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LIGHT S.A.
MANAGEMENT PROPOSAL
ANNUAL SHAREHOLDERS’ MEETING ON APRIL 24, 2014
Table of Conen!
Mana"e#en P$o%o!al.......................................................................................2
I & Mana"e#en’! 'o##en! on (e Co#%an)’! f*nan'*al %o!**on%+$!+an o Ie# 10 of (e Refe$en'e o$#.....................................................-
II Allo'a*on of In'o#e.................................................................................../-
III & Ele'*on of #e#be$! fo$ (e oa$ of D*$e'o$! an *!'al Co+n'*l.../
I3 & Co#%en!a*on fo$ (e Mana"e#en an *!'al Co+n'*l.................10
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;) To insta!! the +isca! Counci! an e!ect its sitting an a!ternate members
(pursuant to the ocument a*ai!ab!e in the 456 system 7 Category' Meeting,
Type' Management 5roposa!, an Sub9ect' 6!ection of members of the :oar of
Directors an +isca! Counci!)8
-) To estab!ish the Management"s o*era!! annua! compensation (pursuant to the
ocument a*ai!ab!e in the 456 system 7 Category' Meeting, Type' Management
5roposa!, an Sub9ect' Compensation for the members of the Management an
:oar of Directors)8 an
<) To estab!ish the o*era!! annua! compensation for the +isca! Counci! members
(pursuant to the ocument a*ai!ab!e in the 456 system 7 Category' Meeting,
Type' Management 5roposa!, an Sub9ect' Compensation for the members of
the Management an :oar of Directors).
/io e 0aneiro, March #;, #%&$.
Mana"e#en
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I & Ie#! on (e a"ena fo$ (e Ann+al S(a$e(ole$!’ Mee*n"
15 To a'6no7le"e (e #ana"e#en’! a''o+n!, an anal)8e, *!'+!! an
9oe on (e f*nan'*al !ae#en! fo$ (e f*!'al )ea$ ene De'e#be$ :1,
201:.
To reso!*e on this item, shareho!ers ha*e at their isposa! the fo!!o1ing
ocuments' (a) Management /eport, +inancia! Statements, an 4nepenent
Auitors" /eport, prepare by De!oitte Touche Tohmatsu, pub!ishe in
comp!iance 1ith the current !egis!ation8 (b) +isca! Counci!"s opinion, ate
March &%, #%&$8 an (c) the Management"s comments on the Company"s
financia! position, pursuant to item &% of the /eference +orm of C=M 4nstruction
$%>%?.
25 To $e!ol9e on (e %$o%o!al fo$ allo'a*on of ne *n'o#e fo$ (e f*!'al
)ea$ ene De'e#be$ :1, 201: an *!$*b+*on of *9*en!.
To resolve on this item, shareholders have at their disposal the
following documents' (a) proposa! for a!!ocation of income for the fisca! year
ene December &, #%&8 (b) e@hibit to the proposa!, pursuant to C=M
4nstruction $&>%? (Anne@ ?&44)8 an (c) +isca! Counci!"s opinion on the
a!!ocation of income, ate March &%, #%&$.
:5 To ef*ne (e n+#be$ of !**n" an ale$nae #e#be$! of (e oa$ of
D*$e'o$!.
4n comp!iance 1ith Artic!e of the :y!a1s, the Company"s :oar of Directors
must be compose of at !east fi*e (;) an at most thirteen (&) sitting an
a!ternate members.Current!y, the Company"s :oar of Directors is compose of e!e*en (&&) sitting
an a!ternate members.
The Company"s Management proposes that the :oar of Directors remains
compose of e!e*en (&&) sitting members an the same number of a!ternate
members.
45 To ele' (e !**n" an ale$nae #e#be$! of (e oa$ of D*$e'o$!.
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5ursuant to La1 -,$%$><-, the Company"s contro!!ing shareho!er is responsib!e
for nominating at !east the ma9ority of the sitting an a!ternate members of the
:oar of Directors.
4n comp!iance 1ith item $.$ 5D otice %&>?-L4BT, pub!ishe uner the
scope of the :ra3i!ian 5ri*ati3ation 5rogram (5D), the Company must ha*e
one (&) sitting member an respecti*e a!ternate appointe by its emp!oyees.
4n accorance 1ith the Novo Mercado Listing /u!es of :M+:E=6S5A, at
!east t1enty percent (#%F) of the sitting an a!ternate members of the :oar of
Directors must be inepenent members.
Gnti! fortyeight ($) hours before the meeting, shareho!ers representing fi*e
percent (;F) may reuest the aoption of a mu!tip!e *oting.
During the meeting, the attening minority shareho!ers representing at !east
ten percent (&%F) of the capita! stoc2 may reuest separate *ote for the
e!ection of one (&) sitting member an respecti*e a!ternate. The contro!!ing
shareho!er sha!! not participate in such separate *ote.
The 6@hibit 444 attache hereto presents the information reueste in items &#.-
to &#.&% of the /eference +orm set forth in C=M 4nstruction $&>%? regaring
the caniates nominate to e!ection>ree!ection by the contro!!ing shareho!er
for the positions of sitting an a!ternate members of the :oar of Directors.
The Company informs that, pre*ious!y to the meeting, it 1i!! isc!ose information
on a!! caniates presente by minority shareho!ers, gi*ing them the same
isc!osure gi*en to the caniates nominate by the contro!!ing shareho!er.
The isc!osure 1i!! be carrie out through the 456 System, category “otice to
Shareho!ers”, an type “Ether otices”.
4n comp!iance 1ith Letter>C=M>S65>o %&>#%&$ of C=M, some scenarios are
presente be!o1 1hich, among others, may be *erifie in the process of e!ecting members of the :oar of Directors uring the meeting'
4n case neither mu!tip!e *oting nor separate *oting is reueste, the :oar of
Directors 1ou! be compose of e!e*en (&&) members, 1ith ten (&%) members
nominate by the contro!!ing shareho!ers an one (&) member nominate by
emp!oyees.
4n case mu!tip!e *oting is not reueste, an separate *oting is reueste, the
:oar of Directors 1i!! be compose of e!e*en (&&) members, 1ith one (&)member nominate by the ma9ority of the attening minority shareho!ers
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participating in the separate *oting, nine (?) members nominate by the
contro!!ing shareho!er an one (&) member nominate by emp!oyees.
4n case mu!tip!e *oting is reueste, the :oar of Directors 1i!! be compose of,
at !east, e!e*en (&&) members (being a!!o1e, in accorance 1ith the !imit
estab!ishe by the :y!a1s, up to thirteen (&) members in case separate *oting
is reueste), entit!ing each share to as many *otes as the number of :oar
members, gi*ing shareho!ers the right to *ote cumu!ati*e!y for on!y one
caniate or to istribute his *otes among se*era! caniates. The presiing
boar of the meeting 1i!! be responsib!e for informing the shareho!ers in
a*ance, in *ie1 of the shareho!er attenance boo2, the number of *otes
necessary for the e!ection of each member of the :oar of Directors.
4n accorance 1ith C=M orientation, there may be aoption of mu!tip!e *oting
process an separate *ote in the same meeting. 4n this case, ho1e*er,
shareho!ers participating in the separate *ote 1i!! not participate in the mu!tip!e
*oting process.
4n the mu!tip!e *oting process, minority shareho!ers may e!ect representati*es
in the :oar of Directors in case the sum of their respecti*e *otes represent the
percentage necessary for the e!ection of :oar members. The number of
necessary *otes 1i!! *ary regar!ess of the reuest for separate *oting uring
the meeting, an 1i!! be etermine consiering the tota! of *otes from
attening shareho!ers, e@c!uing the *otes from minority shareho!ers 1ho
ecie to participate in the separate *oting.
Hhene*er, pursuant to La1 -,$%$><-, the e!ection of the :oar of Directors"
members is, cumu!ati*e!y, effecte through the mu!tip!e *oting system an
minority shareho!ers reuest separate *oting, it 1i!! be ensure to the
contro!!ing shareho!er the right to e!ect :oar members in the same number asthose e!ecte by the other shareho!ers an>or nominate by emp!oyees, p!us
one, regar!ess of the number of :oar members estab!ishe in the :y!a1s or
e!iberation on the number of members of the :oar of Directors.
5 To *n!all (e *!'al Co+n'*l an ele' *! !**n" an ale$nae #e#be$!
4n accorance 1ith Artic!e #% of the :y!a1s, the Company has a nonpermanent
+isca! Counci! 1hich, 1hen instate, is compose of at !east three () an atmost fi*e (;) sitting members an their respecti*e a!ternates, shareho!ers or
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not, 1ith term of office running through the Annua! Shareho!ers" Meeting to be
he! after their e!ection.
The e!ection of the members of the +isca! Counci! 1i!! comp!y 1ith the current
!egis!ation an the Company"s :y!a1s.
During the meeting, minority shareho!ers may reuest the aoption of separate
*oting for the e!ection of one (&) sitting member an respecti*e a!ternate of the
+isca! Counci!.
The 6@hibit 444 attache hereto presents the information reueste in items &#.-
to &#.&% of the /eference +orm set forth in C=M 4nstruction $&>%? regaring
the caniates nominate to e!ection>ree!ection by the contro!!ing shareho!er
for the positions of sitting an a!ternate members of the +isca! Counci!.
A!! nominate caniates ec!are, ini*iua!!y, for a!! purposes of !a1, that in the
past fi*e years they 1ere not sub9ect to the effects of any crimina! con*iction,
sanction or pena!ty in any aministrati*e proceeing by C=M or any fina! an
unappea!ab!e con*iction in the 9uicia! or aministrati*e sphere that suspene
or isua!ifie them from carrying out any professiona! or commercia! acti*ity.
The Company informs that, pre*ious!y to the meeting, it 1i!! isc!ose information
on a!! caniates presente by minority shareho!ers, gi*ing them the same
isc!osure gi*en to the caniates nominate by the contro!!ing shareho!er.
/5 To e!abl*!( (e Mana"e#en’! o9e$all ann+al 'o#%en!a*on; an
The proposa! for the compensation for the management is a*ai!ab!e pursuant to
item & of the /eference +orm en*isage in C=M 4nstruction $%>%?.
5 To e!abl*!( (e o9e$all ann+al 'o#%en!a*on fo$ (e *!'al Co+n'*l
#e#be$!.
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I & Mana"e#en’! 'o##en! on (e Co#%an)’! f*nan'*al %o!**on,
%+$!+an o Ie# 10 of (e Refe$en'e o$#
10. Co##en! of (e oa$ of E<e'+*9e Off*'e$!=
10.1 E<e'+*9e Off*'e$! !(all 'o##en on1 2=
a. "ene$al f*nan'*al an e>+*) 'on**on!
The Company"s re*enues come from the fo!!o1ing energy segments'
istribution, generation, commercia!i3ation an ser*ices. The istribution
segment accounts for ;.F of the conso!iate net re*enue, 1hi!e the
generation an commercia!i3ation an ser*ices segments account for <.&F an
.-F, respecti*e!y.En December &, #%&, the Company"s shareho!ers" euity stoo at /I.;
bi!!ion, &$.?F (/I$;&.$ mi!!ion) higher than on December &, #%&#, main!y ue
to the net income of /I;<. mi!!ion, /I$<#. mi!!ion of 1hich 1i!! be istribute
as i*iens, sub9ect to e!iberation at the #%&$ Annua! Shareho!ers" Meeting.
En December &, #%&, the Company"s cash position 1as /I;$-.$ mi!!ion, 1ith
mar2etab!e securities reaching /I&,#$$.% mi!!ion, an cash an eui*a!ents
amounting to /I&,<?%.$ mi!!ion. The Company"s 1or2ing capita! is sufficient tomeet the current reuirements, an its cash funs, inc!uing !oans from thir
parties, are sufficient to finance its acti*ities an to co*er its nees for financia!
resources. En the same ate, the Company"s net ebt tota!e /I$,%#$.?
mi!!ion, 1hi!e the et ebt>6:4TDA ratio stoo at &.&-, *ersus &.$ in #%&#.
The Management be!ie*es that the Company"s euity an financia! position is
sufficient for the imp!ementation of its business p!an an fu!fi!! its short an
meium term ob!igations.
1 The information inc!ue in the annua! isc!osure of the reference form must refer to the !astthree yearen financia! statements. Hhen the reference form is isc!ose upon reuest of registration of pub!ic securities offering, the information must refer to the !ast three yearenfinancia! statements an the !ast accounting information isc!ose by the issuer.
2 Hhene*er possib!e, the Management must a!so use this fie! to comment on the main trens
ac2no1!ege, uncertainties, commitments or e*ents that may ha*e a materia! effect on thefinancia! an euity conitions of the issuer, especia!!y its resu!ts, re*enue, profit, an conitionsan a*ai!abi!ity of financing sources.
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b. Ca%*al !$+'+$e an %o!!*b*l*) of $ee#%*on of !(a$e! o$ *ne$e!,
*n*'a*n"=
:e!o1 is the f!uctuation of the et Debt > (et Debt J Shareho!ers" 6uity) an
Shareho!ers" 6uity > (et Debt J Shareho!ers" 6uity) ratios, 1here et Debt
K Loans an +inancing J Debentures 7 Cash an Cash 6ui*a!ents), ca!cu!ate
as fo!!o1s'
*. 'a!e! of $ee#%*on
**. fo$#+la +!e o 'al'+lae (e $ee#%*on 9al+e
There are no possibi!ities of reeeming shares issue by the Company,
e@cept for those en*isage by !a1.
'. ab*l*) o %a) f*nan'*al obl*"a*on!
4n *ie1 of its inebteness, cash f!o1 an !iuiity position, the Company
be!ie*es it has !iuiity an capita! resources, 1hich can be comp!emente by
resources borro1e from pub!ic an pri*ate financia! institutions, if necessary, to
co*er in*estments, e@penses, ebt an other amounts to be pai in the coming
years, a!though the Company cannot guarantee that such situation 1i!! remainunchange.
. !o+$'e! +!e o f*nan'e 7o$6*n" 'a%*al an *n9e!#en! *n non'+$$en
a!!e!=
4n aition to partia!!y using its o1n cash generation, one of the sources of
financing for the Company"s in*estment pro9ects is the :D6S, 1hich usua!!y
offers !o1er interest rates than the pri*ate mar2et, in aition to terms of payment compatib!e 1ith the in*estment pro9ect"s return perio.
9
Ca%*al S$+'+$e 201: 2012
et Debt>(et DebtJShareho!ers" 6uity) ;.<F ;.;FShareho!ers" 6uity>(et DebtJShareho!ers" 6uity) $-.$F $&.;F
Ca%*al S$+'+$e? 2012 2011
et Debt>(et DebtJShareho!ers" 6uity) ;.;F -.$FShareho!ers" 6uity>(et DebtJShareho!ers" 6uity) $&.;F &.-F
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4n case the in*estment pro9ect is not e!igib!e for :D6S financing, the Company
usua!!y resorts to the capita! mar2et (ebentures), mu!ti!atera! e*e!opment
agencies or other sources from the ban2ing mar2et.
e. !o+$'e! of f*nan'*n" fo$ 7o$6*n" 'a%*al an *n9e!#en! *n non'+$$en
a!!e! o be +!e o 'o9e$ *ll*>+**)
Current!y, the Company has 1or2ing capita! !ines that ha*e been contracte
an>or appro*e by firsttier financia! institutions. En December &, #%&, the
tota! amount 1as /I#%%.% mi!!ion
f. le9el! an '(a$a'e$*!*'! of *nebene!!, ea*l*n"=
*. $ele9an loan an f*nan'*n" a"$ee#en!
En December &, #%&, the Company"s tota! outstaning conso!iate
inebteness 1as /I;,<$&.; mi!!ion, of 1hich &$.-F (/I?.< mi!!ion) 1as
enominate in foreign currency.
Ef the tota! inebteness mentione abo*e, ?.?F (/I;-.<mi!!ion) 1as
maturing in the short term, 1hi!e ?%.&F (/I;,&<#. mi!!ion) 1as maturing in the
!ong term.
4n !ine 1ith its foreign e@change eri*ati*e po!icy, on December &, #%&, the
Company ha s1ap operations enominate in foreign currency 1hose notiona!
*a!ue 1as GSI#?-.? mi!!ion an $.? mi!!ion, corresponing to ?$.$;F of the
ebt ba!ance enominate in foreign currency (e@c!uing charges).
4n aition to these foreign e@change eri*ati*es, in August #%&%, the Company
contracte for1ar interest rate s1ap operations in the amount of /I&;% mi!!ionfrom :anco S:C, 1hose maturities 1ere pegge to the amorti3ation f!o1 of
the CC:s of :raesco.
The tab!e be!o1 sho1s the Company"s tota! conso!iate outstaning
inebteness for the fo!!o1ing reference perios'
Deb! @R #*ll*on5 201: 2012
S(o$ Te$# /-. 41.-
+oreign Currency &$<.$ <.%
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Loca! Currency $#&. $%.
Lon" Te$# ,12.- :,.
+oreign Currency -?#.# ;?<.#
Loca! Currency $,$%.- ,&<.;
S7a% 1:,1 2/.:
O9e$all oal ,-/./ 4,21.-4
Deb! @R #*ll*on5 2012: 2011
S(o$ Te$# 4B/./ 4/:.4
+oreign Currency <.% ?.?Loca! Currency $?.- $;.;
Lon" Te$# 4,121. :,/40.1
+oreign Currency ;?<.# #&?.<
Loca! Currency ,;#$.$ ,$#%.$
S7a% 2/.: 4.0
O9e$all oal 4,/44.40 4,10.
4n aition to the inebteness escribe abo*e, the Company a!so has
actuaria! !iabi!ities 1ith :ras!ight (the Company"s pension fun p!an) 1hich
amounte to /I&,##$.< mi!!ion on December &, #%&.
Rele9an *nan'*n"
4n #%&&, #%&# an #%&, the Company contracte ebt faci!ities, inc!uing'
:an2 Creit Certificates (CC:s) to eposit 1ith A: Amro /ea! S.A.,
issue on August #<, #%%, tota!ing /I% mi!!ion. These CC:s mature in
August #%&% an 1ere rene1e 1ith :anco Santaner (ne1 contro!!ing
shareho!er of :anco /ea!) in the same amount an at a cost of CD4 J &.$Fp.a., maturing on September , #%&$.
Creit +aci!ity Agreement for Light S6SA"s an Light 6nergia"s
in*estment programs for the t1oyear perio bet1een #%%? an #%&%,
signe 1ith :D6S on o*ember %, #%%?, uner the +46M irect finance
moa!ity, 1hich amounts finance, isburse an the respecti*e
remunerations are etai!e be!o1'3 onrec!assifie #%&# figures 1ere use in the comparison to #%&&
11
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Light S6SA'
o +46M T0L5 J #.;F p.a.' /I#%; mi!!ion 7 maturity on Apri! &;,
#%&<, of 1hich /I&$- mi!!ion 1as isburse by December #%&% an
/I#-.; mi!!ion by March &, #%&&.o +46M T0L5 J .;F p.a.' /I#%; mi!!ion 7 maturity on Apri! &;,
#%&<, of 1hich /I&$- mi!!ion 1as isburse by December #%&% an
/I#.$ mi!!ion by March &, #%&&.
o +46M 5S4 $.;F p.a.' /I&%& mi!!ion 7 maturity on September &;,
#%&?, of 1hich /I&%& mi!!ion 1as isburse by December #%&%.
Light 6nergia'
o +46M T0L5 J #.;F p.a.' /I<.$ mi!!ion 7 maturity on Apri! &;,
#%&<, of 1hich /I< mi!!ion 1as isburse by December #%&%.
o +46M T0L5 J .;F p.a.' /I<.$ mi!!ion 7 maturity on Apri! &;,
#%&<, of 1hich /I< mi!!ion 1as isburse by December #%&%.
o +46M 5S4 $.;F p.a.' /I&- mi!!ion 7 maturity on September &;,
#%&?, of 1hich /I; mi!!ion 1as isburse by December #%&% an /I&.-
mi!!ion by March #%&&.
Creit +aci!ity Agreements for Light S6SA"s an Light 6nergia"s
in*estment programs for the t1oyear perio #%&& an #%&#, signe 1ith the
:D6S on December -, #%&& an Apri! &%, #%&#, respecti*e!y, uner the
+46M irect finance moa!ity, 1hose amounts finance, isburse an the
respecti*e remunerations are etai!e be!o1'
Light S6SA'
o +46M T0L5J&.&F p.a.' /I#;% mi!!ion 7 maturity on March &;,
#%&?, of 1hich /I&# mi!!ion 1as isburse by December #%&#.
o +46M T0L5J#.#&F p.a.' /I-#; mi!!ion 7 maturity on March &;,
#%&?, of 1hich /I;; mi!!ion 1as isburse by December #%&#.
Light 6nergia'
o +46M T0L5J&.&F p.a.' /I;.; mi!!ion 7 maturity on March &;,
#%&, of 1hich /I#-.; mi!!ion 1as isburse by December #%&#.
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Creit +aci!ity Agreement 1ith :D6S to fun the energy efficiency
pro9ects of Light 6sco in #%&&, tota!ing /I&.< mi!!ion, 1ith the !ast one
maturing on December &, #%&< at the a*erage T0L5 ratio J &.&F p.a.
Creit +aci!ity Agreement 1ith :D6S to fun the S5 Mar2et 5ro9ect of
Light 6SCE signe on 0anuary &?, #%&&, tota!ing /I&%.$ mi!!ion, of 1hich
/I-.- mi!!ion 1as isburse by 0u!y &, #%&#. The maturity ate is Ectober
&;, #%&<. The interest rate *ariation on the principa! amount is T0L5 J
&.&F p.a.
<th ebenture issue by Light S6SA 1orth /I-;% mi!!ion on May #, #%&&.
The ebentures 1i!! mature on May #, #%&-. The interest rate *ariation on
the principa! amount is CD4 J &.;F p.a.
th ebenture issue by Light S6SA 1orth /I$<% mi!!ion on September &%,
#%&#. The ebentures 1i!! mature on 0une $, #%#-. The interest rate
*ariation on the principa! amount is CD4 J &.&F p.a.
?th ebenture issue by Light S6SA on 0une &;, #%&, in t1o series. Series
A' in the amount of /I&,%%% mi!!ion, maturing on May &;, #%#&, an
interest rate on the principa! amount of CD4 J &.&;F p.a. Series :' in the
amount of /I-%% mi!!ion, maturing on May &;, #%#, 1ith a9ustment to the
nomina! unit *a!ue by the accumu!ate *ariation of 45CA p!us a fi@e
interest rate of ;.<$F p.a.
&st ebenture issue by Light 6nergia 1orth /I&<% mi!!ion on Apri! &%,
#%&&. The ebentures 1i!! mature on Apri! &%, #%&-. The interest rate
*ariation on the principa! amount is CD4 J &.$;F p.a.
#n ebenture issue by Light 6nergia 1orth /I$;# mi!!ion on December
#?, #%&&. The ebentures 1i!! mature on August &?, #%&?. The interest rate
*ariation on the principa! amount is CD4 J &.&F p.a.
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r ebenture issue of Light 6nergia 1orth /I% mi!!ion on September
&%, #%&#. The ebentures 1i!! mature on 0une $, #%#-. The interest rate
*ariation on the principa! amount is CD4 J &.&F p.a.
+uning in foreign currency (operation $&&) on Ectober &<, #%&& in the
amount of $.? mi!!ion (eui*a!ent to /I; mi!!ion) through :anco :5
5aribas :rasi!, 1ith maturity on Ectober #&, #%&$8 an on o*ember <, #%&&
in the amount of GSI;% mi!!ion (eui*a!ent to /I<.$ mi!!ion) through :an2
of America, 1ith maturity on o*ember &%, #%&-.
+uning in foreign currency (operation $&&) on August #, #%&#, in the
amount of GSI&%% mi!!ion (eui*a!ent to /I#%#.% mi!!ion), for Light S6SA,
through :anco Citiban2 S.A., 1ith maturity on +ebruary #, #%&.
+uning in foreign currency (operation $&&) on Ectober #, #%&#, in the
amount of GSI% mi!!ion (eui*a!ent to /I&-#.$ mi!!ion), for Light 6nergia,
through :anco Citiban2 S.A., 1ith maturity on Apri! , #%&.
