ITR 1? Quarter 2014 Light SA
Transcript of ITR 1? Quarter 2014 Light SA
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Rio de Janeiro, May 15, 2014.
Distribution Companys consumption grew 7.8% in 1Q14Consolidated net income increased 129.%
!otal energy consumptioncame to 7"#74 $& in 1Q14, 7.8% up from 1Q13 driven y increa!ed con!umption in
t"e re!identia# and commercia# !e$ment!, "ic" ri!ed y 13.&% and 8.3%, re!pective#y'
(on!o#idated net re'enue, e)c#udin$ revenue from con!truction, tota#ed ()2"118.7 millionin 1Q14, 20.1% up from
1Q13. *e!pite t"e $rot" in a## !e$ment!, t"e comercia#i+ation and $eneration activitie! !tood out in t"e uarter,
po!tin$ revenue $rot" of 87.1% and 45.4%, re!pective#y, "en compared it" t"e !ame period #a!t year'
Consolidated*+,!D-1amounted to()42.9 million in t"e uarter, 27.5% "i$"er t"an in 1Q13, impacted y !pot
mar-et ener$y !a#e! y t"e $eneration company. "en ad/u!ted for t"e (, *+,!D-came to R434.7 mi##ion in
1Q14, 4.7% don from 1Q13 d/u!ted 6* .
et incometota#ed ()18/. millionin t"e uarter, 12.5% up from 1Q13, due to t"e operationa# performace in t"e
$eneration !e$ment and t"e improved financia# re!u#t. "en ad/u!ted for t"e (, net income tota#ed ()108.
million, 15.% aove t"e fi$ure reported in
1Q13.
ontec&nical energy losses in t"e #a!t 12
mont"!, a! a percenta$e of i##ed ener$y in t"e
#ovo#ta$e mar-et 9:; criterion
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resentation o3 1Q1# results
6"e (ompanyK! 1Q13 re!u#t! ere rec#a!!ified due to t"e deci!ion of t"e Mana$ement to pre!ent A@ and (?=:@ ta)
credit! on purc"a!ed ener$y a! a reduction factor for purc"a!ed ener$y co!t! in!tead of pre!entin$ t"em a! a
reduction in A@ and (?=:@ on revenue. 6"e purpo!e of t"i! rec#a!!ification a! to a#i$n t"e pre!entation criterion
it" t"e e!t practice! of companie! in t"e !ame !ector.
6"e rec#a!!ification affected net revenue and nonmana$ea#e co!t!, ut it did not affect 6* and net income.
6"e dmini!tration a#!o revieed t"e criteria for t"e pre!entation of contractua# det amorti+ation it" t"e pen!ion
p#an in t"e !tatement of ca!" f#o!, providin$ on#y a rec#a!!ification for t"e period of 2013 for compari!on purpo!e!.
;or 3urt&er in3ormation" see *&ibit >, attac&ed to t&is release.
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!able o3 Contents
1. 6"e (ompany............................................................................................................................................... 4
2. ?peratin$ Aerformance ............................................................................................................................... 5
2.1 *i!triution ........................................................................................................................................ 5
*nergy +alance .................................................................................................................... 0
*nergy 5osses ...................................................................................................................... 7
Collection ............................................................................................................................ 9
perating Quality .............................................................................................................. 11
2.2 Ceneration ....................................................................................................................................... 122.3 (ommercia#i+ation and @ervice! ...................................................................................................... 12
3. =inancia# Aerformance ............................................................................................................................... 13
3.1 :et Revenue .................................................................................................................................... 13
Consolidated ..................................................................................................................... 1#
Distribution ....................................................................................................................... 1#
$eneration ........................................................................................................................ 14
Commerciali@ation and Aer'ices ......................................................................................... 14
3.2 (o!t! and )pen!e! ......................................................................................................................... 15
Consolidated ..................................................................................................................... 1
Distribution ....................................................................................................................... 1
$eneration ........................................................................................................................ 18
Commerciali@ation and Aer'ices ......................................................................................... 18
3.3 6* ............................................................................................................................................ 1
Consolidated ..................................................................................................................... 19
Distribution ....................................................................................................................... 2/
$eneration ........................................................................................................................ 2/
Commerciali@ation and Aer'ices ......................................................................................... 2/
3.4 (on!o#idated =inancia# Re!u#t .......................................................................................................... 21
3.5 *et ................................................................................................................................................. 223.& :et ncome ...................................................................................................................................... 24
3.7 nve!tment! ..................................................................................................................................... 25
$eneration Capacity *pansion roBects................................................................................... 2&
4. (a!" =#o .................................................................................................................................................. 2
5. (orporate Covernance .............................................................................................................................. 30
&. (apita# Mar-et! ......................................................................................................................................... 31
7. Recent vent! ............................................................................................................................................ 34
8. *i!c#o!ure Aro$ram ................................................................................................................................... 35
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1. !&e Company
;i$"t @.. i! a "o#din$ company t"at co
ener$y di!triution, $eneration and co
and provide inve!tor! it" a etter a
(ompanyK! corporate !tructure in Marc
*(-!,$ ,D,C:L of (on!umer! 9
:L of mp#oyee!
vera$e provi!ion
vera$e provi!ionvera$e ener$y p
*(-!,$ ,D,C
n!ta##ed $enerati
!!ured ener$y 9
Aumpin$ and inter
vai#a#e ener$y 9
:et Ceneration 9C
;oad =actor*oe! not inc#ude pu
nc #ude! pr oporti o
tro#! !u!idiarie! and affi#iated companie! in t"
mercia#i+ationF!ervice!. n order to increa!e t
!i! for eva#uation, ;i$"t a#!o pre!ent! it! re!u#
2014 i! !"on e#oB
!(A D,A!(,+!, 1Q14 1Q1#
"ou!and< 4,155 4,082
4,258 4,20
tariff RFM" 430 33
tariff RFM" 9Fout ta)e!< 2& 27 rc"a!e co!t RFM" 151 13&
!(A $**(-!, 1Q14 1Q1#
n capacity 9Mar. %
1.8%
1.2%
.5%
&.2%10.%
>ar. %
2.0%
1.7%
1.%
21.&%
0,4 p.p.
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2. perating er3orman
2.1 Distribution
6ota# ener$y con!umption in ;i$"t @@K
C" in 1Q14, 7.8% up from t"e !ame
and commercia# con!umption, re!pecti
for 37.3% of t"e tota# mar-et, 13.&%
temperature. :ote t"at, in 1Q14, t"e re
(ommercia# c#ient! con!umed 2,2&7 C
1Q13. n t"e fir!t uarter of 2014, t
corre!ponded to an increa!e of 15 C"
2n vie of :;K! ratification of t"e mar-et du
uarter of 2013.
e
! conce!!ion area 9captive c#ient! G tran!port o
eriod in 2013, main#y due to t"e increa!e! of 1
e#y. Re!identia# con!umption tota#ed 2,752 C
up from 1Q13, driven y t"e 1.3L( yearony
identia# !e$ment recorded it! "i$"e!t con!umpt
" in 1Q14, euiva#ent to 30.7% of t"e tota# ma
"e free mar-et received 11 mi$ration! from
in t"e uarter.
rin$ t"e tariff revi!ion proce!!, con!umption y t"e free c#i
free c#ient!2< came to 7,374
3.&% and 8.3% in re!identia#
" in t"e uarter, accountin$
ear increa!e in t"e avera$e
ion in t"e #a!t ten year!.
r-et, an upturn of 8.3% over
t"e captive mar-et, "ic"
ent (@: i! inc#uded a! of t"e fourt"
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ndu!tria# con!umption amounted to 1,330 C" in 1Q14, repre!entin$ 18.0% of t"e tota# mar-et, a dec#ine of 2.1%
in re#ation to t"e !ame period #a!t year, due to ea-er performance of e#ectrointen!ive indu!trie!, it" activitie! of
manufacture of !tee#Fa#umnium and in t"e c"emica# !ector. )c#udin$ t"i! effect, indu!tria# con!umption po!ted an
increa!e of 4.4% over 1Q13.
n t"e Not"er!O cate$ory, "ic" accounted for 13.% of t"e tota# mar-et, con!umption increa!ed y &.1% in 1Q14
over 1Q13. 6"e rura#, $overnment and pu#ic uti#ity cate$orie! reported re!pective increa!e! of 42.%, 7,1% and
5.0% over 1Q13, repre!entin$ 0.3%, &.2% and 4.8%, re!pective#y, of t"e tota# mar-et.
Energy Balance
117.2 2,752.0
CC*-( Capti'e +illed ,ndustrial
5ig&t *nergia *nergy 3&0.2
1,24.2 &,11&.8
Commercial
,045.& 2,034.35osses on +illed
1,15.0 *nergy EE6 t&ers
,210.3 2,28. 70.2
1,5&&.7
2,003.4
A?-(*A2,04.8
218.
(*) Others = Purchase in Spot - Sale in Spot.
(**) Includes unbilled energy.
Note: 1) t !ight S.." there is interco#pany po$er purchase%sale eli#ination
&) Po$er purchase data as o' %%&1 (sub+ect to change)
D,A!(,+!, **($*!,C +-5-C* $&
(,;-
,!-,CC**6 (eFuired *.
CC**6
(esidential
osition: Ganuary
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Energy Losses
n t"e #a!t 12 mont"!, nontec"nica# en
#ovo#ta$e mar-et 9:; criterionar.%
14,45 12,525 15.7%
234 272 14.0%
14,2&1 12,253 1&.4%
12,037 11,205 7.4%
2,224 1,048 112.2%
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re!u#tin$ in t"e incorporation of
C" in 1Q14, 4.&% don on t"
,nstallation o3 remote elec
9centra#i+ed meterin$ !y!tem** 2"282.2 1"921.8 18.8%
*(-!,$ *N*A* 1"92.06 1"00/.6 10./%
Aer!onne# 978.&
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*N?,+,! ,,,
Consolidated Balance 08eet 9 R6 .illion
-AA*!A ##12/14 ##12/1#
Current #"799.9 #"49.8
(a!" > (a!" uiva#ent! &4.4 54&.4
Mar-eta#e !ecuritie! 13.7 1,244.0
Receiva#e ccount! 1,&2.0 1,223.4
nventorie! 33. 2.7
Recovera#e 6a)e! 180.7 1&1.0
Arepaid )pen!e! 18.4 15.8
?t"er (urrent !!et! 1,1&&.8 275.5
oncurrent 9"47.8 9"/0.Receiva#e ccount! 202.0 20.4
*eferred 6a)e! 55. &22.8
Arepaid )pen!e!
