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INSTITUTIONAL
PRESENTATION
March, 2012
2
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
3
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
Agenda
4
Equatorial Overview
Holding company with investments in the energy sector, focused on distribution and generation
Differentiated experience in operating and financial restructuring of companies in the Brazilian energy
sector
Controlled by PCP Fund, investment vehicle owned by former partners of Banco Pactual
and managed by Vinci Partners.
Current investments:
• Distribution company in the State of
Maranhão
• 2nd largest distribution company in the
Northeast of Brazil, in terms of
concession area*
• 4th largest distribution company in the
Northeast of Brazil, in terms of billed
energy*
• Annual gross revenues of R$2.6 billion in
2011.
• Company responsible for implementing
and operating the Tocantinópolis and
Nova Olinda thermoelectric plants in the
State of Maranhão
• Fuel: high-viscosity heavy oil.
• Joint installed capacity of 331 MW
• 240 MW of energy sold at the A-3 auction
in 2007.
• Start-up: January 2010
*Source: ABRADEE
RS
SC
PR
SP
MG
GO
MT
AC
AM
RR
RO
BA
PI
MAPA
AP
TO
CE RN
PE
AL
SE
MS
RJ
ES
DF
PB
RS
SC
PR
SP
MG
GO
MT
AC
AM
RR
RO
BA
PI
MAPA
AP
TO
CE RN
PE
AL
SE
MS
RJ
ES
DF
PB
• Electricity trading company and
developer of new products and services
• Broker the purchase and sale of energy
without physical delivery
• Custom of solutions to
satisfy consumers’ specific
needs (consumers and generators)
• Experienced executives and well-
recognized in the trading market
História da Equatorial
Mai. 2004 Mar. 2006 Abr. 2008
Aquisição da
CEMAR
Fundo PCP passa
a ter controle
compartilhado da
Equatorial
IPO da Equatorial
Controle
concentrado no
Fundo PCP
Incorporação de
parte da Light,
com 25% do bloco
de controle
Equatorial migra
para o “Novo
Mercado”
Out. 2008
Aquisição de 25%
da Geramar
Abr. 2010
FIP PCP vende
sua participação
indireta na Light
Cisão da
Equatorial
Dez. 2009 Abr. 2010 Ago. 2011
Equatorial
adquire 51% da
Sol Energias,
comercializadora
Abr. 2006 Dez. 2007 Fev. 2008 Abr. 2008 Out. 2008 Dez. 2009 Abr. 2010 Ago. 2011 Fev. 2012
Equatorial adquire
50% da Vila Velha
Termoelétricas,
geradora
Aug. 2011
Equatorial
acquires 51% of
Sol Energias,
energy trader
CEMAR’s acquistion
PCP Fund acquires a
controlling stake of
Equatorial
Equatorial’s IPO
Control concentrated
in PCP Fund
Incorporation of a
controlling stake of
Light
Equatorial migrates to
the “Novo Mercado”
Acquisition of 25%
of Geramar
FIP PCP sells its
indirect stake in
Light
Equatorial’s
spin off
Equatorial’s History
May. 2004 Mar. 2006 Abr. 2008 Out. 2008
Abr. 2010
Dez. 2009 Abr. 2010 Ago. 2011Apr. 2006 Dec. 2007 Feb. 2008 Abr. 2008 Oct. 2008 Dec. 2009 Apr. 2010 Aug. 2011 Feb. 2012
Equatorial
acquires 50% of
Vila Velha
Termoelétricas, a
pre-operational
company
7
Ownership Structure – Current
• Total no. of shares:
• Share price*:
• Free float:
• ADTV90:
109,611,778
R$ 13.70
46.5% / R$698 MM
R$ 3.954 MM
*On 31/03/12
ADTV90 represents the average volume traded in the past 90 days
Vila Velha
Termoelétricas
Equatorial
Energia
Other ProjectsGeramarCEMAR
PCP Latin America
Power
53.7%
65.1% 25%
Equatorial
Soluções
Minorities
46.3%
100%
51%
Sol Energias
50%
8
Corporate Strategy
CEMAR
Increased returns through outstanding financial and
operating performance
Consolidation of
distributors in Brazil and
Latin America
Acquistion of full or shared control
Added value through financial and operational restructuring, synergy
gains and loss reduction
Geramar and other
investments in
generation
Brazil’s investment needs in generation over the next few years will
create growth opportunities for Equatorial.
Geramar thermal plants present an above average rate of return
9
Firmino Sampaio
CEO
• CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996)
• Former member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light
• Degree in Economics at the Federal University of Bahia and postgraduate degree in Industrial Planning at SUDENE/IPEA/FGV
Management
• CEO of Equatorial from March, 2007 until April, 2010. CFO of CEMAR (2004-2006) and CEO of CEMAR (2007-2010). Currently, he is a partner of Vinci
Partners.
• Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions
• Degree in Computer Science at PUC-RJ and in Business Administration at IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner and
President Management Program of Harvard Business School in 2008
Carlos Piani
Chairman of the Board of
Directors
Eduardo Haiama
CFO & IRO
Tinn Amado
Regulatory Affairs
Officer
Management is composed by professionals with substantial experience in the financial, operational and regulatory areas
• CFO and IRO of Equatorial since 2008. IRO of CEMAR since 2008.
• Between 2004 and 2008, Mr. Haiama worked at Banco UBS Pactual on the equities’ research team as senior analyst of the utilities segment.
• Degree in Electric Engineering at USP – University of São Paulo (Escola Politécnica) and MBA at Duke University. CFA chartered by CFA Institute in
2004
• Regulatory Affairs Officer of Equatorial since April 2008 and of CEMAR since August 2006
• Consulting partner of Amado Consultoria, providing advisory services in economic regulation, also worked at ANEEL for 3 years as an analyst for the
Distribution Service Regulation Department
• Degree in Electrical Engineering at the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading at
Brasília University (UnB)
Ana Marta Horta Veloso
Officer
• Officer of Equatorial since November 2008.
• Worked as an executive at Banco UBS Pactual S.A., from 2006 untill 2008 . Before joining Pactual, she worked for 12 years at the Brazilian Development
Bank (BNDES), where she held several executive positions, mostly in the capital market area.
• Degree in Economics at the Federal University of Minas Gerais (UFMG) and Master’s degree in Industrial Economics at the Federal University of Rio de
Janeiro (UFRJ).
10
Vinci Partners
PRIVATE EQUITY PUBLIC EQUITIES MULTIMARKET
• In 2001, Banco Pactual created a Principal
Investment Unit to manage the partnership’s excess
capital and diversify 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 PCP;
• In 2009, with the sale of Pactual to BTG, Vinci
Partners was created, an independent asset
management, composed by Pactual’s ex-partners;
• Today, Vinci has almost US$ 3.0 billion under
management (75% own capital), investing in Private
Equity, Public Equities and Multimarket Funds.
History
PCP Fund
LONG TERM MEDIUM TERM SHORT TERM
11
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
12
Since 2004, Equatorial has been presenting an excellent financial performance.
Net Operating Revenues
R$ million
EBITDA (R$ million)
Financial Performance
(*) As from 2010, all values are according to IFRS
526
810 879
999
524
1,756
1,148
629
1,912
1,347
1,358
2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12
CEMAR Light Geramar Equatorial Soluções
2,346
2,506
36
1,799
1,981
39
546
11 - S
10 - G
2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12
Net Revenue 526 629 810 879 2.346 2.506 1.799 1.981 546
EBITDA 85 189 341 379 784 757 510 504 133
% EBITDA 16% 30% 42% 43% 33% 30% 28% 25% 24%
341
379 416
482
287
130
500
85
470
189
368
2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12
CEMAR Light Geramar
784 757
504
24
510
29
133
3
13
Distributions to Shareholders/Net Income
R$ million
Financial Performance
* 2008 figure includes R$82 million in Capital Reduction
(*) The dividends for the fiscal year 2011 were submitted to AEGM to be held on March 19, 2012.
2004 2005 2006 2007 2008 2009 2010 2011
Payout 0% 24% 90% 99% 95% 25% 104% 32%
Dividend Yield N/A N/A 10% 13% 27% 3% 18% 4%
2004 2005 2006 2007 2008 2009 2010 2011 1Q12
Consolidated Dividends (R$ MM) - 54 108 151 284 51 197 50 (*) -
CEMAR - 54 108 112 91 58 200 94 (*) -
Light - - - 27 111 56 - - -
Capital Reduction (holding) - - - - 82 - - - -
Net Income (R$ MM) 123 229 119 153 300 207 189 160 48
CEMAR (31) 234 116 117 148 129 279 248 48
Geramar - - - - - - 6 11 0.1
Light - - - - 130 79 - - -
-
108
151
284
197
50 -
123
229
119
153
207
189
160
485154
300
2004 2005 2006 2007 2008 2009 2010 2011 1Q12
Dividends Net Income
14
Consolidated Net Debt and Net
Debt/EBITDA (*)
R$ million / Times
Improved operating performance and financial restructuring led to a
significant reduction in leverage,
Financial Performance
(*) Consolidated (65.1% CEMAR, 25.0% Geramar and 13.03% Light). Light is no longer consolidated as from 2010.
