of 42
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C r r t Pr nt ti nC r r t Pr nt ti n
January 2013
January 2013
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100% 100% 100%100% 100% 100%51% 100% 51% 20%
LightEnergia
S.A.
LightServios deEletricidade
S.A.
Light EscoPrestao deServios S.A.
LightcomComercializadorade Energia S.A.
ItaocaraEnergia
Ltda.
LightSolues emEletricidade
Ltda.
InstitutoLight
LightgerS.A.
AxxiomSolues
TecnolgicasS.A.
CR ZongshenE-Power
Fabricadora deVeculos Ltda.
Light S.A.(Holding)
25.5%
AmazniaEnergia
S.A.
Light HoldingsLight Holdings
RenovaEnergia S.A.
EBLCia de
EficinciaEnergtica
S.A
Distribution Generation Commercialization and Service System ElectricVehicles
Institutional
NorteEnergia S.A.
2
CentralElica
FontainhaLtda.
CentralElica
So JudasTadeu Ltda.
100% 100%21.99% 33%9.77%
GuanhesEnergia S.A.
100%51%
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IntegratedNet Revenues 2011 R$ Billion
DistributionEnergy Consumption in Concession Area (2011) - GWh1
RankingsAmong the largest players in Brazil
54.590
50.404
45.101
29.139
25.593
22.932
15.8
12.8
9.8
7.8
6.25.4
33
Generation Private-owned CompaniesInstalled Hydro-generation Capacity (MW) 2011
Souce: Companies reports
Note: 1 Captive market + free clients
2 It doesnt consider the consumption of CSN and CSA
6.908
2.6542.241 2.210
1.828
866
2
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PARATI
CEMIGFIP
REDENTOR
75%25%
6.41%19.23%
BTG
PACTUAL
SANTANDER
VOTORANTIM
BANCO DOBRASIL
28.57%
5.50%
28.57%
5.50%
28.57%
5.50%
14.29%
2.74%
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&Aand dividend policy
Indirect stake in blue
CEMIG RME LEPSA BNDESPAR MARKET
FIP LUCEREDENTORENERGIA
26.06% 13.03% 13.03% 13.46% 34.41%
100%13.03% 13.03%100%
96.80%
MINORITY
SHAREHOLDERS
3.20% 0.42%
Free Float47.9%
100%
25.64%*
FOREIGN NATIONAL
57.02% 42.98%
Percentage in blue: indirect stake in Light*12.61% (RME) + 13.03%(LEPSA)
Light S.A.
(Holding)
Controlling Shareholders52.1%
4
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Corporate GovernanceCorporate Governance
General AssemblyGeneral Assembly
Fiscal CouncilFiscal Council
Board of DirectorsBoard of Directors
AuditorsCommittee
AuditorsCommittee
Governance andSustainability
Committee
Governance andSustainability
Committee
Human ResourcesCommittee
Human ResourcesCommittee
FinancesCommitteeFinances
CommitteeManagementCommittee
ManagementCommittee
Chief ExecutiveChief Executive
5
OfficerOfficer
Chief HR OfficerChief HR Officer
Chief BusinessOfficer
Chief BusinessOfficer
CorporateManagement
Officer
CorporateManagement
OfficerChief Legal OfficerChief Legal Officer
Chief Financialand Investor
Relations Officer
Chief Financialand Investor
Relations Officer
Chief DistributionOfficer
Chief DistributionOfficer
Chief EnergyOfficer
Chief EnergyOfficer
Joo B. Zolini Carneiro Jos Humberto Castro Evandro L. Vasconcelos Andreia Ribeiro Junqueira
Fernando Antnio F.Reis Paulo Carvalho Filho Evandro L. Vasconcelos*
Paulo Roberto R. Pinto
ChiefCommunications
Officer
ChiefCommunications
Officer
Luiz Otavio Ziza Valadares
LGSXYADR-OTC
Interim*
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Distribution BusinessDistribution Business6th largest energy distribution company in Brazil (2011)6th largest energy distribution company in Brazil (2011)
LIGHTLIGHTLIGHT
66
4.0 million clients (serving 10 million people) Energy sales (2011) 22.932 GWh
70% of the consumption of Rio de Janeiro state (Brazils
2nd GDP)
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ELECTRICITY CONSUMPTION
TOTAL MARKET (GWh) - Quarter
Energy Consumption
Distribution
INDUSTRIAL 7%INDUSTRIAL 7%INDUSTRIAL 7%INDUSTRIAL 7%OTHERSOTHERSOTHERSOTHERS15%15%15%15%
FREEFREEFREEFREE15%15%15%15%
+3.5%
5.2995.2995.2995.2995.1445.1445.1445.1444.9894.9894.9894.989
5.4865.4865.4865.486
+3.2%
Note: To preserve comparability in the market approved by ANEEL in the tariff adjustmentprocess. the billed energy of the free customers Valesul, CSN and CSA were excluded in viewof these customers planned migration to the Basic Network.
