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Highlights
Consumption grew 2.5% compared to 2Q12, mainly driven by the commercial and industrial segments whch increased by 5.1% and 4.1%, respectively; Collection rate for the first quarter reached 104.2%. 30 bps above the 2Q12; Non-technical losses (LTM) of 44.2%, 70 bps down on march/2013; In 1H13, investments amounted R$ 326.7 million, of this total, R$ 272.8 million went to the distribution segment.
OPERATIONAL
2.6% increase in Net Revenue (without construction revenue) reaching R$ 1,670.9 million in the 2Q13; EBITDA of R$ 277.9 million in 2Q13, 8.9% up, as a consequence of the higher participation of the generation activity. Adjusted by the regulatory assets (CVA), it reaches R$ 397.2 million, 20.1% above 2Q12.
RESULTS
Net Income of R$ 58.2 million in the quarter, an increase of 46.2% over 2Q12. Adjusted by CVA. it reaches R$ 136.9 million, 52.5% above 2Q12.
Net Debt of R$ 4.056.1 million with a multiple for covenants at 2.62x. Aneel announced the preliminary proposal of Light SESAs Tariff Revision, and the details will be discussed in a Public Hearing, with an on-site meeting in the city of Rio de Janeiro, in September, 13.
REGULATORY
Energy Consumption
Distribution Quarter
TOTAL MARKET (GWh)
+2.6% +2.5%
Livre
Industrial 6%
5,460
5,669
5,754
Others 15.1%
Industrial 5.8%
22.7C
22.7C
23.5C
Res
2T10
2T11
2T12
2T13
2Q10 2T10
2Q11 2T11
2Q12 2T12
2Q13 2T13
Comercial 30%
1Note:
To preserve comparability in the market approved by Aneel in the tariff adjustment process. the billed energy of the free customers: Valesul, CSN and CSA were excluded in view of these customers planned migration to the Basic Network.
Energy Consumption
Distribution Half
TOTAL MARKET (GWh)
28,0
+2.0% +3.1%
Ou
t ro sC a ti 1 5 % v os
27,5
27,0 26,5 26,0 25,5
11,585
11,960
11,934
12,303
1S10
Others 14.7%
25,0
24,5 24,0
25.5C 25.1C
25.2C
25.1C
23,5
23,0 1S10 1S11 1S12 1S13
1S11the consumption o me With no r c ia l longer billed by the 29% 1S12 change in criteria. the 1S13 total energy consumption increase in the concession area would be 3.4% over 2Q12.
Commercial 29.5%
Residential 35.7%
Re
14
1S10 1S10
1S11 1S11
1S12 1S12
1S13 1S13
s id e nc ial 36%
1Note:
To preserve comparability in the market approved by Aneel in the tariff adjustment process. the billed energy of the free customers: Valesul, CSN and CSA were excluded in view of these customers planned migration to the Basic Network.
Total Market
ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET QUARTER
+2.5%
5,754
+0.1% +5.1%
5,897
837 215
942
1,969
1,972
1,867 182
1,962
+4.1% +0.6%
980 1,685
1.021
4,954
1,748
607 373
2T12 2Q12
2T13 2Q13
2T12 2Q12
2T13 2Q13
2T12 2Q12
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHERS
TOTAL
CAPTIVE
FREE
Total Market
ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET HALF
+3.1%
11,934
+1.8% +6.5%
12,303
1,639
1,777
4,317
4,395 3,808
4,055 430
0.2% +2.2%
374
1,941 3,434
1,945
10,526
3,625
1,167 774
1S12 1H12
1S13 1H13
1S12 1H12
1S13 1H13
1S12 1H12
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHERS
TOTAL
CAPTIVE
FREE
Collection
COLLECTION RATE 12 MONTHS
103.9% 104.2%
105.0% 104.5%
100.1%
101.8%
107.4% 108.1%
98.2%
99.5%
Total Total
