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Anexo 2.1.13
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Anexo 2.1.13
Laudo de Avaliao dos Ativos Petra
STRICTLY PRIVATE AND CONFIDENTIAL
PROJECT 36 INFORMATION MEMORANDUM
PREPARED TO: [INVESTOR]
DATE: [X]
Eneva Valuation Analysis
March 31, 2015
STRICTLY PRIVATE AND CONFIDENTIAL
Table of Contents
Section I. Executive Summary
Section II. Valuation - Parnaba I, III and IV
Appendix I. Multiple Database
Appendix II. Parnaba I, III and IV Overview
Contacts
2
Executive Summary
I
STRICTLY PRIVATE AND CONFIDENTIAL
Executive Summary
4
March 27, 2015
Eneva S.A
Praia do Flamengo, 66 9th floor 22210030 Rio de Janeiro RJ Brazil
Dear Sirs,
We understand that Eneva S.A. (Company or Eneva) is entertaining the possibility of acquiring the stake currently owned directly and/or indirectly by Petra Energia S.A. (Petra) in UTE Parnaba I, UTE Parnaba III and UTE Parnaba IV (collectively referred to herein as UTEs), equivalent to 30% of the capital stock in each of such UTEs (Petra UTE Shares).
For the purposes of the foregoing, Eneva have asked G5 Consultoria e Assessoria Ltda. (G5 Evercore) to provide the Company with a valuation of Petra UTE Shares.
In connection with the required analysis by G5 Evercore, please be advised that we have based our work on the information provided by or on
behalf of the Company and also endeavored the following specific reviews and discussions:
I. Reviewed certain non-public internal financial statements, other non-public financial and operating data relating to Parnaba I, III and IV,
that were prepared and provided to us by the management of the Company;
II. Reviewed certain financial projections relating to Parnaba I, III and IV, that were provided to us by the management of the Company;
III. Discussed the past and current operations, financial projections, current financial condition and prospects of Parnaba I, III and IV with
certain members of senior management of the Company;
IV. Reviewed existing agreement between Petra and Eneva related to Parnaba I, III and IV, including existing shareholders agreements
and capital increase operations that occurred in the past;
V. Reviewed the financial terms of certain publicly available transactions that we deemed to be relevant; and
VI. Discussed with management of the Company, but have not discussed with legal advisors of the Company, the potential impact of
certain ongoing litigations.
With respect to the financial projections of Parnaba I, III and IV which were provided to us, we have assumed that such financial projections have
been reasonably prepared by the Company on bases reflecting the best currently available estimates and good faith judgments of the future
competitive, operating and regulatory environments and related financial performance of Parnaba I, III and IV.
Furthermore, we were informed by the Company that Petra failed to contribute its share on capital increases of UTE Parnaba I, UTE Parnaba III
and UTE Parnaba IV duly approved in the past years. The amount due by Petra, sums R$ 70,9 MM, however, with penalties and interests applied,
the current total amount outstanding is R$ 93,0 MM.
Introduction (1/2)
STRICTLY PRIVATE AND CONFIDENTIAL
Executive Summary
5
Notwithstanding our review of certain set of information provided by or on behalf of the Company, we have not made, nor assumed any
responsibility for making, any technical audit of the Companys operation nor carried out any independent valuation or appraisal of specific assets or liabilities (contingent or otherwise) of the UTEs, nor have we been provided with any such appraisals, nor have we evaluated the solvency or fair
value of each of the UTEs under any state or federal laws relating to bankruptcy, insolvency or similar matters. Our valuation analysis is necessarily
based on economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It is understood
that subsequent developments may affect this analysis and that we do not have any obligation to update, revise or reaffirm this assessment.
Likewise, we have not been asked to pass upon, nor express opinion with respect to any matter other than the valuation of the UTEs as of the date
hereof, to the holders of the Company. Our valuation analysis does not address the relative merits of the acquisition of Petra UTE Shares as
compared to other business or financial strategies that might be available to the Company, nor does it address the underlying business decision of
the Company to engage in such a transaction. We are not legal, regulatory, accounting or tax experts and have assumed the accuracy and
completeness of assessments by the Company and its advisors with respect to legal, regulatory, accounting and tax matters.
Furthermore, no representation or warranty, express or implied, is hereby made by G5 Evercore and/or its affiliates, managers, employees,
consultants, agents or representatives, as to the accuracy or completeness of the information provided to G5 Evercore and nothing contained herein
is, or shall be relied upon as, a representation, whether as to the past, the present or the future.
Finally, please be also advised that we have been engaged as financial advisor to the Company solely for the purpose of performing this valuation
analysis and will receive a fee in connection with the delivery of this analysis. In addition, the Company has agreed to reimburse certain of our
expenses and to indemnify us against certain liabilities arising out of our engagement. In addition, we and our affiliates may have in the past
provided, may be currently providing and in the future may provide, financial advisory services to the Company, or their respective affiliates, for
which we have received, and would expect to receive, compensation.
Based upon and subject to the foregoing, as of the date hereof, we present in this presentation a summary of the valuation analysis of Petra UTE
Shares.
Very truly yours,
G5 Consultoria e Assessoria Ltda (G5 EVERCORE)
By:
Corrado Varoli
Co-Founder & CEO
Introduction (2/2)
STRICTLY PRIVATE AND CONFIDENTIAL
Methodology Range Petra Stake Equity Value (R$ MM)
Discounted Cash Flow to Equity
Cost of Capital:
Parnaba I
Parnaba III
Parnaba IV
-15% / +15%
13,08%
11,61%
28,10%
Trading EV/EBITDA Multiples
2015 8,0x 9,0x
Trading EV/EBITDA Multiples
2016 6,5x 7,5x
Transaction EV/EBITDA
Multiples 8,0x 10,0x
Executive Summary
6
Valuation Methodologies
Discounted Cash Flow methodology
Valuation based on cash flow projections for Parnaba I, III and IV.
