Light SA_Relatorio de Revis

8/2/2019 Light SA_Relatorio de Revis

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Consumption growth and higherprofit despite the crisis

IR Contacts

Ronnie Vaz Moreira

Vice Chief ExecutiveOfficer and IRO

Ricardo Levy

Financial and IRSuperintendent

Cristina Guedes

IR Manager

Phone: +55 (21) 2211-2650/ 2660

ax: +55 (21) 2211-2787www.light.com.br

-mail: [email protected]

Conference Call

Date: 5/14/2009Time: 3 pm (Brazil)

2 pm (US ET)

Phones:

Brazil:+55 (11) 4688-6301

USA:+1 (888) 700-0802

Other countries:+1(786) 924-6977

Simultaneoustranslation into

English

Webcast:

www.light.com.br

(Portuguese andEnglish)
http://www.light.com.br/mailto:[email protected]://www.light.com.br/http://www.light.com.br/mailto:[email protected]://www.light.com.br/


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EBITDA of R$350 million rose 13.5%, net income rose60.6% to R$168.3 million and consumption rose 1.6%1

Light achieved consolidated net income of R$168.3 million in

1Q09, compared to R$104.8 million in 1Q08. The increase of 60.6%

is due mainly to growth of the market during the last year and also

the reduction of manageable costs in the distribution segment.

In the quarter consolidated net revenue totaled R$1,437.6

million, 9.3% above 1Q08. This growth is mainly the effect of 3.7%

growth in the captive market between the periods, combined with an

average tariff increase of 4.70% that went into effect November 7,

2008.

Consolidated EBITDA for the quarter was R$349.6

million, 13.5% above 1Q08, mainly as a result of increased net

revenue. The EBITDA margin for the quarter was 24.3% compared

with 23.4% in 1Q08.

The Company ended 1Q09 with net debt of R$1,430.2 million,

a decline of 9.5% over December 31, 2008. This reduction is

explained by the increase in cash flow, combined with the regular

amortization of debt and corresponding interest payments. Our Net

debt/EBITDA leverage index was 0.9x at close of the quarter.

Release

Segmentation

1To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand

measured of free customers Valesul, CSN and CSA were excluded as the exit of these customers to the core network isplanned. In 1Q08, energy consumption of these customers totaled 662 GWh and demand was 2,794 GW.

Operational Highlights (GWh) 1Q09 1Q08 Var. %

Grid Load* 8,820 8,716 1.2%

Billed Energy - Captive Market 5,002 4,822 3.7%

Consumption in the concession area1 5,589 5,502 1.6%

Transported Energy - TUSD1 1,210 1,313 -7.8%

Sold Energy - Generation 1,262 1,211 -7.8%

Commercializated Energy (Esco) 112 132 4.2%Financial Highlights (R$ MM)

Net Revenue 1,438 1,316 9.3%

EBITDA 350 308 13.5%

EBITDA Margin 24.3% 23.4% -

Net Income 168 105 60.6%Net Debt** 1,430 1,549 -7.7%

* Captive market + losses + network use

** Financial Debt - Cash


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Light S.A. is a holding company that controls wholly-owned subsidiaries thatparticipate in three business segments: electricity distribution (Light SESA),

electricity generation (Light Energia) and electricity trading/services (Light Esco).

To increase the transparency of its results and enable investors to make a better

evaluation, Light also presents its results by business segment.

1st Quarter 2009 Results

1Q09 results are also adjusted to reflect the impacts of Law 11,638/07 on the

results of the period, pursuant to CVM Resolution 565/08, and also the

reclassification of employee profit sharing (PLR) after income tax, and thus it is no

longer classified as costs and personnel expenses. For further information, see

Annex V of this release.

Operating Performance

Distribution

Total energy consumption in Lightsconcession area (captive customers + free2) in

1Q09 was 5,589 GWh, and grew 1.6% when

compared to the same period in 2008 due to a

significant

consumption increase

in the captive market

of 3.7%, which more

than offset the decline

in consumption of

industrial customers free.

