earnings release 3q13
TRANSCRIPT
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3Q13 Earnings Release
ENEVA Announces Third Quarter 2013 Results
Rio de Janeiro, November 13, 2013 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today theresults for the third quarter ended September 30, 2013 (3Q13). The information below is presented on a consolidatedbasis in accordance with the accounting practices adopted in Brazil, except when stated otherwise.
3Q13 Highlights & Subsequent Events
The volume of energy sold in 3Q13 was 1,719 GWh, excluding the volumes sold by Pecm I and
ENEVAs trading arm, in accordance to the IFRS11 consolidation standards;
Net revenuesreached R$ 317.3 million;
Operating expensesreached R$ 47.8 million, a decrease of R$ 6.0 million in relation to 3Q12. Holding
3Q13 Earnings Release
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Ongoing Regulatory Claims
Pass-through Criteria for spot market power purchase in case of startup delay
According to the regulation currently in place, a power plant that holds a regulated market PPA and faces startup
delays must purchase power in the free market in order to fulfill its contractual obligations. Currently, the pass-
through criteria establishes that this cost is reimbursed based on the cost-benefit index (ICB) of the power plant
(i.e. estimated average cost of the plant to the grid) at the time of the auction in which power was sold.
The company is currently discussing with Aneel a change in the ICB Criteria, so as to establish a pass-through
based on the online cost of the plant to the system (ICB online). The Company understands that pass-through
revenues should be calculated based on what would be the current (online)cost of the plant to the grid in case
it was operating commercially.
Compensation for downtime/Unavailability Charges (ADOMP)
ENEVAs power plants are being charged on an hourly basis for any differences between the net declared power
generation capacity and the actual generation. The Company is challenging these charges as it understands that
while the PPA provides for an annual revision of plants firm energy based on a 60-month rolling average of its
availability, it does not foresee charges on an hourly basis.
Economic and Financial Pe fo mance
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2. Operating Costs
Operating Costs
(R$ thousand) 3Q13 3Q12 %
Personnel and Management (11,954) (796) 1402.3%
Fuel (156,393) (17,945) 771.5%
Outsourced Services (28,777) (631) 4462.8%
Leases and Rentals (43,867) (1,093) 3914.0%
Energy Acquired for Resale 14,410 - -
Other Costs (32,573) 14,654 -322.3%
Transmission Charges (15,208) - -
Compensation for Downtime (23,283) - -
Total (259,153) (5,810) 4360.3%
Depreciation and Amortization (44,667) (1,500) 2877.6%
Total Operating Costs (303,821) (7,310) 4056.1%
Operating Costs totaled R$ 303.8 million in 3Q13, impacted mainly by an increase of R$ 138.4 million in fuel
costs relative to the same period of the preceding year, due to the beginning of commercial operations of two
power plants (Itaqui and Parnaba I), which were dispatched by the ONS the full 3Q13. The cost of R$ 156.4
million recorded in the quarter is divided into R$ 63.2 million incurred by Itaqui, R$ 75.3 million incurred by
Parnaba I and R$ 17 9 million by Amapari
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3. Operating ExpensesIn the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$ 47.1 million, an
11.7% reduction when compared to 3Q12. In the same period, the holding company posted Operating Expenses,
excluding Depreciation & Amortization, of R$ 33.1 million, compared to the R$ 38.7 million recorded in 3Q12.
During the period, the IPCA inflation index rose by 5.71%.
