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7/30/2019 1Q13 Earnings Release
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Rio de Janeiro, May 10, 2013.
Distribution consumption up 3.7%
Generation revenue increases with beginning of new contracts Total energy consumption in 1Q13 was 3.7% higher year-over-year, amounting to 6,407 GWh, driven by the 3.2%
and 7.8% increase in residential and commercial consumption, respectively;
In the quarter, consolidated Net Revenue, excluding revenue from construction, came to R$1,883.1 million, 6.9%up on 1Q12. All the Companys business segments recorded a revenue upturn, led by generation and trading, which
increased by 51.0% and 261.4%, respectively;
ConsolidatedEBITDA1111amounted to R$355.1 million in 1Q13, down 18.1% on 1Q12, mainly driven by the higherpurchased energy expenses by distribution- on the portion not covered by CDE contribution (Decree 7,945/13), in
the amount of R$ 428 million - the future transfer of which to tariffs is ensured by regulation. Adjusted by theregulatory asset (CVA), AdjustedEBITDA amounted to R$456.3 million in the quarter, 5.8% higher year-over-year;
Net income in 1Q13 was up 43.8%, totaling R$78.6 million, compared to R$140.1 million year-over-year, as a resultof the rise in distribution non-manageable purchased energy costs. Adjusted by the regulatory asset (CVA),
adjustednet income amounted to R$145.4 million in the quarter, 4.8% higher year-over-year;
The 1Q13 collection rate stood at 101.0% of billed consumption, 600 bps up year-over-year. In 1Q13, Provisionsfor Past Due Accounts (PCLD) accounted for
1.2% of gross billed energy, as a result of the
140 bps drop or R$32.6 million year-over-
year. The Company closed March with net debt of
R$4,031.4 million, up 24,4% on March 2012.
Net Debt/EBITDA ratio stood at 2.73;
Non-technical energy losses over the last 12months accounted for 44.9% of billed energy
in the low-voltage market (ANEEL criterion),
down 50 bps on December 2012, despite the
persistence of the negative impact on this
index arising from the contractual termination
of clients with long-term default.
1 EBITDA is calculated in accordance with CVM Instruction No. 527/2012 and means: net income + income tax and socialcontribution tax + financial expenses, net + depreciation and amortization.
BM&FBOVESPA: LIGT3 Conference Call: IR Contacts:OTC: LGSXY Date: 05/13/2013 Phone: +55 (21) 2211-2650/ 2660Total shares: 203,934,060 Time: 4:00 p.m. (Brazil) // 3:00 p.m. (US ET) Fax: +55 (21) 2211-2787Free Float: 70,175,480 shares (34.41%) Phone numbers: +55 (11) 2188 0200 // +1 (646) 843 6054 E-mail: [email protected] Cap (05/09/13): R$3,918 million Webcast: www.light.com.br Website: www.light.com.br/ri
1Q13 1Q12 Var. %
Grid Load* 9,910 9,683 2.3%Billed Energy - Captive Market 5,572 5,379 3.6%
Consumption in the concession area** 6,407 6,180 3.7%Transported Energy - TUSD** 835 801 4.2%Sold Energy - Generation 1,267 1,514 -16.4%
Commercializated Energy (Esco) 1,031 399 158.5%
1Q13 1Q12 Var. %
Net Revenue*** 1,883 1,761 6.9%EBITDA 355 433 -18.1%EBITDA Margin*** 18.9% 24.6% -570 bpsNet Income 79 140 -43.8%
Net Debt 4,031 3,240 24.4%
Capex 163 143 13.9%* Own Load + network use** Does not consi der CSN, due to i ts migration to the basi c network
*** Does not consi der constructi on revenue
Operational Highlights (GWh)
Financial Highlights (R$ MM)
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2
1Q12 Results
Results for 1Q12 were reclassified due to a change in an accounting practice regarding the consolidation of results ofLights joint ventures.
This reclassification impacted the income statement accounts, but did not change Net Income, since the results of
the joint ventures began to be included as equity adjustment results.
The following companies are no longer consolidated: Renova Energia, Guanhes Energia, Lightger, Axxiom, Amaznia
Energia, and E-Power.
For further information see Exhibit V.
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Table of Contents1. The Company ....................................................... ................................................................ ..................... 4
2. Operating Performance .................................................................. .......................................................... 4
2.1 Distribution ..................................................................................................... .................................... 4Energy Balance ................................................................................................................................. 5
Energy Losses ................................................................................................................................... 7
Communities .................................................................................................................................. 10
Collection ....................................................................................................................................... 11
Operating Quality .......................................................................................................................... 11
2.2 Generation .................................................................................................................... .................... 12
2.3 Commercialization and Services ................................................................... .................................... 13
3. Financial Performance ..................................................................... ....................................................... 13
3.1 Net Revenue ............................................................... ................................................................ ...... 14Consolidated .................................................................................................................................. 14
Distribution .................................................................................................................................... 15
Generation ..................................................................................................................................... 15
Commercialization and Services.................................................................................................... 15
3.2 Costs and Expenses .......................................................................................................................... 16
Consolidated .................................................................................................................................. 16
Distribution .................................................................................................................................... 16
Generation ..................................................................................................................................... 18
Commercialization and Services.................................................................................................... 19
3.3 EBITDA ........................................................................................... ................................................... 19
Consolidated .................................................................................................................................. 19
Distribution .................................................................................................................................... 21
Generation ..................................................................................................................................... 21
Commercialization and Services.................................................................................................... 22
3.4 Consolidated Financial Results .............................................................................................. ........... 22
3.5 Debt .................................................................................................. ................................................ 23
3.6 Net Income ................................................................................ ....................................................... 25
3.7 Investments ...................................................................................... ................................................ 27
Generation Capacity Expansion Projects ............................................................ .......................... 274. Cash Flow ............................................................... ................................................................ ................. 31
5. Corporate Governance ........................................................................................................................... 31
6. Capital Markets ...................................................................................................................................... 33
Dividends........................................................................................................................................ 34
7. Recent Events ......................................................................................................................................... 36
8. Disclosure Program................................................................................................................................. 37
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1. The Company
Light S.A. is a holding company that controls subsidiaries and affiliated companies in three main business segments:
energy distribution, generation and trading/services. In order to increase the transparency of its results and enableinvestors to make a better evaluation, Light also presents its results in a segmented form. The Companys corporate
structure as of March 2013 is shown below:
2. Operating Performance
Light S.A.(Holding)
100% 51% 20%100% 100% 100%100% 100%51% 25.5%100%
Light Serviosde Eletricidade
S.A.
Lightger
S.A.
ItaocaraEnergia
Ltda.
Amaznia
Energia S.A.
Light EscoPrestao deServios S.A.
LightcomComercializadora
de Energia S.A.
Light Soluesem Eletricidade
Ltda.
InstitutoLight
Axxiom
SoluesTecnolgicas
S.A.
CR ZongshenE-Power
Fabricadora deVeculos S.A.
GuanhesEnergia
S.A.
21.99%
RenovaEnergia
S.A.
Central ElicaFontainha
Ltda.
100%
Central Eli caSo Judas
Tadeu Ltda.
100% 9.77%
NorteEnergia
S.A.
33%
EBL Cia deEficinciaEnergtica
S.A.
Light EnergiaS.A.
Distribution Generation Commercialization and Services Institutional Systems ElectricVehicles
51%
OPERATING INDICATORS 1Q13 1Q12 Var. %
N of Consumers (thousand) 4,082 4,163 -2.0%
N of Employees 4,209 4,128 2.0%
Average provision tariff - R$/MWh 394.2 443.0 -11.0%
Average provision tariff - R$/MWh (w/out taxes) 280.2 306.7 -8.6%
Average energy purchase cost - R$/MWh 136.0 111.3 22.1%
Installed generation capacity (MW) 942 866 8.7%
Assured energy (MW)) 687 643 6.8%
Pumping and internal losses (MW) 87 87 -
Available energy (Average MW) 600 556 7.9%
Net Generation (GWh) 1,404 1,379 1.8%
Load Factor 62.3% 64.7% -Does not include purchase on spot.
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2.1 Distribution
Total energy consumption in Light SESAs concession area (captive clients + transport of free clients2) came to 6,407
GWh in 1Q13, 3.7% up on 1Q12, chiefly due to the increase in commercial and residential consumption. If clients
with long-term default were not terminated, in accordance with ANEEL resolution 414/2010, Lights result in 1Q13
would have been up 5.3% year-over-year.
If consumption from free client CSN is taken into account, total consumption came to 6,841 GWh in 1Q13, 4.8%
higher than consumption in 1Q12, which totaled 6,527 GWh.
Residential consumption totaled 2,423 GWh in the quarter, accounting for 37.8% of the total market. Despite
increasing 3.2% year-over-year, residential consumption might have been even higher had it not been impacted by
two factors: (i) the termination of clients with long-term default, initiated in February of last year, and (ii) the
reclassification of condominiums from the residential to the commercial segment pursuant to an ANEEL resolution.
Excluding these impacts, residential increase would have been 7.8%. The average monthly consumption per
customer was 217.6 KWh in 1Q13, compared to 204.4 KWh in 1Q12.
2To preserve comparability with the market approved by ANEEL in the tariff adjustment process, the billed energy of the free
consumer CSN was excluded, in view of this clients then planned migration to the basic network. Energy consumption by CSN
totaled 434 GWh in 1Q13 and 347 GWh in 1Q12.
