listing on the Novo Mercado
After the merger, Equatorial shareholders will deliberate the following matters:
• The conversion of all preferred shares into common shares in the proportion of 1
common share for each preferred share
• A reverse stock split in the proportion of 1 common share for each 3 common shares
• An amendment to the By-Laws in order to comply with the highest corporate
governance standards
• The listing of Equatorial shares on the Bovespa’s Novo Mercado
The conversion of all preferred shares into common shares will not dilute those
shares representing more than 50% of Equatorial’s voting capital. These shares shall
continue to be held by a single shareholder
11
12. 3. Listing on the Novo Mercado
Structure after Increase in Controlling Interest , Merger
of PCP Energia and Listing on the Novo Mercado
PCP Latin America
PCP Latin America
Power Fund Limited
Power Fund Limited
100% total
Brasil Energia II LLC
Brasil Energia LLC
Abroad
56.1% ON
56.1% total
Brazil
Equatorial Energia
Equatorial Energia
S.A.
S.A.
25.00% ON
25.00% total
RME – Rio Minas
RME – Rio Minas
Energia S.A.
Energia S.A. 65.07% ON
65.02% total
52.24% ON
52.24% total
Light S.A.
Light S.A. CEMAR
CEMAR
12
16. Post-Restructuring Strategy
Cemar and Light:
outstanding returns Continue the restructuring process at Cemar and Light
through above-average aiming to capture additional efficiency gains, decrease
operational and financial operating expenses and reduce commercial losses
performance
Acquisition of control, independently or jointly
Consolidation of
distributors in Brazil and Add value through operational and financial
in Latin America restructuring, synergy gains and reduced energy
losses
Heavy investments in generation will be required over
Investments in the next years in Brazil
Generation and
Transmission This scenario will generate attractive investment and
co-investment opportunities for Equatorial
16
17. Corporate Restructuring
The main consequences of the proposed restructuring are:
• elimination of geographical restrictions on Equatorial’s growth strategy
• exchange of best practices between the controlled companies
• better governance standards through listing on the Novo Mercado
• concentration of the controlling shareholder’s energy sector investments in a
single asset
17
19. Light S.A. – Highlights
Energy Sales – 9M07 (Captive)
Others Residential
17.5% 40.2%
RR
AP
AM MA CE
PA RN
PB
AC
PI
PE Commercial
RO
TO
SE
AL
31.3% Industrial
MT
BA 10.9%
DF
GO
13,753 GWh
MG
MS ES
SP RJ
EBITDA by Segment – 9M07
PR
Trading
SC Generation 0.3%
RS 11.8%
Holding with presence in distribution, generation and trading
3rd largest distributor in Brazil in terms of energy sales* Distribution
4th largest customer base in Brazil* 87.9%
Plants with 852 MW of installed capacity
Over R$6 billion in gross revenue in the 9M07
R$1,032 Million
Source: ABRADEE and Light; * 2006
19
20. Light S.A. – Ownership History
After a negative result in its 2003 tariff revision process and poor management, Light
became insolvent and was forced to renegotiate its debt with creditors
In March 2006, a consortium formed by PCP, Cemig, AG Concessões and Luce Fund (RME)
won a competitive bidding process for the acquisition of a controlling stake at Light
The consortium acquired 79.39% of Light’s total and voting capital for US$320 MM
After fulfilling a series of prerequisites, including the approval of regulatory authorities in
Brazil and France, the consortium effectively took over the company in August 2006
20
22. Light S.A. – Distribution
Distribution 2005 2006 9M07
• 3.8 million customers in 31 municipalities in Net Revenues (R$ MM) 4.875 5.212 3.742
Rio de Janeiro, covering 25% of the state PMSO (R$MM) 511 588 425
Provisions (R$MM) 479 732 237
with total coverage area of 10,970 km² EBITDA (R$MM) 751 599 911
• Energy sales reached 18,324 GWh in the last Consumers Avg. (000's) 3.732 3.788 3.828
12 months ended September 2007, and PMSO (R$) / Consumer 137 155 111
accounted for approximately 75% of all EBITDA (R$) / Consumer 201 158 238
electricity consumed in the state
• Service quality among the highest in Brazil.
