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April 2013
Light Holdings
Light S.A. (Holding)
100%
100%
51%
100%
25.5%
100%
100%
100%
51%
20%
CR Z ongshen E-Power Fabricadora de Veculos S.A.
Lightger S.A.
21.99%
100%
100%
9.77%
51%
D is tribution
G enera tion
Rankings
Among the largest players in Brazil
INTEGRATED Net Revenues 2012 R$ Billion DISTRIBUTION Energy Consumption in Concession Area (GWh) - 2012
18.5
37,626
24,714
22,737
21,467
20,054
15,018
Cem ig
CPFL
Neoenerg ia
Copel
Lig ht
Lig ht
C elesc
5,560
2,658
2,241
2,219
2,012
E D P
877
Lig ht
Tra ctebel
AE STiete
D uke
C PFL
Shareholders Structure
BTG P ACTUAL
1 4 .2 9 % 2 .7 4 %
S ANT AND ER
2 8 .5 7 % 5 .5 0 % 2 8 .5 7 % 5 .5 0 % 2 8 .5 7 % 5 .5 0 %
F IP R ED ENTOR
7 5 % 1 9 .2 3 %
CEMIG
11 Board members: 8 from the controlling group, 2 independents e 1 employees nominated A qualifying quorum of 7 members to approve relevant proposals such as: M&A and dividend policy
VOTOR ANTIM
2 5 % 6 .4 1 %
BANCOD O BR AS IL
P AR A TI
2 5 .6 4 % * 9 6 .8 1 % 1 0 0 %
MINOR ITY
3 .1 9 % 0 .4 2 %
F IPLUCE
1 0 0 % 1 3 .0 3 %
F OR EIG N
5 7 .7 8 %
NA TIONAL
4 2 .2 2 %
CEMIG
2 6 .0 6 %
R ME
1 3 .0 3 %
Controller Group 52,1%
LEPS A
1 3 .0 3 %
B ND ES P AR
1 3 .4 6 %
MAR K ET
3 4 .4 1 %
F re eF loat 47,9%
Corporate Governance
General Assembly Fiscal Council Board of Directors
Finances Committee
Auditors Committee
Chief Executive Officer
Paulo Roberto R. Pinto
Management Committee
Chief HR Officer
Andreia Ribeiro Junqueira
LGSXY
ADR-OTC
Distribution Business
6th largest energy distribution company in Brazil (2011)
LIGHT
4.1 million clients (serving 10 million people) Energy sales (2012) 23,384 GWh 70% of the consumption of Rio de Janeiro state (Brazils 2nd GDP)
6
Energy Consumption
Distribution Year
Outros Cativos
23,38 4
27,5
21,49 2
22,38 4
22,93 2
15%
With the consumption no longer billed by the change in criteria, the total energy 2009 consumption increase in 2010 the concession area 2011 would be 3.0% over 2011.
