Corporate Presentation

May 2017
0
 Disclaimer

The material that follows is a presentation of general background information about ENEVA S.A. and its subsidiaries (collectively,
“ENEVA” or the “Company”) as of the date of the presentation. It is a information in summary form and does not purport to be
complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the
accuracy, fairness, or completeness on this information.

This presentation may contain certain forward-looking statements and information relating to ENEVA that reflect the current views
and/or expectations of the Company ad its management with respect to its performance, business and future events. Forward
looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain words like “may”, “plan”, “believe”, “anticipate”, “expect”, “envisages”, “will likely
result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and
assumptions. We caution you that a number of important factors could cause actual results to differ materially form the plans,
objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company, any of its
affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including
investors) for any investment or business decision made or action taken in reliance on the information and statements contained in
this presentation or for any consequential, special or similar damages.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities.

Neither this presentation nor anything contained herein shall from the basis of any contract or commitment whatsoever.

Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients
should consult their own advisors in this regard.

The market and competitive position data, including market forecasts, used throughout this presentation were obtained from
internal surveys, market research, publicity available information and industry publications. Although we have no reason to believe
that any of its information or these reports are inaccurate in any material respect, we have not independently verified the
competitive positions, market share, market size, market growth or other data provided by third parties or by industry or other
publications. ENEVA, the placement agents and the underwriters do not make any representation as to the accuracy of such
information.

This presentation and its contents are proprietary information and may not me reproduced or otherwise disseminated in whole or in
part without ENEVA’s prior written consent.

1
Index

1 ENEVA at a Glance

2 Portfolio of Assets

Financial Highlights
3

2
1

ENEVA at a
Glance

3
 ENEVA at a Glance
Pioneer fully integrated energy platform in Brazil

ENEVA contributes to the safety of the Brazilian energy matrix

Thermal Power Generation Natural Gas Production
Ranking Ranking by Operator
(GW)1 (MM m³)2

6.1 33,115

2.9 1,565 2º

2.2 3º 266 Mission:

Develop and operate businesses in the
1.1 92 energy sector, creating value for
shareholders, employees and society
0.8 37

0.7 15 Vision:
Exploring and delivering every day.
0.6 9 Recognized as a world-class integrated
energy company in oil & gas and power
0.5 Outros 27
generation

2.2 GW R$ 2.0 bn R$ 1.2 bn Growth

of installed of Total Annual of EBITDA3 in focused on R2W
capacity, fully Fixed Revenue – 2016 projects
operational since long term and
2016 inflation-hedged
PPA Contracts
Source: Company, ANP and ONS
1 Data on installed capacity according to most recent filings.
2 According to ANP’s Yearbook in 2016, data refer to 2015.

³ Proforma 2016: considering 100% of Parnaiba Gas Natural and Pecém II as per the equity method. 4
Corporate Profile
Main Shareholders
~26% ~36%
Market Cap
~R$ 3.5 Bn
@April 30th 2017
Board of Executive Officers
Pedro Zinner
CEO and IRO
(20+ years of experience)
Flavia Martins
Acting CFO
(15+ years of experience)
Lino Cançado
VP E&P Division
(25+ years of experience)
Paulo Petrassi
VP Power Division
(23+ years of experience)
Laira Sanui
VP Corporate Services
(20+ years of experience)
Board of Directors
Others composed of 7
members
~8% ~8% ~22%
ENEVY
ADR
NIVEL I 3 Advisory
Committees:
Audit, Strategy and
Human Resources
• Graduated in Economics at PUC-Rio and holds an MBA from University of Chicago Booth School
of Business (USA)
• Previous experience:
– CFO of ENEVA
– CEO of Parnaíba Gás Natural S.A.
– Global Treasurer and Global Head of Tax and Shared Services of the BG Group
– Global Head of Treasury and Corporate Finance and Global Head of Corporate Risk
Management at Vale ENEV3 is listed in the
• Bachelor’s degree in Mathematics from PUC-RJ and Master of Science in Electric Engineering from
PUC/RJ
Novo Mercado
• Previous Experience:
– Finance Director of ENEVA
segment since its
– CFO at Parnaíba Gás Natural
– General Manager of Finance at Vale
IPO in 2007
– Head of Derivatives Sales at BBM Bank
– Financial Risk Manager at Telemar
• Holds a graduate and a postgraduate degree in Mechanical Engineering from PUC - Rio, with a
Masters in Oil & Gas Development Projects Management from Heriot-Watt University (Scotland)
• Previous experience:
– Operations Vice President of Parnaíba Gás Natural S.A.
– Vice President of Integrated Projects at Schlumberger South America
– Director of Operations at Schlumberger Brazil
Review of corporate
• Graduated in Mechanical Engineering and holds an MBA, both from PUC-Rio policies and
• Previous experience:
– 17 years in the metals and mining market, for Gerdau Group, Norsk Hydro and MAN implementation of
Ferrostaal
• Holds a graduate degree in Mechanical and Industrial Engineering from USP, with an MBA from
Compliance Program
Anderson School of University of California (USA)
• Previous experience:
– Corporate Services Vice President of Parnaíba Gás Natural S.A.
– General Manager of Corporate Finance at Vale
5
 Fully Operational Assets

