Corporate Presentation
January 2013
Light Holdings
Light S.A.
(Holding)
100%
Light
Serviços de
Eletricidade
S.A.
100%
51%
100%
Light
Energia
S.A.
Lightger
S.A.
Itaocara
Energia
Ltda.
Renova
Energia S.A.
Central
Eólica
Fontainha
Ltda.
Central
Eólica
São Judas
Tadeu Ltda.
21.99%
100%
100%
25.5%
Amazônia
Energia
S.A.
Norte
Energia S.A.
9.77%
100%
Light Esco
Prestação de
Serviços S.A.
100%
Lightcom
Comercializadora
de Energia S.A.
100%
Light
Soluções em
Eletricidade
Ltda.
51%
100%
Instituto
Light
Axxiom
Soluções
Tecnológicas
S.A.
20%
CR Zongshen
E-Power
Fabricadora de
Veículos Ltda.
EBL
Cia de
Eficiência
Energética
S.A 33%
Guanhães
Energia S.A.
51%
Distribution
100%
Generation
Commercialization and Service
Institutional
System
Electric
Vehicles
2
Rankings
Among the largest players in Brazil
Integrated
Net Revenues 2011 – R$ Billion
Distribution
Energy Consumption in Concession Area (2011) - GWh1
54.590
15.8
50.404
45.101
12.8
9.8
7.8
6.2
29.139
5.4
25.593
22.932
Cemig
CPFL
Neoenergia
Copel
Light
Energias do Brasil
CPFL
Cemig
Eletropaulo
Neoenergia
Copel
Light2
Generation Private-owned Companies
Installed Hydro-generation Capacity (MW) – 2011
6.908
2.654
2.241
2.210
1.828
866
Tractebel
Souce: Companies reports
Note: 1 – Captive market + free clients
2 – It doesn’t consider the consumption of CSN and CSA
AES Tiete
Duke Energy
CPFL
Energias do
Brasil
Light
3
Shareholders Structure
BTG
PACTUAL
SANTANDER
14.29%
Indirect stake in blue
2.74%
28.57%
5.50%
FIP
REDENTOR
75%
5.50%
BANCO DO
BRASIL
19.23%
11 Board members: 8 from the controlling
group, 2 independents e 1 employees
nominated

A qualifying quorum of 7 members to
approve relevant proposals such as: M&A
and dividend policy
CEMIG
28.57%
VOTORANTIM

