Itr 1

Rio de Janeiro, May 10, 2013.
Distribution consumption up 3.7%

Generation revenue increases wit be!innin! o" new contracts
#ota$ ener!y consumption in 1Q13 was 3.7% higher year-over-year, amounting to %,&07 G' , driven by the 3.2% and 7.8% increase in residential and commercial consumption, respectively !n the "uarter, consolidated (et Revenue, e#cluding revenue $rom construction, came to R)1,**3.1 mi$$ion, %.&% up on 1Q12. 'll the (ompany)s business segments recorded a revenue upturn, led by generation and trading, which increased by *1.+% and 2%1.,%, respectively +onso$idated ,-.#D/1 amounted to R)300.1 mi$$ion in 1Q13, down 18.1% on 1Q12, mainly driven by the higher purchased energy e#penses by distribution- on the portion not covered by (-. contribution /-ecree 7,&,*0131, in the amount o$ 23 ,28 million - the $uture trans$er o$ which to tari$$s is ensured by regulation. 'd4usted by the regulatory asset /(5'1, /d1usted ,-.#D/ amounted to R)&0%.3 mi$$ion in the "uarter, *.8% higher year-over-year (et income in 1Q13 was up ,3.8%, totaling R)7*.% mi$$ion, compared to 231,+.1 million year-over-year, as a result o$ the rise in distribution non-manageable purchased energy costs. 'd4usted by the regulatory asset /(5'1, ad1usted net income amounted to R)1&0.& mi$$ion in the "uarter, ,.8% higher year-over-year 6he 1Q13 co$$ection rate stood at 101.0% o$ billed consumption, %++ bps up year-over-year. !n 1Q13, 2rovisions "or 2ast Due /ccounts 32+4D5 accounted $or 1.2% o$ gross billed energy, as a result o$ the 1,+ bps drop 7 or 2332.% million 7 year-overyear. 6he (ompany closed 8arch with net debt o$ R)&,031.& mi$$ion, up 2,,,% on 8arch 2+12. (et Debt6,-.#D/ ratio stood at 2.73 (on7tec nica$ ener!y $osses over the last 12 months accounted $or &&.8% o$ billed energy in the low-voltage mar9et /':..; criterion1, down *+ bps on -ecember 2+12, despite the persistence o$ the negative impact on this inde# arising $rom the contractual termination o$ clients with long-term de$ault.
;perationa$ Bi! $i! ts 3G' 5 @rid ;oadF <illed .nergy - (aptive 8ar9et (onsumption in the concession areaFF 6ransported .nergy - 6DA-FF Aold .nergy - @eneration (ommerciali?ated .nergy /.sco1 :inancia$ Bi! $i! ts 3R) MM5 :et 2evenueFFF .<!6-' .<!6-' 8arginFFF :et !ncome :et -ebt (ape# 1A13 &,&1+ *,*72 %,,+7 83* 1,2%7 1,+31 1A13 1,883 3** 18.&% 7& ,,+31 1%3 1A12 &,%83 *,37& %,18+ 8+1 1,*1, 3&& 1A12 1,7%1 ,33 2,.%% 1,+ 3,2,+ 1,3 <ar. % 2.3% 3.%% 3.7% ,.2% -1%.,% 1*8.*% <ar. % %.&% -18.1% -*7+ bps -,3.8% 2,.,% 13.&%
F Gwn ;oad > networ9 use FF -oes not consider (A:, due to its migration to the basic networ9 FFF -oes not consider construction revenue
-M9:-;<,=2/= ;!@63 ;#+= ;@ABC #ota$ s ares> 2+3,&3,,+%+ :ree :$oat> 7+,17*,,8+ shares /3,.,1%1 Mar@et +ap 3006086135= 233,&18 million
+on"erence +a$$> Date> +*01302+13 #ime= ,=++ p.m. /<ra?il1 00 3=++ p.m. /DA .61 2 one numbers> >** /111 2188 +2++ 00 >1 /%,%1 8,3 %+*, 'ebcast> www.light.com.br
.R +ontacts> 2 one> >** /211 2211-2%*+0 2%%+ :a?> >** /211 2211-2787 ,7mai$= riElight.com.br 'ebsite> www.light.com.br0ri
.<!6-' is calculated in accordance with (58 !nstruction :o. *2702+12 and means= net income > income ta# and social contribution ta# > $inancial e#penses, net > depreciation and amorti?ation.
1Q12 2esults
2esults $or 1Q12 were reclassi$ied due to a change in an accounting practice regarding the consolidation o$ results o$ ;ight)s 4oint ventures. 6his reclassi$ication impacted the income statement accounts, but did not change :et !ncome, since the results o$ the 4oint ventures began to be included as e"uity ad4ustment results. 6he $ollowing companies are no longer consolidated= 2enova .nergia, @uanhHes .nergia, ;ightger, '##iom, 'ma?Inia .nergia, and .-Jower.
:or "urt er in"ormation see ,? ibit <.
#ab$e o" +ontents

1. 6he (ompany ............................................................................................................................................ , 2. Gperating Jer$ormance ............................................................................................................................ , 2.1 -istribution ......................................................................................................................................... , ,ner!y -a$ance ................................................................................................................................. * ,ner!y 4osses ................................................................................................................................... 7 +ommunities .................................................................................................................................. 1+ +o$$ection ....................................................................................................................................... 11 ;peratin! Aua$ity .......................................................................................................................... 11 2.2 @eneration ........................................................................................................................................ 12 2.3 (ommerciali?ation and Aervices ....................................................................................................... 13 3. Kinancial Jer$ormance ............................................................................................................................ 13 3.1 :et 2evenue ..................................................................................................................................... 1, +onso$idated .................................................................................................................................. 1, Distribution .................................................................................................................................... 1* Generation ..................................................................................................................................... 1* +ommercia$iCation and =ervices .................................................................................................... 1* 3.2 (osts and .#penses .......................................................................................................................... 1% +onso$idated .................................................................................................................................. 1% Distribution .................................................................................................................................... 1% Generation ..................................................................................................................................... 18 +ommercia$iCation and =ervices .................................................................................................... 1& 3.3 .<!6-' .............................................................................................................................................. 1& +onso$idated .................................................................................................................................. 1& Distribution .................................................................................................................................... 21 Generation ..................................................................................................................................... 21 +ommercia$iCation and =ervices .................................................................................................... 22 3., (onsolidated Kinancial 2esults ......................................................................................................... 22 3.* -ebt .................................................................................................................................................. 23 3.% :et !ncome ....................................................................................................................................... 2* 3.7 !nvestments ...................................................................................................................................... 27 Generation +apacity ,?pansion 2ro1ects ...................................................................................... 27 ,. (ash Klow ................................................................................................................................................ 3+ *. (orporate @overnance ........................................................................................................................... 3+ %. (apital 8ar9ets ...................................................................................................................................... 32 Dividends........................................................................................................................................ 33 7. 2ecent .vents ......................................................................................................................................... 3* 8. -isclosure Jrogram................................................................................................................................. 3%
1. # e +ompany
;ight A.'. is a holding company that controls subsidiaries and a$$iliated companies in three main business segments= energy distribution, generation and trading0services. !n order to increase the transparency o$ its results and enable investors to ma9e a better evaluation, ;ight also presents its results in a segmented $orm. 6he (ompany)s corporate structure as o$ 8arch 2+13 is shown below=
;ight A.'. /Lolding1
1++%
1++%
*1%
1++%
2*.*%
1++%
1++%
1++%
1++% !nstituto ;ight
*1%
2+%
(2 Pongshen .-Jower Kabricadora de 5eQculos A.'.
;ight AerviMos ;ight .nergia de .letricidade A.'. A.'.
;ightger A.'.
!taocara .nergia ;tda.
;ight .sco 'ma?Inia JrestaMHo de .nergia A.'. AerviMos A.'.
;ight AoluMNes ;ightcom (omerciali?adora em .letricidade de .nergia A.'. ;tda.
'##iom AoluMNes 6ecnolOgicas A.'.
21.&&%
1++%
1++%
&.77%
2enova .nergia A.'.
(entral .Olica (entral .Olica AHo Rudas Kontainha 6adeu ;tda. ;tda.
:orte .nergia A.'.
33% .<; (ia de .$iciSncia .nergTtica A.'.
*1%
@uanhHes .nergia A.'.
Distribution
Generation
+ommercia$iCation and =ervices
.nstitutiona$ =ystems
,$ectric <e ic$es
2. ;peratin! 2er"ormance
;2,R/#.(G .(D.+/#;R= :U o$ (onsumers /thousand1 :U o$ .mployees 'verage provision tari$$ - 2308Vh 'verage provision tari$$ - 2308Vh /w0out ta#es1 'verage energy purchase costW - 2308Vh !nstalled generation capacity /8V1 'ssured energy /8V11 Jumping and internal losses /8V1 'vailable energy /'verage 8V1 :et @eneration /@Vh1 ;oad Kactor
W-oes not include purchase on spot.
1A13 ,,+82 ,,2+& 3&,.2 28+.2 13%.+ &,2 %87 87 %++ 1,,+, %2.3%
1A12 ,,1%3 ,,128 ,,3.+ 3+%.7 111.3 8%% %,3 87 **% 1,37& %,.7%
<ar. % -2.+% 2.+% -11.+% -8.%% 22.1% 8.7% %.8% 7.&% 1.8% 7
2.1 Distribution
#;#/4 ,(,RGD +;(=EM2#.;( 3G' 5 3+/2#.<, F :R,,5 7 AE/R#,R
3.7% %,&07 %,1*0 *01 *30
3.2% 2,3&* 2,&23 1,838 181
7.8% 2,081 21& 8%2 1,*77 0%1 &01 827 0%* 308 1Q13 832 &8 **2 1Q12 -3.7% 3.7% 8%% 03 813 1Q13 1Q12 1Q13 0,072
0,378
1,7&*
1Q12
1Q13
1Q12
1Q13
1Q12
Residentia$
.ndustria$
+ommercia$ +aptive :ree
;t ers
#ota$
6otal energy consumption in ;ight A.A')s concession area /captive clients > transport o$ $ree clients21 came to %,,+7 @Vh in 1Q13, 3.7% up on 1Q12, chie$ly due to the increase in commercial and residential consumption. !$ clients with long-term de$ault were not terminated, in accordance with ':..; resolution ,1,02+1+, ;ight)s result in 1Q13 would have been up *.3% year-over-year.
!$ consumption $rom $ree client (A: is ta9en into account, total consumption came to %,8,1 @Vh in 1Q13, ,.8% higher than consumption in 1Q12, which totaled %,*27 @Vh. 2esidential consumption totaled 2,,23 @Vh in the "uarter, accounting $or 37.8% o$ the total mar9et. -espite increasing 3.2% year-over-year, residential consumption might have been even higher had it not been impacted by two $actors= /i1 the termination o$ clients with long-term de$ault, initiated in Kebruary o$ last year, and /ii1 the reclassi$ication o$ condominiums $rom the residential to the commercial segment pursuant to an ':..; resolution. .#cluding these impacts, residential increase would have been 7.8%. 6he average monthly consumption per customer was 217.% XVh in 1Q13, compared to 2+,., XVh in 1Q12.
To preserve comparability with the market approved by ANEEL in the tariff adjustment process, the billed energy of the free consumer CSN was excluded, in view of this clients then planned migration to the basic network. Energy consumption by CSN totaled 434 GWh in 1Q13 and 347 GWh in 1Q12. 5
(ommercial clients consumed 2,+&1 @Vh, 7.8% more than in 1Q12, accounting $or 32.%% o$ the total mar9et. .#cluding the reclassi$ication o$ condominiums, commercial consumption moved up by 3.8%. 'nother 21 clients 4oined the $ree mar9et in 1Q13, having been recorded under captive clients in 1Q12, resulting in a 2+ @Vh increase in $ree mar9et consumption in the period. !ndustrial consumption amounted to &27 @Vh, e"uivalent to 1,.*% o$ the total mar9et, 3.7% down on 1Q12. <etween Ranuary and 8arch 2+13, % clients, whose consumption totaled 12 @Vh in the "uarter, migrated $rom the captive to the $ree mar9et. 6he other consumption segments, which accounted $or 1*.1% o$ the total mar9et, posted an upturn o$ 3.7% over 1Q12, with the rural, government and public utilities categories, which represented +.2%, %.2% and ,.&% o$ the total mar9et, respectively, recording a decrease o$ 2.&%, and increases o$ 3.&% and ,.7% year-over-year, respectively.
Energy Balance
D.=#R.-E#.;( ,(,RG,#.+ -/4/(+, 7 G' 2osition> January 7 Marc 2013
2R;.(:/ 12+.+ ++,/R 4i! t ,ner!ia 13.% .#/.2E 3++,,5 1,2&&.8 /E+#.;(= 3++,,5 1,&&2.% (;R#, :4E 3++,,5 1,*%%.7 ;#B,R=3G5 3++,,5 8+1.2 = ares 2+8+.7 /(GR/ . 9 .. 22+.1 -i$$ed ,ner!y *,*71.&
Residentia$ 2,,23.1 .ndustria$ 3*8.8 +ommercia$ 1,877.2 4osses F (on -i$$ed ,ner!y 2,382.+ ;t ers &12.8
;wn $oad 4i! t

7,&*3.&
ReHuired ,. 3++,,5 8,+&,.%
-asic netw. 4osses /d1ustment
13+., 1+.3
(*) Others = Purchase in Spot - Sale in Spot. Note: 1) At Light S.A., there is intercompan po!er purchase"sale elimination #) Po!er purchase $ata as o% &'"&("#&1) (su*+ect to change)
,ner!y -a$ance 3G' 5 Y @rid ;oad - .nergy transported to utilities - .nergy transported to $ree customersF Y Gwn ;oad - (aptive mar9et consumption
;ow 5oltage 8ar9et 8edium 5oltage 8ar9et
1A13 &,&1+ %33 1,323 7,&*, *,*72

3,7&% 1,77%
1A12 &,%83 %,& 1,2+, 7,83+ *,37&

3,%13 1,7%%
<ar.% 2.3% -2.*% &.&% 1.%% 3.%%

*.1% +.%%
Y ;osses > :on <illed .nergy

F!ncluding (A:
2,382
2,,*1
-2.8%
Energy Losses
:on-technical energy losses totaled %,+2& @Vh over the last 12 months, accounting $or ,,.&% o$ invoiced energy in the low-voltage mar9et /':..; criterion1, down *+ bps on the 12 months ended -ecember 2+12, despite the persistence o$ the negative impact on this inde# arising $rom the contractual termination o$ clients with long-term de$ault. ;ight A.A')s total energy losses amounted to 8,%2% @Vh, or 23.*% o$ the grid load, in the 12 months ended 8arch 2+13, 1+ bps down on -ecember 2+12.
4i! t 4osses ,vo$ution 12 mont s
7,%%0 22.0% 10.3% 7,*3* 22.3% 10.%% *,0&7 22.7% 10.*% *,0*& 23.%% 1%.0% *,%2% 23.0% 1%.&%
3&.7% 3&.2% 33.*% 33.3% 32.8% 0,31% &1.2%
(on tecnica$ $osses 6 4ow <o$ta!e mar@et 12 mont s

0,&07 &2.2% 0,%10 &3.1% %,007 &0.&% %,028 &&.8%
Mar712
Jun712 ;osses 0 @rid ;oad %
=ep712
Dec712
Mar713
Mar712
:on-6ecnical ;osses 0 @rid ;oad ;osses /@Vh1
Jun712 =ep712 Dec712 :on-6echnical ;osses % ;ow 5oltage 89t 2egulatory ;osses ;osses /@Vh1
Mar713
6he non-technical energy losses rate is still su$$ering $rom the initiative implemented at the close o$ 1Q12 related to the termination o$ contracts with clients presenting long-term de$ault in areas where traditional collection initiatives are not e$$ective, pursuant to ':..; 2esolution ,1,. 6here was no impact on cash generation, however. 6o improve the reduction in non-technical energy losses, ;ight has invested in initiatives that include conventional $raud inspection procedures, networ9 and measurement systems updating, and the Pero ;oss 'rea program /'JP1. 6he main highlights are as $ollows=
+onsumer units inspections= this initiative is carried out among lowvoltage residential clients, who are selected by an intelligence system. 6he (ompany conducted 11,1&& regulari?ation procedures in 1Q13, $rom 11,*&% in 1Q12 /down 3%1. !ncorporated energy reached ,.& @Vh in 1Q13, compared to ,.* @Vh in 1Q12. Lowever, energy recovery was 78% up $rom 18.* @Vh in 1Q12 to 33.1 @Vh in 1Q13. 'ssertiveness increased by 8++ bps year-over-year, which shows the higher e$$iciency in the selection process o$ potentially $raudulent clients.
(orma$iCed +ostumers
12,2&% ,.+% 11,770
1612
1613
.ndirect $ow7vo$ta!e inspection= the inspection o$ large-si?ed clients, who are served by low-voltage indirect measurement systems, accounts $or an important share o$ ;ight)s energy incorporation and recovery. !n 1Q13, 1,+,7 regulari?ations were carried out $rom 17& in the same period o$ 2+12, and, still in 1Q13, incorporated and recovered energy increased $rom 2.7 @Vh to 3.% @Vh and $rom 1.2 @Vh to 3.8 @Vh, respectively.
,$ectronic Meters .nsta$$ed 3t ousand units5

300 *2.,% 233
,$ectronic meters wit
$on!7distance measurin!= the (ompany

mar-12 mar-13
deployed centrali?ed measuring system /A8(1 meters in areas with a high rate o$ losses, with or without the support o$ Jaci$ying Jolice Dnits /DJJs1. 6he DJJs allow ;ight to be more present whether $ighting de$ault or energy the$t. !n areas surrounding the DJJs, the (ompany installed 3,*2% electronic meters in 1Q13, and the energy incorporated through this initiative totaled 8.3 @Vh. !n areas outside the sphere o$ the DJJs, ;ight installed 1+,8&, electronic meters, and the energy incorporated amounted to 7.1 @Vh. 6he goal is to install 12+,+++ meters in 2+13 being ,*,+++ in communities and 7*,+++ outside the communities, there$ore, the year will end with an universe o$ ,%+,+++ electronic meters installed.
Recovered ,ner!y 3G'5

87.3% 18.7 3%.8
1612
1613
,ner!y .ncorporation 3G'5

23.8 231.&%
Iero 4oss /reas= in 'ugust 2+12, the (ompany created the 'JP Jro4ect, based on the combination o$ electronic meters and shielded networ9 with dedicated teams o$ technicians and customer service agents who have goals and whose compensation is connected to the improvement o$ losses and de$ault indicators in their respective areas. ' typical 'JP has appro#imately 1* thousand clients each. 6he pro4ect, commercially 9nown as Z;ight ;egal[, is supported by
1612 7.2
1613
A.<2'. to train partnering microentrepreneurs, had 1, operating 'JPs at the close o$ 8arch 2+13 and included 2,, thousand clients /%% o$ total1 at the <ai#ada Kluminense region, the Vest .nd /Pona Geste1 and the :orth .nd /Pona :orte1. 6he 2+13 goal is to reach a total o$ 3+ ;ight ;egal units, including appro#imately ,++ thousand clients /1+% o$ total1. Aince the beginning o$ the pro4ect, the 'JPs already inaugurated present an average reduction in non-technical energy losses on low-voltage billings o$ 23++ bps and an average increase in collection o$ 1,*+ bps. 6he results accumulated up to 8arch per 'JP are as $ollows=
(ei! bor ood (uricica 2ealengo (osmos Aepetiba (a#ias 1 e 2 <el$ord 2o#o 1 e 2 5ig\rio @eral (a#ias 3 :ova !guaMu 1 :ova !guaMu 2 :ilOpolis 2icardo de 'lbu"uer"ue 8es"uita (abritos06aba4aras0(hapTu 8angueira0<abilInia #ota$
+$ient (umbers 13.+3, 1+.1,1 3,.&33 18.7&3 13.&+7 1&.*82 1%.122 17.23& 31.8&& 2+.213 &.8%1 2,.,33 8.,1& *.2+8 2&3.7*&
(on7#ec nica$ 4osses 6 4ow <o$ta!e Mar@et G 12,1% 1%,&% 22,8% 33,*% 1&,*% 32,,% 1%,1% 2*,2% 31,&% 2*,+% 28,8% 1&,*% 38,,% 11,&% 2&,3%
+o$$ection Rate &&,7% &&,*% 1+7,7% &%,*% &3,3% &,,2% &8,3% &8,7% &8,%% &*,2% 8&,8% &%,,% &%,7% &7,7% 8*,&%
F 2e$lects the results accumulated until mar013 since the begining o$ the implementation o$ each 'JP.
Communities
Aince the beginning o$ the paci$ication process at low-income communities in the state o$ 2io de Raneiro in 2++&, ;ight has increased its presence in these areas, aimed at improving the supply "uality and avoiding energy the$t. Dp to 8arch 2+13, the (ompany has already installed %+ thousand electronic meters, 3*+ 9m o$ shielded networ9 /31+ 9m up to ,Q121 and had 78,&%3 regulari?ed clients /72,737 up to ,Q121. G$ the 28 communities that already have Jaci$ying Jolice Dnits /DJJs1, ;ight has already concluded the remodeling o$ the networ9 in & o$ them, recording an average decrease o$ losses $rom %,.1% to 1,.%% and an average increase o$ per$ormance $rom &.*%% to 8&.&1%, as $ollows=
4osses +onc$usion Dear -e"ore +urrent Aanta 8arta 2++& &*,++% 8,22% (idade de -eus 1 2+1+ *2,1+% 1,,,*% (hapTu 8angueira 2+1+ %2,7+% 1,,7*% <abilInia (abritos 2+11 %2,3+% 12,,7% 6aba4aras Kormiga 2+11 73,3+% &,37% <atan 2+12 %1,8+% 1+,%%% <orel 2+13 %+,*+% 31,+%% /reas
+o$$ection -e"ore +urrent +,2+% &&,13% 23,1+% 78,3+% 1%,2+% 1+1,,%% *,,+% &&,*1% 1,,+% &%,2*% &,*+% &%,&&% 31,,+% 8,,%2% 1,2+% &3,88% &,,+% 7&,1+%
10
Collection
(ollection rate in the "uarter reached 1+1.+% o$ billed consumption,
1++.2% &1.*% &2.+% &8.&% &&.2% &*.1%
+o$$ection Rate per =e!ment Quarter

1+,.7% 1++.%% &7.2% &,.+% &*.+% 1+1.+%
representing a %++ bps increase in relation to 1Q12 and 7++ bps in relation to 1Q11. Auch per$ormance may be mainly attributed to the 2etail segment, which presented a variation o$ 87+ bps and 82+ bps in relation to 8arch 2+11 and 2+12, respectively. 6he collection
2etail
;arge (ostumers
1#11
Jublic Aector
1#12 1#13
6otal
rate in the ;arge (lients segment rose **+ bps in 1Q13, impacted by the billing cycle o$ the previous "uarter, when a large number o$ accounts were due at the end o$ -ecember and were collected in the $irst "uarter. !n addition to the change in the criterion adopted to treat clients with long-term de$ault, which impacted the collection rates, the good per$ormance is also a result o$ the continuity o$ the initiatives o$ the program that $ights de$ault, such as= /i1 more e$$ective collection campaigns /ii1 constant increase in installation o$ electronic meters and /iii1 e#pansion in the volume o$ registrations o$ clients with past due bills by 2.1%, year-over-year. !n 1Q13, Jrovisions $or Jast -ue 'ccounts /J(;-1 totaled 232&.+ million, accounting $or 1.2% o$ gross billed energy, 2332.% million lower than the provisioned amount in 1Q12, o$ 23%1.% million, or 2.%% o$ the billed energy $or that "uarter. Gver the last 12 months, e#cluding the non-recurring provisioning in ,Q12, J(;- accounted $or 1.*% o$ gross
-ec-11 8ar-11 8ar-12 -ec-12 Aep-11 Aep-12 Run-11 Run-12
3.2% 3.2% 3.2% 3.0% 3.0% 2.8% 2.&% 2.&% 1.8% 1.0%
2+4D6Gross Revenue 3-i$$ed =a$es5 12 8onths

3.2% 2.*%
billed energy in 8arch 2+13, 1*+ bps down on the same period o$ last year. 6his result re$lects the change in the criterion adopted
J(;-02G<
:on-recurring provisions /,Q121
to treat clients with long-term de$ault as o$ Kebruary 2+12, in addition to de$ault-combating initiatives.
J(;-
R) M( 2+4D6Gross Revenue 1A13 1A12 1A13 1A12 2&.+ %1.% 1.2% 2.%%
11
8ar-13
Operating Quality
;ight is $ully committed to maintaining the supply o$ high-"uality electricity. !n 1Q13, it invested 231&., million to enhance the "uality o$ its supply and increase the capacity o$ its distribution networ9. !n addition to improving relations between the distributor and its clients, "uality levels will be o$ ma4or importance in the regulatory model, given the rules $or the 3rd tari$$ revision cycle. (ompanies will be encouraged to improve their "uality standards, which will be recogni?ed through the B $actor. !n 1Q13, 12% medium-voltage circuits were inspected0maintained, 1,*71 trans$ormers were replaced and 2*,3&1 trees were pruned. !n the underground distribution networ9, %,132 trans$ormer vaults and 12,2*& manholes were inspected. !n addition, *1 trans$ormers and 3+ switches and 812 protectors were maintained. 6he moving average in the last 12 months, related to the ."uivalent ;ength o$ !nterruption /-.(1, e#pressed in hours, registered 1&.%+ hours. 6he moving average related to the ."uivalent Kre"uency o$ !nterruption /K.(1, e#pressed in occurrences, stood at 8.%7 times. 6hese indicators were impacted by the high "uarterly level o$ accumulated rain /precipitation in mm1, which was up 78% year-over-year.
D,+ e :,+
D,+ e :,+ 7 'it out 2ur!e Quarter

*.11 %.&8
18.%0 1%.&* *.%7
7.*0
2.*%
3.10
-.( Mar712
K.( Mar713
-.( 1#12
K.( 1#13
12
2.2 Generation
6he total amount o$ energy sold by ;ight .nergia was e"uivalent to 1,2%%.7 @Vh, down 1%.,% year-over-year, arising $rom the lower energy sold in the spot mar9et, which totaled only 23., @Vh in the "uarter, &2.&% below the same period last year, according to the worst hydrological conditions o$ the system, impacted by the low level o$ the reservoirs coupled with the lower average o$ rains in the period. !n 1Q13, the energy sold on the (aptive 8ar9et /'(21 and on the Kree 8ar9et /'(;1 totaled 2%3.7 @Vh and &7&.% @Vh, respectively. Gn the (aptive 8ar9et /'(21, the volume o$ energy sold was 7,.&% down year-over-year, as a result o$ the end o$ the contracts to sell energy traded on the mega auction held in 2++,. Auch contracts were renegotiated on the Kree 8ar9et /'(;1, which presented a %,%.,% growth year-over-year.
4.GB# ,(,RG./ 3G' 5 2egulated (ontracting .nvironment Aales Kree (ontracting .nvironment Aales Apot Aales /((..1 #ota$
1A13 2%3.7 &7&.% 23., 1,2%%.7
1A12 1,+*2.+ 131.2 331.3 1,01&.0
% -7,.&% %,%.,% -&2.&% 71%.&%
2.3 +ommercia$iCation and =ervices

!n 1Q13, direct energy sales $rom ;ight .sco and ;ight(om, $rom conventional and subsidi?ed sources, totaled 1,+3+.8 @Vh, compared to the 3&8.7 @Vh sold over the same period last year. Auch e#pansion was mainly due to the sale o$ ;ight .nergia)s energy that became available a$ter the end o$ the contracts e#ecuted at the 2++, auction. !n the services segment, a contract was entered into in 1Q13 $or remodeling a chilled water plant $or a large shopping mall in the city o$ 2io de Raneiro. (urrently, ;ight .sco is developing 12 pro4ects, the main o$ which are a (ogeneration $or a large beverage company, with an appro#imate total
1Q12 1Q13 38*.7 1*8.*% 1,030.*
<o$ume 3G' 5
investment o$ 238* million, and another one related to a pro4ect $or building a solar power plant at the 8aracanH soccer stadium, in partnership with ]lectricitT de Krance /Z.-K[1 /*1% belonging to ;ight .A(G and ,&% to .-K1, whose investment by ;ight .A(G totals 23% million.
13
3. :inancia$ 2er"ormance
3.1 (et Revenue Consolidated
(et Revenue 3R) M(5 -istribution <illed consumption :on billed energy :etwor9 use /6DA-1 Ahort-6erm /Apot1W Gthers =ubtota$ 3a5 (onstruction 2evenue^ =ubtota$ 3aJ5 @eneration @eneration Aale /'(2>'(;1 Ahort-6ermW Gthers =ubtota$ 3b5 (ommerciali?ation and Aervices .nergy Aales Aervices =ubtota$ 3c5 ;t ers and ,$iminations 3d5 #ota$ w6out construction revenue 3aFbFcFd5 #ota$ 3aJFbFcFd5 1A13 1,%33., /81.*1 1,2.% 31., 1,720.* 1*7.3 1,**3.1 1,3.% 1.7 1&0.3 1%*.& &.3 170.2 31%3.15 1,**3.1 2,0&0.& 1A12 1,,,8.* 2*.% 137.% +.7 2%.8 1,%38.1 137., 1,77%.% 81.8 12.8 1.% 8%.2 ,7., 1.1 &*.0 322.05 1,7%1.3 1,*8*.7 <ar.% 12.8% 3.%% 17.3% 0.3% 1,.,% %.0% 7*.%% 7.1% 01.0% 2*+.1% 7*3.%% 2%1.&% %2&.8% %.8% 7.0%
W <alance o$ the settlement on the ((.. ^ 6he subsidiary ;ight A.A' counts revenues and costs, with ?ero margin, related to services o$ construction or improvement in in$rastructure used in services o$ electricity distribution.
(onsolidated net operating revenue totaled 232,+,+., million in 1Q13, 7.*% up on 1Q12. .#cluding revenue $rom construction, which has a neutral e$$ect on net income, consolidated net revenue increased by %.&% to 231,883.1 million. 'll o$ the (ompany)s operating segment recorded growth, driven mainly by the increase in generation and trading activities, in$luenced by the sale o$ energy on the $ree mar9et at higher prices, to replace old contracts to sell energy on the captive mar9et.
14
Distribution
:et 2evenue $rom distribution totaled 231,883.1 million in 1Q12, %.+% more than in 1Q12. .#cluding revenue $rom construction, net revenue $rom distribution amounted to 231,72*.8 million, up by *.3% year-over-year. 6he increase in net revenue this "uarter was mainly due to the 3.7% rise in consumption in the total mar9et, coupled with the average energy tari$$ increase o$ 12.27% $or the captive mar9et, as o$ :ovember 7, 2+12. Lowever, revenue was also impacted by the .#traordinary 6ari$$ 2ead4ustment that too9 place on Ranuary 2,, 2+13, which decreased tari$$s by 1&.%3%, on average. 6he distribution mar9et is mostly comprised by the residential and commercial segments, which together accounted $or 7,.8% o$ the revenue with energy sales, while sales on the $ree mar9et accounted $or 8.+%.
,$ectric ,ner!y +onsumption 7 3G' 5 1A13