(once!!ion financia# a!!et! 1,82.1 1,2&.2
?t"er! :oncurrent !!et! 42&.0 4&4.
nve!timent! &51.2 &42.2
=i)ed !!et! 1,&81.& 1,&78.7
ntan$i#e 4,008. 3,&2.1
!otal -ssets 1#"#47.7 1#"//2.2
5,-+,5,!,*A ##12/14 ##12/1#Current #"28#.2 #"#18.
@upp#ier! 2,035.2 07.3
=i!ca# o#i$ation! 1&.1 18.&
;oan! and =inancin$ 578.5 51.5
*eenture! 112.4 51.0
?t"er! ?#i$ation! 21&.4 1,408.&
Arovi!ion! 13.5 12.5
*ividend! and intere!t on euity to e paid 32.0 32.0
oncurrent 0"4/8.9 0"2/0.0
;oan! and =inancin$ 1,5.5 1,823.5
*eenture! 3,3&3.5 3,34.3
?t"er! ?#i$ation! 271.& 2&3.7
*eferred 6a)e! 221. 22&.4
Arovi!ion! 55&.4 543.7
A&are&oldersL *Fuity #"0.7 #"477.1
Rea#i+ed Joint @toc- 2,225.8 2,225.8
ro3it (eser'es 0.0 0.0
dditiona# Aropo!ed *ividend 332.8 332.8
!!et a#uation d/u!tment! 424.& 42.5
?t"er compre"en!ive income 97&.&
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*N?,+,! ,>
Regulatory :ssets and Liabilities
()
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*N?,+,! >
Co.ple.entary 4n5or.ation 9 Consolidated 3inancial 4n5or.ation on a
roportional 4nterestBasis
6"i! information i! comp#ementary and i! e)c#u!ive#y for comparative purpo!e!, !ince it i! not in accordance it"
ra+i#ian accountin$ practice!.
Consolidated () - 5,$?!$*( *+5 -NN,< -
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*N?,+,! >,
! of 4Q13, t"e Mana$ement decided to pre!ent A@ and (?=:@ ta) credit! on purc"a!ed ener$y a! a reduction
factor for purc"a!ed ener$y co!t! in!tead of pre!entin$ t"em a! a reduction in A@ and (?=:@ on revenue and a#!o
revieed t"e criteria for t"e pre!entation of contractua# det amorti+ation it" t"e pen!ion p#an in t"e !tatement of
ca!" f#o!. 6"e purpo!e of t"i! rec#a!!ification a! to a#i$n t"e pre!entation criterion it" t"e e!t practice! of
companie! in t"e !ame !ector.
6"e con!o#idated financia# information for t"e fir!t uarter of 2014 are in accordance it" t"e ne practice,
nevert"e#e!!, for compari!on purpo!e!, e#o e pre!ent t"e ad/u!tment! madeB
Consolidated ,ncome Atatements () ** 2"/4/.4 118.06 1"921.8
*(-!,$ *N*A* 1"779.16 118.0 1"00/.6
Aer!onne# 981.4
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Cas& ;low () ncome 6a) 43.2 43.2et ,ncome be3ore Aocial Contributions H ,ncome !a 121.9 121.9
Arovi!ion for *e#inuency 2.0 2.0
*epreciation and morti+ation 4.4 4.4
;o!! 9$ain< on intan$i#e !a#e! F Re!idua# va#ue of di!po!a#!
fi)ed a!!et1. 1.
;o!!e! 9$ain!< on financin$ e)c"an$e activitie! 9.4
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-AA*!A /#.#1.2/14 12.#1.2/1# /#.#1.2/14 12.#1.2/1#
(a!" and ca!" euiva#ent! 4 ,47 2&,802 &4,34 54&,42
Mar-eta#e !ecuritie! 5 13,720 1,244,000
(on!umer!, conce!!ionaire!, permi!!ionaire! and c#ient! & 1,&1,7& 1,223,413
nventorie! 33,878 2,&&2
6a)e! and contriution! 7 12,881 105,821
ncome ta) and !ocia# contriution 7 7& &,442 4&,880 55,140
Arepaid e)pen!e! 188 270 18,41& 15,800
*ividend! and intere!t on euity receiva#e 3,341 3&,153 45 234
Receiva#e! from !ervice! rendered 143 143 43,&4 2,811
Receiva#e! from !ap tran!action! 32 2,77& 31,150
?t"er receiva#e! 10 4,43 &,14& 1,124,242 214,2&
!!-5 C((*! -AA*!A #"7#8 7"90 #"827"#10 #"49"70
(on!umer!, conce!!ionaire!, permi!!ionaire! and c#ient! & 202,013 20,414
6a)e! and contriution! 7 87,237 88,777
*eferred ta)e! 8 58,8&5 &22,835
(once!!ion!S financia# a!!et! 1,82,10 1,2&,22&
*epo!it! re#ated to #iti$ation 1 307 305 240,758 2&3,31&
Receiva#e! from !ap tran!action! 32 5,242 110,0&4
?t"er receiva#e! 10 2,78& 2,78&
nve!tment! 11 3,&40,833 3,44,07& &51,20 &42,203Aroperty, p#ant and euipment 12 &72 &72 1,&81,&08 1,&78,722
ntan$i#e a!!et! 13 4,008,0& 3,&2,108
!!-5 C((*! -AA*!A #"041"812 #"4/"/# 9"/"7## 9"/0"41
!!-5 -AA*!A #"09"/ #"20"//9 1#"#78"/49 1#"//2"2/7
!&e notes are an inte ral art o3 t&e interim 3inancial in3ormations.
Con'enience translation into *nglis& 3rom t&e original pre'iously issued in ortuguese
5,$?! A.-.
,n t&ousands o3 reais6
otes
Consolidated
A!-!*
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5,-+,5,!,*A/#.#1.2/14 12.#1.2/1# /#.#1.2/14 12.#1.2/1#
@upp#ier! 14 205 25 2,070,413 07,2&2
6a)e! and contriution! 15 81 11,048 108,83 115,102
ncome ta) and !ocia# contriution 15 1 2 53,31 83,51&
;oan! and financin$ 1& 578,47 51,470
*eenture! 17 112,34 51,030
Aaya#e !ap tran!action! 32 10,&88
*ividend! and intere!t on euity paya#e 32,01 32,01 32,01 32,01
!timated #iai#itie! 1,703 1,543 7,854 &&,57&
Re$u#atory c"ar$e! 18 5,&4 &2,884
Ao!temp#oyment enefit! 21 4 3 5 1,224,73&
?t"er paya#e! 22 2,82 3,05 205,&5 183,8&7
!!-5 C((*! 5,-+,5,!,*A #0"99 47"909 #"#11"4# #"#18"402
;oan! and financin$ 1& 1,5,4&4 1,823,47
*eenture! 17 3,3&3,52 3,34,314
Aaya#e !ap tran!action! 32 ,712
6a)e! and contriution! 15 185,805 187,&40
*eferred ta)e! 8 221,84 22&,410
Arovi!ion! 1 55&,354 543,&55?t"er paya#e! 22 01 01 7&,04 7&,00
!!-5 C((*! 5,-+,5,!,*A 9/1 9/1 0"4/8"82 0"2/0"0/0
*Q,!K
(apita# !toc- 24 2,225,822 2,225,822 2,225,822 2,225,822
Arofit re!erve! 5&5,&14 5&5,&14 5&5,&14 5&5,&14
Aropo!ed additiona# dividend! 332,81 332,81 332,81 332,81
uity va#uation ad/u!tment! 424,5&3 42,48 424,5&3 42,48
?t"er compre"en!ive income 97&,&14
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/1./1.2/14 to
/#.#1.2/14
/1./1.2/1# to
/#.#1.2/1#
/1./1.2/14 to
/#.#1.2/14
/1./1.2/1# to
/#.#1.2/1#
(estated
*! (*>** 2& 2"282"21 1"921"8#4
CA! ; *(-!,A 28 1"72#"006 1"492"41/6
$(AA (;,! 8"049 429"424
*(-!,$ *N*A*A 28 2"026 1"296 2/2"/26 108"/8/6
@e##in$ e)pen!e! 951,041
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C-,!-5
A!CR
5*$-5
(*A*(>*
(*!-,*D
*-(,$A
(A*D
-DD,!,-5
D,>,D*DA
*Q,!K
>-5-!,
-DGA!*A
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/1./1.2/14 to
/#.#1.2/14
/1./1.2/1# to
/#.#1.2/1#
/1./1.2/14 to
/#.#1.2/14
/1./1.2/1# to/#.#1.2/1#
(estated
et cas& generated by used in6 operating acti'ities "#/6 2 112"719 2#1"/47
Cas& generated by used in6 operations 2"4276 06 #8"#91 414"/91
arnin$! efore income ta) and !ocia# contriution 180,515 78,&45 275,121 121,850
##oance for doutfu# account! 25,321 2,038
*epreciation and amorti+ation ,00 4,443
;o! ! 9$ ain< from t"e ! a#e of intan$i#e a! !et Fproperty, p#ant and euipment 1,31
=orei$n e)c"an$e and monetary #o!!e! 9$ain!< from financia# activitie! 924,288
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/1./1.2/14 to
/#.#1.2/14
/1./1.2/1# to
/#.#1.2/1#
/1./1.2/14 a
/#.#1.2/14
/1./1.2/1# to
/#.#1.2/1#
(estated
(e'enues #"#08"800 2"89"80
@a#e of $ood!, product! and !ervice! 3,227,144 2,728,101
Revenue re#ated to t"e con!truction of on a!!et! 1&7,043 1&0,73
##oanceFRever! a# of a# #oa nc e for doutfu# ac count! 925,321< 92,038*,*C* !(-A5-!, ,! *$5,A?