In the LTM, FEC index reached 6.24x and
DEC index 8.38h
• Collection rate improved significantly after
the change in control, increasing from 91%
in the 3Q06 to 99% in the 3Q07
• Energy losses represent a challenge in the
concession area, at 26.5% in the 3Q07
• Tariff readjustments occur every November,
with next tariff revision expected in
November 2008
22
23. Light S.A. – Generation
Generation 2005 2006 9M07
Net Revenues (R$ MM) 20 253 197
• Light owns and operates 5 hydro power PMSO (R$MM) 3 41 29
plants and two water pumping stations Provisions (R$MM) - 6 -
EBITDA (R$MM) 14 147 122
• The 5 plants are located in three generation Assured Capacity (MW Avg.) 537 537 537
regions: Santa Branca, Lages and Ilha dos
Pombos EBITDA / Assured Cap. (kw) 26 274 227
• Total installed capacity of 852 MW, for
assured energy of 537 MW
• Light Generation has average contract
selling price of R$60/MWh, with the bulk of
contracts expiring in 2012 and 2013
• 3 new hydro power plants currently being
developed: SHP Paracambi (25 MW installed
capacity) and SHP Lages in the Lages
complex and HPP Itaocara on the Paraíba do
Sul River (195 MW installed capacity)
23
24. Light S.A. – Trading
• Through its subsidiary Light Esco, Light
acts as a trader and broker for free
consumers
• In its trading activities, Light has 19
clients with total energy sales of
Trading 2005 2006 9M07
278 GWh in the 9M07 Net Revenues (R$ MM) - - 24
PMSO (R$MM) - - 8
Provisions (R$MM) - - -
• Clients include Unilever and InBev EBITDA (R$MM) - - 3
• As a broker, Light has 9 clients and
traded 892 GWh in the 9M07
• Over 10 clients, including TV Globo and
Gerdau Steel
24
29. Light S.A. – Value Creation
• New generation projects
• Renewal of initial energy contracts
Growth • Energy trading
• Significant investment in Rio de Janeiro state
• Cost cutting
Efficiency • Loss prevention strategy
• Increase in collection rates
Gains • Outsourcing of all non-core activities
• Sale of non-core assets
Return for • Strong cash flow generation
Shareholders • Dividend distribution policy
Commitment to • Improve customer relationships
the Future • Recovery of Light’s institutional image
29
31. PCP – History
In 2001, Banco Pactual, the leading Brazilian investment bank, created a Principal
Investment Unit with the objective of managing the partnership’s excess capital and
diversifying its investments
In 2006, with the sale of Banco Pactual to UBS, part of the proceeds from the sale
was reinvested in the Principal Investment Unit, which was renamed UBS Pactual
Alternative Investments
Today, UBS Pactual Alternative Investments manages the capital of Pactual’s former
partners through a major fund of funds named PCP, which invests in Brazil and
abroad in specific funds based on various investment strategies
Today, PCP has over US$3 billion under management with investments in fund-of-
funds, hedge-funds, public equities, private equity and real estate
31
32. PCP – Investment Structure
• Fundamental and long-only strategy with more
than R$250 million invested (October 2007)
• Acquisition of control or shared control of
private and public companies
• Investments made through PCP’s associated
company PDG Realty
32
33. PCP – Selected Investment Cases
• In 1995, Pactual participated in the privatization of Escelsa (disco for Espirito
Santo state), the first privatization in Brazil’s electricity sector, through Iven, a
Iven company controlled by financial and institutional investors. In 1996, Escelsa
acquired Enersul, disco for Mato Grosso do Sul state. In 1999, the investment at
Iven was sold to the Portuguese group EDP
• In March 2006, PCP invested R$87.5 million in Equatorial Energia, the controlling
Equatorial shareholder of Cemar, the disco for Maranhão state, and obtained shared control
Energia together with GP Investments. In May 2006, Equatorial Energia went public
• In March 2006, a consortium formed by PCP, Cemig, Andrade Gutierrez
Concessões and Luce Fund won a competitive bidding process for the
Light
acquisition of a controlling stake in Light S.A., an energy holding company with
generation, distribution and trading activities
• PCP started to participate in real estate developments in 2002. In January 2007,
PDG Realty PDG Realty concluded its IPO and formally became PCP’s real estate arm. PDG
Realty concentrates all present and future PCP investments in the sector
33
34. PCP – PDG Realty
• Investment company focused on Brazil’s real
estate market, managing direct and indirect
investments in real estate developments through
its subsidiaries
• One of the largest real estate developers on the
BOVESPA, with market capitalization over R$3.6
billion. One of the largest companies in Brazil’s
residential real estate development industry, with
focus on mid-low segment
• As of September 2007, participated in the launch
of more than 100 real estate developments
• Raised R$630 million through an IPO in January
2007, and R$500 million through a follow-on
offering in October 2007
• Management mostly former partners in Pactual,
with vast experience in the real estate, private
equity and corporate finance industries
• FIP PDG I, a private equity fund controlled
indirectly by PCP, currently owns 46.5% of the
Company (interest worth more than R$1.4 billion)
34
35. PCP – Why the Electricity Sector?
PCP has a long track record and remarkable expertise in the sector
• Electricity sector in Brazil is complex and heavily regulated
• Sector in which leverage on this expertise is highly valuable
Sector still highly fragmented
• Sector expected to consolidate, with fewer players
• PCP’s ability to evaluate and quickly exploit opportunities with very rigid capital
discipline is key in this scenario
Leveraged on economic growth
Distribution well suited for implementing PCP’s rigid cost discipline and financial skills
• Regulated sector where companies compete against a “reference company”
• Competition in sales and purchase price is limited
• Optimal capital structure key to enhancing returns
35
36. Contact
Carlos Piani
CEO
Leonardo Dias
CFO and IRO
Phone 1: +55 98 3217 2123
Phone 2: +55 98 3217 2113
E-mail: ir@equatorialenergia.com.br
Website: http://www.equatorialenergia.com.br/ir
36
37. Disclaimer
This document may contain prospective 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 intensions or expectations for our clients;
this presentation will also be available on our website www.equatorialenergia.com.br/ir and also in the IPE
system at the Brazilian Security 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 prevented 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 affirmations. Such estimates refer only to the date in which they were
expressed, therefore Company has no obligation to update said statements.
This presentation does not consist of offering, invitation or request of subscription offer or purchase of any
marketable securities. And, this statement or any other information herein, does not consist of a contract
base or commitment of any kind.
37