Académique Documents
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December 2015
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written consent.
1
ENEVA Overview
PPAs secured in the captive market for 15/20 years, all inflation hedged
Only power player in Brazil with access to equity gas, which directly
supplies +1.4GW Parnaba Complex
HoldCo debt cut by R$1.4B and remaining part re-profiled inline with
projected projects cash flows
4
Note: (1) Renewable for more 5 years, as provided for in the agreement with Aneel to postpone Parnaba II CCGT start of operations. Depends on the implementation of certain conditions precedent.
ENEVA at a glance
A Brazilian thermal generator with asset exposure to energy fossil fuels (natural gas and coal)
Company description
Geographic footprint
Itaqui 360MW
49.57%
Pecm II 365MW
Operated by PGN
(Cambuhy PE, ENEVA and
E.ON partnership)
Contracted production
of 8.4MM m3/day
Natural Gas
Exploratory
blocks
E.ON
Ita
Unibanco
Ice Canyon
LLC
Bullseye
12.25%
11.65%
6.80%
6.53%
Others
(< 5% ea.)
13.21%
2
Judicial Recovery process
JR plan approved by 99% of creditors and 81.5% of total credits held by creditors that attended
Holding indebtedness fully allocated in the long-term and reduced by R$1.4Bln (remaining balance
of approx. R$983MM)
Strengthening ENEVA with the contribution of R$1.3Bln in assets which are cash generating and
aligned to the Companys business strategy
Holding's debt reduction of approx. R$2.4Bln to R$983MM (fully allocated in the long-term)
Bullseye
6,53%
ICE
Canyon
6,80%
Ita
Unibanco
11,65%
BTG
Pactual
49,57%
E.ON
12,25%
3
Assets overview
Itaqui
Operational data
Operational data
Capacity: 360MW
Capacity: 365MW
Auction: A-5/2007
Auction: A-5/2008
Revenues
Revenues
Note: (1) Fixed revenues are indexed to inflation index IPCA (Database: Nov 2014)
Parnaba II
Parnaba III
Parnaba IV
Operational data
Operational data
Operational data
Operational data
Capacity: 676MW
Capacity: 518MW
Capacity: 178MW
Capacity: 56MW
Auction: A-5/2008
Auction: A-3/2011
Auction: A-5/2008
Free market
Revenues
Revenues
Revenues
Revenues
Debt
10
Note: (1) Fixed revenues are indexed to inflation index IPCA (Database: Nov 2014)
Operational data
Operational data
Revenues: R$582 MM
Revenues: R$250 MM
11
Note: (1) Adjusted by Companys intereset. Full contracted capacity expected to be reached by June 2016
Investment in order to increase knowledge of existing resources in the region of the Parnaba
Complexo
Parnaba
Basin
o
12
Gas
Power Plants
Coal
Power Plants
Development
Greenfield &
Brownfield Projects
Asset
Stake
PGN
BPMB
Parnaba Blocks1
TOTAL
Parnaba
Parnaba
Parnaba
Parnaba
TOTAL
I
II2
III
IV
Pecm I
Pecm II
Itaqui
TOTAL
TOTAL
Closing Cycle (gas)
Seival (coal)
Au (gas)
Ventos (wind)
Tau (solar)
TOTAL
Size4 Net
18%
0%
13%
(R$ MM)
Rev.4
105
105
70%
100%
53%
53%
473
518
94
30
1,115
(R$ MM)
Asset
Stake
PGN
BPMB
Parnaba Blocks1
TOTAL
27%
100%
49%
100%
100%
100%
100%
MW
MW
MW
MW
MW
961
11
130
27
1,129
Parnaba
Parnaba
Parnaba
Parnaba
TOTAL
50%
50%
100%
360 MW
183 MW
360 MW
903 MW
2,018 MW
577
284
564
1,425
2,554
Pecm I
Pecm II
Itaqui
TOTAL
TOTAL
50%
75%
75%
50%
50%
180 MW
450 MW
2,475 MW
300 MW
25 MW
3,430 MW
I
II2
III
IV
MW
MW
MW
MW
MW
1,373
11
245
50
1,679
0%
50%
100%
183 MW
360 MW
543 MW
1,971 MW
284
564
848
2,527
100%
100%
100%
100%
100%
360 MW
600 MW
3,300 MW
600 MW
49 MW
4,909 MW
Notes: (1) Resulting indirect ownership in the Parnaba gas blocks based on ENEVAs share in PGN and BPMB; (2) Parnaba II is not in commercial operation; (3) Proportionate to ENEVAs stake in
each asset; (4) Proportionate ENEVA share post capital increase, based on 2014 closing numbers
13
4
Greenfield portfolio
Power
supply-demand
unbalanced
Parnaba
Complex
Hydropower
concentrated
matrix
Spot prices at
historical highs
Opportunities
for ENEVAs
growth
Solar Tau
1MW
Ventos Wind
Complex
600MW
Ventos Wind
Complex
Parnaba
Complex
2,166MW
Au
2,100MW Coal
3,300MW Natural Gas
Au
(Coal + Gas)
Seival Mine
License granted
152Mton in proven reserves
727MW
Seival
600MW
15
Highlights
Parnaba Site
Bottoming #1
Bottoming #2
already built
Known technology, original design of Parnaiba Generation
Complex done to enable modular expansion, leading to
efficient implementation and operation
o
neighboring site
5
Annex I Financial and operating performance
Itaqui
36,1%
COD: Oct/13
55,4
82,9%
39,5%
22,7%
16,1%
24,2
-31,3
9,8%
15,2
14,7%
20,1
36,1
-5,9
47,2
32,8%
33,4%
33,3%
54,9
23,9%
46,3
112,1
35,8%
31,5%
47,3
45,8
45,8
38,2
33,5
28,8%
45,0
-28,7
-10,7
-6,1
-8,3
1Q13
2Q13
3Q13
-6,2%
-95,3
-20,3%
1Q13
2Q13
-21,6%
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
4Q13
1Q14
2Q14
3Q14
EBITDA
EBITDA
84%
74%
2Q15
3Q15
Mg. EBITDA
Availability
77%
90%
88%
87%
87%
1Q15
Mg. EBITDA
Availability
83%
4Q14
3Q15
99%
74%
73%
99%
96%
80%
90%
89%
94%
77%
63%
56%
54%
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Oct-15
N.A.
N.A.
N.A.
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Oct-15
18
Parnaba IV
Parnaba III
COD: Apr/13
COD: Oct/13
32,0
74,6%
65,6
58,8
28,2
32,0
44,8
50,3
48,2
20,3
54,4
46,9
-30,9
-20,0
-3,9
14,4
12,7
18,8%
-8,4
-8,8
15,2
22,7%
10,4
28,3
21,1%
18,7%
-5,9
28,5%
28,1%
27,7%
16,7%
9,6%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
EBITDA
-14,8%-15,9%
22,4%
21,8%
20,3%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Mg. EBITDA
EBITDA
Availability
Availability
99% 98%
96% 95% 97% 98%
94%
100%100%
95%
86%
Mg. EBITDA
81%
87%
Availability
99%
96%
91%
89%
80% 82%
83%
69%
94%
91% 91%
87% 87%
80%
63%
68%
19
Thank
you.
Thank
you.
www.eneva.com.br
www.eneva.com.br