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CORPORATE PRESENTATIONAPRIL, 2019
RECENT DEVELOPMENTS
A Look back at 2018 / 1Q19
ConstructionLicenses
All SPVs
Start ofConstruction
Works
SPVs 1, 2, 4, 5, 6, 7 & 8
Long TermFundingSigned
R$ 2.3 bnTransmission
R$ 2.6 bnDistribution Acquisitions
Cepisa
Ceal
Intesa (49%)
Tax BenefitsSUDAM Celpa,
SPVs 7 e 8
SUDENE- Cemar,
Cepisa, Intesa &
others SPVs
Achievementsin 2018
50%consumers
= 10% share in distribution
= R$ 10 bn of Net RAB
Distribution
Transmission60% Long Term
Funding Signed
Start of
Construction Works
30% Long TermFunding Approved
4
Cepisa and Ceal New Turnarounds
AL
PIPIMAMA
PAPA
AL
PIMA
PA
SUDENE Area
RAB R$ mn
4th 9th 10th
ANEEL Complexity Ranking
PMSO / Consumer (R$, 2017)
1Eletrobrs Report
170
356 300
147
CE M A R CE P IS A CE A L CO E LCE
7th
2013 20171
CEPISA 318 944
CEAL 444 712
CEPISA + CEAL 762 1.656
CEMAR 2.069 3.309
Consumers
Grid Extension (Km)
Annual Volumes
Total Losses
Regulatory Opex(R$ mm)
CEPISA CEAL CEPISA + CEAL CEMAR
1,227 1,157 2,384
91,765 47,788 139,553
3,610 3,546 7,156
28% 25% 17%-
419 360 779 608
2,359
123,033
6,203
Extraordinary
Tariff Review
5
Cepisa and Ceal Acquisitions
Bidding Documents Conditions:
Aquisition of 89.94% of the stake
Eletrobras has the right to convert debt into equity up to 30% stake, within 6 months from the Concession Contract signing.
Equatorial should acquire the unsubscribed capital from the 10% stake which the employees and pensioners from Cepisa/Ceal
are entitled to.
Equatorial should pay to Eletrobrs 50% of the fixed assets that were in progress by the time of the privatization appraisal and
that are approved by ANEEL as RAB in the Tariff Review.
1 Including an extra R$ 400 mn of RGR Designada
2 RGR Designada in Ceal will be matched by a Regulatory Asset, to be included in the tariff. The RGR Designada in Cepisa will not be matched by such Reg. Asset.
3 The R$ 599 mn in RGR designada in Ceal does not include the extra R$ 400 mn approved.
Bid Conditions w/o Flexibilization Cepisa Ceal
Regulatory Opex R$ 419 mn R$ 340 mn
Non-Technical Losses (over LV market) 13,93% 21,95%
RGR Designada (may/18)2 R$ 844 mn R$ 599 mn3
Minimum Equity Increase R$ 721 mn R$ 546 mn
Grant bonus R$ 95 mn -
Net Financial Debt R$ 2,499 mn R$ 1,1851 mn
6
Transmission Lines Greenfield Progress
Tower assembly
Vila do Conde Substation
Tapajs Substation
Synchronous Condenser
SPE 1 & 2SPE 1 & 2
SPE 7SPE 7 SPV 8SPV 8
Foundations of the 69kV and
230kV sectors started
Tower assembly
Marituba Substation
TL Vila do Conde - Marituba
TL Barreiras - Buritirama
SPV Completion
SPV 01 11.5%
SPV 02 12.4%
SPV 03 -
SPV 04 2.8%
SPV 05 -
SPV 06 -
SPV 07 20.4%
SPV 08 50.5%
Completion Criteria
For each SPV, the weighing of the completion between lines and substations is based on the estimated Capex for each.
Each transmission line is weighed per: (i) track clearing 10%; (ii) foundations 30%; (iii) tower assembly 30%, and (iv) cable launching 30%.
7
The majority Long Term funding for the transmission is already contractedThe majority Long Term funding for the transmission is already contractedThe majority Long Term funding for the transmission is already contractedThe majority Long Term funding for the transmission is already contracted
Long Term Funding
Funding
Source Amount / Reg. Capex1 Status(R$ MM)
SPV 1 1,212
190
Banco do Nordeste 70% ContractedSPV 2
Debentures 10% IssuedSPV 3
SPV 41,265 BNDES 80% About to conclude
SPV 6
SPV 5
356
66
Banco do Nordeste
Debentures
80%
Contracted
To be structured
SPV 7
293
150
SUDAM
80%
Contracted
Debentures To be structured
SPV 8
495
190
SUDAM
80%
Contracted
Debentures To be structured
TOTAL 4,217 - - -
Greenfield transmission capex already disbursed reached R$ 647 million.