1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13
2,348 2,423
1,748 1,877
401 359882 913
5,379 5,572
191
214
561 56849 53
801835
TOTAL ENERGY CONSUMPTION (GWh)
(CAPTIVE + FREE) - QUARTER
Captive Free
Residential Industrial Commercial Others Total
1,939 2,091
932 966962 927
6,1806,407
3.2%
-3.7%
7.8%
3.7%
3.7%
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Commercial clients consumed 2,091 GWh, 7.8% more than in 1Q12, accounting for 32.6% of the total market.
Excluding the reclassification of condominiums, commercial consumption moved up by 3.8%. Another 21 clients
joined the free market in 1Q13, having been recorded under captive clients in 1Q12, resulting in a 20 GWh increase
in free market consumption in the period.
Industrial consumption amounted to 927 GWh, equivalent to 14.5% of the total market, 3.7% down on 1Q12.
Between January and March 2013, 6 clients, whose consumption totaled 12 GWh in the quarter, migrated from the
captive to the free market.
The other consumption segments, which accounted for 15.1% of the total market, posted an upturn of 3.7% over
1Q12, with the rural, government and public utilities categories, which represented 0.2%, 6.2% and 4.9% of the total
market, respectively, recording a decrease of 2.9%, and increases of 3.9% and 4.7% year-over-year, respectively.
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Energy Balance
120.0 2,423.1
CCEAR Billed Industrial
Light Energia Energy 358.8
13.6 5,571.9
Commercial7,953.9 1,877.2
Losses + Non Billed1,299.8 Energy Others
8,094.6 2,382.0 912.8
1,992.6
1,566.7
801.2
Shares
220.1
(*) Others = Purchase in Spot - Sale in Spot.
Note: 1) At Light S.A., there is intercompany power purchase/sale elimination
2) Power purchase data as of 04/09/2013 (subject to change)
2080.7
ANGRA I & II
NORTE FLU
CCEE
OTHERS(*)
(CCEE)
Own load
Light
Basic netw. Losses 130.4
10.3Adjustment
AUCTIONS
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
PROINFA
ITAIPU
(CCEE) Required E.
(CCEE)
Residential
Position: January - March 2013
Energy Balance (GWh) 1Q13 1Q12 Var.%
= Grid Load 9,910 9,683 2.3%
- Energy transported to utilities 633 649 -2.5%
- Energy transported to free customers* 1,323 1,204 9.9%
= Own Load 7,954 7,830 1.6%
- Captive market consumption 5,572 5,379 3.6%
Low Voltage Market 3,796 3,613 5.1%
Medium Voltage Market 1,776 1,766 0.6%
= Losses + Non Billed Energy 2,382 2,451 -2.8%
*Including CSN
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Energy Losses
Non-technical energy losses totaled 6,029 GWh over the last 12 months, accounting for 44.9% of invoiced energy in
the low-voltage market (ANEEL criterion), down 50 bps on the 12 months ended December 2012, despite the
persistence of the negative impact on this index arising from the contractual termination of clients with long-term
default.
Light SESAs total energy losses amounted to 8,626 GWh, or 23.5% of the grid load, in the 12 months ended March
2013, 10 bps down on December 2012.
The non-technical energy losses rate is still suffering from the initiative implemented at the close of 1Q12 related to
the termination of contracts with clients presenting long-term default in areas where traditional collection initiatives
are not effective, pursuant to ANEEL Resolution 414. There was no impact on cash generation, however.
To improve the reduction in non-technical energy losses, Light has invested in initiatives that include conventional
fraud inspection procedures, network and measurement systems updating, and the Zero Loss Area program (APZ).
The main highlights are as follows:
Consumer units inspections: this initiative is carried out among low-voltage residential clients, who are selected by an intelligence system.
The Company conducted 11,199 regularization procedures in 1Q13,
from 11,596 in 1Q12 (down 3%). Incorporated energy reached 4.9
GWh in 1Q13, compared to 4.5 GWh in 1Q12. However, energy
recovery was 78% up from 18.5 GWh in 1Q12 to 33.1 GWh in 1Q13.
Assertiveness increased by 800 bps year-over-year, which shows the
higher efficiency in the selection process of potentially fraudulent
clients.
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13
7,665 7,838 8,0478,584 8,626
Light Losses Evolution
12 months
Losses (GWh)
22.0% 22.3% 22.7%23.6% 23.5%
15.3% 15.6% 15.8% 16.5% 16.4%
Losses / Gr id Load % Non-Tecnical Losses / Gr id Load
1T12 1T13
11,775
12,246
Normalized Costumers
4.0%
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13
5,316 5,457 5,615 6,007 6,029
Non tecnical losses / Low Voltage market
12 months
Losses (GWh)
41.2% 42.2% 43.1%45.4% 44.9%
34.7% 34.2% 33.8% 33.3% 32.9%
Non-Technical Losses % Low Voltage Mkt
Regulatory Losses
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Indirect low-voltage inspection: the inspection of large-sized clients,who are served by low-voltage indirect measurement systems,
accounts for an important share of Lights energy incorporation and
recovery. In 1Q13, 1,047 regularizations were carried out from 179 in
the same period of 2012, and, still in 1Q13, incorporated and recovered
energy increased from 2.7 GWh to 3.6 GWh and from 1.2 GWh to 3.8
GWh, respectively.
Electronic meters with long-distance measuring: the Companydeployed centralized measuring system (SMC) meters in areas with a
high rate of losses, with or without the support of Pacifying Police Units
(UPPs). The UPPs allow Light to be more present whether fighting
default or energy theft. In areas surrounding the UPPs, the Company
installed 3,526 electronic meters in 1Q13, and the energy incorporated
through this initiative totaled 8.3 GWh. In areas outside the sphere of
the UPPs, Light installed 10,894 electronic meters, and the energy
incorporated amounted to 7.1 GWh. The goal is to install 120,000
meters in 2013 being 45,000 in communities and 75,000 outside the
communities, therefore, the year will end with an universe of 460,000
electronic meters installed.
Zero Loss Areas: in August 2012, the Company created the APZ Project,based on the combination of electronic meters and shielded network
with dedicated teams of technicians and customer service agents who
have goals and whose compensation is connected to the improvement
of losses and default indicators in their respective areas. A typical APZ
has approximately 15 thousand clients each.
The project, commercially known as Light Legal, is supported bySEBRAE to train partnering microentrepreneurs, had 14 operating APZs at the close of March 2013 and
included 244 thousand clients (6% of total) at the Baixada Fluminense region, the West End (Zona Oeste) and
the North End (Zona Norte). The 2013 goal is to reach a total of 30 Light Legal units, including approximately
400 thousand clients (10% of total). Since the beginning of the project, the APZs already inaugurated present
an average reduction in non-technical energy losses on low-voltage billings of 2300 bps and an average
increase in collection of 1450 bps. The results accumulated up to March per APZ are as follows:
mar-12 mar-13
233
355
Electronic Meters Installed
(thousand units)
52.4%
1T12 1T13
19.7
36.9
Recovered Energy (GW)
87.3%
1T12 1T13
7.2
23.9
Energy Incorporation (GW)
231.9%
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Communities
Since the beginning of the pacification process at low-income communities in the state of Rio de Janeiro in 2009,
Light has increased its presence in these areas, aimed at improving the supply quality and avoiding energy theft.
Up to March 2013, the Company has already installed 60 thousand electronic meters, 350 km of shielded network
(310 km up to 4Q12) and had 78,963 regularized clients (72,737 up to 4Q12).
Of the 28 communities that already have Pacifying Police Units (UPPs), Light has already concluded the remodeling of
the network in 9 of them, recording an average decrease of losses from 64.1% to 14.6% and an average increase of
performance from 9.56% to 89.91%, as follows:
NeighborhoodClient
Numbers
Non-Technical Losses /
Low Voltage Market *
Collection
Rate
Curicica 13.034 12,1% 99,7%
Realengo 10.141 16,9% 99,5%
Cosmos 34.933 22,8% 107,7%
Sepetiba 18.793 33,5% 96,5%
Caxias 1 e 2 13.907 19,5% 93,3%
Belford Roxo 1 e 2 19.582 32,4% 94,2%
Vigrio Geral 16.122 16,1% 98,3%
Caxias 3 17.239 25,2% 98,7%
Nova Iguau 1 31.899 31,9% 98,6%
Nova Iguau 2 20.213 25,0% 95,2%
Nilpolis 9.861 28,8% 89,8%
Ricardo de Albuquerque 24.433 19,5% 96,4%
Mesquita 8.419 38,4% 96,7%
Cabritos/Tabajaras/Chapu
Mangueira/Babilnia5.208 11,9% 97,7%
Total 243.784 24,3% 98,4%
* Reflects the results accumulated until mar/13 s ince the begini ng of the implementation of
each APZ.
Before Current Before Current
Santa Marta 2009 95,00% 8,22% 0,20% 99,13%
Cidade de Deus 1 2010 52,10% 14,45% 23,10% 78,30%
Chapu Mangueira 16,20% 101,46%
Babilnia 5,40% 99,51%
Cabritos 1,40% 96,25%
Tabajaras 9,50% 96,99%
Formiga 2011 73,30% 9,37% 31,40% 84,62%
Batan 2012 61,80% 10,66% 1,20% 93,88%
Borel 2013 60,50% 31,06% 9,40% 79,10%
2011 62,30% 12,47%
AreasConclusion
Year
Losses Collection
2010 62,70% 14,75%
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Collection
Collection rate in the quarter reached
101.0% of billed consumption,
representing a 600 bps increase in
relation to 1Q12 and 700 bps in relation
to 1Q11. Such performance may be
mainly attributed to the Retail segment,
which presented a variation of 870 bps
and 820 bps in relation to March 2011
and 2012, respectively. The collection
rate in the Large Clients segment rose 550 bps in 1Q13, impacted by the billing cycle of the previous quarter, when a
large number of accounts were due at the end of December and were collected in the first quarter.
