Results Conference Call
1st Quarter 2009
1Q09 Highlights
Captive Market: increase of 3.7% compared to 1Q08 Energy transported: billed demand to free customers grew 3.7% and to other distribution companies increased 6.1%
MARKET
EBITDA of R$ 349.6 millions is 13.5% higher Net income of R$ 168.3 millions: increase of de 60.6% Leverage Index: Net Debt/ EBITDA of 0.9 x
RESULTS
GENERATION
PCH Paracambi: Authorization for Removal of vegetation for the construction - Issued by the INEA ASV Beginning of the hiring of the PCH Lajes Executive Project and civil works of the tunnel 2
Load Factor (GWh) vs Temperature (C)
Actual Temperature
Average Historical Temperature
Market Energy Sales
5,502 681 ELECTRIC ENERGY CONSUMPTION (GWh) TOTAL MARKET (Captive + Free) 4,822
Captive 3.7% Free 1.6% - 13.7%
5,589 587
5,002
1Q08
1Q09
ELECTRIC ENERGY CONSUMPTION (GWh) CAPTIVE MARKET
3.7% 4,822 6.7% 2,027 2,163 3.2% -4.0% 451 433 1,533 1,582 1.6% 810 823 5,002
Residential
Industrial
Commercial 1Q08 1Q09
Others
Total
Market Billed Demand
BILLED DEMAND (GW) FREE CUSTOMERS AND DISCOS
5.2% 6.1% 3.7% 2,172 2,253 3,665 3,890 5,837 6,142
Free
Other Discos 1Q08 1Q09
Total
Note: To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand measured of free customers Valesul, CSN and CSA were excluded as the exit of these customers to the core network is planned.
Collection Rate and PDD
COLLECTION RATE (12 Months Average) 99.4% 98.2% 96.6% 3.3% 2.5% 2.9% PDD/GROSS REVENUES (Billed Energy)
Mar/08
Dec/08
Mar/09
1Q08
4Q08
1Q09
R$MM PDD
1Q08 60.3
1Q09 59.8
Variation (0.4)
Collection
30 Days Measurement
37 Billing
45 QUARTERLY COLLECTION RATE Due date 99.2% 96.8% 96.6%
Billing Faturamento
Collection Arrecadao
91.1%
1Q08
1Q09 Regular Lagged (D-30)
Months
Losses
LOSSES EVOLUTION (12 months) 20.64% 20.42% 20.79%
ENERGY INCORPORATION GWh 14.2 4.5
14.68% 5.96%
mar/08
14.36% 6.06%
dec/08
14.60% 6.19%
mar/09 Non technical losses
Pass-through in the tariff: 19.15%
216%
1Q08
1Q09
Technical losses
ENERGY RECOVERY GWh 40.1 22.8
76%
1Q08
1Q09
Net Revenues
NET REVENUES (R$MM) 1,438
9.3%
NET REVENUES PER BUSSINESS
Commercialization 1.2% Generation 4.9% Distribution 93.9%
1,316
1Q08
1Q09
DISTRIBUTION NET REVENUES 1Q09
Industrial 7% Others (Captive) 12% Network Use (TUSD) 6% Commercial 29%
Others 3%
Residential 43%
Operating Costs and Expenses
DISTRIBUTION MANAGEABLE COSTS (R$MM)
Non-manageable (distribution): 874.7 (74.4%) Manageable (distribution): 252.4 (21.5%)
272
-7.2%
252
1Q08
1Q09
*Does not consider eliminations
Generation and Commercialization: 48.2 (4.1%)
MANAGEABLE COSTS OF THE DISTRIBUTION BUSINESS
1Q08 1) PMSO1 2) Depreciation 3) Provisions TOTAL (1+2+3)
Does not include Profit Sharing
1Q09 (116.7) (70.1) (65.5) (252.4)
% -5.1% -3.5% -13.9% -7.2%
(123.1) (72.7) (76.1) (271.8)
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EBITDA
EBITDA (R$MM) 350 308
+13.5%
EBITDA PER SEGMENT* 1Q09
Distribution 86.8% Generation 12.4%
Commercialization 0.8%
*Do not consider eliminations
1Q08
1Q09
ACCUMULATED IN THE YEAR* - R$ MM
EBITDA Margin Distribution Generation Commercialization Consolidated 1Q09 22.8% 62.4% 16.3% 24.3% 1Q08 19.8% 71.5% 18.5% 23.4% Variation 3.0 p.p. -9.1 p.p. -2.2 p.p. 0.9 p.p.
*Do not consider eliminations
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Net Income
NET INCOME (R$ MM) 1Q09 57.2 41.6 104.8 60.6% -26.1
-9.2
168.3
1Q08
EBITDA
Financial Results
Taxes
Others
1Q09
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Investments
INVESTMENTS (R$MM) 97 80
-17.9%
1Q08
1Q09
R$ MM Losses combat Distribution network development Quality improvement (structure optimization and preventive maintenance) Generation maintenance New generation projects
1Q08 25.4 37.1 22.9 1.0 1,1
1Q09 19.1 35.0 10.7 2.2 3,1
variation (6.3) (2.1) (12.2) 1.2 2,0
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Indebtedness
NET DEBT EVOLUTION 1,580 1,430 AMORTIZATION* MAR/09 (R$ Million)
Maturity: 4.4 years
1.1
0.9 115 259
2010
168
2011
369
2012
434
2013
476
2014
286
After 2014
Dec/08
Mar/09
2009
* Principal Only
DEBT COST EVOLUTION 12.85% 13.97%
TJLP 22.3% US$/Euro 3.8%* CDI/Selic 73.9%
12.17%
12.00%
9.42% 7.39%
2006 2007 Nominal Term
7.62%
2008 Real Term
6.05%
1T09
* Includes Hedge
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Contacts
Ronnie Vaz Moreira
CFO and IRO
Ricardo Levy
Financial and IR Superintendent + 55 21 2211 2814 ricardo.levy@light.com.br
Cristina Guedes
IR Manager + 55 21 2211 2560 cristina.guedes@light.com.br
www.light.com.br
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Forward-Looking Statement
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international securities. 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.
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