2Q16 Consolidated Results
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- Annice Gregory
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1 Shareholder return Rio de Janeiro August 08, 2016 Transmissora Aliança de Energia Elétrica S.A. Taesa (BM&FBovespa: TAEE11), one of the largest electric power transmission groups in Brazil, announces today its results for 2Q16. The consolidated interim financial information has been prepared and is presented in accordance with CPC 21 (R1) Interim Financial Reporting and IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board (IASB). This information is presented in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of Interim Financial Information(ITR). João Procópio Marcus Pereira Aucélio Leonardo Bonorino Rafaela Gunzburger Contato RI CEO CFO and IRO IR Manager IR Coordinator
2 Conference Call in English August 09, 2016 Tuesday BR TIME 2:00PM NY TIME 1:00 PM Dialin: Code: Taesa Consolidated Results IFRS Regulatory (Non-IFRS) R$ mn 2Q16 2Q15 Chg. Chg. % 2Q16 2Q15 Chg. Chg. % EBITDA (74.3) -21.7% (2.8) -0.8% EBITDA Margin 82.9% 87.3% -4.4 bps 87.0% 89.6% -2.6 bps Net Income (33.3) -13.9% % Net Debt BS 3,281 3, % 3,281 3, % TAEE11 (08 Aug) % % Market Cap 8,089 5,808 2, % 8,089 5,808 2, % IFRS Regulatory (Non-IFRS) R$ mn 1H16 1H15 Chg. Chg. % 1H16 1H15 Chg. Chg. % EBITDA (6.9) -1.1% % EBITDA Margin 87.1% 87.2% -0.2 bps 88.7% 89.8% -1.2 bps Net Income % % In this release, Transmissora Aliança de Energia Elétrica S.A., Taesa, presents the financial and operating results, accompanied by the main highlights of the 2Q16. The results will be presented in both IFRS and Regulatory (Non-IFRS) formats. The results presented in the regulatory format are not audited. The Regulatory Information hereby stated was prepared as per the current structure of the electric sector accounting manual, issued by ANEEL, according to which all the investments done for the construction of a transmission line are registered as a fixed assetandtheeffectsoftheadoptionoficpc01(r1)(ifrs12)arewrittenoff,includingthefiscalimpact(deferredincometaxes, CSLL, PIS and COFINS) booked due to time differences that derived from the adoption of this principle. Taesa declares dividends based on the revised results. 2
3 Shareholder Return The second quarter 2016 represents the Companies capacity to generate and manage it s cash and consequent high dividend distribution. The Regulatory EBITDA is a metric that represents Taesa s operational cash flow generation. In the second quarter 2016 it amounted to R$ mn, in line with the same period of The quarterly Regulatory EBITDA margin for the period was 87.0%. The second quarter 2016 Net Income IFRS was R$ mn 13.9% lower than the second quarter The main impact at the IFRS quarterly comparison was the monthly adjustment by inflation since it was different in both periods. Transmission lines quarterly availability rate was 99.97% and variable portion amounted to R$ 17.4 mn(discount equivalent to 3.9% of Taesa s revenue). Taesa s financial discipline geared on reducing the cost of debt, optimizing the cash management and generating shareholders returns, resulted in the following first quarter events: Payment of R$ mn in April as additional dividends regarding the 2015 result. Payment of R$ mn in June regarding interim dividends and interest on equity regarding the first quarter 2016 result. Taesa presents its 2Q16 results on the following pages
4 Overview 2Q16Results Pages5to8 Pages9to29 Financial Statements Pages 30 to 41 4
5 Overview
6 Overview TaesaisaPureTransco Taesa is a publicly listed company controlled by CEMIG and FIP COLISEU, solely dedicated to power transmission. It s one of the largest Brazilian companies within the segment. Generation Transmission Distribuition The Brazilian power transmission companies receive revenues(rap Annual Permitted Revenue) based on the availability of the line, therefore not based on the volume of energy transmitted in the system. Premium Asset Base There are 3 categories of concessions within the Brazilian transmission sector. The category I is composed of the concessions granted before 1999 and were renewed in 2012 for another 30 years. The category II is comprised of the concessions granted between 1999 and November 2006 under a 30-year contract, with revenues adjusted annually by inflation(igpm) that will be halved on the 16th year of the operation, not been subjected to tariff review. The category III is comprised of the concessions granted after November 2006, also under 30-year contracts, with revenues adjusted annually by inflation (IPCA), but subjected to tariff review. Taesa TBE Currently, the Company holds 29 concessions or stakes, 22 from category II and 7 from category III, totaling 9,978 km of operational and under construction lines ranging from 230 and 500 kv. 6
7 Corporate Structure Overview The 29 transmission concessions or stakes owned by Taesa are: (i) 10 held within the holding company (TSN, NVT, ETEO, GTESA, PATESA, Munirah, NTE, STE, ATE e ATE II), (ii) 4 integral subsidiaries (ATE III, São Gotardo, Mariana and Miracema) and (iii) 15 stakes (ETAU, Brasnorte and TBE). TBE is a group of 13 stakes: EATE (50%), ETEP (50%), ENTE (50%), ECTE (19%), ERTE (50%), STC (40%), EBTE (74%), ESDE (50%), ETSE (19%), Lumitrans(40%), Transudeste(5%), Transirapé(5%) and Transleste(5%). FIP Coliseu CEMIG Taesa Free Float 22.1% 43.4% 34.5% Brasnorte ETAU ATE III São Gotardo Mariana Miracema TBE* 38.7% 52.6% 100% 100% 100% 100% 49.99% Combined stake TBE is a fantasy name for a group of 13 concessions TBE s corporate structure can be found on page 29. 7
8 2Q16 Results