Operating Expenses Consolidated Holding
(R$ thousand) 3Q13 3Q12 % 3Q13 3Q12 %
Personnel and Management (22,162) (25,939) -14.6% (17,681) (20,540) -13.9%
Outsourced Services (16,979) (21,143) -19.7% (10,920) (13,817) -21.0%
Leases and Rentals (2,770) (2,474) 12.0% (1,927) (2,037) -5.4%
Other Expenses (5,209) (3,790) 37.4% (2,565) (2,269) 13.0%
Total (47,120) (53,345) -11.7% (33,092) (38,663) -14.4%
Depreciation and Amortization (686) (504) 36.1% (466) (349) 33.4%
Total Operating Expenses (47,806) (53,849) -11.2% (33,558) (39,012) -14.0%
The main changes are as follows:
Personnel:Personnel expenses totaled R$ 22.2 million in 3Q13, compared to R$ 25.9 million reported in
the same period of the preceding year. The highlights is:
Reduction in stock option-related expenses resulting mainly from the decrease in stock price
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5. Net Financial ResultFinancial Result
(R$ thousand) 3Q13 3Q12 %
Fx Rate Fluctuations (1,118) (2,287) -51.1%
Marking-to-market derivatives 102,630 (20,526) -600.0%
Derivatives Liquidation (105,031) 13,636 -870.2%
Interest Revenue 9,545 21,911 -56.4%Debt Service (86,744) (11,308) 667.1%
Other (17,960) (12,482) 43.9%
Net Financial Result (98,679) (11,056) 792.5%
In 3Q13, ENEVA recorded net financial expenses of R$ 98.7 million, compared to net expenses of R$ 11.1 million
in 3Q12, impacted mainly by the increase in interest expenses in the holding company (+R$ 29.8 million), Itaqui
(+R$ 38.1 million); Pecm II (+R$ 6.4 million) and Parnaba I (+R$ 16.0 million). Given the end of the grace
period for interest payments on the Itaqui, Pecm II and Parnaba 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.
Other financial expenses were impacted by structuring fees related to the R$ 800 million capital increase
l d d i S t b (+R$ 16 9 illi )
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Operating Costs, excluding depreciation and amortization, totaled R$ 174.9 million, an increase of 16.9%
compared to the same period of last year. Fuel costs reached R$ 109.3 million, split mainly between coal (R$
86.4 million) and diesel oil (R$ 14.0 million) costs. Fuel costs in the quarter were inflated due to the process of
shutting down and restarting of the plant during stoppages in the period.
Operating costs in 3Q13 were also impacted by costs associated with downtime (unavailability charges), in the
amount of R$ 27.7 million.Downtime charges are measured on an hourly basis and 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. Pecm 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).
3Q13 was the first quarter in which Pecm I recorded a positive EBITDA, with the plants two generating units
fully operational and without the cost burden of power purchases. Pecm I reported a positive EBITDA of R$ 40.1
million in the quarter.
Net financial expenses amounted to R$ 71.4 million, compared to R$ 21.9 million in 3Q12, impacted mainly by
increased interest expenses related to the end of the grace period of the long-term project loans, in July 2012
and higher losses on currency hedging derivatives.
Pecm I reported a net loss of R$ 43.0 million in 3Q13.
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The balance of short-term debt at the end of September 2013 was R$ 2,527.8 million, or R$ 123.3 million lower
than the amount recorded as of June 30, 2013.
R$ 1,085.8 million out of the total balance of short-term debt is allocated in the projects, as follows:
R$ 268.1 million refer to the current portion of the long-term debts of Pecm II, Itaqui and Parnaba I;
R$ 113.2 million refer to bridge loans to Parnaba I, which after the closing of 3Q13 were rolled over until
December 2014. The outstanding balance will be paid-off in 15 monthly installments, starting in October
2013;
R$ 704.4 million refer to bridge loans to Parnaba II, which should be paid-off until the end of 2013 with
the disbursement of the long-term financing packages.
The remaining balance of short-term debt, R$ 1,442.1 million, is allocated in the holding company. During 3Q13,
ENEVA holding paid-off R$ 102.2 million (principal + accrued interest) of its short-term debt with proceeds from
the capital increase concluded in September, 2013.
According to the new IFRS standards, Pecm I is no longer included in consolidated statements. As of September
30, 2013, the gross debt of Pecm I (50%) amounted to R$ 1,082.6 million.
In September, 2013, the average cost of debt was 9.3%p.a.and the average maturity was 4.5 years.
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Consolidated Cash and Cash Equivalents (R$ million)
9. Capital Expenditures (accounting view)The fifth turbine of Parnaba I was spun-off and transferred to Parnaba III during 3Q13. Parnaba III is held by
MPX E.ON Participaes, ENEVAs joint-venture with E.ON, and thus is accounted for under the equity method.
Excluding the impact of the spin-off (-R$303.0 million), capital expenditures at Parnaba I in 3Q13 would amount
150
800
488
74
390
277
94
193 54
357 284
Cash and CashEquivalents
(2Q13)
CapitalIncrease
Revenues Holding Itaqui Parnaba I Parnaba II Pecm II Others Cash and CashEquivalents
(3Q13)
Adjusted Cashand Cash
Equivalents(3Q13)
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Installed Generation Capacity and Status of Projects under Construction
ENEVAs gross installed capacity reached 2,313 MW with the start of commercial operations of Pecm II on
October 18, 2013 and Parnaba III on October 22, 2013.