In addition to the change in the criterion adopted to treat clients with long-term default, which impacted the
collection rates, the good performance is also a result of the continuity of the initiatives of the program that fights
default, such as: (i) more effective collection campaigns; (ii) constant increase in installation of electronic meters; and
(iii) expansion in the volume of registrations of clients with past due bills by 2.1%, year-over-year.
In 1Q13, Provisions for Past Due Accounts
(PCLD) totaled R$29.0 million, accounting for
1.2% of gross billed energy, R$32.6 million
lower than the provisioned amount in 1Q12,
of R$61.6 million, or 2.6% of the billed energy
for that quarter. Over the last 12 months,
excluding the non-recurring provisioning in
4Q12, PCLD accounted for 1.5% of gross
billed energy in March 2013, 150 bps down
on the same period of last year. This result
reflects the change in the criterion adopted
to treat clients with long-term default as of February 2012, in
addition to default-combating initiatives.
Retail Large Costumers Public Sector Total
91.5%
98.9%
95.1%94.0%92.0%
99.2% 100.6%
95.0%
100.2%
104.7%
97.2%
101.0%
Collection Rate per Segment
Quarter
1T11 1T12 1T13
3.2% 3.2%3.2%
3.0% 3.0%2.9%
2.4%
1.9% 1.5%
2.4%
3.2%
2.8%
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
PCLD/Gross Revenue (Billed Sales)
12 Months
PCLD/ROB Non-recurring provisions (4Q12)
1Q13 1Q12 1Q13 1Q12
PCLD 29.0 61.6 1.2% 2.6%
R$ MN PCLD/Gross Revenue
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Operating Quality
Light is fully committed to maintaining the supply of high-quality electricity. In 1Q13, it invested R$19.4 million to
enhance the quality of its supply and increase the capacity of its distribution network. In addition to improving
relations between the distributor and its clients, quality levels will be of major importance in the regulatory model,
given the rules for the 3rd tariff revision cycle. Companies will be encouraged to improve their quality standards,
which will be recognized through the X factor.
In 1Q13, 126 medium-voltage circuits were inspected/maintained, 1,571 transformers were replaced and 25,391
trees were pruned. In the underground distribution network, 6,132 transformer vaults and 12,259 manholes were
inspected. In addition, 51 transformers and 30 switches and 812 protectors were maintained.
The moving average in the last 12 months, related to the Equivalent Length of Interruption (DEC), expressed in hours,
registered 19.60 hours. The moving average related to the Equivalent Frequency of Interruption (FEC), expressed in
occurrences, stood at 8.67 times. These indicators were impacted by the high quarterly level of accumulated rain
(precipitation in mm), which was up 78% year-over-year.
DEC FEC
6.49
2.86
8.11
3.15
DEC e FEC - Without PurgeQuarter
1T12 1T13
DEC FEC
16.48
7.85
19.60
8.67
DEC e FEC
Mar-12 Mar-13
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2.2 Generation
The total amount of energy sold by Light Energia was equivalent to 1,266.7 GWh, down 16.4% year-over-year, arising
from the lower energy sold in the spot market, which totaled only 23.4 GWh in the quarter, 92.9% below the same
period last year, according to the worst hydrological conditions of the system, impacted by the low level of the
reservoirs coupled with the lower average of rains in the period.
In 1Q13, the energy sold on the Captive Market (ACR) and on the Free Market (ACL) totaled 263.7 GWh and 979.6
GWh, respectively. On the Captive Market (ACR), the volume of energy sold was 74.9% down year-over-year, as a
result of the end of the contracts to sell energy traded on the mega auction held in 2004. Such contracts were
renegotiated on the Free Market (ACL), which presented a 646.4% growth year-over-year.
2.3 Commercialization and Services
In 1Q13, direct energy sales from Light Esco and LightCom, from conventional
and subsidized sources, totaled 1,030.8 GWh, compared to the 398.7 GWh sold
over the same period last year. Such expansion was mainly due to the sale of
Light Energias energy that became available after the end of the contracts
executed at the 2004 auction.
In the services segment, a contract was entered into in 1Q13 for remodeling a
chilled water plant for a large shopping mall in the city of Rio de Janeiro.
Currently, Light Esco is developing 12 projects, the main of which are a Co-
generation for a large beverage company, with an approximate total
investment of R$85 million, and another one related to a project for building a solar power plant at the Maracan
soccer stadium, in partnership with lectricit de France (EDF) (51% belonging to Light ESCO and 49% to EDF),
whose investment by Light ESCO totals R$6 million.
LIGHT ENERGIA (GWh) 1Q13 1Q12 %Regulated Contracting Environment Sales 263.7 1,052.0 -74.9%
Free Contracting Environment Sales 979.6 131.2 646.4%
Spot Sales (CCEE) 23.4 331.3 -92.9%
Total 1,266.7 1,514.5 -16.4%
1Q12 1Q13
398.7
1,030.8
Volume (GWh)
158.5%
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3. Financial Performance
3.1 Net Revenue
Consolidated
Consolidated net operating revenue totaled R$2,040.4 million in 1Q13, 7.5% up on 1Q12. Excluding revenue from
construction, which has a neutral effect on net income, consolidated net revenue increased by 6.9% to R$1,883.1
million. All of the Companys operating segment recorded growth, driven mainly by the increase in generation and
trading activities, influenced by the sale of energy on the free market at higher prices, to replace old contracts to sell
energy on the captive market.
Net Revenue (R$ MN) 1Q13 1Q12 Var.%
Distribution
Billed consumption 1,633.4 1,448.5 12.8%
Non billed energy (81.5) 25.6 -
Network use (TUSD) 142.6 137.6 3.6%
Short-Term (Spot) - 0.7 -
Others 31.4 26.8 17.3%
Subtotal (a) 1,725.8 1,639.1 5.3%
Construction Revenue 157.3 137.4 14.4%
Subtotal (a') 1,883.1 1,776.6 6.0%
Generation
Generation Sale (ACR+ACL) 143.6 81.8 75.6%
Short-Term - 12.8 -
Others 1.7 1.6 7.1%
Subtotal (b) 145.3 96.2 51.0%
Commercialization and Services
Energy Sales 165.9 47.4 250.1%Services 9.3 1.1 753.6%
Subtotal (c) 175.2 48.5 261.4%
Others and Eliminations (d) (163.1) (22.5) 624.9%
Total w/out construction revenue (a+b+c+d) 1,883.1 1,761.3 6.9%
Total (a'+b+c+d) 2,040.4 1,898.7 7.5%
Bal ance of the settlement on the CCEE
The subsi diary Light SESA counts revenues and cos ts, with zero margin, related to services of
construction or improvement in infrastructure used in services of electricity distribution.
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Distribution
Net Revenue from distribution totaled R$1,883.1 million in 1Q12, 6.0% more than in 1Q12. Excluding revenue from
construction, net revenue from distribution amounted to R$1,725.8 million, up by 5.3% year-over-year.
The increase in net revenue this quarter was mainly due to the 3.7% rise in consumption in the total market, coupled
with the average energy tariff increase of 12.27% for the captive market, as of November 7, 2012. However, revenue
was also impacted by the Extraordinary Tariff Readjustment that took place on January 24, 2013, which decreased
tariffs by 19.63%, on average.
The distribution market is mostly comprised by the residential and commercial segments, which together accounted
for 74.8% of the revenue with energy sales, while sales on the free market accounted for 8.0%.
Generation
Net Revenue in 1Q13 totaled R$145.3 million, a 51.0% growth compared to the same period in 2012. This result may
be explained by the 646.4% rise in the volume of energy sold on the Free Market (ACL), whose contracts are priced
higher than on the captive market, where such energy was previously sold. The average selling price, net of taxes,
weighted by both markets stood at R$115.5/MWh in 1Q13, compared to R$69.1/MWh year-over-year, representing
a 67.1% increase.
Commercialization and Services
Net revenue from trading and services in 1Q13 was 261.4% up on 1Q12, totaling R$175.2 million. This was mainly
due to the significant expansion in the volume of traded energy with the higher price practiced in this quarter,
Residential
45%
Commercial
30%
Others
12%
TUSD
8%
Industrial
5%
Net Revenue by Class
R$ MN - 1Q13
142.6
800.6
207.1
527.4
98.3
Residential
38%
Commercial
29%
Others
14%
Free Clients
13%
Industrial
6%
Electric Energy Consumption - (GWh)
1Q13
2,423.1
1,877.2
912.8
834.7
358.8
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primarily arising from the replacement of the energy from Light Energias terminated contracts at the close of last
year.
3.2 Costs and Expenses
Consolidated
In 1Q13, operating costs and expenses totaled R$1,779.1 million, 14.3% up year-over-year.
Excluding construction costs, consolidated costs and expenses rose by 14,3% over 1Q12, mainly led by the costs and
expenses in the distribution segment, explained fundamentally by an increase of 22,9% in non-manageable costs.