1 The percentages are approximate figures and may vary for each SPV.
OVERVIEW
9
A successful investment platform in UtilitiesA successful investment platform in UtilitiesA successful investment platform in UtilitiesA successful investment platform in Utilities
Who We Are
Distribution TransmissionTransmissionTransmission OthersOthersOthers
Cemar Celpa Cepisa Ceal
Concession Area (km2)
331,983 1,248,000 251,500 27,768
Municipalities (#) 217 144 224 102
Consumers(2017, 000)
2,492 2,644 1,246 1,157
Grid Extension (km) 123,033 153,284 91,765 47,788
Km Grid 3.281
Op. Revenues R$146m
Potential Rev. R$917m
Installed Capacity
Generation 332 MW
Trading Sol Energias
Services 55 Solues
25%
Distribution Transmission
CEMARCEMAR
CELPACELPA
CEPISACEPISA
EQTTEQTT
INTESAINTESA65.1%
96.5%
94,5%
100%
100%
89.9%
Others
GERAMARGERAMAR
55 Solues
55 Solues
100%
51% Sol Energias
Sol Energias
CEALCEAL
10
Corporate Governance
SquadraSquadraSquadraSquadra
InvestimentosInvestimentosInvestimentosInvestimentos
9.8%9.8%9.8%9.8%
OpportunityOpportunityOpportunityOpportunity
5.8%5.8%5.8%5.8%
BlackrockBlackrockBlackrockBlackrock
69.7%69.7%69.7%69.7%
ManagManagManagManag. & . & . & . &
MinoritiesMinoritiesMinoritiesMinorities
FirminoFirminoFirminoFirmino Ferreira Ferreira Ferreira Ferreira
SampaioSampaioSampaioSampaio NetoNetoNetoNeto
Chairman of the
Board
Jos Jorge Jos Jorge Jos Jorge Jos Jorge dededede
Vasconcelos LimaVasconcelos LimaVasconcelos LimaVasconcelos Lima
Board Member
Marcelo SouzaMarcelo SouzaMarcelo SouzaMarcelo Souza
MonteiroMonteiroMonteiroMonteiro
Board Member
Carlos Carlos Carlos Carlos
Augusto Augusto Augusto Augusto
Leone Leone Leone Leone PianiPianiPianiPiani
Board
Member
Eduardo Eduardo Eduardo Eduardo SaggioroSaggioroSaggioroSaggioro
Board Member
GuilhermeGuilhermeGuilhermeGuilherme AchAchAchAch
Vice Chairman of
the Board
Full Corporation, in the Novo Mercado segment
7 Board members appointed every 2 years
2 former CEOs of Equatorial Energia
Luiz Henrique Luiz Henrique Luiz Henrique Luiz Henrique
de Mourade Mourade Mourade Moura
Board Member
9.8%9.8%9.8%9.8% 5.0%5.0%5.0%5.0%
Canada Canada Canada Canada
PensionPensionPensionPension PlanPlanPlanPlan
11
85189
341 379 416470 512 505
559 568 575 545 617
809930368
287113
485631
828
904
928
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBITDA (R$ MM, ex-Light, ex-Celpa) EBITDA Light (R$ MM) EBITDA Celpa
784 757681
1.060
1.817
1.445
1.176
Long-term value creation
ThroughThroughThroughThrough turnarounds turnarounds turnarounds turnarounds andandandand capital capital capital capital allocationallocationallocationallocation disciplinedisciplinedisciplinediscipline
Acquisition
of CEMAR
Full sale of
stake in Light
Acquisition of
CELPA
Acquisition of
co-controlling stake in Light
Acquisition of 25%
stake in Geramar
EQTL
IPO
EBITDA CAGR(2004-2018):
+19%
5.2Mar 31,2006
80.00Mar 29,2019
Acquisition
of Ceal and Cepisa
Acquisition of 8
greenfield
transmission
concessionADTV 30
R$ 113 mn
Acquisition
of Intesa
12
Capital Allocation Discipline
95% 27% 26% 26% 25% 25%106% 26% 100% 33% 25%90%Payout
Celpa acquisition and early turnaround
Parc. A mismatch and credit crunch
Investment in Transmission
M&A Preparation
0
100
200
300
400
500
600
700
800
900
1.000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Dividends Adj Net Income
Historical Dividend Payout(R$ MM)
* Adjusted Net Income is the Net Income after the accrual of Legal Reserves
13
Drivers of Value
Active role in the consolidation of the Brazilian energy sector
Transmission greenfield auctions Privatization of Eletrobras discos (Cepisa & Ceal) Acquisition of distressed assets with turnaround potential
Operational Efficiency and profitability
Reduction in Opex with Cepisa and Ceal acquisitions (synergies and efficiency) Benchmark in the sector in quality indicators Enhance profitability of recently installed distribution network
Corporate Governance and Culture
Professional Board and high management with more than 10 years in the Group Stock options plan Meritocracy
Capital structure optimization
Actively manage the equity and debt of subsidiaries Fund required investments and acquisitions Distribute excess equity to shareholders through dividends
14
Growth opportunities
2. Generation
3. Transmission
1. Distribution
4. Other
Segments
New Greenfield Auctions:
R$ 105 BI until 20271
1 According to 10-year Plan from EPE
Studying opportunities in Services,
Telecom and Distributed
Generation
Sector Consolidation
New Greenfield Auctions
DISTRIBUTION
16
Result-Oriented
Goals / Variable Compensation => 100% Workforce
Stock Options => Managers
Open Minded Culture
Tight Cost Control
Matrix Budgeting
Third Party Management
Productivity Contracts
Turnaround CEMARs Case Study
28.7%
17.2%
2007 2018
Losses over Injected Energy
Efficiency in Costs (Opex/Consumers) in BRL
2018
175 237
Regulatory79% or 50hdecrease in DEC (2004-2018)
82% or 32xdecrease in FEC (2004-2018)
Quality
11.5
pp
Matrix BudgetingExamples of Best Practices:
17
Differentiated Results Achieved in Two of Brazils Most Challenging Concession Areas
Creating Value Through Turnaround
Change existing corporate culture
Make regulation a core element of strategy
Build support from all stakeholders
Build human capital (attraction, retention & training, meritocracy)
Optimize capital structure
Invest to strengthen and modernize electric grid
Streamline organizational structure & optimize processes (strict cost
control, collection efficiency and loss
reduction)
Organic growth
Continuous improvement in productivity and operating efficiency
Reinvention
Ongoing
Restructuring
ANEEL Complexity Index
0,503
0,377 0,3640,315 0,313
0,284 0,266 0,265 0,257 0,253
Celpa Light Amazonas
Energia
Cemar Celpe Coelba Ceal Eletropaulo Cepisa Coelce
18
Total Losses Over Required EnergyTotal Losses Over Required EnergyTotal Losses Over Required EnergyTotal Losses Over Required Energy
Losses
CEMAR
Actual Regulatory Target
CELPA
28,7%
28,9%
25,2%
22,0%
21,0%20,7%
19,2%
