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Equatorial Energia S.A Equatorial Energia S.A. Financial statements December 31, 2019 (A free translation of the original report in Portuguese, prepared in accordance with the accounting practices adopted in Brazil) Contents Management Report 3 Independent auditors’ report on the individual and consolidated financial statements 29 Statements of financial position 36 Statement of profit and loss 37 Statements of comprehensive income 38 Statements of changes in equity 39 Statements of cash flows - Indirect method 40 Statements of added value 41 Notes to the financial statements 43 Management Report In accordance with legal provisions and corporate legislation, the management of EQUATORIAL ENERGIA S.A. hereby presents its Management Report, its individual and consolidated financial statements, along with the respective notes to the financial statements and independent auditors' report, for the financial years ended December 31, 2019 and 2018. The non-financial information of the Company and its subsidiaries, information about the "Light for All" program (Programa Luz Para Todos - PLPT), Social Balance Sheet, Combating Losses, the Social Initiatives Report and forward-looking information regarding management expectations about the future performance of the Company and its subsidiaries have not been reviewed by the independent auditors. 01. Company profile Overview Equatorial Energia S.A. is a holding company operating in the electric sector. In the distribution segment, Equatorial Energia controls the distributor in the States of Maranhão, Pará, Piauí and Alagoas. In the transmission segment, in October 2016 and April 2017, Equatorial took part in 2 new projects auctions conducted by ANEEL, by which it acquired the concessions for 08 lots of transmission lines, amounting to R$ 879 million in RAP (Annual Permitted Revenue), as of December 2017. Equatorial Energia also acquired 100% of INTESA, the operational transmission line in the states of Tocantins and Goiás. Among these batches we already have SPE 8 in partial operation. In the generation segment, Equatorial Energia holds a 25% interest in GERAMAR, the company in charge of operating 2 thermal power plants in Maranhão, with a joint installed capacity of 330MW, and in commercial operation since the 2010. In the service provision segment, Equatorial Energia holds the entire capital of 55 Soluções, which in turn holds 51% of Sol Energias, an electricity trader. 02. 2019 Headlines ► In 2019, the consolidated recurring EBITDA amounted to R$ 4.102 billion, growth of 100.9% over 2018. The factors considered in adjusted EBITDA are described in Comments and Performance. ► The total billed energy volume (captive and free markets) rose by 1.3% on FY 2018. ► Pursuant to Relevant Events disclosed by the Company on November 5 and 11, 2019, Equatorial Energia transferred its interests equal to 96.5% of total equity capital in Equatorial Pará and 65.11% of total equity capital in Equatorial Maranhão to Equatorial Distribuição on 5/11/2019. ► On 5/11/2019 Itaú Bank became the holder of the entire preferred shares issued by Equatorial Distribuição, equal to 9.9% of the latter’s equity capital, while Equatorial Energia in turn continued to hold all of the common shares of Equatorial Distribuição, equal to 90.1% of the company’s equity capital. ► Since November 2019 the Company holds a repurchase right of the entire preferred shares issued by Equatorial Distribuição, exercisable between 11/11/2022 and 11/11/2026. The purchase price, should the option be exercised, will be R$ 1.000.000.000,00 (one billion Brazilian reais) updated by 100% of the CDI interest rate as of 11/11/2019, the option’s exercise date less dividends received by the minority shareholder, updated by 100% of the CDI interest rate from the date of payment to the purchase option’s exercise date. The minority shareholder does not hold the shares’ sale option, exercising such right being under the Company’s control. ► At Equatorial Maranhão, energy losses in the last 12 months ended 2019 accounted for 18.0% of required energy, virtually unchanged year on year. At Equatorial Pará, total losses closed the year at 30.1% of required energy, an increase of 18 p.p. over the close of the previous year. ► At Equatorial Pará, the quality indicators DEC and FEC ended 4Q19 at 21.8 hours and 12.2 times, an improvement on the previous quarter. At Equatorial Maranhão, the indicators DEC and FEC ended the period at 13.7 hours and 6.6 times, basically stable when compared with the last quarter. At Equatorial Pará, the same indexes ended 4Q19 at 34.9 hours and 13.1 times, while Equatorial Alagoas ended 4Q19 at 38.7 hours and 16.3 times, much improved as compared to the preceding quarter. ► On June 3, 2019 the Rurópolis Substation’s Synchronous Compensator was commissioned, a part of SPE 08, with 13.42% of the undertaking’s total RAP (Annual Permitted Revenue) and equal to roughly R$ 18 million on the date of commissioning. This portion of the lot’s start of operations represented an advance of roughly 37 months on the regulatory deadline. 