2. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
► Updates on Geramar and Vila Velha
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3. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
► Updates on Geramar and Vila Velha
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, ii) 25% of
Geramar’s results 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 25% of
Geramar’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.
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5. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
► Updates on Geramar and Vila Velha
5
6. Operating Highlights
► CEMAR’s billed energy volume totaled 1,119 GWh in 1Q12, 12.2% more than in 1Q11.
► CEMAR’s last-12-month energy losses totaled 20.7% of required energy in 1Q12, 0.9 p.p. less than the
1Q11 ratio.
► CEMAR’s last-12-month DEC and FEC indices came to 23.7 hours and 12.1 times, respectively, in
1Q12, 14.9% and 3.3% up on the 1Q11 figures.
► In 1Q12, we concluded the acquisition of 50% of Vila Velha Termoelétricas Ltda., pre-operational
company, responsible for the construction and management of thermal plants in Espírito Santo.
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7. Financial Highlights
► Net operating revenues (NOR) totaled R$545.8 million in 1Q12, 32.1% up on 1Q11, reflecting a 30.5%
increase by CEMAR.
► 1Q12 EBITDA came to R$132.5 million, 17.9% higher than the amount reported in 1Q11.
► Net income totaled R$48.1 million in the quarter, 40.9% down on the adjusted amount reported in the same
period last year.
► Equatorial’s consolidated investments amounted to R$118.5 million in 1Q12, 47.4% up year-on-year. In
CEMAR (excluding direct investments in the Light For All Program), total capex amounted to R$73.8 million,
73.3% growth. Light For All Program investments totaled R$44.5 million.
► From January to April, 2012, Geramar has contracted R$246.5 million in long term loans, being R$163.0
million from FDA/BASA, and R$83.5 million from BNB.
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8. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
► Updates on Geramar and Vila Velha
8
9. CEMAR – Electricity Sales Volume
► CEMAR: 1Q12 energy sales moved up by 12.2%, reaching 1,119 GWh.
Electricity Consumption per Segment (GWh)
CONSUMPTION SEGMENTS * (GWh) 1Q11 4Q11 1Q12 Chg.
Residential 467.7 550.0 529.1 13.1%
Industrial 102.1 110.5 112.6 10.3%
Commercial 198.1 233.8 223.8 12.9%
Other 229.7 266.6 254.0 10.6%
TOTAL 997.6 1,160.8 1,119.5 12.2%
(*) Do es no t co nsider o wn co nsumptio n and sales to CEP ISA .
Energy Balance (GWh)
ENERGY BALANCE (GWh) 1Q11 4Q11 1Q12 Chg.
Required Energy 1,258 1,491 1,395 10.9%
Sold Energy (*) 999 1,161 1,120 12.1%
Losses 259 330 275 6.2%
(*) Considers sale to the segments, own consumption and sales to CEPISA
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11. Distribution – DEC and FEC (Last 12 months)
► CEMAR: In 1Q12, the DEC and FEC rates increased respectively 14.9% and 3.3% over the same quarter last year.
DEC (hours) FEC (times)
23.7 12.1
14.9% 11.7 3.3%
20.6
1Q11 1Q12 1Q11 1Q12
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12. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
► Updates on Geramar and Vila Velha
12
13. Quaterly Results
► In 1Q12, EBITDA totaled R$132.5 million, up 17.9% over the amount recorded in 1Q11.
► Net Income for the quarter was R$48.1 million, an increase of 40.9% compared to the same amount of the previous year.
EBITDA Net Income
17.9% 132.5
112.3
40.9% 48.1
34.1
1Q11 1Q12 1Q11 1Q12
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15. Net Debt - Consolidated
100% CEMAR + 25% Geramar
Net Debt (R$MM)(*) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM)
(Last 12 months)
2.1 2.0 2.0 2.0
1.5 18.7
994.2 1,082.6
974.6 1,002.4 278.2
752.8
1,379.6
1,082.6
1Q11 2Q11 3Q11 4Q11 1Q12 Gross Debt Net Cash Net Debt
Regulatory
Asset
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16. Net Debt – Pro-rata
65.11% CEMAR + 25% Geramar
Net Debt (R$MM) and Net Debt/ EBITDA Net Debt Reconciliation (R$MM)
(Last 12 months)
2.1 2.0 2.0 2.1
1.5
674.7 735.0 12.2
661.5 681.7 188.8
494.4
936.0
735.0
1Q11 2Q11 3Q11 4Q11 1Q12 Gross Debt Net Cash Net Debt
Regulatory
Asset
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17. Capex - Equatorial
► CEMAR: In the 1Q12, total capex reached R$118.4 million, of which R$73.8 million are own capex and R$44.5 million regarding
the Light for All Program (PLPT).
► Ever since the conclusion of the construction of its plants in 1Q10, Geramar has only maintenance capex.
INVESTMENTS (R$MM) 1Q11 4Q11 1Q12 Chg.
CEMAR
Own (*) 42.6 141.3 73.8 73.3%
Light For All Program 37.7 50.1 44.5 18.2%
Total 80.3 191.4 118.4 47.5%
Geramar
Generation 0.2 0.1 0.2 2.2%
TOTAL 80.4 191.5 118.5 47.4%
(*) Including indirect Light For All Program investments
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18. Agenda
► Introduction
► Highlights
► Operating Results
► Financial Results
► Updates on Geramar and Vila Velha
18
19. Vila Velha / Geramar
► UTE Vila Velha: In 1Q12, we concluded the acquisition of 50% of Vila Velha Termoelétricas Ltda., pre-operational company,
responsible for the construction and management of thermal plants in Espírito Santo.
► Geramar: From January to April, 2012, Geramar has contracted R$246.5 million in long term loans, being R$163.0 million from
FDA/BASA, and R$83.5 million from BNB.
21. 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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