2012
Industrial 7%
25,5
23,5
25.0 C
24.5C
21,5
24.0 C
24.3 C
19,5
17,5
2009 2009
2009
2010 2010
2010
Comercial
2011 2011
2011
2012 2012
2012
Commercial 29%
Residential 35%
29%
15,5
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 YEAR
+2.0%
22,932 3,056
+9.1%
23,384
-3.2%
3,330
8,418
8,149
-0.5%
6,967 657
7,599 743
+3.0%
20,05 4
3,944
185 3,417
2,21 3 1,73 1
2011 2011 2012 2012 2011 2011
2,396 1,528
2012 2012
2011 2011
2012 2012
2011 2011
2012 2012
RESIDENTIAL
INDUSTRIAL
COMMERCIAL
OTHERS
TOTAL
CAPTIVE
FREE
Events Schedule
Period 2012-2014
Oil R$ 107.7 bn 50.9% Tourism R$ 1.8 bn 0.9% Others R$ 1.9 bn 0.9% Olimpic Facilities R$ 8.6 bn 4.1% Transformation Industry R$ 40.5 bn 19.1% Infrastructure R$ 51.0 bn 24.1%
Jun, 15 to 30/2013 Jul, 23 to 28/2013 Jun, 12 to Jul, 13/2014 Aug, 5 to 21/2016 Sep, 7 to 18/2016
Nestl (3MW)
Coquepar (42MW) Procter & Gamble (10MW) Alpargatas (ND) Petrobras (15MW) CSN (100MW) Gerdau (30MW) Usiminas (20MW) LLX (40MW) Base Naval(25MW) Hotel Comfort (3MW)
Reluz (ND) Embelleze (5MW) RHI (5MW) Lavazza (3MW) Ajebras Centro (5MW) Tecnolgico Fundo (ND) Shopping Village Mall (7MW) Edifcio Tishman Speyer (5MW) Expanso Via Parque (2MW) Casa Granado (3.5MW) Hospital So Lucas 10
Rio de Janeiro
Bio Manguinhos (ND) Hermes (3MW) Votorantin (ND) Ongoing (ND) Bunge (ND) AMBEV (2MW) GE (6MW) Shop. Metropolitano
Maracan (ND) Porto Maravilha (ND) Morar Carioca (ND) Aeroporto Tom Jobim (5MW) Estaleiro Inhauma (ND) Atento (2MW) Expanso Nova Amrica (4MW)
97.4%
98.0 %
94.3 %
96.4%
101.0 %
98.8 %
102.6 %
102.5%
Total Total
Retail Varejo
2011 2011
2012
2012
11
Losses
12 months
Reflects exclusion of long term delinquent customers from the billing system, according to Resolution 414 by Aneel.
42.4 %
42.1 %
41.8 %
41.6 %
41.3 %
40.7 %
40.4 %
41.2 %
42.2 %
43.1%
45.4 %
33.3%
7,549
7,544
7,493
7,543
7,619
7,627
7,582
7,665
7,838
8,047
5,352
5,330
5,278
5,312
5,326
5,229
5,247
5,316
5,457
5,615
6,097
2,197
2,214
2,215
2,231
2,293
2,328
2,335
2,349
2,381
2,432
2,529
Jun/10 40695
Sep/10 40787
Jun/11 41061
Sep/11 41153
Dec/11 41244
Mar/12
Jun/12
Sep/12
Dec/12
12
Actual grid
Medium voltage
Shielded grid
Medium voltage Centralize d meter
Low voltage 9m
Low voltag e
3m
Mechanic al Meter
Display
13
38
110
Monitoring,
reading, cutting and reconnection of customers telemetry MCC (Measuring Center Centralized) aggressiveness to the network
72
2010 2010 2011 2011 2012 2012
CENTRALIZED (LANDIS GYR. CAM and ELSTER)
2012
14
15
16
17
OTHER EFFECTS (BY-PRODUCTS): BAD DEBT PROVISION REDUCTION OPERATIONAL COSTS REDUCTION
18
19
Alemo Batan
Macacos AndaraSalgueiro Formiga S. Marta Borel Tabaj. e Casabranca e Cabr. Cantag. e Pavoz. Mang. e Babil.
64.7 thousand clients inside pacified communities with new meters and network
Cidade de Deus
20
GENERATION BUSINESS
Installed Capacity
868 MW
51% 100%
SHP Paracambi 13 MW
Paraiba do Sul River
100%
HPP Santa Branca
Lajes Complex
SP
RJ
100%
100%
100%
22
535 25 228
535 25 259
535 25 267
535 25
535 25
535 25
535 25
272
282
282
282
282
251
243
238
228
228
228
2013
135
2014
148
2015
151
2016
155
2017
157
2018
157
2019
157
2020
157
2021
157
Hedge
Available Energy
Hedge
23
Generation Expansion
RJ
HPP Itaocara
Installed Capacity: 151 MW The construction is to be started by the end of 2012. Commercial Operational Start: 2nd half of 2015. Preliminary License already issued.
SHP Lajes
Installed Capacity: 17 MW The construction is to be started by the 2nd half of 2012. Operational Start: 2nd half of 2014; Installation License already issued.