Captive Customers

2To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand

measured of free customers Valesul, CSN and CSA were excluded as the exit of these customers to the core network isplanned. In 1Q08, energy consumption of these customers totaled 662 GWh and demand was 2,794 GW.

Electric Energy Comsumption (GWh)

Total Market (Captive + Measured Free)

4,822 5,002

681 587

5,502 5,589

1Q08 1Q09

Capt ive Free

3.7%

-13.7%

1.6%

Electric Energy Consumption (GWh)1st Quarter

4,822

810

1,533

451

2,027

5,002

823

1,582

433

2,163

Residential Industrial Commercial Others Total

1Q08 1Q09

3.7%

3.2%

6.7%

1.6%


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In the first quarter of 2009, consumption billed in the captive market grew 3.7%when compared to the same period last year, mainly a result of consumption

growth in the residential and commercial classes. The increase in consumption of

these classes was influenced by the higher temperature this year, 1.9C above

average during the first quarter of 2008, despite the lower number of billing days in

the low and high voltage, 0.5 and 1.6 days, respectively. Two free market

customers returned to the captive market in the quarter, which represented

together in 2008, an average monthly consumption of 5 GWh.

The residential segment, which accounted for 43.2% of the captive market in thequarter, grew the fastest at 6.7%, mainly explained by the higher average

temperature recorded and the consequent use of refrigeration appliances. The

number of residential customers rose 1.3% to 3.6 million billed customers with

average monthly consumption of 198.4 kWh/month in this quarter, compared to

188.1 kWh/month in the same period of 2008.

Commercial segment consumption grew 3.2% in the quarter when compared to

1Q08 and represented 31.6% of the captive market this quarter. This segment was

also influenced by higher average temperatures in the period.

The industrial segment, which represented only 8.7% of the captive market, fell

4.0% versus the first quarter of 2008. This decline is explained by lower industrial

activity levels observed in the metal/metal products, rubber and plastics sectors,

and also by the interruption in Energia Plus billing due to the lack of excess energy,

resulting in a billing 12 GWh lower for this product. Not considering Energia Plus

billing in 1Q08, the reduction in consumption

was only 1.4% year-on-year.

Billed Demand (GW)

Free Costumers and Utilities

2,172

3,665

5,837

2,253

3,890

6,142

Free Utility Total

1Q08 1Q09

3.7%

6.1%

5.2%

Electric Energy Transportation - GWhFree Customers + Utilities

681587 633

1,313

623

1,210

Free Utility Total

1Q08 1Q09

-13.7%-1.5%

-7.8%


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Network Use

3

Energy transported to free customers and concessionaires amounted to 1,210 GWh

this quarter, 7.8% below 1Q08. This decline was caused by a 13.7% drop in free

customers consumption, in particular the steel industry, besides the return of 3

customers to the captive market between the periods, 2 of which occurred in 1Q09

that, together, represented a monthly average consumption of approximately 13

GWh in 2008. The flow of energy supplied to the concessionaires bordering Lights

area fell 1.5%.

Demand billed to free consumers and utilities grew 5.2% to 6,142 GW in this

quarter, driven primarily by demand from concessionaires, which rose 6.1%.

Demand from free customers also grew 3.7%, despite the economic crisis. Because

the composition of the free customers tariff is principally driven by demand

contracted, when considering a decline in volume of energy transported, the

revenue of these customers was not significantly affected.

Energy Flow

Electric Energy Losses

3To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demandmeasured of free customers Valesul, CSN and CSA were excluded as the exit of these customers to the core network isplanned. In 1Q08, energy consumption of these customers totaled 662 GWh and demand was 2,794 GW.

