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    Presentation - 4Q11 and 2011 Results

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    LightRI
    The document summarizes the results of an energy company for 2011. It saw consumption growth of 2.5% driven by commercial and residential segments. Non-technical losses decreased to 40.5% and CAPEX increased 32.5% to $928.6 million. Net revenues grew 3.3% to $6,150.1 million while EBITDA decreased 21.5% to $1,243.6 million and net income fell 46% to $310.6 million. The company also acquired a 51% stake in Guanhães Energia for $25 million.

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    Presentation - 4Q11 and 2011 Results

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    LightRI
    11 views14 pages
    The document summarizes the results of an energy company for 2011. It saw consumption growth of 2.5% driven by commercial and residential segments. Non-technical losses decreased to 40.5% and CAPEX increased 32.5% to $928.6 million. Net revenues grew 3.3% to $6,150.1 million while EBITDA decreased 21.5% to $1,243.6 million and net income fell 46% to $310.6 million. The company also acquired a 51% stake in Guanhães Energia for $25 million.

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    The document summarizes the results of an energy company for 2011. It saw consumption growth of 2.5% driven by commercial and residential segments. Non-technical losses decreased to 40.5% and CAPEX increased 32.5% to $928.6 million. Net revenues grew 3.3% to $6,150.1 million while EBITDA decreased 21.5% to $1,243.6 million and net income fell 46% to $310.6 million. The company also acquired a 51% stake in Guanhães Energia for $25 million.

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    11 views14 pages

    Presentation - 4Q11 and 2011 Results

    Uploaded by

    LightRI
    The document summarizes the results of an energy company for 2011. It saw consumption growth of 2.5% driven by commercial and residential segments. Non-technical losses decreased to 40.5% and CAPEX increased 32.5% to $928.6 million. Net revenues grew 3.3% to $6,150.1 million while EBITDA decreased 21.5% to $1,243.6 million and net income fell 46% to $310.6 million. The company also acquired a 51% stake in Guanhães Energia for $25 million.

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    of 14

    Results Conference Call

    2011

    Highlights
    Consumption Growth of 2.5% compared to 2010, driven by good performance of the commercial (4.3%) and residential classes (2.1%).

    OPERATING PERFORMANCE

    Reduction of losses for the seventh consecutive quarter. In December/11, the non-technical losses index reached 40.5% on the low voltage market billed. Increase on 32.5% of CAPEX, reaching R$ 928.6 million in 2011.

    Growth of 3.3% in Net Revenues (without construction revenue), which reached R$ 6,150.1 million in 2011.

    RESULTS AND M&A

    Costs of PMSO from Distribuition segment with increase of 1.4% in 2011, lower than inflation. EBITDA was R$ 1,243.6 million in 2011, down 21.5% over 2010 Net Income of R$ 310.6 million in 2011, down 46.0% over 2010 . Acquisition of 51% of the shares of Guanhes Energia SA in the amount of $ 25 MM.

    Cash balance of R$ 780.7 million in December/11, compared with R$ 525.2 million in December/10.

    CAPITAL STRUCTURE

    Dividends proposal (Board of Directors Meeting 03/02) of: R$ 181.5 million. Payout of 100% in 2011. Net debt of R$ 4.671,5 million, including pension fund - Braslight, with net debt / EBITDA (w/out provision) of 2.9x.

    Energy Consumption
    Distribution
    ELECTRICITY CONSUMPTION TOTAL MARKET (GWh) - Year
    +3.1% a.a
    +2.5%

    LIVRE

    20,928
    27,5 25,5 23,5 21,5 19,5 17,5 15,5 2008

    21,491

    22,384

    22,932

    14,9%

    OUTROS 14.9%

    13,3% 13.3%

    INDUSTRIAL 7.5%

    7,5%

    23.8 C

    25.0 C

    24.5 C

    23.9 C

    COMERCIAL
    Srie1 27,5% 27.5%

    RESIDENCIAL 36.7%

    36,7%

    2008

    2009

    2010
    2010

    2011
    2011

    Industrial

    Residencial

    Comercial

    outros

    Livre

    2009

    Note: 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 core network.