!ndustrial %% 3*8.8 83,.7 2,,23.1 2esidential 38% Gthers 12%
(et Revenue by +$ass R) M( 7 1A13

!ndustrial *% 6DA8% &8.3 1,2.% 2esidential ,*%
Kree (lients 13%
2+7.1 8++.%
Gthers 1,%
&12.8
1,877.2 (ommercial 2&%
(ommercial 3+%
*27.,
Generation
:et 2evenue in 1Q13 totaled 231,*.3 million, a *1.+% growth compared to the same period in 2+12. 6his result may be e#plained by the %,%.,% rise in the volume o$ energy sold on the Kree 8ar9et /'(;1, whose contracts are priced higher than on the captive mar9et, where such energy was previously sold. 6he average selling price, net o$ ta#es, weighted by both mar9ets stood at 2311*.*08Vh in 1Q13, compared to 23%&.108Vh year-over-year, representing a %7.1% increase.
Commercialization and Services

:et revenue $rom trading and services in 1Q13 was 2%1.,% up on 1Q12, totaling 2317*.2 million. 6his was mainly due to the signi$icant e#pansion in the volume o$ traded energy with the higher price practiced in this "uarter,
15
primarily arising $rom the replacement o$ the energy $rom ;ight .nergia)s terminated contracts at the close o$ last year.
3.2 +osts and ,?penses Consolidated

+ustos e Despesas ;peracionais 3R) M(5 -istribution ,istri*ution !"out -onstruction .e/enue @eneration (ommerciali?ation Gthers and .liminations Consolidated w/out Construction Revenue +onso$idated 1A13 /1,73*.%1 (1,012.)) /38.11 /1%*.31 1%+.+ !"#$!%&' 31,778.15 1A12 /1,,&%.81 (1,)0(.)) /33.%1 /,*.+1 1&.1 !"(!&%&' 31,00%.25 <ar.% 1%.+% 13.14 13.*% 2%7.8% 73*.7% !(%)* 1&.3%
!n 1Q13, operating costs and e#penses totaled 231,77&.1 million, 1,.3% up year-over-year. .#cluding construction costs, consolidated costs and e#penses rose by 1,,3% over 1Q12, mainly led by the costs and e#penses in the distribution segment, e#plained $undamentally by an increase o$ 22,&% in non-manageable costs.
Distribution
+osts and ,?penses 3R) M(5 (on7Mana!eab$e +osts and ,?penses .nergy Jurchase costs (osts with (harges and 6ransmission Gthers /8andatory (osts1 Mana!eab$e +osts and ,?penses 2M=; Jersonnel 8aterial Gutsourced Aervices Gthers Jrovisions -epreciation and 'morti?ation Gther Gperacional02evenues .#penses (onstruction 2evenue #ota$ costs w6out +onstruction Revenue #ota$ +osts 1A13 31,2%1.25 /1,+7&.11 /177.&1 /,.31 3317.15 31*&.05 /73.11 /3.71 /88.%1 /18.%1 /,*.21 /8+.%1 /7.31 /1*7.31 31,07*.35 31,730.%5 1A12 31,02%.25 /818.21 /2+3.&1 /,.11 3333.15 31%7.%5 /%,.81 /3.%1 /8*.11 /1,.11 /8%.*1 /7*.71 /3.21 /137.,1 31,308.35 31,&8%.*5 <ar.% 22.8% 31.&% -12.8% 3.1% 7&.*% 8.7% 12.8% 3.*% ,.+% 31.8% -,7.7% %.*% 127.3% 1,.,% 1%.1% 1%.0%
16
!n ,Q12, distribution costs and e#penses moved up by 1%.+% over 1Q13. .#cluding construction costs, total costs and e#penses grew by 1%.1%, primarily due to the 22.&% increase in non-manageable costs and e#penses, and partially o$$set by the ,.8% decline in manageable costs and e#penses.
+on,-anageable Costs and E.penses !n the $irst "uarter o$ 2+13, non-manageable costs and e#penses totaled 231,2%1.2 million, e"uivalent to a 22.&% growth in relation to the same period o$ 2+12. 6his result already ta9es into account the impact o$ -ecree 7,&,*013 with the boo9ing o$ the trans$er o$ $unds $rom the (-. to reduce costs in the amount o$ 23,28.3 million. Aee note on 2ecent .vents $or $urther details. Jurchased energy costs increased by 31.&% over 1Q12. 6his increase was driven by the increase in J;- average 23 %%.+08Vh /1Q121 to 23 322.708Vh /1Q131, which resulted in higher e#penses in two items= /i1 'vailability (ontracts, mainly to the thermal plant activation orders $rom the :ational Aystem Gperator /G:A1 to replenish reservoir levels and /ii1 e#posure to purchases $rom the spot mar9et due to two $actors= de$icit resulting $rom insu$$icient allocation o$ "uotas $rom LJJs and e#tended delays in Jower Jlants winning sellers o$ the 7th :ew .nergy 'uction. 6he contract ad4ustment with D6. :orte Kluminense in :ovember 2+12 also contributed to this scenario.
2+12 2+13 :G26. K;D J2G!:K' !6'!JD 0*.&% 03.2% 1.%% &.1% 1%.3% 18.%%
2urc ased ,ner!y 7 R) M( Quarter

31.8%
*1*.2 3.3% 10.0% 2*.*% 02.8%
1,078.1 %.0% 13.&% 2&.*% 00.3%
2+12
'D(6!G:A :G26. K;D
2+13
!6'!JD AJG6
2urc ased ,ner!y7 G' Quarter

0.0% 1.0% 8.8% 1%.1% 18.&%
(osts with charges and transmission were down &.,%, chie$ly due to the smaller networ9 use charges, as a result o$ the concession contract renewals o$ some transmission companies.
'D(6!G:A AJG6
:on-manageable costs are trans$erred to consumers and the increase o$ such costs above the regulatory level comprises a regulatory asset /(5'1 balance, to be ta9en into account in the ne#t tari$$ read4ustment, but which are not recorded in the income statement in accordance with the !nternational Kinancial 2eporting Atandards /!K2A1. Auch regulatory assets totaled 231+1.2 million in 1Q13 compared to a regulatory liabilities amounting to /232.1 million1 in 1Q12.
17
6he average purchased energy cost, e#cluding spot mar9et purchases, amounted to 23131,,08Vh in 1Q13, 1%.2% up on the 23113.108Vh recorded in 1Q12.
(on7Mana!eab$e +osts and ,?penses 3R) M(5 ,ner!y 2urc ase costs !taipu 6JJ :orte Kluminense Ahort-6erm .nergy /Apot1
Lydrological 2is9 (-. - Lydrological 2is9 Quotas .#posure (-. - Quotas .#posure Gthers
1A13 31,078.15 /1,,.&1 /2%7.11 /7+.,1

/131.,1 131., /1%+.,1 1%+., /7+.,1
1A12 3*1*.25 /122.81 /23*.,1 /27.21

-
<ar. % 31.8% 18.+% 13.*% 1*&.+%

-
/27.21 1*&.+%
.nergy 'uctions
'vailabilities (ontracts Gthers
/*&%.71
/22*.71 /371.+1
/,32.81 37.&%
/7+.71 21&.2% /3%2.11 2.*%
+osts wit + ar!es and #ransmission

Aystem Aervice (harge /.AA1 (-. - .AA 6ransported .nergy Gther (harges
3177.85
/21*.31 13%.3 /*2.81 /,%.11
3203.85 712.*%
/23.*1 81%.*% /13+.&1 /,&.*1 -*&.7% -7.+%
;t ers 3Mandatory +osts5 #ota$

Mana!eab$e +osts and ,?penses
3&.35 3&.15 3.1% 31,2%1.25 31,02%.25 22.8%
!n 1Q13, manageable operating costs and e#penses, comprising personnel, materials, outsourced services, provisions, depreciation and others, totaled 23317.1 million, ,.8% down on 1Q12. 6he (ompany)s J8AG /personnel, materials, services and others1 costs and e#penses came to 2318,.+ million in the "uarter, &.7% up on 1Q12, due to the e#pansion on the Zpersonnel[, Zthird-party[ and Zothers[ lines, which presented changes in the amounts o$ 238.3 million, 233.* million, and 23,.* million, respectively. 6he 12.8% increase in the Zpersonnel[ line was chie$ly due to= /i1 the smaller concentration o$ labor capitali?ation $or investments this "uarter, which generated a di$$erence amounting to 23,., million when compared to 1Q12 and /ii1 the impact on payroll by the %.+% increase $rom the annual collective bargaining as o$ Rune. 6he 31.8% growth in the Zothers[ line was mainly a result o$= /i1 the higher e#pense totaling 233.+ million related to advertising campaigns, aimed at enhancing the institutional image and /ii1 the positive non-recurring e$$ect o$ the credit $rom lawsuits in 1Q12, in the amount o$ 231.1 million. 6he provisions account recorded a ,*.2% decrease /e"uivalent to 23,1.3 million1 year-over-year, totaling 23,*.2 million, mainly driven by the 2332.% million reduction in provisions $or past due accounts /J(;-1, which amounted to
18
232&.+ million in 1Q13, compared to 23%1.% million in 1Q12. 6his result re$lects the change in the criterion adopted to treat clients with long-term de$ault as o$ 8arch 2+12, in addition to de$ault-combating initiatives. 6he Zdepreciation and amorti?ation[ line rose %.*% due to the remuneration basis preparation wor9, than9s to the intensi$ication o$ the uniti?ation o$ property, plant and e"uipment in ,Q12.
/eneration
;peratin! +osts and ,?penses 3R) M(5 Jersonnel 8aterial and Gutsourced Aervices Jurchased .nergy /(DA-1 -epreciation Gther Gperacional02evenues .#penses Gthers /includes provisions1 #ota$ 1A13 /*.31 /3.%1 /7.%1 /13.81 /8.+1 33*.15 1A12 /*.21 /3.%1 /,.*1 /1,.+1 1.& /8.21 333.%5 <ar.% 2.2% -2.%% %&.2% -2.+% -2.&% 13.0%
!n 1Q13, ;ight .nergia)s costs and e#penses amounted to 2338.1 million, an increase o$ 13.*% over 1Q12. Auch per$ormance was due to the rise in the Zpurchased energy[ line, mainly arising $rom thepurchase o$ the energy generated by Jaracambi ALJ in the amount o$ 23,.2 million. Kirst-"uarter costs and e#penses were bro9en down as $ollows= personnel /13.&%1, materials and outsourced services /&.3%1, (DA-0(DA6 7 distribution0transmission system usage 0 Jurchased .nergy /1&.&%1, and depreciation and others /*7.+%1. J8AG per 8Vh generated by ;ight .nergia)s plants in the "uarter came to 2313.808Vh, versus 231,.+08Vh in 1Q12.

;peratin! +osts and ,?penses 3R) M(5 Jersonnel 8aterial and Gutsourced Aervices Jurchased .nergy -epreciation Gther Gperacional02evenues .#penses Gthers /includes provisions1 #ota$ 1A13 /2.+1 /2.81 /1%+.11 /+.+1 /+.,1 31%0.35 1A12 /1.11 /+.&1 /,2.*1 /+.31 /+.21 3&0.05 <ar. % 83.&% 223.%% 27%.8% -8*.8% -33.+% 2%7.*%
!n 1Q13, costs and e#penses totaled 231%*.3 million, 2%7.8% higher than in the same period o$ 2+12, chie$ly due to purchased energy costs, which increased by 23117.% million year-over-year as a result o$ the higher volume o$ energy purchased $or trading. .#penses with materials and outsourced services were up 223.%% on 1Q12, primarily
19
driven by the construction o$ a solar power plant at the 8aracanH soccer stadium, in addition to the on-going cogeneration pro4ect $or a large beverage company.
3.3 ,-.#D/3 Consolidated

+onso$idated ,-.#D/ 3R) M(5 -istribution @eneration (ommerciali?ation Gthers and eliminations #ota$ .<!6-' 8argin /%1 1A13 1A13 228.1 11&.3 &.& /2.21 300.1 18.&% 1A12 3**.* 77.% 3.8 /3.*1 &33.& 2,.%% <ar.% -3*.8% *3.8% 1%+.7% 71*.1% -
(onsolidated .<!6-' in 1Q13 totaled 233**.1 million, 18.1% down year-over-year, while .<!6-', margin stood at 18.&%, *7+ bps down on 1Q12. 6he 3*.8% .<!6-' drop $rom distribution, impacted by non-manageable purchased energy costs, was a $undamental $actor $or the consolidated .<!6-' decrease, albeit partially o$$set by signi$icant increases o$ 1%+.7% and *3.8% o$ .<!6-' generation and commerciali?ation segments, respectively.
,-.#D/ per se!mentG 1A13
,-.#D/ per se!mentG 1A12
Distribution 7 %3.*% /.<!6-' margin= 13.*%1
Generation 7 33.&% /.<!6-' margin= 82.1%1
Distribution 7 *1.&% /.<!6-' margin= 21.7%1 Generation 7 17.*% /.<!6-' margin= 8+.%%1
+ommercia$iCation 7 2.*% /.<!6-' margin= *.%%1

F-oes not consider eliminations
+ommercia$iCation 7 0.8% /.<!6-' margin= 7.8%1
-istribution)s share shran9 $rom 81,,% to %3.8%, whereas
F-oes not consider eliminations
the @eneration and (ommerciali?ation activities e#panded their share $rom 17.8% to 33,,%, and $rom +.&% to 2,8%, respectively.
EBITDA is calculated in accordance with CVM Instruction No. 527/2012 and means: net income + income tax and social contribution tax + financial expenses, net + depreciation and amortization. , Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due to the booking of revenues and costs with a zero margin.
20
,-.#D/ and /d1usted ,-.#D/ 1A1261A137 R) Mi$$ions

0.*% 71*.1%
325
122
31705
3185
375
&2
315 300 300
101
&31
&33
&0%
.<!6-' - 1Q12
Gther Gperacional 2evenues
Jrovisions
'd4usted .<!6-' - 1Q12
.<!6-' - 1Q13
!n 1Q13, .<!6-' was chie$ly impacted by the e#pansion o$ non-manageable costs $rom -istribution, arising $rom the higher purchased energy costs. Vhen ad4usted by the regulatory asset /(5'1, that is, regulatory assets and liabilities that should be ta9en into account during the ne#t tari$$ read4ustment cycle o$ distribution, re$lecting, there$ore, the gross cash generation potential, ad4usted .<!6-' would have amounted to 23,*%.3 million in 1Q12, *.8% up yearover-year. !n summary= /i1 the main negative impact on (onsolidated .<!6-' came $rom non-manageable purchased energy $rom -istribution /ii1 such costs can be trans$erred to the tari$$, o$$setting the -istribution impact on same and /iii1 the improvement on .<!6-' margins $rom @eneration and (ommerciali?ation do not need to be trans$erred /or Zreturned[1 to the consumers, such as it would have been the case with the tari$$ dynamics in -istribution.
Distribution
.<!6-' $rom distribution totaled 23228.1 million in 1Q13, 3*.8% up year-over-year. Auch result may be chie$ly e#plained by the increase in non-manageable purchased energy costs, which went up 31.&%. 6his result already ta9es into account the impact o$ -ecree 7,&,*013 with the boo9ing o$ the trans$er o$ $unds $rom the (-. to reduce costs in the amount o$ 23,28.3 million. Aee note on 2ecent .vents $or $urther details. .<!6-'* margin stood at 13.*%, 82+ bps down on 1Q12. Jart o$ the purchased energy cost upturn comprises regulatory assets and liabilities /(5'1, which
Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due to the booking of revenues and costs with a zero margin. 21
:on-8anagable (osts
'd4usted .<!6-' - 1Q13
:et 2evenue
2egulatory 'ssets and ;iabilities
8anagable (osts /J8AG1
."uity Ji9up
2egulatory 'ssets and ;iabilities
are ta9en into account $or tari$$ read4ustment purposes. Vhen ad4usted by the regulatory asset /(5'1, ad4usted .<!6-' $rom -istribution would have totaled 2332&.2 million, down %.8% on 1Q12.
/eneration
;ight .nergia)s .<!6-' totaled 2311&.3 million in 1Q13, a *3.8% rise year-over-year. 6his result may be e#plained by the rise in the volume o$ energy sold on the Kree 8ar9et /'(;1, where contracts are priced higher than on the captive mar9et. .<!6-' margin came to 82.1%, 1*+ bps up on 2Q12.

.<!6-' totaled 23&.& million in 1Q13, 1%+.7% more than in 1Q12 chie$ly due to the increase in the volume o$ energy traded and the higher prices charged during the "uarter. .<!6-' margin came to *.%%, 22+ bps down on 2Q12.
3.& +onso$idated :inancia$ Resu$ts

:inancia$ Resu$t 3R) M(5 :inancia$ Revenues !ncome $rom $inancial investments 8onetary and .#change variation 8oratory !ncrease 0 -ebts Jenalty Gthers Kinancial 2evenues Despesas :inanceiras -ebt .#penses 8onetary and .#change variation :et Awap Gperations 2estatement o$ provision $or contingencies 2estatement o$ 2_-0J..0K:-(6 !nterest and $ines on ta#es !nstallment payment - $ines and interest rates ;aw 11.&,10+& /2.K!A1 Jresent value ad4ustment -!(0K!( (ompensation Gther Kinancial .#penses /!ncludes !GK1 <raslight /private pension $und1 (harges 8onetary and .#change 5ariation #ota$ 1A13 3*.0 3.3 21.2 1,.+ 3177.35 /72.21 8.8 /22.*1 /1&.+1 /1.11 /1.71 /2.71 +.3 /2*.+1 /2.81 /3&.,1 /1*.%1 /23.81 313*.85 1A12 32.0 13., 1.7 18.7 /1.71 31%1.75 /&,.81 ,.3 /1.81 /12.81 /2.21 /+.21 /2.&1 +.& /1*.&1 /,.%1 /31.71 /1*.71 /1%.+1 3128.75 <ar. % 20.2% -7*.*% 13.7% 8.7% -23.8% 1+3.3% 1123.7% ,8.%% -*+.3% 7%8.3% -8.&% -%&.1% *7.*% -38.*% 2,.3% -+.*% ,8.%% 7.1%
22
6he (ompany)s $inancial results in the "uarter was a negative 23138.& million, with a 7.1% growth in relation to the negative $inancial results o$ 2312&.7 million in 1Q12. Kinancial revenue in 1Q13 amounted to 2338.* million, 2+.2% up year-over-year. 6he main revenue change occurred in the Zother $inancial revenue[ line, whose main impact was the recording o$ the updating o$ the assets basis o$ distribution, calculated based on the new replacement value criterion, in the amount o$ 23%., million. Kinancial e#penses totaled 23177.3 million, up &.7% on 1Q12, largely due to= /i1 the *7.*% rise in compensations $or the violation o$ the -!( and K!( "uality standards, representing an e#pansion o$ 23&.1 million higher than in 1Q12 /ii1 the 237.8 million growth in the monetary variation o$ <raslight)s liabilities, due to the high in$lation rate /!J(' 7 with one month delay1 that ad4usts the balance o$ the debt% and /iii1 a 23%.2 million e#pansion $or updating the provision $or contingencies related to 5'6.
% The readjustment rate this quarter stood at 2.3% compared to 1.5% in 1Q12
23
3.0 Debt
R) M( -raCi$ian +urrency 4i! t =,=/ -ebenture ,th !ssue -ebenture *th !ssue -ebenture 7th !ssue -ebenture 8th !ssue .letrobr\s ((< <radesco Vor9ing (apital - Aantander <:-.A /('J.B1 <:-.A K!:.8 <anco do <rasil Gthers 4i! t ,ner!ia -ebenture 1st !ssue -ebenture 2st !ssue -ebenture 3st !ssue <:-.A K!:.8 /('J.B1 Gthers 4i! t ,=+; <:-.A - J2G.A(G :orein! +urrency 4i! t =,=/ :ational 6reasury 8erril ;ynch <:J (itiban9 <an9 6o9yo 4i! t ,ner!ia (itiban9 Gross Debt (ash (et Debt 3a5 <raslight -ebt /b1 /d1usted (et Debt 3aFb5 = ort #erm 7&*.* 721.2 +.+ 181.& 2+.8 11.% +.% 87.% 3.7 111.% 1*+.2 1*1.+ 2.1 2&.1 %.8 3.% +.7 12.& +.+ 3.% 3.% 13.0 12.2 &.8 +.3 1.% +., +.1 0.* +.8 7%1.* % 1%.7% 1%.1% +.+% ,.1% +.*% +.3% +.+% 2.+% +.1% 2.*% 3.,% 3.,% +.+% 0.0% +.2% +.1% +.+% +.3% +.+% 0.1% +.1% 0.3% 0.3% +.2% +.+% +.+% +.+% +.+% 0.0% +.+% 17.0% 4on! #erm 3,00&.0 2,330.0 +.+ %,8.7 ,%&.% ,., 3++.+ 8+.+ *,%.7 281.1 %%0.3 171.3 ,23.* 2&.8 ,+.7 *.7 8.7 700.0 0&&.& 31.1 1++.7 &+.3 2+1., 12+.8 1%1.1 1%1.1 3,708.8 % %7.2% 02.1% +.+% 1,.*% 1+.*% +.1% %.7% 1.8% 12.2% %.3% 1&.8% 3.8% &.*% +.7% +.&% 0.2% +.2% 10.*% 12.2% +.7% 2.3% 2.+% ,.*% 2.7% 3.%% 3.%% *3.0% #ota$ 3,703.3 3,001.7 +.+ 181.& %%&.* ,81.2 *.+ 387.% 83.7 %*8.2 ,31.3 1*1.+ 2.1 %*8.& 178.1 ,27.1 3+.% *3.% +.+ 12.3 12.3 71*.0 00%.% ,1.+ 1+1.+ &1.& 2+1.8 121.+ 1%1.8 1%1.& &,&71.* ,,+.3 &,031.& 1,+%*., 0,08%.* % *3.8% %*.2% +.+% ,.1% 1*.+% 1+.8% +.1% 8.7% 1.&% 1,.7% &.%% 3.,% +.+% 10.&% ,.+% &.%% +.7% 1.2% +.+% 0.3% +.3% 1%.1% 12.&% +.&% 2.3% 2.1% ,.*% 2.7% 3.%% 3.%% 100.0%
11*.7
&,&.7
6he (ompany)s gross debt on 8arch 31, 2+13 totaled 23,,,71.8 million, a *.*% rise on -ecember 2+12, and 1%.7% 7 or 23%,+ million 7 up year-over-year, driven by the capital raising carried out in the period, as $ollows= /i1 ;ight A.A')s 8th debenture issue, amounting to 23,72 million with K!-K@6A /'ugust 2+121 /ii1 ;ight .nergia)s 3rd debenture issue, amounting to 233+ million with K!-K@6A /Aeptember 2+121, /iii1 release o$ $unds by the <ra?ilian
24
-evelopment <an9 /<:-.A1, in the amount o$ 23,&+ million, to ;ight A.A' /iv1 capital raising in $oreign currency o$ 232+2 million and 231%2 million, respectively, $or ;ight A.A' and ;ight .nergia, through (itiban9, both hedged through a 2eal swap transaction /'ugust and Aeptember 2+121 /v1 capital raising in the amount o$ 231*+ million, through <anco do <rasil, $or ;ight A.A' /Kebruary 2+131 /vi1 capital raising in $oreign currency o$ 23121 million, through <anco 6o9yo-8itsubishi, $or ;ight A.A', hedged through a 2eal swap transaction /8arch 2+131. Auch $unds were used $or investments, wor9ing capital and the prepayment o$ 2337* million $or the more e#pensive debts. :et debt0.<!6-' ratio decreased $rom 2.83# in -ecember 2+12 to 2.73# in 8arch 2+13, already re$lecting the e$$ect o$ the non-consolidation o$ debt $rom ownership interest in 4oint venture companies. 's a result, the (ompany is still respecting its net debt0.<!6-' covenant limit o$ 3.+#. 6he (ompany also has a covenant limit $or the .<!6-'0!nterest rate e#pense indicator, which should be higher than 2.*#. 6he result $or this indicator in 8arch was ,.%&#. !t is important to note that the non-per$ormance o$ the covenant only happens i$ the limits set $orth $or the indicators are not respected $or 2 consecutive or , alternate "uarters. 6he (ompany)s debt has an average term to maturity o$ ,.7 years. 6he average cost o$ 2ealdenominated debt was 7.7% p.a., *+ bps down on the end-o$-ecember $igure, while the
2013 201& 2010 201% 2017 3*7.1 7&1.8 7*&.2 %1%., &82.+
Debtedness /<ra?ilian (urrency # Koreing (urrency1

%.0% 1&.3% 1%.1%
8&.0%
*0.7%
*3.8%
8ar-12
-ec-12
8ar-13 Koreign (urrency
<ra?ilian (urrency
+ovenants Mu$tip$e R) M(
> > K Gross Debt Awap Jension Kund (ash (et Debt "or covenants 3a5 ,-.#D/ 312 mont s5 Jrovision Gther Gperational 2evenues0.#penses 2egulatory 'ssets and ;iabilities /(5'1 Kinancial (5' ,-.#D/ "or covenants 3b5
137Mar
2012
&,&71.* &,1%3.8 -12.7 -2&., 1,+%*., 1,+*,.7 ,,+.3 3&2.& 0,0*&.1 0,28*.& 1,378.2 1,&0%.2 ,33.% ,7*.2 3%8.% 37*.% ,33.% 33+., 1,.+ 1,.+ 1,*%3.8 1,*72.2 2.73 2.*3
> > K
(et Debt 6 ,-.#D/ 3a6b5
/mortiCation /23 8:1
3&,., 17%.+ ,1.% 201* 2018 2020 ,1.% 2021 ,1.% 2022 /"ter 2022 1&,.3
average cost o$ $oreign-currency debt was *+ bps. down on the
average cost in -ecember 2+12. !n 8arch, only 1%.1% o$ total debt was denominated in $oreign currency and, considering the KB hedge hori?on, only +.,% o$ this total was e#posed to $oreign currency ris9, 2+ bps above last
25
"uarter. ;ight)s hedge policy consists o$ protecting cash $low $alling due within the ne#t 2, months /principal and interest1 through the use o$ non-cash swap instruments with premier $inancial institutions.
3.% (et .ncome

(et .ncome and /d1usted (et .ncome 1A1261A13 7 R) Mi$$ion
&.*% 7&3.*%
315 37*5 138 1&0 385 30 78 %7 3&5 1&0
'd4usted :! 2egulatory 1Q12 'ssets and ;iabilities
1Q12
.<!6-'
Kinancial 2esult
6a#es
Gthers
1Q13
2egulatory 'd4usted :! 'ssets and 1Q13 ;iabilities
;ight posted :et !ncome o$ 2378.% million in 1Q13, a ,3.8% decline when compared to the :et !ncome o$ 231,+.1 million in 1Q12. 6his was primarily due to the operating per$ormance o$ distribution, which incurred higher energy purchase costs in 1Q13, up 31.&% on 1Q12. 'd4usting the portion o$ the purchased energy cost upturn to be trans$erred in the tari$$ read4ustment, through the creation o$ regulatory assets and liabilities /(5'1 not recorded in the !ncome Atatement, 'd4usted :et !ncome would have amounted to 231,*., million, ,.8% up on 1Q12.
26
3.7 .nvestments
+/2,L 3R)M(5 Distribution Net!or5 rein%orcement an$ e6pansion Losses Others /dministration +ommercia$.6 ,ner!y ,""iciency Generation #ota$ 1A13 127.0 30.1 ''.1 11.# 0.7 2%.7 3.3 1%2.7 2artic. % 7*.0% 01.#4 )0.#4 1).34 3.0% 1%.&% 2.1% 100.0% 1A12 131.2 11.1 )1.) ##.# %.1 2.1 3.0 1&2.8 2artic. % 81.*% 0'.34 #2.'4 13.(4 &.2% 1.0% 2.&% 100.0% <ar % 73.2% -(.#4 1(.14 -##.'4 7%.2% 1101.2% 73.%% 13.8%
;ight)s total investment in 1Q13 amounted to 231%2.7 million, a 13.&% rise year-over-year. 6he distribution segment absorbed most o$ the total 7 23127.+ million 7 accounting $or 78.+% o$ the total investment, 3.2% down on 2Q12. G$ this total, the main investments were those directed to= /i1 the development and e#pansion o$ distribution networ9s, aimed at meeting mar9et growth, strengthening the networ9 and improving "uality, in the amount o$ 23%*.1 million and /ii1 the energy loss pro4ect /networ9 shielding, electronic meters and $raud regulari?ation1, in which the (ompany invested 23,,.7 million. !nvestments in the underground networ9 are recorded under distribution networ9 and "uality improvement investments. !nvestments in trading and energy e$$iciency increased $rom 232.1 million in 1Q12 to 232%.7 million in 1Q13, chie$ly due to the co-generation pro4ect $or a large beverage company.
27
Generation +apacity ,?pansion 2ro1ects

