ENEVA Announces First Quarter 2014 Results

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1 1Q14 Earnings Release ENEVA Announces First Quarter 2014 Results EBITDA reached R$ million as a result of increased generation capacity and improved operational performance of the coal plants Rio de Janeiro, May 13, ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today the results for the first quarter ended March 31, 2014 (1Q14). The information below is presented on a consolidated basis in accordance with the accounting practices adopted in Brazil, except when stated otherwise. 1Q14 Highlights Energy sales: 218% growth as a result of increased commercial capacity and improved operation of coal plants; Net Revenues: increase of 199% with full-quarter commercial operation of Itaqui, Pecém II and Parnaíba I; Operating Costs: increase of 58% due to growth in fuel costs resulting from increased commercial capacity in operation. Cost per MWh decreased 57% ; Operating Expenses: 6% decrease resulting from reduction of headcount and lower stock option-related expenses; EBITDA: stronger EBITDA resulting mainly from increased capacity and improved operational performance of the coal plants; Unavailabity penalties: Federal Court granted injunction to Pecém I and Itaqui halting unavailability charges based on hourly measurements; Generation capacity: the Parnaíba III power plant was authorized by Aneel to begin commercial operations of its second generation unit (7MW), thus reaching 176MW of installed capacity; PGN: R$ 250 million capital increase concluded; Management and Board of Directors: New CEO, Fabio Bicudo took office in February. Two new independent Board members appointed. Main Indicators (R$ thousand) 1Q14 1Q13 % Net Operating Revenues 586, , % Operating Costs (494,779) (312,609) 58% Operating Expenses (36,791) (39,029) -6% EBITDA 103,912 (137,645) N.A. Net Income (71,931) (250,901) -71% Net Debt 5,912,983 5,899, % Total Generation Energy Sales (GWh) 2, % 1

2 1Q14 & Subsequent Events Federal Court Grants Pecém I and Itaqui Injunctions to Halt Hourly Unavailability Charges In January, a Federal Court granted an injunction to the Company s subsidiaries Porto do Pecém Geração de Energia S.A. (Pecém I) and Itaqui Geração de Energia S.A. halting unavailability charges measured on an hourly basis, effective immediately. Earlier in the month, Pecém I and Itaqui had filed a lawsuit against Aneel, Brazil s National Electric Energy Agency, questioning the penalties being charged on an hourly basis, considering that the Regulated Market Power Purchase Agreements provide for using the 60-month rolling average availability. Changes in Management and Board of Directors In February, Fabio Bicudo was appointed as the new CEO of ENEVA. Mr. Bicudo was most recently the co-head of Brazil Investment Banking and a member of the Brazil Management Committee at Goldman Sachs. ENEVA s Board of Directors also welcomed two new independent members, Mr. Luiz Fernando Fleury and Mr. Ronnie Vaz Moreira. Mr. Fleury, who were elected in December 12, 2013, has formerly served as CEO and Board Member of Redecard and Banco Ibi. Mr. Moreira, elected on January 10, 2014, has extensive experience in the energy sector, having served as CFO of Petrobras and Executive VP at Light. Completion of the Capital Increase of Parnaíba Gás Natural S.A. In February, a capital increase in the total amount of R$ 250 million of ENEVA s affiliated company Parnaíba Gas Natural S.A. (PGN) was concluded, having been fully subscribed and paid in by Cambuhy Investimentos and E.ON. As a result, PGN s corporate structure is currently as follows: OGX Petróleo e Gás S.A. Em Recuperação Judicial (OGX), controlled by OGP, holds approximately 36.36%; Cambuhy holds approximately 36.36%; Eneva holds approximately 18.18%; and E.ON holds approximately 9.09% of the common shares of PGN. Beginning of Commercial Operations of 2nd Generation Unit of Parnaíba III Power Plant The Parnaíba III thermo power plant received in February authorization from Aneel, Brazil s National Electric Energy Agency, to start the commercial operations of its second generation unit, with 7MW of installed capacity. Thereby, the installed capacity of the plant reached 176MW, complying with the total capacity contracted under the terms of the Regulated Market power purchase agreement secured in the 2008 A-5 energy auction. Capitalization and Debt Maturity Profile Extension On May 12, 2014, the Company announced a transaction comprising a private capital increase of up to R$ 1.5 billion, the sale of between 50% and 100% of Pecém II and the restructuring of the HoldCo debt. The capital increase will be carried out in two phases: (i) (ii) Phase I: amounting up to R$ million, at a price of R$1.27 per share, whereby E.ON has committed to subscribe for new ENEVA shares in an amount of R$120 million; Phase II: totaling up to R$ 1.5 billion minus the funds raised in Phase I, whereby E.ON has committed to subscribe for new ENEVA shares up to an amount of R$450 million. E.ON s commitment may be fulfilled through the contribution of E.ON shareholding in Pecém II and its subscription is limited to the extent that E.ON s participation in ENEVA shall not exceed 49.9%. 2