7
RESIDENTIALRESIDENTIALRESIDENTIALRESIDENTIAL33%33%33%33%
COMMERCIALCOMMERCIALCOMMERCIALCOMMERCIAL30%30%30%30%
21.7C21.7C21.7C21.7C22.4C22.4C22.4C22.4C
3Q113Q113Q113Q113Q103Q103Q103Q103Q093Q093Q093Q09
22.1C22.1C22.1C22.1C21.7C21.7C21.7C21.7C
3Q123Q123Q123Q12
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Total Market
ELECTRICITY CONSUMPTION (GWh)
TOTAL MARKET 3rd QUARTER+3.5%
4.6454.6454.6454.645
5.2995.2995.2995.299
740740740740 840840840840
5.4865.4865.4865.486
+13.3%
1.5951.5951.5951.5951.8071.8071.8071.807
-4.3%
1.8821.8821.8821.882 1.8011.8011.8011.801
FREECAPTIVE
RESIDENTIAL INDUSTRIAL COMMERCIAL OTHERS TOTAL
3Q113Q113Q113Q11 3Q123Q123Q123Q12 3Q113Q113Q113Q11 3Q123Q123Q123Q12 3Q113Q113Q113Q11 3Q123Q123Q123Q12 3Q113Q113Q113Q11 3Q123Q123Q123Q12 3Q113Q113Q113Q11 3Q123Q123Q123Q12
4.5594.5594.5594.559.
810810810810 847847847847
854854854854
45454545 47474747
894894894894
1.4401.4401.4401.4401.6271.6271.6271.627
155155155155
180180180180.
427427427427 370370370370
968968968968
541541541541614614614614
984984984984
8
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Prospects for State of Rio
Investments of R$ 211.5 billion in the State of Rio de JaneiroPeriod 2012-2014
OilR$ 107.7 bn50.9%
TourismR$ 1.8 bn0.9% Others
R$ 1.9 bn0.9%
Olimpic FacilitiesR$ 8.6 bn4.1%
99Source: Firjan (Industry Federation of Rio de Janeiro)
InfrastructureR$ 51.0 bn24.1%
Transformation IndustryR$ 40.5 bn19.1%
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Economic activity leading to more demand
-Nestl (3MW)
-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
10
Rio de Janeiro
-Maracan (ND)-Porto Maravilha (ND)-Morar Carioca (ND)-Aeroporto Tom Jobim (5MW)-Estaleiro Inhauma (ND)-Atento (2MW)-Expanso Nova Amrica (4MW)-Expanso 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)
-Bio Manguinhos (ND)-Hermes (3MW)-Votorantin (ND)-Ongoing (ND)-Bunge (ND)-AMBEV (2MW)
-GE (6MW)-Shop. Metropolitano (10MW)
Source: Associao Brasileira de
Municpios ABM website.