**. o(e$ lon"e$# $ela*on!(*%! 7*( f*nan'*al *n!*+*on!.
The !ompan" and its su#sidiaries use several $nancialinstruments re%uiring, among other o#ligations, that the!ompan" maintains speci$c $nancial ratios and&orcompliance with several o#ligations to do and notrestricted to its operations' These include( Total net de#t&)*+T- ratio lower or e%ual to 3',including( !!* of *radesco, 5th de#enture issue #" .ight/)/-, 0+) *)/ .ight /)/- and .ight )nergia
26&28, *)/ -greement .ight )sco, !!* of /antander, funding in foreign currenc" from * ari#as*rasil and *an of -merica, 7th and 8th de#enture issues#" .ight /)/-, and 1st, 2nd and 3rd de#enture issues #".ight )nergia'
)*+T-&-dusted and !onsolidated ross +nterest
)penses ratio( higher than or e%ual to 2'5' a"ment of dividends( the !ompan" ma" onl" pa"
dividends higher than the minimum mandator" amount if all contractual o#ligations are met'
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.astl", the $nancing mentioned contracted
mentioned a#ove aims at $nancing the !ompan":sinvestment plans and increasing its woring capital'
***. le9el of !+bo$*na*on be7een eb!.
)cept for those de#ts #aced #" real propert", which are
set forth in all agreements signed with 0unda;<o
*raslight, *)/, )letro#ras, ational Treasur" and 4th
e#enture +ssue of .ight /ervi;os de )letricidade /'-',
there is no level of su#ordination #etween the !ompan":s
de#ts' !onse%uentl", in the event of start of court=
supervised or out=of=court reorgani>ation, the !ompan"
will adopt the precepts of .aw 11,11&5 to compose the
order of preference in the collective creditor collectionaction'
*9. e9en+al $e!$*'*on! *#%o!e on (e *!!+e$, e!%e'*all) (o!e
$elae o l*#*! on *nebene!! an (e 'on$a'*n" of ne7
eb, *!$*b+*on of *9*en!, *!%o!al of a!!e!, *!!+e of
ne7 !e'+$**e! an !ale of 'on$oll*n" *ne$e!
Loans c!assifie as the Company"s current an noncurrent
en*isage the maintaining of inebteness an interest co*erageratios. 4n the fisca! year ene December &, #%&, the Company
attaine a!! inicators reuire by contract.
". l*#*! on (e +!e of loan! 'on$a'e
Specifica!!y for the Creit +aci!ity Agreements for Light S6SA"s in*estment
programs for the t1oyear perio #%&& an #%&#, signe 1ith :D6S onDecember &, #%& uner the +46M irect finance moa!ity, there 1ere no
amounts to be re!ease.
(. #ae$*al '(an"e! *n ea'( *e# of (e f*nan'*al !ae#en!
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Analysis of the statement of income for fiscal year ended December 31,
2013 compared to fiscal year ended December 31, 2012
Ne O%e$a*n" Re9en+e
et operating re*enue for the fisca! year ene December &, #%& 1as
/I<,$##. mi!!ion, an increase of .F *ersus the /I<,&#.$ mi!!ion recore in
#%&#, ue to the upturns of &%;.;F, -.#F an &.;F in re*enue from
commercia!i3ation an ser*ices, generation an istribution segments,
respecti*e!y.
et re*enue from commercia!i3ation an ser*ices 1as hea*i!y impacte
by the increase in energy prices an sa!es *o!ume in #%&, main!y ref!ecting the
rea!!ocation of Light 6nergia"s capti*e mar2et contracts terminate at the c!ose
of !ast year to the free mar2et.
The increase in net re*enue from the generation segment can be
e@p!aine by the higher price an *o!ume of energy contracts trae on the free
mar2et (ACL), as 1e!! as the increase in the a*erage spot mar2et price.
4n #%&, net re*enue from istribution 1as &.;F higher than in #%&#.
o1e*er, e@c!uing re*enue from construction, net re*enue from istribution
ecrease by %.F bet1een the perios, main!y ue to the e@traorinary tariff
re*ie1 of 0anuary #$, #%&, 1hich reuce tariffs by &?.-F on a*erage,
mitigate by the &.F upturn in tota! mar2et consumption, combine 1ith the
a*erage increase of &.F in the energy tariff (e@c!uing effects from specia!
ob!igations) as of o*ember <, #%&, ratifie in the tariff re*ie1 process.
Co! of O%e$a*on!
4n the fisca! year ene December &, #%&, costs of goos an ser*ices
so! by the Company tota!e /I;,$$.? mi!!ion, o1n &.#F o*er the /I;,;;&.$
mi!!ion recore in #%&#, main!y as a resu!t of the <.#F ecrease in energy
purchase for resa!e.
6nergy 5urchase for /esa!e' Costs from energy purchase for resa!e
1ent o1n from /I$,&$;.& mi!!ion in #%&# to /I,$. mi!!ion in #%&. The
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ecrease of <.#F bet1een the perios incorporates the effect of Decree
<,?$;>&, 1ith the pro*ision re!ate to the month!y transfer of funs from the
6nergy De*e!opment Account (CD6), 1hich tota!e /I%&.& mi!!ion in #%&.
The a*erage purchase energy cost, e@c!uing spot mar2et purchases,
amounte to /I&&.>MHh, *ersus /I&$.>MHh in #%&#, a reuction of #.#F.
5ersonne!' 4n the fisca! year ene December &, #%&, personne! costs
amounte to /I#%&.- mi!!ion, an increase of &.#F *ersus the /I&??. mi!!ion
reporte in #%&#, ref!ecting the -.<;F annua! pay rise, as of 0une, as 1e!! as the
nonrecurring effect of the boo2ing of *ariab!e compensation !in2e to
achie*ement of targets.
Materia!s' 4n the fisca! year ene December &, #%&, costs from materia!s
amounte /I&;.; mi!!ion, representing a sharp ecrease of %.#F from /I##.&
mi!!ion in #%&#.
Eutsource ser*ices' 4n the fisca! year ene December &, #%&, costs
from outsource ser*ices 1as /I#%-.& mi!!ion, up #-.?F in re!ation to the /I&-#.$
mi!!ion reporte in #%&#, chief!y ue to' (i) the success fee for consu!ting firms
re!ate to the impro*e performance of processes8 an (ii) the a*ances mae by
the ero Loss Area (A5) program.
Depreciation an amorti3ation' 4n the fisca! year ene December &,
#%&, epreciation an amorti3ation amounte to /I;&.; mi!!ion, &&.-F higher
than the /I&;.% mi!!ion recore in #%&#. This resu!t 1as chief!y a resu!t of the
1or2 of preparation of the remuneration base, 1ith high *o!ume of in*estments
an intensi*e use of assets for the tariff re*ie1, 1hich too2 p!ace in o*ember.
Ether' 4n the fisca! year ene December &, #%&, other operating costs
tota!e /I$&.< mi!!ion, an increase of ?.&F o*er the /I.# mi!!ion recore in
#%&#.
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G$o!! O%e$a*n" P$of*
4n the fisca! year ene December &, #%&, the Company"s gross
operating profit came to /I&,?<.$ mi!!ion, &.F higher than the /I&,-&.%mi!!ion recore in #%&#. This increase is main!y a resu!t of the upturn of .F
in net re*enue an the o1nturn of &.#F in the cost of operation, in the
comparison bet1een #%& an #%&#.
O%e$a*n" E<%en!e!
Benera! an Aministrati*e' 4n the fisca! year ene December &, #%&,
the Company"s genera! an aministrati*e e@penses came to /I#<&.- mi!!ion,representing a sharp rop of #.F from the /I&.; mi!!ion recore in #%&#.
This resu!t can be e@p!aine by the reuction of /I&$%.% mi!!ion in pro*ision for
contingencies, 1hich represents a *ariation of <#.<F bet1een the perios.
Se!!ing' 4n the fisca! year ene December &, #%&, the Company"s
se!!ing e@penses came to /I$;. mi!!ion, o1n &.-F from the /I;;.&
mi!!ion recore in #%&#. Ene of this !ine"s components is 5ro*isions for 5astDue Accounts (5CLD), 1hich in #%& represente &.?F of gross bi!!e energy,
tota!ing /I&;. mi!!ion. This figure 1as !o1er than the one reporte in #%&#,
1hen there 1as a e@traorinary impact from the a9ustment of the estimate for
the reception of past ebt ue from ma9or c!ients, inc!uing the go*ernment
segment, in the amount of /I&&&.< mi!!ion.
Ether Eperating /e*enues (6@penses)
4n the fisca! year ene December &, #%&, the Company"s other operating re*enues>e@penses amounte to /I&. mi!!ion, *ersus /I;.-
mi!!ion in #%&#. The sharp fa!! of <<.%F bet1een the perios is a resu!t of the
recognition of /I&#$. mi!!ion re!ate to the e1 /epositioning =a!ue (=/)
fo!!o1ing appro*a! of the ne1 /egu!atory Asset :ase (/A:). 4n $N&#, the main
effect 1as the recognition of /I$%.# mi!!ion in asset remuneration re*enue at
the en of the concession, ca!cu!ate by the =/ criterion, efine by the
granting po1er through 6@ecuti*e Decree ;<?>#%&#, 1hich 1as pre*ious!yrecogni3e at the acuisition cost.
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In'o#e befo$e f*nan'*al $e9en+e! an e<%en!e!
4n the fisca! year ene December &, #%&, the Company"s operating
resu!t tota!e /I&,&&. mi!!ion, ##.F higher than the /I&,%-<.? mi!!ion
recore in #%&#, primari!y ue to the recoring of other operating re*enues
an a!so the gro1th of gross operating profit.
*nan'*al Re9en+e! @E<%en!e!5
4n the fisca! year ene December &, #%&, financia! resu!t 1as a
negati*e /I$;. mi!!ion, *ersus the negati*e /I$?&.& mi!!ion recore in #%&#.
/e*enue' 4n #%&, financia! re*enue tota!e /I.# mi!!ion, up <;.<F
o*er the /I&?#.; mi!!ion recore in the pre*ious year. The main *ariation 1as
in the net s1ap resu!t, a!though this 1as tota!!y offset by financia! e@penses 1ith
the monetary an e@change *ariation. +urther up1ar pressure came from the
income from financia! in*estments !ine, 1hich increase by .<F ue to the
Company"s higher cash position an the upturn in the benchmar2 interest rate
(Se!ic).
6@penses' +inancia! e@penses came to /I<?&.? mi!!ion in #%&, up
&;.F from the /I-.- mi!!ion recore in #%&#, chief!y ue to higher ebt
e@penses from the Company"s increase !e*erage an the upturn in the Se!ic
rate.
In'o#e befo$e *n'o#e a< an !o'*al 'on$*b+*on
4n the fisca! year ene December &, #%&, income before income ta@
an socia! contribution amounte to /I;#.& mi!!ion, *ersus /I;?.$ mi!!ion in
#%&#, an increase of $#.$F.
In'o#e a< an !o'*al 'on$*b+*on
4n #%&, the Company recore income ta@ an socia! contribution of
/I#-$. mi!!ion, *ersus /I&<$.; mi!!ion in #%&#.
Ne In'o#e fo$ (e )ea$
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Light S.A. recore net income of /I;<. mi!!ion in #%&, .;F more
than in #%&# (/I$#.? mi!!ion), chief!y as a resu!t of the .F increase in net
operating re*enue an the &.#F reuction in cost of operations.
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Analysis of the statement of income for fiscal year ended December 31,
2012 4 compared to fiscal year ended December 31, 2011
Ne O%e$a*n" Re9en+e
et operating re*enue for the fisca! year ene December &, #%&#
tota!e /I<,-&.& mi!!ion, up ?.-F in re!ation to the /I-,?$$. mi!!ion recore
in #%&&, ue to higher re*enue from a!! segments of the Company.
4n the istribution segment, this increase can be e@p!aine by the #F
gro1th of tota! mar2et (capti*e an free mar2ets) consumption. The increase in
the commercia! segment 1as ue to a ?.&F gro1th of consumption, combine
1ith the effects of the <.#F tariff a9ustment of o*ember #%&&.
4n the generation segment, the increase in net re*enue can be e@p!aine
by higher price an *o!ume of energy contracts trae on the free mar2et.
4n the commercia!i3ation segment, re*enue 1as strong!y impacte by the
$$.F increase in re*enue from energy sa!e, in *ie1 of the higher energy resa!e
price an *o!ume. This re*enue gro1th 1as a!so a resu!t of the !arger number of
pro9ects e*e!ope uring the year in the ser*ices segment.
Co! of O%e$a*on!
4n the fisca! year ene December &, #%&#, costs of goos an ser*ices
so! by the Company tota!e /I;,958'7 mi!!ion, a &#.-F increase in re!ation to
the /I;,#?%. mi!!ion reporte in #%&&. This increase 1as main!y a resu!t of the
&.$F upturn in costs from purchase energy bet1een the perios.
6nergy 5urchase for /esa!e' 5urchase energy costs tota!e
/I$,;$.# mi!!ion in the fisca! year ene December &, #%&#, an upturn of
&.$F from the /I,#.% mi!!ion recore in #%&&, chief!y ue to' (i) the
increase in the ifference sett!ement price (5LD), 1hich resu!te in higher
e@penses 1ith a*ai!abi!ity contracts, ue to therma! p!ant ispatch an spot
mar2et purchases8 (ii) a9ustments to e@isting contracts in o*ember #%&& an
o*ember #% (iii) the increase in energy purchase *o!ume8 an (i*) the4 onrec!assifie #%&# figures 1ere use in the comparison to #%&&
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e@change *ariation impacting energy purchase costs from 4taipu an the orte
+!uminense hyroe!ectric p!ant.
The a*erage purchase energy cost, e@c!uing spot mar2et purchases,
amounte to /I&$.>MHh, #;.$F up on the /I&%<.&>MHh recore in #%&&.
Costs 1ith charges c!imbe by &&.#F bet1een #%&& an #%&#, main!y
ue to the annua! 5/E4+A rea9ustment, in accorance 1ith an A66L
/eso!ution, an the rise in System Ser*ice Charges (6SS), than2s to the
acti*ation of therma! p!ants, ispatche outsie the orer of merit.
5ersonne!' 4n the fisca! year ene December &, #%&#, costs from
personne! amounte to /I&%.? mi!!ion, --.#F higher than the /I&%. mi!!ion
recore in #%&&, chief!y ue to insourcing in some acti*ities, 1hich resu!te in
an increase in the payro!!, combine 1ith the annua! pay rise.
Materia!s' 4n the fisca! year ene December &, #%&#, costs from materia!s
amounte to /I##.& mi!!ion, .-F up on the /I#&.$ mi!!ion recore in #%&&.
Eutsource ser*ices' 4n the fisca! year ene December &, #%&#, costs
from outsource ser*ices amounte to /I&;. mi!!ion, o1n -.#F from the
/I&?<.$ mi!!ion recore in #%&&, chief!y ue to insourcing in some acti*ities,
1hich reuce the costs from thirparty contracts.
Depreciation an Amorti3ation' 4n the fisca! year ene December &,
#%&#, epreciation an amorti3ation tota!e /I&;.% mi!!ion, a .-F fa!! in
re!ation to the /I#-.< mi!!ion in #%&&. This resu!t 1as chief!y ue to the change
in epreciation rates introuce by A66L /eso!ution $<$>#%&#, 1hich reucethe a*erage epreciation rate as of 0anuary #%&#.
Ethers' 4n the fisca! year ene December &, #%&#, other operating costs
tota!e /I;#.# mi!!ion, up #?&.F from /I&. mi!!ion in #%&&.
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G$o!! O%e$a*n" P$of*
4n the fisca! year ene December &, #%&#, the Company"s grossoperating profit stoo at /I&,-;$.# mi!!ion, in !ine 1ith the /I&,-;$.; mi!!ion
reporte in #%&&.
O%e$a*n" E<%en!e!
Benera! an Aministrati*e' 4n the fisca! year ene December &, #%&#,
the Company"s genera! an aministrati*e e@penses tota!e /I#. mi!!ion, an
increase of #$.&F in re!ation to the /I%.% mi!!ion recore in #%&&.Se!!ing' 4n the fisca! year ene December &, #%&#, the Company"s
se!!ing e@penses tota!e /I548'4 mi!!ion, up &<.F in re!ation to the /I467'5
mi!!ion in #%&&. 5ro*isions for 5ast Due Accounts (5CLD) tota!e /I##.-
mi!!ion in #%&#, *ersus /II#;&. mi!!ion in #%&&.
Ether Eperating /e*enues (6@penses)
4n the fisca! year ene December &, #%&#, other operatingre*enues>e@penses amounte to /I<;.- mi!!ion, *ersus the negati*e /I;.?
registere in #%&&. This resu!t can be e@p!aine by the recognition of /I$%.#
mi!!ion in asset remuneration re*enue at the en of the concession, ca!cu!ate
by the e1 /epositioning =a!ue (=/) criterion, efine by the granting po1er
through 6@ecuti*e Decree ;<?>#%&#.
In'o#e befo$e f*nan'*al $e9en+e! an e<%en!e!
4n the fisca! year ene December &, #%&#, the Company"s operating
resu!t 1as /I&,%??.& mi!!ion, up #;.?F from /I<.# mi!!ion in #%&&. This
increase 1as primari!y ue to the recognition of other operating re*enues.
*nan'*al $e9en+e! @e<%en!e!5
The financia! resu!t for the fisca! year ene December &, #%&# 1as a
negati*e /I$?;.< mi!!ion, *ersus the /I$&%.# mi!!ion recore in #%&&.
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/e*enue' 4n #%&#, financia! re*enue tota!e /I#%.? mi!!ion, &;.?F
higher than in #%&&, primari!y ue to the nonrecurring effect of the a9ustment
for inf!ation of 9uicia! eposits from !a1suits on the “other financia! re*enue”
!ine, in the amount of /I<.# mi!!ion.
6@penses' 4n #%&#, financia! e@penses came to /I-??.- mi!!ion, &?.$F
more than in #%&&, !arge!y ue to the impact of the a9ustment to present *a!ue
that increase financia! e@penses, in !ight of the pro*isions in #%&# in the
amount of /I<$.; mi!!ion, re!ate to conitiona! iscounts pro*ie for in
insta!!ment contracts of ma9or c!ients 1ith Light, an ue to the nonrecurring
effect of the a9ustment for inf!ation of 9uicia! eposits from !a1suits on the
“other financia! re*enue” !ine, in the amount of /I;.% mi!!ion, as 1e!! as higher
D4C an +4C, tota!ing /I.& mi!!ion in #%&#, *ersus /I#?. mi!!ion in #%&&.
In'o#e befo$e a<e! an !o'*al 'on$*b+*on
4n the fisca! year ene December &, #%&#, income before income ta@ an
socia! contribution 1as /I-%#.& mi!!ion, *ersus the /I$-.% mi!!ion recore in #%&&,
representing an increase of %.%F. The factor that most contribute to such increase
1as the #;.?F upturn in income before the financia! resu!t.
In'o#e a< an !o'*al 'on$*b+*on
4n the fisca! year ene December &, #%&#, the Company recore
income ta@ an socia! contribution tota!ing /I&<.# mi!!ion, *ersus /I&#&.%
mi!!ion in #%&&.
Ne In'o#e fo$ (e )ea$
4n #%&#, net income tota!e /I$#.? mi!!ion, #$.%F higher than in #%&&,
chief!y ri*en by higher net operating re*enue an !o1er operating e@penses.
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ANALSIS O THE MAIN ALANCE SHEETS
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Co#%a$a*9e Anal)!*! of (e alan'e S(ee! a! of De'e#be$ :1, 201: *n
$ela*on o De'e#be$ :1, 2012
4n the assets account, the main *ariations 1ere'
Cash an cash eui*a!ents' En December &, #%&, cash an cash eui*a!ents
amounte to /I;$-.$ mi!!ion, up &<.#F from the /I#%.$ mi!!ion recore on
December &, #%&#, chief!y ref!ecting the procees from the ? th ebenture issue
on 0une #, #%&, tota!ing /I&,-%% mi!!ion, combine 1ith the transfer of
/I&,##$.< mi!!ion to the “Mar2etab!e securities” !ine, for purposes of payment of
ebt re!ate to postemp!oyment benefits.
Mar2etab!e securities' En December &, #%&, the Company"s mar2etab!e
securities came to /I&,#$$.% mi!!ion, an increase of ,%$.F in re!ation to the
/I&;. mi!!ion reporte on December &, #%&#. This *ariation 1as ue to the
recognition, in this !ine, of funs earmar2e to the sett!ement of a ebt 1ith
:ras!ight re!ate to postemp!oyment benefits, tota!ing /I&,##$.< mi!!ion.
Consumers, concessionaires an permissionaires (current an noncurrent)' En
December &, #%&, consumers, concessionaires an permissionaires tota!e
/I&,$#. mi!!ion, o1n &<.#F in re!ation to /I&,<&.% mi!!ion on December
&, #%&#. This *ariation can be e@p!aine chief!y by the rop in efau!t !e*e!,
combine 1ith !o1er tariffs as of 0anuary #%&, ue to 6@ecuti*e Decree ;<?.
Ta@es an contributions (current an noncurrent)' En December &, #%&,
ta@es an contributions amounte to /I&?$.- mi!!ion, a reuction of .$F inre!ation to the /I&;.? mi!!ion recore on December &, #%&#, main!y ue to
the transfer of 4CMS to offset on permanent assets to intangib!e assets, in
aition to other offsetting of ta@ creits.
4ncome ta@ an socia! contribution (current an noncurrent)' En December &,
#%&, income ta@ an socia! contribution reache /I;;.& mi!!ion, an increase of
<&?.F in re!ation to the /I-.< mi!!ion recore on December &, #%&#, chief!yue to prepai 4/5+ an CSLL in #%&.
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Deferre ta@es' En December &, #%&, eferre ta@es tota!e /I-##. mi!!ion,
#;.%F !o1er than on December &, #%&# (/I%.% mi!!ion), primari!y ue to the
re*ersa! of temporary ifference from the effect of the eficit in actuaria!
!iabi!ities an the 1riteoff of !ongterm efau!ting c!ients.
+inancia! assets from concessions' En December &, #%&, financia! assets
from concessions tota!e /I&,?#-.# mi!!ion, an increase of ##.$F in re!ation to
the /I&,;<. mi!!ion recore on December &, #%&#, chief!y ue to the fact
that the report ratifie by the :ra3i!ian 6!ectricity /egu!atory Agency (A66L)
uring the r cyc!e of tariff re*ision of Light S6SA ha*ing generate a
iscrepancy of /I&#$.< mi!!ion bet1een the e1 /epositioning =a!ue (=/)
an historica! cost. +urthermore, the Company mae in*estments in the
istribution net1or2 uring the year 1hich, 1hen i*ie into t1o, ha*e a irect
impact on financia! assets from concessions.
/ecei*ab!es from s1ap transaction' En December &, #%&, recei*ab!es from
s1ap transaction amounte to /I&$&.# mi!!ion, up #?<.F in re!ation to the
/I;.; mi!!ion recore on December &, #%&#, main!y ue to the increase in
the foreign e@change rate in December #%&, in aition to the /I&&-.? mi!!ion
foreign currencyenominate funs raise, hege by a currency s1ap
operation in the same amount.
Ether recei*ab!es (current an noncurrent)' En December &, #%&, other
recei*ab!es came to /I#&<.& mi!!ion, mo*ing up by #.&F in re!ation to the
/I&-?.; mi!!ion on December &, #%&#, chief!y ue to recei*ab!es from thetransfer of funs from the energy e*e!opment account (CD6) etermine by
Decree <,?$;>&, issue by the feera! go*ernment 1ith the aim to partia!!y
offset the impacts from the e@pressi*e increase in energy cost.
+i@e assets' En December &, #%&, fi@e assets tota!e /I&,-<.< mi!!ion, in
!ine 1ith the /I&,-;. mi!!ion recore on December &, #%&#.
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4ntangib!e assets ' En December &, #%&, intangib!e assets came to /I,?-#.&
mi!!ion, c!imbing by ;.<F from the /I,<$.- mi!!ion reporte on December &,
#%&#, chief!y as a resu!t of usua! in*estments mae in the Company"s
operations.
4n the !iabi!ities account, the main *ariations 1ere'
Supp!iers' En December &, #%&, the supp!iers !ine 1as /I?%<. mi!!ion, up
&&.$F *ersus the /I&$.; mi!!ion reporte on December &, #%&#, primari!y
ue to the increase *o!ume of energy purchase 1ithin the scope of the
6!ectric 6nergy Commercia!i3ation Chamber (CC66) for sa!e, 1hich 1as
impacte by higher ifference sett!ement price (5LD) in the perio.
Loans, financing an ebentures (current an noncurrent)' En December &,
#%&, !oans, financing an ebentures (inc!uing financia! charges) tota!e
?@5,815'3 million, an upturn of <.#F in re!ation to the /I$,#<.; mi!!ion
reporte on December &, #%&#, primari!y ue to the ? th issue of simp!e, non
con*ertib!e ebentures on 0une #, #%& in the amount of /I&,-%%.% mi!!ion. 4n#%&, raise funs tota!e /I#,$$$.; mi!!ion, 1hi!e amorti3ations came to
/I&,%<.$ mi!!ion.
5ro*isions' En December &, #%&, pro*ision for contingencies came to
/I;$.< mi!!ion, o1n &%.F from the /I-%-.% mi!!ion reporte on December
&, #%&#, chief!y ref!ecting the re*ersa! of !abor a9ustments tota!ing /I;.%
mi!!ion an the higher *o!ume of 1riteoffs ue to re*ersa! in re!ation to #%&#.
5ostemp!oyment benefits ( current an noncurrent )' En December &, #%&,
postemp!oyment benefits tota!e /I&,##$.< mi!!ion, a ec!ine of &%.<F *ersus
the /I&,<%.< mi!!ion poste on December &, #%&#, main!y ue to the partia!
re*ersa! of actuaria! !osses recore in fisca! year #%&# against the
comprehensi*e income !ine in shareho!ers" euity, especia!!y as a
conseuence of the increase in interest rates in #%&.