Gne o$ the pillars o$ ;ight`s Atrategic Jlan is to increase the share o$ energy generation in its results. Vith this in mind, the (ompany has announced several pro4ects to boost installed generating capacity, which now totals &,2 8V. Vith the inclusion o$ the planned e#pansion pro4ects, generating capacity is e#pected to increase by *%, 8V up to 2+18.
+urrent Generation 2ar@ ,?istin! 2ower 2$ants .nsta$$ed +apacity 3M'5G 132 38+ 1++ 187 *% 7, 13 8&2 /ssured ,ner!y 3M'5G 1+, 33* *1 11* 32 /871 ,+ 1+ %00 ;peration =tart 1&,2 1&*3 1&%2 1&2, 1&&& 2++8 2+12 /ct Date +oncession 6 /ut oriCation ,?piration Date 2+2% 2+2% 2+2% 2+2% 2+2% 2+33 2+31
Kontes :ova :ilo JeManha Jereira Jassos !lha dos Jombos Aanta <ranca .levatOrias 2enova^ ALJJ JaracambiW #ota$
4ul-&% 4ul-&% 4ul-&% 4ul-&% 4ul-&% dec-+3 $eb-+1
Generation +apacity ,?pansion 2ro1ects (ew 2ro1ects .nsta$$ed +apacity 3M'5G & 77 28+ 22 7 % * * 17* 3% ,7 * 88 0%& /ssured ,ner!y 3M'5G 8 ,2 11, 13 , 3 3 3 ,1 18 23 :0+ 21* ;peration =tart 2+1* 1Q1* $eb-1* dec-13 4an-1, $eb-1, oct-13 sep-13 mar-1, 4an-17 2+1*02+1% +oncession 6 /ut oriCation ,?piration Date 2+31 2+3% 2+,* 2+32 2+32 2+32 2+31 2+,% 2+,7 :0a :0a
ALJJ ;a4esW L66 !taocaraW <elo 8ontea @uanhHesW -ores de @uanhHes Aenhora do JIrto RacarT Kortuna !! 2enova^ ;.2 2+1+
'-3 2+11 '-* 2+12
JJ' #ota$ F;ight`s Jarticipation W *1% ;ight ^ 21,&&% ;ight a 2,,&% ;ight
28
6he $irst "uarter o$ 2+13 was mar9ed by the $ollowing events related to pro4ects $or e#panding ;ight)s generating capacity= 4a1es =B2
6he basic pro4ect has already been approved by ':..;. 6he construction company hiring process is still e#pected
to ta9e place this year. Gnce the construction company is de$ined, it will be possible to begin the wor9s, with start-up scheduled $or 2+1*, given that the pro4ect has already been granted its installation license. 6he 17 8V unit will be installed in the powerhouse o$ the Kontes 5elha hydropower plant. !n addition to increasing generating capacity, the pro4ect also brings certain other bene$its, such as e#panding the operational $le#ibility, upgrading the supply o$ (.-'.)s water main, controlling the JiraQ 2iver)s water level, and improving the "uality o$ the water o$ the ;a4es 2eservoir.
.taocara b 6he !taocara Lydroelectric -evelopment concession dates $rom Kebruary 2++1, and it currently belongs to the syndicate comprising !taocara .nergia A.'. /*1%1 and (emig @eraMHo e 6ransmissHo A.'. /,&%1. !nitially planned to generate 1&* 8V, the pro4ect was reviewed by the syndicate a$ter a re"uest by !bama, aimed at minimi?ing its environmental impact, and the single plant was split into two hydroelectric power plants= !taocara !, with 1,* 8V, and !taocara !!, with *+ 8V. '$ter this division, the granting power only $ormali?ed the concession o$ !taocara ! to the syndicate, with an e#pected budget o$ 237*+ million. (urrently, the LJJ !taocara syndicate is wor9ing to obtain its installation license /!;1, to be issued by !bama, with wor9s e#pected to begin as o$ 2+1,. Renova ,ner!ia 3MRenovaN5
2010 4,R and 2011 /73

6he 'lto AertHo !! wor9s remain on schedule with towers and turbines being installed. 'lto AertHo !! comprises $i$teen wind $arms located in the state o$ <ahia, commerciali?ed during the 2+1+ ;.2 and 2+11 '-3 auctions with installed capacities o$ 1%7.7 8V and 218., 8V and to be delivered in Aeptember 2+13 and 8arch 2+1,, respectively.
2artners ip /!reement wit /$stom

't the beginning o$ 2+13, the (ompany entered into an agreement with 'lstom to supply aerogenerators, which provides $or an installed capacity o$ 1.2 @V. 6his agreement is aimed at carrying out the (ompany)s e#pansion plan with the implementation o$ its ne#t pro4ects, e"uivalent to *11.& 8V, to be delivered between 2+1* and 2+17.
=o$ar 2ower 2$ant

!n this "uarter, the $irst solar power plant developed by the (ompany became operational, with an installed capacity o$ 2*.%*9Vp, in the state o$ @oi\s, which will provide energy to a gold mining company. Gn Kebruary 21, 2+13, the (ompany made a grant re"uest $or eight photovoltaic power plants, with a total capacity o$ 2,1.& 8Vp. 6he solar power generation pro4ects are located in the southeast o$ the state o$ <ahia and will use
29
the thin-$ilm, polycrystalline silicon technology. 2enova has invested in the trading o$ solar power on the $ree mar9et and believes that a speci$ic auction $or this energy source would boost the mar9et in <ra?il.
&. +as :$ow

R) M( +as in t e -e!innin! o" t e 2eriod 315 (et .ncome Aocial (ontributions _ !ncome 6a# (et .ncome be"ore =ocia$ +ontributions 9 .ncome #a? Jrovision $or -elin"uency -epreciation and 'morti?ation ;oss /gain1 on intangible sales 0 2esidual value o$ disposals $i#ed asset ;osses /gains1 on $inancing e#change activities :et !nterests and 8onetary 5ariations <raslight 'tuali?ation 0 provisions reversal ."uity Ji9up Kinancial 'ssets o$ the (oncession Gthers ,arnin! -e"ore #a?es 7 +as -asis Vor9ing (apital (ontingencies -e$erred 6a#es <raslight Gthers 6a#es Jaid !nterest Jaid +as "rom ;peratin! /ctivities 325 Kinance Gbtained -ividends ;oans and $inancing payments :inancin! /ctivities 335 -isposal o$ 'ssets0!ntangible Ki#ed 'ssets0!ntangible0Kinancial 'ssets !n$low0'c"uisitions on !nvestment .nvestment /ctivities 3&5 +as in t e ,nd o" t e 2eriod 31F2F3F&5 +as Generation 32F3F&5 1A13 230.& 7*.% ,3.2 121.* 2&.+ &,., 1.& /&.,1 8*., 3&., 3,.8 +.% /%.,1 22.* &1&.1 &+.& /1*.71 /,,.%1 /28.71 /&+.11 /%7.21 /,&.21 208.% 27*.1 /%2.*1 212.% /18*.,1 /31.21 321%.%5 &30.8 200.% 1A12 %02.0 1&0.1 73.7 213.7 %1.% &+.+ 1.* 7.1 &&., 31.7 3%.7 /+.81 0&0.* /21*.81 /18.31 /3&.+1 /%1.81 /18.71 /*3.,1 /**.31 7*.0 27.+ /123.81 38%.*5 1.1 /*1.%1 300.05 0*3.7 3%*.*5
!n the "uarter, cash $low totaled 232+*.% million, versus a negative /23%8.8 million1 cash $low in 1Q12. 6his was mainly driven by= /i1 the variation o$ 23 3+&., million on the $inancing activity impacted by increased borrowings associated with the lower volume o$ amorti?ations during the period /ii1 the greater operating cash $low in the
30
period, 1%7,+% higher than in 1Q12, mainly in$luenced by the line o$ wor9ing capital, due to the signi$icant improvement in the collection o$ the distributor.
0. +orporate Governance
Gn 8arch 31, 2+13, the capital stoc9 o$ ;ight A.'. comprised 2+3,&3,,+%+ common shares, &7,%2&,,%3 o$ which were outstanding. 6he $ollowing chart shows ;ight)s current shareholding structure=
-#G 2/+#E/4
1&.28% 2.7&% 2*.07% 0.00% 2*.07% 0.00% 2*.07% 0.00%
=/(#/(D,R
:.2 R,D,(#;R
70% 18.23%
+,M.G
20% %.&1%
<;#;R/(#.M
-/(+; D; -R/=.4
2/R/#.
20.%&%G 100%
M.(;R.#D
3.18% 0.&2% 8%.*1%
R,D,(#;R ,(,RG./
100% 13.03%
:;R,.G(
00.83%
(/#.;(/4
&&.07%
+,M.G
2%.0%%
RM,
13.03%
Controller Group 52,1%
4,2=/
13.03%
-(D,=2/R
13.&%%
M/RO,#
3&.&1%
0ree 0loat &7,8%
4i! t =./. (Bo$din!)
Stake in blue: indirect interest in Light

*12.61% (RME) + 13.03%(LEPSA)
Gn Ranuary 11, 2+13, the <ra?ilian Aecurities and .#change (ommission /(581 listed the (ompany)s subsidiary ;ight .nergia A.' as a <-category publicly-traded company. 6he listing re"uest did not include a re"uest $or !JG authori?ation. 't the .#traordinary Ahareholders) 8eeting /.A81 held on 8arch %, 2+13, as a result o$ the resignation o$ 8r. 'ndrT Kernandes <erenguer as an e$$ective member o$ the <oard o$ -irectors, 8r. ;ui? (arlos da Ailva (antidio Rcnior, a <ra?ilian business administrator, was elected to replace him $or the remainder o$ the term o$ o$$ice, i.e., up to the 'nnual Ahareholders) 8eeting /'A81 that will decide on the accounts o$ the $iscal year ending -ecember 31, 2+13.
31
%. +apita$ Mar@ets
;ight)s shares have been listed on the <8_K<ovespa)s :ovo 8ercado trading segment since Ruly 2++*, there$ore adhering to the best corporate governance practices and the principles o$ transparency and e"uity, in addition to granting special rights to minority shareholders. ;ight A.'.)s shares are included in the $ollowing indices= !bovespa, !@( /(orporate @overnance !nde#1, !.. /.lectric Jower !nde#1, !<rB /<ra?il !nde#1, !A. /(orporate Austainability !nde#1, !6'@ /Apecial 6ag 'long Atoc9 !nde#1 and !-!5 /-ividend !nde#1. ;ight)s shares are also traded on the D.A. over-thecounter /G6(1 mar9et as ;evel 1'-2s, under the tic9er ;@ABC. 't the end o$ 8arch, ;ight A.'.)s shares /;!@631 were priced at 232+.++. 6he (ompany)s mar9et cap /no. o$ shares # share price1 closed the "uarter at 233,&18 million.
-M9: -;<,=2/ 3spot mar@et5 7 4.G#3 Dai$y /vera!e :umber o$ shares traded /6housand1 :umber o$ 6ransactions 6raded 5olume /23 8illion1 Quotation per shares= /(losing1F Ahare 5aluing /Quarter1 !.. 5aluing /Quarter1 !bovespa 5aluing /Quarter1
F'4usted by earnings.
1A13 8,1., 2,8,% 1%.& 23 2+.++ -1+.,% -3.%% -7.*%
1A12 81+., 2,,87 22.3 23 23.%% -&.&% 8.2% 13.7%
6he charts below give a brea9down o$ the (ompany)s $ree $loat in 8arch 2+13.
:ree :$oat +ompositionG
:orei!ners
.urope 22%
!ndividual 2+%
DA' %,%
Koreign *%%
'sia &% 'merica /w0out DA'1 3% Gceania 2%
:ational ;egal .ntities 2,%
F .#cluding <:-.AJ'2`s interest
32
6he chart below shows the per$ormance o$ ;ight)s stoc9 between Ranuary 1st, 2+13 and 8ay &, 2+13.
4i! t ? .bovespa ? .,, -ase 1an612 K 100 unti$ 0060862013
2012 !<G5 !.. ;!@63 7.,% -11.7% -1*.+% !<G5 !.. ;!@63 2013 -&.+% -2.*% -11.&%
1,+ 13+ 12+ 11+ 1++ &+ 8+ 7+ %+

Dec711
72.3% .bovespa 713.8% .,,

R)6s are 1262*012 00608613 22.32 18.21
720.1% 4i! t
=ep712
:eb712
:eb713
/pr712
(ov712
Dec712
Mar712
May712
Mar713
/u!712
/pr713
Jun712
Ju$712
;ct712
Jan712
Jan713
33
Dividends
;ight)s dividend payment policy establishes a minimum payout e"uivalent to *+% o$ ad4usted net income, calculated in compliance with article 18& o$ <ra?ilian (orporate ;aw and pursuant to <ra?ilian accounting practices and the regulations o$ the <ra?ilian Aecurities and .#change (ommission /(581. Gn 'pril 2%, 2+13, the (ompany)s 'nnual Ahareholders) 8eeting /'A81 approved the distribution o$ dividends in the amount o$ 23&1,77+,327.++, or, 23+.,* per share, related to the pro$it reserve $rom the balance sheet dated -ecember 31, 2+12. Auch amount, together with those already decided in the year, corresponds to an 8%.*% payout o$ ad4usted net income $or the year, which, added to the payments made during 2+12, resulted in a 7.8% dividend yield in the year.
Dividends paid, dividend yield and payout
100%
100% 7%.3% *1.0%
100.0%
87.2%
00%
2007
200*
2008
2010
2011
2012
Jayout
8inimum -ividend Jolicy
*.2% &.2%
8.8% 1.7%
*.1%
*.1%
%.1% 3.&% 3.3%
0.&% 2.&%
301 203
&0* 1*7
&32
3%3
*7 301 *7 11* 1*2 170 82
1=0* 2=0* 1=08 2=08 1=10 2=10 1=11 2=11 1=12 2=12 1=13
-ividends !nterest on ."uity ,i/i$en$ 7el$*
F<ased on the closing price the day be$ore the announcement.
34
7. 2ecent .vents
1. 's a result o$ the un$avorable hydropower conditions since the end o$ 2+12, including the low reservoir levels
o$ hydroelectric power plants, the thermal plant activation orders were directed to the ma#imum level and ta9ing into account the e#posure o$ concessionaires on the short-term mar9et, arising $rom the allocation o$ the energy and power physical guarantee "uotas, coupled with the rescission o$ contracts $rom the %th and 7th auctions o$ new energy due to the cancellation o$ the plants) authori?ation by ':..;, the cost $or distributors e#perienced a substantial hi9e at the end o$ 2+12 and the beginning o$ 2+13. 's a result o$ this scenario and because distribution concessionaires have no control over these costs, the <ra?ilian $ederal government issued -ecree 7,&,*013, which re"uires the trans$er o$ $unds $rom the .nergy -evelopment 'ccount /(-.1 to o$$set the costs related to= /i1 Aystem Aervice (harges /.AA1 /dispatched outside the order o$ merit $or energy security issues1 /ii1 Lydrological 2is9 /.nergy 2eallocation 8echanism /82.1 o$ the "uotas1 and /iii1 -i$$erence Aettlement Jrice /J;-1 .#posure, limited to the amount not met by the allocation o$ "uotas. Gn 'pril 8, 2+13 and 8ay %, 2+13 the (ompany received 23171,3 million and 232*7,+ million, respectively, totaling 23,28,3 million, pursuant to the above-mentioned -ecree, regarding settlement o$ Ranuary, Kebruary and 8arch 2+13, which was recorded in 1Q13.
2. 6he <oard o$ -irectors) meeting held on 'pril 2*, 2+13 approved the 2
nd
issue o$ Jromissory :otes in the
amount o$ 23*++,+++, maturing on up to 18+ days, aimed at recovering cash and prepaying debt. 6his issue will be replaced by the &th issue o$ debentures, which is currently being structured.
3. 6he 'nnual Ahareholders) 8eeting /'A81 held on 'pril 2%, 2+13 approved the distribution o$ dividends related
to the pro$it reserve $rom the balance sheet dated -ecember 31, 2+12, in the amount o$ 23&1,8 million, to be paid by -ecember 31, 2+13. Gn 'pril 3+, 2+13, the (ompany paid the interest on e"uity voted during $iscal year 2+12, in the gross amount o$ 238%,7 million.
35
*. Disc$osure 2ro!ram
=c edu$e #e$econ"erence +*01302+13, Vednesday, at ,=++ p.m. /<ra?ilian 6ime1 and at 3=++ p.m. /:C 6ime1, with simultaneous translation to .nglish 'ccess conditions= 'ebcast> lin9 on site www.light.com.br0ri /portuguese and english1 +on"erence +a$$ 7 -ial number= <ra?il= >** /111 2188 +1** .D'= >1 %,% 8,3 %+*, Gther countries= >1 /8%%1 8&+-2*8, 'ccess code= ;ight
.R #eam e7mai$ $elipe.saElight.com.br gustavo.sou?aElight.com.br carlos.cotrimElight.com.br marcelle.pela4oElight.com.br $abiana.mattaElight.com.br
+ontact ;uis Kelipe :egreiros de A\ @ustavo Vernec9 Aou?a (arlos (otrim 2odrigues Jereira 8arcelle Lenri"ues Jela4o Kabiana 'lmeida da 8atta
2 one >** 21 2211-281, >** 21 2211-2*%+ >** 21 2211-2828 >** 21 2211-73&2 >** 21 2211-2%%+
Disc$osure
8he in%ormation on the -ompan 9s operations an$ its :anagement9s e6pectations regar$ing its %uture per%ormance !as not re/ie!e$ * in$epen$ent au$itors. Statements a*out %uture e/ents are su*+ect to ris5s an$ uncertainties. 8hese statements are *ase$ on *elie%s an$ assumptions o% our :anagement, an$ on in%ormation currentl a/aila*le to the -ompan . Statements a*out %uture e/ents inclu$e in%ormation a*out our intentions, *elie%s or current e6pectations, as !ell as o% the -ompan ;s <oar$ o% ,irectors an$ O%%icers. =6ceptions relate$ to statements an$ in%ormation a*out the %uture also inclu$e in%ormation a*out operating results, li5el or presume$, as !ell as statements that are prece$e$ * , %ollo!e$ * , or inclu$ing !or$s such as >*elie/es>, >might>, >!ill>, >continues>, >e6pects>, >estimates>, >inten$s>, >anticipates>, or similar e6pressions. Statements an$ in%ormation a*out the %uture are not a guarantee o% per%ormance. 8he in/ol/e ris5s, uncertainties an$ assumptions *ecause the re%er to %uture e/ents, thus $epen$ing on circumstances that might or might not occur. ?uture results an$ creation o% /alue to sharehol$ers might signi%icantl $i%%er %rom the ones e6presse$ or suggeste$ * %or!ar$-loo5ing statements. :an o% the %actors that !ill $etermine these results an$ /alues are *e on$ L@AB8 S.A.;s control or %orecast capacit .
36
,LB.-.# . .ncome =tatement per +ompany 7 R) mi$$ion

4.GB# =,=/ (et ;peratin! Revenue ;peratin! ,?pense Gther Gperating 2evenuess0.#penses ;peratin! Resu$t ,-.#D/ :inancia$ Resu$t Resu$t be"ore ta?es and interest (et .ncome ,-.#D/ Mar!inG
F -oes not consider (onstruction 2evenue
1A13 1,**3.1 31,72*.35 /7.31 1&7.0 22*.1 3120.05 27.0 17.% 11.2%
1A12 1,77%.% 31,&83.05 /3.21 2*3.0 300.0 3108.&5 170.& 112.7 22.1%
<ar. % %.0% 10.7% 127.3% 7&7.8% 730.*% 8.%% 7*3.*% 7 7
4.GB# ,(,RG./ (et ;peratin! Revenue ;peratin! ,?pense Gther Gperating 2evenuess0.#penses ;peratin! Resu$t ."uity Jic9up ,-.#D/ :inancia$ Resu$t Resu$t be"ore ta?es and interest (et .ncome ,-.#D/ Mar!in +;M,R+./4.I/PQ; , =,R<.P;= (et ;peratin! Revenue ;peratin! ,?pense Gther Gperating 2evenuess0.#penses ;peratin! Resu$t ,-.#D/ :inancia$ Resu$t Resu$t be"ore ta?es and interest (et .ncome ,-.#D/ Mar!in
1A13 1&0.3 33*.15 107.2 /1.%1 118.3 318.%5 *%.0 0%.1 *2.1% 1A13 170.2 31%0.35 8.* 8.8 30.15 8.* %.& 0.%%
1A12 8%.2 330.05 1.& %2.% +.& 77.% 322.15 &1.& 27.0 *0.%% 1A12 &*.0 3&0.05 3.0 3.* 0.0 3.% 2.3 7.*%
<ar. % 01.0% 7.3% 71.2% 03.*% 711.%% 107.7% 10&.&% 7 <ar. % 2%1.&% 2%7.*% 1*0.0% 1%0.7% 7 170.7% 1*2.*% 7
37
,LB.-.# .. +onso$idated .ncome =tatement

+onso$idated 7 R) M( (,# ;2,R/#.(G R,<,(E, ;2,R/#.(G ,L2,(=, Jersonnel 8aterial Gutsourced Aervices Jurchased .nergy -epreciation Jrovisions (onstruction 2evenue Gther Gperating 2evenuess0.#penses Gthers ;2,R/#.(G R,=E4# ,AE.#D 2.+OE2 ,-.#D/ 3 5 :.(/(+./4 R,=E4# Kinancial !ncome Kinancial .#penses R,=E4# -,:;R, #/L,= /(D .(#,R,=# =;+./4 +;(#R.-E#.;(= 9 .(+;M, #/L D,:,RR,D .(+;M, #/L (,# .(+;M,
1
1A13 2,0&0.& 31,778.15 /81.,1 /3.&1 /&%.*1 /1,2%+.71 /&,.,1 /,*.,1 /1*7.31 /8.31 /31.11 2%1.3 30.%5 300.1 313*.85 38.* /177.31 121.* 330.85 37.35 7*.%
1A12 1,*8*.7 31,00%.25 /71.81 /3.81 /&2.+1 /1,+,%.*1 /&+.11 /87.+1 /137.,1 /1.31 /2%.21 3&2.% 0.* &33.& 3128.75 32.+ /1%1.71 213.7 328.15 3&&.%5 1&0.1
<ar. % 7.0% 1&.3% 13.,% 1.7% ,.&% 2+.*% ,.&% -,7.8% 1,.,% **2.*% 18.%% 723.7% 7 71*.1% 7.1% 2+.2% &.7% 7&3.0% 23.%% 7 7&3.*%
/ 1 .<!6-' as o$ (58 !nstruction *2702+12= :et !ncome > Aocial (ontributions and !ncome 6a#es > :et Kinancial 2esult > -epreciation0'morti?ation /F1 6he consolidated $inancial statements include the ;ight A.'. and its subsidiaries and a$$iliates. 6hese $inancial statements were eliminated $rom e"uity consolidated companies, the balances o$ receivables and payables, revenues and e#penses between the companies.
38
,LB.-.# ... +onso$idated -a$ance = eet 7 R) mi$$ion

