1. 2Q08 Results
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2. Disclaimer
This presentation may include forward-looking statements of future events or results according to regulations
of the Brazilian and international securities and exchange commissions. These statements are based on
certain assumptions and analysis by the company that reflect its experience, the economic environment and
future market conditions and expected events, many of which are beyond the control of the company.
Important factors that may lead to significant differences between the actual results and the statements of
expectations about future events or results include the company’s business strategy, Brazilian and
international economic conditions, technology, financial strategy, public service industry developments,
hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans,
objectives, expectations and intentions, among others. Considering these factors, the actual results of the
company may be significantly different from those shown or implicit in the statement of expectations about
future events or results.
The information and opinions contained in this presentation should not be understood as a recommendation
to potential investors and no investment decision is to be based on the veracity, current events or
completeness of this information or these opinions. No advisors to the company or parties related to them or
their representatives shall have any responsibility for whatever losses that may result from the use or contents
of this presentation.
This material includes forward-looking statements subject to risks and uncertainties, which are based on
current expectations and projections about future events and trends that may affect the company’s business.
These statements include projections of economic growth and energy demand and supply, as well as
information about the competitive position, the regulatory environment, potential opportunities for growth
and other matters. Several factors may adversely affect the estimates and assumptions on which these
statements are based.
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3. Highlights of 2Q08
█ Consolidated EBITDA reached R$ 323.4 MM in 2Q08, a growth of 3.8%
compared to 2Q07
█ Generation segment’s EBITDA grew 19.0% reaching R$ 118 MM in 2Q08.
Generation contributed with 35% of consolidated EBITDA
█ Generation’s energy sales grew 9.0% reaching 1,428 GWh in 2Q08
█ Energy distributed reached 6,444 GWh, a growth of 2.8% yoy.
█ Significant reduction of manageable expenditures (-15.9%, excluding
depreciation & amortization)
█ Net financial expenses decreased -26.4%
█ Acquisition of 2 wind farms with 13.8 MW of installed capacity by EDP
Renováveis Brasil
█ Asset swap between Energias do Brasil and Grupo Rede
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4. Highlights of 2Q08
Asset Swap
EBITDA Breakdown Impact on Net Debt - 2007
2007 2007 Consolidated Post-Transaction¹ ²
1,957 603
426 1,803
Generation
39% Distribution
43%
23
Generation
Distribution
57%
61%
EBITDA: R$1,123 MM EBITDA: R$1,139 MM ENBR's Net Enersul EDP Lajeado ENBR Pro-
Debt Lajeado (net Forma
cash)
Operating Highlights
2007 2007 Consolidated Post-Transaction¹
Generation Generation
Installed Capacity (MW) 1,043 Installed Capacity (MW) 1,696 +63%
Firm Energy (average MW) 645 Firm Energy (average MW) 1,026 +59%
Distribution Distribution
Distributed Energy (GWh) 25,029 Distributed Energy (GWh) 21,756 -13%
# Clients ('000) 3,207 # Clients ('000) 2,497 -22%
1 Assuming consolidation of 100% of Investco, Rede Lajeado and EDP Lajeado
2 Assuming Enersul’s EBITDA of R$193 MM, excluding extraordinary items
4

5. Generation
Parte Interna – Separação
de áreas de trabalho
5

6. Higher energy sales and average tariff increase resulted in
strong EBITDA and Net Income growth
Volume Energy Sales Net Revenue
(GWh) (R$ MM)
+39.4%
+11.4%
2,966 384
2,663 +9.0% +20.1%
275
1,311 1,428 163
135
1H07 1H08 2Q07 2Q08 1H07 1H08 2Q07 2Q08
EBITDA Net Income*
(R$ MM) (R$ MM)
* Does not consider intra-group eliminations
+69.4%
+51.9%
294 145
+19.0% +23.3%
193 85
99 118 52
42
1H07 1H08 2Q07 2Q08 1H07 1H08 2Q07 2Q08
6

7. New projects already underway will sustain a potential 102.3%
growth in installed capacity until 2012
Installed capacity
(MW) 2,110
25** 360
29
2012
2009 2009
1,067
653* Expected Start-Up
50 25
452
1,043 1,043
516
2005 Peixe 4th turbine São João Current Lajeado Santa Fé Repowering Pecém 2012
Angical HPP Mascarenhas SHP additional SHP TPP
capacity
Concluded projects since IPO
Projects in progress
* Asset swap depending solely on BNDES and BASA approval
** Includes 5 MW of power upgrades in UHE Suíça and PCH Rio Bonito under Aneel's approval
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8. Distribution
Parte Interna – Separação
de áreas de trabalho
8