CentroTecnolgicoFundo (ND)
-Shopping Village Mall (7MW)- Edifcio Tishman Speyer (5MW)- Expanso Via Parque (2MW)- Casa Granado (3.5MW)- Hospital So Lucas (4MW)- Metr Ipanema (8MW)- Flow Serve (11MW)- Alog Data Center (12MW)
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Collection
COLLECTION RATE
12 MONTHS
COLLECTION RATE BY SEGMENT
QUARTER
97.7%97.7%97.7%97.7% 97.8%97.8%97.8%97.8% 96.3%96.3%96.3%96.3%93.0%93.0%93.0%93.0%
102.2%102.2%102.2%102.2% 99.7%99.7%99.7%99.7%106.2%106.2%106.2%106.2%
99.8%99.8%99.8%99.8%
97.2%97.2%97.2%97.2%98.3%98.3%98.3%98.3%
11
3Q113Q113Q113Q11 3Q123Q123Q123Q12
PUBLIC SECTORLARGE CLIENTSTOTAL RETAIL
Sep/11Sep/11Sep/11Sep/11 Sep/12Sep/12Sep/12Sep/12
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Loss prevention
Reflects exclusion of longterm delinquent customersfrom the billing system,
according to Resolution 414by Aneel.
Non Technical Losses Distribution(5.615 GWh)
LOSS (12 MONTHS)
42.2%42.2%42.2%42.2%
40.7%40.7%40.7%40.7%41.2%41.2%41.2%41.2%
33.8%33.8%33.8%33.8%
5.3165.3165.3165.3165.2295.2295.2295.229
7.5827.5827.5827.5827.6277.6277.6277.627 7.6657.6657.6657.665
40.4%40.4%40.4%40.4%
5.2475.2475.2475.247
43.1%43.1%43.1%43.1%
5.6155.6155.6155.615
8.0478.0478.0478.047
5.4575.4575.4575.457
7.8397.8397.8397.839
12
RiskyRiskyRiskyRisky AreaAreaAreaArea NonNonNonNon----RiskyRiskyRiskyRisky AreaAreaAreaArea
37%
63%
Technical losses GWhTechnical losses GWhTechnical losses GWhTechnical losses GWh
% Non% Non% Non% Non----technicaltechnicaltechnicaltechnicallosses/ LV Marketlosses/ LV Marketlosses/ LV Marketlosses/ LV Market
% Non% Non% Non% Non----technical losses /technical losses /technical losses /technical losses /LV MarketLV MarketLV MarketLV Market ---- RegulatoryRegulatoryRegulatoryRegulatory
Sep/11Sep/11Sep/11Sep/11
NonNonNonNon----technical losses GWhtechnical losses GWhtechnical losses GWhtechnical losses GWh
Dec/11Dec/11Dec/11Dec/11 Jun/11Jun/11Jun/11Jun/11Mar/11Mar/11Mar/11Mar/11 Sep/12Sep/12Sep/12Sep/12
2.3282.3282.3282.328 2.3492.3492.3492.3492.3352.3352.3352.335 2.4322.4322.4322.4322.3812.3812.3812.381
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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 operationalactivities, increase of public awareness and institutional partnerships with interested agents.
Grid shielding projects
Control room
13
Actual grid Shielded grid
3m
9m
Lowvoltage
MechanicalMeter
Mediumvoltage
Display
Lowvoltage
Mediumvoltage
Centralizedmeter
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New Technology Program
Meters Installed(Thousands)
110110110110
38383838
38383838208208208208
283283283283
245245245245
14
Monitoring, reading, cutting andreconnection of customers telemetryMCC (Measuring Center Centralized)
Prioritization in areas of high losses and
aggressiveness to the network
Technology hindering inappropriateinterference in networks
(ITRON) (LANDIS GYR.CAM andELSTER)
CENTRALIZEDINDIVIDUAL
72727272
38383838
2010201020102010 2011201120112011 Sep /12Sep /12Sep /12Sep /12
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Losses (before): 26%
Losses (current): 7%
New Technology Results - Individual
15
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New Technology Results - Centralized
Losses (before): 48%
Losses (current): 14%
1616
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Area: Nova Cidade Neighborhood - Nilpolis
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
17
RESULTS 2010 2011
COLLECTION (R$ MN) 8.9 10.3
NON-TECHNICAL LOSSES 41.7% 7.4%
Nov/10
DeC/11
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Program Gains An example
300 kWh
REALCONSUMPTION
NEW METERINSTALLATION
200 kWh
LOST ENERGY
ENERGY SAVED
100 kWh
BILLED CONSUMPTION
18
100 kWh
BILLED
CONSUMPTION 100 kWh
OTHER EFFECTS (BY-PRODUCTS):
CAPEX GOES TOTHE RAB
BAD DEBTPROVISIONREDUCTION
OPERATIONALCOSTS
REDUCTION
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Transformation of risky areas
19
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Pacified Communities
AlemoAlemo
Santa Marta Before After
Clients 73 1.605
Losses 90% 6%
Delinquency 70% 2%
20
BatanBatan
Cidade de DeusCidade de Deus
S. MartaS. Marta
Mang.e Babil.Mang.e Babil.Tabaj.e Cabr.Tabaj.e Cabr.