9 Financial Results Operational Performance Taesa has presented a consistent operational performance throughout the years, as the company regularly kept the availability of the lines above 99.9%. In the 1H16, the Company presented an average consolidated availability of 99.97%, as shown in the chart below. The charts show the result of Taesa, excluding Brasnorte, ETAU e TBE % 99.99% 99.98% 99.98% 99.98% 99.97% 99.97% 99.97% 99.97% 99.92% H16 LineAvailability isameasureoftimeandisstrictlyan operating indicator. It is calculated by dividing the numberofhoursduringwhichthelineisavailableby thenumberofhoursinayear(8,760hours)per100km stretch. ( )/ ( 8,670 )/100 The line availability, as presented in the chart above, is a key operational indicator, but it is a measure of time. The indicator that shows the impact of the unavailability on the Income Statement of the company is the Variable Portion(PV). Due to the random behavior of the PV in the short term, the best way to understand the Company s performance in terms of PV is to analyze the value of 2.3% the PV divided by the RAP, as shown in thechartontheleft. The 1H16 PV occurred mainly due to: (I) 1.5% 1.4% automatic shutdown of the entirely 1.2% 1.0% Itacaiúnas Substation (ATE III), this PV is 1.0% 1.0% 0.8% 0.8% being analyzed by ONS (ii) scheduled 0.5% maintenance of Bom Jesus da Lapa II SVC (TSN) (iii) scheduled maintenance of transmission line reactors which were H16 presenting failures. (TSN). These shortcomings are being treated with the suppliers. Ø 1.2% 5.5 R$ mn Concession Amount 1H16 (R$ mn) ATE III TSN -8.3 ATE -0.6 ATE II -0.6 ETEO * H16 Others * Considering the PV of the 50% of UNISA concessions during 1S12 Total -20.4
10 Financial Results RAPCycle On June 28, 2016, ANEEL has published the resolution 2,098/16 with the Annual Allowed Revenues to Transmission Concessions for the cycle. The concessions adjusted by IGPM received a 11.1% adjustment and the concessions adjusted by IPCA received a 9.3% adjustment. RAP (R$ MM) 2015/2016 Cycle 2016/2017 Cycle IGP-M Adjustment 4.1% 11.1% Novatrans TSN² Munirah GTESA PATESA ETAU ¹ ETEO NTE STE² ATE I ATE II² EATE¹ ETEP¹ ENTE¹ ECTE¹ ERTE¹ Lumitrans¹ Transleste¹ Transirapé¹² Transudeste¹ IPCA Adjustment 8.5% 9.3% Brasnorte¹²³ ATE III³ São Gotardo³ Mariana³ STC¹³ EBTE¹²³ ESDE¹³ ETSE¹³ Miracema 61.3 Total 2,259 2,504 ¹ RAP amount regarding Taesa s proportional stake on December 31, ² Including reinforcement projects. ³RAPmustbegrossedupofPIS/COFINS. Considering the jointly controlled and associate concessions, Taesa's RAP for the cycle is R$ 2,504 thousand, of which 72% is consolidated at the holding level. The cycle adjustment at Patesa was above the inflation due to reinforcements. EATE had negative tariff review. The revenues of ETEO and ECTE were halved due to the new RAP cycle that reflects the 16th year of operation. Mariana and Miracema are under construction. The RAP of Brasnorte, ATE III, São Gotardo, Mariana, Miracema, EBTE, STC, ESDE and ETSE concessions must be grossed up of PIS/COFINS. RAP by Category Cat 3 5% 95% Cat 2 10
11 Financial Results Review Tariff The resolution (REH) nº 2,098/2016 issued by Aneel presented the periodic review of the Allowed Annual Revenue (RAP) for the 2016/2017 cycle to several transmission concessions. Among them, the reinforcements at TSN, GTESA, STE, PATESA, ETAU and EATE had a tariff review. The outcomes of the reinforcements tariff reviews were: (i) Positives: GTESA(29.26%), PATESA(51.81%), ETAU(4.41%); and (ii) Negatives: TSN(-8.40%), STE(-1.22%) e EATE(-6.88%) The aim of the tariff review is to ensure the economical and financial balance of the transmissions contracts. The rules for the annual tariff adjustment will be kept until the next periodic review. RAP BASE: the tariff review consists on the recalculation of the cost of debt, meaning, the variations of the Brazilian long term interest rate (TJLP) and of the Brazilian consumer-prices inflation index (IPCA). In case the concession holder has received other revenues from other sources in addition to the concession contract, these amounts will also be considered. The procedure determines that both TJLP and IPCA must be updated considering the last-60-month average, up until two months before the base date. REINFORCEMENTS: The tariff review of the Reinforcement projects uses the prices of ANEEL s database as ofthedatewhenthereviewisdone.thevaluesofthedatabasearecomparedtotheactualcapexspentby the concession, both updated for the same base date. ANEEL then determines the asset base to be considered as well as reviews the O&M costs to recalculate the revenues. The detailed information about how ANEEL calculate the tariff review can be found at Technical Note nº 196/2013 SER/ANEEL of May 29,
12 Financial Results RAP 50% reduction The Technical Note 209/2016-SGT/ANEEL from June 22, 2016 establishes the RAP (Annual Permitted Revenues) associated to the transmission facilities for the 2016/2017 Cycle. The methodology was defined to the transmission contracts auctioned between 1999 and 2006 that established the reduction of 50% (fifty per cent) of the RAP from the 16th(sixteenth) year of commercial operation. The methodology describes that an Equivalent RAP will be received by the concessionaires during the cycle 2016/2017, once the RAP reduction of the concessionaires happen on different dates. For the Equivalent RAP calculation it was considered an averagebetween theentirerap (from thebegin of the Cycle untilthe end of the 16 th operational year) and the RAP reduced by 50% (from this date until the end of the 2016/2017 Cycle). The RAP monthly figures are added together and divided by 12 resulting in the Equivalent RAP. The Company owns two concessions that reach the 16th year of operation in 2016/2017 cycle, ETEO and ECTE. ETEO s revenue, which would have its reduction on October 20th, 2016, considers entire RAP in the first 3.7 months of the cycle and halved RAP in the remaining 8.3 months of the cycle. Regarding ECTE, the reduction would occur on March 27, 2017, therefore, the RAP s calculation considers the entire RAP in the first9monthsofthecycleandhalvedrapintheremaining3months. 12