InstalledCapacity (MW)
ENEVAOwnership
Declaration ofCommercial Operation
Amapari 23 51% June, 2008
Pecm I 720 50% May 10, 2013Itaqui 360 100% Feb 05, 2013
Parnaba I 676 70% Apr 12, 2013
Pecm II 365 100% Oct 18, 2013
Parnaba III 169 52.5% Oct 22, 2013
Total 2,313
Additionally, ENEVA is currently building two gas-fired power plants, Parnaba II and IV, totaling 573 MW.
Furthermore, an engine of 7 MW is being installed in Parnaba III, in order to increase the plant scapacity to 176
MW.
Parnaba II
Civil Works at Parnaba II are in line with the regulatory schedule. Electromechanical equipment and the steam
t bi tl d bl C i i i f th fi t ti it (169 MW) i t d t
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Natural Gas E&P in the Parnaba Basin
In 3Q13, OGX Maranho began and completed the drilling of three wildcat wells1. In two, out of these three
wells, gas shows were found: Prospect Fazenda Havana (OGX-115) and the Prospect So Lus do Vale (OGX-
118). In the third well, Morada Nova (OGX-117), a new gas accumulation was discovered with two intervals
containing 18 and 47 meters of net pay in the formation Poti. Additionally, the drilling rig started moving to drill
the first well and commitment on the block PNT-T-102, corresponding to the project Fazenda Araguana (OGX-
119).
Gavio Real Field Development
In 3Q13, OGX Maranho operated in order to supply the four turbines of Parnaba I, reaching daily volumes of
natural gas production of approximately 4.5 million m in Gavio Real field2. The monthly production was in line
with average production of approximately 4.5 million m. The onshore production in 3Q13 totaled 409.8 million
m of natural gas.
In 4Q13 the Gas Treatment Unit (GTU) reached its current nominal capacity (6.6 million m/day), allowing the
start of Parnaba III operations. The production collection system received the production of four additional wells,
located in a third production cluster. By year end, three others wells will be connected, totaling for this phase
sixteen wells. By setting into production of all these wells, will be possible to achieve a better management of
gas deposits exploitation.
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Stock Price Performance
ENEVAs capital on September 30, 2013 was constituted by 702,510,969 ordinary shares, of which 38.2% were
free float.
ENEVAs share price at the end of the third quarter of 2013 was R$ 5.25, compared to R$ 7.55 on June 30, 2013,
representing a drop of 30.5% in the quarter. In the same period, the Bovespa Index (Ibovespa) advanced 11.6%
and the Electrical Utilities Sector Index (IEE) advanced 6.4%. In the last 12 months, ENEVAs shares fell 51.4%,
the Ibovespa 11.6% and the IEE 10.1%. The Companys market capitalization at the end of the quarter reachedR$ 3.7 billion. Average daily traded volume in 3Q13 was R$ 8.9 million.