24
Renova
Shareholder Structure
December 2012
FIP Santa Barbara Others 6.1% FIP Caixa Am biental 4.0% 7.1% Santander 3.0% InfraBrasil 15.2% RRParticipaes RR Participaes 21.99%
21.99%
Controlling Shareholders
64.6% CS Light 32.3% CS 0% PS RR Participaes 32.3% CS 0% PS
By the middle of 2011, Light signed an investment agreement of $360 million and the PPA (Power Purchased Agreement) of 400MW of installed capacity to have 25.9% stake at Renova. This year BNDESPAR is becoming a shareholder after a capital increase in Renova. Light keeps a 21.99% stake.
BNDESPAR 12.1%
Light 21.99%
Light 21.99%
Auctions Performance The biggest winner in the Reserver Energy Auction of 2009 The biggest winner in the Reserver Energy Auction of 2010 2nd largest winner in the Auction A-3 of 2011 Companys Portfolio 41.8 MW of SHPs in operation under the PROINFA contract 294.4 MW of wind energy under construction to start the operation in Jul/2012 808.3 MW of contracted wind energy to be delivered between 2013 until 2017 Pipeline 5.8 GW under development Projects in the same area providing synergies and scale gains
Location
Wind Farms Inventory (SHPs) Basic Projects (SHPs)
(1)
25
Renova - Contracts
Contract Sites Term (years) Index Operation Startup (Estimate d) Install ed Capac ity (MW) Average Load Factor (%) Estimated Energy (MW average) CAPEX /MW installe d (R$ MN) Loan Tariff (R$/M W)
SHPP
20
IGPM
41.8
61.3
24.2
4.901
BNB Contracted
182.06
LER 2009
14
20
IPCA
293.6
50.8
148.9 (*)
3.996
BNDES Contracted
160.65
LER 2010
20
IPCA
162.0
52.7
86.8 (*)
3.878
BNDES Eligibility
130.76
Y-3 2011
IPCA
Mar 2014
212.8
50.5
108.1 (*)
3.245
BNDES Eligibility
100.91
Y-5 2012
20
IPCA
Jan 2017
22.4
90.07
PPA Light 1
10 (E)
20
IPCA
Sep 2015
200.0
50.5(E)
100 (E)
3.245
PPA Light 2
10 (E)
20
IPCA
Sep 2016
200.0
50.5 (E)
100 (E)
3.245
26
Assured Energy (Average MW) 4,571 MW Reservoir 516 Km Flooded area/generation ratio of 0.05 Km/MW 5,000 families affected Estimated project cost (April 2010) R$ 25.8 billion
49.0% CS 100.0% PS 74.5% of total stock 51.0% CS 0.0% PS 25.5% of total stock Amaznia Energia Participaes S.A 9.77% Norte Energia S.A (Belo Monte)
Other Informations:
Amaznia Energia will own 9.77% of the enterprise. Construction works estimated to take 9 years. Transaction does not affect Light s dividend flow
BNDES loan ensures leverage at low cost on favorable terms. Tender 30 years, fixed installments. 85% of items financiable. PSI line.