FormigaFormiga
AndaraAndara
MacacosMacacos
SalgueiroSalgueiro
Cantag.e Pavoz.Cantag.
e Pavoz.
Borel
e Casabranca
Borel
e Casabranca
64.7 thousand clientsinside pacified
communities with new
meters and network
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Generation BusinessGeneration Business
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Installed Capacity
HPP Ilha dos Pombos187 MW
RJ
Paraiba do Sul River
HPP Ilha dos Pombos
Installed Capacity
868 MW
100%
100%
LajesComplex
51%
SHP Paracambi13 MW
22
HPP Santa Branca
56 MW
HPP Fontes Nova
132 MW
HPP Underground
Nilo Peanha - 380 MW
HPP Pereira Passos
100 MW
HPP Santa Branca
100%100%100%
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Re-pricing of existing energy
475
53
340
52
206 228 259 267 272 282 282 282
25 25 25 25 25 25 25 25 25 25
553 539 535 535 535 535 535 535 535 535
Conventional Energy BalanceAssured energy (MW average)
23
Contracted Energy (Regulated) Contracted Energy (Free) HedgeAvailable Energy
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
122
304 282 251 243 238 228 228 228
Average saleprice to free
market
(R$/MWh)
128 135 148 151 155 157 157 157 157 157
Database january. 2012 Average price to Regulated Market (dec/11): R$ 75/MWh
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SP
RJ
Paraiba do Sul River
LajesComplex
HPP Itaocara
Installed Capacity: 151 MWThe construction is to be startedby the end of 2012.
Generation Expansion
24
SHP Lajes
Installed Capacity: 17 MWThe construction is to be started by the 2nd half of2012.
Operational Start: 2nd half of 2014; InstallationLicense already issued.
2nd half of 2015.Preliminary License alreadyissued.
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RR
Participaes(1)
BNDESPAR
12.1%
InfraBrasil
15.2%
Santander
3.0%
FIP Caixa
Ambiental
7.1%
FIP Santa
Barbara
6.1%
Outros;
4.0%
By the middle of 2011, Light signed an investment agreement of $360 million and the PPA (Power PurchasedAgreement) of 400MW of installed capacity to have 25.9% stake at Renova. This year BNDESPAR is becoming
a shareholder after a capital increase in Renova. Light keeps a 21.99% stake.
Light21.99%
RRParticipaes
21.99%
ControllingShareholders64.6% CS
Light
32.3% CS
0% PS
Shareholder StructureDecember 2012
Auctions Performance
The biggest winner in the Reserver Energy
Auction of 2009
The biggest winner in the Reserver Energy
Auction of 2010
2nd largest winner in the Auction A-3 of 2011
Companys Portfolio
41.8 MW of SHPs in operation under the
Renova
8.5%
25(1) Share of RR Participacoes SA out of the control block
RR Participaes
32.3% CS
0% PS
Location
Wind Farms
Inventory (SHPs)
Basic Projects (SHPs)
PROINFA contract
294.4 MW of wind energy under construction to
start the operation in Jul/2012
808.3 MW of contracted wind energy to be
delivered between 2013 until 2017
Pipeline 5.8 GW under development
Projects in the same area providing synergies and
scale gains
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Renova Contracts
Contract
Sites
Term
(years)
Index
OperationStart
up
(Estimated)
InstalledCapac
ity
(MW)
AverageLoad
Factor(%)
EstimatedEner
gy
(MWaverage)
CAPEX/MW
installed
(R$MN)
Loan
Tariff
(R$/MW)
SHPP 3 20 IGPM
Inoperation
since2008
41.8 61.3 24.2 4.901
BNB
Contracted 182.06
LER 2009 14 20 IPCA
Inoperation
sinceJul 2012
293.6 50.8 148.9 (*) 3.996BNDES
Contracted160.65
26* Does not considered the network basic losses.
