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Corporate PresentationJanuary 2013
100% 100% 100%100% 100% 100%51% 100% 51% 20%
Light Energia
S.A.
Light Energia
S.A.
Light Serviços de Eletricidade
S.A.
Light Serviços de Eletricidade
S.A.
Light Esco Prestação de Serviços S.A.
Light Esco Prestação de Serviços S.A.
Lightcom Comercializadorade Energia S.A.
Lightcom Comercializadorade Energia S.A.
Itaocara Energia
Ltda.
Itaocara Energia
Ltda.
Light Soluções emEletricidade
Ltda.
Light Soluções emEletricidade
Ltda.
InstitutoLight
InstitutoLight
LightgerS.A.
LightgerS.A.
AxxiomSoluções
TecnológicasS.A.
AxxiomSoluções
TecnológicasS.A.
CR Zongshen E-Power
Fabricadora de Veículos Ltda.
CR Zongshen E-Power
Fabricadora de Veículos Ltda.
Renova Energia S.A.
Renova Energia S.A.
Light S.A.(Holding)
Light S.A.(Holding)
25.5%
AmazôniaEnergia
S.A.
AmazôniaEnergia
S.A.
EBL Cia de
Eficiência Energética
S.A
EBL Cia de
Eficiência Energética
S.A
Distribution Generation Commercialization and Service System Electric Vehicles
Institutional
Light HoldingsLight Holdings
Norte Energia S.A.
Norte Energia S.A.
2
Central Eólica
Fontainha Ltda.
Central Eólica
Fontainha Ltda.
Central Eólica
São Judas Tadeu Ltda.
Central Eólica
São Judas Tadeu Ltda.
100% 100%21.99% 33%9.77%
Guanhães Energia S.A.
Guanhães Energia S.A.
100%51%
33
IntegratedNet Revenues 2011 – R$ Billion
DistributionEnergy Consumption in Concession Area (2011) - GWh1
Generation Private-owned CompaniesInstalled Hydro-generation Capacity (MW) – 2011
Rankings
Souce: Companies reportsNote: 1 – Captive market + free clients
2 – It doesn’t consider the consumption of CSN and CSA
Among the largest players in Brazil
CPFL Cemig Eletropaulo Neoenergia Copel LightCemig CPFL Neoenergia Copel Light Energias do Brasil
54.590
50.404
45.101
29.13925.593
22.932
15.8
12.8
9.8
7.8
6.25.4
Tractebel AES Tiete Duke Energy CPFL Energias do Brasil
Light
6.908
2.6542.241 2.210
1.828
866
2
CEMIGCEMIG RMERME LEPSALEPSA BNDESPARBNDESPAR MARKETMARKET
FIP LUCEFIP LUCE
PARATIPARATI
CEMIGCEMIGFIP REDENTOR
FIP REDENTOR
REDENTORENERGIA
REDENTORENERGIA
26.06% 13.03% 13.03% 13.46% 34.41%
100%
75% 25%
13.03% 13.03%100%
96.80%
6.41%19.23%
BTGPACTUAL
BTGPACTUAL
SANTANDERSANTANDER
VOTORANTIMVOTORANTIM
BANCO DO BRASIL
BANCO DO BRASIL
28.57%
5.50%
28.57%
5.50%
28.57%
5.50%
14.29%
2.74%
MINORITYSHAREHOLDERS
MINORITYSHAREHOLDERS
3.20% 0.42%
Free Float 47.9%
100%
25.64%*
FOREIGNFOREIGN NATIONALNATIONAL
57.02% 42.98%
Percentage in blue: indirect stake in Light*12.61% (RME) + 13.03%(LEPSA)
Light S.A.(Holding)
Light S.A.(Holding)
Controlling Shareholders 52.1%
Shareholders Structure
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
Indirect stake in blue
4
5
Corporate GovernanceCorporate Governance
General AssemblyGeneral Assembly
Fiscal CouncilFiscal Council
Board of DirectorsBoard of Directors
AuditorsCommitteeAuditors
Committee
Governance and Sustainability
Committee
Governance and Sustainability
