19919510 COMMON SHARES EDP – Energias do Brasil SA

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USE OF PROCEEDS This offering will be a secondary public offering by the selling shareholder only and we will not receive any proceeds from it. The selling shareholder will receive all net proceeds resulting from the sale of our common shares pursuant to this offering, including the net proceeds resulting from any exercise of the over-allotment option. 32
CAPITALIZATION The following table sets forth our current and non-current indebtedness, shareholders’ equity and total capitalization as of March 31, 2011. As the offering will be a secondary offering only, it will not affect our capitalization. This table should be read in conjunction with “Selected Financial Information,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements included elsewhere in this offering memorandum. There has been no material change to our capitalization since March 31, 2011. Short-term loans and financings ..................................................................................................................... As of March 31, 2011 (R$ in thousands) 517,630 Long-term loans and financings ...................................................................................................................... 2,728,259 Consolidated net equity ................................................................................................................................... 6,659,321 Capital stock .................................................................................................................................................... 3,182,716 Profit reserve ................................................................................................................................................... 1,386,620 Capital reserve ................................................................................................................................................. 88,984 Retained profits ............................................................................................................................................... 187,742 Equity Evaluation Adjustments ...................................................................................................................... (110,443) Non-controlling shareholders’ interests .......................................................................................................... 1,923,702 Total capitalization (1) ..................................................................................................................................... 9,905,210 (1) Corresponds to total short- and long-term loans and financing and total shareholders’ equity. 33
Page 1 and 2: CONFIDENTIAL OFFERING MEMORANDUM 19
Page 3 and 4: FORWARD-LOOKING STATEMENTS ........
Page 5 and 6: This document may not be publicly d
Page 7 and 8: Forward-looking statements involve
Page 9 and 10: published by official government so
Page 11 and 12: SUMMARY This summary highlights inf
Page 13 and 14: The table below presents the reconc
Page 15 and 16: EDP Bandeirante One of the main pow
Page 17 and 18: Solid Capital Structure, Historic D
Page 19 and 20: Our Corporate Structure The followi
Page 21 and 22: Voting Rights .....................
Page 23 and 24: As of March 31, As of December 31,
Page 25 and 26: RISK FACTORS An investment in our c
Page 27 and 28: the market price of our securities.
Page 29 and 30: Our growth by means of public bids
Page 31 and 32: precedent is beyond our control and
Page 33 and 34: level of contributions we need to m
Page 35 and 36: Events and changes in risk percepti
Page 37 and 38: EXCHANGE RATES The Brazilian foreig
Page 39 and 40: Low Price per Share Average (in rea
Page 41: The Novo Mercado The Novo Mercado i
Page 45 and 46: SELECTED FINANCIAL INFORMATION We p
Page 47 and 48: Liabilities As of March 31, As of D
Page 49 and 50: The tables below present a reconcil
Page 51 and 52: The following table sets forth our
Page 53 and 54: Principal Factors Affecting Our Res
Page 55 and 56: Ratings upgraded Brazil to investme
Page 57 and 58: This corporate reorganization consi
Page 59 and 60: Revenue Recognition Although we bil
Page 61 and 62: We and our subsidiaries do not ente
Page 63 and 64: The table below sets forth selected
Page 65 and 66: corrective maintenance of the netwo
Page 67 and 68: Year ended December 31, 2010 Compar
Page 69 and 70: Operational expenses Operational ex
Page 71 and 72: Cash used in investing activities d
Page 73 and 74: This financing is related to invest
Page 75 and 76: Investco BNDES The main terms of th
Page 77 and 78: eleased in August 2010. The total s
Page 79 and 80: Contractual Commitments The followi
Page 81 and 82: Financial risk Decisions on financi
Page 83 and 84: General OVERVIEW OF THE BRAZILIAN E
Page 85 and 86: Energy production plants operate pu
Page 87 and 88: for operating the energy system, as
Page 89 and 90: The distribution tariff comprises t
Page 91 and 92: equirement that distribution and ge
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Electricity Trading Markets Pursuan
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subsequent to the auction for exist
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X Factor The X Factor is used in an
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• Granting-authority intervention
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Ministry of Mines and Energy (MME)
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purchases the electricity generated
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The licensing process comprises thr
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The following table sets forth our
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Business Segments Generation For th
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Our Strengths We believe that our c
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July 15, 2011. The Santo Antônio d
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Also in 1999, the EDP Group acquire
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On March 22, 2010, the Brazilian In
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In the above chart, with respect to
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Of the total amount of resources al
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EDP Bandeirante In October 2009, AN
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The table below sets forth a brief
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In order to allow the Investco shar
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530 2005 Energy Trading Activities
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The revenue for the use of the dist
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The following table shows the numbe
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such as for waste disposal, we are
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All of our operating licenses are s
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Concessionaire Site State Type of G
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Our generation plants maintain insu
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which we believe the probability of
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in our share capital; (ii) are not
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Audit Committee The audit committee
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The commercial address of our Inves
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Family Relationships As of the date
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Energias de Portugal Investments an
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y the shareholders; (iii) the condi
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Descriptions of Related Party Trans
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DESCRIPTION OF CAPITAL STOCK The fo
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• our securities shall not be tra
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Quorum • bonuses and approval of
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Our fiscal council is a non-permane
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• during the 15-day period prior
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Going Private Process We may become
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Quarterly and Annual Information In
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Retained Profits Reserves Under the
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TAXATION The following summary cont
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Discussion on Low or Nil Tax Jurisd
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For purposes of this summary, a “
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Passive foreign investment company
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PLAN OF DISTRIBUTION Subject to the
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(g) a transfer to any other person
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TRANSFER RESTRICTIONS Because of th
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exemptive relief from the prohibite
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(iii) in a transaction that, in acc
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(ii) where no consideration is or w
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INDEPENDENT ACCOUNTANTS Our unaudit
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A plaintiff (whether or not Brazili
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INDEX TO FINANCIAL STATEMENTS EDP -
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� � QUARTERLY FINANCIAL INFORMA
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Independent Auditors’ Review Repo
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EDP - ENERGIAS DO BRASIL S.A. BALAN
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EDP - ENERGIAS DO BRASIL S.A. STATE
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Page 211 and 212:
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2 2.1 2.1.1 2.1.2 2.2 Accounting pr
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��
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��
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2.7 Reclassifications in prior peri
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Periodic tariff review of 2010 - Es
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7 Accounts receivable Parent compan
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10 Deferred income and social contr
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11 Related parties ��
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14 Other credits - Assets and Other
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15.2 Direct interest on investments
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Buildings, civil works and improvem
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19.1 Free energy 20 Debentures �
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20.4 20.5 Changes in debentures in
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Eletrobrás ��
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21.3 Additional information on debt
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The change in the loans and financi
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22.3 Energest 22.3.1 22.3.2 Present
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26.1.2 Labor claims 26.1.3 Civil 26
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��
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��
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33.2 Fair value ��
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Financial assets Cash and cash equi
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33.5 33.6 Contractual obligations D
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��
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Net operating revenue 922.837 Elect
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EDP - Energias do Brasil S.A. Indep
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accounting estimates made by Manage
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EDP - ENERGIAS DO BRASIL S.A. BALAN
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F-75 EDP - ENERGIAS DO BRASIL S.A.
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2 Accounting policies 2.1 Basis of
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g) Intangible assets (Note 19) Inta
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u) Income statement Income and expe
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For distribution companies, the bif
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Liabilities and shareholders' equit
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3.2.3 Reconciliation of the parent
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Shareholders' equity Capital: adjus
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6 Cash and cash equivalents Parent
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10.3 IRRF - interest on own capital
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11.1.3 The goodwill fiscal credit d
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12.1 Directors' Fees 12.1.1 Compens
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15.1 Tariff modicity - low income L
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18 Property, plant and equipment Av
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19.1 19.2 Concession right - Other
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21.2 Issuer Escelsa 1st debentures
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22 Loans, financing and debt charge
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22.2 BNDES agreement n°. 88,425 /
Page 311 and 312:
Page 313 and 314:
Page 315 and 316:
23.1 Bandeirante BSPS - Reserves to
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23.2.1 Retirement plans Plan I - Es
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12/31/2010 12/31/2009 12/31/2008 12
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23.3.2 The main assumptions utilize
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25 Regulatory and sector charges Ac
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27.2 Risk of possible loss 27.2.1 C
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Number of shares of controlling sha
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31 Operating expenses Parent compan
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34.2 Fair value Fair value is the a
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Financial assets Cash and cash equi
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34.5 34.6 Contractual obligations D
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Inception CONSOLIDATED USD/EUR noti
Page 339 and 340:
38 38.1 Segment information A busin
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19919510 COMMON SHARES EDP – Energias do Brasil SA

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