221 198
402
684
735
499
77
689
5
4.0
1.6
2.02.0
1.5
0.0 0.3
0.9
1.6
2004 2005 2006 2007 2008 2009 2010 2011 1Q12
15
Financial Performance
made a longer debt amortization schedule possible…
Debt Amortization Schedule - R$ MM
Short Term 2013 2014 2015 2016 After 2016 Total
CEMAR 382 169 163 156 105 298 1,271
Geramar 17 - - - - 92 108
Total 399 169 163 156 105 389 1,380
382.1
162.7
155.5
104.5
297.5
108.2
-
-
-
-
91.5
169.1
1,271.3
16.7
Gross Debt Short Term 2013 2014 2015 2016 After 2016
CEMAR
Geramar
16
Investments
Investments - R$ MM
and a significant increase in investments.
2004 2005 2006 2007 2008 2009 2010 2011 1Q12
CEMAR 70 232 306 394 465 419 399 497 118
Light - - - - 137 141 - - -
Geramar - - - - 24 107 16 0.4 0.2
Total 70 232 306 394 626 667 415 497 119
306
394
465
118
137
141
497
399
232
419
0.2
70
0.4
16
10724
2004 2005 2006 2007 2008 2009 2010 2011 1Q12
CEMAR Light Geramar
17
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
18
47%
20%
23%
10%
88%
5%
7%
0.5%
Residential Commercial Industrial Others
CEMAR: Highlights
MA
Distribution company in the State of Maranhão
1.9 million clients (4th largest in the Northeast region)*
Billed energy (2011): 4,372 GWh (5th largest in the
Northeast)*
Annual gross revenues of R$ 2.6 billion in 2011.
Energy Sales (2011)
Clients (2011)
1.9 million
4,372 GWh
*Source: ABRADEE
RS
SC
PR
SP
MG
GO
MT
AC
AM
RR
RO
BA
PI
MA
PA
AP
TO
CE
RN
PE
AL
SE
MS
RJ
ES
DF
PB
RS
SC
PR
SP
MG
GO
MT
AC
AM
RR
RO
BA
PI
MA
PA
AP
TO
CE
RN
PE
AL
SE
MS
RJ
ES
DF
PB
19
CEMAR: History
CEMAR under control of
Equatorial
1958-
Jun. 2000
Aug.2000-
Aug.2002
Aug.2002-May
2004
May 2004-
Present
State owned
CEMAR under PPL Global’s
control
ANEEL’s intervention
CEMAR under control of
Equatorial
20
CEMAR: Ownership Structure
CEMAR
OthersEquatorial EnergiaEletrobras
65.1% 1.3%33.6%
21
Tariff Review Results
CEMAR 2005 2009
Gross RAB 1,756 2,247
Net RAB 836 1,121
Reference Company 217 265
Regulatory Depreciation 68 102
Regulatory EBITDA 157 271
Regulatory Losses 28.0% 25.6%
Deliquency Rate 0.5% 0.9%
X Factor 1.19% 1.06%
*All values are nominal and in R$ million.
22
CEMAR: Distribution
• 1.9 million clients in 217 municipalities, covering
the whole state of Maranhão (total area 333,000
km²)
• Energy sales reached 1,119 GWh in 1Q12,
12.2% higher than in 1Q11.
• In 1Q12, energy losses represented 20.7% of
required energy, 0.3 p.p. less than the 21.0%
recorded in 2011.
• Service quality has been presenting positive
evolution. Since 2004, DEC and FEC indices
have dropped 62.6% and 69.2%, respectively.
• More than 304 thousand clients connected by
the Light for All Program.
2004 2005 2006 2007 2008 2009 2010 (***) 2011 (***) 1Q12
Energy Sold GWh 2.593 2.793 2.917 3.223 3.347 3.566 4.146 4.372 1.119
Net Revenues R$ MM 495 665 810 879 999 1.148 1.756 1.912 524
PMSO R$ MM 127 126 129 126 139 171 245 299 78
PDA + Contingencies R$ MM 47 20 14 30 32 33 68 42 14
EBITDA R$ MM 93 189 341 379 415 470 500 482 130
Net Income R$ MM (31) 359 177 222 227 198 279 248 79
Dividends R$ MM - 85 165 172 140 58 200 94 -
Net Debt R$ MM 362 305 291 421 673 768 759 919 996
Net Debt / EBITDA times 3,9 1,6 0,8 1,1 1,6 1,6 1,5 2,0 2,0
Clients '000 1.161 1.254 1.349 1.438 1.535 1.688 1.822 1.939 1.968
PMSO/Client R$/Client 109 101 95 88 90 101 134 154 40
