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Highlights
Consumption grew 3.7% compared to 1Q12, manly driven by the residential and commercial segments whch increased its consumption by 3.2% and 7.8%; Collection rate (LTM) for the first quarter reached 101.0%, 600 bps above the 1Q12; Non-tecnical losses for the past 12 months was of 44,9%, a reduction of 50 bps in comparison with december/2012; In 1Q13, investments amounted R$162.7 million, been R$ 127.0 million for the distribution segment.
OPERATIONAL
6.9% increase in Net Revenue (without construction revenue) reaching R$ 1,883.1 million in the 1Q13; R$ 355,1 million EBITDA in 1Q13, wich represents a 18.1% decrease, as a consequence of the higher cost with energy purchase for distribution; R$ 78.6 million of net Income in the first quarter, a decrease of 43.8% over 1Q12. Adjusted by CVA, it reaches R$ 145.4 million, 4.8% above 1Q12. Net Debt of R$ 4,031.4 million, with a multiple for covenants at 2,73x. CDE transfers to the distributors to neutralize, since January/2013, the exposure to the spot market, the hydrological risk and the additional cost from thermal power plants dispatch;
RESULTS
Decree 7,945/13 R$ 428 million were recognized as a reversal of non-manageable costs (Parcel A), whereas R$ 171
million were received in April and R$ 257 million in May, regarding the 1Q13 accountings.
Energy Consumption
Distribution Quarter
TOTAL MARKET (GWh)
+1.8% +3.7%
6,087
6,291
6,180
Others
28.3C
27.8C
26.9C
27.0C
With the consumption no longer billed by the change in criteria, the total energy consumption increase in the concession area would be 5.3% over 1Q12.
Com e rc
1Q10 1T10
1Q11 1T11
1Q12 1T12
1Q13 1T13
1Note: 1T10 To
preserve1T11 comparability 1T12 in the market 1T13 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
+3.7%
6,180
6,407
+3.2% +7.8%
835
2,348
1.877 2,091
214 962
-3.7% +3.7%
5.572
927
932 49
1,748
1,877
561 401
568 359
1T13 1Q13
882
1T12 1Q12
1T13 1Q13
1T12 1Q12
1T13 1Q13
1T12 1Q12
1T12 1Q12
1T13 1Q13
1T12 1Q12
1T13 1Q13
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
OTHERS
TOTAL
CAPTIVE
FREE
Collection
COLLECTION RATE 12 MONTHS
100.2%
104.7% 99.2%
100.6%
97.2%
97.7%
99.5%
Total Total
Retail Varejo
1T12
Mar/12 mar-12
Mar/13 mar-13
1Q12
1Q13
Loss Prevention
LOSS (12 MONTHS)
45.4%
42.2% 43.1% 32.9% 19.7 7,665 7,838 8,047 8,584 8,647 44.9%
+87.3%
41.2%
1T12
5,316
5,457
5,615
6,007
6,029
1Q12 mar-12
1Q13 mar-13
1T13
INCORPORATION GWh
2,349 Mar/12
mar/ 12
2,381 Jun/12
jun/ 12
2,432 Sep/12
s et /12
2,577 Dec/12
dez /12
2,618
+231.9%
23.9
Mar/13
mar/ 13
7.2
1Q12 mar-12
1T12
1Q13 mar-13
1T13
Favelas
Losses Conclusion Year Before Current Santa Marta 2009 95,00% 8,22% Cidade de Deus 1 2010 52,10% 14,45% Chapu Mangueira 2010 62,70% 14,75% Babilnia Cabritos 2011 62,30% 12,47% Tabajaras Formiga 2011 73,30% 9,37% Batan 2012 61,80% 10,66% Borel 2013 60,50% 31,06% Areas Collection Before Current 0,20% 99,13% 23,10% 78,30% 16,20% 101,46% 5,40% 99,51% 1,40% 96,25% 9,50% 96,99% 31,40% 84,62% 1,20% 93,88% 9,40% 79,10%
* Reflects the results accumulated until mar/13 since the begining of the implementation of each APZ.
Average losses reduction : 49.5 p.p. Average Collection increase : 80.4 p.p.
Average losses reduction: 23.0 p.p. Average Collection increase: 14.5 p.p.