/==,#= +urrent (ash _ (ash ."uivalents 2eceivable 'ccounts !nventories 2ecoverable 6a#es Jrepaid .#penses Gther (urrent 'ssets (on7current 2eceivable 'ccounts -e$erred 6a#es Jrepaid .#penses Gthers :on-current 'ssets !nvestiments Ki#ed 'ssets !ntangible #ota$ /ssets 4./-.4.#.,= +urrent Auppliers Kiscal obligations ;oans and Kinancing -ebentures Gthers Gbligations Jrovisions -ividends and interest on e"uity to be paid (on7current ;oans and Kinancing -ebentures Gthers Gbligations -e$erred 6a#es Jrovisions = are o$dersJ ,Huity 2eali?ed Roint Atoc9 2ro"it Reserves 'dditional Jroposed -ividend 'sset 5aluation 'd4ustments Gther comprehensive income 'ccumulated Jro$it0;oss o$ .#ercise #ota$ 4iabi$ities 0363162013 2,708.& ,,+.3 1,3+&.1 32.* 2*+.2 1%., 71+.8 +.+ 8,00*.% 2*+.1 822.* 1,&%&.3 *&+.+ 1,%37.2 3,78&.* +.+ 11,*1*.0 0363162013 2,0*2.& 1,17+.8 128.* *3%.3 22*.% 38&.+ *7.* 7,.8 + %,131.3 1,&%7.+ 1,7,3.+ 1,*&3.1 22,.+ %+,.3 0 3,10&.3 2,22*.8 20%.0 &1.8 ,,%., /172.+1 2**.8 2**.8+7 11,*1*.0 1263162012 2,33*.* 3&2.& 1,,,%.2 3+., 21+.8 2., 2*%.1 + 8,3*7.* 28&.% 83+.2 +.+ 1,&38.* &1.& 2,22+.% ,,+17.1 + 11,72%.% 1263162012 1,800.7 81,.* 132.7 3,2.& 118.8 3+8., 1*8.* 7,.8 +.+ %,171.1 1,&2+.* 1,8**.3 1,*8,.3 227.& *83.2 +.+ 3,020.7 2,22*.8 20%.0 &1.8 ,*1.% /172.+1 172.+ 171.&&7 11,1&7.&
39
,LB.-.# .< Re!u$atory /ssets and 4iabi$ities
R) Mi$$ion 6G6'; 'AA.6 6G6'; ;!'<!;!6!.A 6G6'; -!KK.2.:(. :et di$$erence /period1 :et di$$erence /accumulated1
Mar713 *++.% /,,.31 ,*%.3 1+1.2 1+1.2
Dec712 3%*.7 /1+.%1 3**.2 138.+ 33+.,
=ep712 2%2.7 /,*.%1 217.1 118.7 1&2.,
Jun712 17,., /7%.+1 &8., 7*.7 73.%
Mar712 177.8 /1**.11 22.7 /2.11 /2.11
Dec711 18*.3 /1%+.%1 2,.8 32.1 87.2
=ep711 1*1.2 /1*8.%1 /7.,1 11,.& **.+
Jun711 13,.3 /2*%.%1 /122.21 *.% /*&.81
Mar711 1,&.8 /277.71 /127.81 /%*.,1 /%*.,1
40
,LB.-.# <
's o$ Ranuary 1st, 2+13, ;ight no longer consolidates the results o$ its 4oint ventures in its $inancial statements, as provided $or by accounting norm (J( 1& and approved by (58 -eliberation %&,012. Jursuant to the new rule, these results should be recogni?ed as investments and posted based on the e"uity method, replacing the pro rata consolidation used up to -ecember 31, 2+12. 's a result, the (ompany no longer 4ointly consolidates on a pro rata basis its direct and indirect subsidiaries= 2enova .nergia, @uanhHes .nergia, ;ightger, '##iom, 'ma?Inia .nergia, and .-Jower. Auch change did not impact the (ompany)s net income, resulting only in changes to individual account headings o$ the consolidated income statement as a counterentry to the e"uity ad4ustment account.
6he consolidated $inancial in$ormation $or 1Q13 is in accordance with the new accounting practice however, $or comparison purposes, it was duly ad4usted to the in$ormation related to the $irst "uarter o$ 2+12 to re$lect the change retrospectively.
6he ad4ustments made to the !ncome Atatement o$ ;ight A.'. are as $ollows=
2ub$is ed 1A12 1,80&.3 31,0%0.%5 3&3.7 7 &33.* 312*.05 Rec$assi"ied 1A12 1,*8*.7 31,00&.85 /1.31 3&2.% 0.* &33.& 3128.75
+onso$idated .ncome =tatement 7 R) M( (,# ;2,R/#.(G R,<,(E, ;2,R/#.(G ,L2,(=, Gther Gperating 2evenues0.#penses ;2,R/#.(G R,=E4# ,AE.#D 2.+OE2 ,-.#D/ :.(/(+./4 R,=E4# Kinancial !ncome Kinancial .#penses Gther Gperating 2evenues0.#penses R,=E4# -,:;R, #/L,= /(D .(#,R,=# =;+./4 +;(#R.-E#.;(= 9 .(+;M, #/L D,:,RR,D .(+;M, #/L (,# .(+;M,
/d1ustments 30.%5 0.7 /1.31 31.15 0.* 30.35 31.75 ,7.*
/1.31 21&.& 328.%5 3&&.75 1&0.1
1.3 30.75 0.0 0.1 7
213.7 328.15 3&&.%5 1&0.1
41
LIGHT S.A. BALANCE SHEETS MARCH 31, 2013 AND DECEMBER 31, 2012 (In thousands of Brazilian reais - R$)
Parent Company Note ASSETS Cash and cash equivalents Marketable securities Consumers, concessionaires, permissionaires and clients Inventories Taxes and contributions Income tax and social contribution Prepaid expenses Dividends and interest on equity receivable Receivables from services rendered Receivables from swap transactions Other receivables TOTAL CURRENT ASSETS Consumers, concessionaires, permissionaires and clients Taxes and contributions Deferred taxes Concessions' financial assets Escrow deposits Receivables from swap transactions Other receivables Investments Property, plant and equipment Intangible assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS 6 7 9 10 19 31 11 12 13 14 4 5 6 7 8 3/31/2013 12/31/2012
3/31/2013
Consolidated 12/31/2012 Restated 230,356 15,266 1,441,588 30,348 196,985 6,730 1,954 42,171 35,070 166,718 2,167,186 289,429 118,878 830,033 1,573,349 224,073 470 2,786 557,350 1,635,255 3,748,638 8,980,261 11,147,447
31 11
30,570 2,438 128 19,210 148 5,007 57,501 296 3,125,194 672 3,126,162 3,183,663
45,469 3,858 191 19,210 148 6,665 75,541 289 3,031,033 672 3,031,994 3,107,535
435,926 4,423 1,309,090 32,481 250,222 18,940 16,417 42,416 27,620 621,829 2,759,364 250,139 119,186 822,480 1,617,007 230,057 307 2,786 589,990 1,637,150 3,789,544 9,058,646 11,818,010
The notes are an integral part of the interim financial information.
42
LIGHT S.A. BALANCE SHEETS MARCH 31, 2013 AND DECEMBER 31, 2012 (In thousands of Brazilian reais - R$)
Note LIABILITIES Suppliers Taxes and contributions Income tax and social contribution Loans, financing and financial charges Debentures and financial charges Payable swap transactions Dividends and interest on equity payable Estimated liabilities Regulatory charges Post-employment benefits Other payables TOTAL CURRENT LIABILITIES Loans, financing and financial charges Debentures and financial charges Payable swap transactions Taxes and contributions Deferred taxes Provisions Post-employment benefits Other payables TOTAL NON-CURRENT LIABILITIES SHAREHOLDERS' EQUITY Capital stock Profit reserves Proposed additional dividends Equity valuation adjustments Other comprehensive income Retained earnings (accumulated losses) TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16 17 31 7 9 19 21 22
3/31/2013
Parent Company 12/31/2012 Restated
3/31/2013
Consolidated 12/31/2012 Restated
15 7 8 16 17 31
18 21 22
136 72 2 74,792 515 12 2,763 78,292 142 901 1,043
458 1,640 2 74,792 392 11 3,514 80,809 142 901 1,043
1,170,752 97,027 31,467 536,265 225,570 5,560 74,792 57,483 81,913 117,020 176,889 2,574,738 1,966,975 1,742,957 9,698 193,517 224,015 604,263 1,264,461 133,058 6,138,944
814,469 82,353 50,353 342,949 118,793 1,597 74,792 46,826 111,716 116,107 190,733 1,950,688 1,920,482 1,855,261 4,532 195,751 227,905 583,152 1,254,631 129,362 6,171,076
24
2,225,822 256,535 91,770 446,391 (171,997) 255,807 3,104,328 3,183,663
2,225,822 256,535 91,770 451,556 (171,997) 171,997 3,025,683 3,107,535
2,225,822 256,535 91,770 446,391 (171,997) 255,807 3,104,328 11,818,010
2,225,822 256,535 91,770 451,556 (171,997) 171,997 3,025,683 11,147,447
43
LIGHT S.A. INCOME STATEMENT FOR THE QUARTERS ENDED MARCH 31, 2013 AND 2012 (In thousands of Brazilian reais - R$) Parent Company Note 1/1/2013 to 3/31/2013 28 (1,295) (1,295) 79,210 77,915 730 741 (11) 1/1/2012 to 3/31/2012 (3,133) (3,133) 142,160 139,027 1,035 1,104 (69) Consolidated 1/1/2012 to 3/31/2012 Restated 1,898,725 (1,359,121) 539,604 (197,053) (88,484) (107,292) (1,277) 828 343,379 (129,663) 32,022 (161,685)
1/1/2013 to 3/31/2013
NET REVENUE COST OF OPERATIONS GROSS PROFIT OPERATING EXPENSES Selling expenses General and administrative expenses Other revenues Other expenses EQUITY IN THE EARNINGS OF SUBSIDIARIES
26 28
2,040,424 (1,611,000) 429,424 (168,080) (54,371) (105,377) (8,332) (641) 260,703 (138,853) 38,492 (177,345)
EARNINGS BEFORE THE FINANCIAL RESULT AND TAXES FINANCIAL RESULT Revenues Expenses RESULT BEFORE INCOME TAX AND SOCIAL CONTRIBUTION Current income tax and social contribution Deferred income tax and social contribution NET INCOME FOR THE PERIOD Attributed to the controlling shareholders BASIC EARNINGS PER SHARE (R$ / Share) DILUTED EARNINGS PER SHARE (R$ / Share) 25 25 9 9 30
78,645 78,645 78,645 0.386 0.386
140,062 140,062 140,062 0.687 0.687
121,850 (39,542) (3,663) 78,645 78,645 0.386 0.386
213,716 (29,075) (44,579) 140,062 140,062 0.687 0.687
LIGHT S.A. STATEMENTS OF COMPREHENSIVE INCOME FOR THE QUARTERS ENDED MARCH 31, 2013 AND 2012 (In thousands of Brazilian reais - R$)
Parent Company 1/1/2013 to 3/31/2013 Net income for the year Other comprehensive results Gains (losses) on actuarial liabilities, net TOTAL COMPREHENSIVE RESULT Attributed to the controlling shareholders 78,645 78,645 78,645 1/1/2012 to 3/31/2012 140,062 140,062 140,062
Consolidated 1/1/2013 to 3/31/2013 78,645 78,645 78,645 1/1/2012 to 3/31/2012 140,062 140,062 140,062
44
LIGHT S.A. STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - PARENT COMPANY AND CONSOLIDATED FOR THE QUARTERS ENDED MARCH 31, 2013 AND 2012 (In thousands of Brazilian reais - R$)
PROFIT RESERVES PROPOSED ADDITIONAL DIVIDENDS 91,770 91,770 RETAINED EQUITY EARNINGS OTHER VALUATION (ACCUMULATEDCOMPREHENSIVE ADJUSTMENTS LOSSES) INCOME 451,556 (5,165) 446,391 171,997 5,165 78,645 255,807 (171,997) (171,997)
CAPITAL STOCK BALANCE ON DECEMBER 31, 2012 - Restated Realization of equity valuation adjustment Net income for the period BALANCE ON MARCH 31, 2013 2,225,822 2,225,822
LEGAL RESERVE 197,007 197,007
RETAINED EARNINGS 59,528 59,528
TOTAL
3,025,683 78,645 3,104,328
LIGHT S.A. STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - PARENT COMPANY AND CONSOLIDATED FOR THE QUARTERS ENDED MARCH 31, 2013 AND 2012 (In thousands of Brazilian reais - R$)
PROFIT RESERVES RETAINED PROPOSED EQUITY EARNINGS OTHER ADDITIONAL VALUATION (ACCUMULATEDCOMPREHENSIVE DIVIDENDS ADJUSTMENTS LOSSES) INCOME 181,501 472,356 (9,568) (39,978) 181,501 (5,218) 467,138 5,218 140,062 135,712 (39,978)
NOTE BALANCE ON DECEMBER 31, 2011 - Restated Realization of equity valuation adjustment Net income for the period BALANCE ON MARCH 31, 2012 - Restaed
CAPITAL STOCK 2,225,822 2,225,822
LEGAL RESERVE 178,288 178,288
RETAINED EARNINGS 163,407 163,407
TOTAL 3,171,828 140,062 3,311,890
45
LIGHT S.A. CASH FLOW STATEMENTS FOR THE QUARTERS ENDED MARCH 31, 2013 AND 2012 (In thousands of Brazilian reais - R$) Parent Company Account Description 1/1/2013 to 3/31/2013 52 (565) 78,645 (79,210) 617 1,420 64 (7) 1,657 (322) 121 (1,567) (749) (14,951) (14,951) (14,899) 45,469 30,570 (11,700) 55,057 43,357 1/1/2012 to 3/31/2012 (8,214) (2,098) 140,062 (142,160) (6,116) 3,191 60 (12) (728) 175 33 (8,835) (3,486) (3,486) Consolidated 1/1/2012 to 3/31/2012 Restated 70,339 532,032 213,716 61,628 89,972 1,545 (4,338) 36,663 (947) 101,049 31,687 1,885 (828) (461,693) 858 (141,620) 2,580 (2,751) (15,289) (12,986) (5,216) (5,318) (53,197) 9,195 (41,617) 3,809 (18,277) (61,801) (12,968) (53,701) (53,394) (54,327) 1,085 (509) (54,903) (84,847) (84,847) (68,835) 652,492 583,657
1/1/2013 to 3/31/2013
Net cash from operating activities Cash generated by operations Net income before income tax and social contribution Allowance for doubtful accounts Depreciation and amortization Loss (gain) from the sale or write-off of intangible asset /property, plant and equipment Foreign exchange and monetary losses (gains) from financial activities Provisions for contingencies and judicial deposits /restatement Adjustment to present value and prepayment of receivables Expenses with interest on loans and debentures Charges and monetary variation of post-employment obligations Swap variation Equity in the earnings of subsidiaries Remuneration of the concession's financial assets (Increase)/Decrease in Assets and Liabilities Marketable securities Consumers, concessionaires and permissionaires Taxes and contributions Inventories Receivables from services rendered Prepaid expenses Escrow deposits Other Suppliers Estimated liabilities Taxes and contributions Regulatory charges Provisions Post-employment benefits Other liabilities Interests paid Income tax and social contributions paid Net cash from investing activities Revenue from the sale of intangible asset Acquisition of property, plant and equipment Acquisition of intangible assets Investment acquisitions Financial investments Net cash used in financing activities Loans, financing and debentures Amortization of loans, financing and debentures Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period
202,768 414,091 121,850 29,038 94,443 1,931 (9,438) 34,798 (293) 85,696 39,398 22,454 641 (6,427) (211,323) 2,877 143,043 (101,407) (2,133) (245) (14,463) (3,997) (456,637) 371,307 10,657 56,825 (29,803) (15,674) (28,655) (26,652) (49,205) (67,161) (209,810) (20,035) (166,507) (31,234) 7,966 212,612 275,141 (62,529) 205,570 230,356 435,926
46
LIGHT S.A. STATEMENTS OF VALUE ADDED FOR THE QUARTERS ENDED MARCH 31, 2013 AND 2012 (In thousands of Brazilian reais - R$) Parent Company 1/1/2012 to 1/1/2013 to 3/31/2012 3/31/2013 Restated (311) (311) (311) (311) 79,951 79,210 741 79,640 79,640 896 835 36 25 89 89 10 10 78,645 78,645 140,062 140,062 63 63 (2,434) (2,434) (2,434) (2,434) 143,264 142,160 1,104 140,830 140,830 667 632 22 13 38 38 Consolidated 1/1/2012 to 1/1/2013 to 3/31/2012 3/31/2013 Restated 2,859,856 2,840,798 2,728,101 160,793 (29,038) (1,455,714) (1,322,179) (133,535) 1,404,142 (94,443) (94,443) 1,309,699 37,851 (641) 38,492 1,347,550 1,347,550 82,399 63,333 13,065 5,402 599 989,174 339,841 647,294 2,039 197,332 180,066 10,903 6,363 78,645 78,645 2,764,977 137,449 (61,628) (1,297,921) (1,171,142) (126,779) 1,542,877 (89,972) (89,972) 1,452,905 32,850 828 32,022 1,485,755 1,485,755 73,406 57,914 10,184 4,187 1,121 1,094,315 455,635 636,382 2,298 177,972 161,612 10,288 6,072 140,062 140,062
Revenues Sale of goods, products and services Revenue related to the construction of own assets Allowance/Reversal of allowance for doubtful accounts Inputs acquired from third parties Cost of products, goods and services sold Material, energy, outsourced services and other Gross value added Retentions Depreciation and amortization Net value added produced Value added received in transfer Equity in the earnings of subsidiaries Financial revenues Total value added to distribute Distribution of value added Personnel Direct remuneration Benefits Government Severance Fund for Employees (FGTS) Other Taxes, fees and contributions Federal State Municipal Value distributed to providers of capital Interest Rental Other Value distributed to shareholders Retained earnings The notes are an integral part of the interim financial information.
47
TABLE OF CONTENTS
1. OPERATIONS 2. GROUPS ENTITIES 3. APPROVAL AND SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED IN THE PREPARATION OF THE INTERIM FINANCIAL INFORMATION 4. CASH AND CASH EQUIVALENTS 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. MARKETABLE SECURITIES CONSUMERS, CONCESSIONAIRES, PERMISSIONAIRES AND CLIENTS TAXES AND CONTRIBUTIONS INCOME TAX AND SOCIAL CONTRIBUTION DEFERRED TAXES CONCESSIONS FINANCIAL ASSETS OTHER RECEIVABLES INVESTMENTS PROPERTY, PLANT AND EQUIPMENT INTANGIBLE ASSETS SUPPLIERS LOANS, BORROWINGS AND FINANCIAL CHARGES DEBENTURES AND FINANCIAL CHARGES REGULATORY CHARGES PROVISIONS CONTINGENCIES POST-EMPLOYMENT BENEFITS OTHER PAYABLES RELATED-PARTY TRANSACTIONS EQUITY EARNINGS PER SHARE NET OPERATING REVENUE ELECTRIC POWER SUPPLY OPERATING COSTS AND EXPENSES ELECTRIC POWER PURCHASED FOR RESALE FINANCIAL INCOME FINANCIAL INSTRUMENTS AND RISK MANAGEMENT INSURANCE SEGMENT REPORTING NON-CASH TRANSACTIONS EVENTS AFTER THE REPORTING PERIOD
48
(;#,= #; #B, 2/R,(# +;M2/(D /(D +;(=;4.D/#,D .(#,R.M :.(/(+./4 .(:;RM/#.;( :;R #B, AE/R#,R ,(D,D M/R+B 31, 2013
(In thousands of Brazilian reais R$, unless stated otherwise)
1. OPERATIONS The corporate purpose of Light S.A. (Company or Light), a publicly-held company headquartered in the City of Rio de Janeiro/RJ - Brazil, is to hold equity interests in other companies, as partner or shareholder, and the direct or indirect exploration, as applicable, of electric power services, including electric power generation, transmission, sale and distribution systems, as well as other related services. The Company is listed in the New Market (Novo Mercado) segment of the BM&FBOVESPA So Paulo Securities, Commodities and Futures Exchange (BM&FBOVESPA), under the ticker LIGT3, and in the U.S. over-the-counter (OTC) market, under the ticker LGSXY. 2. GROUPS ENTITIES
a) Direct Subsidiaries
Light Servios de Eletricidade S.A. (Light SESA 100%) a publicly-held corporation, headquartered in the city and state of Rio de Janeiro, engaged in the distribution of electric power, with a concession area comprising 31 cities in the state of Rio de Janeiro, including its capital. Light Energia S.A. - (Light Energia 100%) a publicly-held corporation, headquartered in the city and State of Rio de Janeiro, whose main activity is to (a) study, plan, construct, operate and explore systems of electric power generation, transmission, sales, and related services that have been legally granted or that may be granted or authorized to it or to companies in which it holds or may come to hold a controlling interest; (b) to hold interests in other companies as a partner, shareholder or quotaholder. It comprises the Pereira Passos, Nilo Peanha, Ilha dos Pombos, Santa Branca and Fontes Novas plants, with a total installed capacity of 855 MW. Light Energia holds interest in the following subsidiaries and jointly-owned subsidiaries: Central Elica So Judas Tadeu Ltda. (So Judas Tadeu 100%) - a company at the pre-operational stage whose main activity is the generation and sale of electric power through a wind powerplant located in the state of Cear, with 18 MW nominal power. Central Elica Fontainha Ltda. (Fontainha 100%) a company at the preoperational stage whose main activity is the generation and sale of electric power through a wind powerplant located in the state of Cear, with 16 MW nominal power. Renova Energia S.A. (Renova Energia - 22.0%, jointly-owned subsidiary) a corporation whose main activity is the generation of electric power through
49
renewable alternative sources, such as small hydroelectric powerplants (PCHs) and wind powerplants. Renova Energia holds direct or indirect interests totaling 1,290 MW contracted, 336 MW of which in operation. The companies in which Renova Energia holds interests are listed below:
Interests - RENOVA Enerbras Centrais Eltricas S,A, Centrais Elicas Planaltina S,A, Centrais Elicas Caetit Ltda, * Nova Renova Energia S,A, Bahia Elica Participaes S,A, Centrais Elicas Pinda S,A, Centrais Elicas Igapor S,A, Centrais Elicas Licnio de Almeida S,A, Centrais Elicas Candiba S,A, Centrais Elicas Ilhus S,A, Salvador Elica Participaes S,A, Centrais Elicas Alvorada S,A, Centrais Elicas Paje do Vento S,A, Centrais Elicas Arapu Ltda, * Centrais Eltricas Bela Vista Ltda, * Renova Comercializadora de Energia S,A * Centrais Cochilha Alta Ltda, *
(d) Direct subsidiary of Renova (i) Indirect subsidiary of Renova * Company in the pre-operational stage
(d) (i) (i) (d) (i) (i) (i) (i) (i) (i) (i) (i) (i) (d) (d) (d) (d)
Energtica Serra da Prata S,A, (i) Centrais Elicas Rio Verde S,A, (i) Centrais Elicas Guirap S,A, (i) Centrais Elicas Nossa Senhora Conceio S,A, (i) Centrais Elicas Guanambi S,A, (i) Centrais Elicas Porto Seguro S,A, (i) Centrais Elicas Serra do Salto S,A, (i) Renova Elica Participaes S,A, (i) Centrais Eltricas Borgo Ltda, * (i) Centrais Eltricas Dourados Ltda, * (i) Centrais Eltricas Maron Ltda, * (i) Centrais Eltricas Serra do Espinhao Ltda, * (i) Centrais Elicas Ametista Ltda, * (i) Centrais Eltricas Cedro Ltda, * (d) Centrais Eltricas Riacho de Santana Ltda, * (d) Centrais Elicas Lenois Ltda, * (d)
Renova PCH Ltda, * Centrais Elicas Espigo Ltda, * Centrais Elicas Pelourinho Ltda, * Centrais Elicas Piles Ltda, * Centrais Elicas So Salvador Ltda, * Centrais Eltricas Morro Ltda, * Centrais Eltricas Serama Ltda, * Centrais Eltricas Tanque Ltda, * Centrais Elicas dos Araas Ltda, * Centrais Elicas da Prata Ltda, * Centrais Elicas Ventos do Nordeste Ltda, * Centrais Eltricas Botuquara Ltda, * Centrais Eltricas Itaparica Ltda, * Centrais Eltricas Conquista Ltda, * Centrais Eltricas Santana Ltda, * Centrais Elicas Recncavo Ltda, *
(d) (i) (i) (i) (d) (i) (i) (i) (i) (i) (i) (d) (d) (d) (d) (d)
The indirect interest held in Renova PCH Ltda, Nova Renova Energia S.A., Centrais Eltricas Botuquara Ltda and Centrais Eltricas Itaparica LTDA is 21.8%, while in other companies it is 22.0%. Guanhes Energia S.A. (Guanhes Energia - 51%, jointly-owned subsidiary) a privately-held corporation in the pre-operational stage, headquartered in the city of Belo Horizonte MG, was created with the purpose of implementing and exploring small hydroelectric powerplants (PCHs) in the state of Minas Gerais, with total installed capacity of 44.80 MW. The startup of the first PCH is scheduled for May 2014 and the last one for August 2014. The company is a jointly-owned subsidiary of Light Energia S.A. (51%) and Cemig Gerao e Transmisso S.A. - Cemig GT (49%).
Light Esco Prestao de Servios S.A. - (Light Esco 100%) a privately-held corporation, headquartered in the city and state of Rio de Janeiro, whose main activity is the purchase, sale, import, export of electric and thermal power, gases and industrial utilities, and provision of advisory services in the energy sector. The company is a member of the Maracan Solar consortium, which manages the photovoltaic plant to be installed on the top of the Maracan stadium (51%). EDF Consultoria em Projetos de Gerao de Energia Ltda. holds a 49% interest in this consortium. Light Esco requested a granting to Aneel to become an independent producer of electric power. Light Esco also holds interests in the following jointly-owned subsidiary: EBL Companhia de Eficincia Energtica S.A. (EBL 33.3%, jointly-owned subsidiary) a company engaged in providing energy efficiency solutions and services and rental of equipment and facilities at units owned or rented by Telemar Norte Leste S.A.
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Lightcom Comercializadora de Energia S.A. (Lightcom 100%) a privately-held corporation, headquartered in the city and state of So Paulo, engaged in the purchase, sale, import, export and provision of advisory services in the energy sector. Itaocara Energia Ltda. - (Itaocara Energia 100%) a company in the pre-operational stage, primarily engaged in the design, construction, installation, operation and exploration of electric power generation plants. It holds interest in the UHE Itaocara consortium for the exploration of the Itaocara Hydroelectric Powerplant (51%). Cemig Gerao e Transmisso S.A. holds a 49% interest. Light Solues em Eletricidade Ltda (Light Solues - 100%) a limited liability company whose main activity is to provide services to low voltage clients, including the assembly, remodeling and maintenance of facilities in general. Instituto Light para o Desenvolvimento Urbano e Social (Light Institute - 100%) a non-profit private company, engaged in participating in social and cultural projects, focused on the cities social and economic development, affirming the Companys ability to be socially responsible. b) Jointly-owned subsidiaries Lightger S.A. (Lightger) a privately-held corporation whose purpose is to participate in auctions for concessions, authorizations and permissions for new electric power plants. On December 24, 2008, Lightger obtained the installation license that authorized the start of the construction of the Paracambi small hydroelectric powerplant (PCH) and obtained its operation license issued by the State Environment Institute (INEA) on November 10, 2011, valid until October 10, 2015. The turbine began operating in the third quarter of 2012. The company is jointly owned by Light S.A (51%) and Cemig Gerao e Transmisso S.A. - Cemig GT (49%). Axxiom Solues Tecnolgicas S.A. (Axxiom) a privately-held corporation, headquartered in the city of Belo Horizonte, state of Minas Gerais, whose purpose is to offer technology solutions and systems for the operational management of public utility concessionaires, including electric power, gas, water and sewage companies. It is jointly owned by Light S.A (51%) and Companhia Energtica de Minas Gerais - CEMIG (49%). CR Zongshen E-Power Fabricadora de Veculos S.A. (E-Power) a privately-held company in the pre-operational stage whose purpose is to manufacture Kasinski twowheel electric vehicles. Light S.A. and CR Zongeshen Fabricadora de Veculos S.A., referred to as Kasinski are the companys shareholders, holding 20% and 80%, respectively, of E-Powers registered common shares. Amaznia Energia Participaes S.A. (Amaznia Energia) a privately-held corporation whose purpose is to hold an interest, as a shareholder, in Norte Energia S.A. (NESA), which holds the concession for the use of public assets to explore the Belo Monte Hydroelectric Powerplant, on Xingu river, in the state of Par. It is jointly owned by Light S.A. (25.5%) and Cemig Gerao e Transmisso S.A. - Cemig GT (74.5%). Amaznia Energia holds a 9.8% interest in NESA, with significant influence on management, but without joint control.
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c) Concessions and authorizations

Concessions / authorizations Light SESA e Light Energia PCH Paracambi - Lightger Hidroeltrica de Itaocara - Consrcio Itaocara Usinas Elicas - Renova Energia Usinas Elicas - Renova Energia Usinas Elicas - Renova Energia PCH Dores de Guanhes - Guanhes Energia PCH Senhora do Prto - Guanhes Energia PCH Jacar - Guanhes Energia PCH Fortuna II - Guanhes Energia Date Jun/1996 Feb/2001 Mar/2001 Aug/2011 Mar/2011 until May/2011 Apr/2012 Nov/2002 Oct/2002 Oct/2002 Dec/2001 Expiration Jun/2026 Feb/2031 Mar/2036 Aug/2045 Mar/2046 until May/2046 Apr/2047 Nov/2032 Oct/2032 Oct/2032 Dec/2031
d) Light Group Consolidation As determined by CPC 19 Joint Arrangements (IFRS 11), approved by CVM Resolution 694/12, effective as of January 1, 2013, interests in joint ventures shall be recognized as investment and accounted for under the equity method instead of under the proportionate consolidation method, used until December 31, 2012. Accordingly, the consolidated quarterly information include the shareholdings of the Company and its subsidiaries, which are consolidated as follows:
3/31/2013 Percentage of Percentage of interest (%) interest (%) Direct Indirect Light Servios de Eletricidade S,A, Light Energia S,A, Central Elica Fontainha Ltda Central Elica So Judas Tadeu Ltda Light Esco Prestao de Servios S,A, Lightcom Comercializadora de Energia S,A, Light Solues em Eletricidade Ltda, Instituto Light para o Desenvolvimento Urbano e Social Itaocara Energia Ltda, 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 12/31/2012 Percentage of Percentage of interest (%) interest (%) Direct Indirect 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 -
3. APPROVAL AND SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED IN THE PREPARATION OF THE INTERIM FINANCIAL INFORMATION The authorization for the conclusion of this interim financial information was given by the Companys Management on May 10, 2013. The Companys consolidated interim financial information was prepared for the quarter ended March 31, 2013 and is in accordance with International Accounting Standards (IAS) 34, which corresponds to the Brazilian accounting standard CPC 21, which addresses interim financial statements. IAS 34 requires Management to use certain accounting estimates. The consolidated financial information has been prepared based on historical cost, except for specific financial assets and financial liabilities that are measured at fair value. The parent
52
companys individual financial information has been prepared in accordance with the accounting practices adopted in Brazil, CPC 21, which addresses interim statements. The parent company financial statements, prepared for statutory purposes, present investments in subsidiaries measured by the equity method of accounting, in accordance with the Brazilian legislation. Thus, these parent company financial statements have not been prepared under IFRS, which require the valuation of these investments in the parent companys separate financial statements at fair value or cost. This parent company and consolidated financial information does not include all the information and disclosures required in the parent company and consolidated annual financial statements and, therefore, should be read together with the parent company and consolidated financial statements for the year ended December 31, 2012, published on April 4, 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the accounting practices adopted in Brazil (BR GAAP). The Company has chosen to present the parent company and consolidated financial information as a single set of accounts, since there are no differences between the parent company and consolidated equity and results. This financial information is presented in Real, which is the functional currency of the Company, its subsidiaries, jointly-owned subsidiaries and associated companies. All financial information presented in Real was rounded up to the next thousand figure, except when indicated otherwise.
a) Standards and interpretations effective as of January 1, 2013
IFRS 10 - Consolidated Financial Statements - replaces the parts of IAS 27 Consolidated and Separate Financial Statements that deal with consolidated financial statements. SIC-12 Consolidation Special Purpose Entities was excluded with the issue of IFRS 10. According to IFRS 10, there is only one consolidation basis, that is, control. IFRS 10 also includes a new definition of control. Management has not identified impacts arising from this new rule. IFRS 11 - Joint Arrangements replaces IAS 31 and establishes how joint arrangements should be classified in the financial statements. In accordance with the rule, the structure of a joint arrangement is no longer the main factor to determine the type of business and, consequently, the respective accounting. Joint ventures will be accounted for under the equity method and the proportionate consolidation method will no longer be permitted. The Company no longer proportionally consolidates its direct and indirect jointly-owned subsidiaries Renova Energia, Guanhes Energia, EBL, Lightger, Axxiom, Amaznia Energia and E-Power as of January 1, 2013. These changes did not have an impact on the Companys net income; however, there were changes to the individual lines in the consolidated statement of income against the equity income and a reduction in consolidated assets and liabilities against an increase in investments, as shown below. IFRS 12 - Disclosure of Interests in Other Entities is a disclosure rule applicable to entities with interests in subsidiaries, joint arrangements,
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associates and/or unconsolidated structured entities. In general, disclosure requirements under IFRS 12 are more comprehensive than the current rules. The impact is increased disclosure of information of its jointly-owned subsidiaries, included in Note 12. IFRS 13 - Fair Value Measurement presents a single source of guidance for fair value measurements and disclosures. The rule defines the fair value, presents a structure for measurement and requires disclosures. Management has not identified any impact arising from this new standard. Changes to IAS 1 Presentation of Items of Other Comprehensive Income allow the presentation of the income statement and other comprehensive income in a single statement or in two separate and consecutive statements. However, the changes to IAS 1 require additional disclosures in the section of other comprehensive income so that other comprehensive income items are grouped into two categories: (a) items that will not be subsequently reclassified in the income statement; and (b) items that will be subsequently reclassified in the income statement in accordance with certain conditions. Management has not identified relevant impacts arising from this new standard. IAS 19 (revised in 2011) Employee Benefits they change the accounting of the defined benefit plans, including: a) the elimination of the corridor approach; b) the immediate recognition of the cost of past services in the income statement c) the recognition of actuarial gains and losses in other comprehensive income, as incurred; and d) the replacement of interest expenses and the expected returns on the plans assets by a net interest amount, calculated through the application of the discount rate to the net defined benefit assets or liabilities. As the Company already immediately recognized actuarial gains and losses in other comprehensive income and there were no significant differences in the expected return rates on assets and discount rates that could impact the financial information, the only impact was the reclassification of retained earnings to other comprehensive income in equity, as the Company chose not to transfer the amounts recognized in other comprehensive income in equity. IAS 27 (revised in 2011) Separate Financial Statements reflects changes in the accounting of non-controlling interest and deals mainly with the accounting of changes in interests in subsidiaries after control is obtained, the accounting of the loss of control in subsidiaries and the allocation of income or loss to controlling and non-controlling interests in a subsidiary. Management has not identified impacts arising from this new standard. IAS 28 (revised in 2011) - Investments in Associates and Joint Ventures: The changes introduced to IAS 28 were intended to clarify that: (i) an investment in an associate must be treated as a single asset for impairment testing purposes in accordance with IAS 36 Impairment of Assets; (ii) any impairment loss to be recognized must not be allocated to specific assets (specifically goodwill); and (iii) impairment reversals are recorded as an adjustment to the associates book value provided that and to the extent that the recoverable amount of the investment increases. Management has not identified impacts arising from this new standard.
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Changes to IFRS 7 - Offsetting Financial Assets and Financial Liabilities Introduce new disclosure requirements for financial assets and financial liabilities which are offset in the statement of financial position. Management has not identified impacts arising from this new standard. The adoption of the new standards as of January 1, 2013, as provided for by CPC 23 Accounting Policies, Changes in Accounting Estimates and Errors, impacted the balances as of January 1, 2012 and the results as of January 1, 2012, which were duly adjusted for comparative purposes in this financial information, as presented below:
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i.
Consolidated statement of financial position for the year ended December 31, 2012.
ASSETS Cash and cash equivalents Marketable securities Consumers, concessionaires, permissionaires and clients Taxes and contributions Income tax and social contribution Inventories Services rendered receivable Swap income receivable Prepaid expenses Other assets TOTAL CURRENT ASSETS Consummers, concessionaires, licensees and clients Taxes and contributions Deferred taxes Financial assets and concessions Swap income receivable Deposits in court Other assets Investiments Property, plant and equipment Intangible assets TOTAL NUN-CURRENT ASSETS TOTAL ASSETS
12/31/2012 Published 377,607 15,266 1,446,171 199,182 11,662 30,355 46,154 35,070 2,426 174,870 2,338,763 289,556 118,878 830,233 1,573,349 470 224,631 21,215 91,855 2,220,564 4,017,057 9,387,808 11,726,571
Reclassification* (147,251) (4,583) (2,197) (4,932) (7) (3,983) (472) (8,152) (171,577) (127) (200) (558) (18,429) 465,495 (585,309) (268,419) (407,547) (579,124)
12/31/2012 Restated 230,356 15,266 1,441,588 196,985 6,730 30,348 42,171 35,070 1,954 166,718 2,167,186 289,429 118,878 830,033 1,573,349 470 224,073 2,786 557,350 1,635,255 3,748,638 8,980,261 11,147,447
LIABILITIES Suppliers Taxes and contributions Income tax and social contribution Loans, borrowings and financial charges Debentures and financial charges Swap income payable Dividends and interest on equity payable Expected liabilities Regulatory charges Post-employment benefits Other liabilities TOTAL CURRENT LIABILITIES Loans, borrowings and financial charges Debentures and financial charges Swap income payable Taxes and contributions Deferred taxes Provisions Post-employment benefits Other liabilities TOTAL NUN-CURRENT LIBILITIES EQUITY Capital Stock Profit reserve Proposed additional dividends Equity valuation adjustments Other comprehensive results ** Accumulated profits (losses) ** TOTAL EQUITY TOTAL LIABILITIES AND EQUITY
12/31/2012 Published 861,823 85,791 50,353 391,010 151,832 1,597 74,792 48,578 111,716 116,107 193,062 2,086,661 2,200,721 1,922,495 4,532 195,751 320,224 583,171 1,254,631 132,702 6,614,227
Reclassification* (47,354) (3,438) (48,061) (33,039) (1,752) (2,329) (135,973) (280,239) (67,234) (92,319) (19) (3,340) (443,151)
12/31/2012 Restated 814,469 82,353 50,353 342,949 118,793 1,597 74,792 46,826 111,716 116,107 190,733 1,950,688 1,920,482 1,855,261 4,532 195,751 227,905 583,152 1,254,631 129,362 6,171,076
2,225,822 256,535 91,770 451,556 3,025,683 11,726,571
(171,997) 171,997 (579,124)
2,225,822 256,535 91,770 451,556 (171,997) 171,997 3,025,683 11,147,447
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ii.
Consolidated statement of income for the quarter ended March 31, 2012.
1/1/2012 to 3/31/2012 Published NET OPERATING REVENUE COST OF OPERATIONS GROSS PROFIT OPERATING EXPENSES Sales expenses General and administrative expenses Other revenues/ expenses EQUITY IN THE EARNINGS OF SUBSIDIARIES EARNINGS BEFORE FINANCIAL RESULT AND TAXES FINANCIAL RESULTS Revenus Expense EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION Current income tax and social contribution Deferred income tax and social contribution NET PROFIT FOR THE PERIOD 1,904,293 (1,360,094) 544,199 (201,845) (88,484) (112,033) (1,328) 342,354 (127,981) 35,225 (163,206) 214,373 (29,597) (44,714) 140,062 Reclassification * 1/1/2012 to 3/31/2012 Restated 1,898,725 (1,359,121) 539,604 (197,053) (88,484) (107,292) (1,277) 828 343,379 (129,663) 32,022 (161,685) 213,716 (29,075) (44,579) 140,062
(5,568) 973 (4,595) 4,792 4,741 51 828 1,025 (1,682) (3,203) 1,521 (657) 522 135 -
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iii.
Consolidated statement of cash flows for the quarter ended March 31, 2012.
1/1/2012 to 3/31/2012 Published Net cash from operating activities Cash from operations Earnings before income tax and social contribution Allowance for doubtful accounts Depreciation and amortization Loss (gains) in sale of intangible assets / Property, plant and equipment Exchange and monetary loss (gains) from financial activities Provision for judicial deposit contingencies / Restatements Present value adjustment and prepayment of accounts receivable Interest expenses on loans Charges and exchange rate variation of post-employment obligations Swap variations Equity in the earnings of subsidiaries Variations in Assets and Liabilities Securities Consumers, concessionaires and permissionaires Taxes and contributions Inventories Services rendered receivable Prepaid expenses Deposits in court Other assets Suppliers Estimated liabilities Taxes and contributions Regulatory charges Provisions Post-employment benefits Other liabilities Interest paid Income tax and social contribution - paid Net cash from investing activities Receivables from sale of intangible assets Acquisition of property, plant and equipment items Acquisition of intangible assets Net cash from financing activities Loans, financing and debentures obtained Amortization of loans, financing and debentures Increase (decrease) in cash and equity Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 175,976 525,409 214,373 61,628 83,093 1,545 (2,977) 36,663 (947) 100,344 31,687 (349,433) 858 (141,761) 21,449 (2,751) (16,192) (12,909) (5,301) (1,767) (43,118) 9,155 13,114 3,809 (18,277) (36,278) (10,728) (55,342) (53,394) (189,107) 1,085 (55,351) (134,841) (96,795) 26,981 (123,776) (109,926) 772,548 662,622 (105,637) 6,623 (657) 6,879 (1,361) 705 1,885 (828) (112,260) 141 (18,869) 903 (77) 85 (3,551) (10,079) 40 (54,731) (25,523) (2,240) 1,641 134,780 54,842 79,938 11,948 (26,981) 38,929 41,091 (120,056) (78,965) 1/1/2012 to 3/31/2012 Restated 70,339 532,032 213,716 61,628 89,972 1,545 (4,338) 36,663 (947) 101,049 31,687 1,885 (828) (461,693) 858 (141,620) 2,580 (2,751) (15,289) (12,986) (5,216) (5,318) (53,197) 9,195 (41,617) 3,809 (18,277) (61,801) (12,968) (53,701) (53,394) (54,327) 1,085 (509) (54,903) (84,847) (84,847) (68,835) 652,492 583,657
Reclassification *
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iv.
Consolidated statement of value added for the quarter ended March 31, 2012.
1/1/2012 to 3/31/2012 Published Revenues Sale of goods, products and services Revenue related to construction of own assets Allowance for (Reversal) doubtful accounts Inputs acquired from third parties Cost of products, goods and services sold Materials, energy, third-party services and others Gross value added Retentions Depreciation and amortization Net value added produced Value added received in transfer Equity in the earnings of subsidiaries Financial income Total value added to distribute Value added distribution Personnel Direct compensation Benefits FGTS Other Taxes, charges and contibutions Federal State Municipal Remuneration of third-party Interests Rental Other Return on own capital Retained earnings 2,846,680 2,908,308 (61,628) (1,316,501) (1,047,514) (268,987) 1,530,179 (90,096) (90,096) 1,440,083 35,225 35,225 1,475,308 1,475,308 61,232 45,740 10,184 4,187 1,121 1,094,631 455,876 636,382 2,373 179,383 163,023 10,288 6,072 140,062 140,062 (5,882) (143,331) 137,449 18,580 (123,628) 142,208 12,698 124 124 12,822 (2,375) 828 (3,203) 10,447 10,447 12,174 12,174 (316) (241) (75) (1,411) (1,411) 1/1/2012 to 3/31/2012 Restated 2,840,798 2,764,977 137,449 (61,628) (1,297,921) (1,171,142) (126,779) 1,542,877 (89,972) (89,972) 1,452,905 32,850 828 32,022 1,485,755 1,485,755 73,406 57,914 10,184 4,187 1,121 1,094,315 455,635 636,382 2,298 177,972 161,612 10,288 6,072 140,062 140,062
Reclassification *
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v.
Consolidated statement of financial position for the year ended December 31, 2011.
12/31/2011 Published ASSETS Cash and cash equivalents Securities Consumers, concessionaires, permissionaires and clients Inventories Taxes and contributions Income tax and social contribution Prepaid expenses Services rendered receivable Swap income receivable Other revenues TOTAL CURRENT ASSETS Consumers, concessionaires, permissionaires and clients Taxes and contributions Deferred taxes Prepaid expenses Financial assets of concessions Deposits in court Swap income receivable Other revenues Investiments Property plant and equipment Intangble assets TOTAL NUN-CURRENT ASSETS TOTAL ASSETS 772,548 8,171 1,383,620 27,430 134,551 90,947 2,180 84,964 3,801 173,550 2,681,762 298,538 95,622 836,411 263 656,473 268,505 754 7,979 54,086 1,985,833 4,174,900 8,379,364 11,061,126 Reclassification * 1/1/2012 Restated 652,492 8,171 1,382,290 27,430 133,284 90,947 1,817 82,723 3,801 169,834 2,552,789 298,538 95,622 836,411 263 656,473 264,896 754 7,851 459,088 1,601,074 3,880,991 8,101,961 10,654,750
(120,056) (1,330) (1,267) (363) (2,241) (3,716) (128,973) (3,609) (128) 405,002 (384,759) (293,909) (277,403) (406,376)
12/31/2011 Published LIABILITIES Suppliers Taxes and contributions Income tax and social contribution Loans, borrowings and financial charges Debentures and financial charges Swap income payable Dividends and interest on own equity payable Estimated liabilities Regulatory charges Post-employment benefits Other liabilities TOTAL CURRENT LIABILITIES Loans, borrowings and financial charges Debentures and financial charges Swap income payable Taxes and contributions Deferred taxes Provisions Post-employment benefits Other liabilities TOTAL NUN-CURRENT LIBILITIES EQUITY Capital Stock Profit reserve Proposed additional dividends Equity evaluation adjustments Other comprehensive results ** Accumulated profits (losses) ** TOTAL EQUITY TOTAL LIABILITIES AND EQUITY
Reclassification *
1/1/2012 Restated
757,158 84,349 40,272 304,554 213,740 787 73,741 47,379 112,356 80,525 227,154 1,942,015 1,853,748 1,790,132 976 200,263 342,391 515,678 1,090,684 153,411 5,947,283
(5,491) (1,204) (41,710) (1,531) (12,224) (62,160) (244,584) (99,632) (344,216)
751,667 83,145 40,272 262,844 213,740 787 73,741 45,848 112,356 80,525 214,930 1,879,855 1,609,164 1,790,132 976 200,263 242,759 515,678 1,090,684 153,411 5,603,067
2,225,822 341,695 181,501 472,356 (49,546) 3,171,828 11,061,126
(39,978) 39,978 (406,376)
2,225,822 341,695 181,501 472,356 (39,978) (9,568) 3,171,828 10,654,750
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vi.
Parent company statement of financial position for the year ended December 31, 2012.
12/31/2012 Published ASSETS Cash and cash equivalents Income tax and social contribution Prepaid expenses Dividends and interest on equity receivable Services rendered receivable Other receivables TOTAL CURRENT ASSETS Deposits in court Investiments Property, plant and equipment TOTAL NUN-CURRENT ASSETS TOTAL ASSETS 45,469 3,858 191 19,210 148 6,665 75,541 289 3,031,033 672 3,031,994 3,107,535
Reclassification
12/31/2012 Restated 45,469 3,858 191 19,210 148 6,665 75,541 289 3,031,033 672 3,031,994 3,107,535
12/31/2012 Published LIABILITIES Suppliers Taxes and contributions Income tax and social contribution Dividends and interest on equity payable Estimated liabilities Post-employment benefits Other liabilities TOTAL CURRENT LIABILITIES Post-employment benefits Other liabilities TOTAL NUN-CURRENT LIBILITIES EQUITY Capital Stock Profit reserve Proposed additional dividends Equity valuation adjustments Other comprehensive results ** Accumulated profits (losses) ** TOTAL EQUITY TOTAL LIABILITIES AND EQUITY 458 1,640 2 74,792 392 11 3,514 80,809 142 901 1,043
Reclassification -
12/31/2012 Restated 458 1,640 2 74,792 392 11 3,514 80,809 142 901 1,043
2,225,822 256,535 91,770 451,556 3,025,683 3,107,535
(171,997) 171,997 -
2,225,822 256,535 91,770 451,556 (171,997) 171,997 3,025,683 3,107,535
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vii.
Parent company statement of financial position for the year ended December 31, 2011.
12/31/2011 Published ASSETS Cash and cash equivalents Income tax and social contribution Prepaid expenses Dividends and interest on equity receivable Services rendered receivable Other receivables TOTAL CURRENT ASSETS Deposits in court Investiments Property, plant and equipment TOTAL NUN-CURRENT ASSETS TOTAL ASSETS 55,057 3,395 182 78,510 150 13,763 151,057 215 3,105,456 672 3,106,343 3,257,400
Reclassification
1/1/2012 Restated 55,057 3,395 182 78,510 150 13,763 151,057 215 3,105,456 672 3,106,343 3,257,400
12/31/2011 Published LIABILITIES Suppliers Taxes and contributions Income tax and social contribution Dividends and interest on equity payable Post-employment benefits Other liabilities TOTAL CURRENT LIABILITIES 197 8,911 2 73,741 233 2,488 85,572
Reclassification -
1/1/2012 Restated 197 8,911 2 73,741 233 2,488 85,572
TOTAL NUN-CURRENT LIBILITIES EQUITY Capital Stock Profit reserve Proposed additional dividends Equity valuation adjustments Other comprehensive results ** Accumulated profits (losses) ** TOTAL EQUITY TOTAL LIABILITIES AND EQUITY
2,225,822 341,695 181,501 472,356 (49,546) 3,171,828 3,257,400
(39,308) 39,308 -
2,225,822 341,695 181,501 472,356 (39,308) (10,238) 3,171,828 3,257,400
These reclassifications refer to the adjustments arising from the adoption of IFRS 11, except for the adjustments in equity (**) following the adoption of IAS 19. Both adjustments are detailed in Note 3a above.
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4. CASH AND CASH EQUIVALENTS