EBITDA/Client R$/Client 80 150 253 264 270 278 274 249 66
DEC (*) Hours/Year/Client 63,4 54,6 42,6 28,7 27,3 23,6 21,8 21,4 23,7
FEC (*) Times/Year/Client 39,3 32,9 24,6 19,8 16,8 15,2 14,1 11,6 12,1
Total Losses (*) % 29,9% 29,5% 29,8% 28,7% 28,9% 25,2% 22,0% 21,0% 20,7%
CAPEX R$ MM 45 103 137 199 278 239 197 322 74
PLPT (**) R$ MM 25 129 169 195 187 180 202 175 45
(*) Last 12 months
(**) Light For All Program
(***) Values according to IFRS
23
CEMAR: Energy Losses
Non-technical Losses over Low-Voltage Market
(last 12 months)
30.4%
29.0%
30.6% 29.9% 30.0%
28.7%
27.3%
15.7% 15.2% 15.4% 15.3% 15.3% 15.2%
23.7%
21.5%
19.5%
15.7% 15.9%
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Non-technical Losses
18.9%
Regulatory Target
(from Aug-11 until Jul-12)
Total Losses over Required Energy
(last 12 months)
28.7%
28.1%
28.9% 28.6% 28.9% 28.5% 28.1%
22.2% 22.0%
21.6% 21.4% 21.2% 21.0% 20.7%
26.4%
25.2%
24.2%
22.2%
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Total Losses
23.1%
Regulatory Target
(from Aug-11 until Jul-12)
24
CEMAR: DEC/FEC 2011 Evolution Comparison
Better
DEC (hours)
100
64
55
46
42
42
42
38
29
29
27
24
23
23
22
22
21
17
16
16
15
15
12
9
CELPA
CEMAR 2004
CEMAR 2005
ELETROACR
CEMAR 2006
CELTINS
CEPISA
CERON
CEMAT
CEMAR 2007
CEMAR 2008
CEMAR 2009
COELBA
CEAL
CELG
CEMAR 2010
CEMAR 2011
CELPE
CEB
CHESP
SULGIPE
COSERN
ENERSUL
COELCE
FEC (times)
53
45
40
39
33
30
29
26
25
21
20
19
17
17
15
14
14
13
12
10
9
8
7
6
CELPA
ELETROACR
CHESP
CEMAR 2004
CEMAR 2005
CEPISA
CERON
CELTINS
CEMAR 2006
CEMAT
CEMAR 2007
CELG
CEMAR 2008
CEAL
CEMAR 2009
SULGIPE
CEMAR 2010
CEB
CEMAR 2011
COELBA
COSERN
ENERSUL
CELPE
COELCE
25
CEMAR: Accident Index – Total Workforce 2010
Better
Severity Index
35
46
53
65
126
153
159
189
322
635
646
693
703
894
1.010
1.069
1.230
1.343
1.487
1.698
1.842
1.985
2.065
2.086
2.099
2.159
2.204
2.207
2.510
2.534
2.794
2.918
3.329
3.379
4.591
ENERGISA SE
COELCE
AMPLA
ELEKTRO
CEB
RGE
COSERN
CEEE
ELETROPAULO
CELG
CEMAR 2007
CEMAR 2008
LIGHT
CEMIG
ESCELSA
CEMAR 2005
COELBA
CPFL
CEMAR 2009
BANDEIRANTE
COPEL
CPFL
CELESC
ENERGISA PB
AMAZONAS
CEMAT
ENERSUL
CEMAR 2010
CEMAR 2004
CEPISA
CELPE
CEMAR 2003
CELTINS
CELPA
CEMAR 2006
Frequency Index
1,0
1,1
1,2
1,2
1,4
1,8
1,9
2,0
2,1
2,2
2,5
2,8
2,9
3,5
3,9
4,2
4,3
4,3
4,4
4,6
4,7
4,7
5,0
5,0
5,6
5,7
6,0
6,2
7,3
7,6
8,0
9,1
12,2
12,6
15,7
CEMAR 2007
CEMAR 2009
CEMAR 2008
ELEKTRO
CEMAR 2010
CEMAR 2005
CEMAR 2006
AMPLA
CPFL PIRAT.
CEEE
ELETROPAULO
CEMIG
COELBA
ESCELSA
LIGHT
BANDEIRANTE
COELCE
CEMAR 2004
COPEL
CPFL PAUL.
AMAZONAS
CEPISA
CEB
RGE
CELPE
ENERGISA SE
ENERSUL
CELG
COSERN
CEMAR 2003
ENERGISA PB
CELESC
CELPA
CELTINS
CEMAT
26
Geramar: Ownership Structure
GNP
Geramar
Ligna
50%
25%
Servtech
Equatorial
Energia
Fundo de
Investimento em
Participações Brasil
50%
25%50%
27
Geramar: Highlights
• Two thermoelectric power plants fueled by high-viscosity heavy oil.
• Location: Miranda do Norte, Maranhão.
• Joint installed capacity of 331 MW.
• 240 MW of energy sold at the A-3 auction in 2007.
• Total fixed annual revenue (for both plants) of R$ 136 million* (in R$ of 2007), during 15 years.
*Revenues adjusted by inflation (IPCA)
• Start-up: January of 2010
• Total CAPEX: R$ 550 million.
• Equatorial’s share of CAPEX (25%): R$137 million. Equity = approximately R$45 million.