13 Net Revenues IFRS 2Q16NetRevenuesIFRSreachedR$323.4mn,down17.6%QoQ. Financial Results Taesa does not consolidate proportionally the jointly controlled and associate companies. This way, the results of ETAU, Brasnorte and TBE are booked within the equity method line. Due to the predictable adjustment assured in the concession agreement, the Company became to recognize these effects monthly and no longer annually. Since then, the inflationary effect is diluted monthly considering the IGP-M or IPCA inflation rate performed in the previous month. The indexes used for the adjustment of the second quarter were IGP-M of 0.51%, 0.33% and 0.82% andtheipca of 0.43%, 0.61% and 0.78%forthemonthsof March, April and May 2016, respectively. In the second quarter 2015, the IGP-M was 0.98%, 1.17% and 0.41% and theipcawas1.32%,0.71%and0.74%. R$ mn IFRS Net Revenues 2Q16 2Q15 Chg. Chg. % Operation and Maintenance % Financial Asset Income % Financial Asset - Monetary adjustment (64.6) -43.4% Construction and indemnity (4.0) -53.8% Total IFRS Revenues (62.9) -14.3% PV (17.4) (8.1) (9.3) 113.7% Other % Total Gross Revenues (71.5) -16.6% Deductions (37.1) (39.8) % Total Net Revenues (68.8) -17.6% Adding all invested companies, including the jointly controlled and associate companies, proportionally, 2Q16NetRevenueswouldamounttoR$421.4mn,down14.9%QoQ.Thequarterlyvariationismainlydue to: (i) inflation adjustment in the O&M revenues ( Cycle) (ii) the difference between the IGP-M and IPCA in the 2Q16 and the 2Q15 at the monthly adjustment by inflation, (iii) decrease in the Construction Revenues and(iv) increase in the variable portion of ATE III and TSN. Managerial Net Revenue IFRS x Managerial Net Revenue Regulatory (Non IFRS) Net revenues as presented below is adjusted to include the revenues from the companies that are booked in the equity method line Regulatory (Non IFRS) adjusted IFRS adjusted Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 13
14 Financial Results O&M (R$ mn) O&M Revenues of Taesa increased in the quarterly comparison mainly due to the annual adjustment by inflation ( Cycle). Considering all invested companies, including the jointly controlled and associate companies, proportionally, the Company O&M would be R$ mn for 2Q16, up 4.6% in the quarterly comparison. +4.6% % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 Financial Asset Income (R$ mn) The Financial Asset Income consists of multiplying the rate of return by the outstanding financial asset. The amount of 2Q16 was in line with 2Q15 oncetherate is fixed. Adding allthe jointly controlled and associate companies, proportionally, 2Q16 financial asset income would amount to R$ mn. +0.3% % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 14
15 Financial Results Financial Asset Monetary Adjustment (R$ mn) The monetary adjustment of the Finacial Asset is based on the monthly inflation adjustment. In the 2Q16, theamountwasr$ 84.5 mn,adecreaseof43.4%inthequarterlycomparison,duetothedifferentinflation in the period. Adding all invested companies, including the jointly controlled and associate companies, proportionally, 2Q16 monetary adjustment would amount to R$ mn, down 36.5% QoQ % % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 Construction and Indemnity (R$ mn) The 2Q16 Construction Revenue of R$ 3.4 mn was mainly influenced by: (i) reinforcements at TSN of R$0.8mn,(ii)addingatNVTfixedassetwerereversedbyR$-0.7mn,(iii)reinforcementatPatesaofR$0.2 mn, and(iv) construction of the transmission line Mariana, which amounted to R$ 3.2 mn. +0.3% % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 15
16 Financial Results Costs, Expenses, Depreciation and Amortization 2Q16CostsandDep/AmorttotaledR$55.9mn,up11.5%QoQ. In line with the accounting rules, Taesa does not consolidate proportionally the jointly controlled and associate companies. Adding all invested companies, including the jointly controlled and associate companies, proportionally, 2Q16 costs and expenses would be R$ 72.1 mn, up 16.0% QoQ. The main changes occurred on IFRS costs were: (i) the annual adjustment by inflation in personnel line, annual adjustment by merit and personnel costs have not been allocated in the project, (ii) decrease in construction costs booked at material line and (iii) increase the line Others due to provision for civil compensation claims. R$ mn IFRS Costs and Opex 2Q16 2Q15 Chg. Chg. % Personnel (30.6) (24.0) (6.6) 27.5% Material (4.7) (9.8) % Third Party Services (10.4) (9.6) (0.8) 8.8% Other (9.5) (6.3) (3.2) 50.9% Total (55.3) (49.7) (5.5) 11.1% Dep/Amort (0.6) (0.4) (0.3) 65.6% Total (55.9) (50.1) (5.8) 11.5% Costs and Expenses(R$mn) +16,0% ,1% Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 16 R$ mn Regulatory (Non-IFRS) Costs and Opex 2Q16 2Q15 Chg. Chg. % Personnel (30.6) (24.0) (6.6) 27.5% Material (0.4) 0.2 (0.6) % Third Party Services (10.4) (9.6) (0.8) 8.8% Other (9.5) (6.3) (3.2) 50.9% Total (51.0) (39.7) (11.3) 28.3% Dep/Amort (49.9) (50.4) % Total (100.9) (90.1) (10.8) 12.0%