6.41%
25%
28.57%
5.50%
PARATI
MINORITY
SHAREHOLDERS
3.20%
25.64%*
96.80%
0.42%
REDENTOR
ENERGIA
100%
CEMIG
26.06%
13.03%
100%
FIP LUCE
100%
13.03%
Controlling Shareholders
52.1%
13.03%
NATIONAL
57.02%
13.03%
LEPSA
RME
FOREIGN
BNDESPAR
13.46%
42.98%
MARKET
34.41%
Free Float 47.9%
Light S.A.
(Holding)
Percentage in blue: indirect stake in Light
*12.61% (RME) + 13.03%(LEPSA)
4
Corporate Governance
General Assembly
Fiscal Council
Board of Directors
Finances
Committee
Human Resources
Committee
Governance and
Sustainability
Committee
Auditors
Committee
Management
Committee
Chief Executive
Officer
Paulo Roberto R. Pinto
Chief Financial
and Investor
Relations Officer
Chief Distribution
Officer
Chief Energy
Officer
Chief HR Officer
João B. Zolini Carneiro
José Humberto Castro
Evandro L. Vasconcelos
Andreia Ribeiro Junqueira
Chief Legal Officer
Corporate
Management
Officer
Chief Business
Officer
Chief
Communications
Officer
Fernando Antônio F.Reis
Paulo Carvalho Filho
Evandro L. Vasconcelos*
Luiz Otavio Ziza Valadares
Interim*
LGSXY
ADR-OTC
5
Distribution Business
6th largest energy distribution company in Brazil (2011)
LIGHT
• 4.0 million clients (serving 10 million people)
• Energy sales (2011) – 22.932 GWh
• 70% of the consumption of Rio de Janeiro state (Brazil’s
2nd GDP)
6
Energy Consumption
Distribution
ELECTRICITY CONSUMPTION¹
TOTAL MARKET (GWh) - Quarter
+3.2%
+3.5%
4.989
5.144
5.299
5.486
OTHERS
15%
21.7ºC
3T09
3Q09
3T09
22.1ºC
22.4ºC
21.7ºC
3T10
3T11
3T12
3Q10
3T10
3Q11
3T11
3Q12
3T12
FREE
15%
INDUSTRIAL 7%
Série1
COMMERCIAL
30%
RESIDENTIAL
33%
¹ Note: To preserve comparability in the market approved by ANEEL in the tariff adjustment
process. the billed energy of the free customers Valesul, CSN and CSA were excluded in view
of these customers’ planned migration to the Basic Network.
7
Total Market
ELECTRICITY CONSUMPTION (GWh)
TOTAL MARKET – 3rd QUARTER
+3.5%
5.486
5.299
840
740
-4.3%
1.882
+13.3%
1.801
+1.7%
1.595
155
968
541
3T11
3Q11
3T12
3Q12
RESIDENTIAL
180
984
614
427
370
3T11
3Q12
3Q11
1.807
3T12
INDUSTRIAL
1.440
3T11
3Q11
1.627
3T12
3Q12
COMMERCIAL
CAPTIVE
+4.6%
854
894
45
47
810
847
3T11
3Q12
3Q11
4.645
4.559
3T12
OTHERS
3T11
3Q11
3T12
3Q12
TOTAL
FREE
8
Prospects for State of Rio
Investments of R$ 211.5 billion in the State of Rio de Janeiro¹
Period 2012-2014
Tourism
R$ 1.8 bn
0.9%
Others
R$ 1.9 bn
0.9%
Olimpic Facilities
R$ 8.6 bn
4.1%
Oil
R$ 107.7 bn
50.9%
Transformation Industry
R$ 40.5 bn
19.1%
Infrastructure
R$ 51.0 bn
24.1%
¹Source: Firjan (Industry Federation of Rio de Janeiro)
9
Economic activity leading to more demand
The State of Rio de Janeiro will attract $ 250 billion as investments by 2016 ¹
-Coquepar (42MW)
-Procter & Gamble (10MW)
-Alpargatas (ND)
-RHI (5MW)
-Lavazza (3MW)
-Ajebras (5MW)
-Reluz (ND)
-Embelleze (5MW)
-MRS (ND)
-Nestlé (3MW)
-AMBEV (ND)
-NeoBus (10MW)
-Petrobras (15MW)
-CSN (100MW)
-Gerdau (30MW)