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Ether payab!es (current an noncurrent)' En December &, #%&, other
payab!es came to /I#;?.? mi!!ion, ropping by &#.;F from the /I#?<.# mi!!ion
reporte on December &, #%&#, ref!ecting the 1riting off of Gse of pub!ic asset
(G:5) of the subsiiary 4taocara 6nergia, ue to the en of the concession
agreement for the 4taocara hyroe!ectric po1er p!ant in o*ember #%&.
Co#%a$a*9e Anal)!*! of (e alan'e S(ee! a! of De'e#be$ :1, 2012 *n
$ela*on o De'e#be$ :1, 20115 onrec!assifie #%&# figures 1ere use in the comparison to #%&&.
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4n the assets account, the main *ariations 1ere'
Cash an cash eui*a!ents' En December &, #%&#, cash an cash eui*a!ents
amounte to /I<<.- mi!!ion, o1n ;&.&F o*er the /I<<#.; mi!!ion recore
on December &, #%&&, main!y ue to the ?&.-F ec!ine in financing acti*ities in
#%&# *ersus #%&&' -c%uisition of $ed assets clim#ed #" 56'A,
negativel" impacting the !ompan":s cash position, while pa"ment of
dividends and interest on e%uit" resulted in a dis#ursement of
?@425'1 million'
Consumers, concessionaires an permissionaires (current an noncurrent)' EnDecember &, #%&#, consumers, concessionaires an permissionaires tota!e
/I&,<;.< mi!!ion, in !ine 1ith the /I&,-#.# mi!!ion recore on December &,
#%&&.
Ta@es an contributions (current an noncurrent)' En December &, #%&#,
ta@es an contributions amounte to /I&.& mi!!ion, an increase of .#F in
re!ation to the /I#%.# mi!!ion recore on December &, #%&&, chief!y ue tothe increase in 4CMS creits resu!ting from higher in*estment in e!ectricity gri
assets, 1hich 1i!! be offset in up to four years.
4ncome ta@ an socia! contribution (current an noncurrent)' En December &,
#%&#, income ta@ an socia! contribution 1as /I&&.< mi!!ion, <.#F !o1er than
the /I?%.? mi!!ion recore on December &, #%&&, main!y ue to the reuction
of ??.<F in a*ance income ta@ an socia! contribution recore in #%&& in
re!ation to #%&#.
+inancia! assets from concessions' En December &, #%&#, financia! assets
from concessions came to /I&,;<. mi!!ion, an increase of &?.<F in re!ation
to the /I-;-.; mi!!ion on December &, #%&&. This increase 1as main!y a resu!t
of the ne1 epreciation rates estab!ishe by A66L (/eso!ution $<$>&#), 1hich
!e to a remeasurement of infrastructure an resu!te in the rec!assification of
/I&&. mi!!ion from intangib!e assets to financia! assets. Another important
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factor 1as the pub!ishing of the 6@ecuti*e Decree ;<?>#%&#, 1hich 1as
con*erte into La1 &#,< an efine that the ca!cu!ation for asset
inemnification must use the e1 /epositioning =a!ue (=/) methoo!ogy, so
the Company recore the amount referring to the ifference bet1een =/ an
historica! cost, generating a gain of /I$%.& mi!!ion in financia! assets.
+urthermore, the Company mae significant in*estments in the istribution
net1or2 uring the year 1hich, 1hen i*ie in t1o, ha*e a irect impact on
financia! assets from concessions.
Ether recei*ab!es (current an noncurrent)' En December &, #%&#, other
recei*ab!es amounte to /I&?-.& mi!!ion, an increase of .%F *ersus the
/I&&.; mi!!ion recore on December &, #%&&, main!y ue to the recoring of
guarantees an !in2e eposits re!ate to the 9oint!yo1ne subsiiary /eno*a
6nergia.
+i@e assets' En December &, #%&#, fi@e assets tota!e /I#,##%.- mi!!ion, an
increase of &&.F *ersus the /I&,?;.? mi!!ion recore on December &,
#%&&, main!y ue to usua! in*estments mae in the Company"s operations.
4ntangib!e assets' En December &, #%&#, intangib!e assets amounte to
/I$,%&<.& mi!!ion, a reuction of .F in re!ation to the /I$,&<$.? mi!!ion
recore on December &, #%&&, main!y resu!ting from the i!ution of the
interest in /eno*a 6nergia, in aition to the rec!assification of /I&&. mi!!ion
to financia! assets of the concession, as escribe abo*e in this item.
4n the !iabi!ities account, the main *ariations 1ere'
Supp!iers' En December &, #%&#, supp!iers amounte to /I-&. mi!!ion, an
increase of &.F o*er the /I<;<.& mi!!ion recore on December &, #%&&,
chief!y ue to the higher *o!ume of energy purchase 1ithin the scope of the
6!ectric 6nergy Commercia!i3ation Chamber (CC66) an po1er auctions, 1hich
in turn 1ere impacte by the increase in the ifference sett!ement price (5LD) in
the perio.
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Loans, financing an ebentures (current an noncurrent)' En December &,
#%&#, !oans, financing an ebentures (inc!uing financia! charges) tota!e
/I$,---.% mi!!ion, an increase of &#.&F *ersus the /I$,&-#.# mi!!ion recore
on December &, #%&&. During the year, the Company raise funs tota!ing
/I&,#%.? mi!!ion, partia!!y offset by amorti3ations in the amount of /I&#.;
mi!!ion.
Contingencies' En December &, #%&#, pro*isions for contingencies amounte
to /I;.# mi!!ion, up &.&F from /I;&;.< mi!!ion on December &, #%&&. This
increase can be main!y e@p!aine by a9ustments an ne1 !a1suits tota!ing
/I&<$.& mi!!ion, partia!!y offset by 1riteoffs ue to payment or re*ersa! in the
amount of /I&%-.- mi!!ion.
5ostemp!oyment benefits' En December &, #%&#, postemp!oyment benefits
tota!e /I&,<%.< mi!!ion, an increase of &<.%F *ersus the /I&,&<&.# mi!!ion
recore on December &, #%&&, chief!y ue to the reuction in the interest rate,
1hich ha a irect impact on the Company"s actuaria! !iabi!ities for December
&, #%&#.
Ether payab!es (current an noncurrent)' En December &, #%&#, other
payab!es amounte to /I#;. mi!!ion, o1n &$.$F from the /I%.- mi!!ion
recore on December &, #%&&, chief!y ue to the transfer of Gse of pub!ic
asset (G:5) from the 4taocara hyroe!ectric po1er p!ant, recore in 4taocara
6nergia LtaOthe Company"s irect subsiiaryOto the respecti*e consortium
that manages the p!ant.
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Analysis of the 2013 cash ow in relation to 2012
The Company presents substantia! cash generation as a resu!t of its
operations in the istribution segment, a!though cash f!o1 can *ary bet1een
perios in accorance 1ith tariff a9ustments *isP*is cost *ariations.
En December &, #%&, the Company"s cash an cash eui*a!ents
tota!e /I;$-.$ mi!!ion, an increase *ersus the /I#%.$ mi!!ion on December
&, #%&# ref!ecting the increase financing acti*ities.
The tab!e be!o1 sho1s, in thousans of /I, the brea2o1n of our cash
f!o1s on December &, #%& an #%&#'
Cash f!o1s from operating acti*ities
Cash generate by operating acti*ities increase by &$&.$F, from
/I;$&.# mi!!ion in the fisca! year ene December &, #%&# to /I&,%-.
mi!!ion in the fisca! year ene December &, #%&, main!y ue to the increase
in income before ta@es, an the reuction in recei*ab!es from c!ients resu!ting
from the impro*e co!!ection rate, among other reasons.
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2013 2012
!ash at the #eginning of the period 1 23'4 652'5
et cash from operations 2 1,36'3 541'2
0inancing activities 3 1,147'2 78'4
+nvesting activities 4 2,137'5 884'9
!ash at the end of the period 1B2B3B4 546'4 23'4
Cash variation 316.0 (422.1)
On Decemer 31!
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Cash f!o1s from in*estment acti*ities
Cash absorbe by in*estment acti*ities c!imbe by &$&.-F from /I$.?
mi!!ion in the fisca! year ene December &, #%&# to /I#,&<.; mi!!ion on
December &, #%&, main!y ref!ecting the upturn in financia! in*estments ue to
funs raise to sett!e the ebt re!ate to postemp!oyment benefits in the
amount /I&,##$.< mi!!ion.
Cash f!o1s from financing acti*ities
Cash f!o1s from financing acti*ities mo*e up from /I<.$ mi!!ion in the
fisca! year ene December &, #%&# to /I&,&$<.# mi!!ion on December &,
#%&, chief!y ue to ?th ebenture issue tota!ing /I&,-%%.% mi!!ion.
Analysis of the 20126 cash ow in relation to 2011
The Company presents substantia! cash generation as a resu!t of its
operations in the istribution an generation segments, a!though cash f!o1 can
*ary bet1een perios in accorance 1ith tariff a9ustments *isP*is cost
*ariations.
En December &, #%&#, the Company"s cash an cash eui*a!ents
tota!e /I<<.- mi!!ion, *ersus the /I<<#.; mi!!ion recore on December &,
#%&&. This reuction is e@p!aine by the *ariation in cash from financing
acti*ities.
The tab!e be!o1 sho1s the brea2o1n of our cash f!o1s on December
&, #%&# an #%&&'
Cn ecem#er 31,
?@ million2012 2011 2012"20
11!ash at the #eginning of the period1 772'5 514'1 5'3Aet cash from operations 2 457' 472' =3'2A0inancing activities 3 83'3 986'7 =91'6A+nvesting activities 4 935'3 1,2'3 =22'1A!ash at the end of the period1B2B3B4 377'6 772'5 =51'5A
Cash variation (2#3#4)(3$4.$) 2%&.4
6 onrec!assifie #%&# figures 1ere use in the comparison to #%&&.
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Cash f!o1s from operating acti*ities
Cash from operating acti*ities ecrease by .#F, from /I$<#.% mi!!ion
in the fisca! year ene December &, #%&& to /I$;<.% mi!!ion in the fisca! year
ene December &, #%&#, primari!y ue to the ecrease net income cash
basis.
Cash f!o1s from in*estment acti*ities
Cash absorbe by in*estment acti*ities fe!! by ##.&F, from /I&,#%%.
mi!!ion in the fisca! year ene December &, #%&& to /I?;. mi!!ion in the
fisca! year ene December &, #%&#. This resu!t 1as impacte by the capita!
increase carrie out by /eno*a 6nergia, 1hich !e to a i!ution in the
Company"s interest.
Cash f!o1s from financing acti*ities
Cash f!o1s use in financing acti*ities ecrease from /I?-.< mi!!ion inthe fisca! year ene December &, #%&& to /I.& mi!!ion in the fisca! year
ene December &, #%&#, main!y ue to the contracting of !oans an financing
in #%&# in a significant!y !o1er amount than in #%&&.
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10.2 E<e'+*9e Off*'e$! #+! 'o##en on
a5 Re!+l! of (e *!!+e$’! o%e$a*on!, e!%e'*all)=
*. an) *#%o$an 'o#%onen! of $e9en+e
The Company"s re*enues are generate main!y from the istribution of
energy in the concession area. To a !esser egree, the Company"s re*enues
a!so come from the generation, transmission, an commercia!i3ation an
ser*ices segments.
The tab!es be!o1 sho1 the brea2o1n of net re*enue (e@c!uing
e!iminations) in the !ast years'
Ne Re9en+e @R #*ll*on5 201: 2012
D*!$*b+*on -,<&-. -,-&$.$Gene$a*on ;;.< $&%.&Co##e$'*al*8a*on an!e$9*'e!
-%&.< #?#.
Ne Re9en+e @R #*ll*on5? 2012 2011
D*!$*b+*on -,??&.- -,;%-.?Gene$a*on $$%.# ;.Co##e$'*al*8a*on an!e$9*'e!
#?&. &?%.#
**. a'o$! 7*( #ae$*al *#%a' on (e o%e$a*n" $e!+l!
Ele'$*' Po7e$ S+%%l)
The tab!e be!o1 sho1s po1er supp!y by the Company to each c!ass of
c!ients, i.e. resientia!, inustria!, commercia! an other, as 1e!! as their
consumption an bi!!ing trens since #%&&, an their shares in tota! bi!!e
energy'
7 onrec!assifie #%&# figures 1ere use in the comparison to #%&&
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Cla!! of Cl*en
201: 2012 2011
C o n ! + # % * o n
@ G D ( 5 R
A # * l l * o n
E P o 7 e $ S + % % l )
C o n ! + # % * o n
@ G D ( 5
R A # * l l * o n
E P o 7 e $ S + % % l )
C o n ! + # % * o n
@ G D ( 5 R
A # * l l * o n
E P o 7 e $ S + % % l )
/esientia! ,&# #,<#.% $%. ,&$? ,%$#. $%.- ,$& #,<%. $#.$
4nustria! &,?; #?$.# -. &,;# -#.& <.- &,<& ?#.$ .<
Commercia! <,%- #,&%?. $. -,;- #,#-&.; $.# -,&% &,?#.- &.<
Ether ,;? $;. &<.- ,;#& ?#;.# &<.- ,$&< .$ &<.#
4CMS #,&?$.? #,#.? #,#<.;
Gnbi!!e Supp!y (.#) &%;.& &<.
Toal 20,:B1 -,2::.0 100.0 20,04 B,020.1 100.0 1B,-/ -,24.B 100.0
Migration of free clients
The number of potentia!!yfree c!ients is re!ati*e!y sma!!. o1e*er, theyo represent a significant percentage of the Company"s re*enue an *o!ume of
po1er supp!ie. 4n #%&, appro@imate!y &&.%F (#,#; BHh) of po1er supp!ie
by the Company to the capti*e mar2et 1as a!!ocate to potentia!!yfree c!ients.
Hhen a c!ient ecies to migrate from the regu!ate tariff system to become a
+ree C!ient, the Company is sti!! entit!e to recei*e TGSD for the use of its
istribution system (1hich oes not materia!!y affect the Company"s profitabi!ity),
an it may a!so return the po1er to the generation companies from 1hich thepo1er 1as purchase.
Default
istorica!!y, a significant percentage of the Company"s bi!!e energy is
not pai on the ue ate, gi*ing origin to the 5ro*isions for past ue accounts
(5CLD) account, in accorance 1ith the sector"s regu!atory accounting
practices. 4n #%&& an #%&#, 5CLD stoo at .%F an .#F, respecti*e!y, of
gross bi!!e energy. 4n #%&, 5CLD came to &.?F of gross bi!!e energy, tota!ing
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/I&;. mi!!ion, o1n /I&#$. mi!!ion from the figure recore in #%&#, 1hen
there 1as the e@traorinary effect of the a9ustment of the estimate for recei*ing
o! ba!ances from !arge c!ients, inc!uing the go*ernmenta! segment, in the
amount of /I&&&.< mi!!ion.
The reuction in the !ast t1o years can be e@p!aine by the change in the
criterion for treating c!ients 1ith !ongterm efau!t as from March #%&#, in
aition to efau!tcombating acti*ities throughout #%&#. Light S6SA"s efau!t
rate, ho1e*er, is sti!! higher than %.?;F of net bi!!e energy recogni3e in the
tariff re*ision (o*>&). The regu!atory methoo!ogy consists in i*iing the
ca!cu!ation of irreco*erab!e re*enues in t1o insta!!ments' (i) one associate 1ith
sector"s charges, ca!cu!ate base on the concessionaires" o1n efau!t rates8
an (ii) another re!ate to the other items of the reuire re*enue, ca!cu!ate
through a methoo!ogy that groupe :ra3i!ian energy istribution companies in
c!usters, 1hich 1ere efine accoring to a socia! comp!e@ity ine@ e*e!ope
by the regu!atory agency.
Energy losses
The Company is sub9ect to t1o types of energy !oss' technica! an non
technica!. Technica! !osses occur in the norma! course of e!ectric po1er
istribution, 1hi!e nontechnica! !osses resu!t from energy theft, in aition to
frau, incorrect measurement an errors 1hen issuing bi!!s. 6nergy !osses
mean that the Company 1i!! ha*e to acuire more energy in orer to meet its
istribution nees, thereby increasing the cost of energy purchase for resa!e.
The conc!usion of the 5ub!ic earing %;#>#%%< on o*ember #;, #%%
!e A66L to moify the methoo!ogy use to ca!cu!ate the regu!atory energy
!oss rate that is passe through to consumers. The ne1 methoo!ogy aopteby the agency consiers the socia! comp!e@ity ine@, 1hich ifferentiates the
concession areas regaring certain socia! an economic characteristics.
:ase on this ne1 methoo!ogy, nontechnica! !osses, 1hich 1ere
pre*ious!y ca!cu!ate by 1ire charge, are no1 ca!cu!ate on the !o1 *o!tage
mar2et, consiering a o1n1ar tren unti! the en of the tariff cyc!e.
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4n o*ember #%&, A66L appro*e Light"s Tariff /e*ision process,
etermining that the percentage of nontechnica! !osses to be recogni3e in the
ne1 regu!atory cyc!e 1i!! be $%.$&F on the !o1*o!tage mar2et, remaining
unchange uring the cyc!e. The amount corresponing to the ifference
bet1een this percentage an a reference figure that starts from &.<F, at the
beginning of the cyc!e, unti! it reaches %.;F in #%&, 1i!! be in*este in the
Company"s energy!osscombating program an aresse as Specia!
Eb!igations, outsie the /egu!atory /emuneration :ase. The progress of the
energy!osscombating program 1i!! be monitore by A66L as a conition for
maintaining the !e*e! of $%.$&F. 4n #%&, Light mae significant progress in
reucing energy !osses. ontechnica! energy !osses tota!e ;,< BHh in
#%&, accounting for $#.#F of bi!!e energy in the !o1*o!tage mar2et, or &;.<F
of the gri !oa, a reuction of .# p.p. in re!ation to #%&#.
4n the fisca! year ene December &, #%&#, nontechnica! energy !osses
tota!e -,%%< BHh, or &-.;F of the gri !oa, accounting for $;.$F of bi!!e
energy in the !o1*o!tage mar2et.
4n the fisca! year ene December &, #%&&, nontechnica! energy !osses
amounte to ;,#;- BHh, or &;.%F of the gri !oa, accounting for $%.$F of
bi!!e energy in the !o1*o!tage mar2et.
Financial assets from concession
+inancia! assets from concession represent the recei*ab!es at the en of
the concession from the granting authority or a party esignate by it, as an
inemnification for the construction ser*ices performe an not recei*e
through the pro*ision of ser*ices re!ate to the concession.
A66L ormati*e /eso!ution $<$ of +ebruary <, #%&# introuce ne1epreciation rates for assets in operation uner e!ectricity concession ser*ice
arrangements, effecti*e 0anuary &, #%&#, 1ith change in the economic usefu!
!ife of the assets pertaining to the e!ectricity istribution infrastructure.
Bi*en that such change !e to an a*erage increase in the usefu! !ife of
sai assets, there 1as a ecrease in amorti3ation, 1ith a conseuent increase
in the resiua! infrastructure amount that the Company e@pects to recei*e as
inemnification at the en of the concession perio. As a resu!t, there has beena reistribution of the infrastructure that is c!assifie into intangib!e assets an
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into financia! assets, ue to the aoption of 4+/4C &#>EC5C ; 7 Concession
Arrangements.
The Company estimate the ne1 amount of the inemnification for
returnab!e assets upon the e@piration of the concession perio in 0une #%#-
an the amount attributab!e to intangib!e assets. Consiering the economic,
regu!atory aspects an the best technica! accounting unerstaning, this
remeasurement of the infrastructure resu!te, in #%&#, in rec!assifying /I&&.
mi!!ion from the intangib!e assets account to the financia! assets account,
1ithout changing other accounting proceures arising out of the aoption of
4+/4C &#>EC5C ; 7 Concession Arrangements.
The 6@ecuti*e Decree ;<?>#%&#, con*erte into La1 &#,<>#%&,
etermine that the ca!cu!ation of the financia! assets" inemnification,
corresponing to the portions of in*estments mae an not recei*e through
the pro*ision of ser*ices re!ate to the concession sha!! aopt the e1
/epositioning =a!ue (=/) criterion. Accoring to the unerstaning of the
Company"s Management, this change the concession"s contractua! conitions
re!ate to the inemnification to the Company for in*estments mae in
infrastructure re!ate to the renering of ser*ices grante, 1hich unti! #%&& 1ere
recogni3e at historica! cost. Conseuent!y, on December &, #%&, the
Company recore the amount referring to the ifference bet1een =/ an
historica! cost of /I&#$. mi!!ion in the income statement for the fisca! year,
uner other operating re*enues.
b5 9a$*a*on! *n $e9en+e +e o '(an"e! *n %$*'e!, fo$e*"n e<'(an"e
$ae!, *nfla*on, 9ol+#e an *n$o+'*on of ne7 %$o+'! an !e$9*'e!
The Company"s operating re*enue, e@c!uing construction re*enue in theamount of /I#%. in the fisca! year ene December &, #%&, 1as /I-,-%#.%
mi!!ion, up &.$F from /I-,;&.% mi!!ion on December &, #%&#, main!y ue to
the increases of &%;.;F an -.#F in re*enues from the commercia!i3ation an
ser*ices an generation segments, respecti*e!y.
The upturn in net re*enue from commercia!i3ation an ser*ices in #%&
is a resu!t of the substantia! perio increase in energy prices an sa!es *o!ume,
primari!y as a resu!t of the rea!!ocation of Light 6nergia"s capti*e mar2etcontracts terminate at the c!ose of #%&# to the free mar2et, 1hi!e the upturn in
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re*enue from generation resu!te from the surge in the *o!ume of energy so!
on the free mar2et (ACL), 1hose contract prices are higher than on the capti*e
mar2et.
4n #%&, net re*enue from istribution, e@c!uing re*enue from
construction, amounte to /I;,?-.; mi!!ion, %.F !o1er than in #%&#, chief!y
ue to the 6@traorinary Tariff A9ustment of 0anuary #$, #%&, 1hich reuce
tariffs by &?.-F, mitigate by the #.?F upturn in tota! mar2et consumption an
the &.F increase in the a*erage energy tariff (e@c!uing the effect of the
specia! ob!igations) as of o*ember <, #%&, ratifie by the Tariff /e*ie1
process.
'5 *#%a' f$o# *nfla*on, %$*'e 9a$*a*on of #a*n *n%+! an %$o+'!,
e<'(an"e an *ne$e! $ae! on o%e$a*n" an f*nan'*al $e!+l! of (e
*!!+e$
The main ine@es use in the Company"s business p!an are the 4B5M
(Benera! Mar2et 5rice 4ne@), 45CA (6@tene Consumer 5rice 4ne@), CD4
(4nterban2 Deposit Certificate), T0L5 (LongTerm 4nterest /ate) an e@change
rate (G.S. o!!ar)'
4B5M' part of the energy istribution tariff of Light Ser*iQos e
6!etriciae S.A. is pegge to the 4B5M ine@.
45CA' most of the energy generation agreements of Light 6nergia
S.A. are pegge to the 45CA ine@, as 1e!! as &%.?F of tota! ebt of Light S.A.
CD4' a!! the Company"s financia! in*estments an appro@imate!y
<#.#F of its tota! ebt are pegge to the CD4 rate.
T0L5' at the en of #%&, &;.%F of the Company"s ebt 1as
pegge to T0L5, most of it arising from contracts financing the
Company"s pro9ects an in*estment programs signe 1ith :D6S.
+oreign e@change rates' Appro@imate!y &$.-F of the Company"s
ebt 1ith thir parties is enominate in foreign currencyO&#.-F in G.S. o!!ars
an #.%F in 6uros. o1e*er, the po!icy for the use of foreign e@change
eri*ati*e instruments, appro*e by the :oar of Directors, etermines the
protection of the foreign currencyenominate ebt ser*ice (principa! p!us
interest rates an commissions) maturing 1ithin #$ months. Conseuent!y,
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En 0u!y #?, #%&&, 5arati acuire from :ras!ight a!! its shares,
representing a #;F sta2e in +45 Luce.
5arati current!y ho!s &%%F of +ip Luce. Hith the acuisition,
5arati, 1hich inirect!y he! &-.#F of the Company"s tota! an *oting capita!,no1 ho!s inirect!y #%.%F of the Company tota! an *oting capita!.
En Ectober , #%&&, 5arati became the ho!er of ?-.F of the
tota! capita! of /eentor, 1hich in turn ho!s inirect!y, through /M6,
#-,;<-,&;% common shares issue by the Company, representing
appro@imate!y &.%F of the tota! capita!. As a resu!t, 5arati, consiering a!so
its other inirect ho!ings, is no1 the inirect ho!ers of a #;.-$F sta2e in the
Company.