G5 valued Petras stake in Parnaiba I, III and IV to R$ 425 MM (Parnaba
I R$ 352MM, Parnaba III R$
165MM and Parnaba IV R$ 1MM)1
Valuation based on transaction multiples of fossil fuel electricity
generation assets and companies in
the world numbers provided by Capital IQ on March 23, 2015
Valuation based on trading multiples of energy generation companies in
Brazil estimates provided by Capital IQ on March 23, 2015
Market Comparable Multiples:
Petras stake in Parnaba I, Parnaba III and Parnaba IV equity were valued by G5 Evercore according to different methodologies, detailed below.
Note [1]: Discounted by R$ 93 MM owed by Petra under the shareholders agreement regulation, due
to failure in contribution its share in capital increases occurred in the past
396
240
396
361
574
326
485
489
Parnaba I, Parnaba III e Parnaba IV Valuation Summary
Valuation - Parnaba I, III and IV
II
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
8
Main Working Assumptions
Assets Description
The Company provided G5 Evercore with financial projections for the following assets individually :
Parnaba I
Parnaba III
Parnaba IV
The projections can be separated in 2 stages: for years 2015 to 2016 the numbers are based on the updated 2 years
business plan of Eneva, for years 2017 to 2050 they are
based on project fundamentals and long term pricing curves,
both provided by Eneva and/or provided by sector consultants
The assets were evaluated individually, and no synergies, gains, or other post-transaction adjustments were considered
in the assessment of value
Macroeconomic assumptions were based on projections available in the Brazilian Central Bank website and in the
International Monetary Fund (IMF) website
Long term PLD forecasts were provided by specialty consultant PSR
Long term Henry Hub price curves were provided by E.on
The companies currently benefit from an income tax break equivalent to 75% of income taxes
Petra
ENEVA / E.ON
Joint Venture (JV)
E.ON
Parnaba I Parnaba III Parnaba IV
42,9% 50,0%
50,0%
70% Eneva
30% Petra
35% Eneva
35% JV
30% Petra
35% Eneva
35% JV
30% Petra
Main Asset Features
Base Date
The Discounted Cash Flow methodologys considers all cash flows after December 31st, 2015, as a hypothetical closing
date.
The multiple analysis considers 2015 and 2016 EBITDA. Net debt considered is as of December 31st, 2015
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Eneva
9
Cost of Equity Calculation Methodology
CAPM Model
Cost of Equity
(Nominal R$)
Cost of Equity
(Nominal USD)
Inflation
Differential
Long-Term
US Inflation
Long-Term
Brazil Inflation
Risk Free Rate
(Nominal USD) Levered Beta Risk Premium Country Risk
Unlevered Beta Marginal Tax Rate Debt to Equity
Ratio
Cost of Equity
Risk Free Rate
Levered Beta
Market Risk Premium
Country Risk
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
10
Parnaba I
Overview
Parnaba I plant is a the largest UTE in the Parnaba complex, and comprises of four thermo generation turbines
The asset has a 15 year PPA to supply energy for the regulated market in the A-5/2008 auctions
Parnaba I derives fixed revenues from the regulated market and variable revenues, established in the auctions according
to their yearly dispatch orders from the government
Parnaba I has a long term supply contract with PGN to supply gas to the thermo plants which entails three distinct costs:
Gas (raw material) Price established at the contract signature and adjusted according to Brazilian official
inflation index (IPCA)
Fixed Lease Payments Adjusted yearly according to past results and future projected cash flow to adjust
the UTEs returns to 15%
Variable Lease Payments calculated as the difference between net variable revenues and variable
costs
Other costs of the UTE are O&M, overhauling, R&D, regulatory fees, and costs related to energy unavailability
Main Operating Assumptions
Energy Source Gas
Power Plant Capacity 675,2 MW
Commercial Operation Date feb-13
Capacity Declared 660,0 MW
Capacity Sold in ACR 450 MWm
PPA Length 15 years
Inflexibility 0%
Base Fixed Revenue 112,50 R$/MWh
Fuel Consumption 10,89 MMBtu/MWh
Fuel Costs 6,10 R$/MMBtu
PPA Renovation Yes same conditions
Economic Life 30 years
Source: Eneva
Financing Assumptions
Debt Amount (as of December, 2014) R$720MM
Interest 69% of Debt: TJLP + 2%
31% of Debt : IPCA + 5%
Amortization Period 13 years
Amortization Start Year 2015
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
11
Parnaba I
Operating Metrics
Energy Generation Metrics
Source: Eneva and third party consultants
Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Spot Market Price R$/MWh 44,39 47,47 50,36 53,01 55,71 58,54 61,51 64,63 67,90 71,34 74,96 78,76 82,76 86,95 91,36 95,99
ANEEL Fee R$/KW - year 1,95 2,09 2,21 2,33 2,45 2,57 2,70 2,84 2,98 3,13 3,29 3,46 3,64 3,82 4,01 4,22
CCEE Contrivution R$/KW - year 0,11 0,12 0,12 0,13 0,14 0,14 0,15 0,16 0,17 0,17 0,18 0,19 0,20 0,21 0,22 0,23
