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1
Company Overview
Company overview
ENEVA at a glance
A Brazilian thermal generator with asset exposure to energy fossil fuels (natural gas and coal)
Company Description
Geographic Footprint
2.4GW in operation
Itaqui
ENEVA 100%
Coal - 360MW
capacity payments
Pecm I
Natural Gas
Exploratory
blocks
Contracted production
of 8.4MM m3/day
capacity
Pecm II
ENEVA 100%
Coal - 365MW
Solar Tau
ENEVA 100%
Solar - 1MW
Parnaba I
Controlling Block
Other
BNDES
Eike
Batista
28.5%
8.6%
20.0%
Parnaba II
42.9%
50%
ENEVA 100%
Natural Gas - 517MW
Parnaba III
50%
ENEVA Participaes
ENEVA/E.ON
Joint Venture
Note: 1) Ownership structure assumes future ENEVA Participaes (JV ENEVA/E.ON) incorporation, as disclosed on the Material Fact Notice as of July 3, 2013
Parnaba IV
Itaqui
Pecm II
Pecm I
Capacity: 360MW
Capacity: 720MW
Capacity: 365MW
CVU: R$103/MWh
CVU: R$99/MWh
CVU: R$108/MWh
Auction: A-5/2007
Auction: A-5/2007
Auction: A-5/2008
5
Note: (1) Fixed revenues are indexed to inflation index IPCA (Database: Nov, 2013)
Parnaba IV
1 GE GT x 168,8MW
+ 1 Wrtsil GM x 7,3MW
Parnaba II
Parnaba I
2 GE GTs x 168,8MW
+ 1 GE ST x 181MW
4 GE GTs x 168,8MW
Gas
Treatment
Unit
Parnaba III
Parnaba IV
Parnaba I
Parnaba II
Capacity: 56MW
Capacity: 178MW
Capacity: 676MW
Capacity: 517MW
46% efficiency
38% efficiency
37% efficiency
51% efficiency
CVU: R$69/MWh
CVU: R$160/MWh
CVU: R$114/MWh
CVU: R$59/MWh
Free market
Auction: A-5/2008
Auction: A-5/2008
Auction: A-3/2011
6
Notes: (1) Bertin project developed by ENEVA; (2) Fixed revenues indexed to inflation index IPCA (Database: Nov, 2013)
Shareholding Structure
Current
OGP
9.1%
18.2%
36.4%
PGN
In Feb, 2014,
36.3%
70%
BTG
Gas blocks
30%
9.1%
18.2%
72.7%
ENEVA and E.ON have the right for a 2-year term to increase
their joint participation at PGN to 33.3%
Parnaba Gs Natural
Challenges
o
2
Operating & Financial Performance of Power Plants
EBITDA (R$MM)
Operating Costs
-22.1
36.1
0.6
5.5
20.1
EBITDA 1Q14
Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
Availability
1Q14
2Q14
2Q14/
1Q14
121.0
115.5
-4.5%
583
462
-20.7%
207.7
249.9
20.3%
84%
87%
261
75%
63%
232
62%
144
159
128
149
141
112
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
Variable Cost
10
Operating Costs
1Q14
2Q14
2Q14/
1Q14
221.9
196.6
-11.4%
1,411
1,412
157.2
139.3
-11.4%
0.7
25.3
-20.6
50.3
44.8
EBITDA 1Q14
Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
Availability
91%
96%
99%
98%
152
80
82
77
74
94
99
100
65
75
80
96
93
99
95
92
68
77
78
74
79
104
90
121
77
79
77
83
73
70
N.A.
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
Variable Cost
11
EBITDA1 (R$MM)
Operating Costs
1Q14
2Q14
2Q14/
1Q14
230.2
256.3
11.3%
1,014
1,186
17.0%
227.1
216.1
-4.8%
9.6
-26.1
0.3
48.8
32.5
EBITDA 1Q14
Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
Availability
72%
66%
77%
71%
151
127
51%
41%
1Q13
2Q13
118
136
3Q13
4Q13
1Q14
154
139 138
117
99
99
109
97
119
134
107
93
100
2Q14
Variable Cost
NOTES: 1) Figures consider 100% of Pecm I; 2) Does not include Depreciation & Amortization; 3) 1Q14 unavailability figure considers ONS review (previously 71%).
12
EBITDA (R$MM)
Operating Costs
1Q14
2Q14
2Q14/
1Q14
99.4
105.4
6.0%
720.8
736.7
2.2%
137.9
143.1
3.8%
-7.1
-6.0
0.3
46.3
33.5
EBITDA 1Q14
Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
Availability
85%
N.A.
N.A.
N.A.
