1

FOR IMMEDIATE RELEASE

Rio de Janeiro, May 8 Light S.A. (LIGT3), controller of GRUPO LIGHT's
companies, announced today its first quarter of 2007 (1Q07) results. All information
refers to consolidated data in compliance to Brazilian corporate legislation. Operating
data and information referring to the board's expectations towards the Company's
future performance have not been revised by the independent auditors.
HIGHLIGHTS
Net Revenue reached R$ 1,327 million in the first quarter, in line with the result of
the same period last year, despite the migration of some industrial customers to the
free market, practically offset by the growth in consumption of other customer classes.
The Company's R$ 328.2 million EBITDA
(*)
rose 14.0% against 1Q06, especially as
a result of the decrease in manageable expenses and bad debt accounts (PDD). The
EBITDA margin reached 24.7%, up 3.2 percentage points against 1Q06.
Adjusted EBITDA, which takes into account the cash effect of the regulatory asset,
dropped 8.9% compared to 1Q06 to R$ 448 million, affected in this quarter by lower
financial additions on the tariff (accounting of the Extraordinary Tariff Adjustment - RTE
- and other regulatory assets), and also by the decreased in interest rates.
The Company has focused on working on the reduction of the delinquency rate,
achieving important goals this quarter, proven by the drop in provision for delinquent
customers, down from 5.4% of the last 12 months gross revenues in march 2006 to
3.5% in the end of this quarter. Moreover, in April this year the Company established a
deal with Supervia for the payment of the past due debt and regularization of current
payments.
Light posted net income of R$ 94.4 million in the period, down from R$ 101.3 million
in 1Q06. Excluding the financial results adjusted by fiscal effects, the net income would
have being 29% higher than the one recorded in 1Q06, due to the grater operational
results, 19% better in this quarter.
The Company's net indebtedness fell by 22% compared to the same period in 2006,
and by 8% against December 2006. Also, the indebtedness profile improved with the
rescheduling of maturities and decreased foreign exchange exposure.
The power supply efficiency indexes, DEC and FEC, have maintained the
improvement trajectory observed in the past year, positioning Light among the
distributors with the lowest levels of power supply interruption frequency and duration.
In March, the moving average of 12 months of the DEC and FEC indexes reached 7.21
and 5.73 respectively, substantially below the maximum level established by the
Brazilian Power Authority (ANEEL).
(*) EBITDA = Operating Result, management's vision + depreciation and amortization.
Operating Result, management's vision = Operating Result, accounting norms (Item 1.9.7 of
CVM's Official Letter - 01/2007) + Financial (net financial expenses + equity income)
2
SHAREHOLDING COMPOSITION
1 - As of August 10, 2006, EDF Internacional is no longer part of the Controlling group.
On March 31, 2007, Light S.A.'s capital stock was R$ 1,416,369,443.79, fully
subscribed and paid-up, represented by 133,913,456,422 book-entry non-par ordinary
shares.
EVOLUTION OF TRANSFORMATION PLAN
The Transformation Plan, conceived when Light's new controlling shareholders took
over, is divided into 14 projects, grouped in 4 large spheres: Loyal Customer,
Efficiency, Results, and Commitment to the Future.
During 2006, the Company started 12 of these projects, and the last two of them -
"Integrated Risk Management" and "Structuring the Company of the Future" - have
been initiated this year. The projects have already been bringing the Company results
("quick-wins"), out of which, we highlight:
P2 "Selling more and better": new customers acquired by Light Esco, such as
Unilever, Ambev, and Samarco, among others.
P3 "Receiving 100%": quick reduction in the level of delinquency and debt
refinancing with large debtors, such as the CEDAE and city halls.
P7 "Aligned Suppliers": advance in the renegotiation of agreements, reaching
approximately 40% of the contracted financial volume (including signed and
ongoing ones), with significant gains; purchases' planning and standardization;
and the development of new service providers.
P9 "Revision of capital structure": reduction of foreign exchange exposure and
cost, maturity rescheduling, and adjustment of the guarantees and covenants
package for financial operations, improving the indebtedness profile.