17 Financial Results EBITDA/EBITDAMarginIFRS 2Q16EBITDAIFRSreachedR$268.1mnwithEBITDAMarginof 82.9%. As Taesa does not consolidate proportionally the jointly controlled and associate companies, the results of ETAU, Brasnorte and TBE are not reflected on the consolidated EBITDA IFRS. The quarterly EBITDA IFRS reflects the effect of the monthly inflationary adjustment in the Financial Asset Income described on page 13. Thus, thenegative variation of 21.7% between the 2Q16 and 2Q15 EBITDA IFRS occurred mainly dueto the difference between the inflation that updated the revenue from the Monetary Adjustment of the Financial Asset. Adding the EBITDA IFRS of all invested companies, including the jointly controlled and associate companies, proportionally, the 2Q16 EBITDA IFRS would be R$ mn, down 19.4% QoQ. The EBITDA IFRS is not a gaugethat reflects the operating cash flow of the Company. The adoption of IFRS caused a deviation between P&L and CF. R$ mn IFRS EBITDA 2Q16 2Q15 Chg. Chg. % Net Revenues (68.8) -17.6% Costs and Expenses (55.2) (49.7) (5.5) 11.1% EBITDA (74.3) -21.7% EBITDA margin 82.9% 87.3% -4.4 bps EBITDA IFRS (R$ mn) -19.4% % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 17
18 Regulatory Net Revenues(Non-IFRS) 2Q16 Regulatory Net Revenues(Non-IFRS) reached R$ mn, up 2.2% QoQ. Financial Results The Regulatory Result(Non IFRS) will also be presented according to accounting principles consolidating the jointly controlled and associate companies in the equity method line. This way, the results below exclude ETAU, Brasnorte and TBE. Adding all invested companies, including the jointly controlled and associate companies, proportionally, the 2Q16 Net Revenue amounted to R$ mn with a positive variation of 2.7%. Taesa s quarterly variation is lower than inflation that readjusted the 2015/2016 cycle because there was an increase of 113.7% in the quarterly variable portion. The accounting of the inflationary effects described on page 13 does not impact the Regulatory Result, since it is an accounting change that affects only the IFRS. R$ mn Regulatory (Non-IFRS) Net Revenues 2Q16 2Q15 Chg. Chg. % RAP Concessions % PV (17.4) (8.2) (9.3) 113.7% Service Revenues % Other Revenues % Total Gross Revenues % Deductions (40.3) (38.3) (2.0) 5.3% Total Net Revenues % Net Revenue (R$mn) +2.7% % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 18
19 Financial Results Regulatory EBITDA/ EBITDA Margin(Non IFRS) 2Q16 Regulatory EBITDA (Non IFRS) reached R$ mn with Regulatory EBITDA Margin (Non IFRS) of 87.0%. According to the accounting rules, Taesa does not consolidate proportionally the jointly controlled and associate companies. This way, the results of ETAU, Brasnorte and TBE are not reflected on the consolidated Regulatory EBITDA (Non IFRS). The 2Q16 Regulatory EBITDA (Non IFRS) was in line with 2Q15, due to the increase of variable portion and of costs, especially personal. Adding the Regulatory EBITDA(Non IFRS) of all invested companies, including the jointly controlled and associated companies proportionally, the 2Q16 numberwouldamounttor$438.6mnwithanebitdamargin87.8%. In the energy transmission market, the Regulatory EBITDA (Non IFRS) is a key financial indicator, due to its adherence to the Company s operating cash flow. R$ mn Regulatory (Non-IFRS) EBITDA 2Q16 2Q15 Chg. Chg. % Net Revenues % Costs and Expenses (51.0) (39.7) (11.3) 28.3% EBITDA (2.8) -0.8% EBITDA margin 87.0% 89.6% -2.6 bps RegulatoryEBITDA (Non IFRS) (R$ mn) +0.4% % Consolidated 2Q15 chg Consolidated 2Q16 TBE Etau Bras Managerial 2Q16 chg Managerial 2Q15 19
20 Regulatory EBITDA(Non-IFRS) Breakdown Financial Results The table below shows how the EBITDA would be, considering all the concessions from Taesa group, proportionally. It s important to highlight that the accounting consolidated results does not include ETAU, Brasnorte and TBE. 2Q16 Results Taesa EBITDA: R$ mn Margin: 87.0% Net Rev. R$ mn Opex R$ 51.0 mn EBITDA R$ mn Margin: 87.8% ETAU (52.56%) EBITDA: R$ 3.8 mn Margin: 83.2 % BRA (38.66%) EBITDA: R$ 0.6 mn Margin: 65.9% Net Rev. R$ 4.6 mn Opex R$ 0.8 mn Net Rev. R$ 1.3 mn Opex R$ 0.7 mn TBE (49.99%) EBITDA: R$ 91.3 mn Margin: 91.8% Net Rev R$ mn Opex R$ 8.3 mn 20
21 Financial Results Equity Method The2Q16EquityMethodIncometotaledR$52.4mn The negative variation in the result of the invested companies, including the jointly controlled and associate in the quarterly comparison was mainly due to the difference of the inflation adjustment in the quarters, given the fact the effect of the inflation adjustment is recognized monthly. ETAU and Brasnorte results were negatively impacted by the quarterly inflation variation and positively impacted by the lower debt interests. R$ mn IFRS Equity method 2Q16 2Q15 Chg. Chg. % ETAU (0.6) -22.1% Brasnorte (0.6) -26.6% TBE (5.9) -10.8% Total Equity method (7.2) -12.0% Net Financial Results In 2Q16, Net Financial Expenses totaled R$ 99.9 mn, 13.6% below 2Q15. R$ mn Net Financial Expenses 2Q16 2Q15 Chg. Chg. % Financial Revenues Revenues from financial investments (2.2) -13.7% Financial Expenses Borrowings and financing % Financial instrument (47.7) (27.0) (20.7) 76.7% Debentures (100.6) (119.8) % Other financial expenses/revenues (1.7) (0.1) (1.6) 1,789.1% Total (99.9) (115.5) % The borrowings and financing line considers: (i) negative borrowings interest of R$ 2.9 mn and (ii) positiveaccountingofsomelinesoftheloansubjecttothelaw4.131amountingtor$39.4mn. The debentures line considers: (i) negative monetary variation of R$ 34.6 mn, due to the IPCA adjust seriesinthe1 st and3 rd issuanceofdebenturesand(ii)negativeinterestincurredofr$66.0mn. The loan subject to the Law totaling R$ 350 mn was obtained in March, 2016, in US Dollars linked to Libor interest rate, included a swap based on 114.0% of CDI which is shown in the financial result as follows: Borrowings and financing accounted (i) positive exchange variation of R$ 34.7 mn and (ii) updated positivefairvalueofr$4.7mnregardingtothemarkedtomarketloaninusdollars. Financial instrument derivatives were mainly influenced by: (i) negative marked-to-market swap in CDIof R$ 2.0 mn,(ii)negativeexchangevariationof R$ 34.7 mn and,(iii)debt expensesin CDIof R$ 13.4 mn. 21