52,338
R$ 7.55
R$ 5.25
27,038
60
65
70
75
80
85
90
95
100105
110
115
120
3Q13 Capital Markets Performance06/28/2013 = 100
52,338
R$ 10.80
R$ 5.25
27,038
404550556065707580859095
100105110115
12m Capital Markets Performance09/28/2012 = 100
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3Q13 Conference Call
Thursday, November 14, 201310:00 am (Brasilia Time) / 07:00 am (US EST)
Access numbers Brazil:
+55 11 4706-0951
+55 11 2104-8901
Access numbers US:
+1 855 281-6021+1 786 924-6977
Password:ENEVA
Webcast in Portuguese:www.ccall.com.br/eneva/3q13.htmWebcastin English:www.ccall.com.br/eneva/3q13.htm
ENEVA ContactsInvestor Relations:
Flavia Heller
Rodrigo Vilela
Luiza Santoro
+55 21 2163-4459
ir.eneva.com.br
http://www.ccall.com.br/eneva/3q13.htmhttp://www.ccall.com.br/eneva/3q13.htmhttp://www.ccall.com.br/eneva/3q13.htmmailto:[email protected]:[email protected]:[email protected]://www.ccall.com.br/eneva/3q13.htm -
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ANNEX
I. Balance Sheet Assets
Holding Consolidated
(R$ thousand) sep-13 dec-12 sep-13 dec-12
Current Assets 337,230 234,243 786,624 1,100,727
Cash and Cash Equivalents 302,324 206,263 356,552 593,910
Accounts Receivable 24,378 22,886 277,676 262,010
Gain on Derivatives 10,491 5,058 10,521 3,021
CCC Subsidy - - 18,724 17,561
Inventories - - 93,330 211,718
Escrow Accounts 37 35 37 4,237
Prepaid Expenses - - 29,783 8,270
Non-current Assets
Long-term Asset 1,422,236 1,170,868 787,456 675,016
Accounts Receivable 918,738 533,073 208,412 47,375
Advances for Future CapitalIncrease (AFAC)
388,202 419,426 365 -
Escrow Accounts - 102,649 152,458 137,718
Deferred Taxes (IR/CSLL) 114,400 114,400 398,121 456,123
Prepaid Expenses - R&D 895 1,320 28,100 33,801
Fi d A t 2 572 251 2 237 371 7 632 114 7 675 436
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II. Balance Sheet - LiabilitiesParent Consolidated
(R$ thousand) sep-13 dec-12 sep-13 dec-12
Current Liabilities 1.458.679 947.340 3.170.392 2.407.159
Accounts Payable 3.587 3.848 384.195 228.638
Personnel 5.208 3.288 14.916 12.980
Charges on Debts 53.115 15.400 166.405 105.620
Taxes Payable 231 402 43.566 11.375
Short Term Debt 1.388.953 908.953 2.361.442 1.809.781Losses on Derivatives - - - 39.506
Other 7.585 15.450 199.868 199.259
Non-current Liabilities - - - -
Long term Liabilities 131.058 125.547 3.202.666 4.339.445
Accounts Payable - - - -
Deferred Taxes (IR/CSLL) - - (31.233) (21.788)
Long-Term Debt 111.500 102.175 3.054.646 4.173.735
Intercompany Loan 705 - 151.403 215
Provision for Losses 13.698 18.418 17.291 171.899
Others 5.155 4.954 10.560 15.385
Minority Interests - - 110.033 154.975
Shareholder's Equity 2.741.980 2.569.594 2.723.102 2.549.600
Common Stock 4.532.274 3.731.734 4.532.274 3.731.734
Capital Reserve
Reserve Valuation Adjustments (46.110) (55.424) (46.110) (55.424)
Profit Reserve 346.044 321.904 346.044 321.904
Advance for Future Capital Increase -AFAC
Translation Adjustments (63.069) (63.643) (63.069) (63.643)
A l t d P fit L (1 364 978) (929 777) (1 383 856) (949 770)
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III. Income StatementHolding Consolidated
(R$ thousand) 3Q13 3Q12 3Q13 3Q12
Gross Operating Revenues - - 353,520 10,983
Energy Supply - - 353,520 10,983
Energy Commercialization - - - -
Deductions from Gross Revenue - - (36,253) (1,116)Net Operating Revenues - - 317,267 9,867
Operating Costs - - (303,821) (7,310)
Personnel - - (11,954) (796)
Material - - (2,977) (275)
Fuel - - (156,393) (17,945)