P12 "A great place to work": creation of Academia Light, whose goal is to
promote Light's employees' development, and share knowledge among
employees, customers, partners, and the community.
LOYAL CLIENT
Increase of revenues
and collection through
the quality of the
relation with the current
and potential customers
and reduction of losses
and delinquency
EFFICIENT MACHINE
Rationalization and
control of the operation
costs, by means of the
modernization and
processes efficiency, of
the maximization of value
in the relationship with
suppliers and of the solid
planning of investments
RESULTS
Attainment of results con-
sistent with the service
rendered, to add value by
means of the optimization
of the concession struc-
tures and of the Com-
panys capital
COMMITMENT TO THE
FUTURE
Consolidation of the foun-
dations for the Companys
sustainable growth with the
construction of a great
place to work, the public
consciousness-raising and
the management of the
specific risks of the busi-
ness
Free Float
Share Participation
RME
79.38%
EDF
10.00%
Public
10.62%
3
ECONOMIC AND FINANCIAL PERFORMANCE
Gross and Net Revenue
Gross Operating Revenue reached R$ 2,182 million in the first three months of 2007,
up 1.3% compared to the same period last year. Net Revenue in 1Q07 totaled
R$ 1,327 million, down 0.6% compared to the same period in 2006, according to the
following table:
Despite the practically null effect on rates, due to the latest tariff readjustment, net
average tariff in 1Q07 was R$ 279/MWh, up 1.1% year-on-year (R$ 276/MWh). This
occurred because of the mix of consumption classes, with a rise in the residential and
commercial classes' stakes, with higher tariffs, and a drop in the industrial segment,
with a lower tariff.
2006
2007
2,155
2,182
Gross Revenue (R$ MM)
1,3%
2006
2007
1,335
1,327
Net Revenue (R$ MM)
-0,6%
Net Revenue by Class R$ MM
1st Quarter 2007
Residential
47%
Industrial
8%
Others
11%
Commercial
34%
381
118
85
532
2007 2006 Var. %
Power sold 1,116 1,101 1.4%
Network use (TUSD) 100 82 22.0%
Generation Auction Sale 49 51 -3.9%
Short-Term (Spot) 6 5 20.0%
Light Esco Resale 4 - -
Others* 52 96 -45.8%
Total 1,327 1,335 -0.6%
Net Revenue - R$ MM
1st Quarter
*Includes "not billed", which represents the energy consumption of the
period but billed in the next period. This value is influenced mainly by
temperature effects and by the number of billing days
4
Electric Energy Market
In the first quarter of 2007, total electric power consumption reached 4,902 GWh, down
0.7% compared to the same period in 2006 (4,937 GWh), mainly due to the 29.1%
drop in the industrial sector, caused by the migration of free customersto the free
market, as explained below. Consumption from other segments moved higher,
fundamentally boosted by more 3 billable days in the period.
Network Use - TUSD
Free customers' consumption posted a significant 40% rise, mainly attributed to 12
customers flew to the free market between the periods. Specifically in this quarter, five
customers migrated to the free market, all of them consumers of medium voltage. The
load allocated to other concessionaires (utilitys load) fell 3% in 1Q07 year-on-year.
Free Market - GWh
1st Quarter
617
970
599
1,354
Utility Free
2006 2007
- 3%
40%
Electric Power Consumption (GWh)
1st Quarter
1,969
718
1,471
779
4,937
2,060
509
1,533
800
4,902
Residential
4.6%
Industrial
-29.1%
Commercial
4.2%
Others
2.7%
Total
-0.7%
2006 2007
5
Power Sales (Auctions and Spot Market)
Power sales in auctions reached 1,128 GWh in 1Q07, in line with the 1,126 GWh sold
in the same period in 2006.
Lower average temperatures in the first quarter, relating to estimated demand, made
sales rise in the spot market, up from 101 GWh in 1Q06 to 372 GWh in 1Q07.
This quarter was marked by low prices in the Spot market, which is normal around this
time of the year (rainy period in the SE).