Distribution
Costs and Expenses (R$ MN) 1Q13 1Q12 Var.%
Non-Manageable Costs and Expenses (1,261.2) (1,026.2) 22.9%
Energy Purchase costs (1,079.1) (818.2) 31.9%
Costs with Charges and Transmission (177.9) (203.9) -12.8%
Others (Mandatory Costs) (4.3) (4.1) 3.1%Manageable Costs and Expenses (317.1) (333.1) -4.8%
PMSO (184.0) (167.6) 9.7%
Personnel (73.1) (64.8) 12.8%
Material (3.7) (3.6) 3.5%
Outsourced Services (88.6) (85.1) 4.0%
Others (18.6) (14.1) 31.8%
Provisions (45.2) (86.5) -47.7%
Depreciation and Amortization (80.6) (75.7) 6.5%
Other Operacional/Revenues Expenses (7.3) (3.2) 127.3%
Construction Revenue (157.3) (137.4) 14.4%Total costs w/out Construction Revenue (1,578.3) (1,359.3) 16.1%
Total Costs (1,735.6) (1,496.8) 16.0%
Custos e Despesas Operacionais (R$ MN) 1Q13 1Q12 Var.%
Distribution (1,735.6) (1,496.8) 16.0%Distribution w/out Construction Revenue (1,578.3) (1,359.3) 16.1%
Generation (38.1) (33.6) 13.5%
Commercialization (165.3) (45.0) 267.8%
Others and Eliminations 160.0 19.1 735.7%
Consolidated w/out Construction Revenue (1,621.8) (1,418.8) 14.3%
Consolidated (1,779.1) (1,556.2) 14.3%
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In 4Q12, distribution costs and expenses moved up by 16.0% over 1Q13. Excluding construction costs, total costs and
expenses grew by 16.1%, primarily due to the 22.9% increase in non-manageable costs and expenses, and partially
offset by the 4.8% decline in manageable costs and expenses.
Non-Manageable Costs and Expenses
In the first quarter of 2013, non-manageable costs and expenses
totaled R$1,261.2 million, equivalent to a 22.9% growth in relation
to the same period of 2012. This result already takes into account
the impact of Decree 7,945/13 with the booking of the transfer of
funds from the CDE to reduce costs in the amount of R$428.3
million. See note on Recent Events for further details.
Purchased energy costs increased by 31.9% over 1Q12. This increase
was driven by the increase in PLD average R$ 66.0/MWh (1Q12) to
R$ 322.7/MWh (1Q13), which resulted in higher expenses in two
items: (i) Availability Contracts, mainly to the thermal plant
activation orders from the National System Operator (ONS) to
replenish reservoir levels; and (ii) exposure to purchases from the
spot market due to two factors: deficit resulting from insufficient
allocation of quotas from HPPs and extended delays in Power Plants
winning sellers of the 7th New Energy Auction. The contract
adjustment with UTE Norte Fluminense in November 2012 also
contributed to this scenario.
Costs with charges and transmission were down 9.4%, chiefly due to
the smaller network use charges, as a result of the concession
contract renewals of some transmission companies.
Non-manageable costs are transferred to consumers and the increase of such costs above the regulatory level
comprises a regulatory asset (CVA) balance, to be taken into account in the next tariff readjustment, but which are
not recorded in the income statement in accordance with the International Financial Reporting Standards (IFRS).
Such regulatory assets totaled R$101.2 million in 1Q13 compared to a regulatory liabilities amounting to (R$2.1
million) in 1Q12.
2012 2013
52.9%55.3%
28.8%
24.8%15.0%
13.4%3.3%
6.5%
Purchased Energy - R$ MN
Quarter
AUCTIONS NORTE FLU ITAIPU SPOT
1,079.1
818.2
31.9%
2012 2013
58.4% 53.2%
19.6% 19.4%
16.3% 16.1%
4.1% 9.9%
1.6% 1.5%
Purchased Energy- GWh
Quarter
AUCTIONS NORTE FLU ITAIPU
SPO PROINFA
0.0%
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The average purchased energy cost, excluding spot market purchases, amounted to R$131,4/MWh in 1Q13, 16.2%
up on the R$113.1/MWh recorded in 1Q12.
Manageable Costs and Expenses
In 1Q13, manageable operating costs and expenses, comprising personnel, materials, outsourced services,
provisions, depreciation and others, totaled R$317.1 million, 4.8% down on 1Q12.
The Companys PMSO (personnel, materials, services and others) costs and expenses came to R$184.0 million in the
quarter, 9.7% up on 1Q12, due to the expansion on the personnel, third-party and others lines, which
presented changes in the amounts of R$8.3 million, R$3.5 million, and R$4.5 million, respectively.
The 12.8% increase in the personnel line was chiefly due to: (i) the smaller concentration of labor capitalization for
investments this quarter, which generated a difference amounting to R$4.4 million when compared to 1Q12; and (ii)
the impact on payroll by the 6.0% increase from the annual collective bargaining as of June.
The 31.8% growth in the others line was mainly a result of: (i) the higher expense totaling R$3.0 million related to
advertising campaigns, aimed at enhancing the institutional image; and (ii) the positive non-recurring effect of the
credit from lawsuits in 1Q12, in the amount of R$1.1 million.
The provisions account recorded a 45.2% decrease (equivalent to R$41.3 million) year-over-year, totaling R$45.2
million, mainly driven by the R$32.6 million reduction in provisions for past due accounts (PCLD), which amounted to
Non-Manageable Costs and Expenses (R$ MN) 1Q13 1Q12 Var. %
Energy Purchase costs (1,079.1) (818.2) 31.9%
Itaipu (144.9) (122.8) 18.0%
TPP Norte Fluminense (267.1) (235.4) 13.5%
Short-Term Energy (Spot) (70.4) (27.2) 159.0%
Hydrological Risk (131.4) - -
CDE - Hydrological Risk 131.4 - -
Quotas Exposure (160.4) - -
CDE - Quotas Exposure 160.4 - -
Others (70.4) (27.2) 159.0%
Energy Auctions (596.7) (432.8) 37.9%
Availabil ities Contracts (225.7) (70.7) 219.2%
Others (371.0) (362.1) 2.5%
Costs with Charges and Transmission (177.9) (203.9) -12.8%
System Service Charge (ESS) (215.3) (23.5) 816.5%
CDE - ESS 136.3 - -
Transported Energy (52.8) (130.9) -59.7%
Other Charges (46.1) (49.5) -7.0%
Others (Mandatory Costs) (4.3) (4.1) 3.1%
Total (1,261.2) (1,026.2) 22.9%
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R$29.0 million in 1Q13, compared to R$61.6 million in 1Q12. This result reflects the change in the criterion adopted
to treat clients with long-term default as of March 2012, in addition to default-combating initiatives.
The depreciation and amortization line rose 6.5% due to the remuneration basis preparation work, thanks to the
intensification of the unitization of property, plant and equipment in 4Q12.
Generation
In 1Q13, Light Energias costs and expenses amounted to R$38.1 million, an increase of 13.5% over 1Q12. Such
performance was due to the rise in the purchased energy line, mainly arising from thepurchase of the energy
generated by Paracambi SHP in the amount of R$4.2 million.
First-quarter costs and expenses were broken down as follows: personnel (13.9%), materials and outsourced services
(9.3%), CUSD/CUST distribution/transmission system usage / Purchased Energy (19.9%), and depreciation and
others (57.0%). PMSO per MWh generated by Light Energias plants in the quarter came to R$13.8/MWh, versus
R$14.0/MWh in 1Q12.
Commercialization and Services
In 1Q13, costs and expenses totaled R$165.3 million, 267.8% higher than in the same period of 2012, chiefly due to
purchased energy costs, which increased by R$117.6 million year-over-year as a result of the higher volume of
energy purchased for trading. Expenses with materials and outsourced services were up 223.6% on 1Q12, primarily
Operating Costs and Expenses (R$ MN) 1Q13 1Q12 Var.%
Personnel (5.3) (5.2) 2.2%
Material and Outsourced Services (3.6) (3.6) -2.6%
Purchased Energy (CUSD) (7.6) (4.5) 69.2%Depreciation (13.8) (14.0) -2.0%
Other Operacional/Revenues Expenses - 1.9 -
Others (includes provisions) (8.0) (8.2) -2.9%
Total (38.1) (33.6) 13.5%
Operating Costs and Expenses (R$ MN) 1Q13 1Q12 Var. %
Personnel (2.0) (1.1) 83.9%
Material and Outsourced Services (2.8) (0.9) 223.6%
Purchased Energy (160.1) (42.5) 276.8%
Depreciation (0.0) (0.3) -85.8%
Other Operacional/Revenues Expenses - - -
Others (includes provisions) (0.4) (0.2) -33.0%
Total (165.3) (45.0) 267.8%
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driven by the construction of a solar power plant at the Maracan soccer stadium, in addition to the on-going co-
generation project for a large beverage company.
3.3 EBITDA3
Consolidated
Consolidated EBITDA in 1Q13 totaled R$355.1 million, 18.1% down year-over-year, while EBITDA4 margin stood at
18.9%, 570 bps down on 1Q12. The 35.8% EBITDA drop from distribution, impacted by non-manageable purchased
energy costs, was a fundamental factor for the consolidated EBITDA decrease, albeit partially offset by significant
increases of 160.7% and 53.8% of EBITDA generation and commercialization segments, respectively.
Distributions share shrank from 81,4% to 63.8%, whereas
the Generation and Commercialization activities expanded their share from 17.8% to 33,4%, and from 0.9% to 2,8%,
respectively.