17,5% 17,6%18,0%
17,2% 17,2%
25,6%
24,3%
23,1%22,1%
19,4% 19,7%
18,6%18,3%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
35,0% 35,5%
31,2%
29,2%
28,3%27,5%
28,3%
29,8%
28,6%
27,1%26,0%
26,8%
26,9% 26,8%
2012 2013 2014 2015 2016 2017 2018
CEPISA
28,0%28,1%
26,0%
20,3%
2017 2018
19
Consistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality Indicators
Quality Indicators
CEMAR
Actual Regulatory Target
CELPA
DECHrs/Year/Customer
FECTimes/Year/Customer
DECHrs/Year/Customer
FECTimes/Year/Customer
63,4
23,6 13,3
14,0
2004 2009 2017 2018
103,4
18,6
46,2
18,0
39,3
15,2 7,1 6,9
2004 2009 2017 2018
11.9
52.4
29.7
11.5
101,6
49,0
27,4 24,4
2012 2014 2017 2018
30,037,9
34,0
28.5
50,930,0
17,8 15,6
2012 2014 2017 2018
27.5
38.7
33,7
23.4
20
Consistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality Indicators
Quality Indicators
Actual Regulatory Target
DECHrs/Year/Customer
FECTimes/Year/Customer
CEPISA
21,9 23,6
2017 2018
19,2 20,7
14,7 14,1
12,4 14,0
2017 2018
21
Leading Growth
Consolidation in Distribution Segment
1Total of the Concession Financial Asset and Intangible Asset in Sept/18 for Celpa, Cemar and Cepisa (Current) and Ceal
Outperformance in Opex Celpa and Cemar
Proxy RAB - 2018(R$ 000)1
Regulatory WACC(in real terms)
WACCPost Tax
/ (1 - ) =8.09% 34% 12.26%
CEMARCELPA
Corp. TaxRate
WACCPre Tax
9.051
977
10.028
Current CEAL Including Ceal
126 129 126 139 171
245 291 321
367 346 397 436 415 437
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Manageable Costs Regulatory Costs
656535
450 473 434497 492
2012 2013 2014 2015 2016 2017 2018
Manageable Costs Regulatory Costs
22
Our Concessions are Located in Areas with Strong PentOur Concessions are Located in Areas with Strong PentOur Concessions are Located in Areas with Strong PentOur Concessions are Located in Areas with Strong Pent----up Demand and a Large Share of Higher Margin up Demand and a Large Share of Higher Margin up Demand and a Large Share of Higher Margin up Demand and a Large Share of Higher Margin Residential CustomersResidential CustomersResidential CustomersResidential Customers
Source: Nota Tcnica DEA 001/2017
Above Average Growth
Estimated Growth of Electricity Demand by Region and End-use Sector (%)
Breakdown of Sales to Ultimate Consumers by End-use Sector (including Cepisa and Ceal) 12 Months Ending Dec, 2018 (%)
% Change North Northeast Brazil2016-2021 4,6 3,7 3,2
2021-2026 5,1 4,5 3,9
2016-2026 4,8 4,1 3,6
Growth above Brazilian average
Relevance in residential segment
Low monthly ticket for residential consumption
Residential 46%
Industrial 14%
Commercial 20%
Others 21%
Monthly Per Capita Residential Consumption(Kwh / Consumer)
108,6 for CEAL
121,65 for CEMAR
126,08 for CEPISA
142,59 for CELPA
23
Focus on Applying Restructuring Expertise to Extract Value from Regulated Utility AssetsFocus on Applying Restructuring Expertise to Extract Value from Regulated Utility AssetsFocus on Applying Restructuring Expertise to Extract Value from Regulated Utility AssetsFocus on Applying Restructuring Expertise to Extract Value from Regulated Utility Assets
Strong Cash Generation
Reg. Asset Base(R$m)
EBITDA(R$m)
Net Income(R$m)
Net Debt/EBITDA
CAGR: +36.3%
2.069
3.309
2013 2017
CEMAR
1.472
3.090
2011 2015
CELPA
496925
-344
928
2012 2018
2,6
3,3
2012 2018Consolidated
385549
-697
369
2012 2018
CEMAR CELPA
TRANSMISSION
25
The need for greenfield investments ledto improved investment parameters...
Average discount to maximum Revenue
RegulatoryRegulatoryRegulatoryRegulatory WACCWACCWACCWACC
4,6%
5,6%
8,5%
9,5%
8,5%8,0%
7,5%7,0%
6,6%6,0%
5,6%5,0%
4,6%
# of lots offered # of lots w/o bids
WACC
Regulatory Capex
Construction time
Lot size
Investment parameters
Equatorial winning bids
The discount applied by the Company in lot 31 (Apr/ 17 transmission auction) was 9.5%.
7
13
7
13
7
29
20 2124 23
35
26 2624 24
35
11
20
13
0 0 0 0 01
02 1
3
1012
17
10
3 4
0 0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016.1 2016.2 2017.1 2017.2 2018.1 2018.2
39% 38% 43% 40%55% 13% 24% 40% 28% 26% 22% 12% 12% 3% 12% 36% 50% 55% 46%
26
Equatorial acquired 8 greenfield 30-yr transmission concessions
Revenues Revenues Revenues Revenues Amounting to Amounting to Amounting to Amounting to R$ R$ R$ R$ 1,1 Bi / Year*, Adjusted by Inflation1,1 Bi / Year*, Adjusted by Inflation1,1 Bi / Year*, Adjusted by Inflation1,1 Bi / Year*, Adjusted by Inflation
(* base-date Dec/2018)
SPV Lot State km# of
substationsCapex ANEEL
(R$ MM)
Environmental Licensing
ConstructionRAP
(R$MM)
SPV 7 Lot 23 PA 125 2 459 Partial
ConstructionStarted 97
SPV 1 Lot 08 BA 251 478 Construction Started 85
SPV 2 Lot 09 BA 213 1 501 Construction Started 77
SPV 3 Lot 12 BA/PI 380 589 Construction 112
SPV 4 Lot 14 BA/MG 594 1 1,140 Construction 202
SPV 5 Lot 15 BA/MG 257 466 Construction 93
SPV 6 Lot 16 MG 330 542 Construction 116
SPV 8 Lot 31 PA 436 3 714 Construction Started 135
INTESA TO / GO 695 5 May/08 Apr/36 150
State km# of
substationsOperat.
StartEnd of
ConcessionRAP
(R$MM)
GREENFIELD
BROWNFIELD
TOTAL GREENFIELD 2,586 7 4,889 917
TOTAL 3,281 12 1,067
GROUP 1
INTESA
GROUP 4
GROUP 3
GROUP 2
27
Development Status of the Transmission Lines
RAP
Concession ContractEnvironmental
LicensesConstruction
WorksRight of Way
Evolution
ANEEL Signing Date IBAMA / SEMAS AG / Elecnor By Property
SPV 01
(Lot 08)10/Feb/2017 Construction
SPV 02
(Lot 09)10/Feb/2017 Construction
SPV 03
(Lot 12)10/Feb/2017 Construction
SPV 04
(Lot 14)10/Feb/2017 Construction
SPV 05
(Lot 15)10/Feb/2017 Construction
SPV 06
(Lot 16)10/Feb/2017 Construction
SPV 07
(Lot 23)10/Feb/2017
Construction
(87% of the RAP)
SPV 08
(Lot 31)21/Jul/2017 Construction
61% - 70%
81% - 90%
71% - 80%
91% - 100%
As of Feb-19.
FINANCIALS
29
Consistent Consistent Consistent Consistent Revenue Growth and ProfitabilityRevenue Growth and ProfitabilityRevenue Growth and ProfitabilityRevenue Growth and Profitability
Net Revenues(R$ MM)1
Net Income(R$ MM)
EBITDA(R$ MM)
Financial Highlights
Net Revenues include construction revenues .