22 Taxes Financial Results Inthe2Q16,theIFRSincometaxamountedtoR$ 12.8 mn.theconcession Patesaisintherenewalprocess of the SUDAM/SUDENE tax subsidy. The 2Q16 was mainly influenced by: (i) payment of interest on equity generatedataxbenefitofr$43.7mn,(ii)exclusionofr$17.8mnduetofactthattheequitymethodisnet of taxes. The tax subsidy is calculated based on IFRS revenue of each concession. Our tax incentive on the operating profit aims to reduce 75% of the income tax in nominal terms, so, normally the greater the Corporate Income Tax (IRPJ), higher will be the gain with the tax benefit and vice versa. The payment of interest on capital reduced the Corporate Income Tax (IRPJ) resulting in a unrepresentative quarterly tax subsidy. 34% 34% 34% 34% 8% 0% 7% 6% 0% 10% 20% 10% 1% 0% 19% 13% 0% 0% 6% 16% 0% 9% 13% -3% 2Q16 IFRS 2Q15 IFRS 2Q16 Regulatory 2Q15 Regulatory Equity Method Tax Subsidy Interest on equity Effective Rate Others R$ mn IFRS Regulatory (Non-IFRS) Reconciliation of income tax 2Q16 2Q15 2Q16 2Q15 Pretax Profit 220,0 286,0 233,9 215,8 IRPJ ans CSLL rate of 34% (74,8) (97,2) (79,5) (73,4) Equity method 17,8 20,2 14,5 22,2 SUDAM/SUDENE 0,5 28,2 0,5 28,2 IOE 43,7-43,7 - Other 0,03 3,4 0,1 (5,6) IRPJ and CSLL recognized in profit (12,8) (45,5) (20,8) (28,6) Effective Rate 6% 16% 9% 13% 22
23 Financial Results The table below disclosure the Fiscal Regimen by concession and presents those which held the Fiscal Benefit and the expiration of the benefit. According to the Law 12,973 in July 2015 there was a change at the presumption base to 32% for assets within the Lucro Presumido fiscal regime. The fiscal regime of ETAU changed from Presumido to Real after the change of Law 12,973. Concessão Regime Fiscal Benefício Fiscal % Área Fim TSN Real Sudene 100% 2023 NVT Real Sudam 100% 2023 GTESA Real Sudene 100% 2023 PATESA Real Munirah Real Sudene 100% 2023 ETEO Real NTE Real Suspenso - - STE Real ATE I Real ATE II Real Sudam/Sudene 100% 2016 ATE III Real Sudam 100% 2018 São Gotardo Presumido Mariana Presumido Miracema Presumido ETAU Real BRASNORTE Real Sudam 100% 2020 EATE Real Sudam 100% 2023 ENTE Real ECTE Real ETEP Real ERTE Presumido LUMITRANS Presumido EBTE Presumido ESDE Presumido STC Presumido ETSE Presumido
24 Financial Results The table below shows the PIS and COFINS aliquot of each concession. Concession PIS COFINS TSN 0.65% 3.00% NVT 0.65% 3.00% GTESA 0.65% 3.00% PATESA 0.65% 3.00% Munirah 0.65% 3.00% ETEO 0.65% 3.00% NTE 0.65% 3.00% STE 0.65% 3.00% ATE I 0.65% 3.00% ATE II 1.65% 7.60% ATE III 1.65% 7.60% SGT 0.65% 3.00% ETAU 0.65% 3.00% BRASNORTE 1.65% 7.60% TRANSMINEIRAS 0.65% 3.00% EATE 0.65% 3.00% ETEP 0.65% 3.00% ENTE 0.65% 3.00% ECTE 0.65% 3.00% ERTE 0.65% 3.00% LUMITRANS 0.65% 3.00% EBTE 1.65% 7.60% STC 0.65% 3.00% ESDE 0.65% 3.00% ETSE 0.65% 3.00% 24
25 Financial Results NetIncome 2Q16NetIncomeamountedtoR$207.2mn,13.9%downQoQ. From 1Q13 onwards, the equity method is added to the comparison, reflecting the accounting principles. 2T16x2T15:IFRS Thechartbelowpresents2Q16IFRSNetIncome,comparingwiththeIFRSfiguresof2Q15andthe variations of the events which impacted the 2Q16 Net Income % Q15 Net Income Δ EBITDA Δ Dep/Amort Δ Equity Method Δ Net Financial Result Δ Taxes 2Q16 Net Income NetIncome2Q16:IFRSXRegulatory(NonIFRS) The chart below presents the 2Q16 Net Income, comparing the results IFRS to the Regulatory(Non IFRS). -2.8% Regulatory Net Income Δ Net Revenue Δ Costs, Expenses and Depreciation Δ Equity Method Δ Taxes IFRS Net Income
26 Financial Results Dividends and Interest on Equity The total amount of interim dividends and interest on equity paid regarding the 1Q16 Results was R$ mn(r$ 0.68/unit). On June 3, the Company paid R$ mn as interim dividends and interest on equity regarding the 1Q16 Results and account for the mandatory minimum dividends of the 2016 result. This amount can be split into (i) R$ 93.2 mn (R$ 0.27/unit) as interim dividends and (ii) R$ mn (R$ 0.41/unit) as interest on equity. The approval occurred at the meeting of board of directors held on May 19 and the shares began to be traded"ex-dividends and interest on equity from May % 95% 95% 95% 95% 100% 87% 88% 91% 94% 91% S16 Extra (*) Net Income IFRS (R$ mm) Dividends (R$ mm) Payout * IFRS Reserve 26
27 Financial Results Indebtedness Outstanding effective debt amounted to R$ 3,602 mn, effective Cash and Equivalents totaledr$321mn,henceeffectivenetdebttotaledr$3,281mn. The gross and net debt include the financial derivative instrument. Considering all the jointly controlled and associate companies, proportionally, the total consolidated gross debt would amount to R$ 4,160 mn and the consolidated cash and cash equivalents R$ 394 mn. The difference between the accounting debt and the effective debt is related to the following items: (i) the debentures issuing costs of R$ 2.1 mn, (ii) ETAU and Brasnorte debt of R$ 11.9 mn and (iii) TBE debt of R$ mn. The amount of cash and cash equivalentswerealsoadjustedtoinclude(i)r$9.4mnofetauandbrasnorteand(ii)r$63.8mnoftbe. R$ mn Net Debt 2Q16 % Outst. Debt *CashisthesumofthelinesCashandCashEquivalent+FinancialInvestments+escrowdeposits. 1Q16 % Outst. Debt Short Term % % 24 TJLP % - 0.0% 0 Fixed Coupon 9 0.3% 9 0.3% (0) CDI % % (1) IPCA % % 26 Long Term 3, % 3, % 42 TJLP % % (0) Fixed Coupon % % (2) CDI 1, % 1, % 9 IPCA 1, % 1, % 35 Total Debt 3,602 3, (-) Cash and cash equivalents* (321) (536) (=) Net Debt 3,281 3, Chg. Thecashanddebtvariationsinthe2Q16weremainlycausedby: PaymentofR$322.7mnasdividendsonApril28regarding2015Result. Payment of R$ mn as interim dividends and interest on equity on June 3 regarding the 1Q16 Results. 27
