corporate presentation
DESCRIPTION
Corporate Presentation. November 2013. Light Holdings. 2. Light in numbers. 1 IBGE (2010). Generation. 1. Amazônia Energia Renova Guanhães Energia. 4. 2. 5. Complexo de Lajes. 6. 6. 3. HPP Santa Branca. 7. 4. HPP Ilha dos Pombos. 7. SHP Paracambi. 5. 3. - PowerPoint PPT PresentationTRANSCRIPT
Corporate PresentationNovember 2013
Light Holdings
2
Light S.A. (Holding)
Light Serviços de Eletricidade
S.A.
LightgerS.A.
ItaocaraEnergia
Ltda.
Amazônia Energia
S.A.
Light EscoPrestação de Serviços S.A.
LightcomComercializadorade Energia S.A.
Light Soluções em Eletricidade
Ltda.
Instituto Light
AxxiomSoluções
Tecnológicas S.A.
CR ZongshenE-Power
Fabricadora de Veículos S.A.
GuanhãesEnergia
S.A.
Renova Energia
S.A.
Central Eólica
Fontainha Ltda.
Central Eólica São
Judas Tadeu Ltda.
Norte Energia
S.A.
Light Energia
S.A.
Distribution Generation Commercialization and Services
Electric Vehicles
SystemsInstitutional
EBL Cia de Eficiência Energética
S.A.
100% 51% 20%100% 100% 100%100% 100%51% 25.5%100%
100%100% 9.77% 33%
51%
21.99%
4
56
7
Light in numbers
Amazônia Energia
Renova
Guanhães Energia
Generation
Complexo de Lajes
Distribution RJ State Concession Area %
Population¹ 16 mn 11 mn 68%
Area¹ 44,000 Km² 11,000 Km² 25%
GDP¹ R$ 407 bn R$ 207 bn 51%
# Consumers 7 mn 4 mn 57%
# Municipalities 92 31 34%
5
HPP Ilha dos Pombos
SHP Paracambi
HPP Santa Branca
1
2
3
1 IBGE (2010)
4
6
7
3
Tractebel AES Tiete Duke CPFL EDP Light
Cemig CPFL Neoenergia Copel Light EDP Eletropaulo Cemig Copel CPFL Paulista
Light Celesc
RankingsAmong the largest players in Brazil
INTEGRATED²Net Revenues 2012 – R$ Billion
GENERATION PRIVATE-OWNED COMPANIES²Installed Hydro-generation Capacity (MW) – 2012
37,626
24,71422,737
21,467 20,054 15,018
18.5
15.011.8
8.56.9 6.6
5,560
2,658 2,241 2,219 2,012877
DISTRIBUTION¹Energy Consumption in Concession Area (GWh) - 2012
1 – Source: Captive market 2 – Source: Companies reports* Considers the 9 MW of Renova’s SHPs
* 4
Shareholders StructureEfficient combination of solid industry and financial players
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
5
CEMIG RME LEPSA BNDESPAR MARKET
PARATI
CEMIGFIP REDENTOR
REDENTORENERGIA
26.06% 13.03% 13.03% 10.30% 37.57%
75% 25%
13.03%100%
96.81% 100%
6.41%19.23%
BTGPACTUAL
SANTANDER
VOTORANTIM
BANCO DO BRASIL
28.57%
5.50%
28.57%
5.50%
28.57%5.50%
14.29%
2.74%
MINORITY
3.19% 0.42%
Free Float 47.87
25.64%*
FOREIGN NATIONAL
55.19% 44.81%
Stake in blue: indirect interest in LightLight S.A.(Holding)
Controller Group 52,1%
*12.61% (RME) + 13.03%(LEPSA)
Corporate Governance
General Assembly
Fiscal Council
Board of Directors
AuditorsCommittee
Governance and Sustainability
Committee
Human Resources Committee
Finances Committee
Management Committee
Chief Executive Officer
Chief HR Officer
Chief Business Officer
Corporate Management
OfficerChief Legal Officer
Chief Financial and Investor
Relations Officer
Chief Distribution Officer
Chief Energy Officer
João B. Zolini Carneiro
Ricardo Cesar C. Rocha
Evandro L. Vasconcelos
Andreia Ribeiro Junqueira
Fernando Antônio F.Reis
Paulo Carvalho Filho
Evandro L. Vasconcelos*
Paulo Roberto R. Pinto
Chief Communications
Officer
Luiz Otavio Ziza Valadares
LGSXYADR-OTC
Interim*
6
Industrial6%
Residencial33%
Comercial29%
Outros Cativos16%
Livre16%
Energy Consumption Distribution – Quarter
1Note: 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.