En May &, #%&#, the Company 1as notifie by 5arati of the
isso!ution of its subsiiary Luce. Luce 1as the ho!er of se*entyfi*e percent
(<;F) of +45 Luce"s shares, 1hich in turn 1as the inirect ho!er, through
L65SA, of appro@imate!y thirteen point 3ero three percent (&.%F) of the
Company"s tota! capita!. As a resu!t, 5arati, the ho!er of t1entyfi*e percent
(#;F) of +45 Luce" shares, became the irect ho!er of one hunre percent
(&%%F) of +45 Luce"s shares an the inirect ho!er of one hunre percent
(&%%F) of L65SA"s shares.
En 0u!y &#, #%&#, the Shareho!ers" Meeting appro*e the
!iuiation of +45 Luce, 1hich became effecti*e through the transfer of a!! assets
composing the +un"s portfo!io to its so!e shareho!erO5arati. As a resu!t,
5arati became the irect ho!er of one hunre percent (&%%F) of the shares of
L65SA an the sta2e in the Company"s capita! remaine unchange.
At present, no materia! impacts from the operations mentione abo*e on
the Company"s financia! statements or resu!ts 1ere obser*e.
'5 +n+!+al e9en! o$ o%e$a*on!
There 1ere no unusua! e*ents or operations.
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10.4 E<e'+*9e off*'e$! !(all 'o##en on=
a5 S*"n*f*'an '(an"e! *n a''o+n*n" %$a'*'e!
Since 0anuary &, #%&, the Company no !onger conso!iates the
fo!!o1ing 9oint!yhe! irect an inirect subsiiaries' /eno*a 6nergia,
Buanhes 6nergia, 6:L, Lightger, A@@iom, Ama3Unia 6nergia an 65o1er.
This change 1as ue to accounting pronouncement C5C &? (/#) 7 0oint
Arrangements, 1hich estab!ishes that companies 1ith in*estments in 9oint!y
contro!!e entities are reuire to use the euity metho instea of accounting
for them uner the proportiona! conso!iation metho.
4n #%&#, the Company change its accounting po!icy regaring the
recoring of actuaria! gains or !osses re!ate to the efine benefit pension
p!ans, 1hich no1 are recogni3e immeiate!y on the shareho!ers" euity, uner
other comprehensi*e income, being immeiate!y transferre to accumu!ate
!osses an retaine earnings. 4n #%&, the Company cease oing such
transfer, thus maintaining actuaria! gains or !osses uner other
comprehensi*e income, as permitte by C5C (/&).
Aitiona!!y to these rec!assifications, the Management of subsiiary
Light S6SA ecie to present 54S an CE+4S ta@ creits on purchase
energy as a reuction factor for purchase energy costs instea of as a
reuction in 54S an CE+4S on re*enue. The purpose of this rec!assification
1as to a!ign the presentation criterion 1ith the best practices of companies in
the same sector.
b5 S*"n*f*'an effe'! f$o# '(an"e! *n (e a''o+n*n" %$a'*'e!
The changes arising from the aoption of C5C &? (/#) ha no impact on
the Company"s net income, but resu!te in a!terations to ini*iua! accounts in
the conso!iate income statement as a counterentry to the euity income
account, as 1e!! as in the reuction in conso!iate assets an !iabi!ities as a
counterentry to an increase in the in*estments account, an a!so in
rec!assifications of certain !ines of the statements of cash f!o1s an ae
*a!ue.
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The aoption of C5C (/&) generate an increase in the retaine
earnings account in the amount of /I&<#.% mi!!ion, an a reuction in other
comprehensi*e income in the same amount, on December &, #%&#, 1ith no
changes in the shareho!ers" euity on this ate, nor on 0anuary &, #%&#.
The rec!assification of 54S an CE+4S ta@ creits generate a ecrease
in the Company"s net income in the amount of /I<<.# mi!!ion as a counter
entry to the cost of purchase energy for resa!e, 1hich 1as reuce by the
same amount, 1ith no impacts on net income on December &, #%&# an on
0anuary &, #%&#.
'5 Ine%enen a+*o$F! >+al*f*e o%*n*on
201:=
Nua!ifie opinion' none
Epinion'
4n *ie1 of the changes in accounting practices, the ba!ances referring to the
fisca! year ene December &, #%&# 1ere restate for comparison purposes.
The inepenent auitors re1 attention to the recoring, by subsiiary Light
S6SA, of funs recei*e from the 6nergy De*e!opment Account (CD6), 1hich
1ere ratifie by A66L, accounte for as reuction in the cost of purchase
energy in fisca! year #%&.
The inepenent auitors a!so re1 attention to the measurement of
in*estments in subsiiaries, associates an 9oint *entures by the euity
accounting metho in the separate financia! statements, in accorance 1ith
accounting practices aopte in :ra3i!, 1hi!e for 4+/S purposes it 1ou! be
*a!ue at cost or fair *a!ue.
2012=
Nua!ifie opinion' one
Epinion' En!y 1ith respect to the measurement of in*estments in subsiiaries,
associates an 9oint *entures by the euity accounting metho in the separate
financia! statements, in accorance 1ith accounting practices aopte in :ra3i!,
1hi!e for 4+/S purposes it 1ou! be *a!ue at cost or fair *a!ue.
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2011=
Nua!ifie opinion' one
Epinion' En!y 1ith respect to the measurement of in*estments in subsiiaries,
associates an 9oint *entures by the euity accounting metho in the separate
financia! statements, in accorance 1ith accounting practices aopte in :ra3i!,
1hi!e for 4+/S purposes it 1ou! be *a!ue at cost or fair *a!ue.
10.. E<e'+*9e Off*'e$! #+! %o*n o+ an 'o##en on '$**'al
a''o+n*n" %ol*'*e! ao%e b) (e *!!+e$, *!'+!!*n" *n %a$*'+la$ (e
Mana"e#en’! a''o+n*n" e!*#ae! fo$ *!!+e! (a a$e +n'e$a*n an
#ae$*al o e!'$*be f*nan'*al !*+a*on an $e!+l!, an (a $e>+*$e
!+be'*9e o$ 'o#%le< e<%lana*on!, !+'( a!= %$o9*!*on!, 'on*n"en'*e!,
$e9en+e $e'o"n**on, a< '$e*!, lon"l*9e a!!e!, +!ef+l l*fe of non
'+$$en a!!e!, %en!*on %lan!, a+!#en! +e o $an!la*on of f*"+$e!
*no fo$e*"n '+$$en'), en9*$on#enal $e'o9e$) 'o!!, '$*e$*a fo$
*#%a*$#en e! an f*nan'*al *n!$+#en!
The preparation of the financia! statements reuires the Management ma2e
certain 9ugments, estimates an premises that affect the app!ication of
accounting po!icies an the reporte amounts of assets, !iabi!ities, re*enues an
e@penses.
:e!o1 is the escription of the main accounting practices aopte by the
Company"s Management, especia!!y those re!ate to estimates an 9ugments'
a. Con!+#e$!, 'on'e!!*ona*$e! an %e$#*!!*ona*$e! @'l*en!5
4nc!ue e!ectric po1er supp!ying, bi!!e an unbi!!e, charges an interest for payment in arrears an e!ectricity trae 1ith other concessionaries for
e!ectricity supp!y, accoring to the amounts a*ai!ab!e in the 6!ectric 6nergy
Trae Chamber (CC66).
5ro*isions for 5ast Due Accounts (5CLD) are recore base on the
Management"s estimates in amount sufficient to co*er probab!e !osses. The
main criteria efine by the Company for consumers are as fo!!o1s' (i) for
consumers 1ith significant o*erue amounts, an ana!ysis is conucte on theba!ance recei*ab!e ta2ing into account the Company"s reco*ery recor,
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negotiations in progress an security interest8 (ii) for other consumers, ebts
o*erue by more than ?% ays for resientia! consumers, another &% ays for
commercia! consumers or another -% ays for other consumers, &%%F of
ba!ance is accrue. These criteria o not iffer from those efine by A66L.
b. In9e!#en!
The subsiiaries, 9oint *entures an affi!iate companies financia! information
are recogni3e in the separate financia! statements of the parent company
through the euity metho.
4n the conso!iate financia! statements, in*estments in affi!iate companies
are accounte for by the euity metho.
The Company"s in*estments inc!ue the surp!us *a!ue ientifie in the
acuisition of interest, net of any accumu!ate !osses ue to impairment.
'. *<e a!!e!
Measure at acuisition, formation or construction cost, !ess accumu!ate
epreciation.
Costs inc!ue e@penses irect!y attributab!e to the acuisition of an asset. The
costs of assets bui!t by the Company itse!f inc!ue'
• costs of materia!s an irect !abor8
• any other costs to put the asset in p!ace an conitions necessary so
that they are capab!e of operating as p!anne by the Management88
• costs of !oans o*er ua!ifying assets.
Depreciation
4tems of fi@e assets are epreciate by the straight!ine metho against the
income statement base on each component"s estimate usefu! economic !ife.
+or most of the fi@e assets, the estimate usefu! !ife is in !ine 1ith the
parameters estab!ishe by A66L, an !ans are not epreciate. +or fi@e
assets 1ith no guarantee of inemnification, the items are epreciate by the
straight!ine metho unti! the !imit of the authori3ation or concession.
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4tems of fi@e assets are epreciate as of the ate they are insta!!e an
become a*ai!ab!e for use, or in case of assets interna!!y bui!t, as of the ate
1hen construction is comp!ete an the item is a*ai!ab!e for use.
. Inan"*ble a!!e!
i. Concession agreements an infrastructure assets !in2e to the concession
The Company recogni3es an intangib!e asset eri*ing from a concession
agreement 1hen it is entit!e to charge for the use of the concession"s
infrastructure or to e@p!ore it. An intangib!e asset recei*e as consieration for
construction ser*ices pro*ie uner a concession agreement is measure at
fair *a!ue upon initia! recognition. +o!!o1ing initia! recognition, the intangib!e
asset is measure at cost, 1hich inc!ues capita!i3e !oans, !ess accumu!ate
amorti3ation.
The estimate usefu! !ife of an intangib!e asset uner a concession agreement
is the perio counte as of 1hen the Company is ab!e of charging consumers
for the use of infrastructure unti! the en of the concession perio.
ii. Amorti3ation
Amorti3ation is recogni3e in the income statement by the straight!ine metho
base on the estimate usefu! !i*es of intangib!e assets, from the ate 1hen
they are a*ai!ab!e for use or for generation of re!ate economic benefits.
Amorti3ation methos, usefu! !i*es an resiua! *a!ues are re*ie1e at the en
of each financia! year an are a9uste as change in accounting estimates,
1hene*er appropriate.
e. I#%a*$#en
i. +inancia! assets (inc!uing recei*ab!es)
A financia! asset not measure at fair *a!ue is e*a!uate at each reporting ate
to assess if there is ob9ecti*e e*ience of !oss in its reco*erab!e *a!ue. An asset
has !oss in its reco*erab!e *a!ue if ob9ecti*e e*ience inicates that a !oss e*ent
occurre after the initia! recognition of the asset, an that such !oss e*ent has a
negati*e effect on forecast future cash f!o1s, 1hich can be reasonab!yestimate.
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Eb9ecti*e e*ience that the financia! assets ha*e !ost *a!ue might inc!ue
efau!t or !ate payment by the ebtor, the restructuring of the amount o1e to
the Company uner conitions the Company 1ou! not usua!!y consier in other
transactions, inications that the ebtor or issuer 1i!! fi!e for ban2ruptcy, or the
isappearance of an acti*e mar2et for a security. Aitiona!!y, for an euity
instrument, a significant or steay ecrease in its fair *a!ue be!o1 its cost is
ob9ecti*e e*ience of impairment.
+inancia! assets measure at amorti3e cost
The Company consiers e*iences of impairment of assets measure at
amorti3e cost both ini*iua!!y an co!!ecti*e!y. 4ni*iua!!y significant assets
are assesse for impairment. A!! ini*iua!!y significant recei*ab!es ientifie as
not suffering ini*iua! impairment are then co!!ecti*e!y assesse regaring any
other impairment not yet ientifie. Assets that are not ini*iua!!y important are
co!!ecti*e!y assesse for impairment, by 9oint!y grouping securities 1ith simi!ar
ris2 characteristics.
Hhen co!!ecti*e!y assessing impairment, the Company uses historica! trens of
efau!t !i2e!ihoo, reco*ery term an incurre !oss amounts, a9uste to ref!ect
the Management"s 9ugment regaring the assumptions, as current economic
an creit conitions may be such that actua! !osses 1i!! be probab!y higher or
!o1er than those suggeste by historica! trens.
An impairment re!ate to a financia! asset measure at amorti3e cost is
ca!cu!ate as the ifference bet1een boo2 *a!ue an present *a!ue of estimate
future iscounte cash f!o1s at the origina! effecti*e interest rate of the asset.
Losses are recogni3e in the income statement an ref!ecte in a pro*ision for
recei*ab!es account. The interests on impaire assets continue to berecogni3e. Hhen a subseuent e*ent inicates re*ersa! of impairment, the
reuction in impairment is re*erse an recore in the income statement.
The Management has not ientifie any e*ience of financia! assets impairment
on December &, #%& an #%&# besies pro*isions for past ue accounts an
a9ustment to the present *a!ue of recei*ab!es.
ii. onfinancia! assets
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The boo2 *a!ues of the Company"s nonfinancia! assets, other than in*entories
an eferre income ta@ an socia! contribution, are re*ie1e on each reporting
ate to chec2 for impairment. 4f impairment occurs, the asset"s reco*erab!e
*a!ue is estimate. 4n case of intangib!e assets 1ith inefinite usefu! !ife, the
reco*erab!e *a!ue is estimate each year.
The impairment is recogni3e if the boo2 *a!ue of an asset or cash generating
unit (CBG) e@cees its reco*erab!e *a!ue.
The reco*erab!e *a!ue of an asset or CBG is the highest amount bet1een the
*a!ue in use an fair *a!ue !ess se!!ing e@penses. Hhen e*a!uating the *a!ue in
use, forecast future cash f!o1s are iscounte at their present *a!ues through
iscount rate before ta@es to ref!ect mar2et"s current conitions as to reco*ery
perio of capita! an specific ris2s of asset or CBG. 4n orer to test for
impairment, assets that cannot be ini*iua!!y teste are groupe to the
sma!!est group of assets that generate continue use cash inf!o1 1hich are
most!y inepenent from cash f!o1s of other assets or groups of assets (CBG).
4mpairment !osses are recogni3e in the income statement. 4mpairment !osses
are re*erse on!y 1hen the asset"s boo2 *a!ue oes not e@cee the boo2 *a!ue
ca!cu!ate, net of epreciation or amorti3ation, in case !oss of *a!ue has not
been recogni3e.
f. enef*! o e#%lo)ee!
&. Define contribution p!ans
Define contribution p!an is a postemp!oyment benefit p!an uner 1hich an
entity pays fi@e contributions to a separate entity (pension fun), 1ith no !ega!
or constructi*e ob!igation to pay aitiona! amounts. Liabi!ities for contributions
to efine contribution pension p!ans are recore as e@penses 1ith benefits toemp!oyees in the income statement in the perios uring 1hich ser*ices are
renere by emp!oyees. Contributions pai in a*ance are recogni3e as an
asset pro*ie that there is a cash reimbursement or that a reuction in future
payments is a*ai!ab!e.
#. Define benefit p!ans
The net !iabi!ity of the Company regaring efine benefit pension p!ans isca!cu!ate ini*iua!!y for each p!an by estimating the *a!ue of the future benefit
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earne by the emp!oyees in return of ser*ices renere in current an pre*ious
perios8 that benefit is iscounte at its present *a!ue. Any unrecogni3e past
ser*ice costs an the fair *a!ues of any p!an assets are eucte. The iscount
rate is the gains presente in the reporting ate of the financia! statements for
first !ine securities 1hich ue ates are c!ose to the conitions of the !iabi!ities of
the Company an that are enominate in the same currency in 1hich the
benefits are e@pecte to be pai.
The ca!cu!ation is mae annua!!y by a ua!ifie actuary using the forecast unit
creit metho. Hhen the ca!cu!ation resu!ts in a benefit for the Company, the
asset to be recogni3e is !imite to the tota! of any unrecogni3e past ser*ice
costs an the present *a!ue of economic benefits a*ai!ab!e as future
reimbursements of the p!an or reuction in future contributions to the p!an. To
ca!cu!ate the present *a!ue of the economic benefits, any minimum cost
emans app!icab!e to any p!an in the Company are consiere. An economic
benefit is a*ai!ab!e to the Company if it is rea!i3ab!e throughout the !ife of the
p!an, or in the sett!ement of the !iabi!ities of the p!an.
The !iabi!ity recogni3e in the ba!ance sheet is eui*a!ent to the higher amount
bet1een the ebt agree 1ith the +ounation to amorti3e actuaria! !iabi!ities an
the present *a!ue of net actuaria! !iabi!ities.
Sponsorship costs of the pension p!an an any possib!e surp!us or p!an eficits
are immeiate!y recogni3e in shareho!ers" euity uner other comprehensi*e
income, in comp!iance 1ith C=M /eso!ution no. -?;>&#.
Actuaria! gains an !osses arising from a9ustments an changes in actuaria!
assumptions of pension an retirement benefit p!ans are immeiate!y
recogni3e in shareho!ers" euity uner other comprehensi*e income, not
being transferre to retaine profits or accumu!ate !osses.
". P$o9*!*on!
A pro*ision is recogni3e 1hen the Company has a !ega! or construe !iabi!ity
that can be re!iab!y estimate as the resu!t of a past e*ent, an it is probab!e
that an economic resource is reuire to sett!e such !iabi!ity. 5ro*isions are
recore base on the best estimates of ris2 in*o!*e an e@pecte future cash
f!o1s. A pro*ision for ris2s is estab!ishe through an e*a!uation anuantification of !a1suits 1hose probabi!ity of !oss is eeme as probab!e in the
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opinion of the Management an !ega! a*isors.
(. Re9en+e $e'o"n**on
/e*enues are measure at the fair *a!ue of the consieration recei*e or
recei*ab!e, net of ta@es an iscounts.
i. 6!ectricity sa!es re*enues
These are recogni3e 1hen there is conc!usi*e e*ience that most significant
ris2s an benefits inherent to the assets" o1nership 1ere transferre to the
buyer, 1hen is probab!e that the economic benefit associate 1ith transactions
1i!! f!o1 to the Company an re*enue can be reasonab!y measure. Trae
e!ectricity is month!y in*oice base on the e!ectricity supp!y, in accorance 1ith
the amounts isc!ose by the 6!ectric 6nergy Trae Chamber (CC66).
ii. Ser*ice /e*enues
/e*enues from ser*ices renere are recogni3e in the income statement
base on the stage of comp!etion of ser*ices on the reporting ate of the
financia! statements. The stage of comp!etion is e*a!uate by referencing
research of 1or2s performe.
*. In'o#e a< an !o'*al 'on$*b+*on
Current an eferre income ta@ an socia! contribution for the year are
ca!cu!ate base on &;F rates, p!us &%F surcharge o*er the ta@ab!e income
e@ceeing /I#$%,%%% for income ta@ an ?F o*er the ta@ab!e income for socia!contribution on net income an consier socia! contribution ta@ !oss
carryfor1ars, restricte to %F of ta@ab!e income.
6@penses 1ith income ta@ an socia! contribution inc!ue current an eferre
income ta@. Current an eferre ta@ is recogni3e in the income statement
un!ess it is re!ate to items irect!y recogni3e in the shareho!ers" euity an
other comprehensi*e income.
Current ta@ is the ta@ to be pai o*er income, or e@pecte to be recei*e in caseof payment in a*ance e@ceeing ta@ab!e income for the year, at ta@ rates
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*ie1 of that, it must be consiere, for ta@ purposes, the accounting methos
an criteria in effect on December &, #%%<.
En o*ember &&, #%&, the 6@ecuti*e Decree -#<>& (M5 -#<) 1as enacte,
re*o2ing the /TT an setting forth other measures, among 1hich are the
fo!!o1ing' (i) changes in the DecreeLa1 &,;?><<, 1hich ea!s 1ith the income
ta@ of companies, as 1e!! as amens the !egis!ation re!ate to socia!
contribution on net income8 (ii) estab!ishes that the moification or aoption of
accounting methos an criteria, by means of aministrati*e acts issue base
on the competence attribute in the commercia! !a1, that are subseuent to the
pub!ication of this M5 -#<, sha!! not ha*e imp!ication for the etermination of
feera! ta@es unti! the ta@ !a1 regu!ates this matter8 (iii) inc!ues specific
treatment on potentia! ta@ation of profit or i*iens8 (i*) inc!ues the pro*isions
on ca!cu!ation of interest on capita!8 an (*) inc!ues consierations re!ate to
in*estments state using the euity metho.
The reuirements of M5 -#< 1i!! be effecti*e as from #%&;, but sai M5 -#<
a!!o1s ta@payers to opt for ear!y aoption of the effects for #%&$ as a conition
to e!iminate any possib!e ta@ effects re!ate to i*iens pai unti! the ate
1hen sai M5 -#< 1as pub!ishe, the ca!cu!ation of interest on euity, an to
the e*a!uation of re!e*ant interests in subsiiaries an associate companies by
the euity metho. Bi*en that M5 -#< may suffer significant changes by its
propose amenments, the Company 1i!! 1ait unti! it becomes a !a1 to ma2e a
conc!usi*e ana!ysis. e*erthe!ess, base on pre!iminary stuies, 1e o not
e@pect any significant impacts on the Company"s financia! statements.
. P$e!en 9al+e a+!#en
The Company ca!cu!ate the present *a!ue for ba!ances of consumers,concessionaires, permissionaires an c!ients 1ith payment terms o*er &%
ays. The iscount rate use by Management for iscount at present *a!ue for
these items is &#.%F, simi!ar to the Company"s funing costs an financia!
charges co!!ecte from its c!ients. 4nterest rates accumu!ate in a sa!es
transaction are etermine upon initia! recoring of transaction an are not
subseuent!y a9uste.
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10./ E<e'+*9e off*'e$! !(all 'o##en on *ne$nal 'on$ol! ao%e o
en!+$e (e %$e%a$a*on of $el*able f*nan'*al !ae#en!=
a5 eff*'*en') le9el of (e!e 'on$ol!, *n*'a*n" e9en+al *nae>+a'*e!
an #ea!+$e! ao%e o 'o$$e' (e#
The Company comp!ies 1ith the Novo Mercado corporate go*ernance
stanars an consiers its interna! contro!s to be sufficient, gi*en its type of
acti*ity an traing *o!ume. Moreo*er, gi*en the comp!e@ity of acti*ities an
techno!ogica! inno*ations, the Management enea*ors its efforts to probe,
re*ie1 an continuous!y impro*e its processes an to imp!ement ne1 too!s for
re*ie1 an interna! contro!s.
b5 ef*'*en'*e! an $e'o##ena*on! abo+ *ne$nal 'on$ol! *n'l+e
*n (e *ne%enen a+*o$!’ $e%o$
The !atest inepenent auitor"s report on accounting proceures an interna!
contro!s i not recor any eficiencies or recommenations that cou!
significant!y affect the Company"s financia! statements.
10. If (e *!!+e$ (a! 'on+'e a %+bl*' ene$ offe$, (e e<e'+*9e
off*'e$! !(all 'o##en on=
a5 (o7 (e %$o'ee! f$o# (e offe$*n" 7e$e allo'ae
The procees from recent issues 1ere use as fo!!o1s'
-th ebenture issue of Light S6SA tota!ing /I%% mi!!ion' procees 1ere use to
(i) pay for the manatory ear!y reemption of 5romissory otes of the & st 4ssue,
in the amount of /I&%% mi!!ion8 an (ii) to increase the Company"s 1or2ing
capita!.
&st promissory note issue tota!ing /I&%% mi!!ion' procees 1ere use to
strengthen the Company"s 1or2ing capita!.
Seconary pub!ic offering tota!ing /I<<#.& mi!!ion' funs 1ere raise by the
shareho!ers 1ho carrie out the offering, therefore the Company is not entit!e
thereto.
<th ebenture issue of Light S6SA tota!ing /I-;% mi!!ion' procees 1ere use to
(i) fu!!y pay the ebt resu!ting from the - th ebenture issue of the Company in
0une #%&&8 an (ii) to fun its in*estment program.
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th ebenture issue of Light S6SA tota!ing /I$<% mi!!ion' procees are being
use to fun the in*estment program of Light S6SA.
&st ebenture issue of Light 6nergia tota!ing /I&<% mi!!ion' procees 1ere use
to (i) fun the in*estment program of Light 6nergia, an (ii) to finance its1or2ing capita!.
&st promissory note issue of Light 6nergia tota!ing /I$%% mi!!ion' procees 1ere
use to pay for the acuisition of an interest in /eno*a 6nergia S.A.
#n ebenture issue of Light 6nergia tota!ing /I$#; mi!!ion' procees 1ere use
(i) for the ear!y reemption of the promissory notes, inc!uing charges, issue
on August &?, #%&&, part of the sing!e series of the & st issue of Light 6nergia,
an (ii) to strengthen the 1or2ing capita! of Light 6nergia.
r ebenture issue of Light 6nergia tota!ing /I% mi!!ion' procees 1ere use
to fun the in*estment program of Light 6nergia.