6.773 7.135
7.826
9.071
11.253
2014 2015 2016 2017 2018
1.060 1.176
1.462
1.713
1.959
2014 2015 2016 2017 2018
638
808
712
997
918
2014 2015 2016 2017 2018
30
292 295 352 212 297
1.016831
1.0751.078
1.899
2014 2015 2016 2017 2018
Light for All Own Capex
Strong Strong Strong Strong Financial Profile to Pursue Growth OpportunitiesFinancial Profile to Pursue Growth OpportunitiesFinancial Profile to Pursue Growth OpportunitiesFinancial Profile to Pursue Growth Opportunities
Cons. Net Debt and Net Debt/LTM EBITDA (R$ MM)
Liquidity(R$ MM)1
Proportional Net Debt and Net Debt/LTM EBITDA (R$ MM)
Capex(R$ MM)
Financial Highlights
R$ 4.7 BI 4.1 years
Cash/ ST Maturity
Debt AverageMaturity
Consolidated Cash
2.5 x
3.164 3.228 3.413 3.370
6.703
1,8
1,81,9
1,8
2,8
0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1
1,1
1,2
1,3
1,4
1,5
1,6
1,7
1,8
1,9
2
2,1
2,2
2,3
2,4
2,5
2,6
2,7
2,8
2,9
3
-
600
1.200
1.800
2.400
3.000
3.600
4.200
4.800
5.400
6.000
6.600
7.200
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
2.721 2.811 3.006 3.018
6.119
1,82,0
2,22,1
3,0
0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1
1,1
1,2
1,3
1,4
1,5
1,6
1,7
1,8
1,9
2
2,1
2,2
2,3
2,4
2,5
2,6
2,7
2,8
2,9
3
3,1
3,2
-
600
1.200
1.800
2.400
3.000
3.600
4.200
4.800
5.400
6.000
6.600
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
ANNEX
32
Regulatory Framework for Electric Power Distribution in Brazil
Tariff ProcessesTariff ProcessesTariff ProcessesTariff Processes
First year of Concession
Annual Tariff AdjustmentOrdinary
Tariff Review
Ordinary Tariff reviews occur every 4 or 5 yearsCEMAR: Aug/2021, CELPA: Aug/2019
Extraordinary Tariff Reviewin case financial/economic equilibrium of concession is broken
n n+1 n+2 n+3 n+4 n+5
33
Regulatory Framework for Electric Power Distribution in Brazil
Distributors Net Distributors Net Distributors Net Distributors Net Operating Revenues Operating Revenues Operating Revenues Operating Revenues
Regulatory Gross Margin (Parcel B)
Regulatory Opex
Regulatory EBITDA
Non-Manageable cost arepassed-trough to tariffs
Non - Manageable Costs (Parcel A)
Sector Charges
Energy Purchase Cost
Transmission Charges
++++
PassPassPassPass----Through Through Through Through
(independent of the tariff process)
Depends on the tariff processDepends on the tariff processDepends on the tariff processDepends on the tariff process
Tariff Adjustment
Inflation (IGPM) + / - X Factor
Tariff Review Tariff Reset and calculation of X Factor
The difference between tariff adjustmentsand tariff reviews is how Parcel B is defined
34
Regulatory Framework for Electric Power Distribution in Brazil
Tariff Adjustment (Tariff Adjustment (Tariff Adjustment (Tariff Adjustment (CELPA 2017) CELPA 2017) CELPA 2017) CELPA 2017)
Before Adjustment Date(DRA)
At the Adjustment Date(DRP)
-
4.363
2.698
1.665
NOR0Net Operating
Revenues
VPA0Parcel A
VPB0Parcel B=
1.623
2.807
4.430
+VPB1Parcel BVPA1
Parcel ANOR1
Net Operating Revenues
=
x (IGPM X Factor) =(-1,33%-1.20%) = -2,53%
Parcel B is determined by
difference (NOR0 PVA0)
(+) Tracking AccountChange in Parcel A after last tariff process
NOR1NOR0
TA = - 1 = 1.54%
35
Regulatory Framework for Electric Power Distribution in Brazil
The Tariff Review process is executed in two steps: Tariff Reset and calculation The Tariff Review process is executed in two steps: Tariff Reset and calculation The Tariff Review process is executed in two steps: Tariff Reset and calculation The Tariff Review process is executed in two steps: Tariff Reset and calculation of X Factorof X Factorof X Factorof X Factor
First Year 1st TariffReview
2nd Tariff Review
EBITDA
t
OPEX
3rd Tariff Review
Productivity Gains Efficiency Gains Productivity and Efficiency Gains
shared with consumers X Factor
Tariff Reset
Regulatory OpexEfficient Operating Cost
defined by ANEEL
36
Regulatory Framework for Electric Power Distribution in Brazil
CemarsCemarsCemarsCemars Tariff Review (Tariff Review (Tariff Review (Tariff Review (2017)2017)2017)2017)
430
190
89
577
57
1.343
Investment
Remuneration
Depreciation Remuneration e
Depreciation of Other
Assets
Regulatory Opex Regulattory Bad Debt Parcela B
x WACC x Depreciation
Regulatory Asset BaseRegulatory Asset BaseRegulatory Asset BaseRegulatory Asset Base
Only prudent investments
required to adequately provide
service are included
GROSS RABGROSS RABGROSS RABGROSS RAB
R$ 4.9 billion
NET RABNET RABNET RABNET RAB
R$ 3.3 billion
EBITDAReg=
R$ R$ R$ R$ 709 709 709 709 MMMMMMMM
Defined using Defined using Defined using Defined using
benchmarking benchmarking benchmarking benchmarking modelsmodelsmodelsmodels
Return onReturn onReturn onReturn on
InvestmentInvestmentInvestmentInvestment
DepreciationDepreciationDepreciationDepreciation Return Return Return Return and and and and
Depreciation Depreciation Depreciation Depreciation onononon
Other AssetsOther AssetsOther AssetsOther Assets
RegulatoryRegulatoryRegulatoryRegulatory
OpexOpexOpexOpex
RegulatoryRegulatoryRegulatoryRegulatory
Bad DebtBad DebtBad DebtBad Debt
Parcel BParcel BParcel BParcel B
37
Regulatory Framework for Electric Power Distribution in Brazil
X FactorX FactorX FactorX Factor
=++
XFACTOR
Change in SAIDI/SAIFI/IASC Comparative Performances
Sectors Average Productivity considering growth in volume and number of consumers
Q Pd
Defined at each Tariff Adjustment Defined at Tariff Review
Transition from Regulatory OPEX verified in last 12 months to one set on Benchmarking models
T
WWW.EQUATORIALENERGIA.COM.BR
APRESENTAO INSTITUCIONALFEVEREIRO, 2019
AVISO
As estimativas e declaraes futuras constantes da presente apresentao tm por embasamento, em grande parte, as
expectativas atuais e estimativas sobre eventos futuros e tendncias que afetam ou podem potencialmente vir a afetar os
negcios, a situao financeira, os resultados operacionais e prospectivos da EQUATORIAL, Estas estimativas e declaraes
esto sujeitas a diversos riscos, incertezas e suposies e so feitas com base nas informaes de que a EQUATORIAL
atualmente dispe, Esta apresentao tambm est disponvel no site www.equatorialenergia.com.br/ri e no sistema IPE da
CVM.