28 Financial Results Outstanding Debt: Breakdown by Creditor The debt from controlled and associates is disclaimed below, proportionally. Company Creditor Index Principal (R$ / mn) Interest (R$ / mn) Cost Issue Rating Maturity Amort Coupons per Year Taesa 2nd Debentures 3rd Debentures SWAP - CITIBANK* FINAME CDI CDI + 1.6% Aa1.br Dec /17 1 CDI CDI + 1.6% Aa2.br Dec /17 1 CDI CDI +0.8% Br.AAA Oct Bullet 1 IPCA IPCA % Br.AAA Oct /19/20 1 IPCA IPCA % Br.AAA Oct /22/23/24 1 CDI % CDI - Sep Bullet 1 TJLP/Fixed Coupon 0,5 0 TJLP + 4.2% / 8.7% - Aug Monthly 12 FINAME Fixed % - Jul Monthly 12 FINAME Fixed % - Dec Monthly 12 FINAME Fixed 0,4 0 6,00% - Aug Monthly 12 FINAME Fixed ,00% - Jun Monthly 12 SGT FINAME Fixed % - Dec Monthly 12 ETAU EATE EBTE ECTE BNDES BoC 1 0 BoC + 4% - Jan Monthly 12 TJLP 5 0 TJLP + 4% - Jan Monthly 12 1st Debentures CDI % CDI - Dec Bullet 1 FINAME Fixed 0,3 0 9,50% - Jan Monthly 12 2nd Debentures CDI 45 1 CDI % Aaa.br Oct Semiannual 2 3rd Debentures CDI CDI % - Mar Quarterly 4 4rd Debentures CDI % CDI - Aug Quarterly 4 BNDES TJLP 74 0 TJLP % - May Monthly 12 Fixed % - Nov Monthly 12 2nd Debentures CDI 10 0 CDI % Aa2.br Oct Semiannual 2 3rd Debentures CDI 12 0 CDI % - May Quarterly 4 ENTE 2nd Debentures CDI % CDI - Aug Quarterly 4 ETEP ESDE ETSE TRANSLESTE TRANSIRAPÉ 1st Debentures CDI % CDI - Nov Monthly 12 2nd Debentures CDI % CDI - Aug Quarterly 4 BNDES TJLP 9 0 TJLP % - Apr Monthly 12 Fixed % - Sep Monthly 12 BNDES TJLP 7 0 TJLP % - Nov Monthly 12 BNDES Fixed % - Nov Monthly 12 BDMG Fixed % - Mar Monthly 12 BDMG Fixed 0,1 0 5%/ Libor/FX - Jan Semiannual 2 BNB Fixed 0, % - Mar Monthly 12 1st Debentures CDI % CDI - Aug Quarterly 4 BDMG Fixed 0,03 0,0 4.5% - Jul Monthly 12 BDMG Fixed % - Jan Monthly 12 BDMG Fixed 0, % + TJLP - Oct Monthly 12 1st Debentures CDI 1 0 CDI % - Nov Semiannual 2 Mutuo CDI 0, % + TJLP - Nov Bullet 1 BNDES Fixed 0, % - Apr Monthly 12 TRANSUDESTE 1st Debentures CDI 1 0 CDI % - Nov Semiannual 2 Total *The debt was issued in USD indexed to Libor but, as it has a swap to CDI, the final value in R$ after the swap was considered as the debt amount. 28
29 Financial Results Outstanding Debt Debt by Company (R$ mn) Capital structure(book Value) Company Outstanding Debt (R$ Million) Cash Balance (R$ Million) Net Debt (R$ Million) TAESA 3, ,281 Brasnorte (38,7%) ETAU (52,6%) TBE (47%) TOTAL 4, ,766 57% 43% The net debt from Taesa above includes the debentures emission costs of R$2.1 mn that are not accounted at the balance sheet. Net Debt Equity (book value) TBE Corporate Structure OnJune30,2016. Taesa 50%* TBE¹ 49.99% 74%* 38% 18% 51% ENTE ERTE EATE EBTE ECTE ETEP 50% 22% 50% 49% 19% 50% 19% STC Lumitrans Transirapé Transudeste Transleste 62% 80% 10% 10% 10% ETSE 100% 100% ESDE 40%* 40%* 5%* 5%* 5%* 19%* 50%* Direct and indirect stake s at the concessions ¹ TBE is a fantasy name for a group of 13 concessions 29
30 Financial Statements
31 Financial Statements Breakdown of the IFRS Revenues O&M Revenues O&M Revenues is adjusted annually by inflation (IGPM or IPCA) in the same way as the RAP. The PV and other adjustments began to be booked in the line Variable Portion and other revenues. The PV (variable portion) is the penalty due to unavailability of the assets(see further details on page 9). R$ MM 2Q16 Concession O&M PV NVT 24.7 (0.1) TSN 46.3 (6.1) MUN GTE 0.4 (0.0) PAT ETE 9.4 (0.0) ETA BRA NTE STE 3.2 (0.3) ATE 5.9 (0.2) ATE II ATE III 9.2 (10.9) SÃO GOTARDO 0.3 (0.1) EATE 4.2 (0.0) EBTE 1.9 (0.4) ECTE ENTE 2.1 (0.5) ERTE ETEP Lumitrans STC ESDE 0.3 (0.2) ETSE MARIANA Total (18.5) The table beside disclosure the O&M Revenues and the Variable Portion by concession on 2Q16, including ETAU, Brasnorte and TBE. The Consolidated amount is the sum of each concession weighted by Taesa s stake. 31
32 Financial Statements Breakdown of the IFRS Revenues Financial Asset Income and Monetary Adjustment The Financial Asset Income consists of the outcome of a rate of return times the outstanding Financial Asset. Monetary Adjustment of the Financial Asset Income is the monthly recognition of inflationary effects. In the Income Statement, the Financial Asset Income, the Monetary Adjustment of the Financial Asset Income and the Construction Revenue are booked within the Gross Income, as described in the table below. R$ MM 2Q16 Concession Financial Asset FA -Monetary Income adjustment Construction NVT (0.7) TSN MUN GTE PAT ETE ETA BRA NTE STE ATE ATE II ATE III SÃO GOTARDO EATE EBTE ECTE ENTE ERTE ETEP Lumitrans STC ESDE ETSE MARIANA Total The table beside disclosure the Financial Asset Income, the Monetary Adjustment of the Financial Asset Income and Construction Revenue by concession on 2Q16, including ETAU, Brasnorte and TBE. The Consolidated amount is the sum of each concession weighted by Taesa s stake 32
33 Financial Statements Financial Asset Financial Asset 1Q16 Financial Asset Income Mon Ad Fin Ass O&M Rev. Const. Rev. RAP Financial Asset 2Q16 Concession Financial Asset 2Q16 (R$ mn) Annual Rate Monthly O&M (R$ mn) cicle '16-17 RAP Concessions³ (R$ mn) cicle '16-17 End Concessions RAP reduction NVT 1, % Dec-30 Jun-18 TSN % Dec-30 Jun-18 TSN Reforço % Dec-30 No MUN % Feb-34 Oct-20 GTE % Jan-32 Aug-18 PAT % Dec-32 Sep-19 ETE % May-30 Oct-16 ETA % Dec-32 Apr-20 BRA¹ % Mar-38 No BRA¹ Reforço 5 5.7% Mar-38 No NTE % Jan-32 Jan-19 STE % Dec-32 Jul-19 ATE I % Feb-34 Dec-20 ATE II 1, % Mar-35 Jan-22 ATE III¹ % Apr-36 Mar-23 ATE III¹ Reforço % Apr-36 No SÃO GOTARDO¹ % Sep-42 No EATE 1, % Jun-31 Mar-18 EBTE¹ % Oct-38 No ECTE % Nov-30 Mar-17 ENTE % Dec-32 Feb-20 ERTE % Dec-32 Sep-19 ETEP % Jun-31 Aug-17 Lumitrans % Feb-34 Oct-22 STC¹ % Apr-36 Nov-22 ESDE¹ % Nov-39 No ETSE¹ % May-42 No Transleste 8 4.9% Feb-34 Dec-20 Transirapé 7 4.4% Mar-35 Feb-22 Transudeste 5 5.0% Mar-35 May-22 Mariana¹ ² % May-44 No Total 9, ,442 ¹ The RAPs must be grossed up of PIS/COFINS ² under construction ³ The Financial Asset RAP does not consider the basic transmission grid at the border ou basic frontier transmission grid 33
34 Financial Statements Income Statement IFRS Regulatory (Non-IFRS) Income Statement 2Q16 2Q15 Chg. Chg. % 2Q16 2Q15 Chg. Chg. % GROSS OPERATING REVENUES Service revenues , ,338 19, % Operation and Maintenance 124, ,868 5, % Financial Asset Income 163, , % Financial Asset- Monetary adjustment 84, ,074 (64,624) -43.4% Construction and indemnity 3,414 7,391 (3,977) -53.8% Variable Portion and Other Revenues (15,134) (6,513) (8,621) 132.4% (15,134) (6,513) (8,621) 132.4% TOTAL GROSS REVENUES 360, ,960 (71,504) -16.6% 432, ,825 10, % Revenue deductions (37,099) (39,768) 2, % (40,307) (38,276) (2,031) 5.3% NET REVENUES 323, ,192 (68,835) -17.6% 392, ,549 8, % COSTS AND OPERATING EXPENSES (55,886) (50,121) (5,765) 11.5% (100,913) (90,089) (10,824) 12.0% Personnel (30,624) (24,021) (6,603) 27.5% (30,624) (24,021) (6,603) 27.5% Material (4,695) (9,834) 5, % (427) 170 (597) % Third party services (10,417) (9,575) (842) 8.8% (10,417) (9,575) (842) 8.8% Depreciation and amortization (640) (389) (251) 64.5% (49,935) (50,362) % Other operating expenses (9,510) (6,302) (3,208) 50.9% (9,510) (6,301) (3,209) 50.9% Costs and Expenses (55,246) (49,732) (5,514) 11.1% (50,978) (39,727) (11,251) 28.3% GROSS PROFIT 267, ,071 (74,600) -21.8% 291, ,460 (2,369) -0.8% Equity method 52,380 59,458 (7,078) -11.9% 42,660 37,895 4, % Revenues from financial investments 13,655 15,815 (2,160) -13.7% 13,655 15,815 (2,160) -13.7% Borrowings and financing 36,493 15,499 20, % 36,493 15,499 20, % Financial instrument (47,722) (27,009) (20,713) 76.7% (47,722) (27,009) (20,713) 76.7% Debentures (100,555) (119,760) 19, % (100,555) (119,760) 19, % Other financial expenses (1,738) (92) (1,646) % (1,738) (92) (1,646) % Financial Revenues (Expenses) (99,867) (115,547) 15, % (99,867) (115,547) 15, % NET INCOME BEFORE INCOME TAXES 219, ,982 (65,998) -23.1% 233, ,808 18, % Income taxes and social contribution (12,777) (45,461) 32, % (20,749) (28,642) 7, % NET INCOME 207, ,521 (33,314) -13.9% 213, ,166 25, % EBITDA 268, ,460 (74,349) -21.7% 341, ,822 (2,796) -0.8% EBITDA Margin 82.9% 87.3% -4.4 bps 87.0% 89.6% -2.6 bps 34
35 Financial Statements Income Statement IFRS 2Q16 R$ 000 IFRS TAESA ETAU Brasnorte TBE GROSS OPERATING REVENUES Service revenues OperationandMaintenance 124,234 1, ,987 Financial Asset Income 163, ,490 40,312 Financial Asset -Monetary adjustment 84,450 1,400 1,572 39,342 Constructionandindemnity 3,414 4,739-1,683 Variable Portion and Other Revenues (15,134) ,519 TOTAL GROSS REVENUES 360,456 8,894 3,510 94,844 Revenue deductions (37,099) (792) (402) (8,064) NET REVENUES 323,357 8,102 3,108 86,780 COSTS AND OPERATING EXPENSES (55,886) (5,081) (921) (20,046) Personnel (30,624) (14) (130) (4,746) Material (4,695) (4,307) (204) (2,477) Third party services (10,417) (709) (582) (2,569) Depreciation and amortization (640) - - (197) Other operating expenses (9,510) (51) (5) (1,053) Costs and Expenses (55,246) (5,081) (921) (10,846) GROSS PROFIT 267,471 3,021 2,187 75,737 Equity method 52, NET FINANCIAL EXPENSES Revenues from financial investments 13, ,682 Borrowings and financing 36,493 (21) - (1,716) Monetary variation and Exchange Gains / Losses (645) Financial instrument (47,722) Debentures (100,555) (198) (84) (16,085) Other financial expenses (1,738) (58) (1) (1,233) Financial Revenues (Expenses) (99,867) (51) 8 (17,997) NET INCOME BEFORE INCOME TAXES 219,984 2,970 2,195 58,330 Income taxes and social contribution (12,777) (896) (643) (9,576) NET INCOME 207,207 2,074 1,552 48,754 EBITDA 268,111 3,021 2,187 75,934 EBITDA Margin 82.9% 37.3% 70.4% 87.5% The equity method consists on booking the investment in a subsidiary or associate company according to the value of the shareholder equity of the invested company, also reflecting the variation in the equity of the invested company on the P&L of the holding company. Therefore, the sum of the Net Income of the subsidiaries or associate companies may differ from the equity method booked on the P&L. 35
36 Financial Statements Income Statement Regulatory(Non-IFRS) 2Q16 R$ 000 Regulatory(Non-IFRS) TAESA ETAU Brasnorte TBE GROSS OPERATING REVENUES Service revenues 447,445 4,432 2, ,414 Variable Portion and Other Revenues (15,134) (1,103) TOTAL GROSS REVENUES 432,311 5,011 2, ,311 Revenue deductions (40,307) (400) (308) (8,686) NET REVENUES 392,004 4,611 2, ,625 COSTS AND OPERATING EXPENSES (100,913) (1,247) (1,365) (18,331) Personnel (30,624) (14) (130) (4,746) Material (427) (2) - 84 Third party services (10,417) (709) (582) (2,569) Depreciation and amortization (49,935) (471) (648) (10,047) Other operating expenses (9,510) (51) (5) (1,053) Costs and Expenses (50,978) (776) (717) (8,284) GROSS PROFIT 291,091 3, ,294 Equity method 42, NET FINANCIAL EXPENSES Revenues from financial investments 13, ,682 Borrowings and financing 36,493 (21) - (1,716) Financial instrument (47,722) Debentures (100,555) (198) (84) (16,085) Other financial expenses (1,738) (58) (1) (1,302) Financial Revenues (Expenses) (99,867) (51) 8 (18,065) NET INCOME BEFORE INCOME TAXES 233,884 3, ,687 Income taxes and social contribution (20,749) (1,013) (151) (11,278) Reversal of Interest on Equity NET INCOME 213,135 2, ,409 EBITDA 341,026 3,835 1,388 92,341 EBITDA Margin 87.0% 83.2% 65.9% 91.8% The difference between Taesa sequity method and the sum of the results from ETAU, Brasnorteand TBE is due to the amortization of the fair value allocated arising from the process of allocation of the price paid registered at the investment line. 36