;(< !?* (,$,-5 (*>,A5K ,AA*D
, (!$*A*
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!*A ! !?* -(*! C=?@A
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@anta ranca and =onte! :ova! p#ant!, it" a tota# in!ta##ed capacity of 855 M. ;i$"t ner$ia
"o#d! intere!t in t"e fo##oin$ !u!idiarie! and /oint#ycontro##ed entitie!B
(entra# X#ica @[o Juda! 6adeu ;tda. 9@[o Juda! 6adeu 100%< a company at t"e pre
operationa# !ta$e "o!e main activity i! t"e $eneration and !a#e of e#ectric poer
t"rou$" a ind poerp#ant #ocated in t"e !tate of (earV, it" 18 M nomina# poer.
(entra# X#ica =ontain"a ;tda. 9=ontain"a 100%< a company at t"e preoperationa#
!ta$e "o!e main activity i! t"e $eneration and !a#e of e#ectric poer t"rou$" a ind
poerp#ant #ocated in t"e !tate of (earV, it" 1& M nomina# poer.
;a/e! ner$ia @. 9;a/e! ner$ia 100%< c#o!e#y"e#d company, "eaduartered in t"e
city of AiraT, !tate of Rio de Janeiro, "o!e main activity i! to ana#y+e t"e tec"nica# and
economic fea!ii#ity, to prepare pro/ect!, to imp#ement, operate, maintain and
commercia##y e)p#ore t"e A( ;a/e!, it" nomina# capacity of 17 M. 6"e conce!!ion
"a! a#ready een otained y t"e parent company ;i$"t ner$ia, and !"a## e reuired
it" nee#, t"e tran!fer of conce!!ion to a A( ;a/e!.
Renova ner$ia @.. 9Renova ner$ia 21.%, /oint#ycontro##ed entity< a corporation
"o!e main activity i! t"e $eneration of e#ectric poer t"rou$" renea#e a#ternative
!ource!, !uc" a! !ma## "ydroe#ectric poerp#ant! 9A(!
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9d< *irect !u!idiary of Renova
9i- **($,-
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;i$"t !co Are!taW[o de @erviWo! @.. 9;i$"t !co 100%< a private#y"e#d corporation,
"eaduartered in t"e city and !tate of Rio de Janeiro, "o!e main activity i! t"e purc"a!e, !a#e,
import, e)port of e#ectric poer, t"erma# poer, $a! and indu!tria# uti#itie!, and provi!ion of
advi!ory !ervice! in t"e ener$y !ector. 6"e company i! a memer of t"e Maracan[ @o#ar
con!ortium, "ic" mana$e! t"e p"otovo#taic p#ant in!ta##ed on t"e top of t"e Maracan[ !tadium
951%
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n!tituto ;i$"t para o *e!envo#vimento Hrano e @ocia# 9;i$"t n!titute 100%< a nonprofit
private company, en$a$ed in participatin$ in !ocia# and cu#tura# pro/ect!, focu!ed on t"e citie!K
!ocia# and economic deve#opment, affirmin$ t"e (ompanyK! ai#ity to e !ocia##y re!pon!i#e.
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conce!!ion for t"e u!e of pu#ic a!!et! to e)p#ore t"e e#o Monte ydroe#ectric Aoerp#ant, on
Din$u river, in t"e !tate of AarV. t i! /oint#y contro##ed y ;i$"t @.. 925.5%< and (emi$ CeraW[o e
6ran!mi!![o @.. (emi$ C6 974.5%
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d
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!tatement! and t"e accountin$ practice! adopted in ra+i#, identified a! (on!o#idated =R@
and R CA.
6"e accountin$ practice! adopted in ra+i# compri!e t"o!e in ra+i#ian (orporate ;a and t"e
pronouncement!, $uide#ine! and tec"nica# interpretation! i!!ued y t"e ra+i#ian ccountin$
Aronouncement (ommittee and approved y t"e =edera# ccountin$ (ounci# (=( and t"e ra+i#ian
@ecuritie! and )c"an$e (ommi!!ion.
6"e parent company interim financia# !tatement! pre!ent inve!tment! in !u!idiarie!, /oint#y contro##ed
companie! and a!!ociated companie! mea!ured y t"e euity met"od of accountin$, in accordance it"
t"e ra+i#ian #e$i!#ation. 6"u!, t"e!e parent company interim financia# !tatement! are not con!idered a! in
comp#iance it" =R@, "ic" reuire t"e va#uation of t"e!e inve!tment! in t"e parent companyK! !eparate
financia# !tatement! at fair va#ue or co!t.
! t"ere i! no difference eteen t"e con!o#idated euity and con!o#idated income attriuta#e to t"e
parent companyK! !"are"o#der!, recorded in t"e con!o#idated interim financia# !tatement! prepared under
=R@ and t"e accountin$ practice! adopted in ra+i#, and t"e parent companyK! euity and re!u#t! recordedin t"e parent company interim financia# !tatement! prepared in accordance it" t"e accountin$ practice!
adopted in ra+i#, t"e (ompany "a! c"o!en to pre!ent t"e parent company and con!o#idated interim
financia# !tatement! a! a !in$#e !et, !ide y !ide.
6"e!e parent company and con!o#idated interim financia# !tatement! do not inc#ude a## information and
di!c#o!ure! reuired in t"e annua# parent company and con!o#idated financia# !tatement!, and t"erefore
t"ey !"ou#d e read in con/unction it" t"e parent company financia# !tatement!, prepared in accordance
it" ra+i#ian CA, con!o#idated and prepared in accordance it" ra+i#ian CA and =R@ for t"e year
ended *ecemer 31, 2013, pu#i!"ed on Marc" 20, 2014. 6"e accountin$ practice! adopted for t"e!e
interim financia# !tatement! are con!i!tent it" t"o!e pre!ented in t"e financia# !tatement! for t"e year
ended *ecemer 31, 2013.
6"e!e interim financia# !tatement! are pre!ented in Rea#, "ic" i! t"e functiona# currency of t"e (ompany,
it! !u!idiarie!, /oint#ycontro##ed entitie! and a!!ociated companie!. ## financia# information pre!ented in
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Rea# a! rounded up t"ou!and!, e)cept "en indicated ot"eri!e.
n t"e financia# !tatement! a! of *ecemer 31, 2013, Mana$ement decided to pre!ent A@ and
(?=:@ ta) credit! on purc"a!ed ener$y a! a reduction factor of e)pen!e! it" purc"a!ed ener$y,
in!tead of pre!entin$ it a! a reduction factor of A@ and (?=:@ ta)e! on revenue to a#i$n t"i! in
pre!entation criteria it" t"e e!t practice! of companie!. 6"i! rec#a!!ification a! made in t"e
con!o#idated income !tatement and con!o#idated !tatement of va#ue added for t"e period ended
Marc" 31, 2013 for compari!on purpo!e!, not impactin$ net income for t"e period.
n addition, t"e Mana$ement rea!!e!!ed t"e criteria of !tatin$ t"e contractua# det amorti+ation
it" t"e pen!ion p#an in t"e !tatement of ca!" f#o!, providin$ on#y a rec#a!!ification for t"e
period of 2013 for compari!on purpo!e!.
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i. (on!o#idated @tatement of ncome, period ended Marc" 31, 2013.
91< Rec#a!!ification of A@ F (?=:@ ta) credit! in t"e purc"a!e of ener$y.
/1./1.2/1# to/#.#1.2/1#
ublis&ed(eclassi3ication 16
/1./1.2/1# to/#.#1.2/1#
(estated
*! (*>** 2"/4/"424 118"9/6 1"921"8#4
CA! ; *(-!,A 91,&11,000
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ii. (on!o#idated @tatement of a#ue dded, period ended Marc" 31, 2013.
91alue added recei'ed in trans3er #7"81 #7"81
uity in t"e earnin$! of !u!idiarie! 9&41alue distributed to s&are&olders 78"04 78"04
Retained earnin$! 78,&45 78,&45
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iii. (on!o#idated !tatement of ca!" f#o, for t"e period ended Marc" 31, 2013.
93
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a
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6"e (ompany ana#y+ed t"e impact of t"e!e c"an$e! on t"e interim financia# !tatement! and did not
identify any materia# impact!.
4. (@ :* (@ QH;:6@
6"e !"ortterm inve!tment! are "i$"#y #iuid and converti#e into -no amount! ca!" and are !u/ect to a
f#oatin$ rate repre!ented y tran!action! purc"a!ed from financia# in!titution! tradin$ in t"e dome!tic
financia# mar-et, at mar-et term! and rate!. 6"e!e !"ortterm inve!tment! "ave a dai#y repurc"a!e
commitment y t"e counterparty financia# in!titution 9t"e repurc"a!e rate i! previou!#y a$reed upon y t"e
partie!
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ear#y redemption. 6"e avera$e yie#d of t"e!e inve!tment! i! 3.5% of t"e (* 9.8% of t"e (* on
*ecemer 31, 2013
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("an$e! in con!o#idated ##oance for *outfu# ccount! A(;* in t"e period!B
6"e (ompanyK! e)po!ure to credit ri!-! re#ated to con!umer!, conce!!ionaire!, permi!!ionaire!
and c#ient! i! reported in :ote 32.
+,55*D A-5*A -D ,A!-55
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7. R(?R; 6D@
8. *=RR* 6D@
Current oncurrent !otal Current oncurrent !otal
!-N*A -D C!(,+!,A 129"881 87"2#7 217"118 1/"821 88"777 194"98
(M@ to off!et 4,4&0 87,237 181,&7 70,275 88,777 15,052
A@ and (?=:@ to off!et 15,2&7 15,2&7 15,782 15,782
?t"er 20,154 20,154 1,7&4 1,7&4
,C
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. (?:(@@?:@K =::(; @@6@
6"e!e repre!ent t"e amount! receiva#e at t"e end of conce!!ion from t"e $rantin$ aut"ority, or
any of it! a$ent!, y ay of compen!ation for inve!tment! made and not recovered t"rou$"
!ervice! rendered re#ated to !u!idiary ;i$"t @@S! conce!!ion.
6"e c"an$e! in t"e a#ance!, net of !pecia# o#i$ation!, re#ated to indemnifia#e a!!et!
9(once!!ion< in period! 2013 and 2012 are a! fo##o!B
9a
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10. ?6R R(;@
9a
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uction 1 in *ecemer 2013. =or t"e (ompany, t"e amount received in Marc" 2014, re$ardin$
January, a! R181,210.
n order to remedy t"e tariff deficit of di!triution conce!!ionaire! for t"e remainin$ mont"! of
t"e year 9=eruary to *ecemer 2014
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11. :@6M:6@
9a*A!