Residential89.9 2,163.0

CCEAR Billed Industrial

Light Energia Energy 433.2

88.4 Own load 5,001.8

Light Commercial

7,147.6 1,582.2

1,386.9 Others

7,289.4 2,145.7 823.5

3,595.1 Basic netw.

losses

Adjustment 0.0

1,566.7

562.3

(*) Others = Purchase in Spot - Sale in Spot.

PROINFA

OTHERS(*)

(CCEE)

DISTRIBUTION ENERGETIC BALANCE - GWh

NORTE FLU

(CCEE)

Required E.

(CCEE)

AUCTIONS

(CCEE)

141.8

ITAIPU

(CCEE)

Position: january-march 2009

Differences

Light Losses Evolution12 months

6,

885

6,

743

6,

808

6,

791

6,

819

14.68% 14.57% 14.44% 14.36% 14.60%

20.79%20.64% 20.56% 20.51% 20.42%

Mar-08 Jun-08 Sep-08 Dec-08 Mar-09

GWh Losses

% Losses / Grid Load (Own + Transport)

Non-technical losses % Grid Load


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Non-technical energy losses have a direct correlation with the observedtemperature - the higher the temperature, the greater the consumption,

resulting from greater use of refrigeration appliances. This effect is caused

by the increase of illegal connections and fraudulent consumption. This is an

undesirable consequence of good performance of the market.

Lights total losses over the grid load totaled 20.79% in the 12 months

ended in March 2009, representing a 0.37 p.p.4 increase compared to the

loss index in the end of 2008. Non-technical losses over the grid load rose

0.24 p.p. The index was also affected by a decline in consumption of large

customers (who did not present non-technical losses), adversely impacting

the grid load, the denominator of the index.

Despite the rise in losses is important to

consider the advances made in our efforts to

combat losses. Based on Lights internal models

that predict losses explained by temperature,

the forecast for the increase in losses this

quarter would have been approximately 172

GWh. This means that we partially reduced loss

growth based on our loss prevention efforts.

In the first quarter of 2009, conventional loss

prevention measures including regular

inspections and customer standardization

reached over 69,000 consumers, an increase of

32% over 1Q08.

The improvements implemented in the processes of energy recovery, such

as the negotiation of amounts owed for customers where fraud was

detected, caused our energy recovered in 1Q09 to rise 76% over the prior

year, totaling 40.1 GWh recovered. The number of customers normalized

4 The 2008 figure was revised in view of the correction of the grid load in December

No rm a l i ze d C l i e n t s

R e c o ve r e d E ne r g yG W h

12,660

19,294

1 Q 0 8 1 Q 0 9

22.8

40.1

1 Q 0 8 1 Q 0 9

76%

52%


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(removal of irregularities found in inspections) rose 52% since the numberof inspections was stepped up, resulting in over 19,000 normalizations.

Network modernization continued in 2009. Our forecast is to complete 850

km of protected low-voltage network by the end of the year, compared to

120 km in 2008.

Light will continue to invest in new technology projects to sustainably

reduce losses over the long term. These projects have generated an

attractive return, however, the scale of implementation and the still pending

ratification process of the measure system centralized by Inmetro, has not

been sufficient to impede loss growth in view of the high temperatures

recorded in 1Q09.

Delinquency

Collections in the last 12

months represented 96.6%

of commercial billing, 1.6 p.p.

below the rate recorded in 2008. The

reduction in the collection rate can be

explained by: (i) the economic crisis

that caused retail customers credit

conditions to deteriorate. With this

trend, payment of energy, which has

lower interest rates on balances andlower fees compared to bank credit

and credit cards, has been damaged,

(ii) reduction in the consumption of large customers, also caused by the

crisis. With a decline in large customers as a percentage of total billing,

which have a lower delinquency rate than retail customers, the total

delinquency rate increased; (iii) stepping up of efforts to reduce energy

losses, with greater billing of past consumption. Once a past consumption

Quarterly colletion rateR$ MM 1Q09 1Q08 1Q09 1Q08Billing 2,176 1,971 2,053 1,924Collection 1,983 1,908 1,983 1,908

Collection Tax 91.1% 96.8% 96.6% 99.2%

Lagged (30 days)

Collection rate

12 months moving average

95.6%

99.4%

98.2%

96.6%

Mar-07 Mar-08 Dec-08 Mar-09


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installment agreement is made, the payments cause a negative impact onthe collection rate.