3 In parallel to Phase I, ENEVA has launched a competitive bidding process for the sale of between 50% and 100% of Pecém II, in which E.ON has committed to provide a backstop guarantee whereby it would acquire 50% of the asset at a maximum price of R$ 400 million. A long term financing to Pecém II will be provided by the Bank Parties in the total amount of R$150 million, subject to obtainment of consents and approvals under existing financing agreements of ENEVA group. Additionally, the financing banks agreed to push-down R$ 600 million of the HoldCo debt to its operating subsidiaries, with a 5-year maturity extension with three years of grace period for the remaining portion. Aneel Denies Injunction to Suspend Power Purchase Agreements of Parnaíba II CCGT On May 13, the Board of the National Electric Energy Agency (Aneel) denied the Company s request for an injunction that would suspend the beginning date of the Regulated Market Power Purchase Agreements of the Parnaíba II CCGT plant. A final judgement on the matter is still pending. The Company is analyzing additional alternatives including judicial measures and will keep its shareholders and the market updated about any developments regarding this matter. 3

4 Economic and Financial Performance 1. Net Operating Revenues In 1Q14, ENEVA recorded consolidated Net Operating Revenues of R$ million vs R$ million reported in 1Q13. The increase in net revenues is mostly attributable to the beginning of commercial operations of Pecém II in October 2013 and full-quarter operations of Itaqui and Parnaíba I. Net revenues in 1Q14 are comprised largely by the revenues from the Regulated Market Power Purchase Agreements (PPA) of Itaqui, Pecém II and Parnaíba I, which reached, respectively, R$ million, R$ million and R$ million in the period. The breakdown of operating revenues for 1Q14 is as follows: Operating Revenues (R$ million) Consolidated Itaqui Pecém II Parnaíba I Amapari Parnaíba II Gross Revenues Fixed Revenues Variable Revenues Adjustments from previous periods Other Revenues Deductions from Operating Revenues Net Operating Revenues Operating Costs Operating Costs (R$ thousands) 1Q14 1Q13 Personnel and Management (13,021) (5,313) Fuel (227,875) (90,207) Outsourced Services (35,914) (3,707) Leases and Rentals (98,454) (15,440) Energy Acquired for Resale (26,995) (172,766) Other Costs (44,578) (7,919) Transmission Charges (16,118) (8,553) Compensation for Downtime (32,353) - Other 3, Total (446,836) (295,352) Depreciation and Amortization (47,942) (17,257) Total Operating Costs (494,779) (312,609) Operating Costs totaled R$ million in 1Q14, impacted mainly by an increase of R$ million in fuel costs relative to the same period of the preceding year, due to the full-quarter operation of Itaqui and Parnaíba I 4