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nformation on !u!idiarie! 9con!o#idated< and /oint#ycontro##ed entitie! 9euity income and
proportiona# a#ance!< i! a! fo##o!B
#1./#.2/14 #1.12.2/1# #1./#.2/14 #1.12.2/1# #1./#.2/14 #1./#.2/1# #1./#.2/14 #1./#.2/1#
;i$"t @@ 100.0% 2,510,350 2,43&,4&3 73,887 17,582
;i$"t ner$ia 100.0% 803,344 707,23& 934,&52
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?t"er informationB
/#.#1.2/14 12.#1.2/1# /#.#1.2/14 12.#1.2/1#
;i$"t @@ 2,082,3&5 2,082,3&5 10,&&5,7&& 10,5&,24&
;i$"t ner$ia 77,422 77,422 2,131,85 2,102,105
;i$"t !co 7,584 7,584 40,&01 310,&3&
;i$"t(om 4,500 4,500 200,047 80,52
;i$"t @o#uW`e! 1,350 1,350 3,2& 3,&2
;i$"t$er 40,408 40,408 103,550 103,54&
taocara ner$ia 2,5&2 2,5&2 2&,837 27,137
))iom 8,772 &,87 21,205 21,273
ma+Znia ner$ia 11,270 10,055 11&,2&7 10&,37
Aoer 777 777 45 45
/#.#1.2/14 12.#1.2/1# /#.#1.2/14 12.#1.2/1#
;i$"t ner$ia
Renova ner$ia 222,472 214,574 71,8&2 810,22&
Cuan"[e! ner$ia 70,180 2&,520 13&,704 142,4
;i$"t !co
; ner$ia 3&7 3&7 382 420
;i$"t$er 40,408 40,408 103,550 103,54&
))iom 8,772 &,87 21,205 21,273
ma+Znia ner$ia 11,270 10,055 11&,2&7 10&,37
Aoer 777 777 45 45
arent Company
Aubsidiaries and Bointly
owned subsidiaries
Gointlyowned
subsidiareis
aidup capital
aidup capital !otal -ssets
Consolidated
!otal -ssets
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("an$e! in !u!idiarie! 9con!o#idated< and /oint#ycontro##ed entitie! 9euity income< in t"e
uarter! of 2014 and 2013B
12.#1.2/1#Capital
increase
Di'idends
interest on
eFuity
t&er
*Fuity in t&e
earnings
losses6 o3
subsidiaries
/#.#1.2/14
;i$"t @@ 2,43&,4&3 73,887 2,510,350
;i$"t ner$ia 707,23& &,108 803,344
;i$"t !co 104,33 91,421
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6"e fu## a#ance! of t"e main /oint#ycontro##ed entitie!, "ic" recorded under t"e euity met"od
in t"e period, are a! fo##o!B
12.#1.2/1#Capital
increase
Di'idends
interest on
eFuity
*Fuity in t&e
earnings
losses6 o3
subsidiaries
/#.#1.2/14
;i$"t ner$ia Renova ner$ia 37&,23 91,713
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?n Marc" 31, 2014, t"e current #iai#itie! of t"e indirect /oint#ycontro##ed entity Renova ner$ia
e)ceeded it! current a!!et!, main#y due to to #oan! for t"e con!truction of t"e ind farm!,
maturin$ on May 4, 2014 and June 15, 2014. Renova ner$iaK! Mana$ement "a! een
imp#ementin$ initiative! to improve it! or-in$ capita# and financia# !tructure t"at compri!e!
primari#y t"e e#i$ii#ity it" t"e :*@ to e)tend it! det y contractin$ #on$term financin$.
1A! Q-(!*( ; 2/14 -NN,< -- $-?Z*A *+5
,C
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?n Marc" 31, 2014, current #iai#itie! of t"e indirect /oint#ycontro##ed entity Cuan"[e! ner$ia
a! "i$"er t"an current a!!et!. 6"i! a! main#y due to de#ay! in rai!in$ fund! from t"e :*@ for
t"e con!truction of pro/ect!. 6"e Mana$ement "a! een ta-in$ action! at Cuan"[e! ner$ia it"
t"e purpo!e of conc#udin$ t"e re#ea!e! of #on$term financin$ from :*@.
a
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mentioned return, t"e con!ortium rever!ed t"e o#i$ation for t"e H!e of Au#ic !!et a$ain!t intan$i#e
a!!et!. 6"e auction of t"e taocara ydroe#ectric Aoerp#ant a! !c"edu#ed for *ecemer 13, 2013,
pur!uant to uction :otice 10F2013, ut :;, on a note di!c#o!ed on *ecemer 4, 2013, removed t"e
taocara ydroe#ectric Aoerp#ant from t"e auction due to a reapprai!a# of t"e ater vai#ai#ity Re!erve
mount. Mana$ement e#ieve! t"at t"e taocara ydroe#ectric Aoerp#ant i## e auctioned in 2014, and
t"e (ompany i! a!!e!!in$ t"e po!!ii#ity of ta-in$ part in t"i! proce!!.
Maracan[ @o#ar (on!ortium
6"e (ompany, t"rou$" !u!idiary ;i$"t !co @.., "o#d! a 51.0% intere!t in t"e Maracan[ @o#ar
con!ortium, "erea! *= (on!u#toria em Aro/eto! de CeraW[o de ner$ia #Ytrica ;tda. *=
(on!u#toria "o#d! 4.0% intere!t. 6"e con!ortium aim! at t"e deve#opment, con!truction and
operation of a p"otovo#taic p#ant it" capacity of 31 -p, in!ta##ed on t"e top of t"e Maracan[
!tadium. 6"e con!truction "a! een conc#uded in t"e !econd uarter of 2013.
6"e ori$ina# contract entered into it" t"e @tate of Rio de Janeiro e!ta#i!"ed t"e recovery of t"e
inve!ted amount t"rou$" t"e !a#e of ener$y. n u$u!t 2013, t"e (ompany !i$ned an
amendment it" t"e !tate of Rio de Janeiro, c"an$in$ t"e ay t"e inve!tment i! to e recovered
to t"e !a#e of uota! of t"e p"otovo#taic p#ant, t"rou$" t"e Maracan[ @o#ar !ea#. oever, a!
t"e uota! are under ne$otiation, Mana$ement "a! decided to record a provi!ion for #o!! on
property, p#ant and euipment, corre!pondin$ to t"e inve!tment! made y t"e (on!ortium in
t"e amount of R4,&8 $iven t"at it did not "ave !ufficient evidence on t"e recoverai#ity of
t"e!e a!!et! on *ecemer 31, 2013.
$ua ;impa ydroe#ectric Aoerp#ant (on!ortium
6"e (ompany, t"rou$" it! !u!idiary ;i$"t ner$ia @.., i! a party to t"e $ua ;impa ydroe#ectric
Aoerp#ant (on!ortium, in t"e !tate of Mato Cro!!o, it" a 51.0% intere!t, and t"e ot"er party
i! (emi$ CeraW[o e 6ran!mi!![o @. (MC C6, it" a 4.0% intere!t. 6"e con!ortiumK!
purpo!e i! to imp#ement, operate, maintain and commercia##y e)p#ore t"e pro/ect. 6"ere ere no
re#evant e)pen!e! incurred unti# Marc" 31, 2014.
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12. AR?AR6E, A;:6 :* QHAM:6
6"e !tatement e#o !ummari+e! t"e c"an$e! in property, p#ant and euipmentB
12.#1.2/1#
-'erage
annual rate?istorical cost
-ccumulated
depreciationet 'alue et 'alue
Ceneration 3.32 2,&8,828 91,&04,384
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n t"e fir!t uarter of 2014, R43 9R157 in t"e fir!t uarter of 2013< a! carried over to property, p#ant
and euipment a! intere!t capita#i+ation, it" avera$e capita#i+ation rate of 8 % p.a.
+alance on
12.#1.2/1#- dd it io ns ! ra ns 3er t o Aer 'i ce
+alance on
/#.#1.2/14
(*(!K" 5-! -D *Q,,C*
(o!t
;and 104,7& 104,7&
Re!ervoir, dam! and ater main! 1,2&5,18& 1,2&5,18&
ui#din$!, or-! and improvement! 2&8,130 13,&75 281,805
Mac"inery and euipment 1,327,711 10,&14 1,338,325
e"ic#e! 15,1 15,1
=i)ture! and furni!"in$! 135,314 1,41& 13&,730
!!-5 (*(!" 5-! -D *Q,,C* CA! #"110"10 2"7/ #"142"221
9< *epreciation
Re!ervoir, dam! and ater main! 981,&40
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6"e (ompany did not identify indicator! of impairment of it! fi)ed a!!et!, e)cept for t"e a!!et! of
t"e p"otovo#taic p#ant of t"e Maracan[ @o#ar (on!ortium, fu##y reco$ni+ed a! a provi!ion in t"e
year of 2013. 6"e conce!!ion a$reement! of t"e "ydroe#ectric poerp#ant! of !u!idiary ;i$"t
ner$ia e!ta#i!" t"at at t"e end of eac" conce!!ionK! term t"e $rantin$ aut"ority i## determine
t"e amount to e indemnified to t"e !u!idiarie! and /oint#ycontro##ed entitie!, !o t"at
Mana$ement under!tand! t"at t"e va#ue of fi)ed a!!et! not depreciated at t"e end of conce!!ion
i## e reimur!ed y t"e $rantin$ aut"ority.
=or property, p#ant and euipment item! it"out indemnity $uarantee, t"e item! are
depreciated under t"e !trai$"t#ine met"od up to t"e aut"ori+ation or conce!!ion #imit.
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13. :6:C; @@6@
9a
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tota# amount of R7,045 9R5,22& in t"e fir!t uarter of 2013< a! carried over to intan$i#e
a!!et! in t"e fir!t uarter of 2014, a! intere!t capita#i+ation, it" an avera$e capita#i+ation rate of
8.0% p.a.