Energetic Balance
Market 2007 2006 Var (%)
Energy Sale- Auctions 1,128 1,126 0.2%
Spot (Purchase) 119 135 -11.9%
Spot (Sale) 372 101 268.3%
Eletric Energy Purchase & Sale (GWh)
1st Quarter
0.6% Residential 42.0%
41.9 2,059.9
CCEAR 1.3% 71.1% Billed Industrial 10.4%
Light Energia Energy 508.7
91.8 98.1% Own load 4,901.7
Light Commercial 31.3%
28.9% 6,891.2 1,533.3
Losses of
2,029.8 Energy Others 16.3%
7,025.4 28.9% 1,989.4 799.8
48.6%
3,416.7 Basic netw.
losses
22.3% 1.9% Adjustment 0.0
1,566.7
-1.7%
-121.6
(*) Others= Purchase in Spot - Sale in Spot.
Note: At Light S.A., there is Intercompany Power purchase/sale elimination
PROINFA
OTHERS(*)
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
NORTE FLU
(CCEE)
Required energy
(CCEE)
AUCTIONS
(CCEE)
134.2
ITAIPU
(CCEE)
Position: january-march de 2007
6
Electric Power Losses
In March 2007, total power losses (moving average of the past 12 months) remained
on the same level seen in 2006 (6,251 GWh), reaching 6,232 GWh, or 25.5% of the
own load. Although the migration of some clients to the free market, and the reduction
of the captive costumers base, the losses index could be maintained stable between
the periods.
The total losses index compared to 2006's result is still a reflex of the temporary
reduction in the pace of energy recovery actions due to the stabilization of the new
commercial management system (CCS-SAP).
Delinquency
Light's new management has set the combat to delinquency as one of its main goals,
through the creation of a workgroup, the P3, named "Receiving 100% ", as an attempt
to revise collection processes, and also to regularize payment by large customers and
public authorities.
Continuing its efforts started in October 2006, in 2007 the Company achieved important
results in the reduction of the delinquency level, which can be proved by the reduction
of the provision for delinquent customers, down from 5.4% of the last 12 months gross
revenues in march 2006 to 3.5% in the end of this quarter. Also, the actual numbers
show there is a possibility of an even sharper reduction.
An example of a successful action was the centralization of the collection of the
company's largest debtors, large customers or retail, under a single department,
resulting in increased operating efficiency, and agility in the service interruption
process, collection actions, and payment regularization.
In April this year, another important agreement was signed with Supervia, for the
recovery of debt balance, and regularization of current payments. This agreement
established the payment of a R$ 169.8 million debt in 168 monthly installments
attached to the maintenance of the power bill payments on the due dates, which will
impact the results as of the second quarter of this year.
Light Losses Evolution
6
,
2
3
2
6
,
2
5
1
6
,
0
9
3
6
,
0
0
6
25.5 25.5
24.1
24.7
19.5
19.1
19.8 19.5
Mar-05 Mar-06 Dec-06 Mar-07
GWh Losses
% Losses / Own Load
% Losses / Wire Load (Own + Transport)
7
Operating Costs and Expenses
In 1Q07, operating costs and expenses (manageable and non-manageable costs and
expenses, less depreciation and amortization) fell 4.7% compared to 1Q06, totaling R$
998.4 million. These costs represent 75% of the net revenues, down 4 percentage
points against the 79% of the net revenues in the same period last year.
Non-Manageable Costs and Expenses
In the first quarter of 2007, costs of purchased power, including CVA, reached R$ 771
million, down 2.2% year-on-year. This reduction is mainly a result of lower CVA
(Compensation for Variation of Portion of A items) amortization, which accounted for
R$ 25 million in 1Q07 compared to R$ 109 million in 1Q06, offsetting the rise in
purchased power value.
Purchased Power, including taxes and excluding CVA, amounted to R$ 746 million in
the first quarter of 2007, up 10.6% year-on-year. This increase is explained by the
readjustment in purchase agreements, which occurred right after the rate readjustment
in November 2006, making the power
purchase average cost in 1Q07 reach
R$ 90.0/MWh, up from R$ 82.1/MWh,
in 1Q06.