Parent Company 3/31/2013 Money available Short-term financial investments Bank deposit certificate (CDB) Total 145 30,425 30,570 12/31/12 200 45,269 45,469 Consolidated 12/31/2012 3/31/13 Restated 47,405 388,521 435,926 79,836 150,520 230,356
The short-term investments are highly liquid and convertible into know amounts cash and are subject to a floating rate represented by transactions purchased from financial institutions trading in the domestic financial market, at market terms and rates. These short-term investments have a daily repurchase commitment by the counterparty financial institution (the repurchase rate is previously agreed upon by the parties), and yield according to the variation of the interbank deposit rate (CDI), with immaterial loss of income in case of early redemption. The short-term investments yield an average of 98.9% of the CDI. The Company's exposure to interest rate risks and a sensitivity analysis of financial assets and liabilities are reported in Not 31. 5. MARKETABLE SECURITIES These papers involve short-term bank deposit certificates (CDB) in the amount of R$4,423 (R$15,266 as of December 31, 2012) in the consolidated financial statements, forming the underlying assets of certain surety bonds pledged in power auctions, and also other proceeds from the sale of assets that were held for reinvestment in the electric grid system or investments to mature within three months or longer with significant loss of income in case of early redemption. Marketable securities yield an average of 100.2% of the CDI.
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6. CONSUMERS, CONCESSIONAIRES, PERMISSIONAIRES AND CLIENTS

Consolidado 12/31/2012 3/31/2013 Restated 1,262,086 315,990 93,274 651 1,672,001 Sales within the scope of CCEE Supply and charges related to the use of electric network 780 145,025 145,805 (-) Allowance for doubtful accounts TOTAL CURRENT NON-CURRENT Debt payment by installments Other receivables TOTAL NON-CURRENT 223,027 27,112 250,139 265,502 23,927 289,429 (508,716) 1,309,090 1,455,853 400,234 143,336 241 1,999,664 780 163,049 163,829 (721,905) 1,441,588
CURRENT Billed sales Unbilled sales Debt payment by installments Other receivables
An allowance for doubtful accounts was set up based on certain premises and in an amount deemed sufficient by Management to meet any asset realization losses. In the first quarter of 2013, bad debts were written-off in the amount of R$242,227 (R$200,040 in the first quarter of 2012), mainly related to bills overdue for a long time, and within tax deductibility criteria. The write offs were realized against allowance for doubtful accounts already recorded, thus, not impacting net income in the period. The balances of debt repayment facilities were adjusted to their present value, as applicable. The present value is determined for each relevant consumer debt renegotiation (debt repayment facilities) based on such interest rate as will reflect the term and risk associated with each individual transaction, on average 1% per month. Outstanding balances and receivables in connection with invoiced electric power sales and debt repayment programs are summarized as follows:
Maturing balance 273,448 20,351 153,898 554 101,946 11,912 103,396 665,505 Matured balances Overdue up Overdue over to 90 days 90 days 160,456 11,882 49,757 377 29,808 1,780 27,312 281,372 91,561 110,331 292,264 604 100,291 24,800 11,659 631,510 TOTAL 3/31/2013 525,465 142,564 495,919 1,535 232,045 38,492 142,367 1,578,387 12/31/2012 748,565 155,968 547,770 1,818 227,316 42,411 140,843 1,864,691 Allowance for doubtful accounts 3/31/2013 (248,129) (22,248) (182,101) (395) (44,810) (11,000) (33) (508,716) 12/31/2012 (373,982) (37,068) (253,039) (621) (46,144) (11,000) (51) (721,905)
Billed sales and renegotiated debts Residential Industrial Commercial Rural Public sector Public lighting Public utility Total - current and non-current
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Changes in consolidated Allowance for Doubtful Accounts - PCLD in the periods:

Balance on December 31, 2012 Additions/Reversals Write-offs Balance on March 31, 2013 721,905 29,038 (242,227) 508,716
Balance on December 31, 2011 Additions/Reversals Write-offs Balance on March 31, 2012
895,405 61,628 (200,040) 756,993
The Companys exposure to credit risks related to consumers, concessionaires, permissionaires and clients is reported in Note 31. 7. TAXES AND CONTRIBUTIONS
CURRENT PIS/COFINS payable ICMS payable Other Total
Parent Company Liabilities 3/31/2013 12/31/2012 12 60 72 1,563 12 65 1,640
Consolidated Assets CURRENT ICMS recoverable ICMS payable Installment Payments - Law 11,941/09 PIS/COFINS recoverable PIS/COFINS payable Other Total NON-CURRENT Installment Payment - Law 11,941/09 ICMS recoverable Total 119,186 119,186 118,878 118,878 193,517 193,517 195,751 195,751 3/31/2012 201,671 29,338 19,213 250,222 12/31/2012 Restated 141,169 36,889 18,927 196,985 Liabilities 12/31/2012 3/31/2012 Restated 5,475 18,285 63,918 9,349 97,027 16,009 18,069 35,686 12,589 82,353
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8. INCOME TAX AND SOCIAL CONTRIBUTION

Parent Company Assets Liabilities 3/31/2013 12/31/2012 3/31/2013 12/31/2012 2,438 2,438 3,839 19 3,858 2 2 2 2
CURRENT Tax credits IRPJ and CSLL IRRF (Withholding Income Tax) payable Prepaid IRPJ/CSLL Total
CURRENT Tax credits IRPJ and CSLL IRRF (Withholding Income Tax) payable Prepaid IRPJ/CSLL Provision for IRPJ/CSLL Total
Consolidated Assets Liabilities 12/31/2012 12/31/2012 3/31/2013 3/31/2013 Restated Restated 18,415 525 18,940 6,511 219 6,730 403 31,064 31,467 451 49,902 50,353
9. DEFERRED TAXES
Consolidated 3/31/2013 Assets IR / CSLL Allowance for doubtful debtors Provision for profit sharing Provision for labor contingencies Provision for tax contingencies Provision for civil contingencies Regulatory liabilities unrecognized by IFRS Complement Pension Plan - CVM 600 Others Tax losses Negative base of social contribution Financial asset compensation Regulatory liabilities unrecognized by IFRS Deemed cost - Light Energia Asset/ (Liability) gross differed tax Net amounts Asset/ (Liability) net differed tax 166,076 8,793 68,633 73,462 64,105 181,433 107,021 24,594 207,338 77,669 979,124 (156,644) 822,480 Liabilities IR / CSLL (140,958) (9,088) (230,613) (380,659) 156,644 (224,015) Net IR / CSLL 166,076 8,793 68,633 73,462 64,105 181,433 107,021 24,594 207,338 77,669 (140,958) (9,088) (230,613) 598,465 598,465 Assets IR / CSLL 238,440 6,205 64,081 69,728 62,512 143,423 107,021 25,429 201,394 75,528 993,761 (163,728) 830,033 12/31/2012 Restated Liabilities IR / CSLL (138,773) (19,585) (233,275) (391,633) 163,728 (227,905) Net IR / CSLL 238,440 6,205 64,081 69,728 62,512 143,423 107,021 25,429 201,394 75,528 (138,773) (19,585) (233,275) 602,128 602,128
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Reconciliation of effective and nominal rates in the provision for income tax and social contribution:
Parent Company 3/31/2013 Earnings before income tax and social contribution (LAIR) Nominal income tax and social contribution rate Income tax and social contribution at the tax rates established by the current legislation Effect of income tax and social contribution over permanent additions and exclusions Equity in the earnings of subsidiaries Unrecognized deferred tax credits CVM n 371/02 - Light S.A. Tax incentives Other Income tax and social contribution for the fiscal year Current income and social contribution taxes in profit and loss Deferred income and social contribution taxes in profit and loss 78,645 34% (26,739) (29) 26,931 (163) Effective income tax and social contribution 0.0% 3/31/2012 140,062 34% (47,621) (12) 48,334 (701) 0.0% 3/31/2013 Consolidated 3/31/2012 Restated 213,716 34% (72,663) (575) 281 (701) 198 (194) (73,654) (29,075) (44,579) (73,654) 34.5%
121,850 34% (41,429) (780) (218) (163) 20 (635) (43,205) (39,542) (3,663) (43,205) 35.5%
On March 31, 2013, Light S.A. had an unrecognized asset balance on accumulated tax losses and social contribution carryforwards amounting to R$36,578, in view of uncertainties regarding its realization. 10. CONCESSIONS FINANCIAL ASSETS These represent the amounts receivable at the end of concession from the granting authority, or any of its agents, by way of compensation for investments made and not recovered through services rendered related to subsidiary Light SESA's concession. The changes in the balances, net of special obligations, related to indemnifiable assets (Concession) in the periods are as follows:
Balance on December 31, 2012 Additions Expected cash flow ajustment (VNR) Write-offs Balance on March 31, 2013 1,573,349 37,900 6,427 (669) 1,617,007
Balance on January 1, 2012 Additions Write-offs Reclassification of ANEEL Resolution 474/12 Balance on March 31, 2012
656,473 51,119 (217) 118,288 825,663
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11. OTHER RECEIVABLES

Parent Company CURRENT Advances to suppliers and employees Account receivable from the sale of property Public lighting fee Expenditures to refund Subsidy to low-income segment (a) Subsidy to Economic development council - CDE Other* Total NON-CURRENT Assets and rights for disposal Other Total 2,147 639 2,786 2,147 639 2,786 3/31/2013 176 4,831 5,007 12/31/2012 158 6,507 6,665 Consolidated 12/31/2012 Restated 45,481 12,046 52,902 27,043 10,275 18,971 166,718
3/31/2013
62,908 12,046 57,042 29,597 5,567 428,328 26,341 621,829
* It refers to sundry receivables (a) Grant arising from Decree 7945/13, as described below.
Due to the unfavorable hydroelectric conditions since the end of 2012, including low levels in hydroelectric power plants reservoirs, the dispatch of thermal plants is geared at the maximum level and, taking into account the concessionaires exposure in the short-term market, which arises from the allocation of quotas of physical guarantee of electricity and power, associated with the termination of the agreements of the 6th and 7th auctions of new energy due to the revocation of the plants authorization by Aneel, the distributors cost of electricity increased significantly at the end of 2012 and beginning of 2013. Due to this scenario and the fact that distribution concessionaires do not manage such costs, the Brazilian Federal Government issued Decree 7945/13, which establishes the transfer of funds from the Energy Development Account (CDE) to neutralize part of these effects for distributors in the period. The funds covered by CDE transfers totaled R$428,328 by March 31, 2013 and are related to: (i) System Service Charges (ESS) (dispatch out of the order of merit for energy security) in the amount of R$136,282; (ii) Hydrological Risk (Energy Reallocation Mechanism (MRE) of the quotas) in the amount of R$131,624; and (iii) Exposure to the Difference Settlement Price (PLD) limited to the amount not covered by the allocation of quotas, in the amount of R$160,422. According to CPC 07 Government Grants and Assistance, this amount was recognized to offset costs incurred and recorded in CDE Grants, in other accounts receivable, in current assets, against Electricity purchased for resale.
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12. INVESTMENTS
Parent Company Accounted for under the equity method: Light SESA Light Energia Renova Energia S.A * Guanhes Energia S.A * Light Esco LightCom Light Solues Lightger Itaocara Energia (a) Axxiom Amaznia Energia (a) E-Power (a) Subtotal Goodwill from future profitability Other permanent investments Subtotal TOTAL INVESTMENTS (a) Pre-operating companies 3/31/13 2,206,397 634,968 110,657 13,143 1,336 42,623 24,446 4,956 84,444 132 3,123,102 2,092 2,092 3,125,194 12/31/12 2,188,815 578,819 108,904 9,017 2,042 41,909 24,567 5,160 69,576 132 3,028,941 2,092 2,092 3,031,033 3/31/13
Consolidated 12/31/2012 Restated 381,383 36,476 41,909 5,160 69,576 132 534,636 2,092 20,622 22,714 557,350
379,789 52,761 42,623 4,956 84,444 132 564,705 2,092 23,193 25,285 589,990
* Refers to investments calculated based on the adjusted equity for equity pickup purposes.
Information on subsidiaries (consolidated) and jointly-owned subsidiaries (equity income and proportional balances) are as follows:
3/31/2013 Light SESA Light Energia Light Esco LightCom Light Solues Instituto Light Lightger Itaocara Energia Axxiom Amaznia Energia E-Power
Ownership interest (%) 100.0 100.0 100.0 100.0 100.0 100.0 51.0 100.0 51.0 25.5 20.0
Parent Company Paid-up capital 2,082,365 77,422 79,584 4,500 1,350 300 40,408 29,562 4,692 71,059 777
Equity 2,206,397 634,968 110,657 13,143 1,336 42,623 24,446 4,956 84,444 132
Dividends and Income (loss) interest on equity payable for the period (12,877) (5,028) (972) (63) (270) 17,582 56,146 5,389 1,040 (706) 714 (120) (204) (81) -
Total assets 9,618,588 2,016,573 235,691 39,883 2,195 1 111,326 61,567 15,516 69,551 459
Parent Company 12/31/2012 Light SESA Light Energia Light Esco LightCom Light Solues Instituto Light Lightger Itaocara Energia Axxiom Amaznia Energia E-Power Ownership interest (%) 100.0 100.0 100.0 100.0 100.0 100.0 51.0 100.0 51.0 25.5 20.0 Paid-up capital 2,082,365 77,422 79,584 4,500 1,350 300 40,408 29,562 4,692 71,059 777 Equity 2,188,815 578,819 108,904 9,017 2,042 41,909 24,567 5,160 69,576 132 Dividends and Dividends and interest interest on equity payable on equity paid (12,877) (5,028) (972) (63) (270) (282,493) (217,927) (2,102) (1,380) Income (loss) for the period 288,995 133,706 13,715 3,671 904 1,231 1,812 879 (1,288) (494) Total assets 8,968,355 2,399,532 155,789 31,400 2,496 1 112,816 61,344 8,382 69,659 459
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Consolidated 3/31/2013 Light Energia Renova Energia Guanhes Energia Lightger Axxiom Amaznia Energia E-Power Ownership interest (%) 22.0 51.0 51.0 51.0 25.5 20.0 Paid-up capital 223,761 26,520 40,408 4,692 71,059 777 Equity 217,856 40,994 42,623 4,956 84,444 132 Capital stock to be paid-up (16,163) Funds allocated to capital increase 30,637 Income (loss) for the period (1,594) 714 (204) (81) Total assets 589,782 66,966 111,326 15,516 69,551 459
Consolidated 12/31/2012 Restated Light Energia Renova Energia Guanhes Energia Lightger Axxiom Amaznia Energia E-Power Ownership interest (%) 22.0 51.0 51.0 51.0 25.5 20.0 Paid-up capital 224,168 26,520 40,408 4,692 71,059 777 Equity 218,405 24,709 41,909 5,160 69,576 132 Capital stock to be paid-up (16,163) Funds allocated to capital increase 14,352 Income (loss) for the period 7,230 1,231 879 (1,288) (494) Total assets 589,972 66,966 112,816 8,382 69,659 459
Changes in subsidiaries (consolidated) and jointly-owned subsidiaries (equity income) in the quarters ended March 31:
Parent Company 12/31/2012 Light SESA Light Energia Light Esco LightCom Light Solues Lightger Itaocara Energia Axxiom Amaznia Energia E-Power 2,188,815 578,819 108,904 9,017 2,042 41,909 24,567 5,160 69,576 132 Capital increase 14,951 Other 3 (3,636) 3,086 (1) (2) Parent Company 12/31/11 Capital increase Other Equity method 3/31/12 Equity method 17,582 56,146 5,389 1,040 (706) 714 (120) (204) (81) 3/31/13 2,206,397 634,968 110,657 13,143 1,336 42,623 24,446 4,956 84,444 132
Light SESA Light Energia Light Esco LightCom Lightger Light Solues Itaocara Energia Axxiom Amaznia Energia E-Power
2,314,175 670,064 55,072 5,821 40,678 1,520 23,472 4,427 37,545 140
3,000 486
(539) (389) (164) (717) (1) (1)
112,660 27,467 (130) 2,403 (178) (100) 1,831 284 (274) -
2,426,835 697,531 57,403 7,835 40,500 1,256 24,586 4,710 37,271 625
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Consolidated 12/31/2012 Restated Light Energia Renova Energia Guanhes Energia Lightger Axxiom Amaznia Energia E-Power 381,383 36,476 41,909 5,160 69,576 132 Capital increase Other Equity Method 3/31/2013
16,285 14,949 -
4 -
(1,598) 714 (204) (81) -
379,789 52,761 42,623 4,956 84,444 132
Consolidated 1/1/2012 Restated Light Energia Renova Energia Lightger Axxiom Amaznia Energia E-Power 360,371 40,678 4,427 37,545 140 Capital increase Other Equity Method 3/31/2012 Restated (1) (1) 948 (178) 284 (274) 361,319 40,500 4,710 37,271 625
486
The full balances of jointly-owned subsidiaries in the quarter ended March 31, 2013, which were recorded under the equity method, are as follows:
AXXIOM ASSETS Current Non-current Total assets LIABILITIES Current Non-current Equity Total liabilities STATEMENT OF INCOME Net revenue from sales Cost of sales Gross profit General and management expenses Equity in the earnings of subsidiaries Net financial income Earnings before income tax and social contribution Income tax and social contribution Net income for the year 6,067 (4,812) 1,255 (1,203) (409) (357) (43) (400) 10,433 10,273 9,718 30,424 23,130 7,294 30,424
E-POWER
AMAZNIA
LIGHTGER
RENOVA
GUANHES
145 2,150 2,295
597 330,786 331,383
33,975 184,312 218,287
111,733 2,155,726 2,267,459
4,468 147,555 152,023
878 1,417 2,295
220 331,163 331,383
18,524 116,210 83,553 218,287
350,756 1,322,382 990,695 2,663,833
69,672 1,971 80,380 152,023
(331) 15 (316) (316)
5,340 (243) 5,097 (2,236) (1,260) 1,601 (200) 1,401
55,451 (23,070) 32,381 (11,671) (18,626) 2,084 (2,785) (701)
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Consortia
Itaocara Hydroelectric Powerplant Consortium
The Company, through the subsidiary Itaocara Energia, holds a 51% interest in the UHE Itaocara consortium, while Cemig Gerao e Transmisso S.A. Cemig GT holds the other 49.0%. The consortium aims to explore the Itaocara hydroelectric powerplant. Assets and liabilities balances referring to the participation in the Consortium are incorporated into the subsidiarys balances. On December 28, 2011, IBAMA granted the preliminary license and the process to obtain the installation license that will allow the beginning of works is in progress.
Maracan Solar Consortium
The Company, through its subsidiary Light Esco S.A., holds a 51.0% interest in the Maracan Solar consortium, whereas EDF Consultoria em Projetos de Gerao de Energia Eltrica Ltda. EDF Consultoria holds 49% interest. The consortium aims at the development, construction and operation of a photovoltaic plant with capacity of 391 kWp to be installed on the top of the Maracan stadium. The power plant is under construction.
gua Limpa Hydroelectric Powerplant Consortium
The Company, through its subsidiary Light Energia S.A., is a party to the gua Limpa Hydroelectric Powerplant Consortium, in the state of Mato Grosso, with a 51% interest, and the other party is Cemig Gerao e Transmisso S.A CEMIG GT, with a 49% interest. The consortiums purpose is to implement, operate, maintain and commercially explore the project. There were no relevant expenses incurred until March 31, 2013. 13. PROPTERTY, PLANT AND EQUIPMENT
Consolidated 3/31/2013 Average Annual Interest Generation Transmission Distribution Administration Sales In service Generation Administration In progress TOTAL OF PROPERTY, PLANT AND EQUIPMENT 3.32 7.96 3.32 3.91 10.27 7.96 7.96 Accumulated depreciation (1,558,040) (43,304) (28,433) (197,847) (8,689) (1,836,313) 12/31/2012 Restated Net value 1,106,204 33,874 4,589 122,518 6,160 1,273,345 213,891 149,914 363,805 Net value 1,117,089 34,284 4,888 123,925 6,281 1,286,467 210,284 138,504 348,788
Historical cost 2,664,244 77,178 33,022 320,365 14,849 3,109,658 213,891 149,914 363,805
3,473,463
(1,836,313)
1,637,150
1,635,255
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The statement below summarizes the changes in property, plant and equipment:
Consolidated Balance on 12/31/2012 Restated PROPERTY, PLANT AND EQUIPMENT IN SERVICE Cost Land Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Total Property, Plant and Equipment in Service - Cost (-) Depreciation Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Total Property, Plant and Equipment in Service - Depreciation PROPERTY, PLANT AND EQUIPMENT IN PROGRESS Land Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Studies and projects Total Property, Plant and Equipment in Progress TOTAL PROPERTY, PLANT AND EQUIPMENT 104 26,277 71,161 172,277 777 51,300 26,892 348,788 1,635,255 17 469 1,649 17,059 871 170 20,235 1,895 (200) (4,807) (139) (72) (5,218) 121 26,746 72,610 184,529 638 52,171 26,990 363,805 1,637,150 105,362 1,254,194 261,253 1,331,940 14,824 136,867 3,104,440 179 5,019 20 5,218 105,362 1,254,194 261,432 1,336,959 14,824 136,887 3,109,658 Aditions Write-offs Transfers to service Balance on 3/31/2013
(798,588) (161,883) (729,250) (13,965) (114,287) (1,817,973)
(5,225) (1,525) (10,452) (105) (1,033) (18,340)
(803,813) (163,408) (739,702) (14,070) (115,320) (1,836,313)
Consolidated Balance on 12/1/2012 Restated PROPERTY, PLANT AND EQUIPMENT IN SERVICE Cost Land Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Total Property, Plant and Equipment in Service - Cost (-) Depreciation Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Total Property, Plant and Equipment in Service - Depreciation PROPERTY, PLANT AND EQUIPMENT IN PROGRESS Land Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Studies and projects Total Property, Plant and Equipment in Progress TOTAL PROPERTY, PLANT AND EQUIPMENT 39 41,294 69,106 82,245 898 36,339 28,726 258,647 1,601,074 11 258 2,773 9,184 6,401 30 18,657 1,570 (2,903) 104,976 1,254,194 257,466 1,317,059 29,847 134,169 3,097,711 (777,517) (155,822) (688,378) (23,547) (110,020) (1,755,284) 2,022 2,022 (5,277) (1,573) (9,899) (609) (1,751) (19,109) (1,060) (7,657) (8,717) (1) 5,815 771 5 776 (771) (5) (776) 104,976 1,254,194 257,466 1,318,792 22,190 134,174 3,091,792 (782,794) (157,395) (698,278) (18,341) (111,771) (1,768,579) Aditions Write-offs Transfers to service Balance on 3/31/2012 Restated
5,814
50 41,552 71,879 90,658 898 42,735 28,756 276,528 1,599,741
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In the first quarter of 2013, R$157 (R$111 in the first quarter of 2012) was carried over to property, plant and equipment as interest capitalization.
(i) Annual
depreciation rates:
The schedule below summarizes significant depreciation rates, based on the assets estimated useful lives and in line with ANEEL Resolution No. 474, of February 7, 2012:
GENERATION Bus Circuit breaker Buildings Water intake equipment Water intake structure Generator Reservoirs, dams and water mains Local communication system Water turbine % 2.50 3.03 3.33 3.70 2.86 3.33 2.00 6.67 2.50 SELLING Buildings Equipment in general Vehicles % 3.33 6.25 14.29 ADMINISTRATION Buildings Equipment in general Vehicles % 3.33 6.25 14.29 TRANSMISSION System conductor Equipment in general System structure Recloser % 2.70 6.25 2.70 4.00
The Company did not identify signs of impairment of its fixed assets. The concession agreements of the hydroelectric powerplants and PCHs establish that at the end of each concessions term the granting authority will determine the amount to be indemnified to the subsidiaries, so that Management understands that the value of fixed assets not depreciated at the end of concession will be reimbursed by the granting authority. 14. INTANGIBLE ASSETS
Consolidated 3/31/13 Historical cost Intangible Concession right of use Other* In service Concession right of use Other* In progress TOTAL INTANGIBLE (a) * Basicaly includes softwares and right of way 6,688,327 551,917 7,240,244 568,901 181,984 750,885 7,991,129 Accumulated amortization (3,765,324) (436,261) (4,201,585) (4,201,585) Net value 2,923,003 115,656 3,038,659 568,901 181,984 750,885 3,789,544 12/31/12 Restated Net value 2,953,990 97,641 3,051,631 494,691 202,316 697,007 3,748,638
a) Net of special obligations comprising (i) contributions made by the federal government, states, municipalities and consumers, (ii) any unqualified donations (i.e. not subject to any consideration to the benefit of donor), and subsidy intended as investments to be made toward concession of the electric power distribution utility. The balance of special obligations as of March 31, 2013 totaled R$154,592 (R$153,288 as of December 31, 2012).
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Investments in the distribution network are initially recorded in intangible assets under development, during the construction period. When they are finalized and in compliance with ICPC 01, the investments are divided into two parts (bifurcated), the first of which is recorded in intangible assets in service, related to the amount that will be amortized during the concession term, and the other is transferred to the concessions financial assets and will be received as indemnification at the end of the concession. Intangible assets in progress includes inventories of project materials in the amount of R$108,399 as of March 31, 2013 (R$92,843 as of December 31, 2012), as well as a provision for inventory devaluation in the amount of R$2,104 (R$2,104 as of December 31, 2012). The Company has not identified signs of impairment of its other intangible assets. A total amount of R$5,226 (R$3,673 in the first quarter of 2012) was carried over to intangible assets as interest capitalization in the first quarter of 2013. The infrastructure used by subsidiary Light SESA is associated with the distribution service, and therefore cannot be removed, disposed of, assigned, conveyed, or encumbered as mortgage collateral without the prior written authorization of the granting authority, which authorization, if given, is regulated by Resolution ANEEL No. 20/99. Below is a summary of changes in the intangible assets:
Consolidated Balance on 12/31/2012 Restated In Service Concession right of use Other Total Intangible Assets in Service (-) Amortization Concession right of use Other Total Intangible Assets in Service/Depreciation In Progress Concession right of use Other Total Intangible Assets in Progress TOTAL INTANGIBLE ASSETS 6,653,944 525,803 7,179,747 Addtions Writte-offs Transfers between the accounts * Balance on 3/31/2013
(5,103) (5,103)
39,486 26,114 65,600
6,688,327 551,917 7,240,244
(3,699,954) (428,162) (4,128,116)
(68,542) (8,099) (76,641)
3,172 3,172
(3,765,324) (436,261) (4,201,585)
494,691 202,316 697,007 3,748,638
150,788 5,921 156,709 80,068
(1,931)
(76,578) (26,253) (102,831) (37,231)
568,901 181,984 750,885 3,789,544
* Includes the transfer of R$37,231 to the Concession's Financial Assets from the bifurcation of assets when they begin operating, in accordance with IFRIC 12 / ICPC 01.
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Consolidated Balance on 1/1/2012 Restated In Service Concession right of use Other Total Intangible Assets in Service (-) Depreciation Concession right of use Other Total Intangible Assets in Service/Depreciation In Progress Concession right of use Other Total Intangible Assets in Progress TOTAL INTANGIBLE ASSETS 6,216,753 497,394 6,714,147 Additions Write-offs Transfers between the accounts* (87,843) 1,832 (86,011) Balance on 3/31/2012 Restated 6,126,632 499,226 6,625,858
(2,278) (2,278)
(3,458,622) (400,647) (3,859,269)
(64,162) (8,688) (72,850)
1,707 1,707
(3,521,077) (409,335) (3,930,412)
799,364 226,749 1,026,113 3,880,991
131,795 5,377 137,172 64,322
(571)
(85,101) (1,792) (86,893) (172,904)
846,058 230,334 1,076,392 3,771,838
* Includes reclassification of R$118,288, related to Aneel Resolution 474/12 (see note 10).
It is the responsibility of ANEEL to determine the estimated economic useful lives of each piece of distribution infrastructure assets for pricing purposes, as well as for the purpose of calculating the amount of the relevant compensation payable upon expiration of the concession term. This estimate is revised from time to time, represents the best estimate concerning the assets' useful lives, and is accepted in the market as appropriate for accounting and regulatory purposes. Management understands that amortization of the concession's right of use must be consistent with the return expected on each infrastructure asset, via the applicable rates. Thus, intangible assets are amortized over the expected length of such return, limited to the term of the concession. The main amortization rates, based on the assets estimated useful lives, were changed by Aneel Resolution no. 474. In the first quarter of 2012, this change resulted in the reclassification of R$118,288 from intangible assets to financial assets, without changing the other accounting procedures arising from the adoption of IFRIC 12/OCPC 5 Concession Agreements. Below, the main amortization rates, in accordance with ANEEL Resolution No. 474, of February 7, 2012, are as follows:
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DISTRIBUTION Bank of capacitors Distribution key System conductor Circuit breaker Buildings System structure Meter Voltage regulator Recloser Transformer
% 6.67 6.67 3.57 3.03 3.33 3.57 6.77 4.35 4.00 4.00
Use of Public Asset (UPA) Pursuant to OCPC 05, generation concession agreements understand that the right and corresponding liability simultaneously rely on concessionaire upon the signature of the concession agreement (authorization), the intangible asset is initially measured at cost (in the instrument of ownership). In case of fixed granting, the cost corresponds to the amount already expensed and to be expensed shall be recognized at present value, as per provisions of the Accounting Pronouncement CPC 12 Fair Value Adjustment. The Company has onerous concession agreement in Itaocara consortium. The balance of UPA recorded under current and non-current liabilities against other payables totaled R$34,219 as of March 31, 2013 (R$33,957 as of December 31, 2012) see Note 22. 15. SUPPLIERS
Parent Company CURRENT Sales within the scope of CCEE Electric network usage charges System service charges Free energy refund to generation companies (b) Electric power auctions Itaipu binational UTE Norte Fluminense Supplies and services * Total * Includes fixed-term contract from the subsidiary Light Esco 3/31/2013 136 136 12/31/2012 458 458 Consolidated 12/31/2012 3/31/2013 Restated 507,085 22,641 2,216 58,744 225,326 116,460 91,962 146,318 1,170,752 89,607 52,520 2,216 57,790 227,936 118,707 91,978 173,715 814,469
a) As disclosed in Note 11, the sale balance in the CCEE reflects the significant increase in electricity costs at the end of 2012 and beginning of 2013 arising from the unfavorable hydroelectric conditions in the period. b) Free Energy Reimbursement to Power Generation Companies ANEEL Resolution No. 387 as of December 15, 2009, published January 12, 2010, concluded the process of calculating the Revenue Loss and Free Energy closing
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balances after the conclusion of the Extraordinary Tariff Review - RTE, and also determined the amounts of any reimbursement operators should pay each other, as applicable, and payments shall be made on April 9, 2011. However, said reimbursements are suspended according to injunction filed by the Brazilian Association of Electricity Distribution Operators (ABRADEE) on April 7, 2011. The balance was ratified at R$48,985 and the variation, since ratification, resulting from adjustment by SELIC (overnight lending rate) variation amounts to R$9,760. The Companys exposure to credit risks related to suppliers is reported in Note 31.
16. LOANS, BORROWINGS AND FINANCIAL CHARGES