Committee
Human Resources Committee
Human Resources Committee
Finances CommitteeFinances
CommitteeManagement Committee
Management Committee
Chief Executive Officer
Chief Executive Officer
Chief HR OfficerChief HR Officer
Chief Business Officer
Chief Business Officer
Corporate Management
Officer
Corporate Management
OfficerChief Legal OfficerChief Legal Officer
Chief Financial and Investor
Relations Officer
Chief Financial and Investor
Relations Officer
Chief Distribution Officer
Chief Distribution Officer
Chief Energy Officer
Chief Energy Officer
João B. Zolini Carneiro José Humberto Castro Evandro L. Vasconcelos Andreia Ribeiro Junqueira
Fernando Antônio F.Reis Paulo Carvalho Filho Evandro L. Vasconcelos*
Paulo Roberto R. Pinto
Chief Communications
Officer
Chief Communications
Officer
Luiz Otavio Ziza Valadares
LGSXYADR-OTC
Interim*
66
Distribution Business
• 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)
6th largest energy distribution company in Brazil (2011)6th largest energy distribution company in Brazil (2011)
LIGHT
ELECTRICITY CONSUMPTION¹
TOTAL MARKET (GWh) - Quarter
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.
Energy Consumption
Distribution
7
RESIDENTIAL33%
INDUSTRIAL 7%OTHERS15%
FREE15%
COMMERCIAL30%
3T09 3T10 3T11 3T12
+3.5%
5.2995.144
21.7ºC
22.4ºC
3Q113Q10
4.9895.486
3Q09
22.1ºC21.7º
C
+3.2%
3Q12
3T09 3T10 3T11 3T12
Série1
3T11 3T12 3T11 3T12 3T11 3T12 3T11 3T12 3T11 3T12
Total Market
ELECTRICITY CONSUMPTION (GWh)
TOTAL MARKET – 3rd QUARTER
FREECAPTIVE
RESIDENTIAL INDUSTRIAL COMMERCIAL OTHERS TOTAL
3Q11 3Q12 3Q11 3Q12 3Q11 3Q12 3Q11 3Q12 3Q11 3Q12
+3.5%
4.5594.645
5.299
740840
5.486
+4.6%
810 847
854
45 47
894
+13.3%
1.4401.627
1.595
155180
1.807
+1.7%
427 370
968
541 614
984
-4.3%
1.882 1.801
8
99
Prospects for State of Rio
Investments of R$ 211.5 billion in the State of Rio de Janeiro¹ Period 2012-2014
¹Source: Firjan (Industry Federation of Rio de Janeiro)
OilR$ 107.7 bn50.9%
TourismR$ 1.8 bn0.9% Others
R$ 1.9 bn0.9%
Olimpic FacilitiesR$ 8.6 bn4.1%
InfrastructureR$ 51.0 bn24.1%
Transformation IndustryR$ 40.5 bn19.1%
10
Rio de Janeiro
Economic activity leading to more demand
-Maracanã (ND)-Porto Maravilha (ND)-Morar Carioca (ND)-Aeroporto Tom Jobim (5MW)-Estaleiro Inhauma (ND)-Atento (2MW)-Expansão Nova América (4MW)-Expansão Norteshopping (3MW)
- Petrobras (15MW)-CSN (100MW)-Gerdau (30MW)- Usiminas (20MW)-LLX (40MW)-Base Naval(25MW)-Hotel Comfort (3MW)
-Gerdau (90MW)-Shop.CampoGde(3MW)- Rolls Royce (3MW)
-Nestlé (3MW)
-Bio Manguinhos (ND)-Hermes (3MW)-Votorantin (ND)-Ongoing (ND)-Bunge (ND)-AMBEV (2MW)-GE (6MW)-Shop. Metropolitano (10MW)
- RHI (5MW)-Lavazza (3MW)-Ajebras (5MW)
- Reluz (ND)-Embelleze (5MW)
-MRS (ND)
-AMBEV (ND)-NeoBus (10MW)
-Coquepar (42MW)-Procter & Gamble (10MW)-Alpargatas (ND)
The State of Rio de Janeiro will attract $ 250 billion as investments by 2016 ¹
¹Source: Associação Brasileira de Municípios – ABM website.