Retail Varejo
2T12
Jun/12 mar-12
Jun/13 mar-13
2Q12
2Q13
Collection
COLLECTION RATE 12 MONTHS
99.3%
102.5%
98.0%
102.0%
99.7%
103.4%
104.0% 102.5%
98.2%
99.5%
Total
Total
Retail
1S12
Varejo
Large Clients
1S13
Grandes Clientes
Public Sector
Poder Pblico
Jun/12 mar-12
Jun/13 mar-13
1H12
1H13
Loss Prevention
LOSS (12 MONTHS)
45.4% 42.2% 43.1% 32.9% 44.9% 44.2% 50.4
7,838 5,457
8,047
8,584
8,647
5,615
6,007
6,029
5,953
INCORPORATION GWh
2,381 Jun/12 2,432 Sep/12 2,577 Dec/12 2,618 Mar/13 2,629 Jun/13 35.3
+1.0%
35.6
jun/ 12
s et /12
dez /12
mar/ 13
jun/ 13
Favelas
Areas Santa Marta Cidade de Deus 1 Chapu Mangueira Babilnia Cabritos Tabajaras Formiga Batan Borel Losses Collection Conclusion Year Before Current Before Current 2009 2010 2010 2011 2011 2012 2013 95,0% 52,1% 62,7% 62,3% 73,3% 61,8% 60,5% 5,1% 14,5% 8,6% 11,8% 10,8% 8,9% 26,1% 0,2% 23,1% 16,2% 5,4% 1,4% 9,5% 31,4% 1,2% 9,4% 98,3% 96,2% 101,4% 97,1% 96,6% 95,1% 92,6% 91,0% 84,3%
Average losses reduction : 51.8 p.p. Average Collection increase : 80.4 p.p.
* Reflects the results accumulated until jun/13 since the begining of the implementation of each APZ.
Average losses reduction: 26.0 p.p. Average Collection increase: 7.0 p.p.
Net Revenue
NET REVENUE BY SEGMENT (2Q13)*
NET REVENUE (R$MN)
+4.8%
Commercialization
9.5%
Generation
7.4%
3,688.8 299.7
+4.2%
3,864.8 332.8
Distribution
83.1%**
+3.2%
1,790.1 162.2
+2.6%
3,389.1
3,532.0
1,627.9
2Q12 2T12
1H12 1S12
1H13 1S13
Residential
42.1%
Others (Captive)
12.7%
Industrial
5.5%
Commercial
30.0%
655.7
+11.1%
675.5
322.6
358.4
2Q12 2T12
2Q13 2T13
1H12 1S12
1H13 1S13
R$ MN
Provisions
PCLD Contingencies
EBITDA
; o ui 7% tr ib 2,5 Dis %; 6 ,6 62
688.5
+8.9%
633.1
Distribution 62.6%
255.1
277.9
5,9 ;3 o % ra 89 Ge 35,
Commercialization 1.5%
(EBITDA Margin: 2.5%)
2T12 2Q12 2T13 2Q13 1S12 1H12 1S13 1H13
Generation 35.9%
%;
EBITDA
EBITDA 2Q12 / 2Q13 (R$ MN)
+ 20.1% +8.9%
76 331 255
43
(33)
(6)
17
0.2 278
119 397
EBITDA 2Q12
Receita Lquida
2Q12
Custos No Custos Provises EBITDA Ativos e EBITDA Gerenciveis Gerenciveis 2T12 Passivos Ajustado Regulatrios 2T12 Other EBITDA Regulatory Adjusted NonManageable (PMSO) Provisions Equity
Pick-up
2Q13
EBITDA 2Q13
EBITDA
EBITDA 1H12 / 1H13 (R$ MN)
+ 12.0% -8.0%
74
143
220 854
762 689
633
EBITDA 1H12
Receita Lquida
1H12
Custos No Custos Provises EBITDA Ativos e EBITDA Gerenciveis Gerenciveis 2T12 Passivos Ajustado Other Regulatrios 2T12 EBITDA Regulatory Adjusted NonManageable (PMSO) Provisions Equity
Pick-up
1H13
EBITDA 1H13
Net Income
ADJUSTED NET INCOME 2Q12 / 2Q13 (R$ MN)
Lucro Lquido e Lucro Lquido Ajustado 1T12/1T13 - R$ Milhes
+ 52.5% + 46.2%
90
50
40
EBITDA Ativos e EBITDA LL Ajustado Ativos e 2T12 Ajustado 2T11 Adjusted Net Passivos Regulatory 2Q12 2T12 passivos 2T11 Income Regulatrios Assets and Regulatrios
EBITDA Lquida EBITDA
2Q12
Liabilities
EBITDA Ativos e EBITDA 2T13 Ativos e LL Ajustado 2T12 Passivos Ajustado 2Q13 Regulatory Adjusted Net passivos 2T13 Regulatrios 2T12 Assets and Income Regulatrios
Liabilities
2Q13
Net Income
Lucro Lquido e Lucro Lquido Ajustado ADJUSTED NET INCOME 2011/2012 - R$ Milhes
1H12 / 1H13 (R$ MN)
+ 23.6% - 23.9%
145
282
EBITDA Ativos e EBITDA LL Ajustado Ativos e 1S12 Ajustado 2T11 Adjusted Net Passivos Regulatory 1H12 2T11 Regulatrios 1S12 passivos Income Assets and