Essas estimativas envolvem riscos e incertezas e no consistem em garantia de um desempenho futuro, sendo que os reais
resultados ou desenvolvimentos podem ser substancialmente diferentes das expectativas descritas nas estimativas e
declaraes futuras, tendo em vista os riscos e incertezas envolvidos, as estimativas e declaraes acerca do futuro
constantes desta apresentao podem no vir a ocorrer e, ainda, os resultados futuros e o desempenho da EQUATORIAL
podem diferir substancialmente daqueles previstos nas estimativas da EQUATORIAL. Por conta dessas incertezas, o
investidor no deve se basear nestas estimativas e declaraes futuras para tomar uma deciso de investimento.
As palavras acredita, pode, poder, estima, continua, antecipa, pretende, espera e expresses similares tm por
objetivo identificar estimativas. Tais estimativas referem-se apenas data em que foram expressas, sendo que a
EQUATORIAL no pode assegurar a atualizao ou reviso de quaisquer dessas estimativas em razo da ocorrncia de
nova informao, de eventos futuros ou de quaisquer outros fatores.
Esta apresentao no constitui oferta, convite ou solicitao de oferta de subscrio ou compra de quaisquer valores
mobilirios, e, esta apresentao ou qualquer informao aqui contida no constituem a base de um contrato ou
compromisso de qualquer espcie.
Uma corporation investindo no setor eltrico
1 Depends on the closing of Ceals acquisition.
Quem Somos
Distribuio TransmissoTransmissoTransmisso OutrosOutrosOutros
Cemar Celpa Cepisa
rea de Concesso(km2)
331.983 1.248.000 251.500
Municpios (#) 217 144 224
Consumidores(2017, 000)
2.359 2.443 1.227
Rede (km) 123.033 153.284 91.765
Km de Rede 3.281
RAP Operacional R$150m
RAP Potencial R$895m
Capacidade Instalada
Gerao 332 MW
Comerc. Sol Energias
Servios 55 Solues
25%
Distribuio Transmisso
CEMARCEMAR
CELPACELPA
CEPISACEPISA
EQTTEQTT
INTESAINTESA65.1%
96.5%
90,3%
100%
100%
CEAL189.9%
Outros
GERAMARGERAMAR
55 Solues
55 Solues
100%
Sol Energias
Sol Energias
51%
85189
341 379 416470 512 505
559 568 575 545 617
844368
287113
485631
828
973
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EBITDA (R$ MM, ex-Light, ex-Celpa) EBITDA Light (R$ MM) EBITDA Celpa
784757
681
1.060
1.817
1.445
1.176
Preo da Ao
Gerao de Valor no Longo Prazo
atravs do turnaround das operaes e investimentos oportunsticos
Aquisio da
CEMAR
Venda da
participao
na Light
Aquisio da
CELPA
Aquisio do controle
compartilhado Light
Compra de 25% de
participao na Geramar
IPOEQTL
EBITDA CAGR(2004-2017):
+27%
5.2Mar 31,2006
77.00Jan 03,2019
Aquisio de
Ceal & Cepisa
Aquisio dos 8
projetos de
transmisso
2018
ADTV 30
R$ 86 m
Aquisio da
Intesa
Disciplina na Alocao de Capital
95% 27% 26% 26% 25% 25%106% 26% 100% 33% 25%90%Payout
Compra da Celpa e inciodo turnaround
Descasamento de Parcela A e contrao de crdito
Investimento emTransmisso
Preparaopara M&A
Payout Histrico de Dividendos(R$ MM)
* Lucro Lquido Ajustado o Lucro Lquido aps a formao da Reserva Legal
0
100
200
300
400
500
600
700
800
900
1.000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Dividendos Lucro Ajustado
Setor Eltrico: Oportunidades de crescimento
1 Fonte: Plano Decenal de Expanso de Energia 2027 MME2 Fonte: BTG Pactual
# Fonte Tabela: Mapa Dinmico SIN - ONS
R$ 72,5 bi de investimentos em Linhas de Transmisso at 20271
Crescimento orgnico em consumo nas nossas distribuidoras, em reas com baixo consumo per capita
R$ 146 bi em M&A desde 20142
R$ 32,5 bi de investimentos em Subestaes at 20271
Drivers de Valor
Papel ativo na consolidao do setor eltrico brasileiro
Leiles de projetos de transmisso Privatizao das Distribuidoras da Eletrobrs (Cepisa e Ceal) Aquisio de ativos estressados com potencial de turnaround
Eficincia Operacional e Rentabilidade
Reduo de Opex com a Aquisio da Cepisa (sinergias e eficincia) Benchmark de Qualidade no setor Melhoria da eficincia atravs de investimento na rede de distribuio
Governana Corporativa e Cultura
Conselho Profissional e alta administrao com mais de 10 anos no Grupo Plano de Opo de Compra de Aes Meritocracia
Otimizao da Estrutura de Capital
Gesto ativa da estrutura de capital das subsidirias Recursos necessrios a investimentos e aquisies Distribuio do excesso de capital aos acionistas via dividendos
Administradores
Su
prim
en
tos
Distribuio
32 anos Setor Eltrico15 anos grupo Equatorial
15 anos Setor Eltrico12 anos grupo Equatorial
20 anos em RH10 anos grupo Equatorial
10 anos Setor Eltrico10 anos grupo Equatorial
32 anos Setor Eltrico13 anos grupo Equatorial
11 anos Setor Eltrico11 anos grupo Equatorial
Transmisso
Outros
Gerncias Corporativas
Re
gu
lat
rio
Fin
an
as e
RI
Teso
ura
ria
Re
curso
s Hu
ma
no
s
TI
Jurd
ico
Co
me
rcial
En
ge
nh
aria
Estrutura centralizada para gerir cada rea dentro do
grupo
10 anos Setor Eltrico9 anos Finanas10 anos grupo Equatorial
CFOEduardo Haiama
CEOAugusto Miranda
DiretorTinn Amado
DiretorHumberto Nogueira
DiretorSrvio Santos
DiretorLeonardo Lucas
DiretorCarla Medrado
Governana CorporativaSquadra
Investimentos
14.7% 9.8%
Opportunity
5.8%
Blackrock
69.7%
Adm. & Outros
Firmino Ferreira Sampaio NetoPresidente do
Conselho
Jos Jorge deVasconcelos Lima
Conselheiro