3
EBITDA is calculated in accordance with CVM Instruction No. 527/2012 and means: net income + income tax and socialcontribution tax + financial expenses, net + depreciation and amortization.4Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA
margins, due to the booking of revenues and costs with a zero margin.
Consolidated EBITDA (R$ MN) 1Q13 1Q12 Var.%
Distribution 228.1 355.5 -35.8%
Generation 119.3 77.6 53.8%
Commercialization 9.9 3.8 160.7%
Others and eliminations (2.2) (3.5) -
Total 355.1 433.4 -18.1%
EBITDA Margin (%) 18.9% 24.6% -
EBITDA per segment*1Q13
*Does not consider eliminations
Commercialization - 2.8%
(EBITDA margin: 5.6%)
Distribution - 63.8%
(EBITDA margin: 13.5%)
Generation - 33.4%
(EBITDA margin: 82.1%)
EBITDA per segment*1Q12
*Does not consider eliminations
Distribution - 81.4%
(EBITDA margin: 21.7%)
Generation - 17.8%
(EBITDA margin: 80.6%)
Commercialization - 0.9%
(EBITDA margin: 7.8%)
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In 1Q13, EBITDA was chiefly impacted by the expansion of non-manageable costs from Distribution, arising from the
higher purchased energy costs. When adjusted by the regulatory asset (CVA), that is, regulatory assets and liabilities
that should be taken into account during the next tariff readjustment cycle of distribution, reflecting, therefore, the
gross cash generation potential, adjusted EBITDA would have amounted to R$456.3 million in 1Q12, 5.8% up year-
over-year.
In summary: (i) the main negative impact on Consolidated EBITDA came from non-manageable purchased energy
from Distribution; (ii) such costs can be transferred to the tariff, offsetting the Distribution impact on same; and (iii)
the improvement on EBITDA margins from Generation and Commercialization do not need to be transferred (or
returned) to the consumers, such as it would have been the case with the tariff dynamics in Distribution.
Distribution
EBITDA from distribution totaled R$228.1 million in 1Q13, 35.8% up year-over-year. Such result may be chiefly
explained by the increase in non-manageable purchased energy costs, which went up 31.9%. This result already takes
into account the impact of Decree 7,945/13 with the booking of the transfer of funds from the CDE to reduce costs in
the amount of R$428.3 million. See note on Recent Events for further details. EBITDA5 margin stood at 13.5%, 820
bps down on 1Q12. Part of the purchased energy cost upturn comprises regulatory assets and liabilities (CVA), which
5Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due
to the booking of revenues and costs with a zero margin.
Adjusted
EBITDA-1Q12
Regulatory
Assetsand
Liabilities
EBITDA-1Q12
NetRevenue
Non-Managable
Costs
Managable
Costs(PMSO)
Other
Operacional
Revenues
Provisions
EquityPikup
EBITDA-1Q13
Regulatory
Assetsand
Liabilities
Adjusted
EBITDA-1Q13
431 433355 355 456
(2)122
(175)(19) (7) 42 (1)
101
EBITDA and Adjusted EBITDA
1Q12/1Q13- R$ Millions
5.8%
-18.1%
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are taken into account for tariff readjustment purposes. When adjusted by the regulatory asset (CVA), adjusted
EBITDA from Distribution would have totaled R$329.2 million, down 6.8% on 1Q12.
Generation
Light Energias EBITDA totaled R$119.3 million in 1Q13, a 53.8% rise year-over-year. This result may be explained by
the rise in the volume of energy sold on the Free Market (ACL), where contracts are priced higher than on the captive
market. EBITDA margin came to 82.1%, 150 bps up on 2Q12.
Commercialization and Services
EBITDA totaled R$9.9 million in 1Q13, 160.7% more than in 1Q12 chiefly due to the increase in the volume of energy
traded and the higher prices charged during the quarter. EBITDA margin came to 5.6%, 220 bps down on 2Q12.
3.4 Consolidated Financial Results
Financial Result (R$ MN) 1Q13 1Q12 Var. %Financial Revenues 38.5 32.0 20.2%
Income from financial investments 3.3 13.4 -75.5%
Monetary and Exchange variation - 1.7 -
Moratory Increase / Debts Penalty 21.2 18.7 13.7%
Others Financial Revenues 14.0 (1.7) -
Despesas Financeiras (177.3) (161.7) 9.7%
Debt Expenses (72.2) (94.8) -23.8%
Monetary and Exchange variation 8.8 4.3 103.3%
Net Swap Operations (22.5) (1.8) 1123.7%
Restatement of provision for contingencies (19.0) (12.8) 48.6%
Restatement of R&D/PEE/FNDCT (1.1) (2.2) -50.3%
Interest and fines on taxes (1.7) (0.2) 768.3%
Installment payment - fines and interest rates
Law 11.941/09 (REFIS)(2.7) (2.9) -8.9%
Present value adjustment 0.3 0.9 -69.1%
DIC/FIC Compensation (25.0) (15.9) 57.5%
Other Financial Expenses (Includes IOF) (2.8) (4.6) -38.5%
Braslight (private pension fund) (39.4) (31.7) 24.3%
Charges (15.6) (15.7) -0.5%Monetary and Exchange Variation (23.8) (16.0) 48.6%
Total (138.9) (129.7) 7.1%
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The Companys financial results in the quarter was a negative R$138.9 million, with a 7.1% growth in relation to the
negative financial results of R$129.7 million in 1Q12.
Financial revenue in 1Q13 amounted to R$38.5 million, 20.2% up year-over-year. The main revenue change occurred
in the other financial revenue line, whose main impact was the recording of the updating of the assets basis of
distribution, calculated based on the new replacement value criterion, in the amount of R$6.4 million.
Financial expenses totaled R$177.3 million, up 9.7% on 1Q12, largely due to: (i) the 57.5% rise in compensations for
the violation of the DIC and FIC quality standards, representing an expansion of R$9.1 million higher than in 1Q12; (ii)
the R$7.8 million growth in the monetary variation of Braslights liabilities, due to the high inflation rate (IPCA with
one month delay) that adjusts the balance of the debt6; and (iii) a R$6.2 million expansion for updating the provision
for contingencies related to VAT.
6 The readjustment rate this quarter stood at 2.3% compared to 1.5% in 1Q12
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3.5 Debt
The Companys gross debt on March 31, 2013 totaled R$4,471.8 million, a 5.5% rise on December 2012, and 16.7%
or R$640 million up year-over-year, driven by the capital raising carried out in the period, as follows: (i) Light
SESAs 8th debenture issue, amounting to R$472 million with FI-FGTS (August 2012); (ii) Light Energias 3rd
debenture issue, amounting to R$30 million with FI-FGTS (September 2012), (iii) release of funds by the Brazilian
R$ MN Short Term % Long Term % Total %
Brazilian Currency 748.8 16.7% 3,004.5 67.2% 3,753.3 83.9%
Light SESA 721.2 16.1% 2,330.5 52.1% 3,051.7 68.2%
Debenture 4th Issue 0.0 0.0% 0.0 0.0% 0.0 0.0%
Debenture 5th Issue 181.9 4.1% - - 181.9 4.1%
Debenture 7th Issue 20.8 0.5% 648.7 14.5% 669.5 15.0%
Debenture 8th Issue 11.6 0.3% 469.6 10.5% 481.2 10.8%
Eletrobrs 0.6 0.0% 4.4 0.1% 5.0 0.1%
CCB Bradesco 87.6 2.0% 300.0 6.7% 387.6 8.7%
Working Capital - Santander 3.7 0.1% 80.0 1.8% 83.7 1.9%BNDES (CAPEX) 111.6 2.5% 546.7 12.2% 658.2 14.7%
BNDES FINEM 150.2 3.4% 281.1 6.3% 431.3 9.6%
Banco do Brasil 151.0 3.4% - - 151.0 3.4%
Others 2.1 0.0% - - 2.1 0.0%
Light Energia 24.1 0.5% 665.3 14.9% 689.4 15.4%
Debenture 1st Issue 6.8 0.2% 171.3 3.8% 178.1 4.0%
Debenture 2st Issue 3.6 0.1% 423.5 9.5% 427.1 9.6%
Debenture 3st Issue 0.7 0.0% 29.8 0.7% 30.6 0.7%
BNDES FINEM (CAPEX) 12.9 0.3% 40.7 0.9% 53.6 1.2%
Others 0.0 0.0% - - 0.0 0.0%
Light ESCO 3.6 0.1% 8.7 0.2% 12.3 0.3%
BNDES - PROESCO 3.6 0.1% 8.7 0.2% 12.3 0.3%
Foreing Currency 13.0 0.3% 705.5 15.8% 718.5 16.1%
Light SESA 12.2 0.3% 544.4 12.2% 556.6 12.4%
National Treasury 9.8 0.2% 31.1 0.7% 41.0 0.9%
Merril Lynch 0.3 0.0% 100.7 2.3% 101.0 2.3%
BNP 1.6 0.0% 90.3 2.0% 91.9 2.1%
Citibank 0.4 0.0% 201.4 4.5% 201.8 4.5%
Bank Tokyo 0.1 0.0% 120.8 2.7% 121.0 2.7%
Light Energia 0.8 0.0% 161.1 3.6% 161.9 3.6%Citibank 0.8 0.0% 161.1 3.6% 161.9 3.6%
Gross Debt 761.8 17.0% 3,709.9 83.0% 4,471.8 100.0%
Cash 440.3
Net Debt (a) 4,031.4
Braslight Debt (b) 115.7 949.7 1,065.4
Adjusted Net Debt (a+b) 5,096.8
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Development Bank (BNDES), in the amount of R$490 million, to
Light SESA; (iv) capital raising in foreign currency of R$202 million
and R$162 million, respectively, for Light SESA and Light Energia,
through Citibank, both hedged through a Real swap transaction
(August and September 2012); (v) capital raising in the amount of
R$150 million, through Banco do Brasil, for Light SESA (February
2013); (vi) capital raising in foreign currency of R$121 million,
through Banco Tokyo-Mitsubishi, for Light SESA, hedged through a
Real swap transaction (March 2013). Such funds were used for
investments, working capital and the prepayment of R$375 million
for the more expensive debts.