In the quarter, the collection rate was undermined by sales growth during

the summer months, where the effect of the lag between the date the

invoice was issued and the bill due date on collection is increased. This

effect was mitigated in 1Q08, given the unusual temperature recorded in

that period. To mitigate this lag, the collection fee is also calculated taking

into consideration the collection of the month in relation to the billing

recorded in the previous month, thus pairing the collection information to its

respective measure period. Based in this methodology, 1Q09 collection rate

would be 96.6% compared to a 99.2% in 1Q08, down 2.6 p.p. only.

The provision for past due accounts

constituted in 1Q09 was 2.9% of the

gross energy billed, or R$59.8 million,

a decrease of 0.4 p.p. in relation to

1Q08. Collections in the first quarter

suffer cyclical influence and tend to be

lower at the beginning of the year

since consumers payments of various

accounts are due, in addition to Lights

electric bills.

Operating Quality

Since 2008 the Company has intensified its investments in the electricity

distribution system, seeking to improve the quality of its electricity supply

and to increase the capacity of its distribution network. This quarter

investments in these items totaled R$13.0 million compared to R$27.2

million in 1Q08. After a period of deterioration of quality indicators due to

an increase in the number of scheduled disconnections, the indicators have

shown improvement compared to the same period in 2008, even in similar

weather conditions.

PDD/Gross Revenue (Billed Sales)

2.9%2.5%

3.3%

1Q08 4Q08 1Q09

R$ MM 1Q08 1Q09 Variation

PDD 60.3 59.8 (0.4)


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Investments in 2008, highlighting the replacement of the conventionalnetwork with space cable (compressed MT network), and installation of

remotely commanded keys to reduce interruption times, along with a

reduction in planned disconnections, were instrumental to improving our

indicators. The electrical system maintenance plan began to be monitored

by a fully implemented SAP system module providing better management

and having a positive impact on the continuity of service.

Generation

Energy sold in the Regulated Procurement Environment (ACR) and Free

(ACL) in 1Q09 was 1,039.5 GWh and 86.0 GWh, respectively. In the

Regulated market, the volume of energy sold was 1.9% below the same

period in 2008, resulting from the allocation of demand for contracts by the

distributors. In the Free (ACL) market, the volume of energy traded fell

22.5% due to increased allocation of hydrological hedge in 1Q08, since spot

market prices seen during the first quarter were very high. An increase spot

market energy sales volume in 1Q09 was caused mainly by the occurrence

of hydrological conditions that were more favorable than those observed in

1Q08, generating a hydraulic surplus for sale on the spot market.

ELC / EFC - 12 Months

5.73

7.21

6.22

9.7010.95

6.96EFC

ELC

2009 2008 2007

ELC Equivalent Length of Interruption pe r Consumption Unit (hs)EFC Equivalent Frequency of Interruption per Consumption Unit (n.)

LIGHT ENERGIA (GWh) 1Q09 1Q08 %

Regulated Contracting Environment Sales 1,039.5 1,059.8 -1.9%

Free Contracting Environment Sales 86.0 110.9 -22.5%

Spot Sales (CCEE) 136.9 40.6 237.2%

Total 1,262.4 1,211.3 4.2%


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Trading

In the first quarter of 2009, the Light Esco sold 111.8 GWh directly, a

15.2% drop in trading volume compared to 1Q08. This decline is explained

by the higher energy prices in 1Q08 in the spot market, whose average

price was R$275.9/MWh that altered the seasonality curve of purchase and

sale contracts by Light Esco.