Marcelo SouzaMonteiro
Conselheiro
Carlos Augusto
Leone PianiConselheiro
Eduardo Saggioro
Conselheiro
Guilherme AchVice-Presidente
do Conselho
100% Corporation, listada no Novo Mercado
7 conselheiros eleitos a cada 2 anos
2 ex-CEOs da Equatorial Energia
Luiz Henrique de Moura
Conselheiro
DISTRIBUIO
Foco em Resultado
Metas / Remunerao Varivel => 100% Funcionrios
Stock Options => Liderana
Estrutura de deciso gil
Controle de custos
Gesto Matricial de Despesas
Gesto dos terceirizados
Contratos por produtividade
Turnaround a Experincia da CEMAR
28.7%
16.4%
2007 3T18
Perdas Totais sobreInjetada
Eficincia em custos(PMSO/Consumidor) em BRL
2017
171 237
Regulatory79% or 50hreduo de DEC (2004-2017)
82% or 32xreduo de FEC (2004-2017)
Qualidade
12.3
pp
2o
Gesto MatricialMelhores Prticas:
Resultados excepcionais obtidos em duas das mais
complexas reas de concesso do Brasil
Criando valor atravs do turnaround
Ranking de Complexidade da ANEEL
0,503
0,377 0,3640,315 0,313
0,284 0,266 0,265 0,257 0,253
Celpa Light Amazonas
Energia
Cemar Celpe Coelba Ceal Eletropaulo Cepisa Coelce
Implementao de nova cultura corporativa
Estratgia regulatria
Obteno de apoio de todos os stakeholders
Construo de capital humano (atrao,
reteno & treinamento, meritocracia)
Otimizao da estrutura de
capital
Investimento de modernizao
e reforo da rede
Estrutura organizacional gil &
otimizao de processos
(controle de custos,
arrecadao e combate s
perdas)
Crescimento orgnico
Melhoria da produtividade e eficincia
operacional
Gerao de capital humano (plataforma
para novas aquisies)
REINVENO
CONTINUIDADE
RESTRUTURAO
Perdas Totais sobre Energia Injetada
Perdas
CEMAR
28,7%28,9%
25,2%
22,0%21,0%
20,7%19,2%
17,5% 17,6% 18,0%17,2%16,4%
25,6%
24,3%
23,1%22,1%
19,4% 19,7% 18,6%18,3%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3T18
Real Meta Regulatria
CELPA
35,0% 35,5%
31,2%
29,2%
28,3%27,5% 27,5%29,8%
28,6%
27,1%26,0%
26,8% 26,9% 26,8%
2012 2013 2014 2015 2016 2017 3T18
Reduo Consistente das Perdas de Energia => impulsionando crescimento de demanda
Cemar vem batendo a meta regulatria desde 2009
Celpa vem reduzindo a diferena ano aps ano
Melhoria Consistente nos Indicadores de Qualidade
Indicadores de Qualidade
CEMAR
Real Meta Regulatria
CELPA
DECHoras/Ano/Consumidor
FECVezes/Ano/Consumidor
39,3
15,27,5 7,1
2004 2009 2016 2017
63,4
23,6 14,2 13,3
2004 2009 2016 2017
103.4
19.9
46.2
13.3
52.4
29.7
11.9
18.6
101,6
49,0
29,5 27,4
2012 2014 2016 2017
DECHoras/Ano/Consumidor
FECVezes/Ano/Consumidor
37.9
31.0
34.0
29.5
38.7
33.727.5
30.0
50,9
30,020,4 17,8
2012 2014 2016 2017
2a
Ranking de Qualidade ANEEL
2017
9a
Ranking de Qualidade ANEEL
2017
Crescimento
Consolidao do segmento de Distribuio
1 Considerando a RAB da Celpa de 2015, ajustado pela inflao.
Outperformance de Custos Celpa e Cemar
RAB Lquida 2017(R$ 000)1
WACC Regulatrio(em termos reais)
WACCPs Impostos
/ (1 - ) =8.09% 34% 12.26%
126 129 126 139 171 245
291 321 367 346
397 436 415
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
PMSO Custos Regulatrios
CEMAR
656535
450 473 434497
2012 2013 2014 2015 2016 2017
PMSO Custos Regulatrios
CELPA
6.956
944
712
8.611
Cemar + Celpa Cepisa Ceal Consolidated
Taxa de IR/CS
WACCPr Impostos
Concesses localizadas em rea com potencial de crescimento de demanda e grande share de
consumidores residenciais
Source: Nota Tcnica DEA 001/2017
Crescimento acima da mdia
Crescimento estimado de demanda por regio (%)
Vendas por Classes (incluindo Cepisa e Ceal) 12 Meses encerrados em Dez, 2017 (%)
% Cresc. Norte Nordeste Brasil2016-2021 4,6 3,7 3,2
2021-2026 5,1 4,5 3,9
2016-2026 4,8 4,1 3,6
Crescimento acima da mdia brasileira
Relevncia no segmento residencial
Ticket mdio residencial baixo
Residencial 46%
Industrial 14%
Comercial 20%
Outros 21%
Consumo mensal mdio do segmento residencial(Kwh / Consumidor)
108,6 CEAL
121,65 CEMAR
126,08 CEPISA
142,59 CELPA
496829
-344
973
2012 2017CEMAR CELPA
Aplicao da expertise de Gesto para gerar valor em ativos de setores regulados
Forte Gerao de caixa
Base Reg. Lquida(R$m)
EBITDA(R$m)
Lucro Lquido(R$m)
Dv. Lquida/EBITDA
CAGR: +36.3%
2,62,0
2012 2017
Consolidated
385 490
-697
614
2012 2017
CEMAR CELPA
CAGR: +237,1%
2.069
3.309
2013 2017
CEMAR
1.472
3.090
2011 2015
CELPA
Cepisa e Ceal Novos Turnarounds
AL
PIPIMAMA
PAPA
AL
PIMA
PA 1,227 MM Consumidores
91.765 Extenso da Rede (Km)
3.410 GWh Volume Anual
28% Perdas Totais
R$ 419 MM PMSO Regulatrio
1,157 MM Consumidores
47.788 Extenso da Rede (Km)
3.546 GWh Volume Anual
25% Perdas Totais
R$ 340 MM PMSO Regulatrio
CEALCEPISA
RAB R$ MM
4a 9a 10a
Ranking de Complexidade ANEEL
PMSO / Consumidor (R$, 2017)
1 Relatrio da Eletrobrs
170
356 300
147
CE M A R CE P IS A CE A L CO E LCE
7a
2013 20171Prxima Reviso
Tarifria Peridica
CEPISA 318 944 2023
CEAL 444 712 2024
Reviso Tarifria
Extraordinria em
2019-2020
Aquisies de Cepisa e Ceal
Condies do Edital do Leilo:
Aquisio de participao de 89,94%
Eletrobrs tem o direito de capitalizar dvidas para atingir 30% de participao, at 6 meses aps a assinatura do Contrato de
Concesso.
Equatorial deve adquirir as sobras dos 10% de participao aos quais os empregados e aposentados tm direito de Cepisa/Ceal.