Centro Tecnológico Fundão (ND)
-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)
Collection
11
COLLECTION RATE12 MONTHS
COLLECTION RATE BY SEGMENTQUARTER
3Q11
3Q12
PUBLIC SECTORLARGE CLIENTSTOTAL RETAIL
97.7% 97.8%
96.3%93.0
%
102.2%
99.7%
106.2% 99.8%
97.2% 98.3%
Sep/11 Sep/12Total Varejo Grandes
ClientesPoder Público
3T11 3T12
set-11 set-12set/09' set/10'
Loss prevention
12
Reflects exclusion of long term delinquent customers from the billing system, according to Resolution 414 by Aneel.
Non Technical Losses Distribution (5.615 GWh)
1
2
1 2 1 2Risky Area Non-Risky Area
37%
63%
LOSS (12 MONTHS)
jun/11 set/11 dez/11 mar/12 jun/12
Technical losses GWh
% Non-technical losses/ LV Market
% Non-technical losses / LV Market - Regulatory
Sep/11
Non-technical losses GWh
Dec/11 Jun/12Mar/12 Sep/12
42.2%
40.7%
41.2% 33.8%
5.316
2.328 2.349
5.229
7.5827.627 7.665
40.4%
2.335
5.247
43.1%
5.615
2.432
8.047
5.457
2.381
7.839
13
Loss prevention
33.8%
Technical losses GWh
% Non-technical losses/ LV Market
% Non-technical losses / LV Market - Regulatory
Non-technical losses GWh
42,5% 42,7% 42,4%42,1%
41,8% 41,6%41,3%
40,7%40,4%
41,2%
42,2%
43,1%
Perdas NT/BT %
Reflects exclusion of long term delinquent customers from the billing system, according to Resolution 414 by Aneel.
Sep/11 Dec/11 Jun/12Mar/12 Sep/12Sep/10 Dec/10 Jun/11Mar/11Jun/10Mar/10
42.2%
40.7%
41.2%40.4
%
43.1%42.7
%42.4
%42.1
%41.8
%41.6
%41.3
%
mar/10 jun/10 set/10 dez/10 mar/11 jun/11 set/11 dez/11 mar/12 jun/12 set/12
5,316
2,328 2,349
5,229
7,5827,627 7,665
2,335
5,247 5,615
2,432
8,047
5,457
2,381
7,838
5,330
2,191 2,214
5,313
2,197
5,352 5,312
2,231
5,278
2,215
5,326
2,293
7.5497.504 7.544 7,5437.493 7,619
LOSS (12 MONTHS)
14
33.8%
Technical losses GWh
% Non-technical losses/ LV Market
% Non-technical losses /LV Market -Regulatory
Non-technical losses GWh
42,5% 42,7% 42,4%42,1%
41,8% 41,6%41,3%
40,7% 40,4%
41,2%
42,2%
43,1%
Perdas NT/BT %
Reflects exclusion of long termdelinquent customers from thebilling system, according toResolution 414 by Aneel.