Amaznia Energias equity in the project estimated at R$ 150 million (Apr. 2010), to be disbursed over 6 years. Expansion of generation portfolio: Increases Lights total generation portfolio by 280 MW
27
Guanhes
TOTAL CAPEX R$ Million
PCH Installed Capacity (MW) Assured Energy (MWaverage) ANEEL Authorization Operation - Start up Authorization Term Dores de Guanhes 14 8 11/22/2002 Dec/13 Senhora do Porto 12 6.77 10/08/2002 Dec/13 Jacar 9 5.15 10/29/2002 Feb/14 Fortuna II 9 5.11 12/21/2001 Oct/13 Total 44 25.03
269.2 60.2
Light Energia GT
Equity
57.8Cemig 151.2
Debt
BNDES
28
Considering 51% stake Considering 21.9% stake Considering 2.5% stake * 9 MW SHP + 65 MW Wind Farm (since jul/12)
Capacidade (+ ) PCH (+) (+ ) Renova Capacidade Renova Paracambi Capacity Capacity Light Paracam bi Atual Energia
Installed
(+) SHP
Current
(+) HPP Capacity After Belo (+ ) Itaocara (+) (+ )Renova Renova (+) (+ ) Belo (+) Guanhes (+ ) Capacidade Itaocara Expansion Monte Monte Guanhes aps expanso
29
RESULTS
Net Revenue
NET REVENUE BY SEGMENT (2012)* NET REVENUE (R$MN)
Commercialization
4.1% +9.6%
Generation
6.3%
Distribution
89.6%**
6,944. 8 794.7
7,613. 1 669.3
* Eliminations not considered
+19.2
12.9%
1,815. 1 237.8
24.5%
2,162. 9 199.3
1,963. 6
6,150. 1
6,943. 8
1,577. 3
Residential
41.1%
4Q11 4T11
4Q12 4T12
Others (Captive)
12.6%
Industrial
6.8%
Commercial
30.1%
31
4T12
1,258.9
1,103.4
Manageable (distribution): R$
1,103.4 (18.5%) R$ MN PMSO Provisions
PCLD Contingencies
4T11 4Q11
4T12 4Q12
2011 2011
2012 2012
11.1% -46.7%
-4.4% -12.4%
32
EBITDA
CONSOLIDATED EBITDA (R$MN)
+17.7%
1,456.2 1,237.8
+49.5%
Distribution 75.2%
(EBITDA Margin: 17.4%)
483.9 323.6
Ge ra 22 o; ,55 %
Commercialization 1.9%
(EBITDA Margin: 9.5%) *Eliminations not considered
Generation 23.0%
(EBITDA Margin: 76.4%)
4T11 4Q11
4T12 4Q12
2011 2011
2012 2012
33
EBITDA
EBITDA 2011 / 2012 (R$ MN)
+ 34.5% + 17.7% 794 381 1,325 87 1,238 (706) (175) (75) 1,456
325
1,782
EBITDA 2T11
Receita Lquida
Net NonManagable Provisio operational/ Revenu Managable Costs ns revenues e Costs (PMSO)
EBITDA 2T12
34
Net Income
ADJUESTED NET INCOME 2011 / 2012 (R$ MN) Lucro Lquido eLucroLquid o Ajus tado 2011/2012- R $ Milhes + 59.9% + 24.0% 215 218 399 58 6 34 2 (85) (57) 424 639
EBITDA Ativos e EBITDA Ajustado Passivos 2T11 LLAjustado Ativos e 2011 2T11 Regulatrios Adjusted Regulatory 2011
Receita Lquida
Custos No Custos Gerenciveis Gerenciveis EBITDA Resultado Impostos EBITD Financial (PMSO) Taxes
Provises
Financeiro Result
Outros Others
EBITDA 2T12
2012 2012
Ativos e EBITDA Passivos Ajustado Ativos e LL2T12 Ajustado Regulatrios Adjusted Regulatory
35
Dividends
8.2% 4.2% 9.9% 1.7% 8.1% 8.1% 6.1% 3.4% 3.3% 5.4% 2.4%
4 0 8
100% 100% 76.3% 81.0% 100.0% 86.5%
4 3 2 3 6 3 3 5 1
3 5 1
2 0 3
50%
2 5 7 3 5 1 4 0 8 1 8 7 4 3 2 2 0 5 3 6 3 3 5 1 8 7 1 1 8 1 8 2 1 7 0 1 8 2 8 7 9 2 9 2
2 0 3
1 8 7
2007
2008 Payout
* 2009
2010
2011
2012
1 S 0 8 2 S 0 8 1 S 0 9 2 S 0 9 1 S 1 0 2 S 1 0 1 S 1 1 2 S 1 1 1 S 1 2 2 S 1 2 1 S 1 3
Dividends Intereston Equity Dividend Yeld*
*Based on the closing price the day before the announcem ent.