Equatorial deve pagar Eletrobrs 50% dos Ativos Imobilizados em Curso na data do laudo de avaliao e que forem
reconhecidos pela ANEEL na Base das companhias.
1 Incluindo R$ 400 mn de RGR Designada
2 RGR Designada na Ceal ensejar um ativo regulatrio na tarifa. Na Cepisa, no h ativo regulatrio a ser reconhecido.
3 Os R$ 599 mn de RGR designada na Ceal no inlcui os R$ 400 mn adicionais aprovados.
Condies de Leilo Cepisa Ceal
PMSO Regulatrio R$ 419 mn R$ 322 mn
Perdas no-Tcnicas (sobre Mercado BT) 13,93% 21,95%
RGR Designada (mai/18)2 R$ 844 mn R$ 599 mn3
Aporte de Capital Mnimo R$ 721 mn R$ 546 mn
Bnus de Outorga R$ 95 mn -
Dvida Lquida R$ 2,499 mn R$ 1,1851 mn
TRANSMISSO
A necessidade de investimentos em novos projetos
levou melhoria dos parmetros dos leilesDesgio em relao RAP Mxima
WACC RegulatrioWACC RegulatrioWACC RegulatrioWACC Regulatrio
4,6%
5,6%
8,5%
9,5%
8,5%8,0%
7,5%7,0%
6,6%6,0%
5,6%5,0%
4,6%
lotes oferecidos lotes vazios
WACC
Capex Regulatrio
Prazo de Construo
Tamanho dos lotes
Parmetros Regulatrios
Lotes arrematados pela Equatorial
O Desgio aplicado pela Equatorial no lote 31, do leilo de abril/17, foi de 9,5%.
7
13
7
13
7
29
20 2124 23
35
26 2624 24
35
11
20
13
0 0 0 0 01
02 1
3
1012
17
10
3 4
0 0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016.1 2016.2 2017.1 2017.2 2018.1 2018.2
39% 38% 43% 40%55% 13% 24% 40% 28% 26% 22% 12% 12% 3% 12% 36% 50% 55% 46%
Equatorial possui 8 projetos de TransmissoReceita Anual soma R$ 1,1 Bi / Ano*, corrigido por inflao
(* base Dez/2019)
SPE Lote Estado km SubestaesCapex ANEEL
(R$ MM)
LicenasAmbientais
ObrasCivis
RAP (R$MM)
SPE 7 Lote 23 PA 125 2 459 Instalao
(87%)Iniciadas 97
SPE 1 Lote 08 BA 251 478 Instalao Iniciadas 85
SPE 2 Lote 09 BA 213 1 501 Instalao Iniciadas 77
SPE 3 Lote 12 BA/PI 380 589 Instalao 112
SPE 4 Lote 14 BA/MG 594 1 1,140 Instalao Iniciadas 202
SPE 5 Lote 15 BA/MG 257 466 Instalao Iniciadas 93
SPE 6 Lote 16 MG 330 542 Instalao Iniciadas 116
SPE 8 Lote 31 PA 436 3 714 Instalao Iniciadas 135
INTESA TO / GO 695 5 May/08 Apr/36 150
Estado km Subestaes IncioFim da
ConcessoRAP
(R$MM)
PROJETOS
OPERACIONAL
TOTAL PROJETOS 2,586 7 4,889 917
TOTAL 3,281 12 1,067
GRUPO 1
INTESA
GRUPO 4
GRUPO 3
GRUPO 2
Evoluo das Linhas de Transmisso
RAP
Contrato de ConcessoLicenas
Ambientais Construo CivilNegociaoFundiria
ANEEL Assinatura IBAMA / SEMAS AG / ElecnorPor
Propriedade
SPE 01
(Lot 08)10/Feb/2017 Construction
SPE 02
(Lot 09)10/Feb/2017 Construction
SPE 03
(Lot 12)10/Feb/2017 Construction
SPE 04
(Lot 14)10/Feb/2017 Construction
SPE 05
(Lot 15)10/Feb/2017 Construction
SPE 06
(Lot 16)10/Feb/2017 Construction
SPE 07
(Lot 23)10/Feb/2017
Construction
(87% of the RAP)
SPE 08
(Lot 31)21/Jul/2017 Construction
61% - 70%
81% - 90%
71% - 80%
91% - 100%
Dez-18.
Grande parte dos financiamentos de longo prazo para a Transmisso j est contratada
Funding de Longo Prazo
Capex Reg.
Fonte Fin. / Capex Reg.1 Status(R$ MM)
SPE 1 1,212
190
Banco do Nordeste 70% ContratadaSPE 2
Debentures 10% EmitidaSPE 3
SPE 41,265 BNDES 80% Aprovado no Crdito
SPE 6
SPE 5
356
66
Banco do Nordeste
Debentures
80%
Contratada
A ser estruturada
SPE 7
293
150
SUDAM
80%
Contratada
Debentures A ser estruturada
SPE 8
495
190
SUDAM
80%
Contratada
Debentures A ser estruturada
TOTAL 4,217 - - -
O total do investimento j desembolsado na Transmisso at o 3T18 atingiu R$ 647 million.
1 Os percentuais so aproximados e podem variar para cada SPE.
Linhas de Transmisso Evoluo dos Projetos
Montagem de Torre
SE Vila do Conde
SE Tapajs
SE Rurpolis
Compensador Sncrono
SPE 1 & 2SPE 1 & 2
SPE 7SPE 7 SPE 8SPE 8
Terraplanagem do setor de 500kV
concluda
Fundaes dos setores de 69kV e 230 kV
Montagem da Torre
500 kV500 kV500 kV500 kV
230 kV230 kV230 kV230 kV69 kV69 kV69 kV69 kV
SE Marituba
SE Marituba
LT Vila do Conde - Marituba
LT Barreiras - Buritirama
NMEROS
Crescimento consistente de Receita e Rentabilidade
ROL(R$ MM)1
Lucro Lquido(R$ MM)
EBITDA(R$ MM)
Destaques Financeiros
4.715
6.773
7.135
7.826
9.071
2013 2014 2015 2016 2017
681
1.060
1.176
1.462
1.713
2013 2014 2015 2016 2017
69
638
808
712
997
2013 2014 2015 2016 2017
ROL inclui Receita de Construo.
88292 295 352 212
657
1.016831
1.0751.078
2013 2014 2015 2016 2017
Luz Para Todos Prprio
Perfil Financeiro Equilibrado para buscar oportunidades
Dv. Lquida Consolidada e Dvida Lquida / EBITDA 12 meses(R$ MM)1
Liquidez(R$ MM)1
Dv. Lquida Proporcional e Dvida Lquida / EBITDA 12 meses(R$ MM)2
Investimentos(R$ MM)
Destaques Financeiros
745
1,308
1,126
1,4271,290
R$ 4.4 BI 4.1 anos
Disponibilidades / Dvida de Curto Prazo
Prazo Mdio de Vencimentos
Caixa Consolidado
4.2 x
Considera 100% of CEMAR + 100% of CELPA + 25% of GERAMAR + 100% of 55 Solues.