9. In distribution, despite the market growth...
Volume of Distributed Energy Energy Distributed by Customer Class
(GWh) (GWh)
+2.6% +2.6%
12,411 12,731 12,411 12,731
2%
13% 1%
13%
+2.8% +2.8%
36%
37%
34% 34%
6,444 6,268 6,444
6,268
2% 2%
13% 13%
37% 36%
34% 34%
53% 62%
53% 62%
53% 53% 62% 62%
1H07 1H08 2Q07 2Q08 1H07 1H08 2Q07 2Q08
Bandeirante Escelsa Enersul End Customers Energy in Transit Other
9

10. ... financial performance was negatively impacted by tariff
reviews
Net Revenue EBITDA
+2.0% (R$ MM) -10.8% (R$ MM)
454
2,025 2,065 405
+0.5% 24%
21% 21% 23% -2.1%
31% 31% 1,025 1,030 34% 208 204
31%
22% 20% 26% 18%
29% 30% 30% 25%
48% 48% 42%
49% 50% 46% 43% 57%
1H07 1H08 2Q07 2Q08 1H07 1H08 2Q07 2Q08
Net Income*
-4.6% (R$ MM)
174
166 █ Reduction in 2Q08 EBITDA reflects
22% +3.6%
18% tariff review of the subsidiaries
28% 80 83
37%
23%
11% █ However, the growth of the Net
16%
41% 37%
54% 31% Income in 2Q08 reflects significant
73%
46% reduction of manageable expenses
and net financial expenses
1H07 1H08 2Q07 2Q08
Bandeirante Escelsa Enersul * Does not consider intra-group eliminations
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11. Productivity indicators show continuous improvements
GWh / employee
12.9 12.9 12.8
12.0
10.3
8.9 9.0 9.1
8.1
6.6
4.3 4.4 4.5 4.5
3.6
Bandeirante Escelsa Enersul
2005 2006 2007 1Q08 2Q08
Customers (th.) / employee
1.36 1.36 1.37
1.29
1.15 1.17 1.18
1.07 1.06
0.98 1.00
0.94 0.96
0.89
0.76
Bandeirante Escelsa Enersul
2005 2006 2007 1Q08 2Q08
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12. Actions are being taken to keep losses under control
Commercial Losses*
Bandeirante Escelsa Enersul EDB
5.7 6.0 5.8 8.0 8.9
5.7 6.1 6.2
Dec07 Jun08 Dec07 Jun08 Dec07 Jun08 Dec07 Jun08
* 12-month average. For Bandeirante, historical numbers were restated according to Aneel’s new criteria
Total Losses
13.5% 13.8%
6.1% 6.2% ~ 150 thousand inspections undertaken and
73 thousand frauds detected in 2Q08
7.4% 7.6%
~ R$5.7 MM in recovered revenues
Dec07 Jun08
Technical Commercial
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13. COMERCIALIZAÇÃO
Commercialization
Parte Interna – Separação
de áreas de trabalho
13

14. Despite the decrease in energy commercialized …
Volume of Energy Commercialized
(GWh)
-1.0%
3,616 3,579
581 457
-6.5%
1,915
1,790
346 239
3,035 3,122
1,569 1,551
1H07 1H08 2Q07 2Q08
Energias do Brasil Group Companies
Other
14

15. … financial performance reflects profits from short term high
prices in 1H08
Net Revenue EBITDA
(R$ MM) (R$ MM)
+17.9%
+30.2%
389 29
24 -36.9%
+7.2%
298
18
166 178 11
1H07 1H08 2Q07 2Q08 1H07 1H08 2Q07 2Q08
Net Income*
(R$ MM)
+14.4%
20 -33.5%
18
12
8
* Does not consider intra-group eliminations 1H07 1H08 2Q07 2Q08
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16. Consolidated Financial Performance
16