-Usiminas (20MW)
-LLX (40MW)
-Base Naval(25MW)
-Hotel Comfort (3MW)
-Gerdau (90MW)
-Shop.CampoGde(3MW)
- Rolls Royce (3MW)
¹Source: Associação Brasileira de
Municípios – ABM website.
Centro
Tecnológico
Fundão (ND)
Rio de Janeiro
-Bio Manguinhos (ND)
-Hermes (3MW)
-Votorantin (ND)
-Ongoing (ND)
-Bunge (ND)
-AMBEV (2MW)
-GE (6MW)
-Shop. Metropolitano (10MW)
-Maracanã (ND)
-Porto Maravilha (ND)
-Morar Carioca (ND)
-Aeroporto Tom Jobim (5MW)
-Estaleiro Inhauma (ND)
-Atento (2MW)
-Expansão Nova América (4MW)
-Expansão Norteshopping (3MW)
-Shopping Village Mall (7MW)
- Edifício Tishman Speyer (5MW)
- Expansão Via Parque (2MW)
- Casa Granado (3.5MW)
- Hospital São Lucas (4MW)
- Metrô Ipanema (8MW)
- Flow Serve (11MW)
- Alog Data Center (12MW)
10
Collection
COLLECTION RATE BY SEGMENT
QUARTER
97.7% 97.8%
TOTAL
Total
93.0%
96.3%
RETAIL
Varejo
102.2% 99.7%
3T11
99.8%
97.2%
LARGE
CLIENTS
Grandes
Clientes
3Q11
106.2%
COLLECTION RATE
12 MONTHS
PUBLIC
SECTOR
Poder Público
set-11
set/09'
Sep/11
98.3%
set-12
set/10'
Sep/12
3Q12
3T12
11
Loss prevention
LOSS (12 MONTHS)
43.1%
42.2%
40.7%
40.4%
7.627
7.582
41.2%
33.8%
7.665
7.839
8.047
5.229
5.247
5.316
5.457
5.615
2.328
2.335
2.349
2.381
2.432
Reflects exclusion of long
term delinquent customers
from the billing system,
according to Resolution 414
by Aneel.
Non Technical Losses Distribution
(5.615 GWh)
63%
37%
1
2
Sep/11
jun/11
Dec/11
set/11
Mar/12
dez/11
Non-technical losses GWh
% Non-technical
losses/ LV Market
Jun/12
mar/12
Sep/12
jun/12
Technical losses GWh
% Non-technical losses /
LV Market - Regulatory
1Risky 2Area 1
2Non-Risky Area
12
Loss prevention
Reflects exclusion of long term
delinquent customers from the
billing
system,
according
to
Resolution 414 by Aneel.
LOSS (12 MONTHS)
42.7%
42.4%
42.1%
41.8%
41.6%
41.3%
40.7%
40.4%
41.2%
42.2%
43.1%
33.8%
7.504
7.549
7.544
7.493
7,543
7,619
7,627
7,582
7,665
7,838
8,047
5,313
5,352
5,330
5,278
5,312
5,326
5,229
5,247
5,316
5,457
5,615
2,191
2,197
2,214
2,215
2,231
2,293
2,328
2,335
2,349
2,381
2,432
Mar/10
mar/10
Jun/10
jun/10
Sep/10
set/10
Dec/10
dez/10
Mar/11
mar/11
Jun/11
jun/11
Sep/11
set/11
Dec/11
dez/11
Mar/12
mar/12
Jun/12
jun/12
Sep/12
set/12
Non-technical losses GWh
% Non-technical
Perdas
NT/BT %
losses/ LV Market
Technical losses GWh
% Non-technical losses /
LV Market - Regulatory
13
,6%
41,3%
Loss
prevention
40,7%
41,2%
40,4%
Reflects exclusion of long term
delinquent customers from the
billing
system, according
to
Resolution 414 by Aneel.
LOSS (12 MONTHS)
42.7%
42.4%
42.1%
41.8%
41.6%
41.3%
40.7%
40.4%
41.2%
42.2%
43.1%
33.8%
7.504
7.549
7.544
7.493
7,543
7,619
7,627
7,582
7,665
7,838
Non Technical Losses Distribution
(5.615 GWh)
8,047
63%
5,313
5,352
5,330
5,278
5,312
5,326
5,229
5,247
5,316
5,457
5,615
2,191
2,197
2,214
2,215
2,231
2,293
2,328
2,335
2,349
2,381
2,432
mar/10
Mar/10
jun/10
Jun/10
set/10
Sep/10
dez/10
Dec/10
mar/11
Mar/11
jun/11
Jun/11