In addition to direct sales, Light Esco also provided consulting services and

represented free clients before the CCEE. These activities included

operations of around 273.4 GWh and 9 clients.

In February 2009, Light Esco participated in the 9th Adjustment Auction

where it negotiated the sale of 15 MW average (Mar/09 to Dec/09) at an

average price of R$ 145.77/MWh.

In the area of energy services and infrastructure, agreements for two

projects were reached: one with the Globo network, and another with the

Quartier Ipanema condominium. The first is to construct a 138 kV

substation and remodel the PROJAC cold water generation system. This

project represents the substantial increase of electric power consumption by

Globo.

The second project is to replace the three existing Chillers with high energy

efficiency new ones, lowering electricity and maintenance costs,

contributing to customer loyalty through the benefits of power efficient

applications for alternatives to natural gas and other sources, in addition to

the technological renovation that reduces impact on the environment.

Financial Performance

Net Revenue

Volume (GWh) 1Q09 1Q08 Var.%Trading 111.8 131.8 -15.2%Broker 273.4 358.9 -23.8%Total 385.3 490.8 -21.5%


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Consolidated

The net operating revenue totaled R$1,437.6 million in 4Q08, 9.3% higher

than in 1Q08, mostly as a combined effect of the increased billed volume in

the captive market between the period, and the higher tariff in force, the

effects of the tariff review in November 2008, which adjusted Light's tariff

up by 4.70% in average.

Distribution

Net revenue of the distribution segment was

R$1,369.8 millions in the quarter, 11.0% above

net revenue in 1Q08. The increase was

principally due to consumption growth of 1.6% in

the total market, aligned with a 4.7% rise in the

average tariff. Consumption growth in the

residential and commercial segments stands out,

which represented 79% of revenue from the

captive market.

Net Revenue (R$ MM) 1Q09 1Q08 Var. %

Distribution

Billed consumption 1,243.0 1,130.0 10.0%Network use (TUSD) 87.1 96.6 -9.9%

Short-Term (Spot) - 1.8 -

Others 39.7 5.5 627.3%

Subtotal (a) 1,369.8 1,233.9 11.0%

Generation

Generation Sale 65.1 76.9 -15.3%

Short-Term (Spot) 5.2 7.8 -32.7%

Others 1.3 1.1 24.4%

Subtotal (b) 71.7 85.7 -16.4%

Comercialization

Energy Sales 13.5 27.8 -51.4%

Others 4.4 2.1 110.4%Subtotal (c) 17.9 29.9 -40.1%

Others and Eliminations (d) (21.8) (33.9)

Total (a+b+c+d) 1,437.6 1,315.7 9.3%

(2) Free and regulated contracting environment

(3) CCEE Short-Term Market

(1) It includes "Not Billed", which represents the energy consumption of the period

but billed in the next period

Net Revenue by Class - CaptiveR$ MM - 1Q09

Residential

47%

Industrial8%

Commercial32%

Others13%

398

586

101

159

Electric Energy Consumption GWh - Captive

1Q09

Residential43%

Industrial9%

Commercial32%

Others16%

2,163823

1,582433


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It is worth mentioning that once the market ratified by Aneel in the tariffReview process did not take into consideration energy and CSN demand,

Valesul and CSA due to its planned leaving to the core network, any change

in the market of these customers will be neutral on total revenue of the

distributor. Given lower consumption and demand of CSN and Valesul this

quarter, a regulatory asset has been formed, distributed among other lines

of revenue, which fully compensates this reduction.

Generation

Net revenue in the quarter was R$71.7 million, 16.4% below 1Q08. This

reduction was due to lower energy sales volume in the Free Market (ACL)

and Regulated Environment (ACR), that together dropped a total of 3.9%.