Net debt/EBITDA ratio decreased from 2.83x in
December 2012 to 2.73x in March 2013, already
reflecting the effect of the non-consolidation of debt
from ownership interest in joint venture companies.
As a result, the Company is still respecting its net
debt/EBITDA covenant limit of 3.0x. The Company
also has a covenant limit for the EBITDA/Interest rate
expense indicator, which should be higher than 2.5x.
The result for this indicator in March was 4.69x. It is
important to note that the non-performance of the
covenant only happens if the limits set forth for the
indicators are not respected for 2 consecutive or 4
alternate quarters.
The Companys debt has an
average term to maturity of 4.7
years. The average cost of Real-
denominated debt was 7.7% p.a.,
50 bps down on the end-of-
December figure, while the
average cost of foreign-currency
debt was 50 bps. down on the
average cost in December 2012. In March, only 16.1% of total debt was denominated in foreign currency and,
considering the FX hedge horizon, only 0.4% of this total was exposed to foreign currency risk, 20 bps above last
Mar-12 Dec-12 Mar-13
94.0%85.7% 83.9%
6.0% 14.3% 16.1%
Debtedness
(Brazilian Currency x Foreing Currency)
Brazilian Currency Foreign Currency
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 After
2022
357.1
791.8 759.2
982.0
616.4
394.4
176.0
41.6 41.6 41.6
194.3
Amortization
(R$ MN)
13-Mar 2012
Gross Debt 4,471.8 4,163.9
+ Swap -12.7 -29.4
+ Pension Fund 1,065.4 1,054.7
- Cash 440.3 392.9
= Net Debt for covenants (a) 5,084.1 5,298.4
EBITDA (12 months) 1,379.2 1,456.2
+ Provision 433.6 475.2- Other Operational Revenues/Expenses 368.6 375.6
+ Regulatory Assets and Liabilities (CVA) 433.6 330.4
- Financial CVA 14.0 14.0
= EBITDA for covenants (b) 1,863.9 1,872.2
2.73 2.83
Covenants Multiple R$ MN
Net Debt / EBITDA (a/b)
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quarter. Lights hedge policy consists of protecting cash flow falling due within the next 24 months (principal and
interest) through the use of non-cash swap instruments with premier financial institutions.
3.6 Net Income
Light posted Net Income of R$78.6 million in 1Q13, a 43.8% decline when compared to the Net Income of R$140.1
million in 1Q12. This was primarily due to the operating performance of distribution, which incurred higher energy
purchase costs in 1Q13, up 31.9% on 1Q12.
Adjusting the portion of the purchased energy cost upturn to be transferred in the tariff readjustment, through the
creation of regulatory assets and liabilities (CVA) not recorded in the Income Statement, Adjusted Net Income would
have amounted to R$145.4 million, 4.8% up on 1Q12.
Adjusted NI1Q12
RegulatoryAssets and
Liabilities
1Q12 EBITDA FinancialResult
Taxes Others 1Q13 RegulatoryAssets and
Liabilities
Adjusted NI1Q13
139 140
79
145
(1)
(78)
(9) 30
(4)
67
Net Income and Adjusted Net Income
1Q12/1Q13 - R$ Million
-43.8%
4.8%
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3.7 Investments
Lights total investment in 1Q13 amounted to R$162.7 million, a 13.9% rise year-over-year.
The distribution segment absorbed most of the total R$127.0 million accounting for 78.0% of the total
investment, 3.2% down on 2Q12. Of this total, the main investments were those directed to: (i) the development and
expansion of distribution networks, aimed at meeting market growth, strengthening the network and improving
quality, in the amount of R$65.1 million; and (ii) the energy loss project (network shielding, electronic meters and
fraud regularization), in which the Company invested R$44.7 million. Investments in the underground network are
recorded under distribution network and quality improvement investments.
Investments in trading and energy efficiency increased from R$2.1 million in 1Q12 to R$26.7 million in 1Q13, chiefly
due to the co-generation project for a large beverage company.
CAPEX (R$MN) 1Q13 Partic. % 1Q12 Partic. % Var %
Distribution 127.0 78.0% 131.2 91.8% -3.2%Network reinforcement and expansion 65.1 51.2% 71.7 54.6% -9.2%
Losses 44.7 35.2% 37.3 28.4% 19.7%
Others 17.2 13.6% 22.2 16.9% -22.4%
Administration 5.7 3.5% 6.1 4.2% -6.2%
Commercial./ Energy Efficiency 26.7 16.4% 2.1 1.5% 1151.2%
Generation 3.3 2.1% 3.5 2.4% -3.6%
Total 162.7 100.0% 142.9 100.0% 13.9%
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Generation Capacity Expansion Projects
One of the pillars of Light's Strategic Plan is to increase the share of energy generation in its results. With this in
mind, the Company has announced several projects to boost installed generating capacity, which now totals 942
MW. With the inclusion of the planned expansion projects, generating capacity is expected to increase by 564 MW
up to 2018.
Existing Power Plants
Installed
Capacity
(MW)*
Assured
Energy
(MW)*
Operation
StartAct Date
Concession /
Authorization
Expiration
Date
Fontes Nova 132 104 1942 jul-96 2026
Nilo Peanha 380 335 1953 jul-96 2026Pereira Passos 100 51 1962 jul-96 2026
Ilha dos Pombos 187 115 1924 jul-96 2026
Santa Branca 56 32 1999 jul-96 2026
Elevatrias - (87) - - -
Renova 74 40 2008 dec-03 2033
SHPP Paracambi 13 10 2012 feb-01 2031
Total 942 600
New ProjectsInstalledCapacity
(MW)*
AssuredEnergy
(MW)*
OperationStart
SHPP Lajes 9 8 2015
HTT Itaocara 77 42 1Q15
Belo Monte 280 114 feb-15
Guanhes 22 13Dores de Guanhes 7 4 dec-13Senhora do Prto 6 3 jan-14Jacar 5 3 feb-14
Fortuna II 5 3 oct-13Renova 175 41
LER 2010 36 18 sep-13
A-3 2011 47 23 mar-14
A-5 2012 5 N/D jan-17
PPA 88 0 2015/2016
Total 564 218
*Light's Participation
51% Light
21,99% Light
2,49% Light
2045
Current Generation Park
Generation Capacity Expansion Projects
Concession / AuthorizationExpiration Date
2031
2036
N/a
N/a
2032
2032
2032
2031
2046
2047
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The first quarter of 2013 was marked by the following events related to projects for expanding Lights generating
capacity:
Lajes SHP
The basic project has already been approved by ANEEL. The construction company hiring process is still expectedto take place this year. Once the construction company is defined, it will be possible to begin the works, with start-up
scheduled for 2015, given that the project has already been granted its installation license. The 17 MW unit will be
installed in the powerhouse of the Fontes Velha hydropower plant. In addition to increasing generating capacity, the
project also brings certain other benefits, such as expanding the operational flexibility, upgrading the supply of
CEDAEs water main, controlling the Pira Rivers water level, and improving the quality of the water of the Lajes
Reservoir.
Itaocara
The Itaocara Hydroelectric Development concession dates from February 2001, and it currently belongs to the
syndicate comprising Itaocara Energia S.A. (51%) and Cemig Gerao e Transmisso S.A. (49%). Initially planned to
generate 195 MW, the project was reviewed by the syndicate after a request by Ibama, aimed at minimizing its
environmental impact, and the single plant was split into two hydroelectric power plants: Itaocara I, with 145 MW,
and Itaocara II, with 50 MW. After this division, the granting power only formalized the concession of Itaocara I to
the syndicate, with an expected budget of R$750 million. Currently, the HPP Itaocara syndicate is working to obtain
its installation license (IL), to be issued by Ibama, with works expected to begin as of 2014.
Renova Energia (Renova)
2010 LER and 2011 A-3The Alto Serto II works remain on schedule with towers and turbines being installed. Alto Serto II comprises fifteen
wind farms located in the state of Bahia, commercialized during the 2010 LER and 2011 A-3 auctions with installed
capacities of 167.7 MW and 218.4 MW and to be delivered in September 2013 and March 2014, respectively.
Partnership Agreement with AlstomAt the beginning of 2013, the Company entered into an agreement with Alstom to supply aerogenerators, which
provides for an installed capacity of 1.2 GW. This agreement is aimed at carrying out the Companys expansion plan
with the implementation of its next projects, equivalent to 511.9 MW, to be delivered between 2015 and 2017.
Solar Power PlantIn this quarter, the first solar power plant developed by the Company became operational, with an installed capacity
of 25.65kWp, in the state of Gois, which will provide energy to a gold mining company.