Non-technical losses GWh
% Non-technical
Perdas
NT/BT %
losses/ LV Market
37%
2
1Risky2Area 1
set/11
Sep/11
dez/11
Dec/11
mar/12
Mar/12
jun/12
Jun/12
1
Non-Risky Area
2
set/12
Sep/12
Technical losses GWh
% Non-technical losses /
LV Market - Regulatory
14
New Technology Program
Light aims to reduce losses through investments in new technologies, integration of operational
activities, increase of public awareness and institutional partnerships with interested agents.
Grid shielding projects
 Technology used in regions in which conventional measures are not effective
 Areas that present high levels of non-technical losses
Control room
Actual grid
Shielded grid
Medium
voltage
Centralized
meter
Medium
voltage
3m
9m
Low
voltage
Low
voltage
Mechanical
Meter
Display
15
New Technology Program
Meters Installed
(Thousands)
283
208
38
38
245
110
38
 Monitoring,
reading,
cutting
and
reconnection of customers telemetry–
MCC (Measuring Center Centralized)
 Prioritization
in areas of high losses and
aggressiveness to the network
 Technology
hindering
interference in networks
inappropriate
170
72
2010
2010
2011
2011
2012
Sep
/12
INDIVIDUAL
CENTRALIZED
(ITRON)
(LANDIS GYR.
CAM and
ELSTER)
16
New Technology Results - Individual
Losses (before): 26%
Losses (current): 7%
17
New Technology Results - Centralized
Losses (before): 48%
Losses (current): 14%
18
Zero Losses Area
Area: Nova Cidade Neighborhood - Nilópolis
FEATURES
LV
MV
TOTAL
10,083
3
10,086
NETWORK (KM.)
50
23
73
TRANSFORMER (QTY.)
107
POWER (MVA)
12,9
CLIENTS
RESULTS
2010
2011
COLLECTION (R$ MN)
NON-TECHNICAL LOSSES
8.9
41.7% ¹
10.3
7.4% ²
¹ Nov/10
² DeC/11
19
Program Gains – An example
NEW METER
INSTALLATION
REAL
CONSUMPTION
300 kWh
ENERGY SAVED
100 kWh
LOST ENERGY
200 kWh
BILLED CONSUMPTION
INCREASE
BILLED
CONSUMPTION
100 kWh
100 kWh
OTHER EFFECTS (BY-PRODUCTS):
CAPEX GOES TO
THE RAB
BAD DEBT
PROVISION
REDUCTION
OPERATIONAL
COSTS
REDUCTION
20
Transformation of risky areas
21
Pacified Communities
Santa Marta
Before
After
Clients
73
1.605
Losses
90%
6%
Delinquency
70%
2%
Alemão
Batan
Macacos
64.7 thousand clients
inside pacified
communities with new
meters and network
Andaraí Salgueiro
Formiga S. Marta
Cidade de Deus
Borel
e Casabranca
Tabaj.
e Cabr.
Mang.
e Babil.
Cantag.
e Pavãoz.
22
Generation Business
Installed Capacity
Installed Capacity
868 MW
51%
100%
SHP Paracambi
13 MW
Paraiba do Sul River
Lajes
Complex
100%
HPP Ilha dos Pombos
HPP Ilha dos Pombos
187 MW
RJ
SP
HPP Santa Branca
HPP Santa Branca
56 MW
100%
HPP Fontes Nova
132 MW
100%
HPP Underground
Nilo Peçanha - 380 MW
100%
HPP Pereira Passos
100 MW
24
Re-pricing of existing energy
Conventional Energy Balance
Assured energy (MW average)
553
25
53
539
25
52
535
25
535
25
535
25
535
25
535
25
535
25
535
25
535
25
206
228
259
267
272
282
282
282
282
251
243
238
228
228
228
2015
2016
2017
2018
2019
2020
2021
340
475
304
122
2012
Average sale
price to free