The arrangement of purchased power
in the period was as follows: R$ 234
million from auctions in 2005 and 2006;
R$ 200 million from UTE Norte
Fluminense; R$ 192 million from Itaipu;
and R$ 120 million from others. CVA of
power purchase was R$ 25 million.
Purchased Energy - R$ MM
1st Quarter
680
746
26%
25%
31%
31%
27%
28%
16%
16%
2006 2007
ITAIPU AUCTIONS NORTE FLU OTHERS
10,6%
Costs e Expenses (R$ MM) 1Q07 1Q06 Var. %
Net Operating Income 1,327 1,335 -0.6%
Non-Manageable Costs and Expenses -780 -796 -2.0%
Purchased Energy (Includes CVA and others taxs) -771 -789 -2.2%
Others (Mandatory Costs) -9 -7 19.6%
Manageable Costs and Expenses -219 -252 -13.2%
Personnel -66 -58 14.8%
Material -5 -4 5.6%
Outsourced Services -53 -56 -5.1%
Provisions -84 -122 -31.2%
Others -11 -12 -10.4%
EBITDA 328 287 14.5%
Depreciation -78 -78 0.6%
EBIT 250 209 19.8%
8
Manageable Costs and Expenses
The Company's manageable costs and expenses, represented by costs and expenses
with Personnel, Outsourced Services, Provisions and Other Costs and Expenses
(excluding depreciation and amortization), reached R$ 218.7 million in 1Q07, down
13% compared to the same period in 2006, which amounted to R$ 252.1 million.
Expenses with personnel rose 14.8% in 1Q07 year-on-year, up from R$ 57.5 million to
R$ 66.0 million, due to the collective agreement that established a 5.5% readjustment
as of May 2006, and also due to the current provisioning of the Profits Sharing, which
had not been done in the first quarter 2006, with a net effect of R$ 3 millions between
the periods.
Costs and expenses with materials and outsourced services totaled R$ 57.6 million in
1Q07, down 4.1% year-on-year. This reduction is explained by the renegotiation of
agreements of service and purchase of materials, splitted between expenses and
capex. Since September 2006, the Company has already renegotiated (concluded and
ongoing) some 40% of the financial volume contracted by Light, and the estimate is to
reach 100% of the agreements before the end of this year. Thus, the Company's
contracting costs are expected to be even further reduced during the coming years.
Provisions (PDD, Provision for Contingencies and Others) reached R$ 84.1 million in
1Q07, down R$ 38.1 million year-on-year, especially due to the reduction in the
delinquency level, which allowed for a reduction of approximately R$ 50 million.
EBITDA and EBITDA Margin
The Company's EBITDA amounted to R$ 328.2 million in 1Q07, up from R$ 287.8
million in 1Q06. This 14.0% rise resulted from the reduction in provisions made in this
quarter. The EBITDA margin reached 24.7%, up 3.2 percentage points against 1Q06.
The adjusted EBITDA totaled R$ 448.0 million in the period, down 8.9% year-on-year,
as a result of the lower RTE compensation and other regulatory assets, and of the
monetary variation, which decreased R$ 60 million and R$ 25 million, respectively, in
1Q07 against 1Q06. The adjusted EBITDA margin reached 33.8% in the first quarter.
EBITDA - 1 st Quarter 2007/2006 - R$ Millions
14.0%
288
328
16
-8
-5
38
EBITDA - 1Q06 Net Operating
Income
Non-Manageable
Costs
Manageable Costs Provisions EBITDA - 1Q07
9
Financial Result
Financial Result in the first quarter was negative by R$ 91.4 million, down from a
positive result of R$ 5.3 million in the same period in 2006. This quarter's negative
result is mainly due to the Company's debt average cost. Despite the reduction in the
debt average cost between the periods, the result of 1Q06 was positively affected by
the 7% valuation of the Brazilian Real in that quarter over a 40.7% foreign-currency
related debt against 20.0% in March 2007.
Indebtedness
In January 2007, Light SESA concluded the raising of R$ 1 billion through the 5
th
issuance of non-convertible debentures in the market, maturing by the end of 2014.