TOTAL MARKET (GWh) ¹
Industrial6.0%
Free16.1%
Others15.8%
Commercial29.5%
Residential32.6%
3T10 3T11 3T12 3T13
3T10 3T11 3T12 3T13
+1.7%
5,4865,299
22.4ºC 21.6º
C
3Q11
5,1445,581
3Q10
21.7ºC22.1ºC
+2.8%
3Q12 3Q13
7
Market Breakdown
RESIDENTIAL INDUSTRIALCOMMERCIAL OTHERS TOTAL
3Q12 3Q13
ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET – QUARTER
3Q12 3Q13 3Q12 3Q13 3Q12 3Q13 3Q12 3Q13
FREECAPTIVE
3T12 3T13 3T12 3T13 3T12 3T13 3T12 3T13 3T12 3T13
+1.7%
4,6454,682
5,486
840 899
5,581
+3.8%
847 880
89447 48
928
+2.5%
1,808
181 207
1,854
370 338
983
613 643
982
+0.9%
1,801 1,818-0.2%
1,627 1,647
8
Sep-12 Dec-12 Mar-13 J un-13
Losses and Colection Encouraging results already appear from an integrated approach
LOSSES (12 MONTHS)
% Non-technical losses/ LV Market
Non-technical losses GWh
Technical losses GWh
% Non-technical losses / LV Market - Regulatory
43.7%
32.0%
8,552
44.2%
Dec/12 Mar/13
45.4%
6,029
2,618
8,584
Sep/13
6,007
2,577
44.9%
5,953
2,629
8,647
Jun/13
5,905
2,647
8,582
- 1.7%
COLLECTION RATE - 12 MONTHS
98.3% 99.6%
Sep/12 Sep/13mar-12 mar-13
Bad Debt Provisions/Gross Revenue (Billed Sales) - 12 Months
PCLD / Gross Revenue Non recuring provision (4Q12) 9
3,2%3,0% 3,0% 2,9%
2,4%
1,9%1,5%
1,3% 1,3%
2,4%
3,2%2,8%
2,6% 2,6%
set-1
1
dez-
11
mar
-12
jun-
12
set-1
2
dez-
12
mar
-13
jun-
13
set-1
3
PCLD/ROB Fornecimento Faturado - 12 meses
Sep/
111
Dec
/111
Mar
/12
Jun/
12
Sep/
12
Dec
/12
Mar
/13
Jun/
13
Sep/
13
Sep-12 Dec-12 Mar-13 J un-13
Macro StrategyRevenue shielding trough efficient combination of electronic meters and effective workforce management
INSTALLED METERS (Thousand Units)
2009 2010 2011 2012 set/13
341
2010 2011 Sep/13
2009 2012
2
30
7
7989
80
227
122
410
78
197115
272297
Out of Communities
Communities
CLIENTS ENERGY AND STATUS
Retail and residential clients(Low Voltage)
4,100,000
Low Voltage Largest Clients
22,000
Large Clients
(hight and med voltage)
7,600
11,500 GWh (48%)100% Concluded
2,700 GWh (11%)1/3 as of today until 2015
10,000 GWh (41%)APZ
10
New Technology Program
Technology used in regions in which conventional measures are not effective Areas that present high levels of non-technical losses
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
Actual grid Shielded grid
Control room
3 m
9 m
Mechanical Meter Display
Centralized meter
11
Low voltage
Medium voltage
Low voltage
Medium voltage
Focused in areas with 10,000 to 20,000 clients with high level of losses and delinquency;
Fully-dedicated teams of technicians and commercial agents;
Results constantly and accurately monitored by Light;
Result-linked remuneration for services provided; 22 units implemented with 360 thousands
clients (9% of total clients);
Additional 200 thousands clients per year.