market
(R$/MWh)¹
2013
Energia contratada (ACR)
128
135
2014
Energia contratada (ACL)
148
Contracted Energy (Regulated)²
¹Database january. 2012
² Average price to Regulated Market (dec/11): R$ 75/MWh
151
155
Recursos disponíveis para comercialização
157
Contracted Energy (Free)
157
157
Available Energy
Hedge
157
157
Hedge
25
Generation Expansion
Paraiba do Sul River
Lajes
Complex
RJ
SP
HPP Itaocara
Installed Capacity: 151 MW
The construction is to be started
by the end of 2012.
Commercial Operational Start:
2nd half of 2015.
Preliminary
License
already
issued.
SHP Lajes
Installed Capacity: 17 MW
The construction is to be started by the 2nd half of
2012.
Operational Start: 2nd half of 2014; Installation
License already issued.
26
Renova
By the middle of 2011, Light signed an investment agreement of $360 million and the PPA (Power Purchased
Agreement) of 400MW of installed capacity to have 25.9% stake at Renova. This year BNDESPAR is becoming
a shareholder after a capital increase in Renova. Light keeps a 21.99% stake.
 Shareholder Structure
 Auctions Performance
December 2012
FIP Santa
FIP Caixa
Barbara Outros;
Ambiental
6.1%
4.0%
Santander 7.1%
3.0%
InfraBrasil
15.2%
BNDESPAR
RR
12.1%
Participações(1)
8.5%
RR
Participações
21.99%
Light
21.99%
 Location
Wind Farms
Inventory (SHPs)
Basic Projects (SHPs)
Controlling
Shareholders
64.6% CS
Light
32.3% CS
0% PS
RR Participações
32.3% CS
0% PS
 The biggest winner in the Reserver Energy
Auction of 2009
 The biggest winner in the Reserver Energy
Auction of 2010
 2nd largest winner in the Auction A-3 of 2011
 Company’s Portfolio
 41.8 MW of SHPs in operation under the
PROINFA contract
 294.4 MW of wind energy under construction to
start the operation in Jul/2012
 808.3 MW of contracted wind energy to be
delivered between 2013 until 2017
 Pipeline 5.8 GW under development
 Projects in the same area providing synergies and
scale gains
(1)
Share of RR Participacoes SA out of the control block
27
Installed Capacity
(MW)
Average Load
Factor (%)
Estimated Energy
(MW average)
CAPEX/MW
installed
(R$ MN)
Loan
Tariff
(R$/MW)
Term
(years)
20
Operation Startup
(Estimated)
3
Index
SHPP
Sites
Contract
Renova – Contracts
IGPM
In
operation
since
2008
41.8
61.3
24.2
4.901
BNB
Contracted
182.06
293.6
50.8
148.9 (*)
3.996
BNDES
Contracted
160.65
LER 2009
14
20
IPCA
In
operation
since
Jul 2012
LER 2010
6
20
IPCA
Sep –
2013
162.0
52.7
86.8 (*)
3.878
BNDES
Eligibility
130.76
Y-3 2011
9
19 years
and 10
months
IPCA
Mar 2014
212.8
50.5
108.1 (*)
3.245
BNDES
Eligibility
100.91
Y-5 2012
1
20
IPCA
Jan –
2017
22.4
-
-
-
-
90.07
PPA Light 1
10 (E)
20
IPCA
Sep 2015
200.0
50.5(E)
100 (E)
3.245
-
-
PPA Light 2
10 (E)
20
IPCA
Sep 2016
200.0
50.5 (E)
100 (E)
3.245
-
-
* Does not considered the network basic losses .
28
Belo Monte Overview
Technical data on the concession:
Norte Energia S.A. – Shareholders Profile
Amazônia
Energia
9,77%