TUST R$/KW - month 3,31 3,54 3,75 3,95 4,15 4,36 4,58 4,81 5,06 5,31 5,58 5,87 6,16 6,48 6,81 7,15
Fixed O&M R$ MM 48,82 47,72 50,41 53,03 55,72 58,55 61,51 64,63 67,91 71,35 74,97 78,77 82,77 86,96 91,37 96,00
Variable O&M R$/MWh 5,55 5,99 6,32 6,65 6,99 7,35 7,72 8,11 8,52 8,95 9,41 9,88 10,38 10,91 11,46 12,04
Overhauling R$ MM 12,47 12,91 183,50 13,74 14,45 15,19 15,96 16,76 17,61 39,92 19,45 20,43 21,47 22,56 23,70 24,90
ACR - Fixed Revenues R$/MWh 121,13 130,06 137,71 144,92 152,30 160,02 168,13 176,65 185,61 195,02 204,91 215,30 226,21 237,68 249,73 262,39
ACR - Ccomb (Fuel Index) US$/MMBtu 3,93 4,41 4,76 5,27 5,19 4,96 5,37 5,64 5,90 6,20 6,45 6,72 7,00 7,26 7,63 8,12
ACR - Co&m R$/MWh 10,97 11,77 12,47 13,12 13,79 14,49 15,22 15,99 16,80 17,65 18,55 19,49 20,48 21,52 22,61 23,75
ACL - Free Market Price R$/MWh 20,00 21,58 22,80 23,98 25,20 26,48 27,82 29,23 30,71 32,27 33,91 35,63 37,43 39,33 41,32 43,42
Fuel - CIF Plant Costs R$/MMBtu 6,49 7,01 7,40 7,79 8,18 8,60 9,03 9,49 9,97 10,48 11,01 11,57 12,16 12,77 13,42 14,10
Fuel - Fixed Lease Payments R$ MM 169,86 183,31 193,63 203,70 214,03 224,88 236,28 248,26 260,85 274,07 287,97 302,57 317,91 334,03 350,96 368,76
Fuel - Variable Lease Payments R$ MM 220,41 233,95 220,59 176,91 100,99 91,87 161,63 217,91 238,04 239,58 303,29 339,06 339,10 343,18 404,50 446,75
Insurance Cost R$ MM 9,89 10,52 11,11 11,69 12,28 12,91 13,56 14,25 14,97 15,73 16,53 17,36 18,25 19,17 20,14 21,16
PLD Dispatching R$/MWh 333,39 305,51 285,89 258,05 258,60 274,07 260,22 299,96 319,89 343,79 339,32 352,93 410,62 425,90 455,78 472,56
Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Months in Operation months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Avg. Installed Capacity MWm 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20
Availability % 88% 90% 95% 95% 95% 91% 95% 95% 94% 89% 94% 95% 95% 91% 94% 94%
Real Internal Consumption % 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Grid Losses % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Average Internal Consumption % - 60 months 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Average Availability % - 60 months 97% 92% 91% 91% 91% 94% 95% 97% 97% 97% 96% 96% 96% 96% 96% 97%
Expected Dispatch % 100% 100% 69% 46% 28% 30% 40% 48% 47% 45% 49% 50% 46% 44% 45% 44%
Physical Guarantee MWm 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60
Net Physical Guarantee MWm 451,67 451,28 450,94 450,37 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79
Net FID MWm 0,00 21,48 28,84 29,26 26,71 13,32 7,56 -0,05 -0,87 -0,65 5,53 3,14 3,59 3,50 6,86 1,69
Energy Traded in ACR MWm 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00
Energy Traded in ACL MWm 1,67 -20,21 -27,90 -28,89 -26,92 -13,53 -7,77 -0,16 0,66 0,45 -5,74 -3,34 -3,80 -3,71 -7,07 -1,90
Spot energy sold in ACR % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Total Energy Dispatch MWh 5.231.601 5.316.456 3.863.196 2.585.286 1.591.026 1.629.928 2.260.623 2.676.014 2.635.725 2.385.555 2.738.302 2.783.776 2.553.484 2.387.363 2.519.274 2.449.088
Energy Demanded in ACR MWh 5.024.485 5.110.490 3.716.285 2.490.137 1.533.721 1.571.222 2.179.201 2.579.630 2.540.793 2.299.633 2.639.675 2.683.512 2.461.514 2.301.376 2.428.536 2.360.878
Energy sold/(bought) in ACL MWh 14.661 (177.497) (244.373) (253.115) (235.807) (118.504) (68.051) (1.399) 5.804 3.931 (50.250) (29.284) (33.252) (32.479) (61.891) (16.628)
ADOMP MWh 5.387.239 5.406.770 3.711.995 2.489.819 1.534.314 1.635.701 2.183.187 2.586.480 2.550.431 2.451.298 2.654.071 2.687.866 2.469.322 2.403.984 2.442.286 2.376.948
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
12
Parnaba I
1.095 1.221
1.126 989
849 881 1.065
1.219 1.286 1.311
1.479 1.582 1.610 1.652
1.806 1.910
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
211 199
62
236 245 261
283 305
322 317 356
377 394
413 436
463
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Net Revenues (R$ MM)
EBITDA (R$ MM)
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
13
Parnaba I
Cash Flows (R$ MM)
Source: Eneva
Discount Rate Source Date
Cost of Equity 9,76%
Risk Free Rate 2,37% US Treasury - 10 Years, Avg. Last Twelve Months 12/03/2015
Unlevered Beta 0,33x Comparables 2 Year Unlevered Beta 15/03/2015
Levered Beta 0,72x 15/03/2015 Risk Premium 6,96% Ibbotson Yearbook 2014
Country Risk 2,38% EMBI + Brazil, Last Twelve Months 04/03/2015
Debt (Target)
Equity / (Debt + Equity) 41,78% Estimate Year End 2015
Debt / (Debt + Equity) 58,22% Estimate Year End 2015
Inflation 3,02%
Brazil 5,07% Brazilian Central Bank Estimate 16/03/2015
USA 1,99% IMF Estimate 16/03/2015
Cost of Capital
Ke - US$ 9,76%
Ke - R$ Nominal 13,08%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EBT 99 97 (34) 145 158 179 206 232 254 254 297 323 345 366 389 417
Income Tax Paid (2) (2) 0 (5) (6) (7) (9) (14) (17) (102) (117) (126) (133) (140) (148) (158)