Current Financing Entity TN - Par Bond TN - Cauo - Par Bond TN - Discount Bond TN - Cauo - Discount Bond TN - C. Bond TN - Bib Merril Lynch BNP Citibank Bank Tokyo TOTAL FOREIGN CURRENCY Eletrobrs CCB Bradesco Capital de Giro - Santander Banco do Brasil BNDES - FINEM BNDES - FINEM direto BNDES - FINEM + 1 BNDES - FINEM direto PSI BNDES - Capex 11/12 Subcred.2 BNDES - Capex 11/12 Subcred.3 BNDES - Capex 11/12 Subcred.4 BNDES - Capex 11/12 Subcred.13 BNDES - Capex 11/12 Subcred.14 BNDES - Capex 11/12 Subcred.17 BNDES - Capex 11/12 Subcred.18 BNDES - Capex 11/12 L.Energia BNDES - PROESCO 1st funding BNDES - PROESCO 2nd funding BNDES - PROESCO 3rd funding BNDES - PROESCO 4th funding BNDES - PROESCO 5th funding BNDES - PROESCO 6th funding BNDES - PROESCO 7th funding BNDES - PROESCO _ SP Market RGR Sundry bank guarantees TOTAL DOMESTIC CURRENCY Overall total Principal 6,662 121 6,783 552 75,000 150,000 82,615 29,651 29,651 12,680 24,585 36,416 38,833 9,622 4 4 6,965 230 103 75 507 1,034 119 109 1,338 500,093 506,876 Charges 2,227 447 376 303 1,598 1,126 137 6,214 33 12,587 3,736 1,024 491 395 445 162 440 672 818 169 102 2 1 1 4 9 1 1 18 739 1,325 23,175 29,389 Total 2,227 447 7,038 121 303 1,598 1,126 137 12,997 585 87,587 3,736 151,024 83,106 30,046 30,096 12,842 25,025 37,088 39,651 9,791 4 4 7,067 232 104 76 511 1,043 120 110 1,356 739 1,325 523,268 536,265 Consolidated Non-current Principal 78,376 (61,894) 54,688 (43,381) 3,331 100,690 90,335 362,484 120,828 705,457 4,379 300,000 80,000 41,308 91,426 91,426 69,741 122,770 181,861 193,928 1 48,053 21 21 27,862 249 308 218 972 1,981 70 127 4,796 1,261,518 1,966,975 Total 78,376 (61,894) 54,688 (43,381) 3,331 100,690 90,335 362,484 120,828 705,457 4,379 300,000 80,000 41,308 91,426 91,426 69,741 122,770 181,861 193,928 1 48,053 21 21 27,862 249 308 218 972 1,981 70 127 4,796 1,261,518 1,966,975 3/31/2013 80,603 (61,894) 55,135 (43,381) 10,369 121 100,993 91,933 363,610 120,965 718,454 4,964 387,587 83,736 151,024 124,414 121,472 121,522 82,583 147,795 218,949 233,579 1 57,844 25 25 34,929 481 412 294 1,483 3,024 190 237 6,152 739 1,325 1,784,786 2,503,240 Total 12/31/2012 Restated 80,559 (62,424) 55,704 (43,741) 10,313 251 102,505 95,752 369,083 608,002 5,072 380,675 82,133 145,106 128,878 128,925 85,738 147,758 233,415 218,932 1 57,730 25 25 26,639 539 219 264 1,452 3,440 438 313 6,486 246 980 1,655,429 2,263,431
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The statement below summarizes the contractual terms and conditions applicable to our loans and borrowings as of March 31, 2013:
Principal Amortization Financing Entity TN - Par Bond TN - Cauo - Par Bond TN - Discount Bond TN - Cauo - Discount Bond TN - C. Bond TN - Bib Merril Lynch BNP Citibank - Light Citibank - Energia Bank Tokyo Banco do Brasil Eletrobrs CCB Bradesco Capital de Giro - Santander BNDES - FINEM BNDES - FINEM direto BNDES - FINEM + 1 BNDES - FINEM direto PSI BNDES - Capex 11/12 Subcred.2 BNDES - Capex 11/12 Subcred.3 BNDES - Capex 11/12 Subcred.4 BNDES - Capex 11/12 Subcred.13 BNDES - Capex 11/12 Subcred.14 BNDES - Capex 11/12 Subcred.17 BNDES - Capex 11/12 Subcred.18 BNDES - Capex 11/12 L.Energia BNDES - PROESCO 1st funding BNDES - PROESCO 2nd funding BNDES - PROESCO 3rd funding BNDES - PROESCO 4th funding BNDES - PROESCO 5th funding BNDES - PROESCO 6th funding BNDES - PROESCO 7th funding BNDES - PROESCO _ SP Market Date of signature 4/29/1996 4/29/1996 4/29/1996 4/29/1996 4/29/1996 4/26/1996 11/7/2011 10/17/2011 8/23/2012 10/2/2012 3/8/2013 2/25/2013 Several 10/18/2007 9/3/2010 11/5/2007 11/30/2009 11/30/2009 11/30/2009 12/6/2011 12/6/2011 12/6/2011 12/6/2011 12/6/2011 12/6/2011 12/6/2011 4/10/2012 9/16/2008 4/17/2009 4/12/2010 9/15/2010 11/16/2010 7/29/2011 9/27/2011 1/19/2012 Currency US$ US$ US$ US$ US$ US$ US$ EURO US$ US$ US$ R$ UFIR CDI CDI TJLP TJLP TJLP R$ TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP Interest Rate p.a. 6.00% U$ Treasury Libor + 13/16 U$ Treasury 8.00% 6.00% Libor+2.5294% 3.98% Libor+1.66% Libor+1.60% 2.04% CDI+0.66% 5.00% CDI + 0.85% CDI + 1.4% TJLP + 4.3% TJLP + 2.58% TJLP + 1% + 2.58% 4.50% TJLP + 1.81% TJLP + 2.21% TJLP + 3.21% TJLP + 2.21% TJLP + 3.21% TJLP + 2.21% TJLP + 3.21% TJLP + 1.81% TJLP + 2.5% TJLP + 2.51% TJLP + 2.18% and 4.5% TJLP + 2.05% and 5.5% TJLP + 2.05% and 5.5% TJLP + 1.81% TJLP + 1.81% TJLP + 1.81% Effective Rate 6.00% 1.31% 8.00% 6.00% 2.81% 3.98% 1.94% 1.88% 2.04% 7.73% 5.00% 7.92% 8.51% 9.30% 7.58% 8.58% 4.50% 6.81% 7.21% 8.21% 7.21% 8.21% 7.21% 8.21% 6.81% 7.50% 7.51% 7.18% 7.05% 7.05% 6.81% 6.81% 6.81% Beginning 2024 2024 2024 2024 2004 1999 2014 2014 2017 2017 2016 2014 1988 2012 2014 2009 2011 2011 2011 2013 2013 2013 2013 2013 2013 2013 2013 2009 2009 2010 2010 2011 2012 2012 2012 Payment Lump sum Lump sum Lump sum Lump sum Half-yearly Half-yearly Half-yearly Lump sum Half-yearly Half-yearly Lump sum Lump sum Monthly and Quarterly Annual Annual Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly End 2024 2024 2024 2024 2014 2013 2016 2014 2018 2018 2016 2014 2019 2017 2014 2014 2017 2017 2019 2019 2019 2019 2019 2019 2019 2019 2018 2014 2015 2015 2016 2016 2017 2017 2017
On February 25, 2013, the Company raised R$150,000 through Commercial Credit Notes (CCN) with Banco do Brasil for working capital purposes. On March 11, 2013, the Company raised R$116,880 with Bank Tokyo-Mitsubishi for working capital purposes. In addition to the collaterals indicated above, loans are guaranteed by receivables in the approximate amount of R$84,188 (R$103,333 as of December 31, 2012). The Company has available credit facilities totaling R$450,000.
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The principal of consolidated loans and borrowings, classified in non-current liabilities, matures as follows (excluding financial charges) in the quarter ended March 31, 2013:
Local currency 2014 2015 2016 2017 2018 After 2018 Total 340,538 267,392 265,986 225,738 124,538 37,326 1,261,518
Consolidated Foreign currency 119,342 38,766 157,076 241,656 120,828 27,789 705,457
Total 459,880 306,158 423,062 467,394 245,366 65,115 1,966,975
Below, the consolidated loans and borrowings breakdown for the periods:
Balance on December 31, 2012 - Restated Loans and borrowings obtained Monetary and exchange rate variations Financial charges provisioned Financial charges paid Amortization of financing Amortization of transaction costs Financial charges capitalized to principal Charges capitalized to Intangible/ Immobilized Balance on March 31, 2013 Principal 2,247,233 275,141 (9,438) (39,823) 64 674 2,473,851 Charges 16,198 47,211 (27,963) (674) (5,383) 29,389 Total 2,263,431 275,141 (9,438) 47,211 (27,963) (39,823) 64 (5,383) 2,503,240
Principal Balance on January 1, 2012 - Restated Monetary and exchange rate variations Financial charges provisioned Financial charges paid Amortization of financing Amortization of transaction costs Charges capitalized to Intangible/ Immobilized Balance on March 31, 2012 - Restated 1,851,370 (4,338) (39,441) 64 1,807,655
Charges 20,638 45,145 (24,443) (3,784) 37,556
Total 1,872,008 (4,338) 45,145 (24,443) (39,441) 64 (3,784) 1,845,211
Total principal amount is stated net of loans-related costs - BNDES, as provided for in CVM Resolution No. 556/08, which approved technical pronouncement CPC 08 Transaction Costs and Premium on the Issue of Marketable Securities. The Companys exposure to interest rate, foreign currency and liquidity risks related to loans and borrowings is reported in Note 31.
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Covenants Bradescos bank credit certificates, loans with Banco Santander and with BNDES, classified as current and non-current, requires that the Company maintain certain debt ratios and covenants. In the first quarter of 2013, the Company was in conformity with all required debt covenants.
17. DEBENTURES AND FINANCIAL CHARGES

Current Financing Entity Principal 22 179,262 179,284 Charges 2,673 20,797 11,626 6,825 3,623 742 46,286 Total 22 181,935 20,797 11,626 6,825 3,623 742 225,570 Consolidated Non-current Principal 23 648,736 469,595 171,279 423,477 29,847 1,742,957 Total 23 648,736 469,595 171,279 423,477 29,847 1,742,957 3/31/2013 45 181,935 669,533 481,221 178,104 427,100 30,589 1,968,527 Total 12/31/2012 Restated 49 204,778 656,574 472,242 174,453 435,944 30,014 1,974,054
Debntures 4th Issue (Light SESA) Debntures 5th Issue (Light SESA) Debntures 7th Issue (Light SESA) Debntures 8th Issue (Light SESA) Debntures 1st Issue (Light Energia) Debntures 2nd Issue (Light Energia) Debntures 3rd Issue (Light Energia) Total Local Currency
Below, contractual conditions of debentures on a consolidated basis in the quarter ended March 31, 2013:
Principal amortization Financing Entity Debntures 4th Issue (Light SESA) Debntures 5th Issue (Light SESA) Debntures 7th Issue (Light SESA) Debntures 8th Issue (Light SESA) Debntures 1st Issue (Light Energia) Debntures 2nd Issue (Light Energia) Debntures 3rd Issue (Light Energia) Date of signature 6/30/2005 1/22/2007 5/2/2011 8/24/2012 4/10/2011 12/29/2011 8/24/2012 Currency TJLP CDI CDI CDI CDI CDI CDI Interest rate p.a TJLP + 4% CDI + 1.0% CDI + 1.35% CDI + 1.18% CDI + 1.45% CDI + 1.18% CDI + 1.18%
Effective Rate
Beginning 2009 2012 2015 2015 2015 2016 2015
Payment Monthly Quarterly Annual Annual Annual Annual Annual
Expiration 2015 2014 2016 2026 2016 2019 2026
9.00% 8.62% 8.45% 8.27% 8.56% 8.27% 8.27%
Total principal amount is reported net of debentures issue costs, as provided for in CVM Resolution No. 556/08, which approved the technical pronouncement CPC 08 Transaction Costs and Premium on the Issue of Marketable Securities. Installments related to principal of debentures, classified in non-current liabilities, have the following maturities (financial charges not included) in the quarter ended March 31, 2013:
3/31/2013 2014 2015 2016 2017 2018 after 2018 Total 15 452,459 558,299 147,669 145,627 438,888 1,742,957
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Below, debentures breakdown on a consolidated basis in the periods:

Principal Balance on December 31, 2012 - Restated Financial charges provisioned Financial charges paid Amortization of debentures Amortization of funding costs Balance on March 31, 2013 1,944,302 (22,706) 645 1,922,241 Charges 29,752 37,776 (21,242) 46,286 Total 1,974,054 37,776 (21,242) (22,706) 645 1,968,527
Principal Balance on January 1, 2012 Financial charges provisioned Financial charges paid Amortization of debentures Amortization of funding costs Balance on March 31, 2012 1,969,973 (45,406) 730 1,925,297
Charges 33,899 55,110 (29,258) 59,751
Total 2,003,872 55,110 (29,258) (45,406) 730 1,985,048
The Companys exposure to interest rate, foreign currency and liquidity risks related to debentures is reported in Note 31. Covenants The 5th, 7th and 8th issue of debentures of the subsidiary Light SESA and the 1st, 2nd and 3rd issue of debentures of the subsidiary Light Energia require the maintenance of indebtedness indexes and coverage of interest rates. In the first quarter of 2013, the Company complied with all the covenants required.
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18. REGULATORY CHARGES