The resources from the issuance were used for full repayment of debt worth R$ 633
million, represented by the "Credit Agreement in Brazilian Real" signed with Banco Ita
S.A., Bradesco, Ita BBA, and Unibanco on July 12, 2005; and the remaining R$ 367
million were allocated to the partial payment of the Amended and Restated Indenture
signed by the Issuer (Light S.A.), JP Morgan Chase Bank NA e o JP Morgan Trust
Bank Ltd on March 15, 2006. The outstanding balance of the debt represented by the
Amended and Restated Indenture, worth approximately R$ 466 million, was repaid by
the Issuer with its own resources.
The issuance aimed at reducing the foreign exchange exposure, bettering costs, adjust
the package of guarantees and covenants of the previous operations, improving the
Company's indebtedness profile.
2007 2006 (%)
Income - financial investments (94.4) (111.9) -15.6%
Monetary and Exchange variation 13.1 67.9 -80.7%
Swap Operations (14.9) (28.0) -46.9%
Others financial revenues 60.6 101.0 -40.1%
Others Financial expenses (35.2) (5.1) 590.3%
Braslight (20.6) (18.6) 10.5%
Total (91.4) 5.3 -
Financial Result - R$ MM
1st Quarter
R$ MM Short Term % Long Term % Total %
Brazilian Currency 382.3 100.0% 1,837.4 100.0% 2,219.7 100.1%
BNDES transfer 2.6 0.7% 2.6 0.1%
Debenture 1st. Issue 16.3 4.3% 30.5 1.7% 46.8 2.1%
Debenture 4th. Issue 0.2 0.0% 808.9 44.0% 809.1 36.5%
BNDES Rationing 276.0 72.2% 276.0 12.4%
Debenture 5th. Issue 38.6 10.1% 987.5 53.7% 1,026.1 46.2%
Financial operations "Swap" 43.9 11.5% 1.5 0.1% 45.4 2.1%
Others 4.7 1.2% 9.0 0.5% 13.7 0.6%
Foreing Currency 49.4 100.0% 504.4 100.0% 553.8 100.0%
National Treasury 25.7 52.0% 160.1 31.8% 185.8 33.5%
Import Financing 8.0 16.3% 13.0 2.6% 21.0 3.8%
BNDES Import Fin. 1.6 3.2% 3.2 0.6% 4.8 0.9%
Credit Linked Notes 14.1 28.5% 328.1 65.0% 342.2 61.8%
Gross Debt 431.7 100.0% 2,341.8 100.0% 2,773.5 100.0%
Braslight 69.7 793.2 862.9
Gross Debt + Braslight 501.4 3,135.0 3,636.5
10
Thus, Light's consolidated gross debt
fell 14.3% compared to the end of
2006, totaling R$ 2,774 million in the
first quarter, equivalent to US$ 1,353
million (ex-Braslight). The average
maturity of the debt stands at 4.81
years, with average cost of 12.81% in
Brazilian real and in US dollar plus
8.54% for foreign currency debt.
By the end of the quarter, the
company's net debt* was R$ 2,339
million, down 8% compared to
December, due to a higher cash flow
in the period.
* Net debt = Gross debt cash equivalents
** Adjusted net debt = Gross debt + Braslighs debt cash equivalents regulatory assets
Net Profit
Light posted net profit of R$ 94.4 million in 1Q07, down 6.8% year-on-year, impacted
especially by the negative financial result in the first quarter, as explained above.
Indebtedness
(Brazilian x Foreign Currency)
59.3%
80.0%
40.7%
20.0%
0%
20%
40%
60%
80%
100%
1Q06 1Q07
Brazilian Currency Foreing Currency
Less exchange
exposition
Net Debt
(R$ millions)
3,008
2,540
2,339
1Q/06 4Q06 1Q07
Debt
(R$ millions)
2,774
2,814
435 863
388
Gross debt Braslight Cash Equivalents Regulatory Assets Net debt
Adjusted net debt**, which
takes into account Braslights
debt and the regulatory assets,
was of R$ 2,962 millions at the
end of 1
st
quarter this year, as
show in the graph:
Net Income (R$MM)
94
101
1Q06 1Q07
-6.8%
11
Investments
A total of R$ 57 million were invested in 1Q07 in capital expenditure, and in
improvement and expansion of the Distribution and Transmission Systems, combat to
loss and waste of energy, and new customer connections. This value was 7.2% lower
compared to the same period last year, when investments reached R$ 61 million,
mostly because of CCS-SAP investment which accounted for R$ 7.7 million in 1Q06
against R$ 2.6 millions this quarter.