Concession period – 35 years

End of concession – August 25, 2045
Self prod.
10,00%
Technical data on the project:

Others
privates
30,25%
Public
sector
49,98%
Installed capacity - 11.233 MW
–
Main engine room – 11.000 MW
–
Auxiliary engine room – 233 MW

Assured Energy (Average MW) – 4.571 MW

Reservoir – 516 Km²

Flooded area/generation ratio of 0.05 Km²/MW

5.000 families affected

Estimated project cost (April 2010) – R$ 25.8 billion
Other Informations:
51.0% CS
0.0% PS
49.0% CS
100.0% PS
74.5% of total stock

25.5% of total stock

Amazônia Energia
Participações S.A
–
Construction works estimated to take 9 years.
–
Transaction does not affect Light ‘s dividend flow
BNDES loan ensures leverage at low cost on favorable terms.
–

9.77%
Norte Energia S.A
(Belo Monte)
Amazônia Energia will own 9.77% of the enterprise.
Tender 30 years, fixed installments. 85% of items financiable. PSI line.
Amazônia Energia’s equity in the project estimated at R$ 150 million (Apr.
2010), to be disbursed over 6 years.

Expansion of generation portfolio:
–

Increases Light’s total generation portfolio by 280 MW
Terms for sale of electricity generated already set.
−
Regulated Market: 70%;
Free Market: 20%;
Self-producers: 10%.
29
Guanhães
TOTAL CAPEX
R$ Million
PCH
Installed Capacity
(MW)
Assured Energy
(MW average)
ANEEL Authorization
Operation - Start up
Authorization Term
269.2
Dores de
Guanhães
Senhora do
Pôrto
Jacaré
Fortuna II
Total
14
12
9
9
44
8
6.77
5.15
5.11
25.03
11/22/2002
10/08/2002
Dec/13
Dec/13
Equity
60.2
57.8
Light Energia
Cemig GT
10/29/2002 12/21/2001
Feb/14
Oct/13
Debt
151.2
BNDES
30 years (with renewal for 20 years)
30
New Generation Projects
Investments in Renova. Belo Monte and Guanhães. in line with our strategy
da Geração (MW)
of growing in the generationExpansão
business
Installed Capacity (MW)
+ 59.3%
280
22
1.500
171
855
Installed
Installed
Capacity
Capacity
13
74*
SHP
(+)
SHP
(+) Renova
Paracambi¹ (+) Renova²
Paracambi
¹ Considering 51% stake
942
9
Current
current
Capacity
(+)SHP
Lajes
capacity
Lajes¹
77
HPP
(+) Itaocara
(+) Renova
Itaocara¹
(+) Renova²
(+)
(+)Belo
Belo
Monte³
Monte
Capacity
(+)
CapacityAfter
(+) Guanhães¹ Expansion
Guanhães
After
Expansion
² Considering 21.9% stake
³ Considering 2.5% stake
* 9 MW SHP + 65 MW Wind Farm (since jul/12)
31
Results
Net Revenue
NET REVENUE BY SEGMENT (3Q12)*
Generation 6.8%
NET REVENUE (R$MM)
Comercialization 5.3%
Distribution 87.9%**
+6.2%
5.450.2
5.129.7
+5.5%
* Eliminations not considered
** Construction revenue not considered
1.748.0
1.657.1
170.3
230.6
470.0
556.9
8.9%
4.572.8
4.980.2
NET REVENUE FROM DISTRIBUTION (3Q12)
10.6%
1.426.5
2T11
3Q11
1.577.7
2T12
3Q12
Others (Captive) 13.1%
1S11
9M11
1S12
9M12
Industrial 7.6%
Network Use (TUSD) 10.3%
(Free + Concessionaires)
Construction Revenue
Revenue w/out construction
revenue
Commercial 30.1%
Residential 38.9%
33
Operating Costs and Expenses
DISTRIBUTION MANAGEABLE COSTS (R$MN)
-2.3%
COSTS (R$MN)*
3Q12
974.0
951.8
-4.0%
Manageable
(distribution): R$ 300.2
(21.0%)
Não
gerenciáveis;
1.053,0; 71,18%
Non manageable
312.5
2T12
300.2
Gerenciáveis;
321,8; 21,75%
(distribution): R$ 1.003.1
(70.1%)
Generation and
Commercialization: R$ 127.4
(8.9%)
* Eliminations not
considered
Geração e
Comercialização
; 104,5; 7,07%
R$ MN
2T12
3Q12
2T11
3Q11
1S11
9M11
1S12
9M12
3Q11
3Q12
Var %
9M11
9M12
Var %
PMSO
149.0
178.5
19.8%