6"e infra!tructure u!ed y !u!idiary ;i$"t @@ i! a!!ociated it" t"e di!triution !ervice, and t"erefore
cannot e removed, di!po!ed of, a!!i$ned, conveyed, or encumered a! mort$a$e co##atera# it"out t"e
prior ritten aut"ori+ation of t"e $rantin$ aut"ority, "ic" aut"ori+ation, if $iven, i! re$u#ated y
Re!o#ution :; :o. 20F.
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e#o i! a !ummary of c"an$e! in t"e intan$i#e a!!et!B
9a,C*
(once!!ion ri$"t of u!e &,511,87 8,783 &,520,770
?t"er 552,0&2 1,1&2 553,224
!!-5 ,!-$,+5* -AA*!A , A*(>,C* 7"/04"/49 9"94 7"/7#"994
9< morti+ation
(once!!ion ri$"t of u!e 93,40,125,C* 7"2/8"447 "1/#6 0"0// 7"208"944
9< *epreciation
(once!!ion ri$"t of u!e 93,&,54
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85
from time to time, repre!ent! t"e e!t e!timate concernin$ t"e a!!et!S u!efu# #ive!, and i! accepted in t"e
mar-et a! appropriate for accountin$ and re$u#atory purpo!e!.
Mana$ement under!tand! t"at amorti+ation of t"e conce!!ionS! ri$"t of u!e mu!t e con!i!tent it" t"e
return e)pected on eac" infra!tructure a!!et, via t"e app#ica#e rate!. 6"u!, intan$i#e a!!et! are amorti+ed
over t"e e)pected #en$t" of !uc" return, #imited to t"e term of t"e conce!!ion.
14. @HAA;R@
91
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86
15. 6D@ AE;
?n :ovemer 11, 2013, )ecutive ?rder &27 9MA< a! pu#i!"ed revo-in$ t"e 6ran!itory 6a) Re$ime and
introducin$ ot"er mea!ure!, inc#udin$B 9i< amendment! to *ecree;a 1,58F77, "ic" addre!!e! t"e
income ta) of companie!, and c"an$e! t"e #e$i!#ation re#ated to !ocia# contriution on net income' 9ii< it
e!ta#i!"e! t"at t"e c"an$e to or t"e adoption of accountin$ met"od! and criteria, t"rou$" admini!trative
act! i!!ued a!ed on t"e aut"ority a!!i$ned y commercia# #a, fo##oin$ t"e pu#ication of t"i! )ecutive?rder, i## not imp#y in t"e ca#cu#ation of t"e federa# ta)e! unti# t"e ta) #a re$u#ate! on !uc" matter' 9iii< it
inc#ude! t"e !pecific treatment for t"e potentia# ta)ation of income or dividend!' 9iv< it inc#ude! a provi!ion
on t"e ca#cu#ation of intere!t on euity' and 9v< it inc#ude! con!ideration! on inve!tment! mea!ured y t"e
euity met"od.
! of May 14, 2014, t"e conver!ion of t"e Arovi!iona# Mea!ure into t"e ;a :L12.73 a! pu#i!"ed on t"e
=edera# ?fficia# Ca+ette. 6"e provi!ion! !et fort" in t"e ;a ecome effective in 2015, "oever !aid ;a
a##o! t"e ta)payer to c"oo!e t"e ear#y effect! for 2014 a! a condition to e#iminate po!!i#e ta) effect!
re#ated to dividend! paid, ca#cu#ation of intere!t on euity and eva#uation of re#evant inve!tment! in
!u!idiarie! and affi#iate! y t"e euity accountin$ met"od. (on!iderin$ t"at t"e ;a a! enacted on t"e
date "en t"e!e interim financia# !tatement! ere c#o!ed, t"e Mana$ement i! a!!e!!in$ t"e po!!i#e
impact! on future financia# !tatement! of t"e (ompany. oever, t"e pre#iminary !tudie! of !aid
Arovi!iona# Mea!ure "ave not pre!ented any !i$nificant impact!.
Current oncurrent !otal Current oncurrent !otal
!-N*A -D C!(,+!,A 1/8"89# 18"8/ 294"098 11"1/2 187"04/ #/2"742
(M@ paya#e 8,412 8,412 2&,2&1 2&,2&1
Aayment in in!ta##ment! ;a 11,41F0 23,142 185,805 208,47 22,708 187,&40 210,348
A@ and (?=:@ paya#e &3,&17 &3,&17 54,10& 54,10&
:@@ &,74& &,74& 4,5&& 4,5&&
?t"er &,7& &,7& 7,4&1 7,4&1
,C
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87/145
87
1&. ;?:@ :* =::(:C
rincipal C&arges !otal rincipal /#.#1.2/14 12.#1.2/1#
6: Aar ond 2,503 2,503 88,075 0,578 2,351
6: @urety Aar ond 9&3,&4&
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88
6"e !tatement e#o !ummari+e! t"e contractua# term! and condition! app#ica#e to our #oan!
and orroin$! a! of Marc" 31, 2014B
?n =eruary 21, 2014, t"e !u!idiary ;i$"t @@ contracted a det in H@* from (itian-, it"
!ap to (*, tota#in$ R235,750.
;inancing *ntityDate o3
signatureCurrency
,nterest rate
p.a.*33ecti'e rate +eginning ayment *nd
6: Aar ond 2.04.1& 9S &.0 &% 2024 ;ump !um 2024
6: (auW[o Aar ond 2.04.1& 9S H 6rea!ury 2024 ;ump !um 2024
6: *i!count ond 2.04.1& 9S ;ior&MG0,8Gc 1.31% 2024 ;ump !um 2024
6: (auW[o *i!count ond 2.04.1& 9S H 6rea!ury 2024 ;ump !um 2024
6: (. ond 2.04.1& 9S 8.0 8% 2004 a#fyear#y 2014
Merri# ;ync" 07.11.2011 9S ;ior3MG2,15 2.3% 2014 a#fyear#y 201&
:A 17.10.2011 ;9O 3.8 3.8% 2014 ;ump !um 2014
(itian- 23.08.2012 9S ;ior3MG1,&& 1.0% 2017 a#fyear#y 2018
(itian- 21.02.2014 9S ;ior3MG1,51 1.74% 2018 ;ump !um 2018
(itian- 02.10.2012 9S ;ior3MG1,5 1.85% 2017 a#fyear#y 2018an- 6o-yo Mit!ui!"i 11.03.2013 9S 2.14 2.14% 201& ;ump !um 201&
#etrorV! *iver!a! 5.00 5% 188 Mont"#y and Quarter#y 201
(( rade!co 18.10.2007 (* G 0,85 .48% 2012 nnua# 2017
(apita# de Ciro @antander 03.0.2010 (* G 1,4 10.08% 2014 ;ump !um 2014
anco do ra!i# 25.02.2013 10,3% do (* .51% 2017 ;ump !um 2017
:*@ =:M 05.11.2007 9N,;S 6J;A G 2,18 7.18% 2014 Mont"#y 201
:*@ AR?@(? 11h captaW[o 2&.0&.2013 3.00 3% 2014 Mont"#y 2023
:*@ AR?@(? 12h captaW[o 2&.0&.2013 R 3.00 3% 2014 Mont"#y 2023
:*@ AR?@(? @AgMar-et 1.01.2012 HR6J;A 6J;A G 1,81 &.81% 2012 Mont"#y 2017
:*@ AR?@(? g :ova mYricag@ucred. 2&.12.2013 HM:*@ 6J;A G 2,18 7.18% 2014 Mont"#y 201
:*@ AR?@(? g :ova mYricag@ucred. 2&.12.2013 HM:*@ 6J;A G 2,18 7.18% 2014 Mont"#y 201
:*@ AR?@(? g :ova mYricag@ucred.( 2&.12.2013 R 3.50 3.5% 2014 Mont"#y 2023
rincipal amorti@ation
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89/145
89
?n Marc" 13, 2014, R11,345 a! received, re$ardin$ t"e (ontract :*@ AR?@(? to finance
t"e pro/ect! of t"e !u!idiary ;i$"t !co.
n addition to t"e co##atera#! indicated aove, #oan! are $uaranteed y receiva#e! in t"e
appro)imate amount of R8,28& 9R100,070 on *ecemer 31, 2013
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90
6ota# principa# amount i! !tated net of #oan!re#ated co!t!, a! provided for in (M Re!o#ution :o.
&4F10, "ic" approved tec"nica# pronouncement (A( 08 9R1< 6ran!action (o!t! and Aremium
on t"e !!ue of Mar-eta#e @ecuritie!.
6"e (ompanyK! e)po!ure to intere!t rate, forei$n currency and #iuidity ri!-! re#ated to #oan! and
financin$ i! reported in :ote 32.
rincipal C&arges !otal
+-5-C* 12.#1.2/1# 2"#92"109 22"798 2"414"907
;oan! and financin$ 258,51 258,51Monetary and e)c"an$e variation 937,84
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91/145
91
(ovenant!
6"e (ompany "a! c#au!e! t"at can cau!e t"e ear#y maturity of det in certain #oan and financin$
a$reement!, inc#udin$ cro!! defau#t. rade!coK! an- credit certificate!, #oan! it" anco
@antander, Merri# ;ync", :A, (itian-, an- 6o-yo Mit!ui!"i and it" :*@, c#a!!ified a!
current and noncurrent, reuire t"at t"e (ompany !"ou#d maintain certain det ratio! and
covenant!. n fir!t uarter of 2014, t"e (ompany a! in conformity it" a## reuired det
covenant!.