28
Agenda
►Financial Performance
►Portfolio Overview
►Value Creation
►Company Profile
29
Financial strength and solid
management team with
turnaround experience
Growth prospects and
consolidation opportunities
Result-oriented management
model
High level of
Corporate Governance
Agenda
30
Firmino Sampaio
CEO
Eduardo Haiama
CFO and IRO
Thomas Newlands
IR Analyst
Phone 1: 55 21 3206-6635
Phone 2: 55 21 3206-6607
E-mail: ir@equatorialenergia.com.br
Website: http://www.equatorialenergia.com.br/ir
Contacts
31
► 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 intensions or expectations for our clients.
► 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 estimates. Such estimates refer only to the date in which they were expressed, therefore the
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.
Disclaimer

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Institutional Presentation 1Q12

  • 4. 4 Equatorial Overview Holding company with investments in the energy sector, focused on distribution and generation Differentiated experience in operating and financial restructuring of companies in the Brazilian energy sector Controlled by PCP Fund, investment vehicle owned by former partners of Banco Pactual and managed by Vinci Partners. Current investments: • Distribution company in the State of Maranhão • 2nd largest distribution company in the Northeast of Brazil, in terms of concession area* • 4th largest distribution company in the Northeast of Brazil, in terms of billed energy* • Annual gross revenues of R$2.6 billion in 2011. • Company responsible for implementing and operating the Tocantinópolis and Nova Olinda thermoelectric plants in the State of Maranhão • Fuel: high-viscosity heavy oil. • Joint installed capacity of 331 MW • 240 MW of energy sold at the A-3 auction in 2007. • Start-up: January 2010 *Source: ABRADEE RS SC PR SP MG GO MT AC AM RR RO BA PI MAPA AP TO CE RN PE AL SE MS RJ ES DF PB RS SC PR SP MG GO MT AC AM RR RO BA PI MAPA AP TO CE RN PE AL SE MS RJ ES DF PB • Electricity trading company and developer of new products and services • Broker the purchase and sale of energy without physical delivery • Custom of solutions to satisfy consumers’ specific needs (consumers and generators) • Experienced executives and well- recognized in the trading market
  • 5. História da Equatorial Mai. 2004 Mar. 2006 Abr. 2008 Aquisição da CEMAR Fundo PCP passa a ter controle compartilhado da Equatorial IPO da Equatorial Controle concentrado no Fundo PCP Incorporação de parte da Light, com 25% do bloco de controle Equatorial migra para o “Novo Mercado” Out. 2008 Aquisição de 25% da Geramar Abr. 2010 FIP PCP vende sua participação indireta na Light Cisão da Equatorial Dez. 2009 Abr. 2010 Ago. 2011 Equatorial adquire 51% da Sol Energias, comercializadora Abr. 2006 Dez. 2007 Fev. 2008 Abr. 2008 Out. 2008 Dez. 2009 Abr. 2010 Ago. 2011 Fev. 2012 Equatorial adquire 50% da Vila Velha Termoelétricas, geradora
  • 6. Aug. 2011 Equatorial acquires 51% of Sol Energias, energy trader CEMAR’s acquistion PCP Fund acquires a controlling stake of Equatorial Equatorial’s IPO Control concentrated in PCP Fund Incorporation of a controlling stake of Light Equatorial migrates to the “Novo Mercado” Acquisition of 25% of Geramar FIP PCP sells its indirect stake in Light Equatorial’s spin off Equatorial’s History May. 2004 Mar. 2006 Abr. 2008 Out. 2008 Abr. 2010 Dez. 2009 Abr. 2010 Ago. 2011Apr. 2006 Dec. 2007 Feb. 2008 Abr. 2008 Oct. 2008 Dec. 2009 Apr. 2010 Aug. 2011 Feb. 2012 Equatorial acquires 50% of Vila Velha Termoelétricas, a pre-operational company
  • 7. 7 Ownership Structure – Current • Total no. of shares: • Share price*: • Free float: • ADTV90: 109,611,778 R$ 13.70 46.5% / R$698 MM R$ 3.954 MM *On 31/03/12 ADTV90 represents the average volume traded in the past 90 days Vila Velha Termoelétricas Equatorial Energia Other ProjectsGeramarCEMAR PCP Latin America Power 53.7% 65.1% 25% Equatorial Soluções Minorities 46.3% 100% 51% Sol Energias 50%