EFFICIENCY INDICATORS
Operating Quality
Both power supply efficiency indicators (DEC and FEC) kept on evolving when
compared to the same period in 2006.
As an attempt to constantly optimize operations and improve service quality, Light has
developed new functionalities especially in terms of appropriately allocating
maintenance actions, new policies of the Maintenance Plan, and systematic actions
such as the Pipas Action Plan, and the Selectivity Plan, providing for the maintenance
of the supply quality levels without increasing maintenance operating costs.
In addition to the operating efforts, the result benefited from the favorable weather
conditions in 1Q07.
Investment in Aquisitions & Improvements on
Fixed Assed (R$ MM)
9.3
50.0
49.1
5.6
0.2 1.0
1.9
1.0
61.3
56,8
1Q06 1Q07
Administration Commercialization Distribution Generation
DEC e FEC
(12 -Month Moving Average)
8.86
7.97
8.26
7.98
7.21
6.87
6.41 6.41
6.30
5.73
1Q06 2Q06 3Q06 4Q06 1Q07
DEC FEC
12
STOCK PERFORMANCE
The average trading volume in 1Q07, of R$ 9.3 million, maintained the uptrend,
growing 51.3% compared to the average of 4Q06, and up 54.8% compared to the
average recorded in 2006. In the quarter, Light's common shares, traded on the So
Paulo Stock Exchange (Bovespa), gained 6.5%, higher than the 0.2% valuation of the
Bovespa's Electric Energy Index (IEE), and the 3% valuation of the Ibovespa,
Bovespa's main index.
BOVESPA (spot market) - LIGT3
Daily Average 1Q07 2006
Number of shares traded (Million) 338.13 529.92
Number of Transactions 479 344
Traded Volume (R$ Million) R$ 9.3 R$ 6.0
Quotation per lot of 1000 shares: R$ 24.50 R$ 23.01
Share Valuing 6.5% 49.9%
Ibovespa Valuing 3.0% 32.9%
Light x Ibovespa x IEE
Base jan/06 = 100 at 03/30/07
60
80
100
120
140
160
180
J
a
n
-
0
6
F
e
b
-
0
6
M
a
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-
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A
p
r
-
0
6
M
a
y
-
0
6
J
u
n
-
0
6
J
u
l
-
0
6
A
u
g
-
0
6
S
e
p
-
0
6
O
c
t
-
0
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N
o
v
-
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D
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-
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J
a
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-
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7
F
e
b
-
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7
M
a
r
-
0
7
Light
60%
Ibovespa
37%
IEE
41%
2006
LIGT3 50%
IEE 41%
IBOV 33%
2007
LIGT3 6,5%
IEE 0,2%
IBOV 3,0%
Sell agreement
Change of Control
13
PROFILE
CONCESSION MAP
METROPOLITAN REGIONAL OFFICE
RIO DE JANEIRO METROPOLITAN REGIONAL OFFICE
VALE DO PARABA REGIONAL OFFICE
OPERATING INDICATORS 1Q07 1Q06 Var. %
N of Consumers (thousands) 3,842 3,803 1.0
N of Employees 4,095 4,166 -1.7
Average provision tariff - R$/MWh 413 414 -0.4
Average provision tariff - R$/MWh (w/out taxes) 279 276 1.1
Average energy purchase cost R$/MWh 90.0 82.1 9.6
Generation Capacity (MW) 855 855 0.0
Billed Energy (GWh - includes own consumption) 4,902 4,937 -0.7
Wire Load (GWh) 8,844 8,532 3.7
14
Income Statement - Consolidated