496.9
516.0
3.8%
Provisions
83.0
52.3
-36.9%
242.6
222.9
-8.1%
PCLD
72.2
39.3
-45.5%
216.0
173.2
-19.8%
Contingencies
10.8
13.0
20.4%
26.6
49.7
87.1%
Depreciation
80.6
69.3
-14.0%
234.5
212.9
-9.2%
Total
312.5
300.2
-4.0%
974.0
951.8
-2.3%
34
EBITDA
EBITDA BY SEGMENT*
3Q12
CONSOLIDATED EBITDA (R$MN)
+4.8%
915.5
959.1
Distribution 67.9%
Generation 29.5%
(EBITDA
Margin: 72.1%)
Geração; 87,2;
33,41%
(EBITDA Margin: 12.9%)
Distribuição ;
166,2; 63,68%
+12.4%
239.8
2T12
269.5
Comercialização
Commercialization
2.6%
; 7,6; 2,91%
(EBITDA Margin:
8.1%)
2T11
3Q11
2T12
3Q12
1S11
9M11
1S12
9M12
*Eliminations not considered
35
EBITDA
EBITDA – 9M11/9M12
(R$ MN)
+18.9%
+4.8%
407
194
971
55
916
(350)
EBITDA
Ajustado Adjusted
2T11
EBITDA
9M11
Ativos e
Passivos
Regulatory
Regulatórios
Assets and
Liabilities
EBITDA 2T11
EBITDA
9M11
Receita
Líquida
Net
Revenue
959
Provisões
EBITDA 2T12
(34)
Custos Não
Custos
Gerenciáveis Gerenciáveis
NonManagable
(PMSO)
Managable
Costs
20
1.154
Costs (PMSO)
Provisions
EBITDA
9M12
Ativos e
EBITDA
Passivos
Ajustado Regulatory
Regulatórios Adjusted
2T12
Assets and
Liabilities
EBITDA
9M12
36
Net Income
NET INCOME – 9M11/9M12
(R$ MN)
Lucro Líquido - 1S11/1S12
R$ Milhões
128
246
36
210
44
11
33
Taxes
Impostos
Others
Outros
392
264
(34)
LLAdjusted
Ajustado - Regulatory
Ativos e
Net
Assets
and
9M12
passivos
Regulatórios
Income
Liabilities
9M11
9M11
9M11
EBITDA
EBITDA
Financial
Resultado
Financeiro
Result
9M12
9M12
Adjusted
Regulatory
Ativos e
LL
Ajustado Net
passivos
9M12
Assets and
Regulatórios
Income
Liabilities
9M12
37
Dividends
DIVIDENDS AND DIVIDEND YIELD
PAYOUT AND DIVIDEND POLICY
Dividend Yield
16.2%
12.4%
11.6%
9.5%
795
554
Payout
8.7%
100%
100%
100%
76.3%
595
97.2%
81.0%
556
87
439
50%
87
469
2008
2008
2008
2009
2009
2009
Dividends (R$ MN)
2010
2010
2010
2011
2011
2011
352
2012
2012
2012
Interest on Equity (R$ MN)
•Based on the closing price of the day before the announcement
2007
2007
Dividend Yield*
2008
2008
2009
2009*
Payout
2010
2010
2011
2011
9M12
9M12
Dividend Policy
•Based on Net Income of the year. before IFRS adjustments
Note: Profit Reserve existing in the Balance of 12/31/2011: R$ 163 million.
38
Indebtedness leverage
Net Debt¹ (R$ MM) and Net Debt / EBITDA
Investment
Grade
(brA)
Rating
(brA + )
Rating
(Aa2.br)
Rating
(AA-(bra))
Dec/11
3.383
1.947
1.580
1.637
3.622
2.8
2.7
1.1
1.2
1.2
2008
2009
2010
2008
2008
2009
2009
DL/EBITDA
2010
2010
Net Debt
¹ Net debt = total debt (excludes pension fund liabilities) – cash
2011
2012
2011
2011
mar/12
Sep/12
Net Debt/ EBITDA
39
Indebtedness
3T10
2007
NET DEBT
AMORTIZATION SCHEDULE* (R$ MN)
3.621.6
Average Term: 3.7 years
3.143.5
832
2.5
jan/11
Sep/11
9M09
198
jan/12
Sep/12
9M10
2012
2013
2012
2012
Net Debt / EBITDA
2013
2013
2014
2015
2014
2014
2016
2015
2015
Após 2016
2016
2016
After 2016
Após
2016
* Principal only
Others
2.0%
COST OF DEBT
9.84%
11.08%
11.01%
5.30%
4.87%
4.51%
2007 2008
2009
2009
2007
754
582
2.8
1.477
855
2008 2009
2010
2010
2008
Real Cost
Custo RealCusto
Real
Custo Nominal
Custo Real
CDI/Selic
74.2%
1T12
TJLP
23.5%
8.54%
3.09%
2009
set/10
US$/Euro
0.4%*
set/10
jun/12
Sep/12
set/10
2011
2011
2009
Nominal
Cost
Custo
Nominal
Custo Nominal
Custo Real
Custo Nominal
* Considering Hedge
40
Investments
CAPEX BREAKDOWN
(R$MN)
9M12
CAPEX (R$MN)
+32.5%
700.6
546.7
92.9
453.8
2008
2008
928.6
169.9
592.7
563.8
116.9
181.8
758.7
518.8
2010
2010