5 the beginning of commercial operations of Pecém II. All plants were dispatched by the ONS during the full quarter. The fuel cost of R$ million recorded in the quarter is divided into R$ 62.7 million incurred by Itaqui, R$ 62.8 million incurred by Pecém II, R$ 85.0 million incurred by Parnaíba I and R$ 17.4 million by Amapari. The full-quarter operation of these plants also impacted the Outsourced Services account, which reached R$ 35.9 million in 1Q14, mainly due to higher costs with utilities, machinery and equipment repair, mechanical maintenance service and technical consulting. The Leases and Rentals account, which totaled R$ 98.5 million in the quarter, is comprised mainly by lease costs incurred by Parnaíba I, according to its gas supply agreement (R$ 96.6 million). The Other Costs account, which totaled R$ 44.6 million in 1Q14, is mainly composed by transmission charges (TUST) and compensation for downtime of the power plants (unavailability charges). In 1Q14, Itaqui, Pecém II and Parnaíba I had to reimburse discos for the energy not delivered by the difference between their declared variable cost per MWh (CVU) and the spot price (PLD). In the quarter, these costs amounted to R$ 5.5 million, R$ 14.0 million and R$ 12.9 million for Itaqui, Pecém II and Parnaíba I, respectively. On January 07, 2014, Itaqui filed a lawsuit against Aneel questioning the penalties being charged on an hourly basis, considering that the Regulated Market Power Purchase Agreements (PPAs) provide for using the 60-month rolling average availability. On January 24, 2014, a Federal Court granted an injunction to Itaqui determining that unavailability charges be calculated based on the 60-month rolling average. In the cases of Pecém II and Parnaíba I, unavailability charges are still being measured and charged on an hourly basis. Downtime charges are calculated based on the difference between the actual production of the generating units and the authorized capacity discounting forced and programmed stoppage rates, internal consumption of the units and grid losses. 3. Operating Expenses In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$ 36.0 million, a 6.2% reduction when compared to 1Q13. In the same period, the holding company posted Operating Expenses, excluding Depreciation & Amortization, of R$ 27.8 million, compared to the R$ 23.3 million recorded in 1Q13. During the period, the IPCA inflation index rose by 6.15%. Operating Expenses Consolidated (R$ thousands) 1Q14 1Q13 % Personnel (15,292) (20,297) -24.7% Outsourced Services (17,358) (14,062) 23.4% Leases and Rentals (1,528) (1,677) -8.9% Other Expenses (1,845) (2,354) -21.6% Total (36,023) (38,391) -6.2% Depreciation and Amortization (768) (638) 20.4% Total Operating Expenses (36,791) (39,029) -5.7% 5

6 Operating Expenses Holding (R$ thousands) 1Q14 1Q13 % Personnel (13,287) (11,121) 19.5% Stock Options 3,511 5, % Outsourced Services (11,925) (9,796) 21.7% Leases and Rentals (1,348) (1,080) 24.8% Other Expenses (1,239) (1,260) -1.7% Total (27,799) (23,258) 19.5% Depreciation and Amortization (525) (453) 15.7% Total Operating Expenses (28,324) (23,712) 19.5% The main changes are as follows: Personnel: Personnel expenses totaled R$ 15.3 million in 1Q14, compared to R$ 20.3 million reported in the same period of the preceding year. The reduction in personnel expenses is largely a result of: Reduction in stock option-related expenses resulting from a decrease in both the number of options outstanding and the share price since 1Q13 (-R$ 2.2 million); Headcount reduction in Parnaíba I and II (-R$ 3.1 million); Outsourced services: Expenses with outsourced services in 1Q14 totaled R$ 17.4 million, up R$3.2 million in relation to 1Q13. The highlights are: Decrease in expenses with shared services in the holding company, resulting from the elimination of EBX s service structure (-R$ 4.2 million); Increase in expenses with technical, financial and legal consulting services in the holding company (+R$ 4.8 million); Increase in third-party services at Parnaíba II, aimed mainly at expediting the construction of the plant (+R$ 1.5 million) 4. EBITDA In 1Q14, ENEVA reported a positive EBITDA of R$ million, mainly due to: Beginning of commercial operations of Pecém II on Oct 18, 2013; Full-quarter operations of Itaqui and Parnaíba I; and Improved operational performance of the coal plants, with resulting decrease on operating costs per MWh generated. 6

7 5. Net Financial Result Financial Result (R$ thousands) 1Q14 1Q13 % Financial Income 50,517 12, % Monetary variation 21,368 3, % Revenues from financial investments 19,239 9, % Marking-to-market of derivatives 9,036 (3,018) % Settlement of derivatives - 1, % Present value adjust. (debentures) - (251) % Other % Financial Expenses (174,811) (90,528) 93.1% Monetary variation (16,012) (2,263) 607.5% Interest expenses (149,417) (58,088) 157.2% Settlement of derivatives - (634) % Marking-to-market of derivatives - (1,616) % Costs and Interest on Debentures (211) (213) -0.6% Other (9,170) (27,714) -66.9% Net Financial Result (124,293) (77,827) 59.7% In 1Q14, ENEVA recorded net financial expenses of R$ million, compared to net expenses of R$ 77.8 million in 1Q13, impacted mainly by the increase in interest expenses in the holding company (+R$ 52.1 million), Itaqui (+R$ 15.0 million); Pecém II (+R$ 33.1 million) and Parnaíba I (+R$ 6.5 million). Given the end of the grace period for interest payments on the Pecém II and Parnaíba I long-term debts, interest due, which until then was mostly capitalized, started being expensed. Higher interest expenses at the holding level are related to the growth in debt motivated by increased cash needs in the subsidiaries resulting from energy acquisition costs due to delays in the startup of the power plants and unavailability penalties. 6. Equity Income The company reported a negative equity income of R$ 7.4 million, mainly impacted by losses incurred by Pecém I. The following analysis considers 100% of the projects. On March 31, 2014, ENEVA held an interest of 50.0% in Pecém I, 50% in Eneva Participações, 52.5% in Parnaíba III and Parnaíba IV, and 18.2% in Parnaíba Gás Natural (formerly, OGX Maranhão). 7

8 6.1. Pecém I INCOME STATEMENT - Pecém I (R$ million) 1Q14 1Q13 % Net Operating Revenues % Operating Costs (265.7) (363.1) -26.8% Operating Expenses (4.7) (3.9) 20.8% Net Financial Result (58.8) (28.7) 104.7% Earnings Before Taxes (45.5) (188.2) -75.8% Taxes Payable and Deferred % NET INCOME (30.0) (124.2) -75.8% EBITDA 48.8 (143.4) % Net revenues for Pecém I in the quarter amounted to R$ million, comprised of: Fixed revenues amounting to R$ million; Variable revenues amounting to R$ million; Revenues referring to power trades resulting from the annual revision of the plant s firm energy, provided for in the concession contract, totaling R$ 64.4 million; Taxes on revenues amounting to R$34.9 million. Operating Costs, excluding depreciation and amortization, totaled R$ million, a 33.7% decrease compared to the same period of last year, mostly attributable to the reduction in energy acquisition costs. The second generating unit of Pecém I was granted authorization for commercial operations in May 2013 and therefore 1Q13 figures were impacted by costs incurred to meet contractual obligations for this unit. Fuel costs in the quarter reached R$ 93.4 million, split mainly between coal (R$ 83.4 million) and diesel oil (R$ 5.3 million) costs. Operating costs in 1Q14 were also inflated by costs associated with power trades resulting from the annual revision of the plant s firm energy, provided for in the concession contract, amounting to R$ 57.0 million. Every year, the ONS resets the plant s firm energy based on the performance of the past 60 months. If the average availability rate falls below the value originally declared, the plant s firm energy is reduced and the difference has to be covered by a free market collateral contract. The plant can then sell in the spot market the energy associated with the collateral contract, maintaining only the collateral component of the contract. In 1Q14, given high spot prices, gross revenues resulting from this sale amounted to R$ 64.4 million. Other Costs totaled R$ 55.0 million in 1Q14. This account is composed mainly by transmission charges (R$ 14.0 million) and compensation for downtime or unavailability charges (R$ 40.6 million). In 1Q14, Pecém I recorded a positive EBITDA of R$ 48.8 million. Net financial expenses amounted to R$ 58.8 million, compared to R$ 28.7 million in 1Q13, impacted mainly by increased interest expenses due to interest on long-term financing no longer being capitalized with the start-up of operations, interest on intercompany loans, 8

9 higher losses on monetary variation, due to differential exchange rates on hedging swaps and the reversal of values previously booked to Shareholders Equity due to the ineffectiveness of hedge accounting. Pecém I reported a net loss of R$ 30.0 million in 1Q Eneva Participações S.A. (formerly MPX/E.ON Participações) Holding Operating Expenses Operating Expenses Holding ENEVA Participações S.A. (R$ thousands) 1Q14 1Q13 % Personnel (6,022) (8,894) -32.3% Outsourced Services (2,055) (1,721) 19.4% Leases and Rentals (576) (909) -36.7% Other Expenses (251) (393) -36.2% Total (8,903) (11,917) -25.3% Depreciation and Amortization (21) (2) % Total Operating Expenses (8,924) (11,919) -25.1% In 1Q14, Operating Expenses, excluding Depreciation & Amortization, amounted to R$ 8.9 million, a decrease of R$ 3.0 million compared to 1Q13, mostly attributable to reduced personnel expenses Parnaíba III INCOME STATEMENT - Parnaíba III (R$ million) 1Q14 1Q13 % Net Operating Revenues % Operating Costs (63.4) (67.1) -5.5% Operating Expenses (0.3) (0.1) 275.9% Net Financial Result (2.7) (0.8) 263.5% Other Revenues/Expenses (0.8) - - Earnings Before Taxes 9.3 (31.7) % Taxes Payable and Deferred (3.1) % NET INCOME 6.1 (20.9) % EBITDA 14.4 (30.9) -147% On October 22, 2013, Parnaíba III received authorization from Aneel to start the commercial operations of its first generation unit, with 169MW of installed capacity. On February 17, 2014, the plant started the commercial operations of its second generation unit, with 7MW of installed capacity. Thereby, in 1Q14, the installed capacity of the plant reached 176MW, complying with the total capacity contracted under the terms of the Regulated 9

10 Market power purchase agreement secured in the 2008 A-5 energy auction. Net revenues in the quarter totaled to R$ 76.5 million, split between fixed revenues of R$24.9 million and variable and other revenues amounting to R$ 60.2 million. Revenues in 1Q13 refer to the pass-through of energy acquisition costs incurred to ensure compliance with the plant s energy supply agreements until the authorization to start commercial operations. Operational Costs reached R$ 63.4 million in the quarter, comprised mainly of: Fuel - natural gas (R$ 19.1 million); Lease costs, according to the gas supply agreement (R$ 29.1 million) Energy acquisition costs incurred to meet contractual obligations until the start-up of the second generation unit (R$ 2.4 million) Unavailability costs (R$ 6.8 million). In 1Q14, Parnaíba III recorded a positive EBITDA of R$ 14.4 million. Net financial expenses amounted to R$ 2.7 million, mainly impacted by interest expenses. Parnaíba III reported a net income of R$ 6.1 million in 1Q Parnaíba IV INCOME STATEMENT - Parnaíba IV (R$ million) 1Q14 1Q13 % Net Operating Revenues Operating Costs (23.1) (0.0) - Operating Expenses (0.7) (0.2) 355.9% Net Financial Result (1.2) (2.6) -52.4% Other Revenues/Expenses (0.9) - - Earnings Before Taxes 7.0 (2.7) % Taxes Payable and Deferred (1.3) - - NET INCOME 5.7 (2.7) % EBITDA 10.3 (0.2) % Parnaíba IV (56MW) received authorization from Aneel to start commercial operations as a power self-producer on December 12, The plant, a partnership between Eneva, Eneva Participações and Petra Energia S.A., signed a contract in the free market, for a five-year period, to supply 20 MWavg from December, 2013 until May, 2014 and 46MWavg from June, 2014 until December, In 1Q14, Parnaíba IV recorded net revenues of R$ 32.9 million and operational costs amounting to R$ 23.1 million, impacted mainly by fuel costs natural gas (R$ 6.8 million) and energy costs resulting from submarket exposure (R$ 12.7 million). One should note that such exposure was partially hedged, with resulting revenues 10

11 accounted for in the ENEVA Trading arm. Parnaíba IV reported an EBITDA of R$ 10.3 million in the quarter. Net financial expenses totaled R$ 1.2 million, mainly impacted by debt interest. In 1Q14, the plant reported a net income of R$ 5.7 million Parnaíba Gás Natural In 1Q14, Parnaíba Gás Natural recorded net revenues of R$ million, with a cumulative production of million m 3 of gas. EBITDA in the quarter reached R$ million. Parnaíba Gás Natural recorded a net profit of R$ 35.1 million in 1Q14. Income Statement (Non audited) Parnaíba Gás Natural (R$ thousand) 1Q14 1Q13 Operating Period (1) 90 days 65 days Gas Production - in MMm 3 (2) Gross Operating Revenues 181,559 39,279 Deductions from Gross Revenue (3) (19,533) (4,522) Net Operating Revenues 162,026 34,757 Production costs (3,712) (3,597) Royalties, Special Part. And Government Part. (23,218) (2,718) SG&A 126 (6,317) Exploration Expenses (1,426) (37,355) EBITDA 133,796 (15,230) Depreciation and Amortization (38,332) (5,667) Net Financial Income (41,216) (5,134) Financial Income 2,669 1,729 Financial Expenses (43,191) (5,148) Foreign Exchange (694) 3,717 Derivatives - (5,432) Earnings Before Taxes 54,248 (26,031) IR (14,042) 6,306 CSLL (5,057) 2,271 Net Income 35,149 (17,454) (1) Date of closing for book values: 25 th day of the month. (2) Gas production related to Parnaíba Gás Natural s participation in the blocks (70%). (3) Deductions from Revenues: taxes such as PIS/COFINS/ICMS. 11

12 7. Net Income In 1Q14, ENEVA reported a net loss of R$ 71.9 million, impacted mainly by interest expenses related to the end of the grace period of the long-term project loans and higher leverage at the holding company. INCOME STATEMENT (R$ million) 1Q14 1Q13 % Net Operating Revenues % Operating Costs (494.8) (312.6) 58.3% Operating Expenses (36.8) (39.0) -5.7% Net Financial Result (124.3) (77.8) 59.7% Equity Income (7.4) (83.5) -91.2% Other Revenues/Expenses 9.7 (1.0) % Earnings Before Taxes (66.7) (317.9) -79.0% Taxes Payable and Deferred (3.8) % Minority Interest (1.4) % NET INCOME (71.9) (250.9) -71.3% EBITDA (137.6) % 8. Debt As of March 31, 2014, consolidated gross debt amounted to R$ 6,098.9 million, a reduction of 2.7% in relation to the amount recorded on December 31, Consolidated debt profile (R$ million) 3,621 59% 2,478 41% 3,970 65% 2,128 35% Short Term Long Term Working Capital Project Finance The balance of short-term debt at the end of March, 2014 was R$ 2,478.1 million, or R$ 70.0 million higher than the amount recorded on December 31, R$ million out of the total balance of short-term debt are allocated in the projects (vs. R$ million on December 31, 2014), as follows: R$ million refer to the current portion of the long-term debts of Itaqui, Pecém II and Parnaíba I; 12

13 R$ 87.3 million refer to bridge loans to Parnaíba I. The outstanding balance will be paid-off in installments, which started in October, 2013; R$ million refer to bridge loans to Parnaíba II. The remaining balance of short-term debt, amounting to R$ 1,606.3 million, is allocated in the holding company (vs. R$ 1,562.2 million on December 31, 2013). During 1Q14, ENEVA holding raised additional R$ 80 million to cover project investment and working capital needs. In March 2014, following the conclusion of a R$ 250 million capital increase at Parnaíba Gás Natural PGN, and the approval by its shareholders for the issuance of R$ 745 million in non-convertible debentures, PGN paid off a R$ 200 million debt with ENEVA. This debt was contracted in the 4Q13, in light of the early termination triggered by OGX s judicial recovery procedure, the Company raised further R$ million to pay-off 1/3 of the debt held by Parnaíba Gás Natural PGN (formerly OGX Maranhão), thus replacing the banks as a creditor to PGN. According to the new IFRS standards, Pecém I is no longer included in the consolidated statements. As of March 31, 2014, the gross debt of Pecém I (50%) amounted to R$ 1,048.4 million. At the end of march, 2014, the average cost of debt stood at 10.20% p.a. and the average maturity at 4.2 years. Debt Maturity Profile* (R$ million) 2,168.7 Working Capital 1,606.3 Project Finance Cash & Cash Equivalents From 2018 on *Values include principal + capitalized interest + charges and exclude outstanding convertible debentures. Net debt in 1Q14 amounted to R$ 6,002.5 million, 1.2% higher than the value reported on December 31, Consolidated Cash and Cash Equivalents totaled R$ 96.4 million at the end of March, 2014, a decrease of R$ million as compared to the balance in December 31,

14 Consolidated Cash and Cash Equivalents (R$ million) Cash and Cash Equivalents (4Q13) Revenues Debt Raised Intercompany Loan CAPEX Operating Costs and Expenses Debt Service Cash and Cash Equivalents (1Q14) 9. Capital Expenditures (Accounting view) During 1Q14, ENEVA s consolidated capital expenditures amounted to 62.0 million. Capitalized interest amounted to R$ 20.1 million and depreciation & amortization to R$ 46.8 million. An accounting adjustment of R$ 30.8 million was carried out in Parnaíba I due to a recalculation of values resulting from energy sale during commissioning. Capital Expenditures (R$ million) Capex 1Q14 Interest Capitalized Depreciation & Amortization Capex 4Q13 Interest Capitalized Depreciation & Amortization Itaqui Pecém II Parnaíba I Parnaíba II Pecém I registered capital expenditures of R$ 7.4 million (50% of the project). Depreciation & amortization amounted to R$ 8.9 million (50% of the project). Installed Generation Capacity and Status of Projects under Construction ENEVA s gross installed capacity reached 2,376 MW, as a result of the startup of Parnaíba III s second generation unit, with 7MW of installed capacity, on February 18, Thereby, the installed capacity of this power plant reached 176MW, complying with the total capacity contracted under the terms of the Regulated Market power purchase agreement (PPA) secured in the 2008 A-5 energy auction. 14