Competitive portfolio Gas TPPs Tauá – 1MW

with potential for Coal TPPs
Operating since 2011
49MW to be developed
expansion E&P Assets

Solar Power Generation MA

CE

Pecém II2 – 365MW

Fixed Revenue¹: R$358MM
Fixed Revenue from Parnaíba I - 676MW
Fixed Revenue¹: R$560MM
Coal plant exploring site synergies
with Pecém I (EDP)
the Gas-fired power Operating since 2013 ~R$ 2.0 bn of
Total Annual
plants surpasses R$ Fixed
Itaqui – 360MW
Fixed Revenue¹: R$399MM
1.2 Bn Parnaíba II - 519MW
Fixed Revenue¹: R$476MM
Revenue Coal-fired plant, strategically located
in port area capturing logistics
Operating since Jul/2016 advantages

Parnaíba III - 176MW

Fixed Revenue¹: R$124MM

Fixed Revenue from Operating since 2013

the Coal-fired power Parnaíba Basin:

plants is R$ 757 MM Parnaíba IV - 56MW
Free Market
 7 gas fields
 153km of pipelines network
Operating since 2013  Gas collection and treatment facilities

1st Gas Gavião Real Under Gavião Caboclo

Jan/13 (GVR) development (GVC)

1st Gas Gavião Branco³ Under Gavião Azul

(GVB) (GVA)
Long term and
Feb/16 development
Source: Company

inflation-hedged PPA 1. All annual fixed revenue numbers are

as of Nov/2016 reference. 1st Gas Gavião Vermelho Gavião Branco Norte
Dec/15 (GVV) (GVBN)
Contracts 2. 50% owned by ENEVA and 50%
owned by Uniper.
3. Gavião Branco and Gavião Branco
Sudeste fields were merged by the Gavião Preto
regulatory agency in 2016. (GVP)

6
 Integrated Business Model
Pioneer in the development and operation of the R2W model in
Brazil: Gas Production + Power Generation

Oil & Gas Exploration Reservoir-to-wire Power Generation

and Production (R2W)

 Largest private onshore  Integrated O&G and  Leading private player in

gas producer
 Unique know-how and
expertise in Parnaíba
Basin
 Possibility to leverage
expertise to other basins
power generation Brazilian thermal energy
business, operational market
excellence and  Stable cash flows and
commercialization know- inflation-hedged
how revenues
 Potential expansion of  Parnaíba Complex
current business model already licensed for up
through new findings of to 3.7GW of capacity
natural gas reserves
 Verticalized Supply
chain, with total control
of fuel provision

Oil & Gas Power

Exploration generation
and Production
Reservoir-to–
Wire
(R2W)