Considera 65.1% of CEMAR + 96.5% of CELPA + 25% of GERAMAR + 100% of 55 Solues.
2.582 3.164 3.228 3.413 3.370
1,51,8 1,8
1,9 1,8
0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1
1,1
1,2
1,3
1,4
1,5
1,6
1,7
1,8
1,9
2
2,1
2,2
2,3
-
600
1.200
1.800
2.400
3.000
3.600
Set-17 Dez-17 Mar-18 Jun-18 Set-18
2.213 2.721 2.811 3.006 3.018
1,7 1,82,0
2,22,1
0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
1
1,1
1,2
1,3
1,4
1,5
1,6
1,7
1,8
1,9
2
2,1
2,2
2,3
-
600
1.200
1.800
2.400
3.000
3.600
Set-17 Dez-17 Mar-18 Jun-18 Set-18
Retrospectiva 2018
Licenas de Instalao
para todas as SPEs
Incio da Construo
SPEs 1, 2, 7 & 8
Funding de Longo Prazo
R$ 2,3 bi Transmisso
R$ 2,6 bi Distribuio Aquisies
Cepisa
Ceal
Intesa (49%)
Incentivos FiscaisSUDAM Celpa,
SPEs 7 e 8
SUDENE- Cemar,
Cepisa, Intesa &
todas SPEs
Crescimento em 2018
50%consumidores
= 10% share em distribuio
= R$ 10 bi de RAB Lquida
Distribuio
Transmisso63% Funding de
Longo Prazo contratado
Incio da fase
de construo
ANEXO
Regulao da Distribuio de Energia Eltrica no
Brasil Procedimentos Tarifrios
Ano 0 da Concesso
Reajuste Tarifrio AnualReviso Tarifria
Ordinria
Revises Tarifrias Ordinrias ocorrem a cada 4 ou 5 anosCEMAR: Ago/2021, CELPA: Ago/2019
Reviso Tarifria Extraordinriano caso de ruptura no equilbrio econmico-financeiro da concesso
n n+1 n+2 n+3 n+4 n+5
Regulao da Distribuio de Energia Eltrica no
Brasil Composio da Receita Operacional Lquida das Distribuidoras
Margem Bruta Regulatria (Parcela B)
Despesas Operacionais Regulatrias
EBITDA Regulatrio
Custos No-Gerenciveis so repassados tarifa
Custos No Gerenciveis (Parcela A)
Encargos Setoriais
Custo de Compra de Energia
Encargos de Transmisso
++++
RepasseRepasseRepasseRepasse TarifaTarifaTarifaTarifa
(independente do processo tarifrio)
DependeDependeDependeDepende do do do do processoprocessoprocessoprocesso tarifriotarifriotarifriotarifrio
Reajuste Anual
Inflao (IGP-M) + / - Fator X
Reviso Peridica Reviso da Tarifa e clculo do Fator X
O que diferencia o Reajuste Anual da RevisoPeridica a maneira como a Parcela B definida
Regulao da Distribuio de Energia Eltrica no
Brasil Reajuste Tarifrio (CELPA 2018)
Ano Anterior ao Reajuste(DRA)
Aps o Reajuste(DRP)
-
4.344
2.775
1.569
ROL0Rec. Operacional
Lquida
VPA0Parcela A
VPB0Parcela B=
1.678
3.176
4.854
+VPB1Parcela BVPA1
Parcela AROL1
Rec. OperacionalLquida
=
x (IGP-M Fator X) =(8,24% -1,28%) = 6,96%
Parcela B determinada por
diferena (ROL0 VPA0)
(+) Componentes FinanceirosVariaes de Parcela A aps ltimo reajuste/reviso
ROL1ROL0
IRT = - 1 = 11,75%
Regulao da Distribuio de Energia Eltrica no
Brasil A Reviso Tarifria executada em 2 passos: o clculo da tarifa e a determinao do Fator X
Ano 0 1a RevisoTarifria
2a RevisoTarifria
EBITDA
t
OPEX
3a RevisoTarifria
Ganhos de Produtividade Ganhos de Eficincia Ganhos de Produtividade e Eficincia so
divididos com consumidores Fator X
Reviso Tarifria
Custos RegulatriosCusto Operacional eficiente
definido pela ANEEL
Regulao da Distribuio de Energia Eltrica no
Brasil Reviso Tarifria da CEMAR (2017)
430
190
89
577
57
1.343
Investment
Remuneration
Depreciation Remuneration e
Depreciation of Other
Assets
Regulatory Opex Regulattory Bad Debt Parcela B
x WACC x Tx. Depreciao
Base de Base de Base de Base de AtivosAtivosAtivosAtivos RegulatriosRegulatriosRegulatriosRegulatrios (RAB)(RAB)(RAB)(RAB)
So considerados apenas
investimentos prudentes e
inerentes ao servio
RAB RAB RAB RAB BrutaBrutaBrutaBruta
R$ 4,9 bilhes
RAB RAB RAB RAB LquidaLquidaLquidaLquida
R$ 3,3 bilhes
EBITDAReg=
R$ R$ R$ R$ 709 MM709 MM709 MM709 MM
DefinidosDefinidosDefinidosDefinidos atravsatravsatravsatravs de de de de
modelosmodelosmodelosmodelos de benchmarkingde benchmarkingde benchmarkingde benchmarking
RemuneraoRemuneraoRemuneraoRemunerao do do do do
InvestimentoInvestimentoInvestimentoInvestimento
DepreciaoDepreciaoDepreciaoDepreciao RetornoRetornoRetornoRetorno e e e e DepreciaoDepreciaoDepreciaoDepreciao
sobresobresobresobre Outros Outros Outros Outros AtivosAtivosAtivosAtivos
CustosCustosCustosCustos OperacionaisOperacionaisOperacionaisOperacionais
RegulatriosRegulatriosRegulatriosRegulatrios
InadimplnciaInadimplnciaInadimplnciaInadimplncia
RegulatriaRegulatriaRegulatriaRegulatria
ParcelaParcelaParcelaParcela BBBB
Regulao da Distribuio de Energia Eltrica no
Brasil Fator X
= + +
FATOR
X
Mudana em DEC/FEC/IASC Performance Relativa
Produtividade mdia setorial, considerando crescimento no volume vendido e nmero de consumidores
Q Pd
Definido em cada Reajuste Anual Definido na Reviso Peridica
Transio de um Opex Regulatrioverificado nos ltimos 12 meses para um determinado baseado embenchmarking
T
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