Depreciation and Amortization 46 46 46 46 47 47 47 47 47 47 47 47 47 47 47 47
Changes in Working Capital (4) 3 17 (26) (3) (2) (1) (1) (1) 1 (3) (2) (2) (2) (1) (2)
Other Non-Cash Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capex (13) (2) (1) (0) (0) 0 0 0 0 0 0 0 0 0 0 0
Debt Raised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt Paid (57) (57) (57) (57) (57) (57) (57) (57) (57) (57) (57) (57) (33) 0 0 0
Total 70 86 -28 103 138 159 186 207 225 143 167 185 223 270 286 303
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
14
Parnaba III
Sources
Parnaba III plant comprises of 2 thermo generation turbines
The asset has a 15 year PPA to supply energy for the regulated market in the A-5/2008 auctions
Parnaba III derives fixed revenues from the regulated market and variable revenues, established in the auctions according
to their yearly dispatch orders from the government
Parnaba III has a long term supply contract with PGN to supply gas to the thermo plants which entails three distinct
costs:
Gas (raw material) Price established at the contract signature and adjusted according to Brazilian official
inflation index (IPCA)
Fixed Lease Payments Adjusted yearly according to past results and future projected cash flow to adjust
the UTEs returns to 15%
Variable Lease Payments calculated as the difference between net variable revenues and variable
costs
Other costs of the UTE are O&M, overhauling, R&D, regulatory fees, and costs related to energy unavailability
Main Operating Assumptions
Energy Source Gas
Power Plant Capacity 176,0 MW
Commercial Operation Date out-13
Capacity Declared 176,0 MW
Capacity Sold in ACR 98 MWm
PPA Length 15 years
Inflexibility 0%
Base Fixed Revenue 114,71 R$/MWh
Fuel Consumption 8,84 MMBtu/MWh
Fuel Costs 6,10 R$/MMBtu
PPA Renovation Yes same conditions
Economic Life 30 years
Source: Eneva 1 Net Intercompany Credit, as of December 2014, of R$ 34MM is not considered in the total
debt amount
Financing Assumptions
Debt Amount (as of December, 2014)1 R$122MM
Interest CDI + 3%
Amortization Period 10 years
Amortization Start Year 2015
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
15
Parnaba III
Operating Metrics
Energy Generation Metrics
Source: Eneva and third party consultants
Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Spot Market Price R$/MWh 63,06 67,45 71,54 75,31 79,15 83,17 87,38 91,81 96,47 101,36 106,50 111,90 117,57 123,53 129,80 136,38
ANEEL Fee R$/KW - year 1,95 2,09 2,21 2,33 2,45 2,57 2,70 2,84 2,98 3,13 3,29 3,46 3,64 3,82 4,01 4,22
CCEE Contrivution R$/KW - year 0,11 0,12 0,12 0,13 0,14 0,14 0,15 0,16 0,17 0,17 0,18 0,19 0,20 0,21 0,22 0,23
TUST R$/KW - month 4,60 4,92 5,21 5,49 5,77 6,06 6,37 6,69 7,03 7,39 7,76 8,16 8,57 9,00 9,46 9,94
Fixed O&M R$ MM 2,88 3,05 3,22 3,39 3,56 3,75 3,93 4,13 4,34 4,56 4,80 5,04 5,29 5,56 5,84 6,14
Variable O&M R$/MWh 5,38 5,81 6,14 6,46 6,78 7,13 7,49 7,87 8,27 8,69 9,13 9,59 10,08 10,59 11,13 11,69
Overhauling R$ MM 3,45 3,57 3,64 3,80 3,99 4,20 16,78 4,63 4,87 5,12 5,37 5,65 5,93 6,23 6,55 6,88
ACR - Fixed Revenues R$/MWh 123,50 132,61 140,40 147,76 155,28 163,15 171,42 180,11 189,24 198,84 208,92 219,51 230,64 242,34 254,62 267,53
ACR - Ccomb (Fuel Index) US$/MMBtu 3,93 4,41 4,76 5,27 5,19 4,96 5,37 5,64 5,90 6,20 6,45 6,72 7,00 7,26 7,63 8,12
ACR - Co&m R$/MWh 172,96 185,71 196,63 206,94 217,47 228,49 240,08 252,25 265,04 278,47 292,59 307,43 323,01 339,39 356,60 374,68
ACL - Free Market Price R$/MWh 20,00 21,58 22,80 23,98 25,20 26,48 27,82 29,23 30,71 32,27 33,91 35,63 37,43 39,33 41,32 43,42
Fuel - CIF Plant Costs R$/MMBtu 6,48 6,87 7,40 7,79 8,18 8,60 9,03 9,49 9,97 10,48 11,01 11,57 12,16 12,77 13,42 14,10
Fuel - Fixed Lease Payments R$ MM 20,91 22,57 23,84 25,08 26,35 27,69 29,09 30,57 32,12 33,74 35,46 37,25 39,14 41,13 43,21 45,40
Fuel - Variable Lease Payments R$ MM 123,18 137,80 73,71 45,37 26,05 27,02 36,91 56,91 54,94 55,41 53,54 63,74 70,90 69,65 77,15 67,74
Insurance Cost R$ MM 2,45 2,61 2,76 2,90 3,05 3,20 3,37 3,54 3,72 3,90 4,10 4,31 4,53 4,76 5,00 5,25
PLD Dispatching R$/MWh 346,32 325,59 315,02 297,91 305,16 340,09 307,78 340,61 373,10 396,20 410,84 408,40 463,75 492,84 522,52 551,63
Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Months in Operation months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Avg. Installed Capacity MWm 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00 176,00
Availability % 92% 95% 90% 95% 95% 95% 95% 95% 95% 91% 95% 95% 94% 94% 94% 89%
Real Internal Consumption % 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Grid Losses % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Average Internal Consumption % - 60 months 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Average Availability % - 60 months 96% 91% 90% 89% 89% 95% 97% 97% 99% 99% 98% 98% 98% 98% 98% 98%
Expected Dispatch % 100% 100% 56% 32% 18% 18% 23% 32% 30% 30% 27% 30% 32% 30% 31% 28%