Outsourced Services - - (28,777) (631)
Depreciation and Amortization - - (44,667) (1,500)
Leases and Rentals - - (43,867) (1,093)
CCC Subsidy - - 14,138 15,177
Energy Acquired for Resale - - 14,410 -
Other costs - - (43,734) (249)
Operating Expenses (33,558) (39,012) (47,806) (53,849)
Personnel (17,681) (20,540) (22,162) (25,939)
Material (46) (97) (309) (402)
Outsourced Services (10,920) (13,817) (16,979) (21,143)
Depreciation and Amortization (466) (349) (686) (504)
Leases and Rentals (1,927) (2,037) (2,770) (2,474)
Other Expenses (2,518) (2,172) (4,900) (3,387)
N t Fi i l I (44 701) 911 (98 679) (11 056)
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Relatrio de Resultados
3Q13 Earnings Release
IV. Project Balance Sheet AssetsPecm I (100%) Itaqui Pecm II Amapari Parnaba I Parnaba II
MPX/E.ONParticipaes
(R$ thousand) sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12
Current Assets 254,551 442,065 133,972 136,865 70,154 46,335 41,974 47,197 197,507 85,228 5,228 217,134 198,101 227,579
Cash and Cash Equivalents 47,845 727 15,730 7,334 345 1,073 3,375 10,514 33,888 83,249 352 213,352 65,873 134,705
Accounts Receivable 145,565 303,345 67,342 36,577 31,062 4,386 9,427 9,173 145,119 272 329 684 132,226 84,343
Gain on Derivatives - - - - - - 30 - - - - - - 2
CCC Subsidy - - - - - - 18,724 17,561 - - - - - -
Inventories 58,382 136,350 47,297 92,098 33,203 40,723 10,413 9,865 2,417 - - - 2 2
Escrow Accounts 298 1,298 - - - - - - - - - - - 7,106
Prepaid Expenses 2,462 346 3,603 855 5,544 153 5 84 16,083 1,706 4,548 3,098 (0) 1,421
Non-current Assets
Long-term Asset 428,960 304,425 258,016 131,767 147,316 86,273 26,953 26,861 31,245 18,344 9,242 7,189 14,580 14,458
Accounts Receivable 18,122 16,515 1,162 1,671 241 1,252 2,268 2,244 824 5,141 4,953 3,708 13,672 7,909Advances for Future Capital
Increase (AFAC)- - - - - - - - - - - - 215 -
Escrow Accounts - - 63,667 10,853 63,324 22,145 68 - 25,398 - - - - 1,380
Deferred Taxes (IR/CSLL) 410,838 287,910 192,127 117,207 83,037 62,161 - - 4,766 11,359 3,790 421 587 4,747
Prepaid Expenses - R&D - - 1,060 2,035 715 715 24,617 24,617 257 1,844 499 3,060 105 422
Fixed Assets 3,435,496 3,412,035 2,644,803 2,501,726 1,891,089 1,623,221 68,426 72,062 1,116,517 1,066,546 942,540 488,698 183,062 100,468
Equity Interest - - - - - - - - - - - - 142,552 -
Property, Plant and Equipment 3,433,846 3,410,324 2,633,013 2,489,105 1,890,728 1,622,873 65,155 67,568 934,556 882,788 939,063 488,155 15,777 62,559
Intangible Assets 1,399 1,460 11,081 11,913 357 344 181 288 181,961 183,758 3,476 543 24,733 37,909
Deferred Assets 251 251 708 708 4 4 3,090 4,206 - - - - - 0
TOTAL ASSETS 4,119,006 4,158,526 3,036,791 2,770,357 2,108,559 1,755,829 137,353 146,120 1,345,269 1,170,117 957,010 713,021 395,743 342,505
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Relatrio de Resultados
3Q13 Earnings Release
V. Project Balance Sheet - LiabilitiesPecm I (100%) Itaqui Pecm II Amapari Parnaba I Parnaba II
MPX/E.ONParticipaes
(R$ thousand) sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12 sep-13 dec-12
Current Liabilities 552.021 471.408 442.302 246.786 167.456 94.118 30.241 42.449 254.839 162.380 816.657 627.767 119.805 123.373Accounts Payable 247.508 135.855 208.036 58.340 22.939 11.853 27.299 35.544 48.993 3.020 73.337 2.744 68.395 87.399
Personnel 4.029 2.652 3.176 2.952 1.197 926 663 370 2.044 1.657 2.593 675 4.476 2.946
Charges on Debts 8.810 2.777 5.640 34.910 44.189 5.828 - - 9.026 7.484 54.436 39.948 - 442