Net Revenue
NET REVENUE BY SEGMENT (1Q13)*
NET REVENUE (R$MN)
+7.5
Commercialization
8.6%
Generation
7.1%
Distribution
84.0%**
1,898.7
137,4
2,040.0
157,3
* Eliminations not considered
+6,9%
1,761.3
1,883.1
Residential
45.1%
Others (Captive)
11.7%
Industrial
5.5%
Commercial
29.7%
333.1
317.1
1Q12 1T12
1Q13 1T13
EBITDA
; o ui 4% ,8 tr ib Dis %; 63 8 63,
433.4
-18.1%
355.1
Distribution 63.8%
; 4% 33, o; % 0 r a Ge 33,4
1Q12 1T12
1Q13 1T13
Commercialization 2.8%
(EBITDA Margin: 5.6%)
Generation 33.4%
EBITDA
EBITDA 1Q12 / 1Q13 (R$ MN)
+ 5.8% - 18.1%
122
431 (2) (175) (19) (7) (1) 433 42 101 355 456
EBITDA 1Q12
Receita Lquida
1Q12
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
1Q13
EBITDA 1Q13
Net Income
ADJUESTED NET INCOME 1Q12 / 1Q13 (R$ MN)
Lucro Lquido e Lucro Lquido Ajustado 1T12/1T13 - R$ Milhes
+ 4.8%
- 43.8%
139 (1)
140
67
145
79
EBITDA Ativos e EBITDA Ajustado 2T11 LL Ajustado Ativos e 1T12 Adjusted Net Passivos Regulatory 1Q12 2T11 Regulatrios 4T11 passivos Income Assets and Regulatrios 1Q12 Liabilities
Receita
EBITDA Ativos e EBITDA 2T12 Passivos Ajustado 1T13 Ativos e LL Ajustado 1Q13 Regulatory Adjusted Net Regulatrios 2T12 passivos 4T12 Assets and Income Regulatrios Liabilities 1Q13
Indebtedness
Custo Real
NET DEBT
Without Pension Fund
3,991.9 1 2.83
4,031.4
2.73
357
20 09
20 10
Mar/13 9M10
Custo Real
3T10
Dec/12 9M09
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 After 2022
* Principal only
mar/13 Others
US$/Euro 16.2% 2.0%
11.08%
Custo Nominal
11.03%
8.21% 2.24%
4.87%
4.25%
CDI/Selic 57.5%
2010 2007
1
2011 2008
Mar/13 set/10
Custo Nominal
2009
Nominal Cost
*ConsideringHedge
Custo Real
2011 2012
Investments
CAPEX (R$ MN) CAPEX BREAKDOWN (R$ MN) 1Q13
Develop. of Distribution System 51.6 Commerc./ Energy Eficiency 26.1
+13.9%
116.9
181.8 774.8 518.8 694.1 142.9 11.7 131.2 2011 2011 2009 2011 2012 2012 9M11 2010 1Q12 162.7 35.8 127.0 1Q13
446.9
9M12 2011
9M11
9M12
Regulatory Framework
On March 8, 2013, the federal government issued the Decree 7,945 preventing the coverage of part of the non-manageable costs not covered by the 2013 tariff, through the resources transferred from the Energetic Development Accout (CDE) for the following costs: System Service Charge (ESS) The monthly transfer will be determined by the amounts settled in the CCEE. Involuntary Exposure associated with the quotas The monthly CDE transfer will cover the difference between the difference settlement price (PLD) and the 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. It is worth mentioning that the amounts approved for Light reflect the methodology approved by Aneel on May 6th, 2013.
291.9
+ 31.9%
215.3
136.3
177.9
79.0
52.8 46.1
1T13 sem 1Q13 decreto Without Decree CDE CDE transfer
52.8 46.1
1T13 1Q13
Itaipu
ESS
Transport
Other Charges
Event
Aneel forwards first proposal (without remuneration and depreciation) to the concessionary and to the consumers representatives Internet presentation of the Tariff Review Porposal prepared by Aneel Regulatory Asset Base fiscalization Public Hearing
October 03
October 24 November 07
Aneel forwards new proposal consolidated to the concessionary and to the consumers representatives
Aneel Board Meeting Periodic Tariff Review Date
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
www.facebook.com/lightri
twitter.com/LightRI