?th ebenture issue of Light S6SA tota!ing /I&,-%% mi!!ion' procees 1ere use
to strengthen the 1or2ing capita! an e@ten the ebt profi!e, inc!uing the ear!y
reemption of #n issue commercia! promissory notes.
b5 If (e$e 7e$e an) $ele9an e9*a*on! be7een (e %$o%o!al! fo$ (e
+!e of (e %$o'ee! *!'lo!e *n (e $e!%e'*9e offe$*n"
%$o!%e'+!e! an (e*$ effe'*9e +!e
There 1ere no e*iations from the proposa!s.
'5 *n (e e9en of e9*a*on!, +!*f) (e $ea!on!
There 1ere no e*iations from the proposa!s.
10.-. E<e'+*9e off*'e$! !(all e!'$*be $ele9an *e#! 7(*'( no 'o9e$e
b) (e *!!+e$F! f*nan'*al !ae#en!, *n*'a*n"=
a5 a!!e! an l*ab*l**e! *$e'l) o$ *n*$e'l) (el b) (e *!!+e$, off
balan'e !(ee *e#!, !+'( a!=
*. o%e$a*n" lea!e, a!!e! an l*ab*l**e!
**. %o$fol*o! of $e'e*9able! 7$*en off o 7(*'( (e en*)
#a*na*n! $*!6! an $e!%on!*b*l**e!, *n*'a*n" (e*$ $e!%e'*9e
l*ab*l**e!
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***. fo$7a$ 'on$a'! of %$o+'! o$ !e$9*'e!
*9. 'on!$+'*on a"$ee#en! no 'on'l+e
9. a"$ee#en! on f*nan'*n" $e'e*9able!
The Company oes not ha*e any assets or !iabi!ities that are not ref!ecte in
this /eference +orm or in its financia! statements an notes.
b5 o(e$ *e#! no 'o9e$e b) (e f*nan'*al !ae#en!
There are no items not co*ere by the financia! statements.
10.B In $ela*on o ea'( one of (e *e#! no *n'l+e *n (e f*nan'*al
!ae#en! an *n*'ae *n *e# 10.-, (e e<e'+*9e off*'e$! !(all
'o##en on=
*. (o7 (e!e *e#! '(an"e o$ #a) *n (e f++$e '(an"e $e9en+e!,
e<%en!e!, o%e$a*n" *n'o#e, f*nan'*al e<%en!e! o$ o(e$ *e#! *n (e
*!!+e$’! f*nan'*al !ae#en!
As mentione in item &%. abo*e, there are no items not co*ere by the
financia! statements.
**. na+$e an %+$%o!e of (e o%e$a*on
As mentione in item &%. abo*e, there are no items not co*ere by the
financia! statements.
***. na+$e an a#o+n of (e obl*"a*on! a!!+#e an (e en!+*n"
*!!+e$’! $*"(! f$o# (e $an!a'*on
As mentione in item &%. abo*e, there are no items not co*ere by the
financia! statements.
10.10 E<e'+*9e off*'e$! !(all *n*'ae an 'o##en on (e #a*n ele#en!
of (e *!!+e$’! b+!*ne!! %lan, !%e'*f*'all) (e follo7*n" o%*'!=
a5 *n9e!#en!, *n'l+*n"=
*. >+an*a*9e an >+al*a*9e e!'$*%*on of *n9e!#en! *n %$o"$e!!an e!*#ae *n9e!#en!
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The main in*estments in recent years ha*e been in maintenance an
impro*ement of the Company"s istribution net1or2, generation pro9ects an
combating nontechnica! energy !osses.
The tab!e be!o1 sho1s the Company"s in*estments in fisca! years ene
December &, #%&&, #%&# an #%&'
Pe$*o
*!'al )ea$ ene
De'e#be$ 201:
*!'al )ea$ ene
De'e#be$ 2012
*!'al )ea$ ene
De'e#be$ 2011
In9e!#en @R #*ll*on5 $;.% <?-. ?#.-
4n #%&, /I$;.% mi!!ion 1as a!!ocate to in*estment pro9ects, -.&F more than
in #%&#.
The istribution segment absorbe the !ion"s share of /I<&#.- mi!!ion
(representing $.F of the tota!), #.<F up on #%&#. Ef this tota!' (i) /I$?.
mi!!ion 1ent to the e*e!opment of istribution an e@pansion net1or2s,
inc!uing the unergroun net1or2, to 2eep pace 1ith mar2et gro1th,
strengthen the net1or2 an impro*e ua!ity, (ii) /I&?#.& mi!!ion 1ent to the
energy !oss pro9ect (net1or2 protection, e!ectronic meters an frau
regu!ari3ation, an (iii) /I&$.< mi!!ion 1ent to specific in*estments for the
Hor! Cup an E!ympic Bames.
Commercia!i3ation an energy efficiency in*estments increase from /I#-.&
mi!!ion in #%&# to /I -&.% mi!!ion in #%&.
4n #%&$, the Company p!ans to in*est appro@imate!y /I&,&<.% mi!!ion, of 1hich /I?%.; mi!!ion is earmar2e to the istribution segment, /I&#$. mi!!ion
to in*estments in other companies, an /I&&.# mi!!ion to euity interests.
**. So+$'e! of f*nan'*n" fo$ *n9e!#en!
The Company finances its in*estment pro9ects partia!!y through its o1n
cash generation an a!so through :D6S creit faci!ities (1hen e!igib!e) an>or
other capita! mar2et funing instruments.
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***. Mae$*al *9e!#en! *n %$o"$e!! an e!*#ae *9e!#en!
one.
b5 P$o9*e (a al$ea) anno+n'e, *n*'ae (e a'>+*!**on of %lan!,
e>+*%#en, %aen! o$ o(e$ a!!e! (a !(o+l #ae$*all) affe' (e
*!!+e$F! %$o+'*on 'a%a'*)
Ene of the pi!!ars of Light"s Strategic 5!an is to increase the share of energy
generation in its resu!ts. Hith this in min, the Company has announce se*era!
pro9ects to boost insta!!e generating capacity, 1hich no1 tota!s ?$& MH.
Consiering pro9ects uner e*e!opment, the generation insta!!e capacity 1i!!
increase by -.#F in coming years, from the current ?$& MH to &,;#.% MH.
'5 Ne7 %$o+'! an !e$9*'e!, *n'l+*n"=
*. e!'$*%*on of $e!ea$'( *n %$o"$e!! al$ea) anno+n'e
The /esearch De*e!opment (/D) program is prepare in accorance 1ith
La1 ???& of 0u!y #$, #%%%, 1hich estab!ishes that e!ectricity istribution
concessionaires must in*est %.#F of their net operating re*enue in /D
pro9ects, A66L /eso!ution #<& of 0u!y &?, #%%%, an the manua! appro*e by
A66L /eso!ution ;%$ of August #%&#.
**. oal a#o+n! *n9e!e b) (e *!!+e$ on $e!ea$'( fo$ e9elo%*n"
ne7 %$o+'! an !e$9*'e!
4n #%&, e@penses 1ith the /D program amounte to /I&.$ mi!!ion, of 1hich
Light S.6.S.A. accounte for /I&&.% mi!!ion an Light 6nergia /I#.$ mi!!ion,
inc!uing pro9ect e*e!opment an management costs from the /D 5rogram.
***. %$oe'! +ne$ e9elo%#en (a (a9e al$ea) been anno+n'e
Bi*ing continuity to the research pro9ects an fo!!o1ing the same guie!ines
app!ie to these pro9ects, in #%& the Company e*e!ope one (%&) ne1 pro9ect
in L4BT S.6.S.A. an e!e*en (&&) in Light 6nergia. 4n aition, thirtyeight ()
/D pro9ects through L4BT S.6.S.A. 1ere e@ecute, of 1hich t1enty (#%)
1ere comp!ete.
L4BT S.6.S.A."s main pro9ects, proucts an ser*ices uner inustria!
e*e!opment phase inc!ue (a) specia! aapter for cutting supp!y of !o1 *o!tage
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c!ients, (b) pro*isiona! repair for f!ui oi! cab!e c!ass &$;2=, an (c) prouction of
the pioneering !ot for the inte!!igent gri p!atform.
*9. oal a#o+n! *n9e!e b) (e *!!+e$ *n e9elo%*n" ne7 %$o+'!
an !e$9*'e!
4n #%&, the first unit of the series an pioneering !ot pro9ects of Light S.6.S.A.
absorbe appro@imate!y &%F of tota! in*estments.
4n #%&, the /D pro9ects of Light 6nergia 1ere a*ancing, gi*ing seuence to
inno*ation chain stages.
10.11 Co##en on o(e$ fa'o$! (a #ae$*all) *nfl+en'e (e o%e$a*n"
%e$fo$#an'e an ne*(e$ *en*f*e no$ 'o##ene *n o(e$! *e#! of (*!
!e'*on.
A!! re!e*ant information referring to this topic has been isc!ose in the items
abo*e.
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II Allo'a*on of In'o#e (CVM Instruction 481 (Annex 9-1-II)
Allo'a*on of Ne In'o#e
1. Info$# (e ne *n'o#e fo$ (e f*!'al )ea$
4n #%&, net income tota!e fi*e hunre eightyse*en mi!!ion, three hunre
thirtyfour thousan, nine hunre eighteen reais an fiftyfour centa*os
(/I;<,$,?&.;$).
2. Info$# (e o9e$all a#o+n an a#o+n %e$ !(a$e of *9*en!,
*n'l+*n" %$e%a* *9*en! an *ne$e! on e>+*) (a (a9e al$ea) been
e'la$e.
The Management proposes to istribute four hunre se*entyt1o mi!!ion, three
hunre e!e*en thousan, t1o hunre eightyt1o reais an ninetysi@ centa*os
(/I$<#,&&,##.?-) of net income for fisca! year #%&. Di*iens an interest
on euity per share is /I#.&-.
The amount ec!are to comp!y 1ith the minimum manatory i*iens 1as
one hunre thirtynine mi!!ion, four hunre ninetyt1o thousan, fortythree
reais an fifteen centa*os (/I&?,$?#,%$.&;), of 1hich one hunre se*en
mi!!ion, four hunre se*entythree thousan, t1o hunre fortynine reais an
si@tyt1o centa*os (/I&%<,$<,#$?.-#) as interest on euity, prepai base on
the ba!ance sheet as of September %, #%&, an thirtyt1o mi!!ion, eighteen
thousan, se*en hunre ninetythree reais an fiftythree centa*os
(/I#,%&,<?.;) as i*iens, base on the income for fisca! year #%&. Tota!
i*iens an interest on euity per share is /I%.-$.
Tota! gross amount of i*iens propose aitiona!!y to minimum manatory
i*iens is three hunre thirtyt1o mi!!ion, eight hunre nineteen thousan,
t1o hunre thirtynine reais an eightyone centa*os (/I#.&?.#?,&),
eui*a!ent to /I&.-# per common share (Light S>A E).
:. Info$# (e %e$'ena"e of ne *n'o#e fo$ (e f*!'al )ea$ *!$*b+e
The Management proposes to istribute the eui*a!ent to %.$F of the net
income for #%&.
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4. Info$# (e o9e$all a#o+n an a#o+n of *9*en! %e$ !(a$e *!$*b+e
ba!e on (e ne *n'o#e fo$ %$e9*o+! f*!'al )ea$!
one.
. Info$#, ne of %$e%a* *9*en! an *ne$e! on e>+*) al$ea) e'la$e=
a. T(e "$o!! a#o+n of *9*en! an *ne$e! on e>+*) !e%a$ael) fo$ ea'(
)%e an 'la!! of !(a$e
Tota! Bross amount of i*iens propose aitiona!!y to those a!reay
ec!are is three hunre si@tyfour mi!!ion, eight hunre thirtyeight thousan,
thirtythree reais an thirtyfour centa*os (/I-$,,%.$), eui*a!ent to
/I&.<? per common share (Light S>A E).
b. T(e fo$# an %e$*o fo$ (e %a)#en of *9*en! an *ne$e! on e>+*)
The form an perio for the payment of i*iens 1i!! be efine at the Annua!
Shareho!ers" Meeting.
'. An) $e!ae#en an *ne$e! a%%l*e o (e *9*en! an *ne$e! on
e>+*)
There 1i!! be no restatement or interest app!ie to the i*iens.
. T(e e'la$a*on ae of %a)#en of *9*en! an *ne$e! on e>+*)
+!e o *en*f) !(a$e(ole$! 7(o 7*ll be en*le o !+'( %a)#en!
To be efine at the Annua! Shareho!ers" Meeting.
/. If *9*en! o$ *ne$e! on e>+*) (a9e been e'la$e ba!e on
ne *n'o#e $e'o$e *n (e !e#*ann+al balan'e !(ee o$ balan'e !(ee! fo$
!(o$e$ %e$*o!
a. Info$# (e a#o+n of *9*en! an *ne$e! on e>+*) al$ea) e'la$e
The amount ec!are in a*ance 1as one hunre se*en mi!!ion, four hunre
se*entythree thousan, t1o hunre fortynine reais an si@tyt1o centa*os
(/I&%<,$<,#$?.-#) as interest on euity.
b. Info$# (e ae of (e $e!%e'*9e %a)#en!
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The i*iens 1ere pai on December #<, #%&.
. P$o9*e a 'o#%a$a*9e able 7*( (e follo7*n" a#o+n! %e$ !(a$e
of ea'( )%e an 'la!!=
a. Ne *n'o#e fo$ (e f*!'al )ea$ an fo$ (e ($ee %$e9*o+!
f*!'al )ea$!
b. D*9*en! an *ne$e! on e>+*) *!$*b+e *n (e la! ($ee
%$e9*o+! f*!'al )ea$ !
V5roposa! to be reso!*e on the #%&$ Annua! Shareho!ers" Meeting
-. If ne *n'o#e 7a! allo'ae o le"al $e!e$9e
a. Ien*f) (e a#o+n allo'ae o le"al $e!e$9e
To this reser*e, it is a!!ocate ;F of the net income for the fisca! year, up to the
!imit of t1enty percent (#%F) of the capita! stoc2, after absorption of
accumu!ate !osses, pursuant to Artic!e &? of La1 -,$%$, i.e. t1entynine
mi!!ion, three hunre si@tysi@ thousan, se*en hunre fortyfi*e reais an
ninetythree centa*os (/I#?,--,<$;.?).
b. ea*l (e #e(o +!e o 'al'+lae (e le"al $e!e$9e
;F of net income for the year.
B. If (e 'o#%an) (a! %$efe$$e !(a$e! en*l*n" o f*<e o$ #*n*#+#
*9*en!=
a. e!'$*be (e 'al'+la*on #e(o fo$ (e f*<e o$ #*n*#+#
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*9*en!
b. *nfo$# *f (e ne *n'o#e *n (e f*!'al )ea$ *! !+ff*'*en fo$
(e f+ll %a)#en of f*<e o$ #*n*#+# *9*en!
'. *en*f) *f an) %o$*on no %a* *! '+#+la*9e
. *en*f) (e o9e$all a#o+n of f*<e o$ #*n*#+# *9*en! o be %a* o
ea'( 'la!! of %$efe$$e !(a$e!
e. *en*f) f*<e o$ #*n*#+# *9*en! o be %a* %e$ %$efe$$e !(a$e of ea'(
'la!!
The Company oes not ha*e any preferre shares.
10. In $ela*on o #*n*#+# #anao$) *9*en!
a. e!'$*be (e 'al'+la*on #e(o !e fo$( *n (e )la7!
4n comp!iance 1ith Artic!e #%# of La1 -,$%$, as 1e!! as Artic!e #; of the :y!a1s,
each fisca! year shareho!ers 1i!! be entit!e to minimum manatory i*iens
eui*a!ent to t1entyfi*e percent (#;F) of the Company"s net income.
b. *nfo$# 7(e(e$ (e) (a9e been f+ll) %a*
The minimum manatory i*iens ha*e been fu!!y pai.
'. *nfo$# an) a#o+n 7*((el
There 1as no amount 1ithhe!.
11. If an) of (e #*n*#+# #anao$) *9*en 7a! 7*((el +e o (e
Co#%an)’! f*nan'*al !*+a*on
a. *nfo$# (e a#o+n 7*((el
b. e!'$*be *n ea*l (e 'o#%an)’! f*nan'*al !*+a*on,
*n'l+*n" (e a!%e'! $elae o l*>+**) anal)!*!, 7o$6*n" 'a%*al an
%o!**9e 'a!( flo7!
'. +!*f) (e 7*((ol*n" of *9*en!
ot app!icab!e.
12. If a %o$*on of ne *n'o#e 7a! allo'ae o (e 'on*n"en')$e!e$9e
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a. *en*f) (e a#o+n allo'ae o (e $e!e$9e
b. *en*f) an) lo!!e! ee#e a! %$obable an (e*$ 'a+!e!
'. e<%la*n 7() (e lo!! 7a! ee#e a! %$obable
. +!*f) (e 'on!*+*on of (e $e!e$9e
ot app!icab!e.
1:. If a %o$*on of ne *n'o#e 7a! allo'ae o +nea$ne *n'o#e $e!e$9e
a. *nfo$# (e a#o+n allo'ae o +nea$ne *n'o#e $e!e$9e
b. *nfo$# (e na+$e of (e +nea$ne *n'o#e (a o$*"*nae
(e $e!e$9e
ot app!icab!e.
14. If a %o$*on of ne *n'o#e 7a! allo'ae o (e !a+o$) $e!e$9e!
a. e!'$*be (e 'la+!e! of (e b)la7! e!abl*!(*n" (e $e!e$9e
b. *en*f) (e a#o+n allo'ae o (e $e!e$9e
'. e!'$*be (o7 (e a#o+n 7a! 'al'+lae
ot app!icab!e.
1. If (e 7*((ol*n" of %$of* 7a! %$o9*e fo$ *n (e 'a%*al b+"e
a. *en*f) (e a#o+n 7*((el
The amount 1ithhe! 1as t1o hunre se*entynine mi!!ion, se*en hunre
t1e!*e thousan, t1o hunre t1entyt1o reais an fortynine centa*os
(/I#<?,<&#,###.$?).
b. %$o9*e a 'o%) of (e 'a%*al b+"e
Hith reference to the in*estments inc!ue in the capita! buget for #%&, therea!i3e amount surpasse by #&F the estimate amount, as sho1n in the
tab!e be!o1'
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4n comp!iance 1ith paragraph # of Artic!e &?- of La1 -,$%$><-, the conso!iatecapita! buge for #%&$ of Light Broup, tota!ing /I&,&<,%;% thousan, 1as
submitte to an unanimous!y appro*e by the Shareho!ers" Meeting, in
accorance 1ith the sources of financing be!o1'
So+$'e! of *nan'*n" R (o+!an 2014
/etaine earnings in fisca! year #%& #<?,<&#E1n or thirparty funs ?,
Toal So+$'e! of *nan'*n" 1,1:,00
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The tab!e be!o1 sho1s a summary of in*estments of the capita! buget for
#%&$'
1/. If a %o$*on of ne *n'o#e 7a! allo'ae o (e f*!'al *n'en*9e $e!e$9e
a. *nfo$# (e a#o+n allo'ae o (e $e!e$9e
b. e<%la*n (e na+$e of (e allo'a*on
ot app!icab!e.
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III Ele'*on of #e#be$! of (e oa$ of D*$e'o$! an *!'al Co+n'*l
12./. In $ela*on o ea'( #e#be$ of (e #ana"e#en an f*!'al 'o+n'*l of
(e *!!+e$, *n*'ae (e follo7*n" *n a able=
a. na#e
b. a"e
'. %$ofe!!*on
. *n*9*+al a<%a)e$’! ID @CP5 o$ %a!!%o$ n+#be$
e. %o!**on
f. ae of ele'*on
". ae of *n9e!*+$e
(. e$# of off*'e
*. o(e$ %o!**on! o$ off*'e! (el *n (e *!!+e$
. *f ele'e b) 'on$oll*n" !(a$e(ole$ o$ no
Board of Directors:
a.na#e
b.a"e
'.%$ofe!!*on
.CP
e.%o!**on
f.ae of (eAnn+al
S(a$e(ole$!’Mee*n"
".ae of *n9e!*+$e
(.e$#of
off*'e
*.o(e$ %o!**on!(el *n (e
Co#%an)
.a%%o*ne b)
'on$oll*n"!(a$e(ole$
Sergio A!air :arroso
-$6conomist -%?.;;;.?%%
Sittingmember
%$>#$>#%&$ %$>#$>#%&$#
years
Member of theBo*ernance an
Sustainabi!ityCommittee
Wes
umberto6ustXuio
Cesar Mota-< La1yer %%#.%-<.<--?&
Sittingmember
%$>#$>#%&$ %$>#$>#%&$#
yearsone Wes
/au! :e!ens0ungmann
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#$$.$$?.#$-Sitting
member %$>#$>#%&$ %$>#$>#%&$
#years
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%$>#$>#%&$ %$>#$>#%&$#
yearsone Wes
D9a!ma:astos e
Morais<< 6ngineer %%-.-.;#-$?
Sittingmember
%$>#$>#%&$ %$>#$>#%&$#
years
Member of theBo*ernance an
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0os Car!os A!e!uiaCosta
--6!ectrica!engineer
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member %$>#$>#%&$ %$>#$>#%&$
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%$>#$>#%&$ %$>#$>#%&$ #years
Member of theBo*ernance an
Sustainabi!ity
Wes
7
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Si!*aCommittee
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;; :usinessaministrator
&;%.?&;.&%%Sitting
member %$>#$>#%&$ %$>#$>#%&$
#years
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member %$>#$>#%&$ %$>#$>#%&$
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;$ 6ngineer #%.%%.?-$? A!ternatemember
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;& :usinessaministrator
$.$;.&$%#% A!ternatemember
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Fiscal Council:
aname
bage
c profession
d!"F or number of passport
e position
fdate of the
Annual #hareholders$ Meeting
gdate of in%estiture
hterm of office
iother
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member%$>#$>#%&$ %$>#$>#%&$ & year one Wes
Arist\te!esLui3
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member %$>#$>#%&$ %$>#$>#%&$ & year one Wes
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& La1yer %&.;%&.%-#& Sittingmember
%$>#$>#%&$ %$>#$>#%&$ & year one Wes
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5enna-;
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member %$>#$>#%&$ %$>#$>#%&$ & year one Wes
Ari :arce!osa Si!*a
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12. P$o9*e *nfo$#a*on #en*one *n 12./ fo$ #e#be$! of !a+o$)
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Audit Committee:
8 Information included in this item must cover audit, risk, finance and compensation committees, as well
as similar orani!ational structures, even if these committees or structures are not statutor", provided thatthese committees or structures participate in the decision#makin process of the $anaement%s &odies or
in the issuer%s manaement as consultants or controllers.
72
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aname
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0os AugustoBomes
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Finance Committee:
aname
bage
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fdate for appointment
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htermof offic e
iother
positionsheld in the!ompany
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;& :usiness Aministrat
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Srgio A!air :arroso, from Cipot]nea, Minas Berais, has a egree in economics
from Gni*ersiae So Lucas, !ocate in So 5au!o. e stuie internationa!
economics at the :oston Gni*ersity, business aministration at the Gni*ersity of
Michigan an e@ecuti*e management at Co!ombia Gni*ersity. e 1as the first
:ra3i!ian to ho! the position of C6E of Cargi!! AgrZco!a S>A in :ra3i!. e a!so
ser*e as Chairman of the :oar of Directors of +osterti! an G!traferti!,
member of the Senior Counse! of +46S5, A:4A, 5resient of A:4E=6 an
internationa! organi3ations. After < years ser*ing in pri*ate companies, he
acte as the Minas Berais State 6conomic De*e!opment Secretary for t1o
years, as Chairman of the :oar of Directors of Companhia 6nergtica e
Minas Berais (C6M4B), Companhia e Desen*o!*imento 6conUmico o 6stao
e Minas Berais (Coemig), 4nstituto e Desen*o!*imento 4ntegrao e Minas
Berais (4D4), an as =iceChairman of the :oar of the Minas Berais
De*e!opment :an2 (:DMB). +rom 0anuary, #%&& unti! 0u!y #%&#, he structure
the Minas Berais State 6@traorinary Hor! Cup Secretary an ser*e as its
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Secretary. Current!y, he is the Chairman of the :oar of Directors of Light S.A.,
an member of the :oar at :anco o Triangu!o, A!gar an :iofi!ica.
H+#be$o E+!>+*o C!a$ Moa
Mr. Mota 1as born on August &, &?$- an has a La1 egree from
Gni*ersiae +eera! e Minas Berais an a :usiness egree from the Co!!ege
of Aministrati*e Sciences Co!!eges of Gni*ersiae e eg\cios e
AministraQo o 6stao e Minas Berais. Throughout his e@tensi*e
professiona! career, he has he! positions in pri*ate an stateo1ne
companies, as 1e!! as in go*ernment, professiona! an community
organi3ations. e participate in the ; th Senior 6@ecuti*e De*e!opment 5rogram
of the :usiness Management Schoo! of the Gni*ersity of Hestern Entario.