Physical Guarantee MWm 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80 101,80
Net Physical Guarantee MWm 98,70 98,46 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26 98,26
Net FID MWm 1,53 6,47 7,21 8,30 8,12 1,86 0,37 -0,39 -1,73 -1,73 -0,83 -0,72 -0,63 -0,62 -0,60 -1,33
Energy Traded in ACR MWm 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00
Energy Traded in ACL MWm -0,83 -6,02 -6,94 -8,04 -7,86 -1,59 -0,10 0,65 2,00 2,00 1,09 0,98 0,89 0,88 0,87 1,60
Spot energy sold in ACR % 99% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Total Energy Dispatch MWh 1.414.045 1.470.405 767.882 461.012 264.519 261.391 331.900 474.062 437.842 421.459 389.967 438.380 462.380 434.198 456.353 385.957
Energy Demanded in ACR MWh 1.355.167 1.412.728 739.218 443.804 254.645 251.634 319.511 456.366 421.498 405.727 375.410 422.016 445.120 417.991 439.318 371.550
Energy sold/(bought) in ACL MWh (7.236) (52.854) (60.821) (70.390) (68.820) (13.972) (907) 5.672 17.494 17.489 9.571 8.620 7.789 7.701 7.578 13.989
ADOMP MWh 1.433.533 1.441.079 800.989 453.594 260.396 257.396 326.995 467.393 431.994 432.594 385.195 433.194 457.194 429.594 451.794 405.594
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
16
Parnaba III
327
360
253
207 178 186
213
256 260 269 274
301 324 331
356 349
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
71 70 71 74 77
83 78
95 100 105 109
115 122
127 134
140
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Net Revenues (R$ MM)
EBITDA (R$ MM)
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
17
Parnaba III
Projected Cash Flows (R$ MM)
Source: Eneva
Discount Rate Source Date
Cost of Equity 8,34%
Risk Free Rate 2,37% US Treasury - 10 Years, Avg. Last Twelve Months 12/03/2015
Unlevered Beta 0,33x Comparables 2 Year Unlevered Beta 15/03/2015
Levered Beta 0,51x 15/03/2015 Risk Premium 6,96% Ibbotson Yearbook 2014
Country Risk 2,38% EMBI + Brazil, Last Twelve Months 04/03/2015
Debt (Target)
Equity / (Debt + Equity) 60,19% Estimate Year End 2015
Debt / (Debt + Equity) 39,81% Estimate Year End 2015
Inflation 3,02%
Brazil 5,07% Brazilian Central Bank Estimate 16/03/2015
USA 1,99% IMF Estimate 16/03/2015
Cost of Capital
Ke - US$ 8,34%
Ke - R$ Nominal 11,61%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EBT 50 51 55 60 62 69 65 84 91 97 103 109 116 121 128 134
Income Tax Paid (3) (3) (3) (4) (6) (7) (7) (10) (11) (35) (37) (39) (41) (43) (46) (48)
Depreciation and Amortization 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6
Changes in Working Capital 8 1 (2) (1) (1) (1) 1 (2) (1) (1) (1) (0) (1) (1) (1) (1)
Other Non-Cash Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capex (6) (0) (0) 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt Raised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt Paid (3) (14) (14) 4 3 (14) (14) (14) (14) (10) 0 0 0 0 0 0
Total 53 41 43 65 64 53 52 65 72 58 72 76 80 83 88 92
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
18
Parnaba IV
Sources
Parnaba IV plant comprises of 3 thermo generation turbines
Parnaba IV sells energy in the free market, and curretly sells all of its energy for private company Kinross
Parnaba IV has a long term supply contract with PGN to supply gas to the thermo plants which entails the following
cost:
Gas (raw material) Price established at the contract signature and adjusted according to Brazilian official
inflation index (IPCA)
Other costs of the UTE are O&M, overhauling, R&D, regulatory fees, and costs related to energy unavailability
Main Operating Assumptions
Energy Source Gas
Power Plant Capacity 56,3 MW
Commercial Operation Date jan-14
Capacity Declared 53,4 MW
Capacity Sold in ACR 0 MWm
PPA Length NA
Inflexibility NA
Base Fixed Revenue NA
Fuel Consumption 7,57 MMBtu/MWh
Fuel Costs 7,52 R$/MMBtu
PPA Renovation Yes same conditions
Economic Life 30 years
Source: Eneva
Note[1]: Intercompany Debt
Financing Assumptions
Debt Amount (as of December, 2014) R$153MM
Interest 104% CDI
Amortization Period 8 years
Amortization Start Year 2018
STRICTLY PRIVATE AND CONFIDENTIAL
Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Months in Operation months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Avg. Installed Capacity MWm 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28 56,28
Availability % 87% 88% 89% 89% 89% 88% 87% 85% 87% 89% 85% 87% 87% 87% 87% 87%
Real Internal Consumption % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Grid Losses % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Average Internal Consumption % - 60 months 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Average Availability % - 60 months 91% 90% 89% 88% 87% 88% 89% 88% 88% 87% 87% 86% 87% 87% 87% 87%
Expected Dispatch % 100% 100% 81% 65% 49% 50% 60% 68% 66% 65% 68% 67% 68% 67% 66% 64%
Physical Guarantee MWm 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78 51,78