7
2

Portfolio of
Assets

8
 Parnaíba Complex
Unique integrated power generation model

Parnaíba IV
Parnaíba III
Parnaíba I
Parnaíba II

1.4 GW
Installed Capacity

Gas Treatment Unit

Gas pipeline from

gas fields 9
 Overview of the Thermal Power Plants
Natural Gas

Combined Cycle

Parnaíba IV Parnaíba III Parnaíba I Parnaíba II

Company Stake: 100%
Installed capacity: 56 MW
Full COD: Dec/2013
Free Market Contract: 46 MWa
for 5 years (2013-2018)
Fixed Revenue: N/A
Variable Cost: N/A
Company Stake: 100%
Installed capacity: 176 MW
Full COD: Oct/2013
PPA Contract: 98 MWa for 15
years (2013-2028)
Fixed Revenue: R$ 124
mm/year (base date: Nov/16)
Variable Cost: R$ 203,00/MWh
(base date: Nov/16)
Company Stake: 100%
Installed capacity: 676 MW
Full COD: Apr/2013
PPA Contract: 450 MWa for 15
years (2013-2028)
Fixed Revenue: R$ 560
mm/year (base date: Nov/16)
Variable Cost: R$ 107,25/MWh
(base date: Nov/16)
Company Stake: 100%
Installed capacity: 519 MW
Full COD: Jul/2016
PPA Contract: 450 MWa for 20
years (2016-2036)
Fixed Revenue: R$ 476
mm/year (base date: Nov/16)
Variable Cost: R$ 74,91/MWh
(base date: Nov/16)

Eneva pioneered the reservoir-to-wire

model in Brazil , with 1.4 GW of installed
capacity in the Parnaíba Complex
10
 Natural Gas Production System
Gaviões’ Park

Production Station
(EPGVB) OPEX (R$ / m3)
Current treatment
capacity of 5.5 MM m³
per day Production
Pipeline export capacity of
8.4MM
capacity of 8.5 MM m³
per day
0.034
0.026
m³/day
2014 2016

Gas Treatment Unit

(GTU)

Current treatment
capacity of 8.4 MM m³
per day

Connected to the
Thermal Power Plants
through a
800m pipeline

Source: Company
The company’s E&P assets are operated by its wholly owned subsidiary Parnaíba Gás Natural 11
 Production Development Portfolio
Certified Reserves (2P) of 18.5 Billion m³

Development Costs

Gavião
(CAPEX) (R$ / m3)

Caboclo and 0.12

0.10

Gavião Azul
under
development in
2017
2014 2016

2 fields (GVV and GVB) 2 fields

+
9 clusters (GVC and GVA)
Producing Field 23 producing wells 3 clusters
Field to be developed
~95 km of pipelines 10 producing wells
~40 km of pipelines
Operating Pipeline
EPGVB

+
Pipeline under Construction
Capacity of up to 8 MM
m³ / day
8,4
1 field (GVR)
Managing the 9 clusters
Investments in 24 producing wells
4,9 Production
~58 km of pipelines
production Capacity in
development Gas Treatment Unit MM m³ / day
Capacity of up to 8.4
according to the MM m 3/day
dispatch scenario
2015 2016
The Reserves Report is available for download in our website: ri.eneva.com.br 12
 High Tucuruí reservoir level, associated with additional
generation capacity and transmission limitations are driving
lower dispatch levels in the North Subsystem

Tucuruí Hydroelectric Plant - Historical Reservoir Levels (%)

110

100

90
% Resevoir working volume

80

70

60

50

40

30

20

10

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53

Weeks of the year

Historical resevoir storage Resevoir storage average from 2000 to 2015 Resevoir storage 2016 Resevoir storage 2017

Lower dispacth in north subsystem also associated with …

 Increase in Belo Monte generation capacity to approximately 3GW
 Limited transmission capacity resulting from delay in the lines construction

Source: ONS website

13
 Seasonal effects and limitations in the North Subsystem
transmission capacity is expected to improve dispatch
predictability

Belo Monte HPP Ramp-up (MW avg)

20.000

16.000
MWavg

12.000

8.000

4.000

Instaled Generation Capacity (MWavg) Light

Slightload limit
Limit (com
(com by-pass)
by-pass) Heavy
Heavy load limit (com
limit (com by-pass)
by-pass)

Forecasted Average Genaration (MWavg) Actual Generation (MWavg) Potential Generation (Eneva @ 100%)

Generation in North Subsystem (MW)

10.104
8.913 9.215 9.210
8.482
7.867 7.735 7.433 2.029
6.593 2.074 636 1.824
6.439 6.347 587 1.975
5.294 5.055 782 473
4.906 4.778 4.424 4.417
6.073 7.164 5.054
6.254 4.578 4.576 6.089 5.362
2.905 4.916 3.424 2.904 2.331 5.337 4.406
2.442 2.416
2.001 1.794 1.749 1.870 2.151 2.447 1.982 2.001 2.379 1.769 846 808 821 895
1.481 1.523 1.256 937 542 616 733
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

Thermal Generation Hydro Generation Tucuruí Estreito Belo Monte

Source: ONS website and “Analysis of the Impact of the Delay of Abengoa Projects and Projects Prioritization (EPE-NT-034/2016 – April, 13rd 2016)” Report.
14
 Overview of the E&P Portfolio
Strategic E&P Position in the Parnaíba Basin

