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

1. OPERATING AND
FINANCIAL RESULTS
4Q13

2. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
2

3. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
3

4. Introduction
Presentation of Operating and Financial Information
► The financial information contained herein is presented in consolidated figures, pursuant to Brazilian
Corporate Law, based on revised financial information. The consolidated financial information
represents: i) 100% of CEMAR’s results, excluding 34.89% related to minority interests before Net
Income, resulting in participation of 65.11% ii) 100% of CELPA’s results, excluding 3.82% related to
minority interests before Net Income, resulting in participation of 96.18%; and iii) 100% of
Equatorial Soluções’ results, which in turn consolidated 100% of Sol Energias’ results, excluding 49%
of minority interest before Net Income.
► The operating information presented herein consolidates 100% of CEMAR’s results and 100% of
CELPA’s results.
► The following information was not reviewed by the independent auditors: i) non-financial information
relating to CEMAR, Light and the PLPT (Programa Luz para Todos - Light for All Program); ii) pro forma
information and its comparison with the results presented in the period; and iii) management
expectations regarding the future performance of the Companies.
4

5. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
5

6. Operating Highlights
► CEMAR’s total billed energy volume reached 1,440 GWh in 4Q13, 13.8% higher than in 4Q12. The
total volume distributed by CELPA (captive and free markets) totaled 1,985 GWh in 4Q13, representing
growth of 14.6% YoY.
► In CEMAR, energy losses of the last 12 months ending 4Q13 represented 19.2% of the required
energy, with a decrease of 1.1 percentage points compared to 20.3% recorded in 3Q13. In CELPA, total
losses ended the year at 35.5% of the required energy.
► In 4Q13, CEMAR’s DEC and FEC indexes (accumulated over the last 12 months) were 18.9 hours, a
decrease of 12.8%, and 10.9 times, a decrease of 0.7%, compared to those observed at the end of
4Q12. In CELPA, these same indexes closed the quarter with improvements of 27.7% and 25.4%,
respectively.
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7. Financial Highlights
► Net operating revenues (NOR) in 4Q13 reached R$1,329 million, up 15.8% compared to 4Q12’s NOR,
which reflects the beginning of the consolidation of CELPA only as from November 2012.
► In 4Q13, EBITDA totaled R$131 million, a 21.1% decrease compared to the 4Q12 amount, mainly due to the
recognition of higher costs of energy purchase.
► The net result of the quarter was a loss of R$62 million, also mainly due to the increased recognition of the
energy purchase costs.
► In 4Q13, Equatorial's consolidated investments totaled R$261 million, 1.1% higher than those made in
4Q12.
► Proposed Dividends: R$17.9 million, equivalent to R$ 0.09 per share, or 25% of the Adjusted Net Income.
7

8. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
8

9. Energy Market - CEMAR
► CEMAR: 4Q13 energy sales moved up by 13.8%, reaching 1,440 GWh.
Electricity Consumption per Segment (MWh)
CONSUMPTION SEGMENTS * (MWh)
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
Residential
Industrial
602,968
124,489
658,860
127,738
690,103
142,688
14.5%
2,257,539
479,727
2,563,490
497,447
13.6%
Commercial
Others
253,985
284,782
272,786
302,309
287,226
320,317
13.1%
960,422
1,098,354
1,062,255
1,164,727
10.6%
12.5%
1,266,225
1,361,693
1,440,335
13.8%
4,796,041
5,287,920
10.3%
TOTAL
14.6%
3.7%
6.0%
* Does not include sales to CEPISA and ow n consumption.
Energy Balance (MWh)
ENERGY BALANCE (MWh)
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
Required Energy
1,619,756
1,699,003
1,745,389
7.8%
6,059,292
6,552,861
8.1%
Sold Energy (*)
1,268,309
1,363,727
1,442,845
13.8%
4,804,022
5,296,492
10.3%
351,447
335,276
302,544
-13.9%
1,255,270
1,256,370
0.1%
Losses
(*) Co nsiders sale to the segments, o wn co nsumptio n and sales to CEP ISA
9

10. Distribution – Energy Losses in CEMAR
10

11. Distribution – DEC and FEC - CEMAR
►
CEMAR: In 4Q13, the DEC index decreased 12.8% compared to 4Q12 while the FEC index decreased 0.7% compared to the same quarter last
year.
DEC (hours)
FEC (times)
21.7
-12.8%
11.0
18.9
4Q12
4Q13
4Q12
-0.7%
10.9
4Q13
11