15 Installed Capacity (MW) ENEVA Ownership Declaration of Commercial Operation Amapari 23 51% June, 2008 Pecém I % May 10, 2013 Itaqui % Feb 05, 2013 Parnaíba I % Apr 12, 2013 Pecém II % Oct 18, 2013 Parnaíba III % Oct 22, 2013 Parnaíba IV % Dec 12, 2013 Total 2,376 Additionally, ENEVA is currently building a combined cycle gas-fired power plant, Parnaíba II, with 517MW of installed capacity. Its assembly is underway and the first gas turbine was successfully commissioned in early March, COD is expected to 2H14. Natural Gas E&P in the Parnaíba Basin Gavião Real Field Development In 1Q14, natural gas production reached 6.0 million m³/day (~37.8 kboepd) in the Gavião Real field, in order to supply the Parnaíba I, Parnaíba III and Parnaíba IV thermal power plants, which have a combined capacity of 908 MW. The total onshore production in 1Q14 amounted to million cubic meters of natural gas, of which 70% attributable to Parnaíba Gas Natural S.A. PGN. The gas produced was fully processed at PGN s Gas Treatment Unit (GTU) and delivered to ENEVA s power plants. Since January, 2014, with the connection of two additional wells, located in two different production clusters, the natural gas production has been performed by a total of 15 production wells. The equipment that will allow the GTU capacity expansion to 8.0 million m³/day is currently been unloaded at the Port of Itaqui, Maranhão, and its first batch is in customs clearance process. Capital Markets Stock Price Performance ENEVA s capital on March 1 st, 2014 was constituted by 702,524,469 ordinary shares, of which 38.2% were free float. ENEVA s share price at the end of the first quarter of 2014 was R$1.63, compared to R$3.00 on December 30, 2013, representing a drop of 45.7% in the quarter. In the same period, the Bovespa Index (Ibovespa) decreased 15

16 2.1% and the Electrical Utilities Sector Index (IEE) dropped 5.4%. In the last 12 months, ENEVA s shares fell 82.8% and both of the Ibovespa and the IEE 10.5%. The Company s market capitalization at the end of the quarter reached R$ 1.1 billion. Average daily traded volume in 1Q14 was R$6.4 million Q14 Capital Markets Performance 12/30/2013 = m Capital Markets Performance 03/28/2013 = R$ R$ ,415 24, ,415 24, R$ R$ /30/13 01/06/14 01/13/14 01/20/14 01/27/14 02/03/14 02/10/14 02/17/14 02/24/14 03/03/14 03/10/14 03/17/14 03/24/14 03/31/14 03/28/13 04/13/13 04/29/13 05/15/13 05/31/13 06/16/13 07/02/13 07/18/13 08/03/13 08/19/13 09/04/13 09/20/13 10/06/13 10/22/13 11/07/13 11/23/13 12/09/13 12/25/13 01/10/14 01/26/14 02/11/14 02/27/14 03/15/14 03/31/14 IBOV ENEV3 IEEX IBOV ENEV3 IEEX Free Float Profile (as of March 31, 2014) 8.4% 32.7% 67.3% 91.6% Brazil International Individuals Institutional 16

17 1Q14 Conference Call Wednesday, May 14, :00 am (Brasilia Time) / 10:00 am (US EST) Access numbers Brazil Access numbers US Password: ENEVA Webcast in English: Webcast in Portuguese: ENEVA Contacts Investor Relations: Flavia Heller Rodrigo Vilela ir.eneva.com.br Press: Carla Assemany /