Finding Cost (R$ / m³)

37% 0.13

Wildcat wells 0.06

success rate
2014 2016

Since the discoveries of ENEVA’s fields, the

Parnaiba Basin has turned out to be an
important energy source to the North and
Northeast of Brazil
Field

Evaluation plan
 Dry gas accumulations discovered in an unique petroleum
R13 Block
Transmission Lines
system, with good quality sandstone reservoirs
 Region with good access to roads, ports and other vital
Bid Round Exploratory Block Area (km²)
infrastructure
ENEVA’s 9 7 Evaluation Plans 5,329
Exploratory  Four different proven plays in the Basin
13 7 Blocks 21,328
Concessions
Total Concession Area 26,657

Source: Company.
The company’s E&P assets are Operated by its wholly owned subsidiary Parnaíba Gás Natural.
15
 25.4 Billion m³ certified in the First
Exploratory Cycle
Exploratory Success in New Frontier Basin

Reserves Portfolio Evolution (Bn m³)

18.5 Bn m³ 2P Reserves Cummulative Production

of 2P certified Jan 1st 2015 Dec 31st 2016 Apr 30th 2017

remaining
24.5 Bn m³ 25.4 Bn m³
reserves on
New
Apr 30th 2017 2P
reserves
17.7 18.5 report
increased
by 4
times

A team of geoscientists
with average experience of 7.7 Bn m³
30 years in Brazilian 4.3
sedimentary basins
developed the geological
model for the hydrocarbon
accumulation in the -3.4
Parnaíba Basin.
-6.8 -6.9

This model is now

recognized by ANP as the
standard case for future i. GCA Certified Reserves as of Jan 2015
i. GCA Certified Reserves as of Sep 2016,
discounting cumulative production from i. GCA Certified Reserves as of April 2017,

bidding rounds. ii. Cumulative Production as of December 31st,

2014
September 2016 until December 2017.
ii. Cumulative Production as of December 31st,
ii. Cumulative Production as of April 30th,
2017
2016

The Reserves Report is available for download in our website: ri.eneva.com.br

16
 Overview of the Thermal Power Plants
Coal
Itaqui
Company Stake: 100%
Installed Capacity: 360 MW
Full COD: Feb/2013
PPA Contract: 315 Mwa for 15 years (2013-2028)
Fixed Revenue: R$ 399 MM/year (base date: Nov/16)
Variable Cost: R$ 151.39/MWh (base date: Nov/16)
725 MW of installed capacity in the Northeast
Both coal power plants strategically located close to port facilities
Pecém II
Company Stake: 50%1
Installed Capacity: 365 MW
Full COD: Out/2013
PPA Contract: 276 Mwa for 15 years (2013-2028)
Fixed Revenue: R$ 358 MM/year (base date: Nov/16)
Variable Cost: R$ 158,15/MWh (base date: Nov/16)
¹ 50% ENEVA and 50% Uniper
17
3

Financial
Highlights

18
 1Q17 Highlights
Fully operational portfolio boosts recurrent EBITDA in 1Q17, with 11
p.p. growth in EBTIDA¹ Margin QoQ

R$ 257 MM
of EBITDA¹

R$ 247 MM
of Operating Cash Flow²

R$ 620 MM
of Cash Position³

593 MW
Average power output4

ENEVA is a R2W fully integrated energy platform in Brazil

(1) Consolidated Adjusted EBITDA, not considering non-recurring events, as presented in the 1Q17 Earnings Release. Pecém II is presented on equity method.
(2) Operating Cash Flow excluding interest expenses of R$ 172.7MM.
(3) Consolidated Cash Position including escrow account.
(4) ENEVA’s average dispatch, considering its total power portfolio, including Pecém II.
19
 Operational Performance
Average generation decreased by 49% QoQ with lower generation from
ENEVA’s thermal portfolio in the North Subsystem

Average Power Output¹ Average Dispatch QoQ per TPP

(MW) (%)
Pecém II

Subsystem
87

Northeast
85

-49%
1Q16 1Q17

-58%
Itaqui Parnaíba I
1,410
70 77
1,173
4 9

1Q16 1Q17

Subsystem
1Q16 1Q17
Gas TPP 633

North
1172
593 QoQ
Parnaíba II Parnaíba III
314 - 50%
540 67
Coal TPP COD in
53
238 279 - 48% Jul16 0
1Q16 1Q17 1Q16 1Q17
1Q16 4Q16 1Q17

