Beruflich Dokumente
Kultur Dokumente
January 2015
Light Holdings
Diversified structure which is comprised of the distribution, generation
and commercialization segments.
Light in numbers
RJ State
Concession
Area
16 mn
11 mn
68%
Area
44,000 Km
11,000 Km
25%
GDP
R$ 407 bn
R$ 207 bn
51%
7 mn
4 mn
57%
92
31
34%
Distribution
Population
# Consumers
# Municipalities
1
IBGE (2010)
Generation
1
Amaznia Energia
Renova
Guanhes Energia
Complexo de Lajes
SHP Paracambi
Rankings
Among the largest players in Brazil
INTEGRATED
Net Revenues 2013* R$ Billion
ELECTRICITY DISTRIBUTION
Energy Consumption in Concession Area** (GWh) - 2013
37,767
15.6
14.6
25,777
10.6
22,926
9.2
7.4
21,783
7.1
20,391
15,634
5,560
2,652
2,241
2,219
1,799
896
***
Shareholder Structure
Efficient combination of solid industry and financial players
Corporate Governance
Decision process assures transparency and value creation
General Assembly
Fiscal Council
Board of Directors
Finances
Committee
Human
Resources
Committee
Governance and
Sustainability
Committee
Auditors
Committee
Management
Committee
Chief Executive
Officer
Paulo Roberto R. Pinto
LGSXY
ADR-OTC
Chief Distribution
Officer
Evandro L. Vasconcelos
Corporate
Management Officer
Chief Business
Officer
Evandro L. Vasconcelos*
Chief HR Officer
Andreia Ribeiro Junqueira
Chief
Communications
Officer
Luiz Otavio Ziza Valadares
Interim*
Energy Consumption
Distribution 9M14
17,259
17,419
19,186
Free
19.8%
19,800
Industrial
captive
5.7%
Others
captives
14.6%
24.0C
9M11
24.3C
9M12
23.9C
9M13
24.4C
9M14
Residential
captive
31.5%
Commercial
captive
28.4%
1Note:
To preserve comparability in the market approved by Aneel in the tariff adjustment process.
the billed energy of the free customer CSN has been considered back.
Market Breakdown
ELECTRICITY CONSUMPTION (GWh)
19,186
+8.6%
6,212
3,978
3,752
15,209
16,048
9M13
9M14
+4.5%
6,747
5,909
6,175
637
663
5,271
9M13
19,800
9M14
RESIDENTIAL
9M13
5,512
9M14
COMMERCIAL
-6.1%
+2.5%
4,229
3,970
3,190
2,928
1,039
1,042
9M13
9M14
2,908
151
161
2,686
2,747
9M13
9M14
OTHERS
INDUSTRIAL
CAPTIVE
2,837
TOTAL
FREE
8
COLLECTION RATE
12 MONTHS
- 2.4 p.p.
43.7%
8,552
42.2%
42.4%
8,352
8,748
41.9%
8,815
5,905
5,738
5,955
5,972
2,647
2,614
2,793
2,843
97.9%
102.0%
Sep-13
Sep-14
41.3%
8,757
5,906
PBD/GROSS REVENUE
(BILLED SALES) - QUARTER
-0.4 p.p.