CURRENT Fuel usage account quota CCC Energy development account quota CDE Global reversal reserve quota RGR Charges for capacity and emergency acquisition Total Consolidated 3/31/2013 12/31/2012 13,209 5,909 7,249 55,546 81,913 27,308 21,029 7,249 56,130 111,716
19. PROVISIONS The Company and its subsidiaries are parties in tax, labor and civil lawsuits and regulatory proceedings in several courts. Management periodically assesses the risks of contingencies related to these proceedings, and based on the legal counsels opinion it records a provision when unfavorable decisions are probable and whose amounts are quantifiable.
Below, provisions are composed as follows:
NON-CURRENT Labor Balance on December 31, 2012 - Restated Additions Adjustments Write-offs/payments Write-offs/reversals Balance on March 31, 2013 Deposits in courts Balance on March 31, 2013
(*)
Consolidated Civil 183,859 18,445 4,838 (14,409) (4,187) 188,546 Tax 197,032 1,704 17,396 216,132 Other 23,179 932 24,111 Total 583,152 20,346 23,166 (15,674) (6,727) 604,263
179,082 197 (1,265) (2,540) 175,474
37,805
5,429
2,023
45,257
* The total amount of R$230,057 is recorded under escrow deposits as of March 31, 2013 (R$224,073 as of December 31, 2012), of which R$45,257 (R$50,911 on December 31, 2012) refer to claims with recorded provision. Other deposits are basically related to labor, civil and tax claims.
Provision for labor proceedings: These labor proceedings mainly involve the following matters: overtime; hazardous work wage premium; equal pay; pain and suffering; subsidiary-joint liability of employees from outsourced companies; difference of 40% fine of FGTS (Government Severance Indemnity Fund for Employees) derived from the adjustment due to understated inflation and occupational accident civil liability.
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Provision for civil proceedings:
Civil
Accrued Value (probable loss) 3/31/2013 12/31/2012 117,620 17,142 49,097 183,859
Civil proceedings (a) Special civil court (b) "Cruzado" Plan Total
117,800 20,018 50,728 188,546
a) The Provision for civil proceedings comprises lawsuits in which the Company and its subsidiaries are defendants and it is probable the claim will result in a loss in the opinion of the respective attorneys. The claims mainly involve alleged moral and property damage due to the Companys ostensive behavior fighting irregularities in the network, as well as consumers challenging the amounts paid. b) Lawsuits in the Special Civil Court are mostly related to matters regarding consumer relations, such as improper collection, undue power cut, power cut due to delinquency, network problems, various irregularities, bill complaints, meter complaints and problems with ownership transfer. There is a limit of 40 minimum monthly wages for claims under procedural progress at the Special Civil Court. Accruals are based on the separation of the six main reasons for complaints for the Company and its subsidiaries which represent 78.3% of the lawsuits filed; a block with all the reasons related to accidents; and a block for Other Reasons. For the six main offenders and other reasons block, an adjusted average is used considering 95% of the sample i.e. excluding the 2.5% highest and lowest amounts - the average of the last 12 months of condemnation amount. And, in the case of the accident block, the average of the last 12 months of condemnation amount is considered. Provision for tax proceedings:
Tax Accrued Value (probable loss) 3/31/2013 INSS tax deficiency notice INSS quarterly ICMS (a) Other Total 44,671 25,015 129,763 16,683 216,132 12/31/2012 44,378 24,823 112,898 14,933 197,032
a) The provision recorded mainly refers to litigation on the application of State Law n 3,188/99, which restricted the appropriation of ICMS credits incurred on the acquisition of assets destined to fixed assets, requiring that credit occur by installments, while this restriction was not provided for in the Supplementary Law n 87/96.
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Other Provisions: The Company will now discuss regulatory contingencies of its subsidiaries in connection with administrative issues pending with ANEEL:
Deficiency Notice Aneel No. 071/2011 - SFE This deficiency notice was issued on November 30th, 2011 under the argument that any failure to comply with Module 8 PRODIST (Procedures for the Distribution of Electric Power at the National Electric System), more specifically referring to the process of data collection and calculation of individual and collective continuity indicators, as well as financial indemnity owed to consumers whose individual continuity indicators were infringed. Aneel applied a fine in the relevant amount of R$17,719. Subsidiary Light SESA filed an appeal on February 6, 2012, in view of excessive penalty applied, contesting among the facts, lack of reasoning and proportionality of dosimetry applied when calculating the fine. In view of the maintenance of excessive penalty applied and the chances of partial success of appeal filed, Light SESA accrued R$5,954 (R$5,857 as of December 31, 2012), through report of its legal counsels and awaits decision of Aneel; Deficiency Notice ANEEL No. 102/2012-SFE (proceeding 48500.005091/201126). The Deficiency Notice was received by the subsidiary Light SESA on June 28, 2012, under the allegation of non-compliance detected by Aneel in August 2011 through an inspection of the subsidiary's underground network. The fine is R$7,438. The appeal was sent by Light SESA on July 6, 2012 and the fine was upheld by Aneel. Given the excessive penalty imposed and the chances of partial success of this appeal, the subsidiary accrued R$5,072 (R$4,989 as of December 31, 2012).
20. CONTINGENCIES The Company is a party to lawsuits that Management believes that risk of loss are less than probable, based on the opinion of its legal counsels. Therefore, no provision was established. Contingencies with possible loss are broken down as follows:
Consolidated Nature Civil Labor Tax Total 3/31/2013 Number of Balance proceedings 205,633 263,756 3,480,700 3,950,089 13,712 1,015 398 15,125 12/31/2012 Number of Balance proceedings 204,902 291,575 3,268,200 3,764,677 13,792 1,072 213 15,077
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The main reasons for litigations are listed below: a) Civil
Irregularities Subsidiary Light SESA has several lawsuits where irregularities are discussed, arising from commercial losses due to irregular connections, clandestine connections, meters alteration and equipment theft, known in Portuguese as gatos. Most of the litigations are based on the evidence of irregularity and amounts charged by the concessionaire in view of such evidence. The amount currently assessed represented by these claims is R$42,797 (R$45,154 as of December 31, 2012). Amounts charged and bills Many litigations are currently in progress and discuss amounts charged by the subsidiary Light SESA for services provided, such as demand amounts, consumption amounts, financial charges, rates, insurances, among other. The amount currently assessed represented by these claims is R$34,046 (R$34,148 as of December 31, 2012). Accidents Subsidiary Light SESA is defendant in lawsuits filed by victims and/or their successors, regarding accidents with Lights electric power grid and/or service provision for several causes. The amount currently assessed represented by these claims is R$27,773 (R$24,475 as of December 31, 2012). Discontinuance and suspension There are several lawsuits in progress to discuss service discontinuance, whether by fortuitous cases or events of force majeure, or for purposes of intervention in the electrical system, among other reasons, and also service suspension, whether for indebtedness, denied access or meters replacement, among other facts for suspension. The amount currently assessed represented by these claims is R$15,121 (R$15,218 as of December 31, 2012). Equipment and network Subsidiary Light SESA has litigations due to electronic meters used to measure energy consumption. Litigations address several themes, such as meter functionality, approval by metrological agency, among others and, also, litigations about its network, due to its extension, removal or even financial contribution of the client to install the network. The amount currently assessed represented by these claims is R$7,787 (R$7,434 as of December 31, 2012). Regarding civil litigations, we point out the lawsuit filed in the first quarter of 2012 by Companhia Siderrgica Nacional - CSN against subsidiary Light SESA, where CSN claims approximately R$100,000 as indemnity for service discontinuance occurred at its Consumer Unit of Volta Redonda. We point out that out of amount claimed, R$88,000 only refer to the service discontinuance occurred on November 10th, 2009, affecting 40% of Brazilian territory and over 90% of Paraguay, which only evidences that causes go beyond Light SESAs scope of operation, as electric power distribution company. Moreover, the ONS report concluded that the origin and causes of this service discontinuance was Furnas responsibility. Thus, the chances of losses in this lawsuit are possible and the Companys exposure to risk is R$35,531 (R$35,531 as of December 31, 2012).
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b) Tax
ICMS Commercial Losses (Tax Deficiency Notices Nos. 03326780-8, 04011949-7 and 04.028.752-6) - These refer to tax deficiency notices aiming at collecting ICMS, Government Fund to Combat Poverty - FECP and penalty (from Jan/99 to Dec/2003 and Jan/06 to Dec/10) as Light SESA failed to pay deferred ICMS and FECP in operations preceding the distribution of electric power, i.e., in operations carried out between generation and distribution company, in view of commercial losses. The subsidiary Light SESA objected these tax assessments. Two tax deficiency notices are pending judgment in the trial court and the other two are awaiting notices regarding the unfavorable decisions in the trial court. The amount currently assessed represented by these claims as of March 31, 2013 is R$1,359,400 (R$1,273,200 as of December 31, 2012). IRRF (withholding income tax over dividends) (Proceedings 16682.721195/2011-02 and 16682.720657/2012-47) In 2011, the subsidiary Light SESA received a tax deficiency notice aiming the collection of withholding income tax (IRRF) over amounts paid by the Company in 2007 as dividends, under the allegation that these derived from no profit, originated from recording of deferred tax assets in the income statement, then, characterized as payments without cause subject to tax levy. In view of absolute regular standing of accounting, corporate and tax procedures adopted, the Company filed an objection, which was deemed groundless. The Company filed a Voluntary Appeal, which is pending judgment. On July 6th, 2012, Light SESA received another tax deficiency notice on this matter, now concerning the amounts paid in 2008, against which submitted a statement of discontentment, under the alleged defense of previous deficiency notice, which was dismissed. The Voluntary Appeal is pending judgment. The amount currently assessed represented by the first deficiency notice as of March 31, 2013 is R$365,100 (R$362,500 as of December 31, 2012), while the amount for the second deficiency notice is R$228,900 (R$227,200 as of December 31, 2012). LIR/LOI - IRPJ/CSLL (Proceedings 16682.720216/2010-83, 15374001.757/2008-13 and 16682.721091/2011-90) Light SESA filed a writ of mandamus mainly discussing the taxation of profit of the subsidiaries LIR and LOI abroad, more specifically, it advocated that income tax and social contribution should be levied on profit only, not on positive equity in the earnings of subsidiaries (a broader concept that includes exchange variations as provided for by IN 213/02). The decision was unfavorable to the Company and, subsequently, due to Refis, the Company fully waived the right claimed in the proceeding. Accordingly, the procedure has been changed to tax equity in the earnings of subsidiaries, in accordance with the decision of the writ of mandamus. Tax authorities disagreed with this procedure and issued a deficiency notice to Light SESA for the fiscal years 2004 to 2008, requiring taxation on profit only. For 2004, a tax foreclosure case has been filed and is pending judgment of the motion to stay execution. For the amounts relating to 2005 to 2008, the Company is awaiting the decision of the Voluntary Appeals by the Administrative Tax Appeals Council (CARF). The likelihood of loss is
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deemed as possible by the attorneys and the amount totaled R$430,100 as of March 31, 2013.
Normative Instruction (NI) No. 86 (Proceeding 10707000751/2007-15 - (2003 through 2005) - This deficiency notice was issued to assess a fine on the Company for alleged failure to make electronic filings as required by NI. No. 86/2001, for calendar years 2003 through 2005. The voluntary appeal filed by subsidiary Light SESA was dismissed, upon which a special appeal was filed and also deemed groundless. Motion for clarification of judgment is pending. The amount currently assessed represented by this claim as of March 31, 2013 is R$297,500 (R$294,400 as of December 31, 2012). Inspection Fee for Occupancy and Permanence in Zones, Routes and Public Areas (TFOP) The subsidiary Light SESA has several lawsuits discussing TFOP, levied by the municipality of Barra Mansa. Light SESA filed motion to dismiss the execution of these lawsuits and at the Federal Supreme Court STF, obtained injunction sentencing the suspension of collections until judgment of Extraordinary Appeal n 640286. The amount currently assessed represented by this claim, including the new proceedings, is R$256,497 as of March 31, 2013 (R$179,309 as of December 31, 2012). ICMS Rheem (Proceeding E-04/892.090/99) - This is a tax deficiency notice to collect ICMS (State VAT), in view of subsidiary Light SESA's utilization of ICMS accumulated credits of Rheem Embalagens Ltda. to acquire inputs and raw material in the state of Rio de Janeiro. Objection was deemed groundless. Voluntary Appeal was filed which was rejected. Light's appeal is pending judgment. The amount currently assessed represented by this claim as of March 31, 2013 is R$145,900 (R$137,932 as of December 31, 2012). ICMS on low-income subsidy (Proceedings E-34/059.150/2004 and E04/054.753/2011) - Tax Deficiency Notices drawn up to charge ICMS (State VAT) on amounts of economic subsidy relating to low-income consumers of electric power arising from Global Reversal Reserve Funding. In the first case, Light SESA's objection was deemed groundless. An appeal was lodged by subsidiary Light SESA with the Taxpayers Council, which decided this appeal shall return to the administrative lower court so that the inspection authority would provide more information on the tax deficiency notice issued. In the second case, the Company filed an objection, which was deemed groundless. An appeal was lodged with the Taxpayers Council, which also decided that this case shall return to the inspection authority for further information. As of March 31, 2013, the amount represented by the first claim is R$123,200 (R$88,600 as of December 31, 2012) and the second claim is R$39,400 (R$32,200 in December 2012).
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c) Labor The main labor claims involve: overtime, risk premium, equal pay, pain and suffering, subsidiary-joint responsibility of outsourced companies hired to provide services and difference of 40% in the FGTS (Government Severance Indemnity Fund for Employees) fine derived from the adjustment due to understated inflation. Below, we point out lawsuits in progress, whose chances of losses are remote, with relevant amounts under dispute, which, in case of unfavorable decision, may impact the Company, its subsidiaries and jointly-owned subsidiaries:
PASEP/PIS (Proceeding 15374002130/2006-18) It refers to the Offset Disallowance made by the Company of PASEP credits with PIS debts. The Companys objection was deemed groundless. Voluntary Appeal was filed. CARF rendered decision sentencing the case should remand to the lower court to determine the credit in dispute. The amount currently assessed represented by this claim as of March 31, 2013 is R$267,200 (R$265,900 as of December 31, 2012). IRRF - Disallowance of tax offset - LIR/LOI (Proceeding 10768.002.435/200411) - There is no confirmation from Brazilian Tax Authority regarding the tax offsets related to withholding income tax credits on financial investments and withholding income tax credits on the payment of energy accounts by government bodies, offset due to outstanding balance of Corporate Income Tax in the reference year of 2002. The motion to disagree filed by Light SESA subsidiary was deemed groundless. The voluntary appeal lodged by Light SESA is pending judgment. This lawsuit was assessed by legal counsels as probable loss; however, in view of the favorable decision received in August 2012 referring to the proceeding 18471002113/2004-09, which directly impacts this case, the legal counsels changed the chances of losses to remote. The amount assessed represented by this claim as of March 31, 2013 is R$206,300 (R$204,800 as of December 31, 2012).
21. POST-EMPLOYMENT BENEFITS Below, a summary of the Company's liabilities involving pension plan benefits as stated on its statement of financial position:
3/31/2013 Current Contractual debt with pension fund Supplementary actuarial liabilities CVM 600 Other Total 115,680 1,340 117,020 Non-current 949,693 314,768 1,264,461 Total 1,065,373 314,768 1,340 1,381,481 Current 114,835 1,272 116,107 12/31/2012 Non-current 939,863 314,768 1,254,631 Total 1,054,698 314,768 1,272 1,370,738
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Below, contractual liabilities breakdown in 2013:
Balance on December 31, 2012 Amortizations in the period Restatements in the period Transfer to current Balance on March 31, 2013
Total Consolidated 1,054,698 (28,723) 39,398 1,065,373
Current 114,835 (28,723) 15,643 13,925 115,680
Non-current 939,863 23,755 (13,925) 949,693
22. OTHER PAYABLES

Parent Company CURRENT 3/31/2013 2,763 2,763 12/31/2012 3,514 3,514 Consolidated 12/31/2012 3/31/2013 Restated 1,651 4,767 2,272 50,308 23,409 63,317 31,165 176,889 1,818 4,036 3,013 986 47,186 22,875 61,080 3,193 46,546 190,733
Advances from clients Compensation for use of water resources Energy Research Company EPE National Scientific and Technological Development Fund FNDCT Energy Efficiency Program PEE Research and Development Program R&D Public lighting fee Use of public asset - UBP Other* Total NON-CURRENT Provision for success fees Reversal reserve Use of public asset - UBP Other Total
(a)
901 901
901 901
22,745 70,320 34,219 5,774 133,058
22,877 69,933 30,764 5,788 129,362
* Refers to other sundry debits
a) In accordance with Concession Agreement No. 12/2001 dated March 15th, 2001, which governs the development of the potential hydroelectric power of the Paraba do Sul river in the municipalities of Itaocara and Aperib, subsidiary Itaocara Energia Ltda. shall pay to the federal government, by way of a fee owing to use of a public asset, as of the start-up date (scheduled for 2015) and until the concession expires or while the potential hydroelectric power is explored, monthly installments equal to one twelfth (1/12) of the proposed annual payment of R$2,017, duly escalated against the variation of the IGP-M, or any other index as shall replace the former. The contra-account to liability escalation is being recognized as an intangible asset during the construction phase, without any impact on results. Following start-up, the escalation will be recognized directly in the income statement (see Note 14). In June 2012, an injunction was granted suspending the payments for the Use of Public Assets.
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23. RELATED-PARTY TRANSACTIONS On March 31, 2013, Light S.A. pertained to the controlling group Companhia Energtica de Minas Gerais CEMIG, Luce Empreendimentos e Participaes S.A. and Rio Minas Energia Participaes S.A (RME) company controlled by Redentor Energia S.A. Interest in subsidiaries and jointly-owned subsidiaries is outlined in Note 2.
Below, a summary of related-party transactions occurred in the quarters ended 2013 and 2012:
CONSOLIDATED Groups Balance Sheet Supplier Contracts with the same group (Agreement objectives and characteristics) Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Sale agreement of electric power between Light Energia and CEMIG Strategic agreement Collection of distribution system usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light Energia and CEMIG Relationship with Light S.A. CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) ASSET 3/31/2013 12/31/2012 LIABILITY 3/31/2013 6,592 12/31/2012 8,906 REVENUE 3/31/2013 3/31/2012 EXPENDUTURE 3/31/2013 14,501 3/31/2012 20,475
Supplier
272
259
605
404
Supplier
398
2,495
883
5,000
Supplier
94
163
287
590
Supplier
359
1,614
806
3,830
Supplier
11
12
32
36
Post-employment Pension Plan Benefit Fundao de Seguridade Social (Social Security Foundation) - BRASLIGHT
BRASLIGHT
1,381,481
1,370,738
39,398
40,552
Below, a summary of agreements executed with related parties:

Maturity Groups Balance Sheet Supplier Contracts with the same group (Agreement objectives and characteristics) Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Sale agreement of electric power between Light Energia and CEMIG Strategic agreement Collection of distribution system usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light Energia and CEMIG Pension Plan Fundao de Seguridade Social (Social Security Foundation) - BRASLIGHT Relationship with Light S.A. CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) Original amount 614,049 Date date or term Conditions of termination or expiration 30% of remaining balance 30% of remaining balance Remaining balance 3/31/2013 253,771 Agreements conditions Price established in the regulated market Price established in the regulated market
Jan / 2006
Dec / 2038
Supplier
37,600
Jan / 2010
Dec / 2039
57,263
Supplier
156,239
Jan / 2005
Dec / 2013
N/A
34,456
Price established in the regulated market
Supplier
Nov / 2003
Undetermined
N/A
94
Supplier
Dec / 2002
Undetermined
N/A
359
Supplier
Dec / 2002
Undetermined
N/A
11
Post-employment benefit
BRASLIGHT
535,052
Jun / 2001
Jun / 2026
N/A
1,381,481
IPCA+ 6% p.a
The subsidiary Light Energia has a purchase contract of 400 MW of installed power capacity from the portfolio projects of its jointly-owned subsidiary Renova Energia S.A., and 200 MW will be made available from 2015 to 2035 and 200 MW from 2016 to 2036.
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Related-party transactions have been executed in accordance with the agreements between the parties.
MANAGEMENT REMUNERATION Policy regarding remuneration of the Board of Directors, Executive Board, Fiscal Council and board committees. Pro-rata share of each component to the aggregate remuneration for 2013.
Board of Directors Fixed Compensation: Board of Executive Officers Fixed Compensation: Variable Compensation: Fiscal Council Fixed Compensation:
100% 76% 24% 100%
Remuneration paid by the Company to the Board of Directors, Executive Board, and Fiscal Council in the quarter ended 2013:
Statutory Board of Executive Offcers 8.0 164 137 27 164 1,749 1,209 201 339 552 552 2,301
2013 Number of members (*) Fixed compensation for the period Salary or pro-labore Direct and indirect benefits Others
(1)
Board of Directors 22.0 388 323 65 388
Fiscal Council 10.0
Total 40.0 2,301 1,669 201 431 552 552 2,853
Variable compensation for the period Other Total compensation per body
(1)
Includes social security and FGTS charges
Average remuneration due to the Board of Directors, Executive Board, and Fiscal Council in the quarter ended 2013:
Statutory Board of Executive Offcers 8.0 21 11 14 296 168 245
2013 Number of members (*) Highest individual compensation ** Lowest individual compensation ** Average individual compensation **
Board of Directors 22.0 26 13 15
Fiscal Council 10.0
*number of members calculated through the periods weighted average. **Excluding Social Security and FGTS charges 92
Overall management compensation at the parent company Light S.A. for the quarter ended March 31, 2013 is R$428. 24. EQUITY There are 203,934,060 non-par and book-entry common shares of Light S.A. (203,934,060 as of December 31, 2012) as of March 31, 2013, recorded as capital stock in the total amount of R$2,225,822 (R$2,225,822 as of December 31, 2012), as follows:
3/31/2013 SHAREHOLDERS Controlling Group RME Rio Minas Energia Participaes S.A. Companhia Energtica de Minas Gerais S.A. Luce Empreendimentos e Participaes S.A. Other BNDES Participaes S.A. - BNDESPAR Public Overall Total Number of Shares 106,304,597 26,576,150 53,152,298 26,576,149 97,629,463 27,453,983 70,175,480 203,934,060 % Interest 52.12 13.03 26.06 13.03 47.88 13.47 34.41 100 12/31/2012 Number of Shares 106,304,597 26,576,150 53,152,298 26,576,149 97,629,463 27,453,983 70,175,480 203,934,060 % Interest 52.12 13.03 26.06 13.03 47.88 13.47 34.41 100
Light S.A. is authorized to increase its capital up to the limit of 203,965,072 common shares through resolution of the Board of Directors, regardless of amendments to the bylaws. However, this increase is to occur exclusively upon the exercise of the warrants issued, strictly pursuant to the conditions of the warrants (Bylaws, Article 5, Paragraph 2).
25. EARNINGS PER SHARE Pursuant to the requirements of CPC 41 and the IAS 33 (Earnings per Share), the statement below reconciles the income for the period with the amounts used to calculated the basic and diluted earnings per share. The chart below presents the calculation of basic and diluted earnings per share:
1.1 to 3.31 NUMERATOR Net income for the period DENOMINATOR Weighted average number of common shares Basic and diluted earnings per common share in R$
2013
2012
78,645 203,934,060 0.386
140,062 203,934,060 0.687
On March 31, 2013 and 2012, there are no differences between basic and diluted earnings per share.
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26. NET REVENUE

Consolidated 1.1 to 3.31 Supply (Note 27) Leases, rents and other Revenue from network usage Revenue from construction Revenue from services rendered CDE grant Taxed service fee GROSS REVENUE ICMS PIS / COFINS Other REVENUE TAXES 2013 2,502,543 13,006 181,338 157,288 16,104 14,106 1,004 2,885,389 (647,241) (140,420) (937) (788,598) 2012 Restated 2,541,762 9,499 192,087 137,449 20,567 1,062 2,902,426 (636,043) (159,458) (1,164) (796,665)
Fuel Consumption Account - CCC Energy Development Account - CDE Global Reversal Reserve - RGR Energy Research Company - EPE National Technological Development Fund - FNDCT Energy Efficiency Program - PEE Research and Development -R&D Other charges - ex-isolated Other charges - Proinfa CONSUMER CHARGES TOTAL DEDUCTIONS NET REVENUE
(14,099) (17,727) (2,397) (1,822) (3,644) (7,660) (3,644) (5,374) (56,367) (844,965) 2,040,424
(83,760) (63,087) (35,097) (1,799) (3,597) (8,036) (3,597) (4,821) (3,242) (207,036) (1,003,701) 1,898,725
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27. ELECTRIC POWER SUPPLY
Consolidated 1.1 to 3.31 Residential Industrial Commerce, services and other Rural Public sector Public lighting Public utility Own consumption Billed sales ICMS (State VAT) Unbilled sales TOTAL SUPPLY
(3)
Number of billed sales 2013 2012 3,733,665 10,431 312,171 11,491 11,575 728 1,690 449 4,082,200 4,082,200 4,082,200
(1) (2)
GWh 2013 2,423 359 1,877 14 426 170 282 22 5,573 5,573 1,243 1,243 6,816
(1)
R$ 2012 2,348 401 1,747 14 410 166 271 22 5,379 5,379 1,183 422 1,605 6,984 2013 871,647 75,971 578,041 888 137,668 27,176 58,085 1,749,476 636,226 (84,243) 2,301,459 201,084 201,084 2,502,543 2012 866,859 90,710 558,892 3,093 137,319 27,620 56,563 1,741,056 628,308 27,329 2,396,693 130,308 14,761 145,069 2,541,762
3,842,002 10,888 285,616 11,380 10,879 726 1,462 404 4,163,357 4,163,357 4,163,357
Electric power auction Short-term energy TOTAL SUPPLY OVERALL TOTAL
(1) Unaudited by independent auditors (2) Number of billed sales in March, with and without consumption (3) Light SESA
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28. OPERATING COSTS AND EXPENSES

1.1 to 3.31 Nature of the expense Personnel and management Material Outsourced services Electricity purchased for resale (Note 29) Depreciation and amortization Allowance for doubtful accounts Provision for contingencies/success/judicial deposits Cost of construction Other Total Cost of Service Electric Power (1,260,712) (1,260,712) Operation (51,140) (3,234) (43,346) (84,953) (157,288) (10,327) (350,288) Selling (4,852) (240) (19,723) (266) (29,038) (252) (54,371) Consolidated Operating Expenses Other operating revenues General and Adm (expenses) (25,395) (429) (33,396) (9,224) (16,403) (20,530) (105,377) (8,332) (8,332)
2013 (81,387) (3,903) (96,465) (1,260,712) (94,443) (29,038) (16,403) (157,288) (39,441) (1,779,080)
2012
Restated (71,764) (3,836) (91,943) (1,046,541) (89,972) (61,628) (25,403) (137,449) (27,638) (1,556,174)
29. ELECTRIC POWER PURCHASED FOR RESALE
Consolidated GWh 1.1 to 3.31 Connection charges Spot market energy Network usage charges UTE Norte Fluminense Itaipu - Binacional Energy transportation - Itaipu National Electric System Operator (O.N.S.) PROINFA ESS Other contracts and electric power auctions Reserve Power Total (1) Unadited by independent auditors 2013 801 1,567 1,300 120 4,307 8,095
(1)
R$ 2012 354 1,584 1,316 128 4,711 8,093 2013 (3,803) (70,354) (48,002) (267,082) (144,932) (4,206) (4,559) (31,273) (79,009) (601,261) (6,231) (1,260,712) 2012 Restated (7,443) (27,160) (118,930) (235,390) (122,824) (11,412) (4,929) (29,098) (23,490) (458,186) (7,679) (1,046,541)
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30. FINANCIAL RESULT
Consolidated 1.1 to 3.31 REVENUES Interest on electricity bills and debts paid by installments Income from investments Swap operations Restatement of judicial deposits NRV restatement Other financial income * EXPENSES Restatement of provision for contingencies Expenses with tax liabilities Debt charges Foreign exchange variation Swap operations Adjustment to present value of accounts receivable Other financial expenses * (18,979) (4,412) (119,712) 9,438 (22,454) 293 (21,519) (177,345) FINANCIAL RESULT (138,853) (11,152) (4,764) (125,914) 4,338 (1,835) 947 (23,305) (161,685) (129,663) 21,220 3,289 1,987 6,427 5,569 38,492 18,670 12,461 (50) 941 32,022 2013 2012 Restated
* It refers to sundry revenues and expenses
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31. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The statement below reconciles the carrying and fair values of assets and liabilities related to our financial instruments:
ASSETS Cash and cash equivalents (Note 4) Services Dividends receivable Other receivables (Note 11) Total LIABILITIES Suppliers (Note 15) Dividends and interest on equity payable Other payables (Note 22) Total
Parent Company 3/31/2013 12/31/2012 Book value Fair value Book value Fair value 30,570 148 19,210 5,007 54,935 30,570 148 19,210 5,007 54,935 45,469 148 19,210 6,665 71,492 45,469 148 19,210 6,665 71,492
136 74,792 3,664 78,592
136 74,792 3,664 78,592 Consolidated
458 74,792 4,415 79,665
458 74,792 4,415 79,665
3/31/2013 ASSETS Cash and cash equivalents (Note 4) Marketable securities (Note 5) Concessionaires and permissionaires (Note 6) Services Swaps Concessions' financial assets (Note 10) Other receivables (Note 11) Total LIABILITIES Suppliers (Note 15) Loans and financing (Note 16) Debentures (Note 17) Dividends and interest on equity payable Swaps Other payables (Note 22) Total 1,170,752 2,503,240 1,968,527 74,792 15,258 309,947 6,042,516 1,170,752 2,528,624 1,967,752 74,792 15,258 309,947 6,067,125 Book value 435,926 4,423 1,559,229 42,416 27,927 1,617,007 624,615 4,311,543 Fair value 435,926 4,423 1,559,229 42,416 27,927 1,617,007 624,615 4,311,543
12/31/2012 Book value Fair value Restated Restated 230,356 15,266 1,731,017 42,171 35,540 1,573,349 169,504 3,797,203 230,356 15,266 1,731,017 46,154 35,540 1,573,349 169,504 3,801,186
814,469 2,263,431 1,974,054 74,792 6,129 320,095 5,452,970
814,469 2,620,086 2,073,100 74,792 6,129 320,095 5,908,671
In compliance with CVM Rule No. 475/2008 and CVM Resolution No. 604/2009, which revoked Resolution No. 566/2008, the description of accounting balances and fair values of financial instruments stated in the statement of financial position in the quarter ended March 31, 2013 are identified as follows:
Cash and cash equivalents Financial investments in bank deposit certificates are measured at their fair value duly at the end of the reporting period.
Marketable securities Financial investments in bank deposit certificates are measured at their fair value at the end of the reporting period.
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Consumers, concessionaries and permissionaires (clients) These are classified as loans and receivables, measured at the amortized cost, being recorded at their original values and subject to a provision for losses, where applicable.
Concessions financial assets These are classified as available for sale, measured at their fair value at initial recognition. After initial recognition, interest is calculated through the effective interest rate method and recognized in the income statement under financial income, while the changes in the fair value are recognized in other comprehensive income.
Suppliers Accounts payable to suppliers of materials and services required in the operations of the Company, the amounts of which are known or easily determinable, added, where applicable, of relevant charges, escalation and/or exchange costs incurred as of the end of the reporting period. These balances are classified as other financial liabilities and were recognized at their amortized cost, which is not significantly different from their fair value.
Loans, borrowings and debentures These are measured by the amortized cost method. Fair value was calculated at interest rates applicable to instruments with similar nature, maturities and risks, or based on market quotations of these securities. The fair value for BNDES financing is identical to the accounting balance, since there are no similar instruments, with comparable maturities and interest rates. These financial instruments are classified as financial liabilities not measured at the fair value.
Other assets and liabilities Other assets are classified as "loans and receivables", and other liabilities are measured at amortized cost and stated at their original values, accrued of, where applicable, corresponding charges, monetary and/or currency variations incurred up to the end of the reporting period or subject to a provision for losses, where applicable.
Swaps These are measured at fair value. A determination of fair value used available information on the market and usual pricing methodology: the face value (notional) evaluation for long position (in U.S. dollars) until maturity date and discounted at present value of clean coupon rates, published in bulletins of Securities, Commodities and Futures Exchange BM&FBovespa. It is worth mentioning that estimated fair value of financial assets and liabilities was determined by means of information available on the market and appropriate valuation methodologies. Nevertheless, meaningful judgment was required when interpreting market data to produce the most appropriate fair value estimate.
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a) Financial Instruments by category in the quarter ended March 31, 2013:

Parent Company 3/31/2013 Fair value through profit or loss 30,425 30,425 12/31/2012 Fair value through profit or loss 45,269 45,269
ASSETS Cash and cash equivalents (Note 4) Services provided Dividends reveivable Other receivables (Note 11) Total
Loans and receivables 145 148 19,210 5,007 24,510
Total
Loans and receivables 200 148 19,210 6,665 26,223
Total
30,570 148 19,210 5,007 54,935
45,469 148 19,210 6,665 71,492
Parent Company 3/31/2013 Fair value through profit or loss 12/31/2012 Fair value through profit or loss -
LIABILITIES Suppliers (Note 15) Dividends and interest on equity payable Other payables (note 22) Total
Amortized cost 136 74,792 3,664 78,592
Total
Amortized cost 458 74,792 3,664 78,914
Total
136 74,792 3,664 78,592
458 74,792 3,664 78,914
Consolidated 3/31/2013 Fair value through profit or loss 388,521 4,423 27,927 420,871 12/31/2012 Restated Total Loans and receivables 79,836 1,731,017 42,416 169,504 2,022,773 Fair value through profit or loss 150,520 15,266 35,540 201,326 Available for sale 1,573,349 1,573,349 Total
ASSETS Cash and cash equivalents (Note 4) Marketable securities (Note 5) Concessionaires and permissionaires (Note 6) Services provided Swaps Concession's financial assets (Note 10) Other receivables (Note 11) Total
Loans and receivables 47,405 1,559,229 42,416 624,615 2,273,665
Available for sale 1,617,007 1,617,007
435,926 4,423 1,559,229 42,416 27,927 1,617,007 624,615 4,311,543
230,356 15,266 1,731,017 42,416 35,540 1,573,349 169,504 3,797,448
Consolidated 3/31/2013 Fair value through profit or loss (16) 15,258 15,242 12/31/2012 Restated Total Amortized cost 814,354 2,263,431 1,974,054 74,792 320,095 5,446,726 Fair value through profit or loss 115 6,129 6,244 Total
LIABILITIES Suppliers (Note 15) Loans and borrowings (Note 16) Debentures (Note 17) Dividends and interest on equity payable Swaps Other payables (note 22) Total
Amortized cost 1,170,768 2,503,240 1,968,527 74,792 309,947 6,027,274
1,170,752 2,503,240 1,968,527 74,792 15,258 309,947 6,042,516
814,469 2,263,431 1,974,054 74,792 6,129 320,095 5,452,970
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b) Policy concerning derivative instruments The Company has a policy of using derivative instruments that has been approved by its Board of Directors. According to this policy, the debt service (principal plus interest and charges) denominated in foreign currency maturing within 24 months is to be hedged, except no speculative transaction is allowed, whether using derivatives or any other risky asset. In line with the policy standards, the Company does not have any options, swaps, callable swaps, flexible options, derivatives embedded in other products, derivativestructured transactions and so-called exotic derivatives. Furthermore, the statement above denotes that the Company use cashless exchange rate swaps (US$ vs. CDI), of which the Notional Contract Value is equal to the amount of the debt service denominated in foreign currency maturing in 24 months. c) Risk management and goals achieved Management of derivative instruments is achieved through operating strategies with a view to liquidity, profitability and safety. Our control policy consists of ongoing enforcement of policy standards concerning the use of derivative instruments, as well as continued monitoring of agreed upon rates versus market rates. d) Market Risk During the normal course of its businesses, the Company and its subsidiaries are exposed to the market risks related to currency variations and interest rates, as evidenced in the chart below: Debt breakdown (excluding financial charges):
Consolidated 3/31/2013 R$ USD EUR Foreign currency (current and non-current) CDI TJLP Other Local currency (current and non-current) Overall total (current and non-current) 621,905 90,335 712,240 2,377,196 1,069,304 237,352 3,683,852 4,396,092 % 14.1 2.1 16.2 54.1 24.3 5.4 83.8 100.0 R$ 509,253 95,017 604,270 2,399,253 1,097,381 90,631 3,587,265 4,191,535 12/31/2012 Restated % 12.1 2.3 14.4 57.2 26.2 2.2 85.6 100.0
On March 31, 2013, according to the chart above, the foreign currency-denominated debt is R$712,240, or 16.2% of total debt (R$604,270, corresponding to 14.4%). Financial derivative instruments were contracted for the amount of foreign currencydenominated debt service to expire within 24 months, in the swap modality, whose notional value as of March 31, 2013 stood at US$345,039 (US$240,206 as of December 31, 2012) and 34,969 (34,969 as of December 31, 2012), according to the policy for
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utilization of derivative instruments approved by the Board of Directors. Thus, if we deduct this amount from total foreign currency-denominated debt, the foreign exchange exposure represents 0.40% of total debt (0.41% as of December 31, 2012). Below, we provide a few considerations and analyses on risk factors impacting on business of Light Groups companies:
Currency risk
Considering that a portion of loans and borrowings is denominated in foreign currency, the company uses derivative financial instruments (swap operations) to hedge against service associated with these debts (principal plus interest and commissions) to expire within 24 months in addition to the swap of previously mentioned rates. Derivative operations, comprising currency swaps and interest, the latter reported below, resulted in a R$22,454 loss in the first quarter of 2013 (loss of R$1,855 in the first quarter of 2012). The net amount of swap operations as of March 31, 2013, considering the fair value, is positive at R$12,669 (positive at R$29,411 as of December 31, 2012), as shown below:
Institution
Light Recebe
Light Paga
Starting Date 3/11/2013 4/11/2012 12/28/2011 10/9/2012 4/12/2011 9/12/2011 8/23/2012 8/23/2012 8/23/2012 10/2/2012 10/2/2012 10/2/2012 11/10/2011
Maturity Date
Notional Fair Value Fair Value Fair Value Value Mar/13 (R$) Mar/13 (R$) Mar/13 (R$) Contracted Assets Liabilities Balance (R$) 60,000 2,715 2,970 1,338 3,065 58 33,333 33,333 33,333 26,666 26,666 26,666 50,000 307 178 835 12 14,584 (1,990) (91) (1,705) (1,901) (1,954) (2,407) (2,566) (2,644) (1,990) 307 178 (91) 835 12 (1,705) (1,901) (1,954) (2,407) (2,566) (2,644) 14,584
Bank of Tokyo Ita Ita HSBC HSBC HSBC Citibank L.Sesa Citibank L.Sesa Citibank L.Sesa Citibank L.Energia Citibank L.Energia Citibank L.Energia Bank of America
US$+2.33% US$+2.42% US$+3.07% US$+1.67% US$+3.58% US$+2.95% US$+Libor+1.66% US$+Libor+1.66% US$+Libor+1.66% US$+Libor+1.5988% US$+Libor+1.5988% US$+Libor+1.5988% Libor+2.5294%
100% CDI + 0.90% 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI + 1.00% 100% CDI + 1.00% 100% CDI + 1.00% 100% CDI + 1.10% 100% CDI + 1.10% 100% CDI + 1.10% 100%CDI + 0.65%
3/11/2016 4/11/2014 10/10/2013 10/10/2014 4/10/2013 9/12/2013 2/23/2017 8/23/2017 2/23/2018 4/3/2017 10/2/2017 4/3/2018 11/10/2016
Institution
Light Recebe
Light Paga
BNP
Euro+4.6823%
100%CDI+1.30%
Notional Fair Value Fair Value Fair Value Value Maturity Date Mar/13 (R$) Mar/13 (R$) Mar/13 (R$) Contracted Assets Liabilities Balance (EURO) 10/21/2011 10/21/2014 34,969 7,408 7,408 Starting Date Total 23,324 (15,258) 8,066
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Currency swap Institution Bradesco Ita Ita HSBC HSBC HSBC Citibank L.Sesa Citibank L.Sesa Citibank L.Sesa Citibank L.Energia Citibank L.Energia Citibank L.Energia Bank of America Light Recebe US$+2.72% US$+2.42% US$+3.07% US$+1.67% US$+3.58% US$+2.95% US$+Libor+1.66% US$+Libor+1.66% US$+Libor+1.66% US$+Libor+1.5988% US$+Libor+1.5988% US$+Libor+1.5988% Libor+2.5294% Light Paga 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI + 1.00% 100% CDI + 1.00% 100% CDI + 1.00% 100% CDI + 1.10% 100% CDI + 1.10% 100% CDI + 1.10% 100%CDI + 0.65% Starting Date 3/10/2011 4/11/2012 12/28/2011 10/9/2012 4/12/2011 9/12/2011 8/23/2012 8/23/2012 8/23/2012 10/2/2012 10/2/2012 10/2/2012 11/10/2011 Maturity Date 3/12/2013 4/11/2014 10/10/2013 10/10/2014 4/10/2013 9/12/2013 2/23/2017 8/23/2017 2/23/2018 4/3/2017 10/2/2017 4/3/2018 11/10/2016 Notional Fair Value Fair Value Fair Value Value Dec/12 (R$) Dec/12 (R$) Dec/12 (R$) Contracted Assets Liabilities Balance (US$ dollar) 61 11 11 2,715 470 470 2,970 354 354 1,338 (4) (4) 3,065 1,005 1,005 58 16 16 33,333 (421) (421) 33,333 (579) (579) 33,333 (598) (598) 26,666 (1,410) (1,410) 26,666 (1,569) (1,569) 26,666 (1,548) (1,548) 50,000 16,554 16,554
Institution BNP
Light Recebe Euro+4.6823%
Light Paga 100%CDI+1.30%
Notional Fair Value Fair Value Fair Value Value Dec/12 (R$) Dec/12 (R$) Dec/12 (R$) Maturity Date Contracted Assets Liabilities Balance (EURO) 10/21/2011 10/21/2014 34,969 13,225 13,225 Starting Date Total 31,635 (6,129) 25,506
The amount recorded was measured by its fair value as of March 31, 2013. All operations with derivative financial instruments are registered in clearing houses for the custody and financial settlement of securities and there is no margin deposited in guarantee. Operations have no initial cost. The subsidiary Light Esco contracted derivative instruments, as forward currency agreements to hedge against fluctuations in foreign currency-denominated payments to suppliers, with the notional amounts of 350, duly approved by the Board of Directors, as shown in the following chart:
Fixed-term contracts Institution Citibank Citibank Light Recebe Euro - Maturity Euro - Maturity Light Paga Euro / 2.4822 Euro / 2.4836 Starting Date 5/31/2012 5/31/2012 Maturity Date 4/29/2013 5/27/2013 Total Notional Fair Value Fair Value Fair Value Value Mar/13 (R$) Mar/13 (R$) Mar/13 (R$) Contracted Assets Liabilities Balance (EURO) 175 (8) (8) 175 (8) (8) 350 (16) (16)
Fixed-term contracts Institution Citibank Citibank Citibank Light Recebe Euro - Maturity Euro - Maturity Euro - Maturity Light Paga Euro / 2.4822 Euro / 2.4836 Euro / 2.4836 Starting Date 5/31/2012 5/31/2012 5/31/2012 Notional Fair Value Fair Value Fair Value Value Maturity Date Dec/12 (R$) Dec/12 (R$) Dec/12 (R$) Contracted Assets Liabilities Balance (EURO) 1/29/2013 865 82 82 4/29/2013 175 17 17 5/27/2013 175 16 16 Total 1,215 115 115
Below, the sensitivity analysis for foreign exchange rates fluctuations, showing eventual impacts on financial result of the Company and its subsidiaries. The methodology used in the Probable Scenario considered the best estimate for the foreign exchange rate as of March 31, 2014. It is worth highlighting that, as this refers to a sensitivity analysis of the impact on the financial result of the next 12 months, debt balances as of March 31, 2013 were considered. It is worth mentioning that the behavior
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of debt and derivatives balances will observe their respective contracts, and the balance of temporary cash investments will fluctuate according to the need or available funds of the Company and its subsidiaries. Exchange Rate Sensitivity Analysis, with the presentation of effects on the income statement and equity:
R$ Operation FINANCIAL LIABILITIES Par Bond Discount Bond C. Bond Bib Merril Lynch BNP (EURO) Banck of Tokyo Citibank Light Sesa Citibank Light Energia DERIVATIVES Swaps TOTAL Reference for financial assets and financial liabilities R$/US$ exchange rate (end of the period) R$/EURO exchange rate (end of the period) 2.0300 2.6370 USD USD USD USD USD EURO USD USD USD Risk Scenario (I) Probable (31,773) (5,370) (1,163) (886) (8) (3,443) (5,473) (3,776) (6,619) (5,035) Scenario (II) (244,096) (26,307) (15,126) (3,606) (40) (29,476) (29,425) (34,927) (58,619) (46,570) Scenario (III) (456,421) (47,244) (29,089) (6,325) (73) (55,509) (53,378) (66,079) (110,619) (88,105)
USD / EURO
38,907 7,134
219,232 (24,864) +25% 2.5375 3.2963
399,557 (56,864) +50% 3.0450 3.9555
With the chart above, it is possible to identify that the partial hedge against foreign currency-denominated debt (only limited to debt service to expire within 24 months), as when R$/US$ quote increases, liabilities financial expense also increases but financial revenues of derivatives also partially offset this negative impact and vice-versa. Thus, cash is partially hedged thanks to the derivatives policy of the Company and its subsidiaries.
Interest rate risk

This risk derives from impact of interest rates fluctuation not only over financial expense associated with loans, borrowings and debentures of the Company, but also over financial revenues deriving from temporary cash investments. The policy for utilization of derivatives approved by the Board of Directors does not comprise the contracting of instruments against such risk. Nevertheless, the Company continuously monitors interest rates so that to evaluate eventual need of contracting derivatives to hedge against interest rates volatility risk.
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As of March 31, 2013, the interest rate swap operation associated with the maturity of Bradesco CCB with notional value of R$150,000 (R$150,000 as of December 31, 2012), duly authorized by the Management, stated a gain of R$4,603 (gain of R$3,905 as of December 31, 2012), considering the fair value, according to the following table:
Swap rate as of March 31, 2013 Institution Light Recebe Light Paga Starting Date Maturity Date Notional Fair Value Fair Value Fair Value Value Mar/13 (R$) Mar/13 (R$) Mar/13 (R$) Contracted Assets Liabilities Balance (R$) 150,000 150,000
4,603
HSBC
CDI+0.85%
101.9%CDI+(TJLP-6%) 10/18/2011
10/18/2017 Total
4,603 4,603
4,603
Swap rate on December 31, 2012 Institution HSBC Light Recebe CDI+0.85% Light Paga Starting Date Maturity Date 10/18/2017 Total Notional Fair Value Fair Value Fair Value Value Dec/12 (R$) Dec/12 (R$) Dec/12 (R$) Contracted Assets Liabilities Balance (R$) 150,000 3,905 3,905 150,000 3,905 3,905
101.9%CDI+(TJLP-6%) 10/18/2011
Below, the sensitivity analysis for interest rates fluctuations, showing possible impacts on the financial result of the Company. The methodology used in the Probable Scenario considered the best estimate for the interest rate on March 31, 2014. It is worth highlighting that, as this refers to a sensitivity analysis of the impact on the 2013 financial result, debt and investment balances on March 31, 2013 were considered. It is worth mentioning that the behavior of debt and derivatives balances will observe their respective contracts, and the balance of investments will fluctuate according to the need or available funds of the Company.
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Interest rate sensitivity analysis, with the presentation of effects on the income statement and equity:
R$ Operation FINANCIAL ASSETS Financial investments FINANCIAL LIABILITIES Debentures 4 issue Light SESA Debentures 5 issue Light SESA Debentures 7 issue Light SESA Debentures 8 issue Light SESA Debentures 1 issue Light Energia Debentures 2 issue Light Energia Debentures 3 issue Light Energia CCB Bradesco CCB Bco Santander BNDES Finem Indireto BNDES Direto TJLP BNDES Direto TJLP+1% SESA Bndes Capex 11/12 - Subcred.2 SESA Bndes Capex 11/12 - Subcred.3 SESA Bndes Capex 11/12 - Subcred.4 SESA Bndes Capex 11/12 - Subcred.17 SESA Bndes Capex 11/12 - Subcred.18 BNDES Capex 2011/12 - Light Energia PROESCO SESA Banco do Brasil R$ 150 MM DERIVATIVES Currency swaps Interest rate swaps Interest rate swaps TOTAL Reference for FINANCIAL ASSETS CDI (% end of the period) Reference for FINANCIAL LIABILITIES CDI (% end of the period) TJLP (% end of the period) CDI CDI TJLP 38,907 9,938 9,938 (210,690) (15,520) 30,315 8,409 (296,669) +25% 8.98% +25% 8.98% 6.25% (73,542) 52,296 6,879 (383,746) +50% 10.77% +50% 10.77% 7.50%
rd nd st th th th th
Risk
Scenario (1) Probable
Scenario (II)
Scenario (III)
CDI
36,089 (305,562)
45,120 (364,993) (5) (19,266) (68,778) (48,990) (18,329) (44,179) (3,114) (37,883) (8,521) (13,516) (11,176) (12,360) (17,331) (19,373) (22,945) (2) (3) (2,950) (1,034) (15,238)
54,154 (423,533) (5) (22,423) (80,208) (57,263) (21,347) (51,639) (3,640) (44,487) (9,931) (15,116) (12,736) (13,922) (19,966) (22,188) (25,949) (3) (3) (3,399) (1,185) (18,123)
TJLP CDI CDI CDI CDI CDI CDI CDI CDI TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP TJLP CDI
(4) (16,057) (57,163) (40,584) (15,262) (36,598) (2,579) (31,172) (7,089) (11,898) (9,597) (10,780) (14,665) (16,525) (19,905) (2) (2) (2,497) (882) (12,301)
7.18% 7.18% 5.00%
Credit risk
It refers to the Company eventually suffering losses deriving from default of counterparties or financial institutions depositary of funds or temporary cash investments. To mitigate these risks, the Company uses all collection tools allowed by the regulatory body, such as disconnection for delinquency, debit losses and permanent monitoring and negotiation of outstanding positions. Item "a" of this note contains a summary of the financial instruments broken down by category, including the Company's maximum credit risk. Concerning financial institutions, the Company only carries out low-risk operations,
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classified by rating agencies. The Company has a policy of not concentrating its portfolio in certain financial institution. Therefore, the policys principle is to control the portfolio concentration through limits imposed to the Groups and monitoring financial institutions through their equity and ratings. Through its policy, the Company will be able to invest in fixed income products and Interbank Deposit Rate (CDI)-indexed post-fixed income and post-fixed government bonds. The definition of the groups for allocation of resources is described below, as well as the percentage of current share in the Companys portfolio:
Group 1 federal banks; equity: not applicable; minimum rating: Not applicable; percentage in the portfolio: 0.6%. Group 2 Financial Institutions with Equity higher than or equal to 7 billion; Minimum Rating: AA (S&P and Fitch) or Aaa (Moodys). Percentage in the portfolio: 74.0%. Group 3 Financial institutions with Equity between 1 and 7 billion; Minimum Rating: AA (S&P and Fitch) or Aaa (Moody's). Percentage in the Portfolio: 20.2%. Group 4 Financial Institutions with Equity between 500 million and 1 billion; Minimum Rating: A (S&P and Fitch) or A2 (Moodys). Percentage in the portfolio: 5.1%. Group 5 - Only Financial Institutions with restricted court deposits. Percentage in the portfolio: 0.1%.
Liquidity risk
Liquidity risk relates to the Company's ability to settle its liabilities. In order to determine the ability to satisfactorily meet its financial liabilities, the streams of maturities for funds raised and other liabilities are reported with the Company's statements. Further information on the loans can be found in detail in Notes 16 and 17. The Company has raised funds through its operations, from financial market transactions and from affiliate companies, primarily allocated to support its investment plan and in managing its cash for working capital and liability management purposes. The Company manages the liquidity risk by continuously monitoring expected and real cash flows and combining the maturity profiles of its financial liabilities. The realization flow concerning future liabilities as per the relevant terms and conditions is summarized in the statement below:
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Consolidated Interest rate instruments: Floating Loans, financing and debentures Fixed rate Loans, financing and debentures Suppliers Swap 9,196 1,170,752 835 11,206 190 274,801 14,288 132,700 (2,644) 427,903 1,170,752 12,669 172,758 805,408 3,425,705 1,055,787 5,459,658 1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years Total
a)
Capital Management The Company manages its capital with the purpose of safeguarding its capacity to continuously offer return to shareholders and benefits to other stakeholders, in addition to maintaining the ideal capital structure to reduce costs. In order to maintain or adjust its capital structure, the Company either reviews the dividend payment policy, returns capital to shareholders or issues new shares and sells assets to reduce the indebtedness level, for instance.
Parent Company 3/31/2013 Debt from financing, loans and debentures (-) Cash and cash equivalents Net debt Shareholders' equity Financial leverage ratio - % 30,425 30,425 3,104,328 -1% 12/31/2012 45,269 45,269 3,025,683 -2% Consolidated 12/31/2012 3/31/2013
Restated
4,471,767 435,926 4,035,841 3,104,328 57%
4,237,485 230,356 4,007,129 3,025,683 57%
b) Hierarchical Fair Value There are three types of classification levels for the fair value of financial instruments. This hierarchy prioritizes unadjusted prices quoted in an active market for financial assets or liabilities. The classification of hierarchical levels can be presented as follows:
Level 1 - Data originating from an active market (unadjusted quoted price) that can be accessed on a daily basis, including on the date of fair value measurement. Level 2 - Different data originating from the active market (unadjusted quoted price) included in Level 1, extracted from a pricing model based on data observable in the market. Level 3 - Data extracted from a pricing model based on data that are not observable in the market.
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Parent Company Measurement of Fair Value Identical markets Level 1 Similar markets Level 2 Without active market Level 3
3/31/2013 ASSETS
Cash equivalents (Note 4) Total
30,425 30,425
30,425 30,425
Consolidated Measurement of Fair Value 3/31/2013 ASSETS Cash equivalents (Note 4) Marketable securities (Note 5) Concession's financial assets (Note 10) Swaps Total LIABILITIES Swaps Total 15,258 15,258 15,258 15,258 388,521 4,423 1,617,007 27,927 2,037,878 Identical markets Level 1 Similar markets Level 2 388,521 4,423 27,927 420,871 Without active market Level 3 1,617,007 1,617,007
Parent Company Measurement of Fair Value Identical markets Level 1 Similar markets Level 2 Without active market Level 3
12/31/2012 ASSETS
Cash equivalents (Note 4) Total
45,269 45,269
45,269 45,269
Consolidated Measurement of Fair Value Identical markets Level 1 Similar markets Level 2 Without active market Level 3
12/31/2012 ASSETS
Cash equivalents (Note 4) Marketable securities (Note 5) Concession's financial assets (Note 10) Swaps Total LIABILITIES Swaps Total
150,520 15,266 1,573,349 35,540 1,774,675
150,520 15,266 35,540 201,326
1,573,349 1,573,349
6,129 6,129
6,129 6,129
The market value of a security corresponds to its maturity amount brought to present value through the discount factor obtained based on the market interest curve in reais.
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Regarding the concessions financial assets, classified as available for sale, the inclusion in level 3 was due to the fact that the relevant factors for the valuation at fair value were not publicly observable. The changes between the years and the respective gains and losses in the income statement for the year are described in note 10; there was no impact on equity this year.
32.
INSURANCE
On March 31, 2013, the Light Group had insurances covering its main assets, including: Operational Risk Insurance - it covers damages caused to hydroelectric and thermoelectric powerplants, including, but not limited to its machinery, steam turbines, gas turbines, generators, boilers, transformers, channels, tunnels, dams, spillway, civil works, offices and warehouses. All assets are insured under the Operational Risks modality, with an All Risks coverage, including the transmission and distribution lines up to 1,000 feet from generation site. Directors and Officers Liability Insurance (D&O) - It has the purpose of protecting Executives from losses and damages resulting from the performance of their activities inherent to the position as Directors, Officers and Managers of the Company. General and Civil Liability Insurance - focuses on the payment of indemnity if the Company is deemed civilly liable by a final and unappealable court decision or deal authorized by the insurance company, in relation to remedies for property damage and involuntary personal injury caused to third parties and also those related to pollution, contamination, sudden and/or accidental leakage. Financial Guarantee Insurance Energy Trading and Judicial. Property Insurance Comprehensive Business (Leased Properties). International Transport Insurance Imports, Corporate Travel Insurance and Personal Insurance. The assumptions of risks adopted, given their nature, are not included in the scope of an audit firm, accordingly, they were not audited by independent auditors. Below, a summarized breakdown of main insurance policies considered by Management:
Term RISKS Directors & Officers (D&O) Civil and general liabilities Operating risks * Maximum limit of liability (LMR) is R$300,000 - Indemnity * Total Value in Risk of R$4,881,192 From 8/10/2012 9/25/2012 10/31/2012 To 8/10/2013 9/25/2013 10/31/2012 Amount Insured R$40,350 R$20,000 R$ 4,881,192 Gross Premium (including cost of policy + IOF) R$158 R$855 R$1,856
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33. SEGMENT REPORTING
Segment reporting was prepared according to CPC 22 (Information by Segment), equivalent to IFRS 8, and is reported in relation to the business of the Company, identified based on their management structure and internal management information. The Company's Management considers the following segments: power distribution, power generation, power trading and others (including the holding). The Company is segmented according to its operation, which has different risks and compensation. Segment information for the quarters ended March 31, 2013 and 2012 and for the year ended December 31, 2012 is presented below:
Distribution Assets: Current Assets Long-term assets Investments Property, plant and equipment Intangible assets Total Assets Liabilities and shareholders' equity: Current liabilities Non-current liabilities Shareholders' equity Total liabilities and shareholders' equity Generation Trading Other Eliminations Consolidated 3/31/2013 2,759,364 3,041,962 589,990 1,637,150 3,789,544 11,818,010 2,574,738 6,138,944 3,104,328 11,818,010
2,548,257 3,068,060 19,717 230,634 3,751,920 9,618,588 2,406,844 5,005,348 2,206,396 9,618,588
154,193 1,149 432,698 1,360,879 36,902 1,985,821 145,279 1,181,130 659,412 1,985,821
196,986 30,078 3,284 44,831 445 275,624 142,782 9,044 123,798 275,624
59,286 296 3,125,194 806 277 3,185,859 79,191 1,043 3,105,625 3,185,859
(199,358) (57,621) (2,990,903) (3,247,882) (199,358) (57,621) (2,990,903) (3,247,882)
Distribution Assets: Current assets Long-term assets Investments Property, plant and equipment Intangible assets Total Assets Liabilities and shareholders' equity: Current liabilities Non-current liabilities Shareholders' equity Total liabilities and shareholders' equity
Generation
Trading
Other
Eliminations
Consolidated 12/31/2012 Restated 2,167,186 3,039,018 557,350 1,635,255 3,748,638 11,147,447
1,915,449 3,090,462 19,756 231,250 3,711,438 8,968,355
127,567 1,593 418,007 1,370,838 36,727 1,954,732
129,894 24,060 676 32,361 177 187,168
77,608 290 3,031,033 806 296 3,110,033
(83,332) (77,387) (2,912,122) (3,072,841)
1,737,944 5,041,597 2,188,814 8,968,355
155,446 1,195,900 603,386 1,954,732
59,324 9,923 117,921 187,168
81,306 1,043 3,027,684 3,110,033
(83,332) (77,387) (2,912,122) (3,072,841)
1,950,688 6,171,076 3,025,683 11,147,447
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Income segment reporting:

Distribution 1.1 to 3.31 NET OPERATING REVENUE OPERATING COSTS AND EXPENSES Personnel Material Outsourced services Energy purchased Depreciation Provisions Construction cost Non-operating result Other Equity in the earnings of subsidiaries FINANCIAL RESULT Financial income Financial expenses INCOME BEFORE TAXES Social contribution Income tax NET INCOME 1,883,081 (1,735,612) (73,079) (3,677) (88,561) (1,256,953) (80,618) (45,243) (157,288) (7,285) (22,908) (119,952) 39,085 (159,037) 27,517 (2,629) (7,306) 17,582 145,302 (38,248) (5,326) (138) (3,438) (7,575) (13,761) (198) (7,812) (1,598) (19,572) 430 (20,002) 85,884 (8,617) (21,241) 56,026 157,119 (147,271) (1,960) (87) (2,709) (142,091) (39) (385) 31 (72) 410 (482) 9,807 (899) (2,479) 6,429 991 (2,971) (1,022) (1) (1,757) (25) (166) 44,637 743 754 (11) 43,400 (13) (21) 43,366 (146,069) 145,022 145,907 (1,047) 162 (43,711) (2,187) 2,187 (44,758) (44,758) Generation Trading Other Eliminations Consolidated 2013 2,040,424 (1,779,080) (81,387) (3,903) (96,465) (1,260,712) (94,443) (45,441) (157,288) (8,332) (31,109) (641) (138,853) 38,492 (177,345) 121,850 (12,158) (31,047) 78,645 Consolidated 2012 Restated 1,898,725 (1,556,174) (71,764) (3,836) (91,943) (1,046,541) (89,972) (87,031) (137,449) (1,277) (26,361) 828 (129,663) 32,022 (161,685) 213,716 (20,126) (53,528) 140,062
34. NON-CASH TRANSACTIONS In 2013, the Company carried out the following non-cash investment and financing activities, which are not reflected in the statements of cash flows:
Consolidated 3/31/2013 Capitalized financial charges Acquisition of property, plant and equipment against suppliers 5,383 34,599 12/31/2012 Restated 39,743 49,623
35. EVENTS AFTER THE REPORTING PERIOD a) Contributions from the Energy Development Account (CDE); On March 7, 2013, the Federal Government issued Decree 7945, authorizing the monthly transfer of funds from the Energy Development Account (CDE) to distribution concessionaires to cover non-manageable costs related to the dispatch of thermal plants, involuntary exposure and hydrological risks not covered by the tariff in 2013. On March 26, 2013, Aneel held Public Hearing 20/2013 to obtain inputs for the proposal for the calculation of the CDE monthly transfer, as per Decree 7945. Consequently, on April 2, 2013, Aneels Superintendence of Economic Regulation (SER) issued Order 954 that defined the preliminary transfer amounts relating to January 2013. The amount allocated to the subsidiary Light SESA totaled R$171,283 and was received on April 8, 2013. On April 30, 2013, Order 1312 was issued and included the adjustment for January 2013 and the amounts for February and March 2013. The amount allocated to the subsidiary Light SESA totaled R$257,045 and was received on May 6, 2013, which, added to the transfer related to January, amounts to R$428,328.
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b) Approval of the Promissory Note issue: The Board of Directors meeting held on April 25, 2013 approved the second issue of Promissory Notes, totaling R$500,000 and maturing within 180 days, to strengthen the cash position and carry out the early payment of debt. This issue will be replaced by the 9th debenture issue, which is being structured. c) Dividends and interest on equity The Annual Shareholders Meeting held on April 26, 2013 declared dividends relating to the profit reserve recorded in the statement of financial position as of December 31, 2012, totaling R$91,770, to be paid by December 31, 2013. On April 30, 2013, the Company paid interest on equity, declared in 2012, in the gross amount of R$86,672.
BOARD OF DIRECTORS SITTING MEMBERS Srgio Alair Barroso Humberto Eustquio Csar Mota Raul Belens Jungmann Pinto Maria Estela Kubitscheck Lopes Djalma Bastos de Morais Jos Carlos Aleluia Costa Rutelly Marques da Silva Luiz Carlos da Silva Cantdio Junior Guilherme Narciso de Lacerda David Zylbersztajn Carlos Alberto da Cruz ALTERNATE MEMBERS Luiz Fernando Rolla Csar Vaz de Melo Fernandes Fernando Henrique Schuffner Neto Carmen Lcia Claussen Kanter Wilson Borrajo Cid Jos Augusto Gomes Campos Vago Marcelo Pedreira de Oliveira Jalisson Lage Maciel Almir Jos dos Santos Magno dos Santos Filho
FISCAL COUNCIL SIITING MEMBERS Francisco Luiz Moreira Penna Aristteles Luiz Menezes Vasconcellos Drummond Eduardo Grande Bittencourt Rogrio Fernando Lot Ernesto Costa Pierobon ALTERNATE MEMBERS Aliomar Silva Lima Ari Barcelos da Silva Ronald Gasto Andrade Reis Francisco Vicente Santana Silva Telles Andre Gustavo Salcedo Teixeira Mendes
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BOARD OF EXECUTIVE OFFICERS Paulo Roberto Ribeiro Pinto Chief Executive Officer Joo Batista Zolini Carneiro Chief Financial and Investor Relations Officer Andreia Ribeiro Junqueira e Souza Human Resources Officer Paulo Carvalho Filho Corporate Management Officer Evandro Leite Vasconcelos Energy and Business Development Officer (temporarily) Ricardo Cesar Costa Rocha Distribution Officer Fernando Antnio Fagundes Reis Legal Officer Luiz Otvio Ziza Mota Valadares Comunication Officer
CONTROLLERSHIP SUPERINTENDENCE Roberto Caixeta Barroso Controllerhip Superintendent CPF 013.011.556-83 CRC-MG 078086/O-8 Suzanne Lloyd Gasparini Accountant- Acounting Manager CPF 081.425.517-56 CRC-RJ 107359/O-0
Deloitte Touche Tohmatsu Av. Presidente Wilson, 231 - 22 Rio de Janeiro - RJ - 20030-905 Brasil Tel: + 55 (21) 3981-0500 Fax:+ 55 (21) 3981-0600 www.deloitte.com.br
(Convenience Translation into English from the Original Previously Issued in Portuguese) REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION To the Shareholders, Board of Directors and Management of Light S.A. Rio de Janeiro - RJ
Introduction
We have reviewed the accompanying individual and consolidated interim financial information of Light S.A. (the Company), identified as Parent and Consolidated, respectively, included in the Interim Financial Information Form (ITR), for the quarter ended March 31, 2013, which comprises the balance sheet as of March 31, 2013 and the related statements of income, statement of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, including the explanatory notes. The Companys Management is responsible for the preparation of the individual interim financial information in accordance with technical pronouncement CPC 21 (R1) - Interim Financial Information and of the consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) and with international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. ! Deloitte Touche Tohmatsu. "ll rights reserved.
Deloitte Touche Tohmatsu
Conclusion on the individual interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the ITR referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1), applicable to the preparation of the Interim Financial Information (ITR), and presented in accordance with the standards issued by the CVM.
Conclusion on the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the ITR referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34, applicable to the preparation of Interim Financial Information (ITR), and presented in accordance with the standards issued by the CVM.
Emphasis of matter Restatement of corresponding figures as at December 31, 2012

As mentioned in Note 3, item a, due to the change in accounting policies, the corresponding figures in the individual and consolidated balance sheets as at December 31, 2012, presented for purposes of comparison, were adjusted and are being restated as set forth in CPC 23 - Accounting Policies, Changes in Accounting Estimates and Errors and CPC 26(R1) - Presentation of Financial Statements. Our conclusion did not contain any modification related to this matter.
Transfer of funds from the Energy Development Account (CDE)

Without modifying our conclusion on the Interim Financial Information for the three-month period ended March 31, 2013, we draw attention to the information described in Notes 11 and 35, relating to the accounting for made by subsidiary Light Servios de Eletricidade S.A, as a reduction of the cost of the energy purchased for resale out of transfers of funds from the Energy Development Account (CDE) established under Decree 7945/13, and which were already fully received.
Other matters Statements of value added

We have also reviewed the individual and consolidated interim statements of value added (DVA) for the three-month period ended March 31, 2013, prepared under the responsibility of the Company's Management, the presentation of which is required by the standards issued by the CVM applicable to the preparation of Interim Financial Information (ITR), and considered as supplemental information for International Financial Reporting Standards - IFRS, which do not require the presentation of DVA. These statements were subject to the same review procedures described above, and, based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the individual and consolidated interim financial information taken as a whole.
! #$%& Deloitte Touche Tohmatsu. "ll rights reserved.
116
Deloitte Touche Tohmatsu
Prior-period financial statements audited and interim financial information reviewed by another independent auditor
The figures corresponding to the individual and consolidated balance sheets as at January 1, 2012 and the individual and consolidated interim financial information for the three-month period ended March 31, 2012, presented for purposes of comparison, were audited and reviewed by another auditors, who issued their reports thereon on May 10, 2013, without qualifications and containing emphasis-of-matter paragraphs, without any modifications, relating to the reissuance of the audit and review reports previously issued by the independent auditors, since the balance sheets as at January 1, 2012 and the individual and consolidated interim financial information for the threemonth period ended March 31, 2012 were restated in accordance with Note 3, item a. The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil. Rio de Janeiro, May 10, 2013
DELOITTE TOUCHE TOHMATSU Auditores Independentes
Antnio Carlos Brando de Sousa Engagement Partner
! #$%& Deloitte Touche Tohmatsu. "ll rights reserved.
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Rio de Janeiro, May 10, 2013.

Distribution consumption up 3.7%

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