12. Energy Market - CELPA
► CELPA: Energy demand growth of 14.6% in energy sales in 4Q13 (Captive Market + Free), reaching 1,985 GWh.
.
Electricity Consumption per Segment (MWh)
CONSUMPTION SEGMENTS * (MWh)
Residential
Industrial
4Q12
658,352
296,871
3Q13
700,202
339,552
4Q13
758,350
364,903
Commercial
Others
389,469
301,819
418,796
310,282
445,532
328,569
14.4%
1,646,511
1,768,832
1,897,354
85,117
87,716
1,731,627
1,856,548
TOTAL
Free Consumers
TOTAL (Captive + Free)
Chg.
2012
2,526,004
1,226,926
2013
2,757,980
1,294,265
1,639,171
1,216,900
10.8%
8.9%
1,479,814
1,150,232
15.2%
6,382,977
6,908,316
8.2%
87,476
2.8%
293,119
342,050
16.7%
1,984,831
14.6%
6,676,096
7,250,367
8.6%
15.2%
22.9%
Chg.
9.2%
5.5%
5.8%
* Does not include ow n consumption.
Energy Balance (MWh)
ENERGY BALANCE (MWh)
Energy Sales (Captive + Own Consumption)
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
1,653,375
1,775,472
1,910,597
15.6%
6,412,030
6,940,732
8.2%
Free Market
85,117
87,716
87,476
2.8%
293,119
342,050
16.7%
Total Losses
1,021,483
1,053,750
991,983
-2.9%
3,618,950
4,007,915
10.7%
Required Energy
2,759,975
2,916,937
2,990,056
8.3%
10,324,099
11,290,651
9.4%
111,155
115,621
120,510
8.4%
403,750
449,083
11.2%
2,648,820
2,801,316
2,869,545
8.3%
9,920,349
10,841,568
9.3%
Own Generation
Energy Purchase (Contracts)
(*) Includes sales to the segments, o wn co nsumptio n and free market.
12

13. Distribution – Energy Losses in CELPA
13

14. Distribution – DEC and FEC
►
CELPA: In 4Q13, the DEC index improved 27.7% compared to 4Q12 while the FEC index decreased 25.4% compared to the same quarter last
year. Analyzing CELPA’s indices only in the quarter, we can see improvements of 40.6% and 30.8%, respectively.
DEC (hours)
101.6
-27.7%
FEC (times)
82.7
50.9
-25.4%
38.0
CELPA – Last 12 months
4Q12
4Q13
22.9
4Q12
4Q13
11.8
-40.6%
-30.8%
8.2
CELPA – Quarterly
13.6
4Q12
4Q13
4Q12
4Q13
14

15. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
15

16. Quarterly Results
Equatorial’s EBITDA
Consolidated EBITDA (R$ million)
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
CEMAR's EBITDA
CELPA's EBITDA
148
(377)
172
161
113
22
-23,6%
533
(369)
494
113
-7,3%
EBITDA (Holding + Others)
Accounting EBITDA
(13)
(242)
(2)
331
(4)
131
-69,2%
(21)
586
0,0%
N/A
(21)
143
309,8%
Net Regulatory Assets / Liabilities CEMAR
(17)
(11)
(5)
-70,6%
(37)
66
N/A
Net Regulatory Assets / Liabilities CELPA
Energy Purchase Correction (CEMAR)
1
23
-
N/A
5
(2)
1
N/A
-
(125)
-
Metering Sales Adjustment (CEMAR)
CELPA's PMSO Adjustment (Restructuring)
-
26
2
5
N/A
Others (CELPA)
-
7
Adjusted Regulatory EBITDA
(258)
228
N/A
N/A
-
N/A
2
39
N/A
N/A
-
-
N/A
-
-
N/A
156
N/A
109
694
N/A
N/A
536,7%
In 2012, we are consolidating CELPA on a pro forma basis, to maintain comparability between quarters. The same
goes for 4Q12.
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17. Quarterly Results
CELPA’s Net Income
CELPA's Net Income (R$ million)
Net Societary Loss
Regulatory Assets / Liabilities
Financial Expenses Adjustment
Deferred Taxes Adjustment
SG&A Restructuring Costs
Depreciation / Amortization
Adjusted Regulatory Net Results
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
(262)
100
(111)
57,8%
(704)
(229)
67,5%
45
-
(115)
25
-
24
13
22
5
8
-47%
N/A
N/A
N/A
N/A
72
-
31
13
22
39
31
-57%
N/A
N/A
N/A
N/A
(217)
10
(39)
82%
(632)
(93)
85%
CEMAR’s Net Income
CEMAR's Net Income (R$ million)
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
Net Societary Income
150
57
37
-75,3%
385
192
-50,1%
Regulatory Assets / Liabilities
(128)
9
6
105%
(140)
92
166%
N/A
(8)
-
100%
Energy Purchase Adjustment
-
-
-
Financial Asset Adjustment
-
22
9
N/A
(69)
20
129%
Adjusted Regulatory Net Results
22
88
52
136%
168
304
81%
17