36
Indebtedness leverage
Net Debt (R$ MM) and Net Debt / EBITDA
Investment Grade (brA) Rating (brA + ) Rating (Aa2.br) Rating (AA-(bra)) Dec/11
4,273 3,383
2.7
2.9
1.1
1.2
1.2
2008 2008
2009 2009
Net Debt
2010 2010
2011 2011
Net Debt/ EBITDA
2012 2012
37
Custo Real
Indebtedness
The pre payment of R$ 375 million in October reduced the cost of debt and extended the amortization schedule NET DEBT
4,273.1 671 784 886
1,796
3,383.2
3T10
2010
2009
2010
11.03%
2013 2013
* Principal only
2014 2014
2015 2015
2011
Custo Real
4.87%
TJLP 25.1%
5.30%
2009 2009
2007
2012
38
Investments
CAPEX (R$ MN)
Com bat Perd e s $ 19 as 9,8
796.8 102.7 181.8 774.8 518.8 694.1
2012 9M11
928.6
563.8 116.9
446.9
Others 206.8
2012
9M12
39
os ,8
da
700.6
153.8
Progress in the Technology Program New network and meters in the pacified favelas Smart metering development Zero Losses Area Program
Listed in Novo Mercado of Bovespa; Board Committees very active Included in the Sustainability Index (ISE) of Bovespa for the sixth year.
Investment in Renova. Belo Monte and Guanhes (total of 477 MW) SHP Lajes under construction. HPP Itaocara
Sound Dividend Policy: minimum 50% of net income; Average payout since 2007: 91%
40
Regulatory Framework
The Provisional Measure 579 was enacted on September 11, 2012 and thereafter converted into Law 12,783 providing for electric power concessions, reduction of sector charges and reasonable tariffs which although these have not directly affected Light, as its concessions will expire only in 2026, resulted in the following developments: on January 24, 2013, Resolution issued by Aneel approved an average reduction of 19.63% in Light SESAs tariffs. For residential consumers (low voltage), the reduction was 18.10%. The measure will have no impact on the companys result or cash flow since it reflects an equal reduction in costs. on the same date, the distribution of power plants energy quotas was ratified, which had their concession renewed: (i) but lower to the distribution companies contracting needs, thus, causing an involuntary exposure, and only for Light it accounted for average 156 MW; and (ii) made distribution companies to start sharing the hydrological risks, which before was only supported by generation companies As of October 2012, an adverse hydrological situation was characterized in Brazils electricity sector, the basis of which is mainly hydric, enforcing the System National Operator to dispatch all the thermal power plants available in the system, thus significantly rising the costs of distribution companies by increasing fuel expenditures in availability agreements, increasing System Service Charges due to energy security and acquisitions on the spot market in order to answer that involuntary exposure. 41
Regulatory Framework
On March 8, 2013, the federal government issued the Decree 7,945 preventing the coverage of nonmanageable costs related to thermal plant dispatch, involuntary exposure and hydrological risk not covered by the 2013 tariff, as follows: Eletrobrs will transfer the resources of Energetic Development Accout (CDE) directly to the concessionaires on the same dates and to the same accounts as the respective monthly transfers of the Electricity Trading Chamber (CCEE) financial guarantees. Aneel will publish the monthly dispatches with the amounts to be transferred by Eletrobrs via the CDE (energy development account). System Service Charge (ESS) The monthly transfer will be determined by the difference between the amounts settled in the CCEE and the tariff coverage defined in the last adjustment. Involuntary Exposure associated with the quotas The monthly CDE transfer will cover the difference between the difference settlement price (PLD) and the acquisition tariff of the repositioning amount recognized in Lights last tariff adjustment. Hydrological Risk -The net monthly amount settled in the CCEE will be transferred directly via the CDE. The remaining energy purchase and ESS costs not covered by the decree, assets and liabilities (CVA) to be determined in Lights November/13 Tariff Revision. including fuel costs of availability contracts not included on tariffs, will continue going towards the formation of the regulatory 42
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. 43
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
44