    Total Market
    ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET - YEAR
    +2.5%

    16,729

    17,259

    2.924
    +2.1% +4.3%

    3.056

    8,243

    8.418
    -0.0%

    6,679 523

    6,967
    +2.5%

    19,459

    19,877

    657 3,516 3,603 185 3,417

    3,945

    3,944 6,157 6,310

    2,228
    1,717

    2,213
    1,731

    174 3,342

    2010 2010

    2011 2011

    2010 2010

    2011 2011

    2010 2010

    2011 2011

    2010 2010

    2011 2011

    2010 2010

    2011 2011 TOTAL

    RESIDENTIAL

    INDUSTRIAL

    COMMERCIAL

    OTHERS

    CAPTIVE

    FREE

    Collection

    COLLECTION RATE BY SEGMENT YEAR


    107.1%

    PDD / GROSS REVENUE

    97.9% 97.4%

    94.1%

    94.3%

    100.8%

    101.0%

    102.6%

    3.2%

    3.2%

    3.1%

    Total Total

    Retail Varejo
    2010 2010

    Large Grandes Clientes Customers


    2011

    Public Sector Poder Pblico

    2009 2009

    2010 2010

    2011 2011

    2011

    Loss Prevention
    LOSS (12 MONTHS)
    41.8% 41.6% 41.3% 40.7% 40.5% 178.2 35.1% 7,493 7,543 7,619 7,627 7,591

    RECOVERY GWh
    -12.0%

    169.3

    5,278

    5,312

    5,326

    5,299

    5,256

    2010 1S10 2010

    2011 1S11 2011

    2,215 Dec/10

    2,231 Mar/11

    2,293 Jun/11

    2,328 Sep/11

    2,335 Dec/11

    INCORPORATION GWh
    +107.8%

    dez /10

    mar/11

    Non-technical losses GWh

    jun/11

    set/11

    dez /11
    67.6

    140.4

    Technical losses GWh % Non-technical losses / Low voltage market % Non-technical losses / Low voltage market - Regulatory
    1S10 2010 2010 1S11 2011 2011

    Net Revenue
    NET REVENUE BY SEGMENT (2011)* NET REVENUE (R$ MN)
    +6.7%

    Generation 5.4%

    2011
    5,38%

    Commercialization 3.0%
    3,05%

    Distribuition
    91.6%**

    6,508.6 552.8
    +4.7%
    3.3%

    6,944.8 794.6

    6,150.1 1,733.1 195.8


    2.6%

    1,815.1 237.8 1,577.3

    5,955.8

    *Eliminations not considered 91,57% ** Construction revenue not considered

    NET REVENUE FROM DISTRIBUTION (2011)


    Others (Captive)
    13.5%

    1,537.3 4T10
    4T10

    2011

    Network Use (TUSD) 2.3%

    4T11

    4T11

    2010

    2010

    2011

    2011

    Industrial 8.4%

    (Free + Concessionaires)

    Construction revenue Revenue w/out construction revenue


    Commercial 30.3% Residential 45.6%

    Operating Costs and Expenses


    DISTRIBUTION MANAGEABLE COSTS (R$MN)
    +10.3%

    COSTS (R$MN)* 2011


    Manageable (distribution): R$ 1,252.7 Non Manageable (distribution): R$ 3,772.2
    No (70.5%) gerenciveis; 3.772,2; 70,52%
    Gerenciveis; 1.252,7; 23,42%

    1,136.0

    1,252.7

    (23.4%)

    2011

    -15.6%

    330.1 278.7

    Generation and Commercialization: R$ 323.9


    (6.1%)

    Gerao e Comercializao; 323,9; 6,06%

    4T10

    4Q10
    4Q11 149.6 56.8 35.3 21.5 72.3 278.7

    4T11 4Q11

    2010 2010

    2011 2011

    R$ MN PMSO Provisions

    4Q10 198.8 57.2 49.3 7.9 74.0 330.1

    Var. -24.8% -0.8% -28.5% 171.8 -2.3% -15.6%

    2010 637.4 208.4 254.8 -46.4 290.2 1,136.0

    2011 646.5 299.4 251.3 40.8 306.8 1,252.7

    Var. 1.4% 43.7% -1.4% 5.7% 10.3%

    *Eliminations not considered PDD Contingencies

    Depreciation Total

    EBITDA
    CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT* 2011

    -21.5%

    1,584.6 1,243.6
    -3.3%

    (EBITDA Margin :17.4%) 994,3; 79,29%

    Distribution 79.3% Distribuio ;

    2011

    Generation 19,5%

    (EBITDA Margin: 72,7%)

    Gerao; 244,0; 19,46%

    339.1

    328.1

    Commercialization 1,3% ; 15,7; 1,25%


    (EBITDA Margin: 8,3%)

    Comercializao

    4T10 4Q10

    4T11 4Q11

    2010 2010

    2011 2011

    *Eliminations not considered

    EBITDA
    EBITDA CONSOLIDATED 2011/2010 R$ Million
    EBITDA - 2011/2010 - R$ Milhes