Zero Losses AreaProject: “Light Legal” (APZ – Zero Losses Area)
12
ELECTRONICMETERS
WORKFORCE MANAGEMENT
PARTNERSHIP WITH THE STATE GOVERNMENT
set/1
2
dez/
12
mar
/13
jun/
13
set/1
3
set/1
2
dez/
12
mar
/13
jun/
13
set/1
3
Evolution of APZs ResultsSignificant loss reduction and increasing collection rate
Início da Operação
Início da Operação
APZ COLLECTIONAPZ LOSSES
Before
45.6 %
25.9% 90.2%
99.5%
Before
100.7%98.2% 97.9% 98.3%
24.8%23.6%
22.5%21.2%
13
Sep/
12
Dec
/12
Mar
/13
Jun/
13
Sep/
13
Sep/
12
Dec
/12
Mar
/13
Jun/
13
Sep/
13
-24.4%
+8.1%
Regulatory Allowance for Non-Technical LossesHigher recognition of losses linked to targets achievement
Additional revenues to be invested in losses combat and booked as special obligations (ex-RAB)
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
31,80%
40,41% 40,41%
31,27% 30,95% 30,53% 30,11% 29,69%
39,92%
38,33%
34,49%
30,60%29,40%
28,20%27,01% 25,81%
39,13%
36,41%
33,00%
2013 2014 2015 2016 2017 2018Regulatory NT Losses/LV (Flexible) Regulatory NT Losses/LV (Final)
Real NT Losses/LV (forecast Light, Ref. August) Regulatory NT Losses/LV (AP)
Regulatory NT Losses/LV w/ Penalty
2013 2014 2015 2016 2017 2018
Regulatory Losses
Target
Regulatory Losses with Penalty
Final Proposal (according to methodology)Preliminary Proposal (according to methodology)
14
GENERATION BUSINESS
855 MW Installed CapacityConcessions Expiring Only in 2026
HPP Santa Branca 56 MW HPP Ilha dos
Pombos 187 MW
HPP Fontes Nova 132 MW
HPP Underground Nilo Peçanha - 380 MW
HPP Pereira Passos100 MW
SP
RJ
HPP Santa Branca
Paraiba do Sul River
HPP Ilha dos Pombos
100%
100%100%100%
Lajes Complex
100%
16
Re-pricing of existing energy Significant price increase due to replacement of former regulated contracts for new ones with free
clients
Contracted Energy (Regulated) Contracted Energy (Free) HedgeAvailable Energy
CONVENTIONAL ENERGY BALANCE ASSURED ENERGY (MW average)
17
2013 2014 2015 2016 2017 2018 2019 2020 20212013 2014 2015 2016 2017 2018 2019 2020 2021
392479
399290 272 234 239 228 228
12232
111220 239 276 271 282 282
25 25 25 25 25 25 25 25 25539 535 535 535 535 535 535 535 535
Conventional Energy BalanceAssured energy (MW average)
Contracted Energy (Free) Contracted Energy (Regulated) Available Energy Hedge
Generation ExpansionGrowth in renewable generation with experienced partners
Project Installed Capacity(MW)
Assured Energy(MWaverage)
Operational Start Stake
Paracambi 25 20 2012 51%
Renova336.2 (in operation)
1,113.2 (contracted)
171,8 (in operation)
574.6 (contracted)
2008/2012
2013-201721.99%
Belo Monte 11,223 4,571 2015 2.49%
Guanhães 44 25 2014 51%
Lajes 17 16 2015 51%
18
Capacidade Light Energia
(+) PCH Paracambi
(+) Renova Capacidade Atual
(+) Lajes (+) Renova (+) Belo Monte
(+) Guanhães
Capacidade após
expansão
Expansão da Geração (MW)
Evolution of Installed Capacity leading to a more balanced portfolio
(MW)
Installed Capacity
Capacity After Expansion
¹ Considering 51% stake² Considering 21.99% stake³ Considering 2.49% stake
+ 59.0%
(+) Belo Monte³
(+) SHPParacambi¹
(+) SHPLajes¹ (+) Guanhães¹ (+) Renova²
1,498
13 74* 9245
280
855
(+) Renova²Current
Capacity
* 9 MW SHP + 65 MW Wind Farm (since jul/12)
942
22
19
RESULTS
Net Revenue
Industrial 6.5%
NET REVENUE (R$MN)
Generation 7.6% Distribution
82,5%**
NET REVENUE BY SEGMENT (3Q13)*
Commercialization 9.9%
* Eliminations not considered** Construction revenue not considered
NET REVENUE FROM DISTRIBUTION (3Q13)
Commercial 31.3%
Others (Captive) 13.0%
Network Use (TUSD)(Free +
Concessionaires) 8.3% Residential
40.9%Construction RevenueRevenue w/out construction revenue
2.500,0
3.000,0
3.500,0
4.000,0
4.500,0
5.000,0
5.500,0
6.000,0
3T12 3T13 9M12 9M132T12 2T13 1S12 1S133Q133Q12
+0.6%
1,737.6
1,726.7170.3
1,615.2
1,556.4
122.4
+3.4%
4,945.6
5,147.1
455.2470.0
5,415.5
5,602.3
+3.8%
+4.1%
9M139M122T12 2T13 1S12 1S13
21
Operating Costs and Expenses
Manageable (distribution): R$
311.5(27.5%)
Generation and Commercialization: R$
206.2(18.2%)
Non manageable (distribution**): R$
614.6(54.3%)
* Eliminations not considered** Construction revenue not considered
DISTRIBUTION MANAGEABLE COSTS (R$MN)COSTS (R$MN)*3Q13
R$ MN 3Q12 3Q13 Var. 9M12 9M13 Var.