Sep/11 Dec/11 Jun/12Mar/12 Sep/12Sep/10 Dec/10 Jun/11Mar/11Jun/10Mar/10
42.2%
40.7%41.2%
40.4%
43.1%42.7% 42.4% 42.1% 41.8% 41.6% 41.3%
mar/10 jun/10 set/10 dez/10 mar/11 jun/11 set/11 dez/11 mar/12 jun/12 set/12
5,316
2,328 2,349
5,229
7,5827,627 7,665
2,335
5,247 5,615
2,432
8,047
5,457
2,381
7,838
5,330
2,191 2,214
5,313
2,197
5,352 5,312
2,231
5,278
2,215
5,326
2,293
7.5497.504 7.544 7,5437.493 7,619
Loss prevention
Non Technical Losses Distribution(5.615 GWh)
1
2
1 2
1 2
RiskyArea Non-RiskyArea
37%
63%
LOSS (12 MONTHS)
15
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
Low voltage
Mechanical Meter
Medium voltage
Display
Low voltage
Medium voltage
Centralized meter
2010 2011 2012
16
New Technology Program
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 inappropriate interference in networks
Meters Installed (Thousands)
(ITRON) (LANDIS GYR. CAM and ELSTER)
CENTRALIZEDINDIVIDUAL
72
38
110
38
38
2010 2011 Sep /12
208
283
170
245
17
Losses (before): 26%Losses (current): 7%
New Technology Results - Individual
1818
New Technology Results - Centralized
Losses (before): 48%Losses (current): 14%
19
Area: Nova Cidade Neighborhood - Nilópolis
Zero Losses Area
FEATURES LV MV TOTAL
CLIENTS 10,083 3 10,086
NETWORK (KM.) 50 23 73
TRANSFORMER (QTY.) 107
POWER (MVA) 12,9
RESULTS 2010 2011
COLLECTION (R$ MN) 8.9 10.3NON-TECHNICAL LOSSES 41.7% ¹ 7.4% ²¹ Nov/10
² DeC/11
20
Program Gains – An example
300 kWh
100 kWh
REAL CONSUMPTION
BILLED CONSUMPTION
NEW METER INSTALLATION
200 kWh
LOST ENERGY
ENERGY SAVED
100 kWh
BILLED CONSUMPTION INCREASE
100 kWh
OTHER EFFECTS (BY-PRODUCTS):
CAPEX GOES TO THE RAB
BAD DEBT PROVISION REDUCTION
OPERATIONAL COSTS
REDUCTION
21
Transformation of risky areas
22
Pacified Communities
BatanBatan
Cidade de DeusCidade de Deus
S. MartaS. Marta
Mang.e Babil.Mang.
e Babil.Tabaj. e Cabr.Tabaj. e Cabr.
AlemãoAlemão
FormigaFormiga
AndaraíAndaraí
MacacosMacacos
SalgueiroSalgueiro
Cantag. e Pavãoz.Cantag.
e Pavãoz.
Borel e Casabranca
Borel e Casabranca
64.7 thousand clients inside pacified
communities with new meters and network
Santa Marta Before After
Clients 73 1.605
Losses 90% 6%
Delinquency 70% 2%
Generation Business
24
Installed Capacity
HPP Santa Branca
56 MW
HPP Ilha dos Pombos 187 MW
HPP Fontes Nova
132 MWHPP Underground
Nilo Peçanha - 380 MWHPP Pereira Passos
100 MW
SP
RJ
HPP Santa Branca
Paraiba do Sul River
HPP Ilha dos Pombos
Installed Capacity 868 MW
100%
100%
100%100%100%
Lajes Complex
51%
SHP Paracambi
13 MW
25
Re-pricing of existing energy
Contracted Energy (Regulated)² Contracted Energy (Free) HedgeAvailable Energy
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
475
122
53
340
304 282 251 243 238 228 228 228
52
206 228 259 267 272 282 282 282
25 25 25 25 25 25 25 25 25 25553 539 535 535 535 535 535 535 535 535
Energia contratada (ACR) Energia contratada (ACL) Recursos disponíveis para comercialização HedgeAverage sale price to free
market (R$/MWh)¹
128 135 148 151 155 157 157 157 157 157
Conventional Energy Balance Assured energy (MW average)
¹Database january. 2012² Average price to Regulated Market (dec/11): R$ 75/MWh
26
SP
RJ
Paraiba do Sul River
Lajes Complex
SHP LajesInstalled Capacity: 17 MWThe construction is to be started by the 2nd half of 2012. Operational Start: 2nd half of 2014; Installation License already issued.
HPP ItaocaraInstalled Capacity: 151 MWThe construction is to be started by the end of 2012.Commercial Operational Start: 2nd half of 2015. Preliminary License already issued.
Generation Expansion
RR Participações(1)
8.5%
BNDESPAR 12.1%
InfraBrasil 15.2%
Santander3.0%
FIP Caixa Ambiental
7.1%
FIP Santa Barbara
6.1%Outros;
4.0%
27(1) Share of RR Participacoes SA out of the control block
By the middle of 2011, Light signed an investment agreement of $360 million and the PPA (Power Purchased Agreement) of 400MW of installed capacity to have 25.9% stake at Renova. This year BNDESPAR is becoming a shareholder after a capital increase in Renova. Light keeps a 21.99% stake.
Light21.99%
RR Participações
21.99%
Controlling Shareholders64.6% CS
Light 32.3% CS 0% PS
RR Participações 32.3% CS0% PS
Shareholder Structure December 2012
LocationWind Farms
Inventory (SHPs)
Basic Projects (SHPs)
Auctions Performance
The biggest winner in the Reserver Energy Auction of 2009
The biggest winner in the Reserver Energy Auction of 2010
2nd largest winner in the Auction A-3 of 2011
Company’s Portfolio
41.8 MW of SHPs in operation under the PROINFA contract
294.4 MW of wind energy under construction to start the operation in Jul/2012
808.3 MW of contracted wind energy to be delivered between 2013 until 2017
Pipeline 5.8 GW under development
Projects in the same area providing synergies and scale gains
Renova
28
Renova – Contracts
* Does not considered the network basic losses.
Contract SitesTerm
(years)Index
Operation
Startup (Estimat
ed)
Installed
Capacity
(MW)
Average Load Factor
(%)
Estimated Energy
(MW average)
CAPEX/MW install
ed (R$ MN)
LoanTariff(R$/MW)
SHPP 3 20 IGPM
In operation
since 2008
41.8 61.3 24.2 4.901BNB
Contracted182.06
LER 2009 14 20 IPCA
In operation
since Jul 2012
293.6 50.8 148.9 (*) 3.996BNDES
Contracted160.65
LER 2010 6 20 IPCASep – 2013
162.0 52.7 86.8 (*) 3.878BNDES Eligibility
130.76
Y-3 2011 919 years and 10 months
IPCAMar - 2014
212.8 50.5 108.1 (*) 3.245BNDES Eligibility
100.91
Y-5 2012 1 20 IPCAJan – 2017
22.4 - - - - 90.07
PPA Light 1 10 (E) 20 IPCASep - 2015
200.0 50.5(E) 100 (E) 3.245 - -
PPA Light 2 10 (E) 20 IPCASep - 2016
200.0 50.5 (E) 100 (E) 3.245 - -
29
Belo Monte Overview
51.0% CS 0.0% PS
49.0% CS100.0% PS
Amazônia Energia Participações S.A
Norte Energia S.A (Belo Monte)
9.77%
74.5% of total stock 25.5% of total stock
Technical data on the concession: Concession period – 35 years
End of concession – August 25, 2045
Technical data on the project: Installed capacity - 11.233 MW
– Main engine room – 11.000 MW
– Auxiliary engine room – 233 MW
Assured Energy (Average MW) – 4.571 MW
Reservoir – 516 Km²
Flooded area/generation ratio of 0.05 Km²/MW
5.000 families affected
Estimated project cost (April 2010) – R$ 25.8 billion
Other Informations: Amazônia Energia will own 9.77% of the enterprise.
– 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.
– 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%.