    194 1,585 1,244 (436) (17) (83)

    EBITDA EBITDA - 2010 2010

    Net Revenue Receita Lquida

    Non - Manageable Custos No Costs Gerenciveis

    Manageable Custos Costs (PMSO) Gerenciveis (PMSO)

    Provisions Provises

    EBITDA EBITDA - 2011 2011

    10

    Net Income
    Lucro Lquido - Semestre NET R$ Milhes INCOME

    R$ MILLION

    575

    243 (28) (341) (138)

    311

    2010 2010

    EBITDA EBITDA

    Resultado Financial Financeiro

    Impostos Taxes

    Outros Others

    2011 2011

    Result

    11

    Indebtedness
    NET DEBT EVOLUTION
    3,575.4 1,947.4 541

    AMORTIZATION * (R$ MN) Maturity: 2.8 years


    778 581 680 598

    421 1.2 2.9

    Dec/10
    jan/10

    Dec/11
    jan/11

    2012
    * Only Principal

    2013

    2014

    2015

    2016

    After 2016 Aps 2016

    COST OF DEBT
    13.97% 9.84% 7.62% 11.08% 11.01% CDI/Selic 69.0% TJLP 30.3% US$/Euro 0.7%*

    2011

    5.30%

    4.88%

    4.51%

    2007
    2008 2007

    2007 2008
    2009 2008 2009
    Real Cost

    2008 2009
    2009 2010 CustoCusto Real Nominal
    12
    2010
    Nominal Cost

    2009 set/10
    2011 set/10 2011

    set/10
    * Considering Hedge

    2008

    Custo RealCusto Real


    Custo Nominal Custo Real

    Custo Nominal Custo Nominal

    Investments
    CAPEX (R$MN) CAPEX BREAKDOWN (R$MM) 2011
    Generation Others Maintenance New R$ 63.9 Generation R$ 29.0 Projects

    +32.5%

    928.6 700.6 546.7 354.7 563.8

    R$ 60.8 Quality Improvements R$ 200.5

    Develop. of Distribution System R$ 390.1

    Losses Combat R$ 184.3

    2007 2007

    2008 2008

    2009 2009

    2010 2010

    2011 2011

    Transfer of funds (R$MN) 2011


    RENOVA BELO MONTE AXXIOM LIGHT SOLUES E-POWER ITAOCARA LIGHTGER TOTAL 360.0 37.7 1.0 1.3 0.3 7.2 4.6 412.1

    13

    Aviso Importante
    Esta apresentao pode incluir declaraes que representem expectativas sobre eventos ou resultados futuros de acordo com a regulamentao de valores mobilirios brasileira e internacional. Essas declaraes esto baseadas em certas suposies e anlises feitas pela Companhia de acordo com a sua experincia e o ambiente econmico e nas condies de mercado e nos eventos futuros esperados, muitos dos quais esto fora do controle da Companhia. Fatores importantes que podem levar a diferenas significativas entre os resultados reais e as declaraes de expectativas sobre eventos ou resultados futuros incluem a estratgia de negcios da Companhia, as condies econmicas brasileira e internacional, tecnologia, estratgia financeira, desenvolvimentos da indstria de servios pblicos, condies hidrolgicas, condies do mercado financeiro, incerteza a respeito dos resultados de suas operaes futuras, planos, objetivos, expectativas e intenes, entre outros. Em razo desses fatores, os resultados reais da Companhia podem diferir significativamente daqueles indicados ou implcitos nas declaraes de expectativas sobre eventos ou resultados futuros.

    As informaes e opinies aqui contidas no devem ser entendidas como recomendao a potenciais investidores e nenhuma deciso de investimento deve se basear na veracidade, atualidade ou completude dessas informaes ou opinies. Nenhum dos assessores da Companhia ou partes a eles relacionadas ou seus representantes ter qualquer responsabilidade por quaisquer perdas que possam decorrer da utilizao ou do contedo desta apresentao.
    Este material inclui declaraes sobre eventos futuros sujeitas a riscos e incertezas, as quais baseiam-se nas atuais expectativas e projees sobre eventos futuros e tendncias que podem afetar os negcios da Companhia. Essas declaraes incluem projees de crescimento econmico e demanda e fornecimento de energia, alm de informaes sobre posio competitiva, ambiente regulatrio, potenciais oportunidades de crescimento e outros assuntos. Inmeros fatores podem afetar adversamente as estimativas e suposies nas quais essas declaraes se baseiam.

    14

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