Lower volume sold in the regulated environment was a result of the decision

to allocated contract demand to the distributors, with reduced volume in

this quarter, and was partially offset by higher contracts prices because ofthe inflation adjustment. The decline in revenue from the free market is a

consequence of a smaller energy allocation (hydrological hedge) in this

quarter when compared to 1Q08 due to the higher relative prices prevalent

last year in the spot market, whose average price was R$ 275.9/MWh.

Trading

Net revenue in the quarter of R$17.9 million fell 40.1% when compared to

1Q08. This reduction is a function primarily of lower direct sales volume in

this quarter versus 1Q08, due to the difference in the seasonality curve of

sale contracts with lower allocation this quarter compared to the same

quarter in 2008. Besides lower sales, a R$200.3/MWh drop in the average

CCEE energy price (spot) also adversely affected revenue from this

segment.


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Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses

In the first quarter of 2009, in particular due to the 10.7% rise in non-

manageable distribution costs, operating costs and expenses were 7.1%

above the same period last year. To a lesser extent, expenses rose R$10.0million this quarter from a provision for the Stock Option Plan, which

affected the personnel account of Light SA, whereas no amount had been

provisioned in 1Q08.

Distribution

In the quarter, costs and expenses of the energy distribution business were

6.1% above 1Q08 as shown in the table below. The increase was caused by

a 10.7% increase in non-manageable, pass-through costs and expenses in

the fee, and in spite of a 7.2% decline in manageable costs and expenses.

Operating Costs andExpenses (R$ MM) 1Q09 1Q08

(%)

Distribution (1,127.1) (1,061.8) 6.1%Generation (33.0) (30.7) 7.5%Comercialization (15.2) (24.6) -38.4%Others and Eliminations 10.9 30.4 -63.9%

Consolidated (1,164.3) (1,086.8) 7.1%

Costs and Expenses (R$ MM) 1Q09 1Q08 (%)

Non-Manageable Costs and Expenses (874.7) (790.0) 10.7%Purchased Energy (Includes charges) (896.6) (800.0) 12.1%

CVA 27.5 14.3 91.8%

Others (Mandatory Costs) (5.6) (4.4) 28.4%

Manageable Costs and Expenses (252.4) (271.8) -7.2%

PMSO (116.7) (123.1) -5.1%

Personnel (47.2) (48.5) -2.7%

Material (3.9) (3.6) 6.1%

Outsourced Services (53.3) (57.8) -7.8%

Others (12.3) (13.1) -5.8%

Provisions (65.5) (76.1) -13.9%

Depreciation (70.1) (72.7) -3.5%Total Costs and Expenses (1,127.1) (1,061.8) 6.1%


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Non-Manageable Costs and Expenses

In the first quarter of this year, non-

manageable costs were R$874.7 million. The

10.7% increase was mainly because the cost

of purchased energy plus charges (excluding

the effect of CVA) rose 12.1% when

compared to 1Q08. Purchased energy rose

mainly due to: (i) the Itaipu rate rose

approximately 10% in dollar terms, plus

dollar appreciation of 35.0% between the

periods, (ii) TPP Norte Fluminense (Norte

Flu) average price increase of 26.2%

reflecting the higher compensatory

surcharge for gas (gas CVA) impacted by

the appreciation of the dollar, (iii) 6.4%

increase in auction contracts in Nov/08

impacted by inflation of 6.0% (IPCA - Nov07 to Oct/08) and the entry of

new products in the 1st and 2nd thermal energy auction (T-15) and hydro

(H-30), and (iv) increases in charges of 16.5%.

The average cost of purchased energy, excluding spot purchases, was

R$109.9/MWh in 1Q09 while in 1Q08 the average cost of purchased energy

was R$92.5/MWh.