LER 2010 6 20 IPCASep
2013162.0 52.7 86.8 (*) 3.878
BNDES
Eligibility130.76
Y-3 2011 919 yearsand 10months
IPCAMar -2014
212.8 50.5 108.1 (*) 3.245BNDESEligibility
100.91
Y-5 2012 1 20 IPCAJan 2017
22.4 - - - - 90.07
PPA Light 1 10 (E) 20 IPCASep -2015
200.0 50.5(E) 100 (E) 3.245 - -
PPA Light 2 10 (E) 20 IPCASep -2016
200.0 50.5 (E) 100 (E) 3.245 - -
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Belo Monte Overview
Technical data on the concession:
Concession period 35 years
End of concession August 25, 2045
Technical data on the project:
Installed capacity - 11.233 MW
Main engine room 11.000 MW
Auxiliary engine room 233 MW Assured Energy (Average MW) 4.571 MW
Reservoir 516 Km
Flooded area/generation ratio of 0.05 Km/MW
5.000 families affected
Estimated project cost (April 2010) R$ 25.8 billion
Publicsector
49,98%
Othersprivates
30,25%
AmazniaEnergia9,77%
Self prod.10,00%
Norte Energia S.A. Shareholders Profile
27
51.0% CS0.0% PS
49.0% CS100.0% PS
Amaznia EnergiaParticipaes S.A
Norte Energia S.ANorte Energia S.A(Belo Monte)(Belo Monte)
9.77%
74.5% of total stock 25.5% of total stock
Other Informations:
Amaznia 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.
Amaznia Energias equity in the project estimated at R$ 150 million (Apr.
2010), to be disbursed over 6 years.
Expansion of generation portfolio:
Increases Lights total generation portfolio by 280 MW
Terms for sale of electricity generated already set.
Regulated Market: 70%; Free Market: 20%; Self-producers: 10%.
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Guanhes
TOTAL CAPEX
R$ Million
PCHDores de
GuanhesSenhora do
Prto Jacar Fortuna II Total
Installed Capacity(MW) 14 12 9 9 44
Assured 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
28
N G i P j
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Installed Capacity (MW)
Investments in Renova. Belo Monte and Guanhes. in line with our strategy
of growing in the generation business
New Generation Projects
+ 59.3%
1.5001.5001.5001.500
171171171171
28028028028022222222
InstalledCapacity
Capacity AfterExpansion
Considering 51% stake
Considering 21.9% stake
Considering 2.5% stake
29
(+) BeloMonte
SHPParacambi
SHPLajes
HPPItaocara (+) Guanhes(+) Renova
1313131374*74*74*74* 9999
855855855855
(+) RenovaCurrentCapacity
* 9 MW SHP + 65 MW Wind Farm (since jul/12)
942942942942
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ResultsResults
N t R
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Net Revenue
NET REVENUE (R$MM)
NET REVENUE BY SEGMENT (3Q12)*
+5.5%
+6.2%
470.0470.0470.0470.0556.9556.9556.9556.9
5.129.75.129.75.129.75.129.75.450.25.450.25.450.25.450.2
GenerationGenerationGenerationGeneration 6.8%6.8%6.8%6.8%
DistributionDistributionDistributionDistribution 87.9%**87.9%**87.9%**87.9%**
ComercializationComercializationComercializationComercialization 5.3%5.3%5.3%5.3%
* Eliminations not considered* Eliminations not considered* Eliminations not considered* Eliminations not considered
31
NET REVENUE FROM DISTRIBUTION (3Q12)
CommercialCommercialCommercialCommercial 30.1%30.1%30.1%30.1%
IndustrialIndustrialIndustrialIndustrial 7.67.67.67.6%%%%
OthersOthersOthersOthers ((((CaptiveCaptiveCaptiveCaptive)))) 13.1%13.1%13.1%13.1% Network Use (TUSD)Network Use (TUSD)Network Use (TUSD)Network Use (TUSD) 10.310.310.310.3%%%%((((FreeFreeFreeFree ++++ ConcessionairesConcessionairesConcessionairesConcessionaires))))
ResidentialResidentialResidentialResidential 33338.9%8.9%8.9%8.9%
Construction RevenueConstruction RevenueConstruction RevenueConstruction Revenue
Revenue w/out constructionRevenue w/out constructionRevenue w/out constructionRevenue w/out constructionrevenuerevenuerevenuerevenue
1.657.11.657.11.657.11.657.11.748.01.748.01.748.01.748.0
3Q123Q123Q123Q123Q113Q113Q113Q11
170.3170.3170.3170.3
1.426.51.426.51.426.51.426.5 1.577.71.577.71.577.71.577.7
230.6230.6230.6230.6
9M129M129M129M129M119M119M119M11
4.572.84.572.84.572.84.572.84.980.24.980.24.980.24.980.2
10.6%
8.9%
** Construction revenue not considered** Construction revenue not considered** Construction revenue not considered** Construction revenue not considered
O ti C t d E
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Operating Costs and Expenses
ManageableManageableManageableManageable((((distributiondistributiondistributiondistribution):):):): R$R$R$R$ 300.2300.2300.2300.2((((21.0%)21.0%)21.0%)21.0%)
NonNonNonNon manageablemanageablemanageablemanageable((((distributiondistributiondistributiondistribution):):):): R$R$R$R$ 1.003.11.003.11.003.11.003.1
DISTRIBUTION MANAGEABLE COSTS (R$MN)
COSTS (R$MN)*
3Q12
312.5312.5312.5312.5300.2300.2300.2300.2
-4.0%
974.0974.0974.0974.0 951.8951.8951.8951.8
-2.3%
32
GenerationGenerationGenerationGeneration andandandandCommercializationCommercializationCommercializationCommercialization:::: R$R$R$R$ 127.4127.4127.4127.4((((8.98.98.98.9%)%)%)%)
....
* Eliminations not* Eliminations not* Eliminations not* Eliminations not
consideredconsideredconsideredconsidered
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%
3Q123Q123Q123Q123Q113Q113Q113Q11 9M129M129M129M129M119M119M119M11
EBITDA
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EBITDA
CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT*
3Q12
GenerationGenerationGenerationGeneration 29.5%29.5%29.5%29.5%(EBITDA(EBITDA(EBITDA(EBITDA MarginMarginMarginMargin:::: 72.1%)72.1%)72.1%)72.1%)DistributionDistributionDistributionDistribution 67.9%67.9%67.9%67.9%
(EBITDA(EBITDA(EBITDA(EBITDA MarginMarginMarginMargin:::: 12.9%)12.9%)12.9%)12.9%)
269.5269.5
+12.4%
959.1959.1959.1959.1915.5915.5915.5915.5
+4.8%
33
CommercializationCommercializationCommercializationCommercialization 2.6%2.6%2.6%2.6%(EBITDA(EBITDA(EBITDA(EBITDA MarginMarginMarginMargin:::: 8.1%)8.1%)8.1%)8.1%)
*Eliminations not considered*Eliminations not considered*Eliminations not considered*Eliminations not considered
......