PMSO 178.5 182.5 2.3% 516.0 568.8 10.2%
Provisions 52.3 41.0 -21.6% 222.9 152.8 -31.4%
PCLD 39.3 37.1 -5.6% 173.2 114.6 -33.8%
Contingencies 13.0 3.9 70.0% 49.7 38.3 -22.9%
Depreciation 69.3 86.0 24.1% 212.9 250.5 17.7%Other operational/revenues expenses 1.5 (1.9) - (2.5) 14.8 -
Total 298.6 311.5 4.3% 954.3 987.0 3.4%
3T12 3T13 9M12 9M13
298.6 311.5
+4.3%
3Q133Q12 9M139M12
954.3 987.0
+3.4%
22
EBITDA
CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT*3Q13
Generation 14.3% (EBITDA Margin: 79.0%)
Commercialization 1.6%
(EBITDA Margin: 6.8%)
Distribution 84.1%
(EBITDA Margin: 42.7%)
*Eliminations not considered3T12 3T13 9M12 9M13
722.0
276.6
+161.1%
3Q12 3Q13 9M12 9M13
1,355.1
965.6
+40.3%
Distrib
uição
;
84,1%
; 84,1
3%
Geraç
ão; 1
4,3%;
14,27
%
Comer
cializ
ação
;
1,6%; 1
,60%
23
EBITDA
EBITDA3Q12
EBITDA3Q13
Net Revenu
e
Non-Manageabl
e Costs
Manageable Costs (PMSO)
Provisions
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
Adjusted EBITDA
3Q12
Adjusted EBITDA
3Q13
ADJUSTED EBITDA3Q12 / 3Q13 (R$ MN)
Others CDE Fund
EBITDA Ajustado -
2T11
Ativos e Passivos
Regulatórios
EBITDA -2T11
Receita Líquida
Custos Não Gerenciáveis
Custos Gerenciáveis
(PMSO)
Provisões EBITDA -2T12
Ativos e Passivos
Regulatórios
EBITDA Ajustado -
2T12
119395
277
59100
(8) (22)
(329)
393
- 0.6%
+ 161.1%
12
722
303
24
EBITDA
EBITDA9M12
EBITDA9M13
Net Revenu
e
Non-Manageabl
e Costs
CDE Fund Provisions
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
Adjusted EBITDA 9M12
Adjusted EBITDA 9M13
ADJUSTED EBITDA 9M12 / 9M13 (R$ MN)
Manageable Costs (PMSO)
Others
EBITDA Ajustado -
2T11
Ativos e Passivos
Regulatórios
EBITDA -2T11
Receita Líquida
Custos Não Gerenciáveis
Custos Gerenciáveis
(PMSO)
Provisões EBITDA -2T12
Ativos e Passivos
Regulatórios
EBITDA Ajustado -
2T12
192
1,158966
202(552)
(36) (109)
1,246
+ 7.6%
+ 40.3%
71
1,355765
(60)
25
EBI TDA Ajustado -
2T11
Ativos e Passivos
Regulatórios
EBI TDA -2T11
Receita Líquida
Custos Não Gerenciáveis
Custos Gerenciáveis
(PMSO)
Provisões EBI TDA -2T12
Ativos e Passivos
Regulatórios
EBI TDA Ajustado -
2T12
Net Income
3Q12 3Q13EBITDA
Financial Result
Taxes Others
ADJUSTED NET INCOME 3Q12 / 3Q13 (R$ MN)
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
Adjusted Net Income
3Q12
Adjusted Net Income
3Q13
LL Ajustado 3T12
Ativos e passivos
Regulatórios
3T12 EBITDA Resultado Financeiro
Impostos Outros 3T13 Ativos e passivos
Regulatórios
LL Ajustado 3T13
Lucro Líquido e Lucro Líquido Ajustado 1T12/1T13 - R$ Milhões
+ 282.1%
16278
84
445
(9)
(182) (17)
321(217)
104
- 35.9%
26
EBI TDA Ajustado -
2T11
Ativos e Passivos
Regulatórios
EBI TDA -2T11
Receita Líquida
Custos Não Gerenciáveis
Custos Gerenciáveis
(PMSO)
Provisões EBI TDA -2T12
Ativos e Passivos
Regulatórios
EBI TDA Ajustado -
2T12
Net Income
9M12 9M13EBITDA
Financial Result
Taxes Others
ADJUSTED NET INCOME 9M12 / 9M13 (R$ MN)
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
Adjusted Net Income
9M12
Adjusted Net Income
9M13
LL Ajustado - 1S12
Ativos e passivos
Regulatórios
9M12 EBITDA Resultado Financeiro
Impostos Outros 9M13 Ativos e passivos
Regulatórios
LL Ajustado - 1S13
391
127
264
390
8(166