Net Physical Guarantee MWm 47,07 46,57 46,37 45,74 45,15 45,84 45,95 45,84 45,48 45,21 45,16 44,87 44,90 45,05 45,08 44,88
Net FID MWm 1,07 0,57 0,37 -0,26 -0,85 -0,16 -0,05 -0,16 -0,52 -0,79 -0,84 -1,13 -1,10 -0,95 -0,92 -1,12
Energy Traded in ACL MWm 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00
Spot energy sold in ACR % 2% 1% 1% -1% -2% 0% 0% 0% -1% -2% -2% -2% -2% -2% -2% -2%
Total Energy Dispatch MWh 428.489 432.762 355.301 287.336 216.722 218.179 257.247 285.412 280.447 283.629 283.546 287.834 291.284 285.097 280.259 271.368
Energy Demanded in ACR MWh 9.345 5.011 3.198 (2.296) (7.453) (1.378) (460) (1.419) (4.545) (6.940) (7.329) (9.895) (9.666) (8.312) (8.058) (9.826)
Energy sold/(bought) in ACL MWh 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960
ADOMP MWh 9.637 5.168 2.676 (1.547) (3.792) (715) (285) (992) (3.080) (4.644) (5.108) (6.850) (6.778) (5.707) (5.447) (6.439)
Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Spot Market Price R$/MWh 38,95 42,03 44,40 46,71 49,07 51,56 54,18 56,92 59,81 62,84 66,03 69,37 72,89 76,59 80,47 84,55
ANEEL Fee R$/KW - year 2,24 2,42 2,56 2,69 2,83 2,97 3,12 3,28 3,44 3,62 3,80 4,00 4,20 4,41 4,63 4,87
CCEE Contrivution R$/KW - year 0,12 0,13 0,14 0,15 0,16 0,16 0,17 0,18 0,19 0,20 0,21 0,22 0,23 0,24 0,26 0,27
TUST R$/KW - month 4,94 5,33 5,63 5,92 6,22 6,54 6,87 7,22 7,58 7,97 8,37 8,80 9,24 9,71 10,20 10,72
Fixed O&M R$ MM 4,10 4,30 4,55 4,79 5,03 5,29 5,56 5,84 6,14 6,45 6,77 7,12 7,48 7,86 8,26 8,67
Variable O&M R$/MWh 4,39 4,71 4,99 5,25 5,52 5,80 6,09 6,40 6,72 7,07 7,42 7,80 8,20 8,61 9,05 9,51
Overhauling R$ MM 7,71 7,72 4,95 5,49 5,08 5,36 6,05 6,67 6,95 7,34 7,72 8,17 8,63 8,97 9,35 9,68
ACR - Fixed Revenues R$/MWh 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
ACR - Ccomb (Fuel Index) US$/MMBtu 3,93 4,41 4,76 5,27 5,19 4,96 5,37 5,64 5,90 6,20 6,45 6,72 7,00 7,26 7,63 8,12
ACR - Co&m R$/MWh 10,27 11,08 11,70 12,31 12,94 13,59 14,28 15,01 15,77 16,57 17,41 18,29 19,22 20,19 21,22 22,29
ACL - Free Market Price R$/MWh 148,06 159,79 168,79 177,56 186,57 196,02 205,96 216,41 227,38 238,90 251,02 263,74 277,12 291,17 305,93 321,44
Fuel - CIF Plant Costs R$/MMBtu 8,61 9,23 9,78 10,30 10,82 11,37 11,95 12,55 13,19 13,86 14,56 15,30 16,07 16,89 17,75 18,65
Fuel - Fixed Lease Payments R$ MM 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Fuel - Variable Lease PaymentsR$ MM 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Insurance Cost R$ MM 1,32 1,40 1,48 1,56 1,64 1,72 1,81 1,90 2,00 2,10 2,21 2,32 2,44 2,56 2,69 2,83
PLD Dispatching R$/MWh 314,07 275,47 260,43 218,07 201,63 217,72 223,05 257,22 275,91 291,03 296,68 312,73 340,10 354,20 381,83 398,29
Valuation - Parnaba I, III and IV
19
Parnaba IV
Operating Metrics
Energy Generation Metrics
Source: Eneva and third party consultants
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
20
Parnaba IV
Net Revenues (R$ MM)
63 68 72
74 77 82
87 91 95 99
104 109
115 121
127 133
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EBITDA (R$ MM)
15 17
23 24 27
29 29 30 31 32
34 35 37
39 41
44
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
21
Parnaba IV
Projected Cash Flows (R$ MM)
Source: Eneva
Discount Rate Source Date
Cost of Equity 24,34%
Risk Free Rate 2,37% US Treasury - 10 Years, Avg. Last Twelve Months 12/03/2015
Unlevered Beta 0,33x Comparables 2 Year Unlevered Beta 15/03/2015
Levered Beta 2,81x 15/03/2015
Risk Premium 6,96% Ibbotson Yearbook 2014
Country Risk 2,38% EMBI + Brazil, Last Twelve Months 04/03/2015
Debt (Target)
Equity / (Debt + Equity) 10,12% Estimate Year End 2015
Debt / (Debt + Equity) 89,88% Estimate Year End 2015
Inflation 3,02%
Brazil 5,07% Brazilian Central Bank Estimate 16/03/2015
USA 1,99% IMF Estimate 16/03/2015
Cost of Capital
Ke - US$ 24,34%
Ke - R$ Nominal 28,10%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EBT (12) (7) (1) 2 6 10 12 15 18 22 26 29 30 33 35 37
Income Tax Paid 0 0 0 0 0 (0) (0) (0) (1) (3) (8) (8) (9) (9) (12) (15)
Depreciation and Amortization 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
Changes in Working Capital 6 (0) (1) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0)
Other Non-Cash Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capex (2) (0) (0) 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt Raised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt Paid 0 0 (0) (18) (18) (16) (19) (21) (24) (25) (12) (0) (0) (0) 0 0
Total -1 -1 5 -10 -6 0 0 0 0 0 13 27 28 30 29 29
STRICTLY PRIVATE AND CONFIDENTIAL
Valuation - Parnaba I, III and IV
22
Valuation Summary
Discounted Cash Flow
Source: Eneva
Note [1]: Parnaba IV Projected Cash Flows discounted by Parnaba I Cost of Equity (13.08%) result in
an equity value of Petra stake of R$16,23 MM
352
165
1 (93)
425
Parnaba I Parnaba III Parnaba IV Non Contributed Capital Increase
Total
Market Comparable Multiples
361
489 High range
Mid range
Low range
Parnaiba I, III and IV Multiple Range EV Equity Value Equity Value Adjusted by Capital
Increase
2015 EBITDA (Trading Multiple) 8,00x 9,00x 713 803 489 578 396 485
2016 EBITDA (Trading Multiple) 6,50x 7,50x 558 643 333 419 240 326
2015 EBITDA (Transaction Multiple) 8,00x 10,00x 713 892 489 667 396 574
1
Multiples Database
Annex I
STRICTLY PRIVATE AND CONFIDENTIAL
Multiples Database
24
Comparable Trading Statistics
Source: Capital IQ
Company
March, 23rd/ 2015
# Total Shares
(MM)
Share Price
(US$)
Market Cap
(US$ MM)Debt/Equity
Net Debt
(US$ MM)
Enterprise Value
(US$ MM)
2015 2016 2015 2016
AES Tiet S.A. 381 4,7 1.798,3 118,9 573,1 2.371,4 411,1 341,9 5,8x 6,9x
Cemig S.A. 1.258 3,9 4.893,6 74,8 3.867,9 8.761,5 1.155,6 1.092,0 7,6x 8,0x
CPFL Energia S.A. 962 6,0 5.800,9 189,4 5.279,0 11.079,9 1.243,7 1.386,6 8,9x 8,0x
CPFL Energias Renovveis S.A. 503 3,8 1.921,5 133,2 1.649,1 3.570,6 315,8 357,6 11,3x 10,0x
EDP - Energias do Brasil S.A. 476 3,2 1.513,7 51,1 952,4 2.466,1 499,0 574,6 4,9x 4,3x
Equatorial Energia S.A. 198 9,4 1.851,3 127,0 907,2 2.758,5 294,0 372,5 9,4x 7,4x
Renova Energia S.A. 106 8,4 889,3 113,4 846,5 1.735,9 117,7 159,7 14,8x 10,9x
Tractebel Energia S.A. 653 11,0 7.202,6 65,2 1.116,5 8.319,1 938,7 1.176,5 8,9x 7,1x
Eneva S.A. 840 0,1 50,4 241,6 1.973,4 2.023,8 326,6 0,0 6,2x 0,0x
Copel 274 10,8 2.961,9 35,1 1.826,6 4.471,0 892,6 1.057,4 5,4x 5,3x
Average Local GenCo's 115,0 8,3x 6,8x
Medium Local GenCo's 116,2 8,2x 7,2x
EBITDA EV/EBITDA
STRICTLY PRIVATE AND CONFIDENTIAL
Multiples Database
25
Comparable Transaction Statistics
Source: Capital IQ
All Transactions
Announced DateBuyers/Investors Target/Issuer
Total Transaction Value (US$
MM, Historical rate)Percent Sought
Implied Enterprise
Value/EBITDACountry of Target
out-14 Gas Natural SDG SA (CATS:GAS)Compaa General de
Electricidad S.A. (SNSE:CGE)6.611,0 54% 9,0x Chile
abr-14 Enersis S.A. (SNSE:ENERSIS) Generandes Peru SA 413,0 39% 6,0x Peru
mar-14 AES Gener S.A.Empresa Electrica Guacolda
S.A.1.317,1 50% 12,0x Chile
mai-13 Berkshire Hathaway Energy NV Energy, Inc. 10.688,8 100% 8,9x United States
dez-12 Toplofikatzia Pleven EAD Toplofikatsia Rousse EAD 69,4 100% 12,5x Bulgaria
abr-11 The AES Corporation DPL Inc. 4.798,7 100% 7,7x United States
jan-11 Duke Energy Corporation Progress Energy Inc. 26.627,3 100% 8,3x United States
dez-10
Capstone Infrastructure
Corporation; Macquarie
Infrastructure and Real Assets
(Europe) Limited
Heat Operations and Heat
Production Facilities308,9 100% 7,4x Sweeden
nov-10 Emera IncorporatedLight & Power Holdings
Limited91,9 42% 5,0x Barbados
fev-10 FirstEnergy Corp. Allegheny Energy, Inc. 9.291,0 100% 7,5x United States
nov-09 Pacific Equity Partners Energy Developments Ltd. 736,6 80% 7,2x Australia
out-09 Grupo Argos S.A. ; Celsia SA ESPEmpresa de Energia del
Pacifico S.A.1.226,8 64% 7,5x Colombia
set-08
The Kansai Electric Power
Company, Incorporated ;
Marubeni Corporation; Kyushu
Electric Power Company,
Incorporated; GDF SUEZ S.A.;
Japan Bank For International
Cooperation, Investment Arm
Senoko Energy Pte Ltd 2.769,0 100% 16,2x Singapore
jul-08 Gas Natural SDG AS Unin Fenosa, S.A. 11.810,5 45% 11,0x Spain
Average 5.482,8 77% 9,0x
Median 2.043,0 90% 8,0x
Parnaba I, III and IV Overview
Annex II
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
27
Parnaba Complex Overview
The Parnaba Complex, located in Santo Antnio dos Lopes, Maranho, is one of the largest thermal energy generation complexes in Brazil
The Complex is formed by the thermal power plants Parnaba I, Parnaba II, Parnaba III and Parnaba IV
Currently in operation, Parnaba I (676 MW), Parnaba III (178 MW) and Parnaba IV (56 MW) are the energy suppliers to the National Grid (SIN)
Using gas produced by Parnaba Gs Natural, ENEVA is able to generate energy at low costs due to privileged logistics, to the enterprises large scale and easy access to mains
The Parnaba Complex is certified to reach up to 3,722 MW
Capacity: 676 MW
Efficiency: 37%
Fixed Revenues: R$443 MM/year
Unitary Variable Cost: R$114/MWH
Auction: A-5/2008
Parnaba I
Capacity: 517 MW
Efficiency: 51%
Fixed Revenues: R$374MM/year
Unitary Variable Cost: R$59/MWH
Auction: A-3/2011
Parnaba II
Capacity: 178 MW
Efficiency: 38%
Fixed Revenues: R$98 MM/year
Unitary Variable Cost: R$160/MWH
Auction: A-5/2008
Parnaba III
Capacity: 56 MW
Efficiency: 46%
Fixed Revenues: R$54 MM/year
Unitary Variable Cost: R$69/MWH
Free Market
Parnaba IV
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
28
Parnaba I Income Statement
R$ thousand 2012 2013 2014
Net Revenues - 682.815 960.759
Costs - (594.048) (824.570)
Gross profit - 88.767 136.190
Operating Expenses (15.736) (11.997) (18.770)
SG&A (14.807) (10.320) (5.844)
Other expenses (929) (1.677) (12.926)
EBIT (15.736) 76.771 117.420
Net financial revenues (expenses) (984) (71.334) (75.854)
Financial revenues 1 3.100 6.010
Financial expenses (985) (74.434) (81.864)
EBT (16.720) 5.436 41.566
Taxes 5.716 (5.284) (5.604)
Net income (loss) (11.004) 152 35.962
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
29
Parnaba I Balance Sheet
R$ thousand 2012 2013 2014
Current Assets 85.229 158.288 206.355
Cash and cash equivalents 83.250 32.034 38.121
Accounts receivable - 110.113 141.072
Inventory - 4.236 7.480
Taxes recoverable - 7.455 14.722
Prepaid expenses 1.706 4.086 4.960
Other credits 272 364 -
Non Current Assets 1.084.889 1.264.731 1.179.035
Taxes recoverable 5.141 520 1.323
Deferred taxes and social
contribution 11.359 14.006 12.009
Prepaid expenses 1.844 257 1.356
Linked deposit - 34.044 24.648
Related parties - 1.906 1.344
Fixed assets 882.788 1.035.111 971.709
Intangible 183.758 178.887 166.647
Total Assets 1.170.118 1.423.019 1.385.390
R$ thousand 2012 2013 2014
Current Liabilities 162.381 265.826 199.312
Suppliers 3.020 85.787 30.028
Loans and financing 150.759 149.663 142.438
Taxes and contributions payable 413 9.431 6.603
Wages and vacations payable 5.157 2.328 2.252
Energy reimbursement - 15.739 -
Other accounts payable 3.032 2.878 17.991
Non current liabilities 677.593 910.569 715.373
Loans and financing 677.593 657.588 577.981
Deferred taxes and social
contribution - 4.187 7.117
Accounts payable to related
parties - 107.223 130.275
Advances for future capital
increase - 141.571 -
Equity 330.144 246.624 470.705
Capital 354.465 263.619 263.619
Accumulated losses (24.321) (16.995) 207.087
Total Liabilitites + Equity 1.170.118 1.423.019 1.385.390
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
30
Parnaba III Income Statement
R$ thousand 2012 2013 2014
Net Revenues - 198.299 244.861
Costs - (221.912) (239.403)
Gross profit - (23.613) 5.458
Operating Expenses (294) (483) (10.070)
Administrative (294) (483) (10.070)
EBIT (294) (24.096) (4.612)
Net financial revenues (expenses) - (4.790) (10.660)
Financial revenues - 3.811 9.021
Financial expenses - (8.601) (19.681)
EBT (294) (28.886) (15.272)
Taxes - 9.821 5.109
Net income (loss) (294) (19.065) (10.163)
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
31
Parnaba III Balance Sheet
R$ thousand 2012 2013 2014
Current Assets 67 162.075 71.320
Cash and cash equivalents - 62.796 14.104
Accounts receivable - 83.494 42.230
Taxes recoverable - 10.528 9.873
Prepaid expenses 67 1.269 1.157
Derivative transactions - 1.380 -
Other credits - 2.609 3.956
Non Current Assets - 166.267 267.864
Taxes recoverable - 249 111
Deferred taxes and social
contribution - 9.821 86.218
Fixed assets - 156.197 181.535
Total Assets 67 328.341 339.184
R$ thousand 2012 2013 2014
Current Liabilities 13 149.710 164.106
Suppliers 13 28.253 33.716
Loans and financing - 120.636 121.568
Taxes and contributions
payable - 39 -
Research & Development - 549 -
Other accounts payable - 233 8.822
Non current liabilities 7 38.591 38.001
Related parties 7 38.591 38.001
Equity 47 140.040 137.077
Capital 1.213 160.271 160.271
Accumulated losses (1.166) (20.231) (23.194)
Total Liabilitites + Equity 67 328.341 339.184
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
32
Parnaba IV
R$ thousand 2012 2013 2014
Net Revenues - 5.825 50.022
Costs - (3.244) (32.549)
Gross profit - 2.581 17.473
Operating Expenses - (632) (1.311)
Administrative - (632) (1.311)
EBIT - 1.949 16.162
Net financial revenues (expenses) 12 3.416 (21.280)
Financial revenues 19 8.928 325
Financial expenses (7) (5.512) (21.605)
EBT (12) 5.365 (5.118)
Taxes - (1.800) 2.783
Net income (loss) (12) 3.565 (2.335)
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Parnaba I, III and IV Overview
33
Parnaba IV Balance Sheet
R$ thousand 2012 2013 2014
Current Assets 1.596 29.035 14.270
Cash and cash equivalents 1.596 5.074 331
Accounts receivable - 8.999 2.412
Taxes recoverable - 11.755 10.698
Derivative transactions - 3.105 -
Other credits - 102 829
Non Current Assets 15.164 118.352 183.443
Taxes recoverable 3 74 22.200
Fixed assets 15.161 118.278 161.243
Total Assets 16.760 147.387 197.713
R$ thousand 2012 2013 2014
Current Liabilities 1.532 83.602 5.658
Suppliers - 7.888 1.797
Labour obligations - 129 73
Tax obligations 23 437 3.718
Loans and financing - 75.131 -
Transactions with related
parties 1.509 - 0
Other liabilities - 17 70
Non current liabilities - 44.271 174.877
Deferred taxes and social
contributions - 1.048 1.580
Transactions with related
parties - 43.223 173.297
Equity 15.228 19.514 17.178
Capital 15.216 15.936 15.936
Earnings reserve 12 3.578 1.242
Total Liabilitites + Equity 16.760 147.387 197.713
Source: Eneva
STRICTLY PRIVATE AND CONFIDENTIAL
Sao Paulo
Av. Brigadeiro Faria Lima, 3311 10th Floor
04538 133 - Itaim Bibi
+55 11 3014 6868
Rio de Janeiro
Av. Borges de Medeiros, 633 Room 202
22430 042 - Leblon
+55 21 3205 9180
www.g5evercore.com
Contacts
34
Corrado Varoli
+55 11 3014 6868
Marcelo Lajchter
+55 21 3205 9180
Graciema Bertoletti
+55 11 3014 6846
Arthur Horta
+55 11 3165 4600
Manuela Albuquerque Silveira
+55 11 3165 7005