Receita
1H12
Regulatrios Liabilities
Custos No Custos Resultado Gerenciveis Impostos Gerenciveis Financial Taxes (PMSO) Financeiro Result
Outros Others
Provises
EBITDA Ativos e EBITDA 1S13 Ativos e LL Ajustado 2T12 Passivos Ajustado 1H13 Regulatory Adjusted Net Regulatrios 2T12 passivos 1S13 Assets and
Regulatrios Liabilities
Income 1H13
Indebtedness
Custo Real NET DEBT
Without Pension Fund
4,031.4
4,056.1
2.73
2.62
266
20 09
20 10
sto Re9M10 al
3T10
Mar/13 Cu
9M09
Jun/13
2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 After A ps 2013 2022 2022
* Principal only
2011
11.08% 4.87%
IPCA 10.1%
8.84% 2.40% CDI 72.4%
U$/Euro 0.5%
TJLP 15.6%
Others 1.5%
8.21% 2.24%
2010 2007
1
2011 2008
Jun/13 set/10
*ConsideringHedge
Investments
CAPEX (R$ MN) CAPEX BREAKDOWN (R$ MN) 1H13
Develop. of Distribution System 175.0
116.9
328.4
446.9
302.3 2009 2009 2009 2010 2010 2008 2010 2011 2011 2009 2011 2012 2012 9M11 2010 1H12
9M12 2011
9M11
Commerc./
Tariff Review
Preliminary proposal - Main issues:
1) Remuneration Asset Base: Gross Remuneration Asset Base: R$ 11,451,023,315 Net Remuneration Asset Base : R$ 6,398,174,913 2) Regulatory Non-Technical Losses: Starting point: 31.82% Reduction trend: 1.195 p.p. Work Group comprised of the Aneels technician within thirty days as from August 7, 2013
Next steps:
September, 13 Public Hearing meeting October, 3 Aneel sends new proposal to Light and consumers representatives (estimate) October, 29 Aneels Board Meeting (estimate) November, 7 Tariff Review
Important Notice
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international movable values. These declarations are based on certain assumptions and analyses made by the Company in accordance with its experience. the economic environment. market conditions and future events expected. many of which are out of the Companys control. Important factors that can lead to significant differences between the real results and the future declarations of expectations on events or business-oriented results include the Companys strategy. the Brazilian and international economic conditions. technology. financial strategy. developments of the public service industry. hydrological conditions. conditions of the financial market. uncertainty regarding the results of its future operations. plain. goals. expectations and intentions. among others. Because of these factors. the Companys actual results may significantly differ from those indicated or implicit in the declarations of expectations on events or future results. The information and opinions herein do not have to be understood as recommendation to potential investors. and no investment decision must be based on the veracity. the updated or completeness of this information or opinions. None of the Companys assessors or parts related to them or its representatives will have any responsibility for any losses that 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.
Contacts
Joo Batista Zolini Carneiro
CFO and IRO
Gustavo Werneck
IR Manager + 55 21 2211 2560 gustavo.souza@light.com.br
www.light.com.br/ri
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twitter.com/LightRI