  • 8. 8 Corporate Strategy CEMAR Increased returns through outstanding financial and operating performance Consolidation of distributors in Brazil and Latin America Acquistion of full or shared control Added value through financial and operational restructuring, synergy gains and loss reduction Geramar and other investments in generation Brazil’s investment needs in generation over the next few years will create growth opportunities for Equatorial. Geramar thermal plants present an above average rate of return
  • 9. 9 Firmino Sampaio CEO • CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996) • Former member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light • Degree in Economics at the Federal University of Bahia and postgraduate degree in Industrial Planning at SUDENE/IPEA/FGV Management • CEO of Equatorial from March, 2007 until April, 2010. CFO of CEMAR (2004-2006) and CEO of CEMAR (2007-2010). Currently, he is a partner of Vinci Partners. • Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions • Degree in Computer Science at PUC-RJ and in Business Administration at IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner and President Management Program of Harvard Business School in 2008 Carlos Piani Chairman of the Board of Directors Eduardo Haiama CFO & IRO Tinn Amado Regulatory Affairs Officer Management is composed by professionals with substantial experience in the financial, operational and regulatory areas • CFO and IRO of Equatorial since 2008. IRO of CEMAR since 2008. • Between 2004 and 2008, Mr. Haiama worked at Banco UBS Pactual on the equities’ research team as senior analyst of the utilities segment. • Degree in Electric Engineering at USP – University of São Paulo (Escola Politécnica) and MBA at Duke University. CFA chartered by CFA Institute in 2004 • Regulatory Affairs Officer of Equatorial since April 2008 and of CEMAR since August 2006 • Consulting partner of Amado Consultoria, providing advisory services in economic regulation, also worked at ANEEL for 3 years as an analyst for the Distribution Service Regulation Department • Degree in Electrical Engineering at the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading at Brasília University (UnB) Ana Marta Horta Veloso Officer • Officer of Equatorial since November 2008. • Worked as an executive at Banco UBS Pactual S.A., from 2006 untill 2008 . Before joining Pactual, she worked for 12 years at the Brazilian Development Bank (BNDES), where she held several executive positions, mostly in the capital market area. • Degree in Economics at the Federal University of Minas Gerais (UFMG) and Master’s degree in Industrial Economics at the Federal University of Rio de Janeiro (UFRJ).
  • 10. 10 Vinci Partners PRIVATE EQUITY PUBLIC EQUITIES MULTIMARKET • In 2001, Banco Pactual created a Principal Investment Unit to manage the partnership’s excess capital and diversify 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 PCP; • In 2009, with the sale of Pactual to BTG, Vinci Partners was created, an independent asset management, composed by Pactual’s ex-partners; • Today, Vinci has almost US$ 3.0 billion under management (75% own capital), investing in Private Equity, Public Equities and Multimarket Funds. History PCP Fund LONG TERM MEDIUM TERM SHORT TERM
  • 12. 12 Since 2004, Equatorial has been presenting an excellent financial performance. Net Operating Revenues R$ million EBITDA (R$ million) Financial Performance (*) As from 2010, all values are according to IFRS 526 810 879 999 524 1,756 1,148 629 1,912 1,347 1,358 2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12 CEMAR Light Geramar Equatorial Soluções 2,346 2,506 36 1,799 1,981 39 546 11 - S 10 - G 2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12 Net Revenue 526 629 810 879 2.346 2.506 1.799 1.981 546 EBITDA 85 189 341 379 784 757 510 504 133 % EBITDA 16% 30% 42% 43% 33% 30% 28% 25% 24% 341 379 416 482 287 130 500 85 470 189 368 2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12 CEMAR Light Geramar 784 757 504 24 510 29 133 3