03. Message from the CEO The year of 2019 was marked by another important step for Equatorial Energy Group’s growth, especially in the transmission and distribution segments. With regard to transmission, the company obtained environmental licenses for all of its 8 work site lots. In addition, in June 2019 the Rurópolis Substation’s Synchronous Compensator was commissioned, a part of SPE 08 and with a RAP (Annual Permitted Revenue) equal to roughly R$ 18 million. This portion of the lot’s start of operations represented an advance of roughly 37 months on the regulatory deadline. As for electricity distribution, 2019 was a milestone of the start of operations by our Alagoas concession and consolidation of our Piauí operations. The turnaround by these new distributors has already been converted into positive outcomes, with the development of actions involving improved operating quality in electricity supply as well as commercial assistance. We should also stress contractual discussions with third parties (anchor agreements), a focus on fighting losses and readapting our cost structure, among other actions. The year of 2019 involved important investments, in particular those directed at transmission, totaling R$ 2.9 billion. Moreover, please note that we already have available 100% of the funding for new contractual lots, adding safety to the group’s liquidity aspect. Within the distribution segment, the total invested reached R$ 1.8 billion, considering the use of own resources and the investment for the Light for All Program. Those investments aim at the expansion and maintenance of the networks, improvement in the quality of supply, universal access to the grid and the interconnection of isolated systems in Pará. This high level investment allowed Equatorial Maranhão and Equatorial Pará to maintain their quality figures (DEC and FEC) substantially better than their regulatory targets, reaching 13.7 hours and 6.6 times in Maranhão, and 21.8 hours and 12.6 hours times in Pará. It is relevant that in Aneel’s quality ranking Equatorial Pará has been placed in 2nd place among major distributors, of which fact we are very proud. We are certain that our new distributors are also on the path to achieving operating excellence. From the financial angle, we continue to reflect stable profit figures as well as safety from a liquidity viewpoint, having ended the year with a consolidated cash position of R$ 5.829 billion. We are proud to announce that our distribution companies - Equatorial Maranhão and Equatorial Pará - were ranked amongst the best 100 companies to work for in Brazil in the Great Place to Work ranking, demonstrating the appreciation and dedication that we have for our people. We wish to thank all our employees, shareholders, suppliers and partners for their support and confidence over these years. Augusto Miranda da Paz Junior Chief Executive Officer 04. Business management 4.1 Loss reduction Equatorial Maranhão In 2019 the volume of electricity required by the Equatorial Maranhão system topped 7,846 GWh, a 4.4 p.p. rise as compared to year-end 2018. Billings rose to 6,435 GWh, representing a 3.4 p.p. increase over 2018. The energy losses recorded by the Company in 2018 were 1,411 GWh, or 18.0% of required energy, resulting in losses rising by 0.8 p.p. on 2018. Total losses on required energy (Last 12 months) Los s 12 months Regulatory target loss 12 months loss 12 Non-technicalmonths losses on low-voltage market (Last 12 months) Regulatory target Fiscal measurement was essential to achieve one of the highlights of 2019, reaching the milestone of 10.8 thousand monitored transformers. Out of this amount, 6.2 thousand are located on the island of São Luís, where we saw a decrease of 0.6 percentage points on 2018 and 2019. This result was important to keep the Company's loss ratio in check and nearly within the regulatory target. We highlight below the results of the actions taken in the plan for combating losses in 2019: • Implementation of the Mobile technology in the Inspection procedure; • Regularization of 2.9 thousand clients in an area of improvised installations and connections where it was necessary to carry out medium and low-voltage network extensions; • Inspection of 4.5 thousand clients with supply of medium and high voltage power; • Installation of 236 telemetering systems in clients with medium voltage supply which will enable monitoring in real time of the consumption and demands of the units, in addition to the
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