LIGHT - CONSOLIDATED - R$ MM
2007 2006
OPERATING REVENUE 2,182.3 2,155.2
Energy Provision 1,952.3 1,965.8
Energy Supply 69.7 60.7
Other operating revenue 160.3 128.7
DEDUCTIONS FROM THE REVENUE (855.7) (820.7)
NET OPERATING REVENUE 1,326.6 1,334.5
OPERATING EXPENSE (1,076.8) (1,124.6)
Personnel (66.0) (57.5)
Material (4.6) (4.3)
Third-party Services (53.1) (55.9)
Purchased Power (770.9) (788.5)
Depreciation (78.3) (77.9)
Provisions (84.1) (122.1)
Other (19.8) (18.4)
OPERATING RESULT () 249.8 209.9
EBITDA () 328.2 287.8
EQUITY EQUIVALENCE - (1.5)
NET FINANCIAL EXPENSES (91.4) 5.3
Financial Income 60.6 102.2
Financial Expenses (152.0) (96.9)
NON OPERATING RESULT (0.2) 1.7
Non-Operating Income 0.0 0.7
Non-Operating Expenses (0.2) 1.0
RESULT BEFORE TAXES &
INTEREST
158.2 215.4
SOCIAL CONTRIBUTIONS &
INCOME TAX
(63.8) (114.1)
DEFERRED INCOME TAX
- -
NET PROFIT/LOSS 94.4 101.3
CONSOLIDATED RESULT STATEMENT
() EBITDA = Operating Result, Administration vision + depreciation
and amortization. Not reviewable by the external audit
1st Quarter
() Operation Result, Administration vision = Operating Result,
accounting norms (Item 1.9.7 of Notice CVM 01/2007) + financials
(net financial expenses + equity pick-up)
15
BALANCE SHEET
ASSETS 03/31/2007 12/31/2006
Circulating 2,739.2 3,085.9
Cash & Cash Equivalents 434.9 695.1
Credits 2,055.5 2,076.7
Inventories 13.1 11.4
Others 235.7 302.7
Realizable in the Long Term 1,413.8 1,460.2
Miscellaneous Credits 829.0 898.2
Others 584.8 562.0
Permanent 4,001.5 4,012.6
Investments 34.6 34.8
Net Fixed Assets 3,669.5 3,696.8
Deferred Charges 110.2 97.9
Intangible 187.2 183.1
Total Assets 8,154.5 8,558.7
LIABILITIES 03/31/2007 12/31/2006
Circulating 1,565.1 1,742.8
Loans and Financing 308.9 353.3
Debentures 27.8 15.3
Suppliers 464.9 465.0
Taxes, Fees and Contributions 177.1 257.1
Provisions 45.6 37.4
Others 540.8 614.7
Long-Term Liabilities 4,973.1 5,304.7
Loans and Financing 1,826.9 1,825.2
Debentures 513.3 846.2
Provisions 1,253.4 1,241.3
Others 1,379.5 1,392.0
Future Fiscal Year Results 13.3 2.7
Net Assets 1,603.0 1,508.5
Realized Joint Stock 1,416.4 1,704.6
Capital Reserves - -
Accumulated Profit/Loss 186.6 (196.1)
Total Liabilities 8,154.5 8,558.7
R$ MM
BALANCE SHEET SUMMARY
16
Investor Relations Department:
- Ricardo Levy - Finance and Investor Relations Officer
- Cristina Guedes - Investor Relations Manager
Phones: 55 21 2211-2560 or 55 21 2211-2814
E-mail: ri@light.com.br
FORWARD-LOOKING STATEMENT
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 Management Board and Directors.
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 include 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 SA's control or forecast
capacity.
Release of Results
Presentation to the CVM
05/08/2007, after the market closes
Teleconference
Brazil: (55) 11 4688-6301
USA: 1-888-700-0802
Others Countries: 1-786-924-8430
Access code: Light
05/09/2007, wednesday, at 11 am (Braslia) and at 10 am (New York), with simultaneous
translation to English
Webcast: link on site www.light.com.br (Portuguese and English)
Access conditions:
Conference Call - Dial number: