13/05/2016 - ENEVA registers adjusted EBTIDA of R$ 108 million in the 1Q16

ENEVA – company in judicial recovery – registered adjusted EBTIDA of R$ 107.9 million in the 1Q16, representing an increase of 81.6% compared to the R$ 59.4 million in the same period of 2015. The result was boosted by the consolidation of the thermal plants Parnaíba III, Parnaíba IV, BPMP and other assets  that improved its results, contributing to the Company register the balance obtained with cash generation and deleveraging trend in comparison the quarters.

"ENEVA continues its path to improve its operating performance, reduce its leverage through a more robust capital structure and create growth opportunities consistent with way to becoming the best independent platform for energy in Brazil", affirmed José Drummond, CEO of the Company.

Execution of agreements for contribution of PGN

On March, ENEVA executed agreements with Cambuhy Investimentos and OGX to contribute their equity interest and assets owned by these investors in Parnaíba Gás Natural (PGN) to ENEVA. PGN is largest private company of exploration and production (E&P) of natural gas in the country.

The proposed transaction, estimated about R$ 1.15 billion, provides for an increase in private capital, with completion scheduled for the third quarter of 2016. In return, both Cambuhy and OGX become ENEVA shareholders.

The new configuration is intended to position ENEVA as the only independent gas-to-wire company in the country with different and complementary activities: generation of electricity and exploration and production of oil and gas.

Approval of reverse stock split

ENEVA's reverse stock split was approved on April 7, 2016. The shares will be quoted within the minimum values established by BM&FBOVESPA, as established in the BM&FBOVESPA's. The stocks were split in the ratio of 100 ordinary shares to 1 ordinary shares. The Company's shares started traded adjusted by the reverse split ration on May 12, 2016.


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