Since #%%;, he ser*e as the C6E of :rasif Duty +ree Shop, an the C6E an
Chairman of Dufry South America. e is current!y the C6E an Chairman of
Dufry o :rasi!, a!so chairing its A*isory :oar. 4n aition, he is the =ice
Chairman of 6mpresas :rasif, member of the :oar of Directors of :rasif
companies, Light S.A. an Light Ser*iQos e 6!etriciae S.A., Chairman of the
Superior A*isory :oar of the /io e 0aneiro Commercia! Association AC/0,
Chairman of the :oar of the ationa! Association of :ra3i!ian Airport
Concessionaires ACA:, member of the Counci! of 6conomic an Socia!
De*e!opment Counci! 7 CD6S, 1hich is o*erseen by 5resient Di!ma /ousseff,
member of the 4nfrastructure Counci! of the ationa! 4nustria! Confeeration
CE4+/A, member of the A*isory :oar of the ationa! Ci*i! A*iation Agency
AAC, member of the :oar of 4nstituto A!ethia, member of the 5ermanent
Strategic De*e!opment +orum of /io e 0aneiro State, member of the :oar of Hor! Wouth Day 4nstitute, by in*itation of D.Erani 0oo Tempesta, E.Cist.
Archbishop of /io e 0aneiro, member of the :oar of Directors of Santa Casa
e Miseric\ria o /io e 0aneiro, Centro e 4ntegraQo 6mpresa 6sco!a an
/otary C!ub, an partner at Csar Mota A*ogaos an Consu!trae
Assessoria 6mpresaria! Lta. Mr. Mota began his career at :rascan as an
6@ecuti*e Assistant, mo*ing up to become A9unct Director of De*e!opment,
6@ecuti*e Director, =ice5resient of Corporate De*e!opment, 6@ecuti*e =ice5resient an =iceChairman of :rascan :rasi! an 5resient of :rascan
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5articipaQRes. 4n May #%&&, he 1as name Personalidade Cidadania 2011, an
a1ar grante by the Gnite ations 4nformation Center, :ra3i!ian 5ress
Association an ol!a "iri#ida, by ;,<# community !eaers by irect, secret
e!ection. e 1on this a1ar again in #%&. 4n go*ernment, among other
functions, he 1as Sectary of 6conomic De*e!opment of /io e 0aneiro State,
5resient of 6mpresa :rasi!eira e Correios e Te!grafos, Chief of Staff of the
Secretary of 5!anning of Minas Berais State, Specia! A*isor to the State
+inance Minister, 5resient of the Strategic 5!an for /io e 0aneiro, founer an
5resient of Ag^ncia /io 7 5romoQo, Desen*o!*imento e Meio Ambiente an
Chairman of the :oar of Directors of Companhia e Desen*o!*imento
4nustria! o /io e 0aneiro. 4n professiona! an community organi3ations, he
has ser*e, among other ro!es, as 5resient of the /io e 0aneiro Commercia!
Association, Benera! Secretary an =ice5resient of the Confeeration of
Commercia! Associations of :ra3i!, Chairman of the :ra3i!Canaa Chamber of
Commerce, =ice5resient of the /io e 0aneiro 4nustria! Center, Member of
the :oar of /egents of Sebrae/0, member of the :oar of the Hor!
6conomy Center of +unaQo Betu!io =argas, an member of the De*e!opment
:oar of 5ontifica! !atholic Dniversit" of ?io de Eaneiro, Gni*ersiae
Bama +i!ho an Gni*ersiae 6stXcio e SX. 4n 0une #%&#, he participate in
the G !onference on Sustainab!e De*e!opment /ioJ#%, as a member of
the C6D6S e!egation.
Ra+l elen! J+n"#ann P*no
Mr. 0ungmann 1as born on Apri! , &?;#. e 1as Secretary of State, Secretary
of 5!anning of 5ernambuco State, &??%&??&, 6@ecuti*e Secretary, :ra3i!ian
Ministry of 5!anning, :uget an Management, :rasZ!ia D+, &??&??$,5resient, :ra3i!ian 6n*ironment an /ene1ab!e atura! /esources 4nstitute
(4:AMA), :rasZ!ia D+, &??;&??-, Minister, Specia! Ministry of /ura! 5o!icy,
:rasZ!ia D+, &??-&???, 5resient, ationa! 4nstitute of Agrarian /eform
(4C/A), :rasZ!ia D+, &??-&???, Minister, Ministry of Agrarian De*e!opment,
:rasZ!ia D+, &???#%%#, 6@ecuti*e Secretary of the 5ub!ic Company Contro!
Committee>CC6 of the 5!anning Ministry, Chairman of the :oar of Directors of
:D6S, :rasZ!ia D+, &??&??$, Member of the :oar of Directors of :anco o:rasi! S.A., :rasZ!ia D+, Chairman of the :oar of the 6@port +inance
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Committee, CE+46_, Chairman of the ationa! De*e!opment +un :oar,
:rasZ!ia D+, &??&??$. Member, 5ub!ic Company Contro! Committee>CC6,
:rasZ!ia D+, &??&??$, Member, ationa! Monetary Counci! CM, &??&??$,
6@ecuti*e Secretary, ationa! 6n*ironmenta! Counci!, :rasZ!ia D+, &??;&??-,
Chairman of the :oar of /egents of :anco a Terra, :rasZ!ia D+, &??#%%#,
5resient, ationa! Counci! of /ura! De*e!opment, :rasZ!ia, D+, &???#%%#.
Current!y, he is a member of the :oar of irectors of Light S.A., Light Ser*iQos
e 6!etriciae S.A. an Light 6nergia S.A.
Ma$*a E!ela K+b*!'(e'6 Lo%e!
:orn on December &%, &?$#, Mrs. Lopes is an architect an ser*e as a
member of the :oar of Directors of Companhia 6nergtica e Minas Berais
from #%% to #%&# (current), as 1e!! as of Cemig DistribuiQo S.A. an Cemig
BeraQo e Transmisso S.A. from #%%$ to #%&# (current). She 1as =ice
5resient of +unaQo Casa Santa 4gne3, a member of the Cu!tura! Counci! of
the Archiocese of /io e 0aneiro, a member of the Cu!tura! Counci! of 4nstituto
Light, member of the :oar of Directors of A::/:ra3i!ian Charity
/ehabi!itation Association, =ice5resient of A:/AB/0 7 :ra3i!ian Association
of +riens an +ami!y of B!aucoma 5atients, 5resient of 4nstituto `5ensano o
:rasi!̀ an =ice5resient of +unaQo Casa Santa 4gne3 (current!y =ice
Chairman of the :oar). Toay Ms. Lopes ser*es as a member of the :oar of
Directors of Light S.A., Light Ser*iQos e 6!etriciae S.A. an Light 6nergia
S.A.
Dal#a a!o! e Mo$a*!
:orn on March &-, &?<, he has a egree in 6ngineering from 4nstituto Mi!itar e 6ngenharia, an comp!ete a grauate program in te!ecommunications an
4T at the same institution. e ser*e as the C6E of Te!ecomunicaQRes e Minas
Berais S.A. Te!emig8 Manager of Te!ecomunicaQRes :rasi!eiras S.A.
Te!ebrXs8 Eperations Efficer of Te!ecomunicaQRes e Mato Brosso Te!emat8
Eperations Efficer of Te!ecomunicaQRes o Ama3onas 7 Te!ema3on, an
Manager of Te!efUnica Municipa! S.A. Te!emusa. Current!y, he is the C6E an
=iceChairman of the :oar of Directors of Companhia 6nergtica e MinasBerais S.A. (C6M4B) since 0anuary &???8 C6E of Cemig BeraQo e
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Transmisso S.A. an Cemig DistribuiQo S.A. since September #%%$8 =ice
Chairman of the :oar of Directors of Cemig DistribuiQo S.A. an Cemig
BeraQo e Transmisso S.A. since December #%%$8 a member of the :oar of
Directors of Light S.A. since August #%%- an of Transmissora o At!]ntico e
6nergia 6!trica S.A. 7 TA6SA from o*ember #%%? to December #%%?8
Chairman of the :oar of Directors of Transmissora A!ianQa e 6nergia 6!trica
S.A. since o*ember #%%?, an a member of the :oar of Directors of 5arati
S.A. 5articipaQRes em Ati*os e 6nergia 6!trica since o*ember #%&&. e
has been the C6E of C6M4B Ser*iQos S.A. since #%%.
Jo! Ca$lo! Alel+*a Co!a
:orn in Sa!*aor (:A) on December ?, &?$< to Maria o Amparo A!e!uia Costa
an mi!itary officer i*a!o Lins a Costa. e comp!ete seconary eucation
at Co!gio Antonio Muni3, an 1as transferre to 4nstituto orma! 4saias A!*es
(4ceia) an !ater to Co!gio Centra! (both pub!ic schoo!s). 4n &?--, he began his
stuies in 6!ectrica! 6ngineering at 6sco!a 5o!itcnica a Gni*ersiae +eera!
a :ahia (G+:a), grauating in &?-? an then beginning his masters at 6sco!a
+eera! e 6ngenharia e 4ta9ubX in Minas Berais. e is a professor of
e!ectrica! engineering at 6sco!a 5o!itcnica a G+:A. e began his career in
&?<& as an engineer for C66:, 1hich 1as !ater incorporate by Coe!ba. 4n the
same year, he became a professor in the e!ectrica! engineering epartment of
6sco!a 5o!itcnica a G+:A, ser*ing as 5o1er 6!ectric Systems chair. e
taught unti! &?;, 1hen he too2 a !ea*e of absence to ser*e as senior
management of Companhia iro 6!trica o So +rancisco (Chesf). At Coe!ba,
he 1as i*ision an epartment hea an Distribution Efficer. 4n &?;, he
assume the position of 6ngineering Efficer of Chesf, name by 5resientE!i*eira :rito. 4n &?-, he assume the presiency of Chesf, 1here he ser*e
unti! &??. e 1as a member of the :oar of SGD66 from &?< to &?? an
:: uring the same perio. e returne to the uni*ersity in &?? an in &??%,
ran for a seat in the ouse of /epresentati*e. Current!y, he is City Grbanism
an Transportation Secretary of Sa!*aor:A. e is the !icense presient of
+unaQo Liberae e Ciaania, an a*isory an research organi3ation of
the Democratas party. e a!so ser*es as a member of the :oar of C6LBpar
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(Companhia 6nergtica e BoiXs e 5articipaQRes) an Light S.A., Light
Ser*iQos e 6!etriciae S.A. an Light 6nergia S.A.
R+ell) Ma$>+e! a S*l9a
:orn on 0anuary #%, &?<;, Mr. Si!*a ho!s a bache!or"s an master"s egree in
6conomics from Gni*ersiae +eera! e Minas Berais. Since September
#%%?, he has been a member of the +isca! Counci! of :anco a Ama3Unia S.A.
7 :ASA. e ser*e at the +inance Ministry, Secretary of 6conomic Super*ision
from August #%% through March #%&$. As A9unct Secretary, he coorinate
teams in ci*i! a*iation an airport, rai!roa, high1ay, port, e!ectricity, fue!, mining,
natura! resources an basic sanitation infrastructure to e*e!op stuies an
ebates in the feera! go*ernment 1ith sector regu!atory agencies an
Congress to impro*e regu!ation for greater efficiency an competiti*eness. e
represente the Secretary of 6conomic Monitoring an participate in
go*ernment forums on Acce!erate Bro1th 5rogram 7 5AC pro9ects. e has
ser*e as Senate Legis!ati*e Consu!tant for Mines an 6nergy since March
#%&$ in the +inance Ministry 7 Secretary of 6conomic Monitoring, being
responsib!e for stuies, ana!yses an !egis!ati*e proposa!s an e*a!uation of
pub!ic po!icy in the mines an energy sector to support senators an specific
Senate commissions.
L+*8 Ca$lo! a S*l9a Can*o J+n*o$
:orn in &?;?, Mr. CantZio ho!s a egree in :usiness Aministration from City
Co!!ege of e1 Wor2, :aruch Co!!ege. e began his career at Citiban2, 1here
he 1or2e from &?; to &?< in +oreign Trae. +rom &? to &??, he 1as
+inance Efficer at Confab, an from &?? to &??<, 6@ecuti*e Efficer of :ancoChase Manhattan S.A. an :anco orChem S.A., 1here he 1as in charge of
the internationa! i*ision. e 9oine Brupo Santaner in 0u!y of &??< as ea of
4nternationa! Di*ision. 4n mi&???, he became =ice5resient an responsib!e
for the commercia! area of the Corporate :an2 an Corporate 4n*estment
:an2ing unti! #%%?. Current!y, he is responsib!e for 6uity 4n*estments, is the
C6E of Santaner 5articipaQRes S.A. an a member of the :oar of Directors
of TA6SA 7 Transmissora A!ianQa e 6nergia 6!trica S.A., Sete :rasi!5articipaQRes S.A., 6nesa 5articipaQRes S.A., Corporaci\n Sienor S.A.,
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:rasi!>CT Comrcio e Turismo S.A. an EDCAmbie*o Tecno!ogia e 4no*aQo
Ambienta! S.A. e a!so ser*e as a member of the :oar of Directors of the
fo!!o1ing companies' :anco Santaner (:rasi!) S.A., :anco o 6stao e So
5au!o S.A. 7 :anespa, orchem Leasing S.A. 7 Arrenamento Mercanti!,
Maeira 6nergia S.A. 7 M6SA (Santo Antonio 6nergia) an /eno*a 6nergia
S.A. 4n aition, he has ser*e as e@ecuti*e officer of the fo!!o1ing companies'
:anco Santaner S.A., :o3ano, Simonsen S.A. Distribuiora e TZtu!os e
=a!ores Mobi!iXrios, 4sban :rasi! S.A., 5rouban Ser*iQos e 4nformXtica S.A.,
Santaner Aministraora e Cons\rcios Lta., Santaner Asset Management
Distribuiora e TZtu!os e =a!ores Mobi!iXrios Lta., Santaner :anespa
Companhia e Arrenamento Mercanti!, Santaner :rasi! Arrenamento
Mercanti! S.A., Santaner S.A. Ser*iQos Tcnicos, Aministrati*os an
Corretagem e Seguros, Santaner :rasi! Seguros S.A., Santaner
Capita!i3aQo S.A. an Santaner 4n*estimentos em 5articipaQRes S.A.
Da9* )lbe$!8an
:orn on December ?, &?;$, Mr. y!bers3ta9n has a 5h.D. in 6conomic
6ngineering from 4nstitut "6conomie 6T e 5o!itiue e L"6nergie 7 4656. e
ser*e as a member of the :oar of Directors of :anco o :rasi! S.A. from
0une &?? to Apri! #%%#. e 1as the Chairman of the :oar of Directors of
=iaQo Area /io Branense 7 =A/4B from May to o*ember #%%-. +rom
0anuary &?? to Ectober #%%&, he 1as the first Benera! Director of the ationa!
5etro!eum Agency 7 A5, carrying out its imp!ementation an conucting the
first auction rouns for oi! an gas e@p!oration an prouction b!oc2s. e signe
the first concession contracts, inc!uing those for presa!t fie!s. e 1as the
Coorinator of the 6nergy Master"s 5rogram of Gni*ersiae e So 5au!o(&? through December &??$). e is current!y a professor (!icense) at the
5ontifica! Catho!ic Gni*ersity of /io e 0aneiro. e 1as the So 5au!o State
Secretary of 6nergy from 0anuary &??; to 0anuary &??. e 1as the Chairman
of the :oar of Directors of Cesp, C5+L, 6!etropau!o an Comgas (from
0anuary &??; to 0anuary &??). Since +ebruary #%%#, he has been Managing
5artner of D eg\cios com 6nergia, a company that e!aborates stuies an
pro9ects re!ate to the energy sector.
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Ca$lo! Albe$o a C$+8
Hith a egree in 6!ectrica! 6ngineering from Gni*ersiae
Coimbra>Gni*ersiae, =eiga e A!meia, he has he! se*era! positions in Light
6nergia S.A. an Light Ser*iQos e 6!etriciae S.A. e ser*e in e!ectrica!
engineering, responsib!e for monitoring substation pro9ects an 1or2s of the
Substation an Transmission Lines 5ro9ect Management Di*ision, an 1as
Lea 6n*ironmenta! Auitor in the certification process for Light sites (SBA). e
represente Light in the Mines an 6nergy Ministry"s Hor2ing Broup on
regu!ating the !a1 estab!ishing !imits to 6!ectrica! an Magnetic +ie!s create
by po1er systems. e represente the /io e 0aneiro State Gnion of 6ngineers
an e!aborate the Light Socia! /esponsibi!ity 5rogram. e is current!y irector
of the /io e 0aneiro State Gnion of 6ngineers, a*isor to C/6A /0 an ser*es
as senior engineer of Light"s technica! i*ision.
Ale$nae Me#be$!
L+*8 e$nano Rolla
Current!y, Mr. /o!!a is the Chief Efficer for +inance, 4n*estor /e!ations an
Contro! of o!ings at C6M4B. e earne a egree in 6!ectrica! 6ngineering
from G+MB in &?<$, an comp!ete grauate stuies in 6conomic 6ngineering
an Data 5rocessing. e 9oine C6M4B in &?<;, an become in*o!*e in the
coorination an p!anning of the e!ectrica! system, coorination an e*a!uation
of pro9ects finance by the Hor! :an2, 4D:, Y+H an 6!etrobrXs, as 1e!! as
the internationa! funraising operation 1ith p!acement of 6urobons an share
b!oc2 trae. 4n &?<, he assume !eaership of the company"s in*estor re!ations
area, responsib!e for imp!ementing Le*e! 4 an Le*e! 44 AD/ programs (inc!uing!isting the company"s shares on the e1 Wor2 Stoc2 6@change), the company"s
aherence to Le*e! & of Corporate Bo*ernance on the :o*espa in #%%& an the
!isting of the company"s shares on the Mari an :arce!ona stoc2 e@changes
in #%%#. 4n #%%<, he became Chief Efficer for +inance, 4n*estor /e!ations an
Contro! of o!ings at C6M4B. 4n #%%, he 1as e!ecte the “:est C+E” in the
6!ectric an Gti!ities category by Investor $elations Ma#a%ine an a!so name
“:a!ancing Act of the Wear” by the :ra3i!ian 4nstitute of +inancia! 6@ecuti*es 74:6+. 4n #%%?, he 1as name “:est 4/ 5rofessiona!” by the Association of
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Ana!ysts an Capita! Mar2ets 5rofessiona!s an “:est 4n*estor /e!ations
Efficer” by I$ Ma#a%ine. 4n #%%?, he 1as e!ecte Chairman of the :ra3i!ian
4n*estor /e!ations 4nstitute 7 4:/4.
C!a$ 3a8 e Melo e$nane!
:orn on o*ember ;, &?;<, he earne an M:A in +inance in #%&% an another
in :usiness Management in #%%%, both from the :ra3i!ian Capita! Mar2ets
4nstitute (4:M6C). e earne his egree in 6!ectrica! 6ngineering from
Gni*ersiae +eera! e Minas Berais 7 G+MB an specia!i3e in Distribution
Management in +rance at 6!etricite e +rance in &?-. e a!so comp!ete
specia!i3ation in Distribution Management in S1een at S1ee 5o1er (&??<)
an technica! courses an *isits in the G.S. an 6urope, in 6!ectric Systems
Techno!ogy an Systems, 4nformation Techno!ogy, 4n*estor /e!ations
(&??,&??<,&???, #%%%, #%%&, #%%-, #%%, #%%?, #%&%, an #%&#). Since #%%,
he has been :usiness De*e!opment Superintenent at C6M4B. e is a member
of the :oar of Directors of Light, a member of the +inance Committee,
Management Committee, / Committee an Auit Committee coorinator, as
1e!! as a member of the :oar of Directors at Basmig. e is a member of the
Technica! Committee an +inance Committee at A@@ion, 1hich operates in 4T
an istribution automation, an a member of the :oar of Directors of Maeira
6nergia S.A M6SA, a company responsib!e for the G6 Santo AntUnio pro9ect
(&;% MH). e is a member of the +inance Committee at M6SA an a member
of the 6nergy /is2 Management Committee at C6M4B, 1here he is a!so
responsib!e for business e*e!opment (MA) in energy an gas istribution,
coorinator of pro9ect to acuire a sta2e in B:D (BXs :rasi!iano), an
coorinator of the pro9ect to acuire a sta2e in 6D5 (6!etriciae e 5ortuga!).
e$nano Hen$*>+e S'(+ffne$ Neo
e has a egree in 6!ectrica! 6ngineering from the 5ontifica! Catho!ic Gni*ersity
of Minas Berais, 1ith a master"s in Automation an Contro! from G4CAM5. e
a!so comp!ete an M:A program in :usiness Management at 4:M6C. Mr.
Schuffner eto participate in *arious e@ecuti*e eucation programs, inc!uing
+inance for 6@ecuti*es, 4S6AD 7 +rance. Since #%&%, he has been :usinessDe*e!opment Efficer at Cemig, 1here he pre*ious!y ser*e as Beneration an
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Transmission Efficer (#%%<7#%%) an Distribution an Commercia!i3ation
Efficer (#%%7#%&%). e is a member of the :oar of Directors of the ationa!
System Eperator (ES), a member of the :oar of Directors of Light S.A. an
Light Ser*iQos e 6!etriciae S.A., a member of the :oar of Directors of orte
6nergia S.A., a member of the :oar of Directors of /eno*a 6nergia S.A., a
member of the :oar of Directors of 5arati S.A. 5articipaQRes em Ati*os e
6nergia 6!trica, a member of the :oar of Directors of 6mpresa Ama3onense
e Transmisso e 6nergia S.A. an 6mpresa Santos Dumont e 6nergia S.A,
a member of the :oar of Directors of Cons\rcio Tapa9\s, Chief 6@ecuti*e
Efficer of 6mpresa e Ser*iQos e Comercia!i3aQo e 6nergia 6!trica S.A.
an Director of Cemig Traing S.A. +urthermore, he is a member of the
A*isory :oar of Socieae Mineira e 6ngenheiros an ser*e as a member
of the :oar of Directors of Cemig from #%%< to #%&#.
Ca$#en L'*a Cla+!!en Kane$
:orn on 0u!y ;, &?;%, she is current!y Chairman of the :oar of Directors of
:ras!ight an a member of the :oar of Directors of Light since &???. She 1as
4n*estor /e!ations Manager at Light, +unraising Manager at uc!ebrXs an
/ea! 6state Creit Ana!ysis Manager at :anco o 6stao o /io e 0aneiro
:A6/0. At the :ra3i!ian 4n*estor /e!ations 4nstitute (4:/4), she 1as a member
of the :oar of Directors, Director an 5resient of 4:/4/io. She ser*e as
A9unct 4nstitutiona! Efficer an member of the :oar of Directors of the
Association of Ana!ysts an 4n*estment 5rofessiona!s A54M6C /0. She has
a egree in Architecture from the Schoo! of Architecture an Grban 5!anning of
Gni*ersiae +eera! o /io e 0aneiro8 +inancia! 5!anning 7 5LA+A5 7
MM68 M:A Mar2eting #%%& 7 CE556AD.
*l!on o$$ao C*
:orn on August , &?$%, he has a egree in 0ourna!ism an 1or2e from #%%
to #%&% at Ergani3aQo 5anorama e ComunicaQo as a 1riter, po!itica!
co!umnist, an eitorinchief. At /Xio 5anorama, he 1or2e as a proucer
an presenter. e 1or2e at Sistema /egiona! e ComunicaQo as a 1riter an
po!itica! eitor ("i&rio $e#ional ) an as a participant on ebate programs for theTiraentes an 6ucati*a te!e*ision stations. e 1as Director of affi!iates an a
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1riter for 'stado de Minas, oe e* "ia an + ,e*o ne1spapers. e 1or2e
for &? years at + .lo/o ne1spaper as a corresponent for ona a Mata
region. e 1as 5romotions Efficer of the 0ui3 e +ora City Tourism Department,
Secretary Benera! of the Mariano 5roc\pio Museum Association in 0ui3 e
+ora, 5resient of the 0ui3 e +ora istorica! an Beographica! 4nstitute,
5resient of the Santo TomXs e Auino Cu!tura! 4nstitute of 0ui3 e +ora an
member of the City istorica! eritage 5reser*ation Counci!.
Jo! A+"+!o Go#e! Ca#%o!
:orn on December #, &?-$, Mr. Campos has ser*e as 5ro9ect De*e!opment
Director at Anrae Butierre3 ConcessRes S.A. since #%%?. 5re*ious!y, he
ser*e as 5ro9ect +inance Efficer at Corporaci\n Nuiport S.A., the
concessionaire for the Nuito 4nternationa! Airport (#%%- to #%%). e has #%
years of e@perience in the infrastructure sector, 1or2ing in high1ays (AB
ConcessRes an CC/ from &??; to #%%&), energy (Sue3Tractebe! from #%%&
to #%%-), an airports (Nuiport 7 6uaor an Aeris 7 Costa /ica, from #%%- to
#%&). e has a egree in 5hysics, 1ith specia!i3ation in so!i state an
materia! sciences from Gni*ersiae 6staua! e Campinas (Gnicamp). 4n the
!ast fi*e years, Mr. Campos has a!so ser*e as an a!ternate member of the
:oar of Directors of C6M4B, C6M4B BeraQo e Transmisso an C6M4B
DistribuiQo, an ser*e as an a!ternate member of the +isca! Counci! of CC/.
e is current!y an a!ternate member of the :oar of Directors of Light S>A, Light
6nergia S>A an Light Ser*iQos e 6!etriciae S>A, positions for 1hich he is up
for ree!ection.