Taxes Payable 24.564 6.748 14.304 4.758 6.059 254 848 967 16.923 413 5.187 441 6.153 1.211
Short Term Debt 161.303 156.055 90.093 89.101 66.496 25.075 - - 165.900 143.276 650.000 550.000 - 10.233
Losses on Derivatives 34.952 33.109 - 22.951 - - - - - - - - - -
Other 70.854 134.213 121.052 33.774 26.578 50.182 1.431 5.569 11.952 6.530 31.104 33.958 40.781 21.143
Non-current Liabilities - - - - - - - - - - - - - -
Long term Liabilities 2.400.493 2.464.001 1.612.793 1.746.493 1.349.536 1.045.646 - - 808.200 677.593 2.310 - 27.547 22.015
Accounts Payable - - - - - - - - - - - - - -
Deferred Taxes (IR/CSLL) (27.284) (30.462) (15.380) (16.067) (11.330) 13.706 - - (4.524) (4.196) - - - -
Long-Term Debt 2.022.432 2.078.696 1.232.408 1.298.009 1.036.520 1.029.391 - - 674.217 681.789 - - - 15.349
Intercompany Loan 322.342 266.978 395.764 369.755 318.769 187.287 - 430 138.507 - 2.310 - - -
Provision for Losses 83.004 148.789 - 94.797 2.220 2.118 - - - - - - 27.588 1.077Others - - - - 3.357 - - - - - - - (41) 5.589
Minority Interests - - - - - - - - - - - - - -
Shareholder's Equity 1.166.492 1.223.117 981.695 777.078 591.567 616.065 107.112 103.671 282.231 330.144 138.044 85.254 248.391 194.831
Common Stock 1.871.672 1.689.672 1.225.760 764.100 702.881 571.781 84.761 84.761 215.619 354.465 86.001 86.001 266.758 174.588
Capital Reserve - - - - - - 6.529 4.718 - - - - 62.000 62.000
Reserve Valuation Adjustments (92.220) (110.848) - - - - - - - - - - - 19
Profit Reserve 71.312 71.312 - - - - 11.978 9.174 - - - - - -
Advance for Future Capital Increase -AFAC
- - 198.600 241.000 51.000 166.000 - - 93.000 - 59.500 - - -
Translation Adjustments - - - - - - - - - - - - (98) (482)
Accumulated Profit or Losses (427.019) (220.020) (228.021) (186.785) (121.716) (98.963) - (4.000) (17.146) (13.007) (747) (0) (44.578) (10.904)
Net Earnings (257.253) (206.999) (214.643) (41.236) (40.598) (22.753) 3.844 9.018 (9.242) (11.314) (6.711) (746) (35.691) (30.389)
TOTAL LIABILITIES 4.119.006 4.158.526 3.036.791 2.770.357 2.108.559 1.755.829 137.353 146.120 1.345.269 1.170.117 957.010 713.021 395.743 342.505
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Relatrio de Resultados
3Q13 Earnings Release
VI. Project Income StatementPecm I (100%) Itaqui Pecm II Amapari Parnaba I Parnaba II
MPX/E.ONParticipaes
(R$ thousand) 3Q13 3Q12 3Q13 3Q12 3Q13 3Q12 3Q13 3Q12 3Q13 3Q12 3Q13 3Q12 3Q13 3Q12
Gross Operating Revenues 244,468 113,765 106,093 - 104 - 10,809 10,983 236,513 - - - 202,040 155,766Energy Supply 244,655 113,765 106,093 - 104 - 10,809 10,983 236,513 - - - 202,040 75
Energy Commercialization (187) - - - - - - - - - - - - 155,691
Deductions from Gross Revenue (27,311) (10,591) (10,958) - (174) - (1,098) (1,116) (24,023) - - - (18,593) (13,657)
Net Operating Revenues 217,157 103,175 95,135 - (70) - 9,711 9,867 212,491 - - - 183,447 142,109
Operating Costs (208,704) (149,673) (123,417) (72) (5,133) (926) (7,103) (6,124) (167,932) (15) (4) - (176,167) (143,493)
Personnel (6,831) - (6,172) - - - (1,058) (796) (4,725) - 0 - (552) (254)
Material (1,768) (137) (2,232) - - (109) (302) (165) (444) - (0) - (0) (1)
Fuel (109,281) - (63,210) - - (90) (17,880) (17,855) (75,303) - - - - -
Outsourced Services (6,358) (162) (8,821) - - 334 (660) (935) (19,257) (0) 0 - 8,560 (137)
Depreciation and Amortization (33,853) (76) (25,499) (72) (9) (7) (1,239) (1,406) (17,917) (15) (4) - (86) (90)
Leases and Rentals (912) (254) (1,203) - - (922) (75) (32) (42,443) - - - (86) (275)