On February 21, 2013, the Company made a grant request for eight photovoltaic power plants, with a total capacityof 241.9 MWp. The solar power generation projects are located in the southeast of the state of Bahia and will use
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the thin-film, polycrystalline silicon technology. Renova has invested in the trading of solar power on the free market
and believes that a specific auction for this energy source would boost the market in Brazil.
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4. Cash Flow
In the quarter, cash flow totaled R$205.6 million, versus a negative (R$68.8 million) cash flow in 1Q12. This was
mainly driven by: (i) the variation of R$ 309.4 million on the financing activity impacted by increased borrowings
associated with the lower volume of amortizations during the period (ii) the greater operating cash flow in the
period, 167,0% higher than in 1Q12, mainly influenced by the line of working capital, due to the significant
improvement in the collection of the distributor.
R$ MN 1Q13 1Q12
Cash in the Beginning of the Period (1) 230.4 652.5Net Income 78.6 140.1
Social Contributions & Income Tax 43.2 73.7
Net Income before Social Contributions & Income Tax 121.8 213.7
Provision for Delinquency 29.0 61.6
Depreciation and Amortization 94.4 90.0
Loss (gain) on intangible sales / Residual value of disposals fixed
asset1.9 1.5
Losses (gains) on financing exchange activities (9.4) 7.1
Net Interests and Monetary Variations 85.4 99.4
Braslight 39.4 31.7
Atualization / provisions reversal 34.8 36.7
Equity Pikup 0.6 (0.8)
Financial Assets of the Concession (6.4) -
Others 22.5 -
Earning Before Taxes - Cash Basis 414.1 540.8
Working Capital 90.9 (215.8)
Contingencies (15.7) (18.3)
Deferred Taxes (44.6) (39.0)
Braslight (28.7) (61.8)
Others (90.1) (18.7)
Taxes Paid (67.2) (53.4)Interest Paid (49.2) (55.3)
Cash from Operating Activities (2) 209.6 78.5
Finance Obtained 275.1 27.0
Dividends - -
Loans and financing payments (62.5) (123.8)
Financing Activities (3) 212.6 (96.8)
Disposal of Assets/Intangible - 1.1
Fixed Assets/Intangible/Financial Assets (185.4) (51.6)
Inflow/Acquisitions on Investment (31.2) -
Investment Activities (4) (216.6) (50.5)
Cash in the End of the Period (1+2+3+4) 435.9 583.7
Cash Generation (2+3+4) 205.6 (68.8)
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5. Corporate Governance
On March 31, 2013, the capital stock of Light S.A. comprised 203,934,060 common shares, 97,629,463 of which were
outstanding.
The following chart shows Lights current shareholding structure:
On January 11, 2013, the Brazilian Securities and Exchange Commission (CVM) listed the Companyssubsidiary Light Energia S.A as a B-category publicly-traded company. The listing request did not include
a request for IPO authorization.
At the Extraordinary Shareholders Meeting (ESM) held on March 6, 2013, as a result of the resignationof Mr. Andr Fernandes Berenguer as an effective member of the Board of Directors, Mr. Luiz Carlos da
Silva Cantidio Jnior, a Brazilian business administrator, was elected to replace him for the remainder of
the term of office, i.e., up to the Annual Shareholders Meeting (ASM) that will decide on the accounts
of the fiscal year ending December 31, 2013.
CEMIG RME LEPSA BNDESPAR MARKET
PARATI
CEMIGFIP
REDENTOR
REDENTORENERGIA
26.06% 13.03% 13.03% 13.46% 34.41%
75% 25%
13.03%100%
96.81% 100%
6.41%19.23%
BTGPACTUAL
SANTANDER
VOTORANTIM
BANCO DOBRASIL
28.57%
5.50%
28.57%
5.50%
28.57%
5.50%
14.29%
2.74%
MINORITY
3.19% 0.42%
Free Float47,9%
25.64%*
FOREIGN NATIONAL
55.93% 44.07%
Stake in blue: indirect interest in Light
Light S.A.(Holding)
Controller Group52,1%
*12.61% (RME) + 13.03%(LEPSA)
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6. Capital Markets
Lights shares have been listed on the BM&FBovespas Novo Mercado trading segment since July 2005, therefore
adhering to the best corporate governance practices and the principles of transparency and equity, in addition to
granting special rights to minority shareholders. Light S.A.s shares are included in the following indices: Ibovespa,
IGC (Corporate Governance Index), IEE (Electric Power Index), IBrX (Brazil Index), ISE (Corporate Sustainability Index),
ITAG (Special Tag Along Stock Index) and IDIV (Dividend Index). Lights shares are also traded on the U.S. over-the-
counter (OTC) market as Level 1ADRs, under the ticker LGSXY.
At the end of March, Light S.A.s shares (LIGT3) were priced at R$20.00.The Companys market cap (no. of shares x
share price) closed the quarter at R$3,918 million.
The charts below give a breakdown of the Companys free float in March 2013.
Daily Average 1Q13 1Q12
Number of shares traded (Thousand) 841.4 810.4
Number of Transactions 2,846 2,487
Traded Volume (R$ Million) 16.9 22.3
Quotation per shares: (Closing)* R$ 20.00 R$ 23.66
Share Valuing (Quarter) -10.4% -9.9%
IEE Valuing (Quarter) -3.6% 8.2%
Ibovespa Valuing (Quarter) -7.5% 13.7%
*Ajusted by earnings.
BM&F BOVESPA (spot market) - LIGT3
Individual20%
National LegalEntities
24%
Foreign56%
Free Float Composition*
* Excluding BNDESPAR's interest
USA
64%
Europe
22%
Asia
9%
America (w/out
USA)
3%Oceania
2%
Foreigners
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The chart below shows the performance of Lights stock between January 1st, 2013 and May 9, 2013.
60
70
8090
100
110
120
130
140
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Light x Ibovespa x IEEBase jan/12 = 100 until 05/09/2013
-25.1% Light
-2.3% Ibovespa
-13.9% IEER$/share
12/28/12 22.3205/09/13 19.21
2012
IBOV 7.4%IEE -11.7%
LIGT3 -15.0%
2013IBOV -9.0%IEE -2.5%
LIGT3 -11.9%
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DividendsLights dividend payment policy establishes a minimum payout equivalent to 50% of adjusted net income, calculated
in compliance with article 189 of Brazilian Corporate Law and pursuant to Brazilian accounting practices and the
regulations of the Brazilian Securities and Exchange Commission (CVM).
On April 26, 2013, the Companys Annual Shareholders Meeting (ASM) approved the distribution of dividends in the
amount of R$91,770,327.00, or, R$0.45 per share, related to the profit reserve from the balance sheet dated
December 31, 2012. Such amount, together with those already decided in the year, corresponds to an 86.5% payout
of adjusted net income for the year, which, added to the payments made during 2012, resulted in a 7.8% dividend
yield in the year.
Dividends paid, dividend yield and payout
1S08 2S08 1S09 2S09 1S10 2S10 1S11 2S11 1S12 2S12 1S13
203
351408
187
432363 351
118182 170
92
87
87
4.2%
8.2%9.9%
1.7%
8.1% 8.1%6.1%
3.4% 3.3%5.4%
2.4%
Dividend Yeld*Dividends
*Based on the closing price the day before the announcement.
Interest on Equity
2007 2008 2009 2010 2011 2012
100% 100%
76.3%81.0%
100.0% 97.2%
50%
Minimum Dividend PolicyPayout
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7. Recent Events
1. As a result of the unfavorable hydropower conditions since the end of 2012, including the low reservoir levelsof hydroelectric power plants, the thermal plant activation orders were directed to the maximum level and
taking into account the exposure of concessionaires on the short-term market, arising from the allocation of
the energy and power physical guarantee quotas, coupled with the rescission of contracts from the 6 th and 7th
auctions of new energy due to the cancellation of the plants authorization by ANEEL, the cost for distributors
experienced a substantial hike at the end of 2012 and the beginning of 2013. As a result of this scenario and
because distribution concessionaires have no control over these costs, the Brazilian federal government issued
Decree 7,945/13, which requires the transfer of funds from the Energy Development Account (CDE) to offset
the costs related to: (i) System Service Charges (ESS) (dispatched outside the order of merit for energy security
issues); (ii) Hydrological Risk (Energy Reallocation Mechanism (MRE) of the quotas); and (iii) Difference
Settlement Price (PLD) Exposure, limited to the amount not met by the allocation of quotas.
On April 8, 2013 and May 6, 2013 the Company received R$171,3 million and R$257,0 million, respectively,
totaling R$428,3 million, pursuant to the above-mentioned Decree, regarding settlement of January, February
and March 2013, which was recorded in 1Q13.
2. The Board of Directors meeting held on April 25, 2013 approved the 2nd issue of Promissory Notes in theamount of R$500,000, maturing on up to 180 days, aimed at recovering cash and prepaying debt. This issue
will be replaced by the 9th issue of debentures, which is currently being structured.
3. The Annual Shareholders Meeting (ASM) held on April 26, 2013 approved the distribution of dividends relatedto the profit reserve from the balance sheet dated December 31, 2012, in the amount of R$91,8 million, to be
paid by December 31, 2013. On April 30, 2013, the Company paid the interest on equity voted during fiscal
year 2012, in the gross amount of R$86,7 million.
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8. Disclosure Program
Disclosure
The information on the Companys operations and its Managements expectations regarding its future performance was not
reviewed by independent auditors.
