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7/30/2019 Light corporate presentation Bradesco
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Bradesco BBI Energy and Power ConferenceJune 2009
Bradesco BBI Energy and Power ConferenceJune 2009
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Light S.A.Light S.A.
2
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Corporate StructureCorporate Structure
3
52.1%]
Total shares: 203,934,060
Market Value: R$ 5.0 billion (as of May 15, 2009)
25.0% 25.0% 25.0% 25.0%
!"#
100.0%
33.6% 6.6% 7.7%
52.1%]
Total shares: 203,934,060
Market Value: R$ 5.0 billion (as of May 15, 2009)
25.0% 25.0% 25.0% 25.0%
!"#
100.0%
33.6% 6.6% 7.7%
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3.9 million clients (attending over 10 million people)
Energy sales (2008) 23,698 GWh
70% of the consumption of Rio de Janeiro state (Brazils 2nd GDP)
4th largest energy distribution company in Brazil4th largest energy distribution company in Brazil
Distribution BusinessDistribution Business
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Energy SalesEnergy Sales
DistributionDistributionELETRIC POWER CONSUMPTION
(GWh)
5
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3.7%
1.6%
6.7%
-4.0%
3.2%
1.6%
3.7%
- 13.7%
MarketMarket
EnergyEnergy SalesSales
ELECTRIC ENERGY CONSUMPTION (GWh)
TOTAL MARKET (Captive + Free)
ELECTRIC ENERGY CONSUMPTION (GWh)
CAPTIVE MARKET
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3.7%
6.1%
5.2%
MarketMarket
BilledBilled DemandDemand
ELECTRIC ENERGY DEMAND (GW)
Note: To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demandmeasured of free customers Valesul, CSN and CSA were excluded as the exit of these customers to the basic network isplanned. In 1Q08, energy consumption of these customers totaled 662 GWh and demand was 2,794 GW.
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8
COLLECTION INDEX
(12 MONTHS AVERAGE)
Collection Rate EvolutionCollection Rate Evolution
COLLECTION BY SEGMENT
(12 MONTHS AVERAGE)
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LossesLosses combatcombat
Pass-throughin the tariff: 19.15
216%
76%
LOSSES EVOLUTION (12 months)
ENERGY INCORPORATION
GWh
ENERGY RECOVERY
GWh
15.95
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Installed capacity 855 MWInstalled capacity 855 MWInstalled capacity 855 MW
Generation BusinessGeneration Business
855 MW of installed capacity
5 power plants and 2 pump stations
537 MW average of assured capacity
855 MW of installed capacity
5 power plants and 2 pump stations
537 MW average of assured capacity
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LightLights generation businesss generation business
ReRe--pricing of existing energypricing of existing energy
GENERATION
Assured energy: 537MW average
11
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+ 50%
* Corresponds to 51% Lights stake in each project.
LightLights new generation projectss new generation projects
Strategy of growing in generationStrategy of growing in generation
SHP Paracambi - Installation license authorizing thebeginning of construction works was granted
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New Generation ProjectsNew Generation Projects
SHPParacambi
SHPParacambi 25 MW
25 MW 21.5 MW21.5 MW 20112011- Finishing EPC Contract
- All environmentallicenses obtained
- Finishing EPC Contract- All environmentallicenses obtained
SHPLajes
SHPLajes 18 MW
18 MW 15 MW15 MW 20112011Tunnel 2
construction
Tunnel 2construction
HPPItaocara
HPPItaocara 195 MW
195 MW 110 MW110 MW 20132013Developing environmental
studies and BasicEngineering project
Developing environmentalstudies and Basic
Engineering project
OtherProjectsOtherProjects > 300 MW> 300 MW To be announced untilDecember 2010To be announced untilDecember 2010
ProjectsProjectsInstalledInstalledCapacityCapacity
AssuredAssuredEnergyEnergy
Start upStart upEstimativeEstimative StatusStatus
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ResultsResults
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CAGR +4.3%
NET REVENUES EVOLUTION (R$ MM)
Net RevenuesNet Revenues
9.3%
NET REVENUES PER SEGMENT
15
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MANAGEABLE COSTS EVOLUTION
(R$ MM)
-36.3%
Costs and ExpensesCosts and Expenses
-7.2%
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1 Pro forma: does not consider profit sharing costs
EBITDA (R$ MM)* and EBITDA Margin
EBITDA EBITDA Margin
EBITDA 1Q09 - R$ MM
EBITDA EBITDAMargin
Distribution 312.8 22.8%
Generation 44.7 62.4%
Commercialization 2.9 16.3%
EBITDA per segment*
1Q09
Financial ResultsFinancial Results
EBITDAEBITDA
+13.5%
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InvestmentsInvestments
MAIN INVESTMENTS
R$ MM 1Q08 1Q09 variation
Losses Combat 25.4 19.1 (6.3)
Distribution network development 37.1 35.0 (2.1)
Quality improvement (structureoptimization and preventive
maintenance)22.9 10.7 (12.2)
Generation maintenance 1.0 2.2 1.2
New generating projects 1.1 3.1 2.0
INVESTMENTS (R$MM)
51.1%
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NET INCOME (R$ MM) DIVIDENDS AND DIVIDEND YIELD*
*Based on the closing price of the previous day to the announcement
8.3%
4.1%
8.2%
9.7%
Dividendspaid
Dividend YieldDividendsto be paid
Financial ResultsFinancial Results
60.6%
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(1) Net Debt = Total Debt (excludes pension fund liabilities) - Cash
IndebtednessIndebtedness
NET DEBT (R$ MM) and NET DEBT/ EBITDA
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* Principal only
Maturity: 4.4 years
AMORTIZATION* MAR/09 (R$ mn)
*Considering Hedge
DEBT COST EVOLUTION
IndebtednessIndebtedness
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Shares PerformanceShares Performance
103% Light
32% Ibovespa
65% IEE
R$/share08/10/06 11.6705/14/09 23.68
2008IEE -12%IBOV -41%LIGT3 -14%
2009IEE 28%IBOV 32%LIGT3 20%
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ContactsContacts
Ronnie Vaz MoreiraCFO and IRO
Ricardo LevyFinancial and IR Superintendent
+ 55 21 2211 [email protected]
Cristina GuedesIR Manager
+ 55 21 2211 [email protected]
www.light.com.br
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AnnexAnnex
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LoadLoad ((GWhGWh)) vsvs TemperatureTemperature ((C)C)
25
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Tariff Review 2008 x 2003Tariff Review 2008 x 2003
24%
GROSS RAB (R$MM)
23%
NET RAB (R$MM)
22%
REFERENCE COMPANY (R$MM)
13%
REGULATORY EBITDA (R$MM)
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Tariff Review 2008 x 2003Tariff Review 2008 x 2003
MARKET GROWTH AND X FACTOR
3.18 p.p.
REGULATORY LOSSES (% grid load)
0.4 p.p.
DELIQUENCY (%)
Market Growth X Factor (Xe)
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Important NoticeImportant Notice