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1Q09 Results

May 07, 2009

EDP - Energias do Brasil

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Aviso Importante

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.

Disclaimer

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Highlights of 1Q09

EBITDA: + R$ 340 mm and Net Income: + R$ 117 mm

• Gain in 1Q08 with high prices for spot market and elimination of Enersul figures: reduction of 7.6% of Net Revenue

• Energy volume sold by the generation business totaled 1,890 GWh, 23% up on 1Q08 as a result of the asset swap operation;

• Excluding Enersul´s figures, the energy volume sold to final customers by the distribution business increased 0.5% in 1Q09 compared with 1Q08, totaling 3,266 GWh

Low-risk operations: mixed growth of expansion + ef ficiency

• Increase in Moody’s ratings for the Group and its distributors with a stable outlook.

• Manageable expenses down 17.4%, dropping for the fifth quarter in a row

• Start of the “Vencer” (“WIN”) Transformation Program

• Approval of 3 credit lines: (i) BEI: R$270 mm, (ii) IDB: Pecém I and (iii) BNDES: R$ 76 million for Santa Fé SHP;

44

Consolidated Performance

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1Q09: Consolidated financial highlights

(R$ million) 1Q09 1Q08 Chg.%

EBITDA 340.1 383.4 -11.3%

Net Income 117.3 166.4 - 29.5%

Capex 120.1 155.8 - 23.0%

EBITDA – Capex 220.1 227.6 - 3.3%

Focus on Efficiency and Cash-Flow Generation

Adjusted EBITDA 353.3 327.4 + 7.9%

Net Revenue 1,116.3 1,208.4 - 7.6%

EBITDA (adjusted) – Capex 233.3 171.6 + 35.9%

Manageable Expenses 184.9 223.8 - 17.4%

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1Q09 EBITDA breakdown

1Q08 1Q09

176.0 176.6

17.4

383.4

353.3

340.1

327.4

70.5 94.2

57.3

73.585.2

+34%

+16%

2.8

Bandeirante

Escelsa

-11%

% YoY Changes

+8%

Enersul

EBITDA stable in Generation due to the Asset Swap; Distribution with double-digit growht

Adjusted EBITDAAdjusted EBITDA excludes:

• 1Q09: R$ 13.2 MM of Vencer Project

• 1Q08: R$ 56 MM of more energy avalilable from generation

Generation

Distribution

Commercialization

7

Manageable expenditures: dropped for the fifth quar ter in a row

Among the fourth quarter 2007and the first quarter 2009, th e averagereduction in Manageable Expenditures was 7.2%

7

Total of Manageable Expenses

(R$ million)

Personnel

- 5.8%

-

-

-

Total ( - ) Depreciation

Third Party Services

Material

Others

277.7

203.9

1Q09

257.0

184.9

303.2

8.4

53.9

87.1

CAGR 1Q08-1Q09

Depreciation and Amortization 79.3 -

-74.5

6.6

60.5

72.1

75.9

41.9

-17.4%

1Q08∆ 1Q08 /

1Q09

223.8 206.3 198.5

4Q07

248.9

4Q083Q082Q08

326,2 278.9289.4 -15.2%

-21.5%

-30.5%

-9.1%

1.8%

-22.2%

- 7.2%

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Generation

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1Q08 1Q09

1Q08 1Q09 1Q08 1Q09

1Q08 1Q09

9

Generation performance reflects the asset swap and lower dispatch of energy

Energest

Lajeado Total

Enerpeixe1,538 1,891

542561

693

284

553

176.0

1679

33105

55

64

6

28

34

29

-14%

60

39

219

+6.5%

795

5374

119

26

80

100

233

-33%

-28%

+285%

176.6

-39%

-40%

+394%

+0.3%

+367%

-13%

-52%

10691

+23%

-20%

-3%

+180%

� Minority Shareholders

Volume of Energy Sold (GWh)Volume of Energy Sold (GWh) Net Revenue (R$ mm)Net Revenue (R$ mm)

EBITDA (R$ mm)EBITDA (R$ mm) Net Income (R$ mm)Net Income (R$ mm)

1010

Distribution

11

2,113 1,592

3,2663,250

1Q08 1Q09

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Decrease in captive industrial was offset by resident ial/commercial classes and lower free customers consumption

Despite of the decline in free customers consumptio n, the lower volume did not reflect the contracted energy

Volume Breakdown (GWh)Volume Breakdown (GWh)

1Q09 highlights :

• Rural: Growth was mainly driven by Escelsa in high temperatures and low rainfall (Escelsa)

• Free Customers: The discos also collects the appropriate sector charges, which are then passed on to other entities and calculated on the basis of energy consumption in MWh

• Increase in customer base of 3.7%

• The distributor has a six-month period to grant the reduction in demand

• Process canceled by a Escelsa´s important client that was negotiating demand reduction

94

5,456

106

4,964

Free Customers

Captive Customers

Others

+ 13%

- 25%

+0.5 %

-9%

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1Q08 1Q09 1Q08 1Q09

1Q08 1Q091Q08 1Q09

Net Income (R$ mm)Net Income (R$ mm)

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EBITDA increased 25% due to the increase in average tarif f

EBITDA (R$ mm)EBITDA (R$ mm)

Net Revenue (R$ mm)Net Revenue (R$ mm)