Public sector
49,98%Others privates30,25%
Amazônia Energia9,77%
Self prod.10,00%
Norte Energia S.A. – Shareholders Profile
30
Guanhães
TOTAL CAPEXR$ Million
PCH Dores de
Guanhães Senhora do
Pôrto Jacaré Fortuna II TotalInstalled Capacity (MW) 14 12 9 9 44Assured Energy(MWaverage) 8 6.77 5.15 5.11 25.03
ANEEL Authorization 11/22/2002 10/08/2002 10/29/2002 12/21/2001
Operation - Start up Dec/13 Dec/13 Feb/14 Oct/13
Authorization Term 30 years (with renewal for 20 years)
269.2
60.2
57.8
151.2
Equity
Debt
Light Energia
Cemig GT
BNDES
Installed Capacity
(+) SHP Paracambi
(+) Renova current capacity
(+) Lajes (+) Itaocara (+) Renova (+) Belo Monte
(+) Guanhães
Capacity After
Expansion
Expansão da Geração (MW)
Installed Capacity (MW)
Installed Capacity
Capacity After Expansion
Investments in Renova. Belo Monte and Guanhães. in line with our strategy of growing in the generation business
¹ Considering 51% stake
² Considering 21.9% stake
³ Considering 2.5% stake
New Generation Projects
31
+ 59.3%
(+) Belo Monte³
SHPParacambi¹
SHPLajes¹
HPPItaocara¹ (+) Guanhães¹ (+) Renova²
1.500
1374* 9
77
171
280
855
(+) Renova²Current
Capacity
* 9 MW SHP + 65 MW Wind Farm (since jul/12)
942
22
Results
2T11 2T12 1S11 1S12
33
Net Revenue
NET REVENUE (R$MM)
NET REVENUE BY SEGMENT (3Q12)*
NET REVENUE FROM DISTRIBUTION (3Q12)
Commercial 30.1%
Industrial 7.6%
Others (Captive) 13.1%
Network Use (TUSD) 10.3%(Free + Concessionaires)
Residential 38.9%
Construction RevenueRevenue w/out construction revenue
+5.5%
1.657.1
1.748.0
3Q123Q11
170.3
1.426.5
1.577.7
230.6
+6.2%
9M129M11
4.572.8
4.980.2
470.0556.9
5.129.7
5.450.2
10.6%
8.9%
Generation 6.8%
Distribution 87.9%**
Comercialization 5.3%
* Eliminations not considered
** Construction revenue not considered
Operating Costs and Expenses
34
Manageable (distribution): R$ 300.2(21.0%)
Generation and Commercialization: R$ 127.4(8.9%)
Non manageable (distribution): R$ 1.003.1(70.1%)
* Eliminations not considered
DISTRIBUTION MANAGEABLE COSTS (R$MN)
COSTS (R$MN)*3Q12
Não gerenciáveis;
1.053,0; 71,18%Gerenciáveis; 321,8; 21,75%
Geração e Comercialização; 104,5; 7,07%
2T12
R$ MN 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%
2T11 2T12 1S11 1S12
312.5300.2
-4.0%
3Q123Q11 9M129M11
974.0 951.8
-2.3%
EBITDA
35
CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT*3Q12
Generation 29.5%
(EBITDA Margin: 72.1%)
Commercialization 2.6% (EBITDA Margin: 8.1%)
Distribution 67.9%
(EBITDA Margin: 12.9%)
*Eliminations not considered
Distribuição ; 166,2; 63,68%
Geração; 87,2; 33,41%
Comercialização; 7,6; 2,91%
2T12
2T11 2T12 1S11 1S12
269.5239.8
+12.4%
3Q11 3Q12 9M11 9M12
959.1915.5
+4.8%
36
EBITDA – 9M11/9M12(R$ MN)
EBITDA
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 -
2T12EBITDA 9M11
EBITDA 9M12
Net Revenu
e
Non-Managable
Costs
Managable Costs
(PMSO)
Provisions
Regulatory Assets and Liabilities
Adjusted EBITDA 9M11
Adjusted EBITDA 9M12
+18.9%
+4.8%
Regulatory Assets and Liabilities
971 916 959
1.154
55
407
(350) (34)
20
194
LL Ajustado -9M12
Ativos e passivos
Regulatórios
9M11 EBITDA Resultado Financeiro
I mpostos Outros 9M12 Ativos e passivos
Regulatórios
LL Ajustado -9M12
Lucro Líquido - 1S11/ 1S12 R$ Milhões
Net Income
37
NET INCOME – 9M11/9M12(R$ MN)
9M11 9M12EBITDA
Financial Result
Taxes Others
Adjusted Net Income9M11
Regulatory
Assets and
Liabilities
Regulatory
Assets and
Liabilities
Adjusted Net Income9M12
246 36 210
44
(34)
11 33 264
128 392
+59.2%
+25.7%
2007 2008 2009 2010 2011 9M12
Payout
Dividend Yield
2008 2009 2010 2011 2012
38
PAYOUT AND DIVIDEND POLICY
Dividends (R$ MN) Dividend Yield*
DIVIDENDS AND DIVIDEND YIELD
• Based on the closing price of the day before the announcement • Based on Net Income of the year. before IFRS adjustments
Interest on Equity (R$ MN)
100% 100%
76.3%
2007 2008 2009*
Payout
50%
2010
81.0%
Dividend Policy
2011
100%
Note: Profit Reserve existing in the Balance of 12/31/2011: R$ 163 million.