) (36)
458
(72)
387
+ 73.6%
- 1.1%
27
2007 2008 2009 2010 2011 2012
Dividends
*Based on Net Income of the year, before IFRS adjustments
*
28
2008 2009 2010 2011 2012 2013
554 595
795
556
438
92
87
87
469 351
Dividend Yield*Dividendos Interest on Equity Dividend Yield*
Dividends
Interest on Equity
*Based on the closing price the day before the announcement
Minimum Dividend PolicyPayout
12.4%11.6%
16.2%
9.5%8.7%
2.4%
2008 2009 2010 2011 2012 2013
100% 100%
76.3% 81.0%
100%97,2%
50%
Custo Nominal Custo Real
Indebtedness
Average Term: 4.3 years
AMORTIZATION SCHEDULE* (R$ MN)
Nominal Cost Real Cost
NET DEBT¹Without Pension Fund
*ConsideringHedge
* Principal only
COST OF DEBT
2012201120102007 2008 2009 set/10
Custo Real Custo Nominal
sep/13
Net Debt / EBITDA
2009 2010 2011 2012
Custo Nominal Custo Real
2009 2010 2011 2012
Custo Nominal Custo Real
2009 2010 2011 2012
Custo Nominal Custo Real
3T09 3T10 9M09 9M10Sep/13Jun/13
2.24%
8.21%
4.87%
11.08%
4.25%
11.03%8.83%
2.81%
1 Reclassified to reflect the deconsolidation results of jointly controlled companies.
TJLP15.1%
CDI 72.8%
IPCA 10.4%
Others 1.5%
U$/Euro 0.2%
4,151.6
2,62 2,68
4,056.1
2009 2010
Custo Real
Custo Real2013 2014 20152013 2014 2015 2016 2017 2018 2019 2020 2021 Após
2021
150
557773
1,009802
666437 441 441 545
2016 2017 2018 2019 2020 2021 After 2021
29
Investments
CAPEX (R$ MN)CAPEX BREAKDOWN
(R$ MN)9M13
Generation14.1
Administration 20.3
Others7.1
Develop. of Distribution System
253.5
Losses Combat133.4
Investments in Electric Assets (Distribution)
Commerc./Energy Eficiency53.8
2008 2009 2010 2011 2012 2008 2009 2010 2011 9M11 9M1220102009
563.8
928.6
700.6
2011 2012
796.8
694.1
102.7
446.9
116.9
518.8
181.8774.8
153.8
2008 2009 2010 2011 9M11 9M129M139M12
302.3
482.0 393.9
45.888.3
527.8 482.2
-18.3%
30
Why invest in Light?
Major upcoming events Integration of favelas Pro-business environment New plants investments Expansion of the existing ones Market growth
Economic Transformation in the Concession
Area
Progress in the Technology Program
New network and meters in the pacified favelas
Smart metering development“Zero Losses Area” Program
Energy Losses Reduction
Investment in Renova, Belo Monte and Guanhães (total of 547 MW)
SHP Lajes under construction.
Growth in the Generation Business
New PPAs starting in 2013 and 2014
Revenues increase with no aditional costs.
Very active trading subsidiary
Repricing of Existing Energy
Listed in “Novo Mercado” of Bovespa;
Board Committees very active Included in the Sustainability
Index (ISE) of Bovespa for the sixth year.
Best-in-Class Corporate
Governance
Sound Dividend Policy: minimum 50% of net income;
Average payout since 2007: 91%
Dividend track Record
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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.
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Contacts
João Batista Zolini CarneiroCFO and IRO
Luiz Felipe Negreiros de SáSuperintendent of Finance and Investor Relations
+55 21 2211 2814 [email protected]
Gustavo WerneckIR Manager
+ 55 21 2211 [email protected]
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