2,851
1.9%
Sep/13
Dec/13
Mar/14
Jun/14
2.0%
Sep/14
1.6%
3Q12
3Q13
3Q1 4
CUSTOMERS
570
Large
Clients
(hight and
med voltage)
7,600
Low Voltage
Largest Clients
22,000
432
131
351
227
122
30
7
115
197
2010
2011
102
79
272
2012
439
330
2013
Sep/14
Communities
Outisde of Communities
10
Mechanical
Meter
Display
11
Focused in areas with 10,000 to 20,000 clients with high level of losses and
delinquency;
Fully-dedicated teams of technicians and commercial agents;
Results constantly and accurately monitored by Light;
Result-linked remuneration for services provided;
29 units implemented with 511 thousand
clients (12% of total);
ELECTRONIC
METERS
WORKFORCE
MANAGEMENT
APZ COLLECTION
APZ LOSSES
50.0 %
-29.7%
100.3%
22.3%
22.0%
22.2%
20.3%
19.2%
100.2%
93.9%
89.2%
91.2%
95.5%
98.4%
16.4%
Sep/14
Jun/14
Mar/14
Dec/13
Sep/13
Incio da
Before
Operao
Jun/13
Sep/14
Jun/14
Mar/14
Dec/13
Sep/13
Before
Incio da
Operao
Jun/13
+9.2%
13
39,92%
39,13%
39,13%
38,33%
39,13%
39,13%
38,33%
36,41%
36,41%
31,80%
31,80%
31,80% 31,80% 31,27%
31,27%
31,80%
30,60%
30,60%
2013
2014
31,27%
31,27%
30,95%
30,95%
30,60%
30,60%
29,40%
29,40%
2015
30,95%
30,95%
30,53%
30,53%
29,40%
29,40%
28,20%
28,20%
2013
2016
38,33%
38,33%
36,41%
36,41%
34,49%
31,27%
34,49%
33,00%
33,00%
40,41%
39,13%
34,49%
34,49%
30,95%
33,00%
33,00%
30,53%
30,60% 30,11%
30,53%
30,11%
30,11%29,69%
30,11%
29,69%
29,69%
29,69%
29,40%
28,20%
28,20%
27,01%
27,01%
2017
2014
27,01% 25,81%
27,01% 25,81%
2018
2015
2014
2015
2016
2017
2018
2013
2014
2015
2017
Regulatory2016
NT Losses/LV
2017 (Flexible)
2013 2014
2014 2015
2015 2016
2016
2017 2018
Regulatory
NT
Losses/LV
(Flexible)
Regulatory
NT
(Final)
Regulatory
Losses
Final
Proposal
(according
toNT
methodology)
NT
Losses/LV
Regulatory
Losses/LV
(Final)
Regulatory
NTRegulatory
Losses/LV
(Flexible)
Regulatory
NTLosses/LV
Losses/LV
(Final)
Real
NT
Losses/LV
(forecast
Light,
Ref. August)
Regulatory
NT
Losses/LV (Flexible)
(Flexible)
Regulatory
NT
Losses/LV
(Final)
Real
NT
Losses/LV
(forecast
Light,
Ref.
August)
Regulatory
NT
Losses/LV
(AP)
Real
NT
Losses/LV
(forecast
Light,
Ref.
August)
Regulatory
NT
Losses/LV
(AP)
Real NT Losses/LV
(forecast
Ref. August)
(AP)
Losses/LV
w/
RegulatoryNT
Losses
with Penalty
Target
(every Light,
August)
Real
NT Losses/LV
(forecast
Light, Ref. August) Regulatory
Regulatory
NT Penalty
Losses/LV (AP)
2013
2013
25,
25,
2018
2018
RegulatoryRegulatory
NT Losses/LV
w/ Penalty w/ Penalty
Regulatory
NTRegulatory
Losses/LV NT
w/
Penalty
NT Losses/LV
Losses/LV w/ Penalty
14
Variation in financial
accounts
+8.64%
23.18%
1.31%
-3.95%
19.23%
7.33%
0.58%
11.07%
2.89%
Energy Transmission
Purchase and Sector
Charges
Parcel B
CVA Balance
Other
Tariff
2013
Financial Readjustment Financial
Items
Additions
Voltage Level
(Consumption
segment)
Average
Increase
A2
20.25%
A3a
19.39%
A4
19.15%
AS
19.83%
B1 (Residential)
17.76%
B2 (Rural)
21.74%
B3 (Commercial)
21.50%
B4 (Il. Public)
22.65%
High Voltage
19.46%
Low Voltage
Average
Readjustment
19.11%
19.23%
Average
Customer
tariff
increase
From the average customer increase of 19.23%, Parcel A costs accounted for 18.65% and Parcel B for only 0.58%.