Ma$'elo Pe$e*$a e Ol*9e*$a
:orn on o*ember &<, &?-<, he earne a egree in 6conomics from +acu!ae
Canio Menes in &??%, an M:A in +inance from the :ra3i!ian Capita! Mar2ets
4nstitute (4:M6C) in &??$. e began his career as a 9unior economist at
+unaQo /ee +erro*iXria e Seguriae Socia!. +rom &??# to &??<, he
ser*e as 6conomist, Management Accounting Di*ision Chief an Manager of
the Contro! an e1 :usiness Department at Light S.A. +rom &??< to #%%$, he
1as an Efficer at S6:, assistant to the =ice5resient of Companhia 6nergticae Minas Berais (Cemig), C6E of 6!etronet, 6mpresa e 4nfo*ias an Hay
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:rasi! Te!ecomunicaQRes, in aition to Chief +inancia! an 4n*estor /e!ations
Efficer at 6!etronet S.A an the consortium of the Aimors yroe!ectric 5o1er
5!ant. +rom #%%$ to #%%- at Brupo eoenergia, he 1as Superintenent of
5!anning an Contro! for Companhia e 6!etriciae o 6stao a :ahia
Coe!ba, S.A. +rom #%%- to current, he has 1or2e at the Brupo +45 :rasi!
6nergia as the C6E of 4ntegraQo Transmissora e 6nergia S.A, Terme!trica
=iana S.A. an 5C /io o :raQo S.A. e 1as a sitting member of the :oar of
Directors of the fo!!o1ing companies' Cemig, 6!etronet, Hay :rasi!, Cons\rcio
Aimors, A6S Communications /io e 0aneiro S.A., 4ntesa, Te*isa an 5C
/io o :raQo S.A., an Chairman of the +isca! Counci! of A6S 6!etropau!o S.A.
Ca$lo! Anon*o De'e8a$o
e has a egree in :usiness Aministration from Gni*ersiae a /egio e
0oin*i!!e (Gni*i!!e), 1ith specia!i3ation uner the Senior 6@ecuti*e De*e!opment
5rogram of Gni*ersiae +eera! o /io e 0aneiro, Management Brauate
an /esearch 4nstitute, M:A 7 4nternationa! :usiness, an lato sensu grauate
stuies at +unaQo 4nstituto e 5esuisas 6conUmicas 7 +456. e comp!ete
a Corporate Bo*ernance program at +ipecafi +unaQo 4nstituto e 5esuisas
ContXbeis, Atuariais e +inanceiras, an institutiona! support boy of the
Accounting an Actuaria! Sciences of the 6conomics, Management an
Accounting Co!!ege of Gni*ersiae e So 5au!o. e is certifie uner the
+B= C6E program by the Brauate Schoo! of 6conomics an :ra3i!ian Schoo!
of 5ub!ic Aministration at +unaQo Betu!io =argas8 M:A 7 A*ance
:usiness Management from 4nstituto e 6nsino e 5esuisa em AministraQo
465AD an Gni*ersiae +eera! o Mato Brosso 7 G+MTM. e 9oine :anco
o :rasi! S.A. in December &?&, 1here he ser*e as, among other functions,Ser*ice Manager, :ranch Manager, /egiona! Superintenent in Santa Maria
/S, CriciumaSC, 0oin*i!!eSC, +!orian\po!isSC an So 5au!oS5. 4n the past
fi*e years, he ser*e as' /egiona! Superintenent in So 5au!oS5, responsib!e
for coorinating sa!es, ser*ice an management processes at retai! branches in
the region8 Superintenent of 5iauZ State, responsib!e for coorinating sa!es,
ser*ice an management processes at retai! branches in the state, as 1e!! as
institutiona! representation 1ith a!! parties in the region, inc!uing go*ernment,!egis!ators an the courts, associations, organi3ations, etc.8 6@ecuti*e Director
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of /etai!, responsib!e for istribution of in*estment funs an management of
fun raising proucts (eman eposits, time eposits an sa*ings) an
chec2ing accounts an :an2 fees at the nationa! !e*e!8 6@ecuti*e Director of
Distribution in So 5au!o, responsib!e for managing the aministrati*e i*ision
of retai! branches in So 5au!o State, inc!uing ser*ice, comp!iance, interna!
contro!, efau!t, operating !osses, interna! an e@terna! communication, an
information. A!ternate member of the :oar of Directors of Light S.A., Light
S.6.S.A an Light 6nergia S.A.
Al#*$ Jo! o! Sano!
:orn on 0une #?, &?$, he has ser*e as C+E of Centrais 6!tricas o orte o
:rasi! S.A. 6!etronorte, C6E of Companhia Au@i!iar e 6mpresas 6!tricas
:rasi!eiras (Caeeb), A*isor to the C6E of 6!etrobrXs, senior consu!tant of
pri*ati3e companies, C+E of ati*a 6ngenharia, Chief Aministrati*e an
+inancia! Efficer of +unaQo 6!etronuc!ear e Assist^ncia Mica, an a
member of the +isca! Counci! of Light S.A. an 6@ce!sa. e has a egree in
6conomics from +acu!ae e 6conomia e +inanQas o /io e 0aneiro.
Ma"no o! Sano! *l(o
:orn on o*ember -, &?-, he starte his career at Centro e Apreni3es e
EfZcios (Hor2 Apprentice Center) at the inustria! par2 in Triagem in &?<. e
ser*e as Eperator of Substations at Light Ser*iQos e 6!etriciae S.A. unti!
&??$, 1hen he 1as e!ecte Grban Hor2ers" Gnion Director. 4n #%%#, he became
5resient of the /io e 0aneiro an /egion 6nergy Company Hor2ers" Gnion
Sintergia for t1o terms. 4n 0une #%%?, he became SecretaryBenera! of the
Grban Hor2ers" +eeration, continuing as Training Efficer for Sintergia.
*!'al Co+n'*l
S**n" Me#be$!
A$*!ele! L+*8 Mene8e! 3a!'on'ello! D$+##on
Mr. Drummon 1as born on o*ember ##, &?$$, comp!ete seconaryeucation, an has professiona! e@perience in the areas of 9ourna!ism, pub!ic
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re!ations an business management. e is certifie to act as a fisca! counci!
an boar of irectors" member by the :ra3i!ian Corporate Bo*ernance 4nstitute
(4:BC). e 1or2e in the pri*ate sector as A*isor to the :oar of 6@ecuti*e
Efficers of :anco aciona! (&?-&?<%) an in &?< he became the Managing
Efficer of 4ra 7 Assessoria e Consu!toria Lta. 4n the Buanabara State
Bo*ernment (egro e Lima aministration) he he! the positions of 5resient
an Efficer of Companhia e abitaQo 5opu!ar o 6stao a Buanabara
(CEA:B:), a*isor to the Buanabara State Bo*ernment Secretary an ea
of Di*ision at the 5ub!ic Hor2s State Secretary. 4n the +eera! Bo*ernment
scope, Mr. Drummon ser*e as A*isor an ea of the Mines an 6nergy
Ministers Effice (&?%&?$). e ser*e as Chief Aministrati*e Efficer of Light
S.A. in &?; an from o*ember &?< to 0une &??-, member of the :oar of
Directors of /io e 0aneiro Sub1ay System (&?;), Centrais 6!tricas o orte
S.A. (&??-#%%#), Manaus 6nergia S.A. an :oa =ista 6nergia S.A. (&??<
#%%#). e 1as a member an Chairman of the +isca! Counci! of =AL6 (&?-
&?? an a member of the +isca! Counci! of 5etroferti! S.A. e a!so ser*e as
9uge of the Labor Court of /io e 0aneiro (T/T/0) from &??$ to &??<.
Current!y, he has been a member an the Chairman of the +isca! Counci! of
Companhia 6nergtica e Minas Berais (Cemig) since &???, a member of the
:oar of Directors of C6MAT, an a member an the Chairman of the +isca!
Counci! of Light S.A.
$an'*!'o L+*8 Mo$e*$a Penna
:orn on September , &?$, Mr. 5enna has a egree in :usiness
Aministration from the Co!!ege of Aministrati*e Sciences of GA. e began
his career at Lier 6ngenharia Lta., 1or2ing in ci*i! construction. e ser*e asa member of the :oar of Directors of 5roabe! for three years, the Secretary of
State for 5ub!ic Hor2s (May &?- to March &?<), Chief Aministrati*e an
+inancia! Efficer an a member of the :oar of Directors of BASM4B 7
Companhia e BXs e Minas Berais (o*ember &??& to 0anuary &???), ea
of +inance an Mar2et /e!ations at C6M4B 7 Companhia 6nergtica e Minas
Berais, De*e!opment Ana!yst of :anco e Desen*o!*imento e Minas Berais
:DMB (+ebruary &??? to March #%%$), an he pro*ie ser*ices to the Statean City Bo*ernments (0u!y &??; to 0anuary &???). e has been a member of
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the +isca! Counci! of C6M4B Te!ecom 7 Cemig Te!ecomunicaQRes S.A. since
0u!y #%&%, of /eentor 6nergia S.A. since September #%&&, an of BASM4B 7
Companhia e BXs e Minas Berais since Apri! #%&&. e is a!so a member of
the +isca! Counci! of Light S.A.
Ro"$*o e$nano Lo
:orn on 0anuary , &?-;, Mr. Lot has a bache!or"s egree in :usiness
Aministration, an an M:A in Benera! Training for Senior 6@ecuti*es from
G+/0>G4::. e 9oine :anco o :rasi! in December &?, 1here he has he!
se*era! management positions. Since +ebruary #%&#, he is ea of 5ri*ate
:an2 Di*ision, being a member of the :oar of 6@ecuti*e Efficers an
responsib!e for the 5ri*ate :an2 businesses. +rom September #%%? to +ebruary
#%&#, he 1as the Benera! Manager of the Miami branch of :anco o :rasi!, an
responsib!e for imp!ementing the 5ri*ate :an2 operations in the GSA, reaching
&#,%%% c!ients an increasing AGM from GSI-;% mi!!ion to GSI#.% bi!!ion. e
a!so imp!emente the arm of :: Securities LLC in Miami to ser*e the 5ri*ate
:an2 mar2et. +rom +ebruary #%%< to September #%%?, he ser*e as the Chief
/epresentati*e of the Hashington DC branch of :anco o :rasi!, 1or2ing 1ith
internationa! mu!ti!atera! organisms such as Hor! :an2, 4nternationa! Monetary
+un, 4nterAmerican De*e!opment :an2, among others. +rom 0une #%%$ to
+ebruary #%%<, he acte as interim irector an e@ecuti*e manager of the
+oreign Trae Di*ision of :anco o :rasi! in :rasZ!ia D+, being a member of the
:oar of 6@ecuti*e Efficer of :anco o :rasi! an responsib!e for +oreign Trae
business. 4n #%%-, he ser*e as a member of the :oar of Directors of T6YA
Tece!agem Yuenrich, base in :!umenau SC, representing 5/6=4 :anco o
:rasi! 6mp!oyee 5ension +un. Current!y, he ser*es as a member of the +isca!Counci! of Light S.A.
Al*!!on An$ae Go*n(o
Mr. Boinho earne a La1 egree from +acu!ae e Direito Mi!ton Campos
(o*a Lima, MB) in December of #%%< an comp!ete grauate stuies in
5ub!ic Aministration 5/EA5 =4 at +unaQo 0oo 5inheiro. Current!y, he is a
partner at Agui!ar, Martins Boinho A*ogaos Associaos, 1here he has
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ser*e since 0anuary #%&&. +rom +ebruary #%%< through 0anuary #%&&, he
acte as Lega! A*isor to the Minas Berais State ouse of /epresentati*es.
Ale$nae #e#be$!
A$* a$'elo! a S*l9a
:orn on March , &?$#, Mr. Si!*a has egrees in :usiness Aministration
(C/A>/0 o #%#<&%<<) an Accounting Sciences (C/C>/0 o &&-#<-). e
ser*e as 6@terna! Auitor at Arthur Anersen Co., 4nterna! Auitor at
6mpreenimentos e 6stuos 6conUmicos S.A., Benera! Accountant at
Companhia Buanabara e Crito, +inanciamento e 4n*estimento, Assistant to
the Chief +inancia! Efficer of Companhia iro 6!trica o So +rancisco
(C6S+), 5resient of +unaQo 6!etrobrXs e Seguriae Socia! (6L6T/ES),
ea of Accounting at 6L6T/E:/S, Ta@ Efficer at +unaQo e Seguriae
Socia! (B6AS5), Chief +inancia! Efficer at Centrais 6!tricas o Maranho S.A.
(C6MA/), ea Auitor an ea of the C6E"s Effice at 6!etrobrXs
Termonuc!ear (6!etronuc!ear), an 6@ecuti*e Efficer at 4n*estimentos
Canaenses em 6nergia Lta. (4CA6) an Companhia Canaense e
4n*estimentos em 6nergia (:rascan Broup). Mr. Si!*a 1as a member of the
+isca! Counci! an :oar of Directors of the fo!!o1ing companies' Centrais
6!tricas S.A. (6L6T/ESGL), Companhia iro 6!trica o So +rancisco
(C6S+), Companhia Au@i!iar e 6mpresas 6!tricas :rasi!eiras (CA66:),
+G/AS, C6MA/ an +unaQo 6!etrobrXs e Seguriae Socia!. Current!y,
he ser*es as a member of the :oar of Directors of Light S.A. an Companhia
6nergtica e Minas Berais (C6M4B).
Ronal Ga!o An$ae Re*!
:orn on o*ember &<, &?$, Mr. /eis ho!s a bache!or"s egree in business
aministration from the 5ontifica! Catho!ic Gni*ersity of Minas Berais, an
comp!ete a specia!i3ation program in 6conomic+inancia! 5!anning in Toronto,
Canaa. e 9oine Companhia 6nergtica e Minas Berais (C6M4B) in &?-<,
1here he ser*e unti! o*ember &??<8 ea of +inancia! Contro! an 5!anning
unti! o*ember &??<, responsib!e for the buget, cost an funing areas8responsib!e for structuring the +inancia! Management of the ationa! 6!ectric
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System Eperator (ES), upon its creation8 +inancia! 6@ecuti*e Manager of
ES unti! #%%8 A*isor to the 5resient of ES in the imp!ementation of the
5ro9ect Effice of the Eperation. Current!y, he ser*es as a consu!tant to ES in
the 5ro9ect Management an +inance areas. e is a!so an a!ternate member of
the +isca! Counci! of Light S.A.
Al*o#a$ a$'elo! a S*l9a
Hith a egree in 6conomics an specia!i3ation in +inance, he has been acti*e
in the financia!, capita!, monetary, foreign e@change an insurance mar2ets. Mr.
Si!*a has broa e@perience in corporate financia! p!anning, negotiation 1ith
commercia! ban2s, cash f!o1 management an treasury operations. e is a
professor of unergrauate an grauate c!asses in corporate finance,
economics an business aministration. e has pro*ie consu!ting ser*ices in
the area of finance to financia! companies an higher eucation institutions,
in*o!*ing cost management, cash f!o1 imp!ementation an management,
interna! contro!s, bugeting, etc. e has ser*e as a member of +isca! Counci!s
of companies that be!ong to the Cemig Broup since #%%%. e is a!so an
a!ternate member of the +isca! Counci! of Light S.A. an has e*e!ope
acaemic acti*ities in teaching an research since &?<<.
$an'*!'o 3*'ene Sanana S*l9a Telle!
:orn on May &%, &?-?, Mr. Te!!es earne a egree from G+/0 in &??$, an an
M:A in +inance from 4:M6C/0 in &???. e has #$ years of e@perience in
contro!!ership, treasury, auit an ne1 business at companies in the fo!!o1ing
inustries' energy, te!ecommunications, entertainment an in*estment ban2ing.
4n the past ten years, he has ser*e as Superintenent at A6S6!etropau!o,Contro!!er at Lafarge, C+E at 6nemo!g!obo an has been Contro!!er at S56s
Te*isa an LBSA since #%%. e is a!so a member of the +isca! Counci! of
C6M4B, 6!etronet, 4ntesa, /eentor, Sete :rasi! an Light.
b. e!'$*%*on of an) of (e follo7*n" e9en! (a (a9e o''+$$e *n (e %a!
f*9e )ea$!=
*. '$*#*nal 'on9*'*on
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**. 'on9*'*on *n a C3M a#*n*!$a*9e %$o'e+$e an (e %enal*e!
*#%o!e
***. f*nal an +na%%ealable 'on9*'*on *n +*'*al o$ a#*n*!$a*9e !%(e$e
7(*'( (a! e*(e$ !+!%ene o$ %$o(*b*e (e %$a'*'e of an) %$ofe!!*onal
o$ 'o##e$'*al a'*9*)
Me#be$! of (e oa$ of D*$e'o$!
A!! professiona!s mentione in item &#.- abo*e ini*iua!!y ec!are, for
a!! !ega! purposes, that in the !ast fi*e years they ha*e not been sub9ect to the
effects of any crimina! con*iction, con*iction in an aministrati*e proceure of
C=M, an unappea!ab!e con*iction in the 9uicia! or aministrati*e sphere
suspening or in*a!iating the e@ercise of professiona! or commercia! acti*ity.
Me#be$! of (e *!'al Co+n'*l
A!! professiona!s mentione in item &#.- abo*e ini*iua!!y ec!are, for
a!! !ega! purposes, that in the !ast fi*e years they ha*e not been sub9ect to the
effects of any crimina! con*iction, con*iction in an aministrati*e proceure of
C=M, an unappea!ab!e con*iction in the 9uicia! or aministrati*e sphere
suspening or in*a!iating the e@ercise of professiona! or commercia! acti*ity.
12.B Info$# (e e<*!en'e of #a$*al o$ !able $ela*on!(*%, o$ 6*n!(*%
+% o !e'on e"$ee be7een=
a. *!!+e$’! #e#be$! of (e Mana"e#en
one.
b. @*5 #e#be$! of (e Mana"e#en of (e *!!+e$ an @**5 #e#be$! of (e
Mana"e#en of *$e' o$ *n*$e' !+b!**a$*e! of (e *!!+e$
one.
'. @*5 #e#be$! of (e Mana"e#en of (e *!!+e$ o$ *! *$e' o$ *n*$e'
!+b!**a$*e! an @**5 (e *!!+e$’! *$e' o$ *n*$e' 'on$oll*n" !(a$e(ole$!
one.
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. @*5 #e#be$! of (e Mana"e#en of (e *!!+e$ an @**5 #e#be$! of (e
Mana"e#en of *$e' o$ *n*$e' %a$en 'o#%an*e! of (e *!!+e$
one
12.10 Info$# (e (*e$a$'(*'al !$+'+$e!, !e$9*'e! $ene$e o$
'on$ol $ela*on!(*% *n (e %a! ($ee f*!'al )ea$! be7een (e
#e#be$! of (e Mana"e#en of (e *!!+e$ an=
a. *$e' o$ *n*$e' !+b!**a$) of (e *!!+e$
Sergio A!air :arroso, umberto 6ustXuio Csar Mota, /au! :e!ens
0ungmann 5into, Maria 6ste!a Yubitschec2 Lopes, Da*i y!bers3ta9n, D9a!ma
:astos e Morais, 0os Car!os A!e!uia Costa, /ute!!y Marues a Si!*a, LuZs
Car!os a Si!*a Cantiio 0[nior, Car!os A!berto a Cru3, Lui3 +ernano /o!!a,
Csar =a3 e Me!o +ernanes, +ernano enriue Schuffner eto, Carmen
L[cia C!aussen Yanter, Hi!son :orra9o Ci, 0os Augusto Bomes Campos,
Marce!o 5ereira e E!i*eira, Magno os Santos +i!ho, A!mir 0os os Santos,
an Car!os Antonio Dece3aro, nominate to the Company"s :oar of Directors,
are members of the :oar of Directors of Light 7 Ser*iQos e 6!etriciae S.A.,
a subsiiary of the Company.
Magno os Santos +i!ho ser*e as Substation Eperator of Light Ser*iQos
e 6!etriciae S.A. unti! &??$, 1hen he !eft to e@ercise union acti*ities.
+rancisco Lui3 Moreira 5enna, Arist\te!es Drummon, A!isson Anrae
Boinho, /ogrio +ernano Lot, A!iomar Si!*a Lima, Ari :arce!os a Si!*a,
/ona! Basto Anrae /eis, an +rancisco =icente Santana Si!*a Te!!es are
members of the +isca! Counci! of Light S.A.
b. *$e' o$ *n*$e' 'on$oll*n" !(a$e(ole$ of (e *!!+e$
The persons be!o1 ha*e a suborinate re!ation to the Company"s irect or
inirect contro!!er, as escribe'
D9a!ma :astos e Morais is the C6E an member of the :oar of Directors of
Companhia 6nergtica e Minas Berais (C6M4B), 1hich is part of the
contro!!ing b!oc2 of Light S.A.
Lui3 +ernano /o!!a is an officer at Companhia 6nergtica e Minas Berais
(C6M4B), 1hich is part of the contro!!ing b!oc2 of Light S.A.
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Csar =a3 e Me!o +ernanes is :usiness De*e!opment Superintenent of
Companhia 6nergtica e Minas Berais (C6M4B), 1hich is part of the
contro!!ing b!oc2 of Light S.A.
+ernano Schffner is an officer an member of the :oar of Directors of
Companhia 6nergtica e Minas Berais (C6M4B), 1hich is part of the
contro!!ing b!oc2 of Light S.A.
Ari :arce!os a Si!*a is a member of the +isca! Counci! of Companhia
6nergtica e Minas Berais (C6M4B), 1hich is part of the contro!!ing b!oc2 of
Light S.A.
Arist\te!es Lui3 Mene3es =asconce!!os Drummon is a member of the +isca!
Counci! of Companhia 6nergtica e Minas Berais (C6M4B), 1hich is part of
the contro!!ing b!oc2 of Light S.A.
/ona! Basto Anrae /eis 1as a member of the +isca! Counci! of
Companhia 6nergtica e Minas Berais (C6M4B), 1hich is part of the
contro!!ing b!oc2 of Light S.A.
+rancisco Lui3 Moreira 5enna 1as an officer of C6M4B, 1hich is part of the
contro!!ing b!oc2 of Light S.A., an is a member of the +isca! Counci! of
/eentor 6nergia S.A., parent company of Light S.A.
A!iomar Si!*a Lima is a member of the +isca! Counci! of Companhia 6nergtica
e Minas Berais (C6M4B), 1hich is part of the contro!!ing b!oc2 of Light S.A.,
an a member of the +isca! Counci! of /eentor 6nergia S.A., inirect contro!!er
of the Company.
0os Augusto Bomes Campos is an a!ternate member of the :oar of Directors
of C6M4B, 1hich is part of the contro!!ing b!oc2 of Light S.A.
/ute!!y Marues a Si!*a is a member of the :oar of Directors of 5A/AT4 S.A.
5articipaQRes em Ati*os e 6nergia 6!trica, as 1e!! as of /eentor 6nergiaS.A., 1hich are irect contro!!ers of Light S.A.
'. *f $ele9an, !+%%l*e$, 'l*en, ebo$ o$ '$e*o$ of (e *!!+e$, *!
!+b!**a$) o$ %a$en 'o#%an), o$ !+b!**a$*e! of an) of (e!e %e$!on!
one.
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I3 & Co#%en!a*on fo$ (e Mana"e#en an *!'al Co+n'*l (C=M
4nstruction $&, Artic!e &#)
Co#%en!a*on fo$ (e Mana"e#en an *!'al Co+n'*l
+or fisca! year #%&$, the Company submitte to the :oar of Directors"
Meeting of March &%, #%&$ the proposa! for o*era!! annua! compensation for the
management of the Company, Light S.6.S.A. an Light 6nergia S.A. tota!ing
t1entyt1o mi!!ion, si@ hunre fiftyone thousan, si@ hunre ninetyfour reais
(/I##,-;&,-?$.%%), an for ini*iua! month!y compensation for the members of
the +isca! Counci!, 1hen ser*ing as a sitting member, in the amount of se*en
thousan, fi*e hunre an thirtyeight reais (/I<,;.%%), an 1hen ser*ing as
an a!ternate member, in the amount of three thousan, se*en hunre an
si@tynine reais (/I,<-?.%%).
1:.1 De!'$*be (e %ol*') o$ %$a'*'e of 'o#%en!a*on of (e boa$ of
*$e'o$!, !a+o$) an non!a+o$) boa$ of e<e'+*9e off*'e$!,
f*!'al 'o+n'*l, !a+o$) 'o##*ee!, an a+*, $*!6, f*nan'*al an
'o#%en!a*on 'o##*ee!, a$e!!*n" (e follo7*n" a!%e'!B
a. obe'*9e! of (e 'o#%en!a*on %ol*') o$ %$a'*'e
:ase on mar2et research, the Company"s compensation po!icy
comp!ies 1ith best corporate go*ernance practices an aims to attract an
retain ua!ifie an competent professiona!s.