Statements about future events are subject to risks and uncertainties. These statements are based on beliefs and assumptions of
our Management, and on information currently available to the Company. Statements about future events include information
about our intentions, beliefs or current expectations, as well as of the Company's Board of Directors and Officers. Exceptions
related to statements and information about the future also include information about operating results, likely or presumed, as
well as statements that are preceded by, followed by, or including words such as "believes", "might", "will", "continues",
"expects", "estimates", "intends", "anticipates", or similar expressions. Statements and information about the future are not a
guarantee of performance. They involve risks, uncertainties and assumptions because they refer to future events, thus depending
on circumstances that might or might not occur. Future results and creation of value to shareholders might significantly differ
from the ones expressed or suggested by forward-looking statements. Many of the factors that will determine these results and
values are beyond LIGHT S.A.'s control or forecast capacity.
Teleconference
Brazil: +55 (11) 2188 0155
EUA: +1 646 843 6054
Other countries: +1 (866) 890-2584
Access code: Light
Schedule
05/13/2013, Wednesday, at 4:00 p.m. (Brazilian Time) and at 3:00 p.m.
(NY Time), with simultaneous translation to English
Access conditions:
Webcast: link on site www.light.com.br/ri (portuguese and english)
Conference Call - Dial number:
Contact e-mail Phone
Luis Felipe Negreiros de S [email protected] +55 21 2211-2814
Gustavo Werneck Souza [email protected] +55 21 2211-2560
Carlos Cotrim Rodrigues Perei ra [email protected] +55 21 2211-2828
Marcelle Henriques Pelajo [email protected] +55 21 2211-7392
Fabiana Almeida da Matta [email protected] +55 21 2211-2660
IR Team
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EXHIBIT I
Income Statement per Company - R$ million
LIGHT SESA 1Q13 1Q12 Var. %
Net Operating Revenue 1,883.1 1,776.6 6.0%
Operating Expense (1,728.3) (1,493.5) 15.7%
Other Operating Revenuess/Expenses (7.3) (3.2) 127.3%
Operating Result 147.5 283.0 -47.9%
EBITDA 228.1 355.5 -35.8%
Financial Result (120.0) (109.4) 9.6%
Result before taxes and interest 27.5 170.4 -83.8%
Net Income 17.6 112.7 -EBITDA Margin* 11.2% 22.1% -
* Does not consi der Construction Revenue
LIGHT ENERGIA 1Q13 1Q12 Var. %
Net Operating Revenue 145.3 96.2 51.0%
Operating Expense (38.1) (35.5) 7.3%
Other Operating Revenuess/Expenses - 1.9 -
Operating Result 107.2 62.6 71.2%
Equity Pickup (1.6) 0.9 -
EBITDA 119.3 77.6 53.8%Financial Result (19.6) (22.1) -11.6%
Result before taxes and interest 86.0 41.4 107.7%
Net Income 56.1 27.5 104.4%
EBITDA Margin 82.1% 80.6% -
COMERCIALIZAO E SERVIOS 1Q13 1Q12 Var. %
Net Operating Revenue 175.2 48.5 261.4%
Operating Expense (165.3) (45.0) 267.8%
Other Operating Revenuess/Expenses - - -
Operating Result 9.8 3.5 180.0%
EBITDA 9.9 3.8 160.7%
Financial Result (0.1) 0.0 -
Result before taxes and interest 9.8 3.6 175.7%
Net Income 6.4 2.3 182.8%
EBITDA Margin 5.6% 7.8% -
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EXHIBIT II
Consolidated Income Statement
Consolidated - R$ MN 1Q13 1Q12 Var. %
NET OPERATING REVENUE 2,040.4 1,898.7 7.5%
OPERATING EXPENSE (1,779.1) (1,556.2) 14.3%
Personnel (81.4) (71.8) 13.4%
Material (3.9) (3.8) 1.7%
Outsourced Services (96.5) (92.0) 4.9%
Purchased Energy (1,260.7) (1,046.5) 20.5%
Depreciation (94.4) (90.1) 4.9%
Provisions (45.4) (87.0) -47.8%Construction Revenue (157.3) (137.4) 14.4%
Other Operating Revenuess/Expenses (8.3) (1.3) 552.5%
Others (31.1) (26.2) 18.6%
OPERATING RESULT 261.3 342.6 -23.7%
EQUITY PICKUP (0.6) 0.8 -
EBITDA (1) 355.1 433.4 -18.1%
FINANCIAL RESULT (138.9) (129.7) 7.1%
Financial Income 38.5 32.0 20.2%
Financial Expenses (177.3) (161.7) 9.7%
RESULT BEFORE TAXES AND INTEREST 121.8 213.7 -43.0%
SOCIAL CONTRIBUTIONS & INCOME TAX (35.9) (29.1) 23.6%
DEFERRED INCOME TAX (7.3) (44.6) -
NET INCOME 78.6 140.1 -43.8%
(1
) EBITDA as of CVM Instruction 527/2012: Net Income + Social Contributions and Income Taxes +Net Financi al Resul t + Depreciation/Amortization
(*) The consolidated financial statements include the Light S.A. and its subsidiaries and affiliates.
These fina ncia l s tatements were eliminated from equity consol idated companies, the balances of
receivables and payabl es, revenues and expenses between the companies.
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EXHIBIT III
Consolidated Balance Sheet - R$ million
ASSETS 03/31/2013 12/31/2012
Current 2,759.4 2,338.8
Cash & Cash Equivalents 440.3 392.9
Receivable Accounts 1,309.1 1,446.2
Inventories 32.5 30.4
Recoverable Taxes 250.2 210.8
Prepaid Expenses 16.4 2.4
Other Current Assets 710.8 256.1
Non-current 9,058.6 9,387.8
Receivable Accounts 250.1 289.6
Deferred Taxes 822.5 830.2
Prepaid Expenses - 0.0
Others Non-current Assets 1,969.3 1,938.5
Investiments 590.0 91.9
Fixed Assets 1,637.2 2,220.6
Intangible 3,789.5 4,017.1
Total Assets 11,818.0 11,726.6
LIABILITIES 03/31/2013 12/31/2012
Current 2,582.4 1,950.7Suppliers 1,170.8 814.5
Fiscal obligations 128.5 132.7
Loans and Financing 536.3 342.9
Debentures 225.6 118.8
Others Obligations 389.0 308.4
Provisions 57.5 158.5
Dividends and interest on equity to be paid 74.8 74.8
Non-current 6,131.3 6,171.1
Loans and Financing 1,967.0 1,920.5
Debentures 1,743.0 1,855.3Others Obligations 1,593.1 1,584.3Deferred Taxes 224.0 227.9
Provisions 604.3 583.2
Shareholders' Equity 3,104.3 3,025.7
Realized Joint Stock 2,225.8 2,225.8
Profit Reserves 256.5 256.5
Additional Proposed Dividend 91.8 91.8
Asset Valuation Adjustments 446.4 451.6
Other comprehensive income (172.0) (172.0)
Accumulated Profit/Loss of Exercise 255.8 172.0
Total Liabilities 11,818.0 11,147.4
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EXHIBIT IV
Regulatory Assets and Liabilities
R$ Million Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11
TOTAL ASSET 500.6 365.7 262.7 174.4 177.8 185.3 151.2 134.3 149.8
TOTAL LIABILITIES (44.3) (10.6) (45.6) (76.0) (155.1) (160.6) (158.6) (256.6) (277.7)
TOTAL DIFFERENCE 456.3 355.2 217.1 98.4 22.7 24.8 (7.4) (122.2) (127.8)
Net difference (period) 101.2 138.0 118.7 75.7 (2.1) 32.1 114.9 5.6 (65.4)
Net difference (accumulated) 101.2 330.4 192.4 73.6 (2.1) 87.2 55.0 (59.8) (65.4)
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EXHIBIT V
As of January 1st, 2013, Light no longer consolidates the results of its joint ventures in its financial statements, as
provided for by accounting norm CPC 19 and approved by CVM Deliberation 694/12. Pursuant to the new rule,these results should be recognized as investments and posted based on the equity method, replacing the pro rata
consolidation used up to December 31, 2012. As a result, the Company no longer jointly consolidates on a pro
rata basis its direct and indirect subsidiaries: Renova Energia, Guanhes Energia, Lightger, Axxiom, Amaznia
Energia, and E-Power. Such change did not impact the Companys net income, resulting only in changes to
individual account headings of the consolidated income statement as a counterentry to the equity adjustment
account.
The consolidated financial information for 1Q13 is in accordance with the new accounting practice; however, for
comparison purposes, it was duly adjusted to the information related to the first quarter of 2012 to reflect the
change retrospectively.
The adjustments made to the Income Statement of Light S.A. are as follows:
Published Reclassified
1Q12 1Q12
NET OPERATING REVENUE 1,904.3 (5.6) 1,898.7
OPERATING EXPENSE (1,560.6) 5.7 (1,554.9)
Other Operating Revenues/Expenses - (1.3) (1.3)
OPERATING RESULT 343.7 (1.1) 342.6
EQUITY PICKUP - 0.8 0.8
EBITDA 433.8 (0.3) 433.4
FINANCIAL RESULT (128.0) (1.7) (129.7)
Financial Income
Financial Expenses 47.5
Other Operating Revenues/Expenses (1.3) 1.3 -
RESULT BEFORE TAXES AND INTEREST 214.4 (0.7) 213.7
SOCIAL CONTRIBUTIONS & INCOME TAX (29.6) 0.5 (29.1)
DEFERRED INCOME TAX (44.7) 0.1 (44.6)
Consolidated Income Statement - R$ MN Adjustments