85.1
507.6
446.9
2009
2009
-10.9%
2011
2011
9M11
9M11
527.8
Generation
Maintenance
11.5
Generation
Projects
1.7
Others
59.6
Develop. of
Distribution
System
200.7
45.8
482.0
9M12
9M12
Quality
Improvement
97.9
Losses
Combat
156.4
Investments in Electric Assets (Distribution)
41
Why Invest in Light?
Economic
Transformation
in the
Concession Area
 Major upcoming events
 Integration of favelas
 Pro-business environment
 New plants investments
 Expansion of the existing ones
 Market growth
Energy
Losses
Reduction
Progress in the Technology
Program
New network and meters in the
pacified favelas
Smart metering development
“Zero Losses Area” Program
Best-in-Class
Corporate
Governance
Growth in the
Generation
Business
Investment in Renova. Belo
Monte and Guanhães (total of
548 MW)
 SHP Paracambi Operational
Start
SHP Lajes under construction.
Dividend track
Record
Repricing of
Existing Energy
 New PPAs starting in 2013
and 2014
 Revenues increase with no
aditional costs.
Very active trading subsidiary
 Listed in “Novo Mercado” of
Bovespa;
Board Committees very active
 Included in the Sustainability
Index (ISE) of Bovespa for the
fifth year.
 Sound Dividend Policy:
minimum 50% of net income;
 Average payout over last five
years: 91%
42
Important Notice
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and
international movable values. These declarations are based on certain assumptions and analyses made by the Company in
accordance with its experience, the economic environment, market conditions and future events expected, many of which
are out of the Company’s control. Important factors that can lead to significant differences between the real results and the
future declarations of expectations on events or business-oriented results include the Company’s strategy, the Brazilian and
international economic conditions, technology, financial strategy, developments of the public service industry, hydrological
conditions, conditions of the financial market, uncertainty regarding the results of its future operations, plain, goals,
expectations and intentions, among others. Because of these factors, the Company’s actual results may significantly differ
from those indicated or implicit in the declarations of expectations on events or future results.
The information and opinions herein do not have to be understood as recommendation to potential investors and no
investment decision must be based on the veracity, the updated or completeness of this information or opinions. None of the
Company’s assessors or parts related to them or its representatives will have any responsibility for any losses that can
elapse from the use or the contents of this presentation.
This material includes declarations on future events submitted to risks and uncertainties, which are based on current
expectations and projections on future events and trends that can affect the Company’s businesses. These declarations
include projections of economic growth and demand and supply of energy, in addition to information on competitive position,
regulatory environment, potential growth opportunities and other subjects. Various factors can adversely affect the estimates
and assumptions on which these declarations are based on.
43
Contacts
João Batista Zolini
Carneiro
CFO and IRO
Gustavo Werneck
IR Manager
+ 55 21 2211 2560
[email protected]
www.light.com.br/ri
44