1Q13
2Q13
3Q13
4Q13
97%
1Q14
96%
114
118
92
99
122
111
125
125
118
113
99
106
101
101
111
88
108
99
2Q14
Variable Cost
13
EBITDA1 (R$MM)
14.4
Operating Costs
-19.6
-8.4
-3.3
EBITDA 1Q14
Net Operating
Revenues
0.04
Operating
Costs
Operating
Expenses
1Q14
2Q14
2Q14/
1Q14
61.9
65.1
5.3%
344
266
-22.9%
179.6
245.1
36.5%
EBITDA 2Q14
Availability
99%
161
161
161
161
161
75
71
69
69
61
161
161
161
58
66
77%
N.A.
N.A.
N.A.
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
Variable Cost
73
14
3
Regulatory Update
Mar, 2014
production,
as
recommended
by
ANP
until
further
16
Unavailability charges were being paid on an hourly-based methodology, while PPAs provided for a 60-month rolling average
In Jan, 2014 and Sep, 2014, Federal Justice ruled in favor of ENEVA, in line with PPAs terms and conditions
All operating plants currently protected to hourly-based unavailability charges
Unavailability costs paid amount to +R$315MM1, 2
Plant
100%
Ownership adjusted
Itaqui
R$100.6MM
R$100.6MM
Pecm I
R$247.4MM
R$123.7MM
Pecm II
R$61.0MM
R$30.5MM
Parnaba I
R$61.9MM
R$43.3MM
Parnaba III
R$39.6MM
R$20.8MM
R$510.5MM
R$318.9MM
Total
In Sep, 2014, Aneel granted to Pecm I and Itaqui reimbursement of unavailability charges overpayment, amounting to approx. R$335MM
Pecm II, Parnaba I and Parnaba III will request to Aneel to be also reimbursed of overpayment
17
Notes: 1) Consider hourly-based methodology for unavailability charges until August, 2014; 2) Does not consider amounts paid since Federal Court decisions.
4
Financial Stabilization Update
4Q14
2Q14 / 3Q14
debt conversion)
Controlling Block
R$600-700MM
debt
drop-down
to
Free
Float
Eike
Batista
37.1%
20.0%
debt
(approx.
R$1.5Bi),
comprising of
o
Cash;
Asset capitalization
down/roll over
42.9%
ENEVAs subsidiaries/projects
o
with
Sale of Pecm II
o
19
5
Brazilian Power Market and Greenfield Portfolio
Southeast Reservoirs
19.8%
80%
76%
70%
67%
2.2%
1.5%
2.5%
56%
60%
50%
10.5%
63.5%
40%
40%
35%
36%
39%
43%
38%
29%
30%
Hydro
Gas
Coal
Nuclear
Wind
Others
20%
Jan
Dry Season
Feb
Mar
Apr
May
Average 2007-2011
Source: ANEEL
Jun
Jul
2012
Aug
Sep
2013
Oct
Nov
Dec
2014
21
30
90
86
85
20
GWavg
80
Current reservoir
autonomy ~6 months
15
78
75
10
70
65
60
2013
ENERGY DEMAND
Source: ONS
2012
2013
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
1990
1988
1986
1984
1982
1980
1978
1976
1974
1972
65
1970
25
PHYSICAL GUARANTEE
(with signed PPAs)
65
2014
2015
2016
2017
2018
2019
2020
22
Power
supply-demand
unbalanced
Parnaba
Complex
Hydropower
concentrated
matrix
Spot prices at
historical highs
Opportunities
for ENEVAs
growth
Solar Tau
1 MW
Ventos Wind
Complex
600 MW
Ventos Wind
Complex
Au
(Coal + Gas)
Parnaba
Complex
2,166 MW
Au
2,100 MW Coal
3,300 MW Natural Gas
Seival Mine
License granted
152 M ton in proven reserves
Sul
727 MW
Seival
600 MW
23
Highlights
Parnaba Site
Bottoming #1
Bottoming #2
already built
Known technology, original design of Parnaiba Generation
Complex done to enable modular expansion, leading to
efficient implementation and operation
o
New equipment
Existing
facilities
Disclaimer
The material that follows is a presentation of general background information about ENEVA S.A. and its subsidiaries (collectively, ENEVA or the Company) as of
the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made
concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information.
This presentation may contain certain forward-looking statements and information relating to ENEVA that reflect the current views and/or expectations of the
Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement
that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like may , plan , believe , anticipate ,
expect, envisages, will likely result, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and
assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates
and intentions expressed in this presentation. In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the
placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the
information and statements contained in this presentation or for any consequential, special or similar damages.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities.
Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors
in this regard.
The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research,
publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any
material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or
by industry or other publications. ENEVA, the placement agents and the underwriters do not make any representation as to the accuracy of such information.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without ENEVAs prior
written consent.
Thank you.
www.eneva.com.br