15
Generation
SP
100%
100%
Underground HPP
Nilo Peanha - 380 MW
100%
17
549
549
549
549
549
549
549
28
35
28
66
28
41
28
83
28
28
28
274
289
247
232
2020
2021
184
486
456
480
438
337
2015
2016
2017
2018
Available Energy
2019
Hedge
Project
Installed Capacity
(MW)
Assured Energy
(MWaverage)
Operational Start
Stake
Paracambi
25
20
2012
51%
2008 - 2014
1,853.8 (contracted)
914 (contracted)
2015 2019
Belo Monte
11,223
4,571
2016
2.49%
Guanhes
44
25
2015
51%
Lajes
17
15
2016
100%
Renova
15.87%
19
921
13 53
945
77
13
971
855
855
2H13
1H14
1,011
1,147
17
22 36
1,552
17
265
280
22
22
1,421
68.5%
1,099
22 9
1,520
1,208
82
1,273
22
1,319
219
128
22
173
22
22
255
255
312
365
365
143
13
200
204
236
13
13
13
13
13
13
13
13
855
855
855
855
855
855
855
855
855
855
2H14
1H15
2H15
1H16
2H16
1H17
2H17
1H18
2H18
1H19
104
13
SHPP Lajes
Guanhes
SHPP Paracambi
Belo Monte
Renova
Light Energia
51% Light
15.87% Light
3 2.49% Light
20
RESULTS
Net Revenue
NET REVENUE BY SEGMENT (3Q14)*
Generation
5,936
5,356
634
455
1,360
Distribution
79.4%**
227
7.4%
Commercialization
13.2%
+9.4%
+8.2%
1,679
122
1,557
3Q13
1,838
+1.5%
4,901
5,301
257
1,581
3Q14
9M14
Commercial (Captive)
40.9%
Industrial (Captive)
Construction Revenue
Revenue w/out construction
revenue
6.3%
(Free + Concessionaires)
8.3%
Residential (Captive)
31.9%
22
Generation and
Commercialization
(19.6%)
Non manageable
(distribution**)
321
979
9M13
9M14
+4.8%
(60.0%)
988
Manageable
(distribution)
987
312
327
3T13
3T14
327
(20.4%)
COSTS (R$MN)*
9M14
R$ MN
3Q13
3Q14
Var.
(311.5)
(326.6)
4.8%
(987.0) (979.4)
-0.8%
Provisions
(19.6)
(37.9)
93.3%
(97.2)
(99.3)
2.2%
PCLD
(3.9)
(20.3)
419.8%
(38.3)
(38.3)
0.1%
Contingencies
(15.7)
(17.6)
12.2%
(58.9)
(61.0)
3.5%
Depreciation
(37.1)
(29.8)
(91.2)
-20.4%
Other operational/
revenues expenses
(86.0)
(91.4)
6.3%
58.2
105.6
81.4%
PMSO
3,305
Non manageable
(distribution**)
(64.3%)
Generation and
Commercialization
(16.2%)
827
979
Manageable
(distribution)
Total
9M13
-19.6% (114.6)
9M14
(250.5) (263.0)
246.1
296.6
Var.
5.0%
20.5%
(19.5%)
23
Decrees 8.203
(Jan/14) and
8.221 (Apr/14)
SPOT market Involuntary Exposure
1,082.2
416.3
Hydrological Risk
167.5
43.4
71.2
TOTAL
1,780.6
87.4% of
deficit
covered
1,556
(1,781)
(225)
Tariff Deficit
CDE Fund
Total
Balance
The remaining balance of R$ 225 MN refers to the portion of items not covered by the decrees, with emphasis on (i)
availability contracts from January; (ii) energy contracted at the A-1 auction; (iii) part of the energy contracted at the A-0
auction, hydrological risk, revenue from hydrological risk deducted from the January and February transfers and from the
cut in the April transfer.
24
EBITDA by segment
(R$ MN)
1,359
-33.2%
25.6%
-74.4%
723
908
Generation
EBITDA Margin56.0%
(%)
15.8%
84.2%
3Q13
42.3%
74.4%
185
3Q14
9M13
9M14
608.9
10.1%
24.5
19.2%
-77.5%
9M14 9M13
Var.
524.3
1,011.5
11.5%
104.9
295.3
324.4
62.5%
-76.7%
-48.2%
-9.0%
23.6
9.3
155.0%
88.8
23.5
277.0%
10.4%
6.0%
4.5 p.p.