 Low marginal cost of energy (CMO) in the North Subsystem impacted the Parnaiba
Complex and Itaqui TPPs dispatch.
 Main drivers: (i) Tucuruí higher reservoir level, (ii) Belo Monte additional generation and
(iii) limited export transmission capacity in this subsystem.
Source: ONS
(1) Considering ENEVA’s total portfolio, including Pecém II.
20
 Operational Performance
Focus on operational excellence: availability levels improved QoQ in
both segments

Availability +9%
Gas TPP
(%) Coal TPP
+1%
Without
Free market effect
97 (Parnaíba IV)

92
89

93 92
89 91
88

77

1Q16 4Q16 1Q17

 Parnaiba Complex presented continuous availability improvements regardless of

Parnaiba IV been shut down for the last two quarters.
 Coal TPPs presented improvements QoQ. 4Q16 availability was negatively impacted
by Itaqui maintenances.

Source: ONS

21
 Financial Performance
26% growth in EBITDA compared to 1Q16, positively impacted by
margin improvements

Net Revenues (MM R$)¹ Recurring EBITDA (MM R$)¹

Key Factors for EBTIDA increase QoQ

 TPPs’ Fixed Revenues annual adjustment
 Cost optimization and reduction
673 +2%
 Parnaíba II TPP fixed revenues contribution to
the Parnaíba Complex
+26%
439 445

344
257
203

1Q16 4Q16 1Q17 1Q16 4Q16 1Q17

-52 +11
p.p. p.p.
Average
EBITDA
Dispatch 73% 90% 21% 46% 51% 58%
Margin
Level³

(1) 1Q16 and 4Q16 Consolidated Proforma Results, considering participation interest of 100% in Parnaíba Gás Natural and Pecém II presented based on equity method in both years.
(2) Net Revenues and Recurring EBITDA, not considering non-recurring events, as presented in the 1Q17 Earnings Release. Pecém II is presented on equity method.
(3) ENEVA’s average dispatch, considering its total power portfolio, except for Pecém II.
22
 Financial Performance
Parnaiba Complex + Itaqui contributed with R$ 59 MM in EBITDA
increase QoQ, despite lower dispatch level

Recurring EBTIDA per segment¹

R$ MM +26%

27 3 257
32 8
203

21%
Average Dispatch³

325 MW
Average power output³

1Q16 EBITDA Δ Parnaíba Δ Coal Δ Trading Δ Holding & 1Q17 EBITDA

Proforma² Complex TPPs Others

 Parnaíba Complex: positively impacted by Parnaíba II fixed revenues addition, partially

offset by lower variable revenues due to low dispatch levels.
 Itaqui TPP: positively impacted by lower dispatch level concomitant with Itaqui fixed
costs improvements.

(1) Consolidated Ajusted EBITDA, not considering non-recurring events, as presented in the 1Q17 Earnings Release. Pecém II is presented on equity method.
(2) 1Q16 Consolidated Proforma numbers, considering participation interest of 100% in Parnaíba Gás Natural and Pecém II presented based on equity method.
(3) ENEVA’s average dispatch and power output, considering its total power portfolio, except for Pecém II.
23
 Financial Performance
Parnaíba Complex: Despite the reduction in variable revenues, the lower
dispatch in 1Q17 positively impacted the remaining gas reserves

EBITDA¹ Parnaíba Complex

R$ MM Remaining 2P
+32
certified reserves³
of 18.5 Bi m³
32 222
190 64

Natural Gas 2P Reserves³

(Bn m³) New
report
1Q 2016² Gas TPPs Upstream 1Q 2017 18.50
17.51 17.71 17.56

EBITDA¹ Gas TPPs EBITDA¹ Upstream

R$ MM R$ MM
1Q16 4Q16 1Q17 Apr30th
2017
+64
-32
Gas Production
(Bn m³)
48 158
112 96 23
94 55 0.63
64

0.32
0.15
1Q16 Fixed Variable 1Q17 1Q16² Fixed Variable 1Q17
EBITDA EBITDA EBITDA EBITDA 1Q16 4Q16 1Q17