  • 13. 13 Distributions to Shareholders/Net Income R$ million Financial Performance * 2008 figure includes R$82 million in Capital Reduction (*) The dividends for the fiscal year 2011 were submitted to AEGM to be held on March 19, 2012. 2004 2005 2006 2007 2008 2009 2010 2011 Payout 0% 24% 90% 99% 95% 25% 104% 32% Dividend Yield N/A N/A 10% 13% 27% 3% 18% 4% 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 Consolidated Dividends (R$ MM) - 54 108 151 284 51 197 50 (*) - CEMAR - 54 108 112 91 58 200 94 (*) - Light - - - 27 111 56 - - - Capital Reduction (holding) - - - - 82 - - - - Net Income (R$ MM) 123 229 119 153 300 207 189 160 48 CEMAR (31) 234 116 117 148 129 279 248 48 Geramar - - - - - - 6 11 0.1 Light - - - - 130 79 - - - - 108 151 284 197 50 - 123 229 119 153 207 189 160 485154 300 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 Dividends Net Income
  • 14. 14 Consolidated Net Debt and Net Debt/EBITDA (*) R$ million / Times Improved operating performance and financial restructuring led to a significant reduction in leverage, Financial Performance (*) Consolidated (65.1% CEMAR, 25.0% Geramar and 13.03% Light). Light is no longer consolidated as from 2010. 221 198 402 684 735 499 77 689 5 4.0 1.6 2.02.0 1.5 0.0 0.3 0.9 1.6 2004 2005 2006 2007 2008 2009 2010 2011 1Q12
  • 15. 15 Financial Performance made a longer debt amortization schedule possible… Debt Amortization Schedule - R$ MM Short Term 2013 2014 2015 2016 After 2016 Total CEMAR 382 169 163 156 105 298 1,271 Geramar 17 - - - - 92 108 Total 399 169 163 156 105 389 1,380 382.1 162.7 155.5 104.5 297.5 108.2 - - - - 91.5 169.1 1,271.3 16.7 Gross Debt Short Term 2013 2014 2015 2016 After 2016 CEMAR Geramar
  • 16. 16 Investments Investments - R$ MM and a significant increase in investments. 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 CEMAR 70 232 306 394 465 419 399 497 118 Light - - - - 137 141 - - - Geramar - - - - 24 107 16 0.4 0.2 Total 70 232 306 394 626 667 415 497 119 306 394 465 118 137 141 497 399 232 419 0.2 70 0.4 16 10724 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 CEMAR Light Geramar
  • 18. 18 47% 20% 23% 10% 88% 5% 7% 0.5% Residential Commercial Industrial Others CEMAR: Highlights MA Distribution company in the State of Maranhão 1.9 million clients (4th largest in the Northeast region)* Billed energy (2011): 4,372 GWh (5th largest in the Northeast)* Annual gross revenues of R$ 2.6 billion in 2011. Energy Sales (2011) Clients (2011) 1.9 million 4,372 GWh *Source: ABRADEE RS SC PR SP MG GO MT AC AM RR RO BA PI MA PA AP TO CE RN PE AL SE MS RJ ES DF PB RS SC PR SP MG GO MT AC AM RR RO BA PI MA PA AP TO CE RN PE AL SE MS RJ ES DF PB
  • 19. 19 CEMAR: History CEMAR under control of Equatorial 1958- Jun. 2000 Aug.2000- Aug.2002 Aug.2002-May 2004 May 2004- Present State owned CEMAR under PPL Global’s control ANEEL’s intervention CEMAR under control of Equatorial
  • 20. 20 CEMAR: Ownership Structure CEMAR OthersEquatorial EnergiaEletrobras 65.1% 1.3%33.6%
  • 21. 21 Tariff Review Results CEMAR 2005 2009 Gross RAB 1,756 2,247 Net RAB 836 1,121 Reference Company 217 265 Regulatory Depreciation 68 102 Regulatory EBITDA 157 271 Regulatory Losses 28.0% 25.6% Deliquency Rate 0.5% 0.9% X Factor 1.19% 1.06% *All values are nominal and in R$ million.
  • 22. 22 CEMAR: Distribution • 1.9 million clients in 217 municipalities, covering the whole state of Maranhão (total area 333,000 km²) • Energy sales reached 1,119 GWh in 1Q12, 12.2% higher than in 1Q11. • In 1Q12, energy losses represented 20.7% of required energy, 0.3 p.p. less than the 21.0% recorded in 2011. • Service quality has been presenting positive evolution. Since 2004, DEC and FEC indices have dropped 62.6% and 69.2%, respectively. • More than 304 thousand clients connected by the Light for All Program. 