The Company"s strategy is to maintain a sustainab!e, transparent po!icy
targeting a resu!toriente cu!ture. 4n this conte@t, the *ariab!e compensation
p!ays an important ro!e, since shareho!ers share success an *a!ue generation
1ith the e@ecuti*e officers, creating a !ongterm *ision an sustainabi!ity, in
aition to a!igning a!! their interests.
The uman /esources Committee, 1ithin the Company"s organi3ationa!
structure, is responsib!e for aressing matters re!ate to the compensation of
the statutory management. This committee is permanent an aims to re*ie1
' (he information on the compensation polic" should encompass audit, risk, financial and compensation
committees, as well as similar orani!ational structures, even if such committees or structures are non#statutor", as lon as such committees or structures participate in the decision#makin process of the
manaement &odies of the issuer as consultants or inspectors.
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an propose to the :oar of Directors po!icies an guie!ines of compensation
of the Companys statutory e@ecuti*e officers, as 1e!! as of the members of the
:oar of Directors an +isca! Counci!, base on performance targets
estab!ishe by the :oar of Directors.
The :oar of Directors e@amines the uman /esources Committee"s
recommenations an appro*es the fi@e an *ariab!e compensation amounts,
respecting the !imits estab!ishe at the Annua! Shareho!ers" Meeting.
b. b$ea6o7n of (e 'o#%en!a*on, *n*'a*n"=
*. e!'$*%*on of (e 'o#%en!a*on 'o#%onen! an (e obe'*9e! of
ea'( one of (e#=
The Company aopts a moe! compose of fi@e month!y compensation an
*ariab!e compensation, base on the resu!t of ini*iua! an corporate
performance inicators, in aition to benefits.
1 & oa$ of D*$e'o$!
The members of the :oar of Directors are entit!e to fi@e compensation on!y.
A!! members recei*e the same compensation base on the position they ho!O
sitting or a!ternate member.
2 & oa$ of E<e'+*9e Off*'e$!
The members of the :oar of 6@ecuti*e Efficers are entit!e to fi@e an
*ariab!e compensation.
The amounts pai as fi@e compensation are base on the mar2et"s a*erage,
inc!uing a more substantia! portion in the *ariab!e compensation, base on
ini*iua! performance, as 1e!! as the Company"s g!oba! inicators, 1hicha!!o1s the ris2s an resu!ts to be share, a!igning the interests of the Company
1ith those of the e@ecuti*e officers.
4t is 1orth noting that the Company has a uman /esources Committee that
e@amines the compensation strategy to be aopte, as 1e!! as its beneficiaries,
sub9ect to the :oar of Directors for appro*a!.
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: & *!'al Co+n'*l
The compensation of the +isca! Counci! is estab!ishe by Shareho!ers"
Meeting in 1hich the members are e!ecte an may not be inferior to &%F of
the a*erage compensation for e@ecuti*e officers, e@c!uing benefits an agency
fees. The members of the +isca! Counci! are entit!e to fi@e compensation on!y,
besies !ega! reimbursements for transportation an !oging e@penses eeme
as necessary for the performance of their uties.
4 & Co##*ee!
A!! members of the Committees are aministrators an o not recei*e aitiona!
compensation for participating in the committees.
**. !(a$e of ea'( 'o#%en!a*on 'o#%onen *n (e oal 'o#%en!a*on
4n the case of the :oar of Directors an +isca! Counci!, the fi@e compensation
represents &%%F of their tota! compensation.
4n the case of the :oar of 6@ecuti*e Efficers, in #%& the fi@e portion
represente -F of the tota! compensation, 1hi!e the *ariab!e portion
represente #F, an “other” $F. These figures *ary in accorance 1ith the
Company"s resu!ts an targets achie*e in each year.
***. 'al'+la*on an a+!#en #e(o of ea'( 'o#%en!a*on 'o#%onen
The fi@e an *ariab!e compensations for the :oar of 6@ecuti*e Efficers fo!!o1
the mar2et"s e*e!opment, 1hich is assesse through sur*eys conucte by
specia!i3e consu!ting firms that e*a!uate competiti*eness an nee for
a9ustments. The fi@e compensation is estab!ishe consiering peer
companies, in aition to the responsibi!ities of each emp!oyee, as 1e!! as thecomp!e@ity an 2no1!ege !e*e! reuire for their position. The *ariab!e
compensation epens on the achie*ement of targets for financia! an
operating resu!ts that are common for a!! members of the :oar of 6@ecuti*e
Efficers.
The compensation of the :oar of Directors an +isca! Counci! is a9uste to
inf!ation on an annua! basis.
*9. $ea!on! +!*f)*n" (e 'o#%en!a*on’! 'o#%o!**on
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The Company has a compensation po!icy that concentrates a substantia!
portion in the *ariab!e compensation, in !ine 1ith its strategy of sharing success
an *a!ue generation 1ith the e@ecuti*e officers, in aition to fostering a !ong
term *ision an sustainabi!ity.
'. #a*n %e$fo$#an'e *n*'ao$! (a a$e a6en *no
'on!*e$a*on 7(en ee$#*n*n" ea'( 'o#%en!a*on 'o#%onen=
To etermine the compensation, the Company"s g!oba! inicators are ta2en into
consieration, 1hich are appro*e by the :oar of Directors an inc!ue the
targets set for the year (for e@amp!e, 6:4TDA, net income, i*iens, ua!ity of
ser*ices renere, occupationa! safety, !osses, co!!ection).
. (o7 (e 'o#%en!a*on *! !$+'+$e o $efle' (e e9ol+*on
of (e %e$fo$#an'e *n*'ao$!
The *ariab!e compensation is irect!y connecte 1ith the Company"s
performance an achie*ement of the targets estab!ishe for the perio uner
consieration.
e. (o7 (e 'o#%en!a*on %ol*') o$ %$a'*'e al*"n! *!elf 7*(
(e Co#%an)’! *ne$e!! *n (e !(o$, #e*+# an lon" e$#
The main ob9ecti*e of the Company"s compensation po!icy is to a!ign the
interests of the members of the Management 1ith those of the shareho!ers,
assigning an o*era!! compensation an its respecti*e components consistent!y
1ith mar2et best practices in the segments 1here the Company operates, as
1e!! as 1ith short, meium, an !ong term goa!s, an ob9ecti*es of *a!ue
generation to shareho!ers, sharing ris2s an resu!ts 1ith the Company"se@ecuti*e officers.
f. e<*!en'e of a 'o#%en!a*on !+%%o$e b) !+b!**a$*e!,
*$e' o$ *n*$e' 'on$olle 'o#%an*e! o$ 'on$oll*n" !(a$e(ole$!
The subsiiaries Light S6SA an Light 6nergia partia!!y support the
compensation of the Company"s Management. There is no other compensation
or benefit supporte by irect or inirect contro!!ing shareho!ers.
1
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". e<*!en'e of an) 'o#%en!a*on o$ benef* %e""e o a
'e$a*n 'o$%o$ae e9en !+'( a! !ale of !(a$e 'on$ol of (e *!!+e$
There is no compensation or benefit pegge to a certain corporate e*ent
such as sa!e of share contro! of the Company.
1:.2 & Toal 'o#%en!a*on %e$ bo)10=
2014oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$! 22 - 10 40
*<e ann+al'o#%en!a*on @R5
2,:,0B- 10,:,/10 -/,10 1:,B4/,-1
alaries oicers3 co*ensation
&,?-#,;# ;,;-,#-; <&,$# ,;#,#-?
"irect and rin#e /eneits <%,;$% <%,;$%Particiation inCo**ittees
+t!ers ?#,;&- $,%%,%; &$#,-; $,;$$,%%-
3a$*able 'o#%en!a*on -,: -,/1B,12/ -,04,-B
onus $,;&#,<-? $,;&#,<-?
Proit !arin#
Attendance at Meetin#s
Co**issions
+t!ers (I5P) $,&%-,;< $,&%-,;<
Ethers ;,<;
;,<;
Po!e#%lo)#en benef*!
enef*! +e o (ee$#*na*on of (e
%o!**on (el
S(a$eba!e %a)#en
Toal 'o#%en!a*on 2,440,-1 1B,:4,:/ -/,10 22,/1,/B4
201: oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9e
*!'alCo+n'*l
Toal
1) (he information on the compensation polic" should encompass audit, risk, financial and compensation
committees, as well as similar orani!ational structures, even if such committees or structures are non#
statutor", as lon as such committees or structures participate in the decision#makin process of themanaement &odies of the issuer as consultants or inspectors.
11
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Off*'e$!
N+#be$ of #e#be$!
21.42 - 10 :B.42
*<e ann+al
'o#%en!a*on @R5
1,/4,42
B,11,1- /4,:-
11,4/0,2-/
alaries oicers3 co*ensation
&,<,?;#
;,-$;,&#& ;$;,#?
<,;-?,<&
"irect and rin#e/eneits
;,<;- ;,<;-
Particiation inCo**ittees
+t!ers #<;,<?
%#,-#
%,%? &%?,%-%,%%;,&;?
3a$*able'o#%en!a*on
:,-4
:,-1:,-4:,-1
onus ,&
&,%# ,&&,%#
Proit !arin#
Attendance at Meetin#s
Co**issions
+t!ers
--
#,%-? --#,%-?
Po!e#%lo)#enbenef*!
enef*! +e o (ee$#*na*on of (e
%o!**on (el
;&,# :1,:2:
S(a$eba!e%a)#en
O9e$all Toal1,/4,4
21:,2
/,:-1 /4,:-1,-:,4-1
2012 oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$! 21.2 -.:: 10 :B.-
*<e ann+al'o#%en!a*on @R5
1,14,12:-,-4B,BB //,:0- 11,:B:,2/0
alaries oicers3 co*ensation
&,#-&,<-? ;,#?,?$ ;;$,$#$ <,&$,-
"irect and rin#e/eneits
<%,-< &,%&,&%
12
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Particiation inCo**ittees
+t!ers #;#,;$ #,#%,$&$ &&%,; ,#&,<-#
3a$*able
'o#%en!a*on :,B,2- :,B,2-
onus ,?<;,;# ,?<;,;#
Proit !arin#
Attendance at Meetin#s
Co**issions
+t!ers (I5P)
Po!e#%lo)#enbenef*!
enef*! +e o (ee$#*na*on of (e
%o!**on (el ?<;,?% ?<;,?%
S(a$eba!e%a)#en
O9e$all Toal 1,14,12: 1:,-01,41: //,:0- 1,B-0,-44
2011oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$! 20.:: . 10 :-.1
*<e ann+al'o#%en!a*on @R5
1,0/,:2: ,2:1,::B 20,41 /,-2-,20:
alaries oicers3 co*ensation &,%<-,# $,$<$,-;& ;#%,;$& -,%<&,;&;
"irect and rin#e/eneits
<;-,- <;-,-
Particiation inCo**ittees
+t!ers
3a$*able'o#%en!a*on
,2B,B20 ,2B,B20
onus &,%#,;?& &,%#,;?&
13
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Proit !arin#
Attendance at Meetin#s
Co**issions
+t!ers (I5P) ;,$?;,#? ;,$?;,#?
Po!e#%lo)#enbenef*!
enef*! +e o (ee$#*na*on of (e
%o!**on (el
S(a$eba!e%a)#en
O9e$all Toal 1,0/,:2: 12,2B,2B 20,41 14,12/,12:
1:.: 3a$*able Co#%en!a*on=
3a$*able 'o#%en!a*on e!*#ae fo$ f*!'al )ea$ 2014 @'+$$en5
oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$!
on+! Minimum amountestimate in the
compensation p!an 3ero 3ero
Ma@imum amountestimate in the
compensation p!an &$.#% sa!aries
&$.#%sa!aries
Amount estimate in thecompensation p!an, incase the targets are
achie*e
A*erage of &%
sa!aries
A*erage of &% sa!aries
Amount effecti*e!y
recogni3e in the incomefor the fisca! year
P$of* !(a$*n"
Minimum amountestimate in the
compensation p!an
Ma@imum amountestimate in the
compensation p!an
Amount estimate in thecompensation p!an, incase the targets are
achie*e
14
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Amount effecti*e!yrecogni3e in the income
for the fisca! year
3a$*able Co#%en!a*on & f*!'al )ea$ ene 12Q:1Q201:
oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$!
on+! ,&&,%#Minimum amountestimate in the
compensation p!an 3ero 3ero
Ma@imum amountestimate in the
compensation p!an &&. sa!aries
&&.sa!aries
Amount estimate in thecompensation p!an, in case
the targets are achie*e
A*erage of sa!aries
A*erage
of sa!aries
Amount effecti*e!yrecogni3e in the income for
the fisca! year ,&&,%#
P$of* !(a$*n"
Minimum amountestimate in the
compensation p!an
Ma@imum amountestimate in the
compensation p!an
Amount estimate in thecompensation p!an, in case
the targets are achie*e
Amount effecti*e!yrecogni3e in the income for
the fisca! year
3a$*able Co#%en!a*on & f*!'al )ea$ ene 12Q:1Q2012
oa$ of D*$e'o$!
Sa+o$)oa$ of
E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$! . .
on+! ,?<;,;#Minimum amountestimate in the
compensation p!an 3ero 3ero
Ma@imum amountestimate in the
compensation p!an &.;; sa!aries
&.;;sa!aries
15
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Amount estimate inthe compensation p!an, in
case the targets areachie*e
A*erage of ?.- sa!aries
A*erage of
?.-sa!aries
Amount effecti*e!yrecogni3e in the income
for the fisca! year
,?<;,;#
P$of* !(a$*n"
Minimum amountestimate in the
compensation p!an
Ma@imum amountestimate in the
compensation p!an
Amount estimate inthe compensation p!an, in
case the targets areachie*e
Amount effecti*e!yrecogni3e in the incomefor the fisca! year
3a$*able Co#%en!a*on & f*!'al )ea$ ene 12Q:1Q2011
oa$ of D*$e'o$!
Sa+o$)oa$ of E<e'+*9eOff*'e$!
*!'alCo+n'*l
Toal
N+#be$ of #e#be$! <.<; <.<;
on+! &,%#,;?& &,%#,;?&
Minimum amountestimate in the
compensation p!an 3ero 3ero
Ma@imum amountestimate in the
compensation p!an &%.#; sa!aries
&%.#;sa!aries
Amount estimate inthe compensation p!an,in case the targets are
achie*e
A*erage of <.#
sa!aries
A*erage of <.# sa!aries
Amount effecti*e!yrecogni3e in the income
for the fisca! year
&,%#,;?& &,%#,;?&
P$of* !(a$*n"
Minimum amountestimate in the
compensation p!an
Ma@imum amountestimate in the
compensation p!an
Amount estimate inthe compensation p!an,in case the targets are
achie*e
Amount effecti*e!yrecogni3e in the incomefor the fisca! year
16
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1:.4 Con'e$n*n" (e !(a$eba!e 'o#%en!a*on %lan of (e boa$ of
*$e'o$! an !a+o$) boa$ of e<e'+*9e off*'e$! *n effe' *n (e la!
f*!'al )ea$ an e!*#ae fo$ (e '+$$en f*!'al )ea$, e!'$*be=
one.
1:. Info$# (e n+#be$ of !(a$e! o$ >+oa! *$e'l) o$ *n*$e'l) (el *n
$a8*l o$ ab$oa, an o(e$ !e'+$**e! 'on9e$*ble *no !(a$e! o$
>+oa!, *!!+e b) (e *!!+e$, *! *$e' an *n*$e' 'on$oll*n"
!(a$e(ole$!, !+b!**a$*e! o$ 'o#%an*e! +ne$ 'o##on 'on$ol, b)
#e#be$! of (e boa$ of *$e'o$!, !a+o$) boa$ of e<e'+*9e
off*'e$! o$ f*!'al 'o+n'*l, "$o+%e b) bo), on (e 'lo!*n" ae of (e
la! f*!'al )ea$ 11=
Light S.A.&#>&>#%&#
Common shares Tota! shares:oar of Directors &,%&% %F &,%&% %F
+isca! Counci! % %F % %F
:oar of 6@ecuti*eEfficers
% %F % %F
Tota! Shares #%,?$,%-% &%%F #%,?$,%-% &%%F
Light S6SA (subsiiary)
&#>&>#%&#
Common shares Tota! shares :oar of Directors
%F %F
:oar of 6@ecuti*e Efficers % %F % %FTota! S hares
#%,?$,%-%,%&& &%%F #%,?$,%-%,%&& &%%F
11 In order to avoid duplicit", when the same person is a mem&er of &oth the &oard of directors and thee*ecutive &oard, the securities held &" said person should &e disclosed e*clusivel" at the amount held &"
mem&ers of the &oard of directors.
17
Light 6nergia S.A. (subsiiary)&#>&>#%&#
Common shares Tota! shares
:oar of Directors % %F % %F
:oar of 6@ecuti*eEfficers % %F % %FTota! Sha res <<,$#&,;& &%%F <<,$#&,;& &%%F
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1:./ Con'e$n*n" (e !(a$eba!e 'o#%en!a*on of (e boa$ of *$e'o$!
an !a+o$) boa$ of e<e'+*9e off*'e$! $e'o"n*8e *n (e *n'o#e
fo$ (e la! ($ee f*!'al )ea$! an (e one e!*#ae fo$ (e '+$$en
f*!'al )ea$, %$e%a$e a able 7*( (e follo7*n" 'onen12=
#%&' one.
#%&#' one.
#%&&' one.
1:. Con'e$n*n" (e o+!an*n" o%*on! of (e boa$ of *$e'o$!
an !a+o$) boa$ of e<e'+*9e off*'e$! a (e en of (e la!
f*!'al )ea$, %$e%a$e a able 7*( (e follo7*n" 'onen1:=
There are no outstaning options.
1:.- Con'e$n*n" (e o%*on! e<e$'*!e an !(a$e! "$ane a! !(a$e
ba!e 'o#%en!a*on fo$ (e boa$ of *$e'o$! an (e
!a+o$) boa$ of e<e'+*9e off*'e$! +$*n" (e la! ($ee f*!'al
)ea$!, %$e%a$e a able 7*( (e follo7*n" 'onen=
#%&' one.
#%&#' one.
#%&&' one.
1:.B $*ef e!'$*%*on of (e *nfo$#a*on ne'e!!a$) o +ne$!an (e aa
*!'lo!e *n *e#! 1:./ o 1:.-, !+'( a! (e e<%lana*on of (e %$*'*n"
#e(o of !(a$e! an o%*on!, *n*'a*n" a lea!=
one.
12 In order to avoid duplicit", the compensation paid for mem&ers of the &oard of directors should &e
deducted from the compensation paid to e*ecutive officers who are also mem&ers of the &oard.
13 In order to avoid duplicit", the compensation paid for mem&ers of the &oard of directors should &e
deducted from the compensation paid to e*ecutive officers who are also mem&ers of the &oard.
18
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a. aa an a!!+#%*on! +!e *n (e %$*'*n" #oel, *n'l+*n" (e
!(a$e 7e*"(e a9e$a"e %$*'e, !$*6e %$*'e, e<%e'e 9ola*l*), l*fe
e$# of (e o%*on, e<%e'e *9*en! an $*!6f$ee *ne$e! $ae!
!alculation assumptions used in the model(
= /hare weighted average price( ot applica#le'
= /trie price( ?@21'49
= )pected volatilit"( 44A
= .ife term of the option( 89 da"s
= )pected dividends( not applica#le
= ?is=free interest rate( 8A
b. (e #e(o +!e an (e a!!+#%*on! #ae o *n'o$%o$ae (e
e<%e'e effe'! of ea$l) e<e$'*!eThe best estimate of the Company at that time 1as that there 1ou! not
be ear!y e@ercise, therefore this assumption 1as not consiere in the
pricing moe!.
'. (o7 (e e<%e'e 9ola*l*) *! ee$#*ne
The historica! *o!ati!ity 1as base on share return. The !ast #$<
obser*ations, as of the grant ate, 1ere consiere.
. *f an) o(e$ fea+$e! of (e o%*on 7a! *n'o$%o$ae 7(en
#ea!+$*n" *! fa*$ 9al+e
ot app!icab!e.
1:.10 P$o9*e (e follo7*n" *nfo$#a*on on %en!*on %lan! *n effe' fo$
#e#be$! of (e oa$ of D*$e'o$! an Sa+o$) oa$ of E<e'+*9e
Off*'e$!, %$e%a$e a able 7*( (e follo7*n" 'onen!=
oa$ of D*$e'o$!
Sa+o$) oa$ of E<e'+*9e Off*'e$!
N+#be$ of #e#be$! %
(- are participants of :ras!ight, & in 5!anC an ; in 5!an D)
Na#e of (e %lan 5!an C an 5!an DN+#be$ of #ana"e$! 7(o
(a9e 'on**on! o $e*$e
# (regu!ar retirement in 5!an D)
19
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Con**on! fo$ ea$l) $e*$e#en*n Plan C
To be at !east $; years o! an ha*e at!east - months of creite ser*ice (perio
of continuous ser*ice at the sponsor).
Con**on! fo$ ea$l) $e*$e#en*n Plan D
To be at !east ;% years o! an registere in
the 5!an or ha*e a 1or2 contract 1ith thesponsor for at !east years in effect
A+!e a#o+n of (e'on$*b+*on! a''+#+lae +%o (e en of (e la! f*!'al)ea$, e+'*n" (e a#o+n$elae o 'on$*b+*on!*$e'l) #ae b) (e #e#be$!of (e #ana"e#en
/I&,?;-,<#.$ (or /I&,?#,<-.?,consiering on!y the contributions re!ate to
the perio from #%%< to #%&)(V)
Toal a''+#+lae a#o+n of (e 'on$*b+*on! #ae +$*n"(e la! f*!'al )ea$, e+'*n"
(e a#o+n $elae o'on$*b+*on! *$e'l) #ae b)(e #e#be$! of (e#ana"e#en
/I#;%,-%#.%(V)
Po!!*b*l*) of ea$l) $ee#%*onan 'on**on!
/eemption is a!1ays possib!e. 4ts *a!uecorrespons to' d&%%F of the ba!ance of the
participant"s ini*iua! account (resu!tingfrom the contributions mae by the
participant)J dpercentage of the ini*iua!account of the sponsor (resu!ting from the
contributions mae by the sponsor)a*ai!ab!e by ;%F p!us %.;F for each month
of bining to the 5!an, !imite to %FJd&%%F of resources from pub!ic!yhe!
entities.
@?5 A#o+n 'al'+lae ba!e on (e 9al+e of >+oa of Plan C an D on 12Q:1Q201:.
1:.11 o$ (e la! ($ee f*!'al )ea$!, 'on'e$n*n" (e boa$ of *$e'o$!, (e
!a+o$) e<e'+*9e boa$ an (e f*!'al 'o+n'*l, %$o9*e (e
follo7*n" *nfo$#a*on *n a able14
=
14 (o verif" the fiures to &e inserted into this item, adopt the criteria esta&lished in item 13.2.
11
#%&Statutory :oar
of 6@ecuti*eEfficers
:oar of Directors
+isca! Counci!
b 7 number of members #&.$# &%
c 7 *a!ue of the highestini*iua! compensation (/I)
#,%%&,-&#,%?
&%;,%?
7 *a!ue of the !o1estini*iua! compensation (/I) &,#$-,<;# --,&;$ ;#,?%#e 7 *a!ue of a*erage ini*iua!compensation (/I)
&,-?%,<? <<,#-$ -;,$-
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1:.12 De!'$*be 'on$a'+al a$$an"e#en!, *n!+$an'e %ol*'*e! o$ an) o(e$
*n!$+#en! (a !$+'+$e 'o#%en!a*on o$ *ne#n*f*'a*on
#e'(an*!#! fo$ #e#be$! of #ana"e#en *n 'a!e of e$#*na*on of
e#%lo)#en o$ $e*$e#en, *n*'a*n" (e f*nan'*al 'on!e>+en'e! o
(e *!!+e$.
one.
1:.1: In $ela*on o (e la! ($ee f*!'al )ea$!, *n*'ae (e %e$'ena"e of
oal 'o#%en!a*on of ea'( bo) $e'o"n*8e *n (e *!!+e$’! $e!+l
'o$$e!%on*n" o #e#be$! of (e boa$ of *$e'o$!, !a+o$) boa$ of
e<e'+*9e off*'e$! o$ f*!'al 'o+n'*l (a a$e $elae %a$*e! o *$e' o$
*n*$e' 'on$oll*n" !(a$e(ole$!, a! ef*ne b) (e a''o+n*n" %$*n'*%le!
abo+ (*! !+be'.
one.
111
#%&#Statutory :oar
of 6@ecuti*eEfficers
:oar of Directors
+isca! Counci!
b 7 number of members . #&.#; &%c 7 *a!ue of the highestini*iua! compensation (/I)
#,%,$# &%$,#;; ,%%
7 *a!ue of the !o1estini*iua! compensation (/I)
#;,<<-;#,&#
$&,$?<
e 7 *a!ue of a*erage ini*iua!compensation (/I)
&,&,$? ;?,<< ;;,$$#
#%&&Statutory :oar
of 6@ecuti*e
Efficers
:oar of Directors
+isca! Counci!
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