17. *:6HR@
e#o, contractua# condition! of deenture! on a con!o#idated a!i! on Marc" 31, 2014B
6ota# principa# amount i! reported net of deenture! i!!ue co!t!, a! provided for in (M
Re!o#ution :o. &4F10, "ic" approved t"e tec"nica# pronouncement (A( 08 9R1< 6ran!action
(o!t! and Aremium on t"e !!ue of Mar-eta#e @ecuritie!.
rincipal C&arges !otal rincipal /#.#1.2/14 12.#1.2/1#
*eenture! 4t" !!ue 9;i$"t @@< 1 1 3 22 27
*eenture! 7t" !!ue 9;i$"t @@< 28,70& 28,70& &4,4&1 &78,1&7 &5,1&
*eenture! 8t" !!ue 9;i$"t @@< 1&,27& 1&,27& 4&,&25 485,01 473,157
*eenture! t" !!ue @erie! 9;i$"t @@< 3,554 3,554 5,508 1,035,0&2 1,007,750
*eenture! t" !!ue @erie! 9;i$"t @@< 12,758 12,758 &23,08 &3&,&&& &14,223
*eenture! 1!t !!ue 9;i$"t ner$ia< ,11 ,11 171,44 180,5&8 175,514
*eenture! 2nd !!ue 9;i$"t ner$ia< 4,23 4,23 423,71& 428,&3 43,&75
*eenture! 3rd !!ue 9;i$"t ner$ia< 1,03 1,03 2,85 30,88 30,082
!!-5 19 112"#7 112"#94 #"#0#"29 #"47"92# #"4//"#44
Current oncurrent
Consolidated
!otal
;inancing *ntity Date o3 signature Currency ,nterest (ate p.a. *33ecti'e (ate +eginning ayment *nd
*eenture! 4t" !!ue 9;i$"t @@< 0&F30F2005 6J;A 6J;A G 4% .00% 200 Mont"#y 2015
*eenture! 7t" !!ue 9;i$"t @@< 05F02F2011 (* (* G 1.35% .4% 2015 nnua# 201&
*eenture! 8t" !!ue 9;i$"t @@< 8F24F2012 (* (* G 1.18% .31% 2015 nnua# 202&
*eenture! t" !!ue @erie! 9;i$"t @@< &F15F2013 (* (* G 1.15% .28% 2018 a#fannua##y 2021
*eenture! t" !!ue @erie! 9;i$"t @@< &F15F2013 A( A( G 5.74% 11.% 2020 a#fannua##y 2023
*eenture! 1!t !!ue 9;i$"t ner$ia< 04F10F2011 (* (* G 1.45% .&0% 2015 nnua# 201&
*eenture! 2nd !!ue 9;i$"t ner$ia< 12F2F2011 (* (* G 1.18% .31% 201& nnua# 201
*eenture! 3rd !!ue 9;i$"t ner$ia< 8F24F2012 (* (* G 1.18% .31% 2015 nnua# 202&
rincipal -morti@ation
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92/145
92
n!ta##ment! re#ated to principa# of deenture!, c#a!!ified in noncurrent #iai#itie!, "ave t"e
fo##oin$ maturitie! 9financia# c"ar$e! not inc#uded< on Marc" 31, 2014B
e#o, deenture! rea-don on a con!o#idated a!i! in t"e period!B
6"e (ompanyK! e)po!ure to intere!t rate and #iuidity ri!-! re#ated to deenture! i! reported in
:ote 32.
/#.#1.2/14
2015 451,452
201& 558,238
2017 147,&&
2018 34,&5
201 37,085
after 201 1,414,42&
!!-5 #"#0#"29
rincipal C&arges !otal
+-5-C* 12.#1.2/1# #"#49"### 1"/11 #"4//"#44
=inancia# c"ar$e! accrued 78,421 78,421
=inancia# c"ar$e! paid 922,&8
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93/145
93
(ovenant!
6"e (ompany "a! c#au!e! t"at can cau!e t"e ear#y maturity of det in certain #oan and financin$
a$reement!, inc#udin$ cro!! defau#t. 6"e 7t", 8t"and t"i!!ue of deenture! of t"e !u!idiary ;i$"t
@@ and t"e 1!t, 2nd and 3rd i!!ue of deenture! of t"e !u!idiary ;i$"t ner$ia reuire t"e
maintenance of indetedne!! inde)e! and covera$e of intere!t rate!. n t"e fir!t uarter of 2014,
t"e (ompany comp#ied it" a## t"e covenant! reuired.
18. RCH;6?RE (RC@
1. AR?@?:@
6"e (ompany and it! !u!idiarie! are partie! in ta), #aor and civi# #a!uit! and re$u#atory
proceedin$! in !evera# court!. Mana$ement periodica##y a!!e!!e! t"e ri!-! of contin$encie!
re#ated to t"e!e proceedin$!, and a!ed on t"e #e$a# coun!e#K! opinion it record! a provi!ion
"en unfavora#e deci!ion! are proa#e and "o!e amount! are uantifia#e.
C((*! /#.#1.2/14 12.#1.2/1#
ner$y deve#opment account uota (* 5,0 5,0
C#oa# rever!a# re!erve uota RCR 1,428
("ar$e! for capacity and emer$ency acui!ition 53,785 55,547
!!-5 9"094 02"884
Consolidated
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94
e#o i! t"e a#ance of provi!ion!, inc#udin$ provi!ion! for ri!-! and provi!ion! for !ucce!! fee!B
Arovi!ion! for ri!-!B
Arovi!ion! for ri!-! and c"an$e! in t"e period! are a! fo##o!B
9a,A,A ;( (+-+5* 5AA*A 5abor Ci'il !a t&er !otal
+-5-C* 12.#1.2/1# 1##"#8# 14"189 2/1"774 2/"#7 //"7/#
ddition! ,470 12,435 4,577 2&,482
d/u!tment! 3,210 1,5& 1,038 5,844
riteoff!Fpayment! 9830
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95
Arovi!ion for #aor proceedin$!B
6"e!e #aor proceedin$! main#y invo#ve t"e fo##oin$ matter!B overtime, "a+ardou! or- a$e
premium, eua# pay, pain and !ufferin$, difference of 40% fine of =C6@ 9Covernment @everance
ndemnity =und for mp#oyee!< derived from t"e ad/u!tment due to under!tated inf#ation andoccupationa# accident civi# #iai#ity.
Arovi!ion for civi# proceedin$!B
9a
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96/145
96
(ompanyK! o!ten!ive e"avior fi$"tin$ irre$u#aritie! in t"e netor-, a! e## a! con!umer!
c"a##en$in$ t"e amount! paid.
9
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97/145
97
Arovi!ion for ta) proceedin$!B
9a
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98/145
98
*eficiency :otice :o. 0004F2014 @=. 6"e !u!idiary ;i$"t @@ a! $iven t"e *eficiency
:otice on January 15, 2014, under t"e ar$ument of fai#ure to comp#y it" t"e a!pect! of !ervice
provi!ion and re!u#t! of t"e maintenance p#an of t"e under$round !y!tem of 2012, in addition
to t"e a!pect! of under$round !y!tem it!e#f. 6"e fine i! of R2,171. ;i$"t @@ fi#ed an appea#
on January 24, 2014. 6"e (ompany "a! made a provi!ion of R2,204 and aait! deci!ion of
nee#.
Arovi!ion! for !ucce!! fee!B
Mana$ement periodica##y rea!!e!!e! #a!uit! it" !ucce!! fee! for #e$a# advi!or! and, a!ed on t"e opinion
of it! #e$a# coun!e#, record! provi!ion! for #a!uit! "o!e #i-e#i"ood of #o!! a! con!idered po!!i#e orremote. e#o i! a c"art it" t"e po!ition and c"an$e! in t"e period!.
20. (?:6:C:(@
6"e (ompany i! a party to #a!uit! t"at Mana$ement e#ieve! t"at ri!- of #o!! are #e!! t"an
proa#e, a!ed on t"e opinion of it! #e$a# coun!e#!. 6"erefore, no provi!ion a! e!ta#i!"ed.
(ontin$encie! it" po!!i#e #o!! are ro-en don a! fo##o!B
(>,A,A ;( ACC*AA ;** Ci'il !a !otal
+-5-C* 12.#1.2/1# 2/"940 22"//0 42"92
Ao!!i#e #o!! 214 1,12& 1,340
Remote #o!! 3 334 427
+-5-C* /#.#1.2/14 21"2# 2#"400 44"719
(>,A,A ;( ACC*AA ;** Ci'il !a !otal
+-5-C* 12.#1.2/12 14"418 8"49 22"877
Ao!!i#e #o!! 237 434 &71
+-5-C* /#.#1.2/1# 14"0 8"89# 2#"48
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99/145
99
6"e main rea!on! for #iti$ation! are #i!ted e#oB
a
-
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100/145
100
intervention in t"e e#ectrica# !y!tem, amon$ ot"er rea!on!, and a#!o !ervice !u!pen!ion,
"et"er for indetedne!!, denied acce!! or meter! rep#acement, amon$ ot"er fact! for
!u!pen!ion. 6"e amount current#y a!!e!!ed repre!ented y t"e!e c#aim! i! R1&,413 9R1&,07&
on *ecemer 31, 2013
-
7/27/2019 ITR 1? Quarter 2014 Light SA
101/145
101
-
7/27/2019 ITR 1? Quarter 2014 Light SA
102/145
102
of !u!idiarie! 9a roader concept t"at inc#ude! e)c"an$e variation! a! provided for y :
213F02
-
7/27/2019 ITR 1? Quarter 2014 Light SA
103/145
103
a! deemed $round#e!!. o#untary ppea# a! fi#ed "ic" a! re/ected. ;i$"tS! appea# a! a#!o
fi#ed "ic" a! re/ected. t t"e moment, t"e !u!idiary i! aaitin$ t"e deci!ion in order to ta-e
t"e proper mea!ure!. 6"e amount current#y a!!e!!ed repre!ented y t"i! c#aim i! R145,00
9R145,00 a! of *ecemer 31, 2013
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104/145
104
ac" c#aim i! detai#ed e#oB
ua# pay and re#ated accretion! t"e c#aimant! intend to receive a$e difference! a##e$in$
t"at t"ey e)erci!e or e)erci!ed activitie! identica# to ot"er emp#oyee!K or former emp#oyee!K
activitie!, it" t"e !ame productivity and tec"nica# perfection, ut t"ey received different
a$e!. 6"e amount current#y a!!e!!ed repre!ented y t"i! c#aim i! R18,482 9R18,845 on
*ecemer 31, 2013
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105/145
105
A@AFA@ 9Aroceedin$ 15374002130F200&18< t refer! to t"e ?ff!et *i!a##oance made y
t"e (ompany of A@A credit! it" A@ det!. 6"e (ompanyK! o/ection a! deemed
$round#e!!. o#untary ppea# a! fi#ed. (R= rendered deci!ion !entencin$ t"e ca!e !"ou#d
remand to t"e #oer court to determine t"e credit in di!pute. 6"e amount current#y a!!e!!ed
repre!ented y t"i! c#aim i! R274,400 9R272,400 on *ecemer 31, 2013
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106/145
106
?n =eruary 13t", 2014, t"e (ompany !ett#ed t"e Arivate n!trument! of 6ermination of
$reement! for Re!o#vin$ 6ec"nica# *eficit! and Refinancin$ Hnamorti+ed Re!erve! it"
ra!#i$"t, for R1,228,205, inc#udin$ t"e re!tatement y t"e (* rate.
e#o, contractua# #iai#itie! rea-don in t"e period!B
Current oncurrent !otal
+-5-C* 12.#1.2/1# 1"224"000 1"224"000
morti+ation! in t"e period 91,228,205
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107/145
107
22. ?6R AE;@
a
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108/145
108
e#o, a !ummary of re#atedparty tran!action! occurred in t"e period! !tatedB
i. $reement! e)ecuted it" re#ated partie!B
9
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109/145
109
a#ance !"eet $roup!B 6rade paya#e! ) 6rade receiva#e!