2004 2005 2006 2007 2008 2009 2010 (***) 2011 (***) 1Q12 Energy Sold GWh 2.593 2.793 2.917 3.223 3.347 3.566 4.146 4.372 1.119 Net Revenues R$ MM 495 665 810 879 999 1.148 1.756 1.912 524 PMSO R$ MM 127 126 129 126 139 171 245 299 78 PDA + Contingencies R$ MM 47 20 14 30 32 33 68 42 14 EBITDA R$ MM 93 189 341 379 415 470 500 482 130 Net Income R$ MM (31) 359 177 222 227 198 279 248 79 Dividends R$ MM - 85 165 172 140 58 200 94 - Net Debt R$ MM 362 305 291 421 673 768 759 919 996 Net Debt / EBITDA times 3,9 1,6 0,8 1,1 1,6 1,6 1,5 2,0 2,0 Clients '000 1.161 1.254 1.349 1.438 1.535 1.688 1.822 1.939 1.968 PMSO/Client R$/Client 109 101 95 88 90 101 134 154 40 EBITDA/Client R$/Client 80 150 253 264 270 278 274 249 66 DEC (*) Hours/Year/Client 63,4 54,6 42,6 28,7 27,3 23,6 21,8 21,4 23,7 FEC (*) Times/Year/Client 39,3 32,9 24,6 19,8 16,8 15,2 14,1 11,6 12,1 Total Losses (*) % 29,9% 29,5% 29,8% 28,7% 28,9% 25,2% 22,0% 21,0% 20,7% CAPEX R$ MM 45 103 137 199 278 239 197 322 74 PLPT (**) R$ MM 25 129 169 195 187 180 202 175 45 (*) Last 12 months (**) Light For All Program (***) Values according to IFRS
  • 23. 23 CEMAR: Energy Losses Non-technical Losses over Low-Voltage Market (last 12 months) 30.4% 29.0% 30.6% 29.9% 30.0% 28.7% 27.3% 15.7% 15.2% 15.4% 15.3% 15.3% 15.2% 23.7% 21.5% 19.5% 15.7% 15.9% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Non-technical Losses 18.9% Regulatory Target (from Aug-11 until Jul-12) Total Losses over Required Energy (last 12 months) 28.7% 28.1% 28.9% 28.6% 28.9% 28.5% 28.1% 22.2% 22.0% 21.6% 21.4% 21.2% 21.0% 20.7% 26.4% 25.2% 24.2% 22.2% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Total Losses 23.1% Regulatory Target (from Aug-11 until Jul-12)
  • 24. 24 CEMAR: DEC/FEC 2011 Evolution Comparison Better DEC (hours) 100 64 55 46 42 42 42 38 29 29 27 24 23 23 22 22 21 17 16 16 15 15 12 9 CELPA CEMAR 2004 CEMAR 2005 ELETROACR CEMAR 2006 CELTINS CEPISA CERON CEMAT CEMAR 2007 CEMAR 2008 CEMAR 2009 COELBA CEAL CELG CEMAR 2010 CEMAR 2011 CELPE CEB CHESP SULGIPE COSERN ENERSUL COELCE FEC (times) 53 45 40 39 33 30 29 26 25 21 20 19 17 17 15 14 14 13 12 10 9 8 7 6 CELPA ELETROACR CHESP CEMAR 2004 CEMAR 2005 CEPISA CERON CELTINS CEMAR 2006 CEMAT CEMAR 2007 CELG CEMAR 2008 CEAL CEMAR 2009 SULGIPE CEMAR 2010 CEB CEMAR 2011 COELBA COSERN ENERSUL CELPE COELCE
  • 25. 25 CEMAR: Accident Index – Total Workforce 2010 Better Severity Index 35 46 53 65 126 153 159 189 322 635 646 693 703 894 1.010 1.069 1.230 1.343 1.487 1.698 1.842 1.985 2.065 2.086 2.099 2.159 2.204 2.207 2.510 2.534 2.794 2.918 3.329 3.379 4.591 ENERGISA SE COELCE AMPLA ELEKTRO CEB RGE COSERN CEEE ELETROPAULO CELG CEMAR 2007 CEMAR 2008 LIGHT CEMIG ESCELSA CEMAR 2005 COELBA CPFL CEMAR 2009 BANDEIRANTE COPEL CPFL CELESC ENERGISA PB AMAZONAS CEMAT ENERSUL CEMAR 2010 CEMAR 2004 CEPISA CELPE CEMAR 2003 CELTINS CELPA CEMAR 2006 Frequency Index 1,0 1,1 1,2 1,2 1,4 1,8 1,9 2,0 2,1 2,2 2,5 2,8 2,9 3,5 3,9 4,2 4,3 4,3 4,4 4,6 4,7 4,7 5,0 5,0 5,6 5,7 6,0 6,2 7,3 7,6 8,0 9,1 12,2 12,6 15,7 CEMAR 2007 CEMAR 2009 CEMAR 2008 ELEKTRO CEMAR 2010 CEMAR 2005 CEMAR 2006 AMPLA CPFL PIRAT. CEEE ELETROPAULO CEMIG COELBA ESCELSA LIGHT BANDEIRANTE COELCE CEMAR 2004 COPEL CPFL PAUL. AMAZONAS CEPISA CEB RGE CELPE ENERGISA SE ENERSUL CELG COSERN CEMAR 2003 ENERGISA PB CELESC CELPA CELTINS CEMAT
  • 27. 27 Geramar: Highlights • Two thermoelectric power plants fueled by high-viscosity heavy oil. • Location: Miranda do Norte, Maranhão. • Joint installed capacity of 331 MW. • 240 MW of energy sold at the A-3 auction in 2007. • Total fixed annual revenue (for both plants) of R$ 136 million* (in R$ of 2007), during 15 years. *Revenues adjusted by inflation (IPCA) • Start-up: January of 2010 • Total CAPEX: R$ 550 million. • Equatorial’s share of CAPEX (25%): R$137 million. Equity = approximately R$45 million.
  • 29. 29 Financial strength and solid management team with turnaround experience Growth prospects and consolidation opportunities Result-oriented management model High level of Corporate Governance Agenda
  • 30. 30 Firmino Sampaio CEO Eduardo Haiama CFO and IRO Thomas Newlands IR Analyst Phone 1: 55 21 3206-6635 Phone 2: 55 21 3206-6607 E-mail: ir@equatorialenergia.com.br Website: http://www.equatorialenergia.com.br/ir Contacts
  • 31. 31 ► 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 intensions or expectations for our clients. ► 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 estimates. Such estimates refer only to the date in which they were expressed, therefore the 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. Disclaimer