18 ANNEX I. Balance Sheet Assets (Holding and Consolidated) Holding Consolidated (R$ thousands) Mar-14 Dec-13 Mar-14 Dec-13 Current Assets 49, , , ,842 Cash and Cash Equivalents 19, ,156 96, ,583 Accounts Receivable 29,568 26, , ,048 Gain on Derivatives - 4,171-4,171 Subsidies CCC ,935 30,802 Inventories ,345 78,376 Escrow Accounts Prepaid Expenses ,601 9,825 Non-current Assets Long-term Asset 1,276,932 1,464, , ,682 Accounts Receivable - Related Parties 1,126,587 1,256, , ,634 AFAC 136, , Escrow Accounts , ,606 Deferred Taxes (IR/CSLL) , ,327 Prepaid Expenses - R&D 14, ,438 2,965 Fixed Assets 3,273,779 3,146,339 8,004,001 7,974,688 Equity Interest 3,258,396 3,130, , ,853 Property, Plant and Equipment 12,773 12,634 6,836,644 6,819,454 Intangible Assets 2,610 2, , ,381 Deferred Assets TOTAL ASSETS 4,600,013 4,751,986 9,497,656 9,689,212 18

19 II. Balance Sheet Liabilities (Holding and Consolidated) Holding Consolidated (R$ thousand) Mar-14 Dec-13 Mar-14 Dec-13 Current Liabilities 1,626,396 1,580,010 3,052,426 2,978,859 Accounts Payable 5,312 3, , ,216 Personnel 9,006 8,424 18,267 16,770 Charges on Debts 48,845 15, ,195 85,300 Taxes Payable ,507 45,934 Short Term Debt 1,557,407 1,546,490 2,335,901 2,322,842 Losses on Derivatives Other 5,250 5, , ,796 Non-current Liabilities Long term Liabilities 572, ,232 3,933,603 4,136,479 Accounts Payable Deferred Taxes (IR/CSLL) 1,712 - (53,116) (51,384) Long-Term Debt 520, ,417 3,673,883 3,853,762 Intercompany Loan 36,700 34, , ,720 Provision for Losses 7,843 8,087 8,331 11,551 Others 5,356 5,239 17,800 14,830 Minority Interests , ,633 Shareholder's Equity 2,401,485 2,468,744 2,386,624 2,450,242 Common Stock 4,532,314 4,532,314 4,532,314 4,532,314 Capital Reserve Reserve Valuation Adjustments (42,886) (44,046) (42,886) (44,046) Profit Reserve 354, , , ,514 Advance for Future Capital Increase - AFAC Translation Adjustments (9,238) (9,238) (9,238) (9,238) Accumulated Profit or Losses (2,360,800) (1,418,345) (2,375,661) (1,436,848) Net Earnings (71,931) (942,455) (71,931) (942,455) TOTAL LIABILITIES 4,600,013 4,751,986 9,497,656 9,689,212 19

20 III. Income Statement (Holding and Consolidated) Holding Consolidated (R$ thousand) 1Q14 1Q13 1Q14 1Q13 Gross Operating Revenues , ,568 Energy Supply , ,568 Energy Commercialization Deductions from Gross Revenue - - (69,816) (21,470) Net Operating Revenues , ,098 Operating Costs - - (494,779) (312,609) Personnel - - (13,021) (5,313) Material - - (3,813) (1,010) Fuel - - (227,875) (90,207) Outsourced Services - - (35,914) (3,707) Depreciation and Amortization - - (47,942) (17,257) Leases and Rentals - - (98,454) (15,440) CCC Subsidy ,286 12,970 Energy Acquired for Resale - - (26,995) (172,766) Other costs - - (56,051) (19,879) Operating Expenses (28,324) (23,712) (36,791) (39,029) Personnel (13,287) (11,121) (15,292) (20,297) Material (67) (44) (161) (271) Outsourced Services (11,925) (9,796) (17,358) (14,062) Depreciation and Amortization (525) (453) (768) (638) Leases and Rentals (1,348) (1,080) (1,528) (1,677) Other Expenses (1,172) (1,216) (1,684) (2,083) EBITDA (27,799) (23,258) 103,912 (137,645) Net Financial Income (30,342) (30,508) (124,293) (77,827) Other Revenues/ Expenses 21,741 (1,026) 9,725 (1,011) Equity Income (35,006) (195,656) (7,361) (83,490) Earnings Before Taxes (71,931) (250,901) (66,728) (317,868) CSLL/IR - - (2,733) - Deferred Taxes Provision (IR/CSLL) - - (1,103) 60,807 Minority Interest - - (1,365) 6,160 NET INCOME (71,931) (250,901) (71,931) (250,901) 20

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