2008 2009 2010 2011 2012
554 595
795
556
87
12.4% 11.6%9.5%
16.2%
8.7%
469
87
Dividends
439
9M12
97.2%
2008 2009 2010 2011 2012
352
2007 2008 2009 2010 2011 9M12
Payout
2008 2009 2010 2011 mar/12
39
Indebtedness leverage
¹ Net debt = total debt (excludes pension fund liabilities) – cash
Net Debt¹ (R$ MM) and Net Debt / EBITDA
Net Debt Net Debt/ EBITDA
InvestmentGrade(brA)
1.580
2008
1.637
2009
1.947
2010
1.1 1.2 1.2
2011
3.383
2.7
Rating(brA + )
Rating(Aa2.br)
Rating(AA-(bra))
Dec/11
Sep/12
2.8
2008 2009 2010 2011 2012
DL/EBITDA
3.622
Indebtedness
40
Average Term: 3.7 years
AMORTIZATION SCHEDULE* (R$ MN)
Nominal CostReal Cost
NET DEBT
2007 2008 2009 set/10
Custo Real Custo Nominal
2007 2008 2009 set/10
Custo Real Custo Nominal
* Principal only
COST OF DEBT
2009 2010 2011 jun/12
Custo Nominal Custo Real
2011201020092007 2008 2009 set/10
Custo Real Custo Nominal
3.09%
8.54%
5.30%
9.84%
4.87%
11.08%
4.51%
11.01%
Sep/12
jan/11 jan/123T09 3T10 9M09 9M10
Net Debt / EBITDA
3.143.53.621.6
2.52.8
Sep/12Sep/11 2012 2013 2014 2015 2016 Após 20162012 2013 2014 2015 2016 After
2016
198
582
832754
8551.477
2012 2013 2014 2015 2016 Após 2016
1T12
* Considering Hedge
CDI/Selic 74.2%
TJLP 23.5%
Others 2.0%
US$/Euro 0.4%*
Investments
41
CAPEX BREAKDOWN (R$MN)9M12
CAPEX (R$MN)
2008 2009 2010 2011 9M11 9M12
Investments in Electric Assets (Distribution)
+32.5%
20102009
563.8546.7
928.6
700.6
2011 9M129M11
527.8592.7
-10.9%
507.6
85.1
482.0
45.8
453.8
92.9
446.9
116.9
518.8
181.8758.7
169.9
2008Losses Combat156.4
Quality Improveme
nt97.9
Develop. of Distribution System
200.7
Others59.6
Generation Maintenanc
e11.5Generation
Projects1.7
4242
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 548 MW)
SHP Paracambi Operational Start
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 fifth year.
Best-in-Class Corporate
Governance
Sound Dividend Policy: minimum 50% of net income;
Average payout over last five years: 91%
Dividend track Record
Why Invest in Light?Why Invest in Light?
43
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.
Important NoticeImportant Notice
44
Contacts
João Batista Zolini CarneiroCFO and IRO
Gustavo WerneckIR Manager
+ 55 21 2211 2560gustavo.souza@light.com.br
www.light.com.br/ri
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