Equatorial Transmissão
November 04, 2016
Equatorial Energia 2
OWNERSHIP CULTURE
Strong Alignement of Interests
Value Creation
FAST DECISION PROCESS
MANAGERIAL PROWESS
Benefiting from windows of opportunities
Operational
Capital Allocation
Risk Control
Equatorial History 3
Equatorial IPO
PCP Latin America acquires 46% of EQTL
Acquisition of Stake in Light
Novo Mercado entrance
Acquisition of a 25% stake in Geramar
Acquisition of 51% of Sol Energias
Equatorial Transmissão Creation
2004
2007
2009
2016
2012
2006
2008
2011 2015
CEMAR's
Acquisition
GP stake acquired by PCP
Sale of Light's stake
CELPA's Acquisition
EQTL Follow on
Transmission Auction
4,0
0,00,3
Leverage (Net Debt/ Regulatory EBITDA )
0,9 1,4 1,2 1,2 1,4 1,7
Transmission Auction Conditions 4
39% 38% 43% 50% 55%
13%
24% 40% 28% 26%
12%
12%
12% 3%
Average Discount to Max Revenue
# Lots 29
# Empty Lots
2021
24 23
35
26 26
24
17
12
10 10
13 13
3
2
1
1
0
0
0
7 7 7
0 0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Auctions' Historical Figures
7,5%
7,0% 6,6%
WACCRegulatory
6,0% 5,6%
4,6%
5,0% 4,6%
5,6%
8,5%
9,5%
Higher WACC Higher Regulatory Capex
Longer Construction Period
Smaller Lots Size
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