17. Financial performance was positively impacted by the
generation segment
Net Revenues EBITDA
(R$ MM) (R$ MM)
+9.6% +8.7%
2,488 +3.9% 650 707 +3.8%
2,271
1,157 1,203 312 323
1H07 1H08 2Q07 2Q08 1H07 1H08 2Q07 2Q08
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18. Net Income was affected by accounting, non-cash adjustments
Net Income
(R$ MM)
+21.8%
293
241
+14.5%
113 129
152
-4
1H07 1H08 2Q07 2Q08
2Q08 1H08
Consolidated Net Income (R$ million)
R$ R$
Reported Net Income (4.0) 152.2
Elimination of non-recurring effects
1
Additional amortization of Enersul's goodwill 129.6 129.6
Enerpeixe subsidy 3.7 11.7
Adjusted Net Income 129.3 293.4
1
Non recurring, non cash adjustment. ENBR will propose to its Board of Directors a
payout adjustment in order to compensate the negative effect on minimum
dividend of extraordinary items.
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19. Significant reduction on manageable expenses, excluding
depreciation and amortization, especially on provisions and
others
Manageable expenses (R$ MM)
2Q07 2Q08 ∆%
Personnel 86.1 79.7 -7.4%
Material 10.0 11.1 10.9%
Third Party Services 84.7 81.5 -3.8%
Provisions 42.1 19.6 -53.5%
Others 22.6 14.5 -36.0%
IGPM: 13.4%
245.4 206.3 -15.9%
IPCA: 5.8%
Depreciation and amortization 79.9 83.1 4.0%
Subtotal 325.3 289.4 -11.0%
Enersul's goodwill amortization - 129.6 -
Total 325.3 419.0 28.8%
Provisions Others
- R$ 11.7 MM due to the non-transfer of revenues - R$ 4.1 MM in service orders for earlier periods at
from a collection agent in 2007 Bandeirante
- R$ 6.4 MM in reversal of contingencies – Escelsa - R$ 3.0 MM in recovery of judicial deposits
- R$ 5.0 MM in reduction of allowance for bad
debt in the subsidiaries
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20. The 26.4% reduction of net financial expenses is mainly related
to an improvement in the FX result
Financial Result (R$ MM)
2Q07 2Q08 ∆%
Financial Income 56.8 68.9 21.3%
Financial Expenses (89.7) (95.9) 7.0%
Net Forex Result (8.7) (3.6) -58.7%
Foreign Exchange Rate Variation 29.6 11.6 -60.8%
Swap - net result (38.3) (15.2) -60.3%
TOTAL (41.5) (30.6) -26.4%
█ Other factors contributing to the improvement in net financial results were:
- Revenue from interest over progress payment and delinquency;
- Extinction of the CPMF.
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21. The Group has an extended debt maturity, low leverage and low
currency exposure
Net Debt/EBITDA (x) Debt Maturity Schedule
1,042.0
2,345 2,131 5
1,879 1,957
2,000 1,702 4 736.5
3.0
3 562.9 553.6
1,000 2 499.1
1.9 1.8 1.7 1.8 1 324.0
0 0
2004 2005 2006 2007 Jun08
Net Debt/EBITDA Net Debt Cash and After
2008 2009 2010 2011
Cash Equiv. 2011
(Jun/08)
Net Debt Gross Debt Breakdown
(R$ MM) (Jun/08)
2,982
Short-Term
(736)
1% 6%
667 Floating Rates*
(115)
Long Term Basic
Interest Rate (TJLP)
Long-Term
2,315 2,131 1,963 52% 41%
Dollar
Fixed Rates
Gross Debt Jun.08 (-) Cash and (-) Regulatory Asset Net Debt Jun.08 Net Debt Mar.08
Marktable Securities and Liabilities * Includes Selic, CDI, IGP-M and INPC
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22. A substantial increase in CAPEX is estimated for 2008, largely
allocated to generation projects
Capex Breakdown* Investments - Universalization
(R$ MM) (R$ MM)
1,034
166
679
297
193 54
19 114 26
355
174 183
1H07 1H08 2008E
1H07 1H08 2008E
Distribution Generation
Estimated Investments**
(R$ MM)
1,781
1,200
1,098
2008E 2009E 2010E
* Does not include Capex for Universalization Program
** Subject to changes. Includes implementation of SHP projects still in phase of approval by Aneel
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23. We are working to create new growth opportunities
█ Creation of EDP Renováveis Brasil (EDPRB) and acquisition of 2 wind farms with 13.8
MW of installed capacity and expansion project of 70 MW;
█ SHP projects under development, with a total installed capacity of 601 MW;
█ 2 CCGT projects, with 500 MW each, and agreements signed with Petrobrás for the
supply of natural gas from 2013 on;
█ Potential participation in the expansion of Pecém TPP (360 MW);
█ Partnership with Eletronorte, Cemig and engineering companies for the
development of feasibility studies for HPPs (1,439 MW);
█ Partnership with Cemig for the development of wind farms (500 MW); and
█ TPP projects with sugar cane bagasse under development with an installed
capacity of 100 MW, with potential expansion to 350 MW.
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24. Stock Performance on the 1st semester 2008
Market Capitalization: R$ 5.3 billion*
ENBR3 x Indexes Performance
Base 100: 2008
130 100,000
120 80,000
110
60,000
100
40,000
90
80 20,000
70 0
Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08
Volume R$ ENBR3 ENBR3 IBOVESPA IEE
ENBR3 = +15,5%
+15.5% IBOV = +1,8%
+1.8% IEE = +10,8%
+10.8%
*Updated until June 30, 2008
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25. Investor Relations
Tel.: 55 11 2185-5907
ri@enbr.com.br
www.energiasdobrasil.com.br
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