13.1%
5.1%
8.0 p.p.
(1.7)
(1.1)
58.4%
(32.5)
(4.3)
649.1%
Total
183.6
722.0
-74.6%
875.8
1,355.1
-35.4%
11.6%
16.5%
57.7%
26.0%
74.0%
Commercialization
137.1
Var.
1Percentages
25
EBITDA
Adjusted EBITDA 9M13 / 9M14 (R$ MN)
- 16.2%
- 35.4%
400
(109)
(896)
0,2
23
169
(5)
1,355
1,246
Adjusted
EBITDA
9M13
(2)
1,044
876
Regulatory
Assets and
Liabilities
EBITDA
9M13
Net
Revenue
NonManageable
Other
Provisions
Manageable
Costs
operacional
Costs
(PMSO)
revenues
Equity
Pikup
EBITDA
9M14
Regulatory
Assets and
Liabilities
Adjusted
EBITDA
9M14
26
Net Income
Adjusted Net Income 9M13 / 9M14 (R$ MN)
- 34.3%
- 68.9%
(72)
387
458
(479)
111
(14)
254
169
(3)
8
Adjusted Net Regulatory
Income
Assets and
9M13
Liabilities
9M13
EBITDA
Financial
Result
Taxes
Depreciation
143
9M14
27
Dividends
Average payout of 86% in the last 5 years
28
Indebtedness
NET DEBT
al
usto Re
Custo Real C
5,229.6
4,151.6
ea
Custo R
2010
Jun/14
* Principal only
2011
U$/Euro *
0.3%
2012
COST OF DEBT
Custo Real
8.21%
2011
2007
581
Sep/14
Custo Nominal
11.03%
4.25%
733
721
261
2010
Custo Real
Sep/13
866
479
20
09
2 010
2009
791
3.39
2.99
2.68
1,210
1,055
2.24%
2012
2008
2009
11.27%
9.68%
2013
2009
3T14
set/10
Real Cost
2010
Others
3.5%
4.47%
3.55%
Nominal Cost
IPCA
10.8%
TJLP
12.0%
2011
CDI
73.3%
*ConsideringHedge
2012
29
Investments
CAPEX BREAKDOWN
(R$ MN)
9M14
929
701
154
797
103
845
+30.5%
132
482
182
775
694
713
519 519
2010
630
88
394
2011
2012
2013
54
9M13
Generation
18.1
Administration
27.8
Others
7.7
Commerc./
Energy
Eficiency
8.3
575
9M14
Losses
Combat
227.9
Develop. of
Distribution
System
339.7
30
Economic
Transformation
in the
Concession Area
Energy
Losses
Reduction
Growth in the
Generation
Business
Energy
Commercialization
focused on the
free market
Best Corporate
Governance
Practices
Dividend track
Record
Expiration of Regulated
Contracts (Dec/2013)
New contracts in 2014
Energy available for
commercialization
31
Disclaimer
This presentation may include forward-looking statements according to Brazilian regulations and international movable
values. These statements 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 actual results and statements on
future events or business-oriented results include the Companys strategy, the Brazilian and international economic
conditions, technology, financial strategy, developments of the public service industry, hydrological conditions, conditions of
the financial market, uncertainty regarding the results of its future operations, plans, goals, expectations and intentions,
among others. Because of these factors, the Companys actual results may significantly differ from those indicated or implicit
in the statements on events or future results.
The information and opinions herein must not be understood as recommendation to potential investors, and no investment
decision should be based on the veracity, the updated or completeness of this information or opinions. None of the
Companys professionals or parts related to them or its representatives will have any responsibility for any losses that can
elapse from the use or the contents of this presentation.
This material includes declarations on future events submitted to risks and uncertainties, which are based on current
expectations and projections on future events and trends that can affect the 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.
32
Contacts
Joo Batista Zolini Carneiro
CFO and IRO
Gustavo Werneck
Superintendent of Finance and Investor Relations
+55 21 2211 2560
gustavo.souza@light.com.br
http://ri.light.com.br/
www.facebook.com/lightri
twitter.com/LightRI
33