18. Debt: Schedule of Gross Debt Maturities
Consolidated Gross Debt
(100% CEMAR + 100% CELPA)
18

19. Net Debt - Consolidated
100% CEMAR + 100% CELPA
Net Debt (R$MM) and Net Debt/ EBITDA
(Last 12 months)
2.0
1,430
Net Debt Reconciliation (R$MM)
2.9
423
2.3
1,403
1.7
1,001
1,078
1.9
1.613
3,226
1,125
1,189
Gross Debt
Net
Cash
Net Debt
Regulatory
4Q12
1Q13
2Q13
3Q13
4Q13
Assets
We adjusted Equatorial’s net debt of previous quarters excluding the 25% stake in Geramar due to the
change in the accounting consolidation rule.
19

20. Net Debt – Pro-rata
65.11% CEMAR + 96.18% CELPA
Net Debt (R$MM) and Net Debt/ EBITDA
(Last 12 months)
2.7
2.7
2.4
1,001
Net Debt Reconciliation (R$MM)
379
2.1
1.7
984
849
1,348
2,577
849
738
629
Gross Debt
4Q12
1Q13
2Q13
3Q13
4Q13
Net
Cash
Net Debt
Regulatory
Assets
We adjusted Equatorial’s net debt of previous quarters excluding the 25% stake in Geramar due to the
change in the accounting consolidation rule.
20

21. Capex - Equatorial
► CEMAR: In 4Q13, total capex reached R$113 million, of which R$102 million are own capex and R$11 million regarding the Light
for All Program (PLPT).
► CELPA: In 4Q13, total capex reached R$148 million, of which R$110 million are own capex and R$38 million regarding the Light
for All Program (PLPT).
INVESTMENTS (R$MM)
CEMAR
Own (*)
Light For All Program
Total
CELPA
Own (*)
Light For All Program
Total
GERAMAR
Generation
4Q12
3Q13
4Q13
Chg.
2012
2013
Chg.
150
45
196
62
6
68
102
11
113
-31.9%
-76.5%
-42.2%
441
177
619
296
29
325
-32.9%
-83.8%
-47.6%
57
5
62
78
16
94
110
38
148
91.3%
658.3%
136.7%
433
45
478
361
61
421
-16.7%
33.5%
-11.9%
0
0
0
45.1%
0
0
-11.0%
TOTAL
258
(*) Including indirect Light For All Program investments
162
261
1.1%
1,097
746
-32.0%
21

22. Contacts
Eduardo Haiama
CFO and IRO
Thomas Newlands
Investor Relations
Renato Parentoni
Investor Relations
Telephone 1: +0 55 (21) 3206-6635
Telephone 2: +0 55 (21) 3217-6607
Email: ir@equatorialenergia.com.br
Website: http://www.equatorialenergia.com.br/ir
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23. Disclaimer
•
This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as they were based on the
expectations of Company’s management and on available information. These prospects include statements concerning the Company’s
current intentions or expectations for our clients; this presentation will also be available at our website www.equatorialenergia.com.br/ir and
in the IPE system of the Brazilian Securities and Exchange Commission (CVM).
•
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share
and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors
and values that can establish these results are outside Company’s control or expectation. The reader/investor is advised not to completely
rely on the information above.
•
The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, are intended to identify
estimates, which refer only to the date on which they were expressed. Hence, the Company has no obligation to update said statements.
•
This presentation does not constitute any offering, invitation or request of subscription offer or purchase of any marketable securities. And,
this statement or any other information herein, does not constitute the basis for any contract or commitment of any kind.
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