3Q113Q113Q113Q11 3Q123Q123Q123Q12 9M119M119M119M11 9M129M129M129M12
EBITDA
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EBITDA 9M11/9M12(R$ MN)
EBITDA
+18.9%
+4.8%
971 916 959
1.154
55
407
(350) (34)
20
194
34
EBITDAEBITDAEBITDAEBITDA9M119M119M119M11
EBITDAEBITDAEBITDAEBITDA
9M129M129M129M12
NetNetNetNetRevenueRevenueRevenueRevenue
NonNonNonNon----ManagableManagableManagableManagable
CostsCostsCostsCosts
ManagableManagableManagableManagableCosts (PMSO)Costs (PMSO)Costs (PMSO)Costs (PMSO)
ProvisionsProvisionsProvisionsProvisions RegulatoryRegulatoryRegulatoryRegulatory
Assets andAssets andAssets andAssets andLiabilitiesLiabilitiesLiabilitiesLiabilities
AdjustedAdjustedAdjustedAdjustedEBITDAEBITDAEBITDAEBITDA
9M9M9M9M11111111
AdjustedAdjustedAdjustedAdjusted
EBITDAEBITDAEBITDAEBITDA9M9M9M9M12121212
RegulatoryRegulatoryRegulatoryRegulatoryAssets andAssets andAssets andAssets andLiabilitiesLiabilitiesLiabilitiesLiabilities
Net Income
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Net Income
NET INCOME 9M11/9M12(R$ MN)
246246246246 44444444 33333333264264264264
128128128128 392392392392
35
9M9M9M9M11111111 9M9M9M9M12121212EBITDAEBITDAEBITDAEBITDA FinancialFinancialFinancialFinancial
ResultResultResultResult
TaxesTaxesTaxesTaxes OthersOthersOthersOthersAdjustedAdjustedAdjustedAdjustedNetNetNetNet
IncomeIncomeIncomeIncome9M9M9M9M11111111
RegulatoryRegulatoryRegulatoryRegulatoryAssets andAssets andAssets andAssets andLiabilitiesLiabilitiesLiabilitiesLiabilities
RegulatoryRegulatoryRegulatoryRegulatoryAssets andAssets andAssets andAssets andLiabilitiesLiabilitiesLiabilitiesLiabilities
AdjustedAdjustedAdjustedAdjustedNetNetNetNet
IncomeIncomeIncomeIncome9M9M9M9M12121212
210210210210
(34)(34)(34)(34)
Dividends
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PAYOUT AND DIVIDEND POLICYDIVIDENDS AND DIVIDEND YIELD
100%100%100%100% 100%100%100%100%
76.3%76.3%76.3%76.3%81.0%81.0%81.0%81.0%
100%100%100%100%
554554554554595595595595
795795795795
556556556556
12.4%12.4%12.4%12.4%11.6%11.6%11.6%11.6%
9.5%9.5%9.5%9.5%
16.2%16.2%16.2%16.2%
8.7%8.7%8.7%8.7%
87878787
Dividends
439439439439
97.2%97.2%97.2%97.2%
36
Dividends (R$ MN)Dividends (R$ MN)Dividends (R$ MN)Dividends (R$ MN) Dividend Yield*Dividend Yield*Dividend Yield*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)Interest on Equity (R$ MN)Interest on Equity (R$ MN)Interest on Equity (R$ MN)
2007200720072007 2008200820082008 2009*2009*2009*2009*
PayoutPayoutPayoutPayout
50%50%50%50%
2010201020102010
Dividend PolicyDividend PolicyDividend PolicyDividend Policy
2011201120112011
Note: Profit Reserve existing in the Balance of 12/31/2011: R$ 163 million.
2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012
87878787
469469469469
9M129M129M129M12
352352352352
Indebtedness leverage
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Indebtedness leverage
Net Debt (R$ MM) and Net Debt / EBITDA
InvestmentGrade(brA)
3.3833.3833.3833.383
Rating(brA + )
Rating(Aa2.br)
Rating(AA-(bra))
Dec/11
3.6223.6223.6223.622
37 Net debt = total debt (excludes pension fund liabilities) cash
Net DebtNet DebtNet DebtNet Debt Net Debt/ EBITDANet Debt/ EBITDANet Debt/ EBITDANet Debt/ EBITDA
1.5801.5801.5801.580
2008200820082008
1.6371.6371.6371.637
2009200920092009
1.9471.9471.9471.947
2010201020102010
1.11.11.11.1 1.21.21.21.2 1.21.21.21.2
2011201120112011
2.72.72.72.7
Sep/12Sep/12Sep/12Sep/12
2.82.82.82.8
Indebtedness
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Indebtedness
Average Term: 3.7 years
AMORTIZATION SCHEDULE* (R$ MN)NET DEBT
3.143.53.143.53.143.53.143.5
3.621.63.621.63.621.63.621.6
2.52.52.52.52.82.82.82.8
SepSepSepSep/12/12/12/12SepSepSepSep/11/11/11/11 2012201220122012 2013201320132013 2014201420142014 2015201520152015 2016201620162016 After 2016After 2016After 2016After 2016
198198198198
582582582582
832832832832
754754754754
8558558558551.4771.4771.4771.477
38
NominalNominalNominalNominal CostCostCostCostRealRealRealReal CostCostCostCost
