Apresentação Webcast 3T14 Port

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Apresentao Webcast 3T14 Port

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<ul><li> 1. OPERATING AND FINANCIAL RESULTS 3Q14 </li></ul> <p> 2. 22 Agenda Highlights Operating Results Introduction Financial Results Corporate Updates 3. 3 Highlights Operating Results Financial Results Introduction Agenda Corporate Updates 4. 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 CEMARs results, excluding 34.89% related to minority interests before Net Income, resulting in participation of 65.11% ii) 100% of CELPAs results, excluding 3.82% related to minority interests before Net Income, resulting in participation of 96.18%; and iii) 100% of Equatorial Solues 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 CEMARs results and 100% of CELPAs 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. 5. 5 Highlights Operating Results Introduction Financial Results Agenda Corporate Updates 6. 6 Operating Highlights CEMARs total billed energy volume reached 1,489 GWh in 3Q14, 9.3% higher than in 3Q13. The total volume distributed by CELPA (captive and free markets) totaled 2,087 GWh in 3Q14, representing growth of 12.4% YoY. In CEMAR, energy losses of the last 12 months ending 3Q14 represented 17.3% of the required energy, with a decrease of 0.5 percentage points compared to 17.8% recorded in 2Q14. In CELPA, total losses ended the year at 31.7% of the required energy, a decrease of 1.3 percentage points compared to the 33.0% recorded in 2Q14. In 3Q14, CEMARs DEC and FEC indexes (accumulated over the last 12 months) were 16.5 hours, a decrease of 14.0%, and 10.9 times, an increase of 3.2%, compared to those observed at the end of 3Q13. In CELPA, these same indexes closed the quarter with improvements of 39.3% and 27.2%, respectively. 7. 7 Net operating revenues (NOR) in 3Q14 reached R$1,670 million, 38.8% higher than 3Q13s NOR. In 3Q14, Adjusted Regulatory EBITDA was R$276 million, compared to R$228 million in 3Q13, a 21% increase. The Adjusted Regulatory Net Income of the quarter amounted to R$ 140 million compared to R$ 135 million in the 3Q13. In 3Q14, Equatorial's consolidated investments totaled R$323 million, 115% higher than those made in 3Q13. Due to MP 651, in September, CEMAR paid R$49 million in fiscal debt originally restructured through REFIS, being R$ 15 million in cash and R$ 35 million compensated through tax loss carryforward. In August, CELPA restructured through REFIS (Law 12,996/14) R$ 151 million in fiscal debt that, after the inclusion of new debt, discounts and compensation through tax loss carryforward, became R$ 98 million. In October, CEMAR concluded the issuance of R$ 400 million in new long term debt. In October, CELPA received R$ 67 million in CCC Subvention, due to the Maraj Island interlinking project to the SIN (National Interconnected Grid, in Portuguese) Financial Highlights 8. 8 Highlights Operating Results Agenda Introduction Financial Results Corporate Updates 9. 