CCC Subsidy - - - - - - 14,138 15,177 - - - - - -
Energy Acquired for Resale (2,626) (149,013) 12,980 - 1,431 - - - - - - - (182,758) (142,665)
Other costs (47,074) (30) (29,259) - (6,555) (131) (27) (112) (7,844) - (0) - (1,246) (70)
Operating Expenses (2,259) (3,609) (3,220) (4,757) (3,177) (4,220) (268) (1,105) (3,726) (4,300) (3,832) (445) (13,008) (17,726)
Personnel (1,805) (1,152) (1,263) (2,043) (532) (1,085) (133) (203) (260) (1,980) (2,275) (92) (8,428) (13,185)
Material (34) (29) (120) (198) (17) (20) (1) (13) (81) (75) (44) - (20) (27)
Outsourced Services (2,675) (1,614) (1,344) (1,922) (1,421) (2,540) (96) (859) (2,011) (1,660) (1,182) (332) (2,694) (2,610)
Depreciation and Amortization (41) (30) (103) (86) (22) (17) (8) (7) (66) (38) (21) (6) (12) (62)
Leases and Rentals (84) (60) (308) (154) (129) (65) (9) (10) (269) (208) (128) (0) (1,343) (562)
Other Expenses 2,379 (723) (82) (353) (1,055) (493) (21) (14) (1,040) (340) (182) (15) (511) (1,280)
EBITDA 40,088 (50,001) (5,900) (4,671) (8,348) (5,121) 3,587 4,050 58,814 (4,262) (3,811) (439) (5,630) (18,957)
EBIT 6,193 (50,107) (31,502) (4,829) (8,379) (5,146) 2,341 2,638 40,832 (4,315) (3,836) (445) (5,728) (19,110)
Net Financial Income (71,400) (21,900) (37,614) (5,229) (14,076) (5,766) 266 (740) (2,581) (239) 30 (2) 3,009 6,592
Other Revenues/ Expenses - - 9 122 - 3 - 128 0 - - - (1,539) 349
Equity Income - - - - - - - - - - - - (11,210) (2)
Earnings Before Taxes (65,207) (72,007) (69,107) (9,936) (22,455) (10,909) 2,607 2,026 38,252 (4,554) (3,806) (447) (15,468) (12,171)
CSLL/IR 17,055 - - - - - (451) (214) (5,030) - - - (148) (506)
Deferred Taxes Provision (IR/CSLL) 5,115 24,794 - 1,637 7,616 3,709 - - (18,769) 1,533 1,253 96 99 81
Minority Interest - - - - - - - - - - - - - -
NET INCOME (43,036) (47,213) (69,107) (8,299) (14,839) (7,200) 2,157 1,811 14,453 (3,021) (2,553) (351) (15,517) (12,596)
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8/14/2019 Earnings Release 3Q13
20/20
20
Relatrio de Resultados
3Q13 Earnings Release
VII. OGX Maranho Balance Sheet*
(R$ thousand) mar-13 jun-13 sep-13
Current Assets 160,499 247,877 300,229
Cash and Cash Equivalents 29,388 1,346 12,822Accounts Receivable from third parties 28,852 86,870 74,356
Accounts Receivable - Intercompany 0 0 6,194
Taxes Recoverable 4,076 1,555 1,577
Gain on Derivatives 22,857 43,142 46,289
Inventories - Oil 0 0 0
Other 75,326 114,964 158,991Non-current Assets 917,320 1,002,328 1,080,362
Materials Inventories 14,341 12,834 25,953
Deferred Taxes (IR/CSLL) 121,870 118,745 115,620Deferred Taxes (IR/CSLL) - Retained
Earnings 11,584 15,896 8,650
Property, Plant and Equipment 757,205 841,954 917,891
Intangible Assets 12,320 12,899 12,248Total Assets 1,077,819 1,250,205 1,380,591
Current Liabilities 163,698 879,740 951,190
Accounts Payable 117,965 182,358 269,600
Taxes Payable 10,294 10,747 9,074
Personnel 675 456 5,378
Accounts Payable to Related Parties 0 0 968
Others 8,492 68 7,922
Short Term Debt 6,256 665,738 658,248
Short Term Debt - Intercompany 20,016 20,373 0Non-current Liabilities 835,987 258,836 274,501
Long-Term Debt 624,379 0 0
Deferred Taxes (IR/CSLL) 7,333 12,508 14,060
Accounts Payable Intercompany - OGX P&G 154,106 175,395 196,274
Provision for Losses 50,169 70,933 64,167Shareholder's Equity 78,134 111,629 154,900
Common Stock 321,118 347,668 368,593
Retained Earnings (242,984) (236,039) (213,693)Total Liabilities 1,077,819 1,250,205 1,380,591* Preliminary and not audited figures.