* Principal only* Principal only* Principal only* Principal only
COST OF DEBT
201120112011201120102010201020102009200920092009
3.09%3.09%3.09%3.09%
8.548.548.548.54%%%%
5.30%5.30%5.30%5.30%
9.84%9.84%9.84%9.84%
4.87%4.87%4.87%4.87%
11.08%11.08%11.08%11.08%
4.51%4.51%4.51%4.51%
11.01%11.01%11.01%11.01%
SepSepSepSep/12/12/12/12
Net Debt / EBITDANet Debt / EBITDANet Debt / EBITDANet Debt / EBITDA
* Considering* Considering* Considering* Considering HedgeHedgeHedgeHedge
CDI/SelicCDI/SelicCDI/SelicCDI/Selic74.2%74.2%74.2%74.2%
TJLPTJLPTJLPTJLP23.5%23.5%23.5%23.5%
OthersOthersOthersOthers2.02.02.02.0%%%%
US$/EuroUS$/EuroUS$/EuroUS$/Euro0.4%*0.4%*0.4%*0.4%*
Investments
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Investments
CAPEX BREAKDOWN(R$MN)
9M12
CAPEX (R$MN)
+32.5%
563.8563.8563.8563.8546.7546.7546.7546.7
928.6928.6928.6928.6
700.6700.6700.6700.6
527.8527.8527.8527.8592.7592.7592.7592.7
-10.9%
85.185.185.185.145.845.845.845.892.992.992.992.9 116.9116.9116.9116.9
181.8181.8181.8181.8758.7758.7758.7758.7
169.9169.9169.9169.9
QualityQualityQualityQuality
Develop. ofDevelop. ofDevelop. ofDevelop. ofDistributionDistributionDistributionDistribution
SystemSystemSystemSystem
OthersOthersOthersOthers
59.659.659.659.6
GenerationGenerationGenerationGenerationMaintenanceMaintenanceMaintenanceMaintenance
11.511.511.511.5GenerationGenerationGenerationGenerationProjectsProjectsProjectsProjects
1.71.71.71.7
39
Investments in Electric Assets (Distribution)Investments in Electric Assets (Distribution)Investments in Electric Assets (Distribution)Investments in Electric Assets (Distribution)
20102010201020102009200920092009 2011201120112011 9M129M129M129M129M119M119M119M11
507.6507.6507.6507.6
482.0482.0482.0482.0
453.8453.8453.8453.8446.9446.9446.9446.9
....
2008200820082008LossesLossesLossesLossesCombatCombatCombatCombat156.4156.4156.4156.4
mprovemenmprovemenmprovemenmprovemen97.997.997.997.9
....
Why Invest in Light?Why Invest in Light?
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Major upcoming events Integration of favelas Pro-business environment New plants investments Expansion of the existing ones
Market growth
EconomicTransformation
in theConcession Area
Progress in the Technology
New PPAs starting in 2013and 2014 Revenues increase with noaditional costs.Very active trading subsidiary
Repricing ofExisting Energy
Listed in Novo Mercado of
Why Invest in Light?Why Invest in Light?
4040
New network and meters in the
pacified favelasSmart metering developmentZero Losses Area Program
Energy
LossesReduction
Investment in Renova. BeloMonte and Guanhes (total of548 MW) SHP Paracambi OperationalStartSHP Lajes under construction.
Growth in theGenerationBusiness
Board Committees very active
Included in the SustainabilityIndex (ISE) of Bovespa for thefifth year.
Best-in-Class
CorporateGovernance
Sound Dividend Policy:minimum 50% of net income;
Average payout over last fiveyears: 91%
Dividend trackRecord
Important NoticeImportant Notice
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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 Companys 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 Companys strategy, the Brazilian and
international economic conditions, technology, financial strategy, developments of the public service industry, hydrologicalconditions, 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 Companys 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
pp
41
investment decision must be based on the veracity, the updated or completeness of this information or opinions. None of the
Companys assessors or parts related to them or its representatives will have any responsibility for any losses that canelapse 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 Companys 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.
Contacts
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Joo Batista ZoliniCarneiroCFO and IRO
Gustavo WerneckIR Manager+ 55 21 2211 2560
42
www.light.com.br/ri