9 CEMAR: 3Q14 energy sales moved up by 9.3%, reaching 1,488 GWh. Energy Market - CEMAR Electricity Consumption per Segment (MWh) Energy Balance (MWh) CONSUMPTION SEGMENTS * (MWh) 3Q13 2Q14 3Q14 Chg. 9M13 9M14 Chg. Residential 658.860 662.570 717.308 8,9% 1.873.387 2.042.709 9,0% Industrial 127.738 119.030 133.331 4,4% 354.759 372.923 5,1% Commercial 272.786 283.481 306.970 12,5% 775.029 864.254 11,5% Others 302.309 287.566 330.886 9,5% 844.411 894.914 6,0% TOTAL 1.361.693 1.352.647 1.488.494 9,3% 3.847.585 4.174.801 8,5% * Does not include sales to CEPISA and own consumption. ENERGY BALANCE (MWh) 3Q13 2Q14 3Q14 Chg. 9M13 9M14 Chg. Required Energy 1.699.003 1.660.907 1.813.518 6,7% 4.807.432 5.057.644 5,2% Sold Energy (*) 1.363.727 1.354.850 1.490.813 9,3% 3.853.646 4.181.383 8,5% Losses 335.276 306.057 322.704 -3,7% 953.785 876.260 -8,1% (*) Considers sale to the segments, own consumption and sales to CEPISA 10. 10 Distribution Energy Losses in CEMAR 11. 11 Distribution DEC and FEC - CEMAR CEMAR: In 3Q14, the DEC index decreased 14.0% compared to 3Q13 while the FEC index increased 3.2% compared to the same quarter last year. 16,5 19,2 3Q13 3Q14 -14.0% 10,910,6 3Q13 3Q14 3.2% FEC (times last 12 months) DEC (hours last 12 months) 12. 12 CELPA: Energy demand growth of 12.4% in energy sales in 3Q14 (Captive Market + Free), reaching 2,087 GWh. Energy Market - CELPA Electricity Consumption per Segment (MWh) Energy Balance (MWh) CONSUMPTION SEGMENTS (MWh) 3Q13 2Q14 3Q14 Chg. 9M13 9M14 Chg. Residential 700.202 811.033 867.152 23,8% 1.999.630 2.445.535 22,3% Industrial 339.552 326.518 346.503 2,0% 929.362 989.717 6,5% Commercial 418.796 421.382 445.746 6,4% 1.193.639 1.265.849 6,0% Others 310.328 327.397 332.268 7,1% 888.331 967.025 8,9% TOTAL 1.768.878 1.886.330 1.991.669 12,6% 5.010.962 5.668.126 13,1% Free Consumers 87.716 92.915 95.700 9,1% 254.574 278.677 9,5% TOTAL (Captive + Free) 1.856.593 1.979.245 2.087.369 12,4% 5.265.536 5.946.803 12,9% ENERGY BALANCE (MWh) 3Q13 2Q14 3Q14 Chg. 9M13 9M14 Chg. Energy Sales (Captive + Own Consumption) 1.775.472 1.894.709 2.000.297 12,7% 5.030.136 5.692.665 13,2% Free Market 87.716 92.915 95.700 9,1% 254.575 278.677 9,5% Total Losses 1.053.750 906.654 948.602 -10,0% 3.015.885 2.713.875 -10,0% Required Energy 2.916.937 2.894.278 3.044.599 4,4% 8.300.595 8.685.217 4,6% Own Generation 115.621 113.355 121.301 4,9% 328.572 341.416 3,9% Energy Purchase (Contracts) 2.801.316 2.780.923 2.923.298 4,4% 7.972.023 8.343.801 4,7% (*) Includes sales to the segments, own consumption and free market. 13. 13 Distribution Energy Losses in CELPA 14. 14 Distribution DEC and FEC CELPA: In 3Q14, the DEC index (LTM) improved 39.3% compared to 3Q13 while the FEC index (LTM) decreased 27.2% compared to the same quarter last year. 15. 15 Highlights Operating Results Agenda Introduction Financial Results Corporate Updates 16. 16 Quarterly Results Equatorials EBITDA Consolidated EBITDA (R$ million) 3Q13 2Q14 3Q14 Chg. CEMAR's EBITDA 172 21 172 0,0% CELPA's EBITDA 161 (92) 286 77,6% EBITDA (Holding + Others) (2) (2) (8) 300,0% Accounting EBITDA 331 (73) 450 36,0% Net Regulatory Assets / Liabilities CEMAR (11) 127 (31) 177,5% Net Regulatory Assets / Liabilities CELPA (125) 232 (32) -74,4% CEMAR's Adjustments - (11) 10 N/A CELPA's Adjustments 33 (33) (127) N/A Stock Options Expense Adj. (Equatorial) - - 5 N/A Adjusted Regulatory EBITDA 228 242 276 21,0% 17. 