Escelsa

Enersul

Bandeirante

+12%

760Excluding Enersul

978838

334310

450

218

+8%

504

-14%838

+ 10%

+6%

131Excluding Enersul

190140

5753

78

59

+8%

83

-27%

140

+ 6%

+32%

144Excluding Enersul

201 180

8574

71

57+15%

94

-10%

180

+ 25%

+50%

63Excluding Enersul

8582

3733 +12%

45

82

+ 30%

Manageable Expenditures (R$ mm)Manageable Expenditures (R$ mm)

-4%

30

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R$ 4.5M

R$ 3.7M

“Vencer” Program

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Total losses increased by 0.5 p.p. as a result of the distri buted energy volume reduction

dec 07 dec 08 mar 09

BandeiranteBandeirante

dec 07 dec 08 mar 09 dec 07 dec 08 mar 09

EscelsaEscelsa ENBR - ConsolidatedENBR - Consolidated

11,9% 12,1% 12,2% 12,0% 12,5%

CommercialTechnical

Commercial Losess (%)

Total Energy Losses (%)Total Energy Losses (%)

6.6 6.4 6.6 6.6 6.7

5.5 5.7 5.6 5.4 5.8

mar 08 jun 08 sep 08 dec 08 mar 09

5.7% 5.5% 5.8%6.0%

5.2%5.8% 5.8% 5.4% 5.8%

� Opex and Capex: ~ R$ 9.1 mm disbursed in programs for controlling losses

� 42 thousand inspections; dismantling of nearly 23 thousand illegal hook-ups

�Revenue recovery: ~ R$ 5.5 million originated from recovery of unpaid bills

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Commercialization

15

17

3

1Q08 1Q09

12

3

1Q08 1Q09

194 175

1Q08 1Q09

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Volume reduction due to the flexibility in contract s and lower short term selling prices

Volume of Commercialized Energy (GWh)Volume of Commercialized Energy (GWh) Net Revenue (R$ mm)Net Revenue (R$ mm)

EBITDA (R$ mm)EBITDA (R$ mm) Net Income (R$ mm)Net Income (R$ mm)

� Reduction because of the flexibility envisaged in the sales contracts for accommodating fluctuations in consumption.

- 10%

� Lower selling price in 1Q09 due to the high spot market prices in 1Q08

-84%- 77.4%

1Q08 1Q09

1,788 1,726

Others

Group companies

- 3.5%

218 177

1,570 1,550

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ConsolidatedInvestment and Debt

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2009e 2010e 2011e

Repowering

Distribution

Others

Santa Fé

Pecém

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Consolidated Capex Breakdown

Investment Plan regards more than R$ 3.0 billion fro m 2009 to 2011.

+ R$ 3.0 billion

18%

34%

R$ 1.1m R$ 1.1m

R$ 0.84m

41%28%

4%

18%34%

24%

33%30%

6% 4%

Generation

EnergestEnerpeixe

Santa FéLajeado/Investco

1Q08 1Q09 ∆%

Distribution 107.6 -37.9

52.0 8.3%

Others 1.2 377.0

Investments (R$ mm)

Pecém

0.9 -70.229.321.4 -26.8

1.4 -79.214.6 -2.413.7 n.d.

Bandeirante 25.8 -4,8Escelsa 41.0 -13.9Enersul

66.8

48.0

0.3

3.0

0.8 14.9

-

27.247.6 32.8- n.a.

18

481 471334

729

423

923

1.9632.131

1.680

2.390 2.348

1,81,7 1,4

1,8 1,8

0

1 .000

2 .000

-1-101122334455

Net Debt/EBITDA (x)

Net Debt Evolution

(R$ MM)

Set/08Jun/08Mar/08

Net DebtNet Debt/EBITDA

Debt Maturity Schedule

Cash and Cash Equivalents

(Mar/09)

2009 2010 20122011 After2012

Gross Debt Breakdown

(Mar/09)

Dez/08

* Includes CDI and IGP-M

Low FX exposure and stable debt

Mar/09

2,140 2,348 2,390

797(423) (165)

2,937

Div ida Bruta Caixa At. Reg Dív ida Líquida Div . L iq. Dez/08Gross Debt(Mar/09)

Cash and Marketable Securities

Regulatory Assets and Liabilities

Net Debt(Mar/09)

Net Debt(Dec/08)

38%

49%

5%

8%

Floating Rates *

TJLP

Fixed Rates

US$

383*

806

(*) Shares in treasury as of market price on March 31, 2009

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Cash and Marketable Securities(Mar/09)

Porto doPecémBridgeLoan

423280

923257

Credit Line Distribution

174

212

Generation Total2009

383 *

(*) Shares in treasury as of market price on March 31, 2009

806

Short Term Debt Breakdown

- Postpone of the payment date of Porto do Pecém Credi t Line from April 30, 2009 to July 29, 2009

- Amortization of R$ 83 million of Bandeirante ´s debentures

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Institution Total approved Limit date to use the resource

Approved credit lines (Apr-09)

Total of credit lines 3,246

BNDES / IDB (Porto do Pecém) 2,000 2009

BNDES - CALC 900 2014

BEI 270* 2012

(R$ million)

Used

0

0

0

2,000

900

270

Available

3,246

BNDES (PCH Santa Fé) 76 20090 76

EDP Energias do Brasil – Credit Limits

* Credit line totaled EUR 90 million (EUR45 each di stribution company)

Besides these short term credit lines, EDP Energias do Brasil has others lower value pre-approved cred it line

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Visit EDP Energias do Brasil website

Site: www.enbr.com.br

Mayte S. D. de Albuquerque

Cleverson Murakawa

Rogério Pacheco

E-mail: ri@enbr.com.br

Phone: +55 11 2185-5907

Investor Relation Department