37 EBITDA Reconciliation Financial Statements 2Q16 EBITDA reconciliation exclude the impact from the equity method at the Company s result. R$ MM IFRS EBITDA Reconciliation 2Q16 2Q15 Chg. Chg. % Net Income 207,2 240,5 (33,3) -13,9% Income taxes and social ontribution 12,8 45,5 (32,7) -71,9% Net Financial Expenses 99,9 115,5 (15,7) -13,6% Depreciation and amortization 0,6 0,4 0,3 64,5% Equity method (52,4) (59,5) 7,1-11,9% EBITDA 268,1 342,5 (74,3) -21,7% EBITDA Margem 82,9% 87,3% -4,4 bps R$ MM Regulatory (Non-IFRS) EBITDA Reconciliation 2Q16 2Q15 Chg. Chg. % Net Income 213,1 187,2 26,0 13,9% Income taxes and social contribution 20,7 28,6 (7,9) -27,6% Net Financial Expenses 99,9 115,5 (15,7) -13,6% Depreciation and amortization 49,9 50,4 (0,4) -0,8% Equity method (42,7) (37,9) (4,8) 12,6% EBITDA 341,0 343,8 (2,8) -0,8% EBITDA Margem 87,0% 89,6% -2,6 bps 37
38 Balance Sheet Financial Statements After the new accounting principle, ETAU, Brasnorte and TBE are consolidated through the line investment against Shareholder s Equity. R$ 000 IFRS Regulatory (Non-IFRS) Balance Sheet 2Q16 Adjustment 2Q16 Assets Cash and cash equivalent 208, ,774 Financial Investments 105, ,981 Receivables 164, ,310 Financial Asset 1,290,820 1,290,820 - Recoverable taxes 58,428-58,428 Dividends and interest on equity to receive 59,125-59,125 Other Current Assets 37,076-37,076 Total Current Assets 1,924,514 1,290, ,694 Financial Investments 6,033-6,033 Financial Asset 4,848,183 4,848,183 - Deferred income tax and social contribution - (543,386) 543,386 Investment 1,768, ,949 1,499,488 Receivables 13,637-13,637 Escrow deposits 16,472-16,472 Other receivables 16,474-16,474 Fixed Assets 21,210 (4,115,385) 4,136,595 Intangible Assets 20,415 (129,903) 150,318 Total Non Current Assets 6,710, ,458 6,382,403 Total Assets 8,635,375 1,619,278 7,016,097 Liabilities Trade accounts payable 14,065-14,065 Taxes 14,440-14,440 Borrowings and financing 9,121-9,121 Debentures 334, ,401 Dividends to pay 4-4 Regulatory fees 60,552-60,552 Other payables 25,666-25,666 Total Current Liabilities 458, ,249 Borrowings and financing 354, ,298 Debentures 2,840,857-2,840,857 Financial instruments derivatives 62,889 62,889 Deferred taxes and social contributions 158,317 (13,797) 172,114 Deferred Taxes 318, ,862 - Provisions for tax, social security, labor and civil contingencies 5,295-5,295 Other payables 142, ,863 Total Non Current Liabilities 3,883, ,065 3,578,316 Shareholder's Equity Paid-in capital 3,042,035-3,042,035 Capital Reserve 594, ,507 Earnings reserve 417, ,864 Interim dividends and interest on equity (221,553) - (221,553) Accumulated Losses - 1,253,504 (1,253,504) Retained earnings 460,892 60, ,183 Total Shareholder's Equity 4,293,745 1,314,213 2,979,532 Total Liabilities and Shareholder's Equity 8,635,375 1,619,278 7,016,097 38
39 Financial Statements TBE Balance Sheet R$ 000 IFRS Regulatory (Non-IFRS) Balance Sheet 2Q16 Adjustment 2Q16 Assets Cash and cash equivalent 61, ,814 Receivables 46, ,956 Financial Asset 403,745 (403,745) - Recoverable taxes 10, ,115 Other Current Assets 16, ,536 Total Current Assets 539,161 (403,739) 135,422 Financial Investments 2,016-2,016 Financial Asset 2,423,846 (2,423,846) - Investment 15,426 24,065 39,491 Other receivables 11,671 (2,616) 9,055 Fixed Assets 7, , ,871 Total Non Current Assets 2,460,062 (1,450,629) 1,009,433 Total Assets 2,999,223 (1,854,368) 1,144,855 Liabilities Trade accounts payable 16, ,464 Taxes 27, ,883 Borrowings and financing 13,772-13,772 Debentures 143, ,799 Dividends to pay 44,640-44,640 Regulatory fees 18, ,116 Other payables 12, ,650 Total Current Liabilities 277, ,325 Borrowings and financing 94,815-94,815 Debentures 285, ,541 Deferred Taxes 702,919 (700,485) 2,434 Other payables 37, ,074 Total Non Current Liabilities 1,120,345 (700,482) 419,863 Shareholder's Equity Paid-in capital 584, ,916 Legal Reserve 91,349 (875) 90,473 Earnings reserve 805,294 (1,139,013) (333,719) Retained earnings 119,996 (14,000) 105,996 Total Shareholder's Equity 1,601,553 (1,153,886) 447,667 Total Liabilities and Shareholder's Equity 2,999,223 (1,854,368) 1,144, The TBE balance sheet is unaudited.
40 Financial Statements CashFlow Cash Flow Cash Flow from operating activities Incomefor theperiod 460,892 Adjusts to: Income on equity in subsidiaries (129,071) Depreciation andamortization 1,785 Tax, social security, labor and civil provisions 4,235 Interest, monetary variation and exchange gains / losses and fair value adjustment on borrowings and financing (79,496) Interest and inflation adjustment on debentures 216,485 Derivativefinancial instruments 122,149 Income tax and social contribution 66,765 Deferred taxes (2,451) Return on financial assets (570,150) Construction and indemnity revenue (2,874) Variable PortionProvision 7,723 Changes in assets and liabilities 2Q16 95,992 Increase in trade accounts receivable (7,345) Decreasein financial assets 639,204 Increase in the balance of income tax and social contribution assets, less liabilities (23,731) Decrease in the balance of other assets (5,693) Decrease in balance of trade accounts payable (19,647) Increase in the balance of regulatory fees 5,323 Decrease in the balance of other payables (15,713) Dividends and interest on equity earned from jointly controlled 65,833 Cash fromoperatingactivities 734,223 Income tax and social contribution paid (17,676) Net cash from operating activities 716,547 Cash flow of investing activities Increase in the balance of Financial Investments (24,042) Additions in property, intangible assets 24 Net cash used in investing activities (24,018) Cash Flow provided by financing activities Payment of borrowings and financing (principal) (233,530) Payment of borrowings and financing (interest) (7,853) Payment of debentures (interest) (29,474) Payment of derivative financial instruments (interest) (20,733) Payment of dividends and interest on equity (544,212) Receiving and settlement of financial instruments 219,606 Net Cash provided by financing activities (616,196) Opening balance of cash and cash equivalents 132,441 Closing balance of cash and cash equivalents 208,774 Increase in cash and cash equivalents 76,333 40
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