17 Quarterly Results Consolidated Net Income Consolidated Net Income (R$ million) 3Q13 2Q14 3Q14 Chg. CEMAR's Net Income 57 (14) 66 16,5% CELPA's Net Income 165 (189) 203 22,7% Net Income (Holding + Others) (22) 17 13 -159,1% Accounting Net Income 200 (185) 282 41,0% Net Regulatory Assets / Liabilities CEMAR 9 83 (13) -248,8% Net Regulatory Assets / Liabilities CELPA (115) 237 (10) -91,2% CEMAR's Adjustments 14 (6) 19 N/A CELPA's Adjustments 27 (27) (142) N/A Stock Options Expense Adj. (Equatorial) - - 4 N/A Adjusted Regulatory Net Income 135 101 140 3,2% 18. 18 Debt: Schedule of Gross Debt Maturities Consolidated Gross Debt (100% CEMAR + 100% CELPA) 19. 19 100% CEMAR + 100% CELPA Net Debt - Consolidated Net Debt (R$MM) and Net Debt/ Regulatory EBITDA (Last 12 months) Net Debt Reconciliation (R$MM) 1.189 1.285 1.0891.077 1.453 1,4 1,2 1,71,81,7 3Q13 4Q13 1Q14 2Q14 3Q14 3.506 820 1.233 1.453 Gross Debt Net Regulatory Assets Cash Net Debt 20. 20 65.11% CEMAR + 96.18% CELPA Net Debt Pro-rata Net Debt (R$MM) and Net Debt/ Regulatory EBITDA (Last 12 months) Net Debt Reconciliation (R$MM) 849 954 797 737 1.135 1,3 1,2 1,71,9 1,7 3Q13 4Q13 1Q14 2Q14 3Q14 2.862 1.135 1.015 712 Gross Debt Net Regulatory Assets Cash Net Debt 21. 21 CEMAR: In 3Q14, total capex reached R$106 million, of which R$85 million are own capex and R$21 million regarding the Light for All Program (PLPT). CELPA: In 3Q14, total capex reached R$217 million, of which R$141 million are own capex and R$76 million regarding the Light for All Program (PLPT). Capex - Equatorial INVESTIMENTS (R$MM) 3Q13 2Q14 3TQ4 Chg. 9M13 9M14 Chg. CEMAR Own (*) 62 70 85 38,0% 194 218 12,5% PLPT 6 25 21 266,5% 18 62 243,7% Total 68 95 106 57,2% 212 280 32,2% CELPA Own (*) 78 149 141 81,0% 250 391 56,6% PLPT 4 45 76 1684,2% 23 150 550,8% Total 82 194 217 163,6% 273 541 98,3% Geramar Generation 0 0 0 619,9% 0 0 143,7% TOTAL EQUATORIAL 150 289 323 115,8% 485 821 69,4% (*) Including indirect investiments from PLPT 22. 22 Highlights Operating Results Agenda Introduction Corporate Updates Financial Results 23. 23 Corporate Updates Tariff Adjustments: In August, ANEEL authorized tariff adjustments in CEMAR by 24.12% and in CELPA by 34.96%. Fiscal Debt Restructuring (REFIS): Due to MP 651, CEMAR paid R$ 49 million in fiscal debts originally restructured under REFIS, beind R$ 15 million in cash and R$ 35 million through compensation of tax loss carryforward. In August 2014, CELPA restructured through REFIS (Law 12,996/14) R$ 151 million in fiscal debt that, after the accrual of new debt, discounts and compensation through tax loss carryforward, became R$ 98 million. New Debt: In October 2014, CEMAR concluded the issuance of R$ 400 million in new long term debt, being: i) R$ 200 million in debentures and, ii) R$ 200 million through two commercial banks. CCC Subvention: In October, CELPA received R$ 67 million in CCC Subvention, due to the Maraj Island interlinking project to the SIN (National Interconnected Grid, in Portuguese). 24. 24 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 Contacts 25. 25 This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as they were based on the expectations of Companys management and on available information. These prospects include statements concerning the Companys 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 Companys 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. Disclaimer </p>