Re#ation!"ipB (MC 9party of t"e contro##in$ $roup** #"#9/"008 2"88"#89
(M@ 9708,841** 2"282"21 1"921"8#4
Consolidated
1st Fuarter
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118
i##ed, do not compri!e t"e (ompanyK! net revenue !ince t"e #a!t tariff revi!ion of !u!idiary
;i$"t @@, "ic" occurred in :ovemer 2013.
27. ;(6R( A?R @HAA;E
9a
-
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119/145
119
2. ;(6R( A?R AHR(@* =?R R@;
9a
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120/145
120
30. =::(; R@H;6
9a** 97"/#0 #8"492
*N*A*A
Re!tatement of provi!ion for contin$encie! 95,844
-
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121/145
121
32. =::(; :@6RHM:6@ :* R@b M:CM:6
6"e !tatement e#o reconci#e! t"e carryin$ and fair va#ue of a!!et! and #iai#itie! re#ated to our
financia# in!trument!B
-AA*!A +oo= 'alue ;air 'alue +oo= 'alue ;air 'alue
(a!" and ca!" euiva#ent! 9:ote 4< ,47 ,47 2&,802 2&,802
@ervice! 143 143 143 143
*ividend! and intere!t on euity receiva#e 3,341 3,341 3&,153 3&,153
?t"er receiva#e! 4,43 4,43 &,14& &,14&
!!-5 #"474 #"474 09"244 09"244
5,-+,5,!,*A
@upp#ier! 205 205 25 25
*ividend! and intere!t on euity paya#e 32,01 32,01 32,01 32,01
?t"er paya#e! 3,883 3,883 3,&0 3,&0
!!-5 #0"1/7 #0"1/7 #0"274 #0"274
arent Company
/#.#1.2/14 12.#1.2/1#
-AA*!A +oo= 'alue ;air 'alue +oo= 'alue ;air 'alue
(a!" and ca!" euiva#ent! 9:ote 4< &4,34 &4,34 54&,42 54&,42
Mar-eta#e !ecuritie! 9:ote 5< 13,720 13,720 1,244,000 1,244,000
(once!!iona ire! and permi!!ionaire! 9:ote &< 1,83,8 1,83,8 1,432,827 1,432,827
@ervice! 43,&4 43,&4 2,811 2,811
@ap! 125,018 125,018 141,214 141,214
(once!!ion!S! financia# a!!et! 9:ote < 1,82,10 1,82,10 1,2&,22& 1,2&,22&
?t"er receiva#e! 9:ote 10< 1,127,028 1,127,028 217,082 217,082
!!-5 "879"92 "879"92 "#7"89 "#7"89
5,-+,5,!,*A
@upp#ier! 9:ote 14< 2,070,413 2,070,413 07,2&2 07,2&2
;oan! and financin$ 9:ote 1&< 2,573,43 2,55,12& 2,414,&7 2,41&,01
*eenture! 9:ote 17< 3,475,23 2,873,0 3,400,344 3,373,235
*ividend! and intere!t on euity paya#e 32,01 32,01 32,01 32,01
@ap! 20,400 20,400
?t"er paya#e! 9:ote 22< 281,753 281,753 25,57 25,57
!!-5 8"44"41 7"872"81/ 7"/14"49 0"988"04
Consolidated
/#.#1.2/14 12.#1.2/1#
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122
n comp#iance it" (M Ru#e :o. 475F2008 and (M Re!o#ution :o. &04F200, "ic" revo-ed
Re!o#ution :o. 5&&F2008, t"e de!cription of accountin$ a#ance! and fair va#ue! of financia#
in!trument! !tated in t"e a#ance !"eet a! of Marc" 31, 2014 are identified a! fo##o!B
(a!" and ca!" euiva#ent!
=inancia# inve!tment! in an- depo!it certificate! are c#a!!ified a! N#oan! and
receiva#e!O.
Mar-eta#e !ecuritie!
=inancia# inve!tment! in an- depo!it certificate! are c#a!!ified a! N"e#d for
tradin$O, mea!ured at t"eir fair va#ue t"rou$" profit and #o!!.
(on!umer!, conce!!ionarie! and permi!!ionaire! 9c#ient!
-
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123/145
123
@upp#ier!
ccount! paya#e to !upp#ier! of materia#! and !ervice! reuired in t"e operation!
of t"e (ompany, t"e amount! of "ic" are -non or ea!i#y determina#e, added,"ere app#ica#e, of re#evant c"ar$e!, e!ca#ation andFor e)c"an$e co!t! incurred
a! of t"e a#ance !"eet date.
6"e!e a#ance! are c#a!!ified a! ot"er financia# #iai#itie! and ere reco$ni+ed at
t"eir amorti+ed co!t, "ic" i! not !i$nificant#y different from t"eir fair va#ue.
;oan!, orroin$! and deenture!
6"e!e are mea!ured y t"e Namorti+ed co!t met"odO. =air va#ue a! ca#cu#ated at
intere!t rate! app#ica#e to in!trument! it" !imi#ar nature, maturitie! and ri!-!, or
a!ed on mar-et uotation! of t"e!e !ecuritie!. 6"e fair va#ue for :*@ financin$
i! identica# to t"e accountin$ a#ance, !ince t"ere are no !imi#ar in!trument!, it"
compara#e maturitie! and intere!t rate!. 6"e!e financia# in!trument! are c#a!!ified
a! Not"er financia# #iai#itie!O.
?t"er a!!et! and #iai#itie!
?t"er receiva#e! and ot"er paya#e! c#a!!ified a! #oan! and receiva#e! and
Not"er #iai#itie!O are mea!ured at amorti+ed co!t and !tated at t"eir ori$ina#
va#ue!, accrued of, "ere app#ica#e, corre!pondin$ c"ar$e!, monetary andFor
currency variation! incurred up to t"e a#ance !"eet date or !u/ect to a provi!ion
for #o!!e!, "ere app#ica#e.
@ap!
6"e!e are mea!ured at fair va#ue. determination of fair va#ue u!ed avai#a#e
information on t"e mar-et and u!ua# pricin$ met"odo#o$yB t"e face va#ue
9notiona#< eva#uation for #on$ po!ition 9in H.@. do##ar!< unti# maturity date and
di!counted at pre!ent va#ue of c#ean coupon rate!, pu#i!"ed in u##etin! of
@ecuritie!, (ommoditie! and =uture! )c"an$e M>=?@A.
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t i! ort" mentionin$ t"at e!timated fair va#ue of financia# a!!et! and #iai#itie! a! determined
y mean! of information avai#a#e on t"e mar-et and appropriate va#uation met"odo#o$ie!.
:evert"e#e!!, meanin$fu# /ud$ment a! reuired "en interpretin$ mar-et data to produce t"e
mo!t appropriate fair va#ue e!timate.
a< =inancia# n!trument! y cate$oryB
-AA*!A
5oans andrecei'ables
;air 'aluet&roug& pro3it
or loss
5oans andrecei'ables
;air 'aluet&roug& pro3it
or loss
(a!" and ca!" euiva#ent! 9:ote 4< ,47 2&,802
@ervice! 143 143
*ividend! receiva#e 3,341 3&,153
?t"er receiva#e! 4,43 &,14&
!!-5 #"474 09"244
5,-+,5,!,*A
-morti@ed cost
;air 'alue
t&roug& pro3it
or loss
-morti@ed cost
;air 'alue
t&roug& pro3it
or loss
@upp#ier! 205 25
*ividend! and intere!t on euity paya#e 32,01 32,01
?t"er paya#e! 3,883 3,&0
!!-5 #0"1/7 #0"274
arent Company
12.#1.2/1#
arent Company
/#.#1.2/14
/#.#1.2/14
12.#1.2/1#
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< Ao#icy concernin$ derivative in!trument!
6"e (ompany "a! a po#icy of u!in$ derivative in!trument!, "ic" "a! een approved y it! oard of*irector!. ccordin$ to t"i! po#icy, t"e det !ervice 9principa# p#u! intere!t and c"ar$e!< denominated in
forei$n currency maturin$ it"in 24 mont"! i! to e "ed$ed, e)cept no !pecu#ative tran!action i! a##oed,
"et"er u!in$ derivative! or any ot"er ri!-y a!!et!.
n #ine it" t"e po#icy !tandard!, t"e (ompany doe! not "ave any option!, !ap!, ca##a#e !ap!, f#e)i#e
option!, derivative! emedded in ot"er product!, derivative!tructured tran!action! and !oca##ed Ne)otic
derivative!O. =urt"ermore, t"e !tatement aove denote! t"at t"e (ompany u!e ca!"#e!! e)c"an$e rate
!ap! 9H@ v!. (*
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!tandard! concernin$ t"e u!e of derivative in!trument!, a! e## a! continued monitorin$ of
a$reed upon rate! ver!u! mar-et rate!.
d< Mar-et Ri!-
*urin$ t"e norma# cour!e of it! u!ine!!e!, t"e (ompany and it! !u!idiarie! are e)po!ed to t"e
mar-et ri!-! re#ated to currency variation! and intere!t rate!, a! evidenced in t"e c"art e#oB
*et rea-don 9e)c#udin$ financia# c"ar$e!