(1) Consolidated Adjusted EBITDA, not considering non-recurring events, as presented in the 1Q17 Earnings Release.
(2) 1Q16 Consolidated Proforma Results, considering participation interest of 100% in Parnaíba Gás Natural.
(3) Reserves certified by Independet International Company. Reserves report available at the IR website: ri.eneva.com.br. 24
24
 Financial Performance
Coal TPPs positively impacted by lower dispatch levels in 1Q17

Fixed
EBITDA¹ Itaqui +27
Variable
R$ MM
14 55
28 13

58
45

3
17

1Q16 Fixed Variable 1Q17

EBITDA EBITDA

Fixed
EBITDA² Pecém II
+1 Variable
R$ MM

29 2 30
3

24 27

5 3
1Q16 Fixed Variable 1Q17
EBITDA EBITDA

(1) Recurring EBITDA, not considering non-recurring events, as presented in the 1Q17 Earnings Release.
(2) Pecém II TPP results is presented on equity method.

25
 Financial Performance
Investments were 51% lower on a QoQ basis,
impacted by fully operational asset base

Quarterly Investments (MM R$)

1Q17 Investments Highlights

92 -51%

Parnaíba Complex

57 -22%  Power Generation improvements:

45 Parnaíba II Water intake from Mearim River

and Demi water treatment plant
 Gas Production Management: Gavião
Caboclo development drilling campaign
successfully completed
1Q16 4Q16 1Q17
 Upstream: acquisition of remaining
1Q17 Investments: participation interest in two R13
~12% Power and ~88% E&P exploratory Blocks in the Parnaíba Basin

(1) 1Q17 Consolidated numbers, with Pecém II presented based on equity method.
(2) 1Q16 Consolidated Proforma numbers, considering participation interest of 100% in Parnaíba Gás Natural and Pecém II presented based on equity method.
26
 Financial Performance
Strong operating cash conversion led to higher quarterly
cash position

Free Cash Flow (MM R$) Cash Position (MM R$)4

1Q16¹ 1Q17

(=) EBITDA² 203.0 243.1

+41%
(=) Operating Cash Flow³ 152.8 246.5 +61% 620

(+) Investing Cash Flow -91.6 -44.7

(+) Financing Cash Flow -108.1 -360.8 440

(=) Free Cash Flow to Equity 46.9 -159.0

1Q17 FCFE impacted by

PGN Debt settlement of R$
165.4MM

1Q16¹ 1Q17

(1) 1Q16 Consolidated Proforma numbers, considering participation interest of 100% in Parnaíba Gás Natural and Pecém II presented based on equity method.
(2) EBITDA considering recurring and non recurring effects.
(3) Operating Cash Flow excluding interest expenses of: R$ 98.9 MM (1Q16); R$ 172.7 MM (1Q17).
(4) Consolidated Cash Position, including escrow account.

27
 Financial Performance
Continuous improvement in capital structure and
Net Debt / LTM EBITDA ratio

Consolidated Net Debt¹,² (Bn R$)

Net Debt 1Q17¹:

R$ 4.6 Billion 4.84 4.54 4.59

Average maturity¹:
5.20 years
1Q16 4Q16 1Q17

Cash Position in Net Debt² / LTM EBITDA4,1

1Q17¹ ³:
R$ 620 Million
5.67
3.86 3.76
Weighted Average
Cost of Debt¹:
13.0% p.y.

1Q16 4Q16 1Q17

(1) Consolidated Results, considering participation of 100% in Parnaíba Gás Natural and Pecém II presented based on equity method.
(2) Net Debt does not consider escrow account.
(3) Cash Position considering escrow account.
(4) LTM EBITDA considering all recurring and non recurring effects.
28
 Financial Performance
Continued improvement in capital structure

Schedule of Debt Settlement 2,256

on Mar 31st 2017² (MM R$) Debt Profile¹
Inflation
7.6%

TJLP
32.6%

1,030 Floating
53.3%

620 Fixed
4.0%
466 Libor
374 2.5%
217 252

5% 10% 22% 8% 5% 49%

CashCash
Position 2017 2018 2019 2020 2021 > 2021
Position³

 Only 15% of debt repayment scheduled for the

2017-2018 period

(1) Consolidated numbers, with Pecém II presented based on equity method.

(2) Considering schedule of debt principal settlements.
(3) Cash Position considering escrow account.
29
29
ENEVA
Investor Relations
phone: +55 21 3721-3030
ri.eneva.com.br
ri@eneva.com.br

30