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(urrency ri!-
(on!iderin$ t"at a portion of #oan! and financin$ i! denominated in forei$n currency, t"e
company u!e! derivative financia# in!trument! 9!ap operation!< to "ed$e a$ain!t !ervice
a!!ociated it" t"e!e det! 9principa# p#u! intere!t and commi!!ion!< to e)pire it"in 24 mont"!
in addition to t"e !ap of previou!#y mentioned rate!. =und! rai!ed a! per (: Re!o#ution
4131 from Merri## ;ync", :A, (itian- and an- 6o-yoMit!ui!"i ere a#ready contracted it"
!ap for t"e entire duration of t"e det, du#y previou!#y approved y t"e oard of *irector!.
*erivative operation!, compri!in$ currency !ap! and intere!t, t"e #atter reported e#o,
re!u#ted in a #o!! of R47,24 in t"e fir!t uarter of 2014 9R22,454 #o!! in t"e fir!t uarter of
2013
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6"e amount recorded a! mea!ured y it! fair va#ue on Marc" 31, 2014. ## operation! it"derivative financia# in!trument! are re$i!tered in c#earin$ "ou!e! for t"e cu!tody and financia#
!ett#ement of !ecuritie! and t"ere i! no mar$in depo!ited in $uarantee. ?peration! "ave no initia#
co!t.
e#o, t"e !en!itivity ana#y!i! for forei$n e)c"an$e rate! f#uctuation!, !"oin$ eventua# impact!
on financia# re!u#t of t"e (ompany and it! !u!idiarie!.
6"e met"odo#o$y u!ed in t"e NAroa#e @cenarioO con!idered t"e e!t e!timate for t"e forei$n e)c"an$e
rate on Marc" 31, 2015. t i! ort" "i$"#i$"tin$ t"at, a! t"i! refer! to a !en!itivity ana#y!i! of t"e impact on
t"e financia# re!u#t of t"e ne)t 12 mont"!, det a#ance! on Marc" 31, 2014 ere con!idered. t i! ort"
mentionin$ t"at t"e e"avior of det and derivative! a#ance! i## o!erve t"eir re!pective contract!, and
t"e a#ance of temporary ca!" inve!tment! i## f#uctuate accordin$ to t"e need or avai#a#e fund! of t"e
(ompany and it! !u!idiarie!.
)c"an$e Rate @en!itivity na#y!i!, it" t"e pre!entation of effect! on t"e income !tatement efore ta)e!,
a!ed on rate! and pro/ection! of t"e fo##oin$ !ource!B 6op 5 acen, ta, @(, rade!co and #oomer$.
,nstitution Currency 5ig&tLs (ecei'able 5ig&tLs ayableAtarting
Date
alue
Contracted
A)*(6
;air >alue
Dec 2/1#
()6 -ssets
;air >alue
Dec 2/1#
()6
5iabilities
;air >alue
Dec 2/1#
()6 +alance
an- 6o-yo Mit!ui!"i H@ H@G2,33% 100% (* G 0,0% 03.11.2013 03.11.201& &0,000 22,17 22,17
ta H@ H@G2,42% 100% (* 04.11.2012 04.11.2014 2,715 78 78
@( H@ H@G1,&7% 100% (* 10.0.2012 10.10.2014 1,338 214 214
@( H@ H@ 83,2% (* 0.20.2013 04.10.2015 1,431 120 120
@( H@ H@ 82,&5% (* 0.20.2013 10.0.2015 1,432 105 105
(itian- H@ H@G;iorG1,&&% 100% (* G 1,00% 0.23.2012 02.23.2017 33,333 10,33 10,33
(itian- H@ H@G;iorG1,&&% 100% (* G 1,00% 08.23.2012 08.23.2017 33,333 10,504 10,504
(itian- H@ H@G;iorG1,&&% 100% (* G 1,00% 08.23.2012 02.23.2018 33,333 10,708 10,708
(itian- H@ H@G;iorG1,588% 100% (* G 1,10% 10.02.2012 04.03.2017 2&,&&& 7,145 7,145
(itian- H@ H@G;iorG1,588% 100% (* G 1,10% 10.02.2012 10.02.2017 2&,&&& 7,2&0 7,2&0
(itian- H@ H@G;iorG1,588% 100% (* G 1,10% 10.02.2012 04.03.2018 2&,&&& 7,408 7,408
an- of merica H@ ;iorG2,524% 100%(* G 0,&5% 11.10.2011 11.10.201& 50,000 31,20 31,20
:A HR? uroG4,&823% 100%(*G1,30% 10.21.2011 10.21.2014 34,& 2,58 2,58
!!-5 ##1"882 1#8"80 1#8"80
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it" t"e c"art aove, it i! po!!i#e to identify t"at t"e partia# "ed$e a$ain!t forei$n currency
denominated det 9on#y #imited to det !ervice to e)pire it"in 24 mont"!
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e#o, t"e !en!itivity ana#y!i! for intere!t rate! f#uctuation!, !"oin$ po!!i#e impact! on t"e
re!u#t efore ta)e!.
6"e met"odo#o$y u!ed in t"e NAroa#e @cenarioO con!idered t"e e!t e!timate for t"e intere!t
rate on Marc" 31, 2015. t i! ort" "i$"#i$"tin$ t"at, a! t"i! refer! to a !en!itivity ana#y!i! of t"e
impact on t"e financia# re!u#t of t"e ne)t te#ve mont"!, det and inve!tment a#ance! on Marc"
31, 2014 ere con!idered. t i! ort" mentionin$ t"at t"e e"avior of det and derivative!
a#ance! i## o!erve t"eir re!pective contract!, and t"e a#ance of inve!tment! i## f#uctuate
accordin$ to t"e need or avai#a#e fund! of t"e (ompany.
e#o i! t"e intere!t rate !en!itivity ana#y!i!, !"oin$ t"e effect! on income !tatement efore ta)e!, a!ed
on rate! and pro/ection! of t"e fo##oin$ !ource!B 6op 5 acen, ta, @(, rade!co and #oomer$.
,n stitu tio n 5ig&tLs (ecei'able 5ig &tLs ayableAtarting
Date
alue
Contracted
()6
;air >alue
alue
alue
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(redit ri!-
t refer! to t"e (ompany eventua##y !ufferin$ #o!!e! derivin$ from defau#t of counterpartie! or financia#
in!titution! depo!itary of fund! or temporary ca!" inve!tment!. 6o miti$ate t"e!e ri!-!, t"e (ompany u!e!
a## co##ection too#! a##oed y t"e re$u#atory ody, !uc" a! di!connection for de#inuency, deit #o!!e! and
*(-!,(is=
Acenario ,6:
robable
Acenario ,,6
2%
Acenario ,,,6
/%
;,-C,-5 -AA*!A 77"10 90"44 11"7#4
=inancia# inve!tment! (* 77,15& &,445 115,734
;,-C,-5 5,-+,5,!,*A 42"0416 /0"/906 8"//16
*eenture! 4t" i!!ue 6J;A 91
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permanent monitorin$ and ne$otiation of out!tandin$ po!ition!. (redit ri!- of receiva#e! i! di#uted due to
t"e (ompanyj! c#ient a!e.
tem a of t"i! note contain! a !ummary of t"e financia# in!trument! ro-en don y cate$ory, inc#udin$
t"e (ompanyS! ma)imum credit ri!-.
(oncernin$ financia# in!titution!, t"e (ompany on#y carrie! out #ori!- operation!, c#a!!ified y ratin$
a$encie!. 6"e (ompany "a! a po#icy of not concentratin$ it! portfo#io in certain financia# in!titution.
6"erefore, t"e po#icyK! princip#e i! to contro# t"e portfo#io concentration t"rou$" #imit! impo!ed to t"e
Croup!, a! defined e#o, and monitorin$ financia# in!titution! t"rou$" t"eir !"are"o#der!K euity and
ratin$!.
6"rou$" it! po#icy, t"e (ompany i## e a#e to inve!t in fi)ed income product! and nteran- *epo!it Rate
9(*A and =itc"< or aa 9MoodyS!
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;iuidity ri!-
;iuidity ri!- re#ate! to t"e (ompanyS! ai#ity to !ett#e it! #iai#itie!. n order to determine t"e ai#ity to
!ati!factori#y meet it! financia# #iai#itie!, t"e !tream! of maturitie! for fund! rai!ed and ot"er #iai#itie! are
reported it" t"e (ompanyS! !tatement!. =urt"er information on t"e fund! rai!ed can e found in detai# in
:ote! 1& and 17.
6"e (ompany "a! rai!ed fund! t"rou$" it! operation!, from financia# mar-et tran!action! and from affi#iate
companie!, primari#y a##ocated to !upport it! inve!tment p#an and in mana$in$ it! ca!" for or-in$ capita#
and #iai#ity mana$ement purpo!e!.
6"e (ompany mana$e! t"e #iuidity ri!- y continuou!#y monitorin$ e)pected and rea# ca!" f#o! and
cominin$ t"e maturity profi#e! of it! financia# #iai#itie!.
ner$y !o#d y t"e (ompany i! main#y produced y "ydropoer p#ant!. pro#on$ed period of #o rainfa##
can re!u#t in a decrea!e in t"e ater vo#ume of poer p#ant! re!ervoir! and may re!u#t in #o!!e! ecau!e of
increa!ed co!t! in purc"a!in$ ener$y or decrea!ed revenue! in t"e imp#ementation of compre"en!ive
pro$ram! to con!erve e#ectricity. 6"e e)ten!ion of e#ectricity $eneration t"rou$" t"erma# poer p#ant! may
#ead to increa!ed co!t! for t"e ener$y di!triution companie!, "ic" re!u#t! in an increa!ed need for !"ort
term ca!", "ic" are recovera#e it"in t"e e)i!tin$ re$u#atory frameor-, and cou#d cau!e future rate
increa!e!.
6"e rea#i+ation f#o concernin$ future #iai#itie! a! per t"e re#evant term! and condition!, "ic" inc#ude
future intere!t up to t"e contractua# maturity date, i! !ummari+ed in t"e !tatement e#oB
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a
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;eve# 1 *ata ori$inatin$ from an active mar-et 9unad/u!ted uoted price< t"at can e
acce!!ed on a dai#y a!i!, inc#udin$ on t"e date of fair va#ue mea!urement.
;eve# 2 *ifferent data ori$inatin$ from t"e active mar-et 9unad/u!ted uoted price