Purchased Energy - R$ MM

1st Quarter

800.0

896.6

32% 31%

24%26%

16%

20%

15%

13%

15%

7%

1Q08 1Q09

AUCTIONS NORTE FLU ITAIPU OTHERS* SPOT*No inclui custos de CVA

Purchased Energy - GWh

1st Quarter

6,8787,289

23% 21%

21% 19%

48% 49%

8%7%2%3%

1Q08 1Q09NORTE FLU ITAIPU AUCTIONS SPOT OTHERS

R$ mn 1Q09 1Q08CVA Formation 68.8 32.4

Energy 55.1 20.7Itaipu Transport - -Charges 13.7 11.7

CVA Amortization (41.3) (18.0)Energy (11.6) (18.6)Itaipu Transport (1.3) 0.2Charges (28.4) 0.4

Net CVA 27.5 14.4


15/85

Manageable Costs and Expenses

Operating manageable costs and expenses (personnel, materials, outsourced

services, provisions, depreciation and others) totaled R$252.4 million in 1Q09, a

7.2% drop between the periods. This result can be explained mainly by lower

provisions, 13.9% below 1Q08, and by the 5.1% reduction in costs and

manageable expenses comprising PMSO.

The costs and expenses related to staff, equipment, services and others amounted

to R$116.7 million in the quarter, 5.1% below the R $ 123.1 million registered in

1Q08. This result was due mainly to a 7.8% decline in the cost of third party

services, or R$4.5 million, due to improved management of contracts and

renegotiation of IT services. Personnel costs were also reduced by 2.7% compared

to 1Q08.

This quarter provisions (Past dues and other provision for contingencies) fell R$10.6

million due primarily to a review of the methodology for provisioning of labor claims

resulting in fewer new provisions. We provisioned R$59.8 million for past due

accounts representing 2.9% of gross energy billing, a reduction of 0.4 p.p. in

relation to the provision made in the same period of 2008.

Generation

In 1Q09 Light Energys costs and expenses were R$33.0 million, 7.5%

above 1Q08, mainly due to the 19.2% increase in CUSD costs (use of the

distribution system), a reflex of the adjustment of extraordinary energy

purchase carried out in December 2008 and the 19.6% increase in other

costs, reflecting the 22.7% higher cost of hydro resources royalties.

Expenses were composed as follows: CUSD (37.9%), staff (12.0%),

materials and outsourced services (10.4%), other and depreciation

(39.8%). In 1Q09, the cost of personnel per MWh was R$12.46/MWh, while

in 1Q08 the amount was R$11.90 per MWh.

Operating Costs and Expenses - R$ MM 1Q09 1Q08 (%)Personnel (4.0) (4.7) -16.2%Material and Outsourced Services (3.4) (3.3) 2.9%Purchased Energy (CUSD) (12.5) (10.5) 19.2%Depreciation (6.1) (6.3) -3.4%Others (includes provisions) (7.1) (5.9) 19.6%Total (33.0) (30.7) 7.5%


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Trading

In 1Q09, costs and expenses totaled R$15.2 million, 38.4% below the same period

in 2008. This reduction was mainly due to lower volume of energy purchased by

Light Energy in this quarter, since it allocated its energy from the hydrological

hedge in a linear fashion this year, making less energy available for sale through

the market. In 1Q08 the strategy was to allocate more energy to the hydrological

hedge due to the high prices in the spot market, whose average price was R$

275.9/MWh in that period.

EBITDA

Consolidated

Consolidated EBITDA rose 13.5% year-on-year,

totaling in the first quarter of 2009 R$349.6

million. This result is mainly due to higher net

revenue, arising from the growth in captive market

consumption, combined with the effects of the

tariff review, which readjusted Lights tariff by

4.70%, on average, effective as of November

2008, in addition to the reduction in manageable

costs in the distribution segment.

Consolidated EBITDA margin rose 0,9 p.p. between the periods, rising from

23.4% in 1Q08 to 24.3% this quarter.

Operating Costs and Expenses - R$ MM 1Q09 1Q08 (%)

Personnel (0.5) (0.4) 16.7%

Material and Outsourced Services (2.3) (1.1) 115.0%

Purchased Energy (12.1) (22.8) -47.1%

Depreciation (0.2) (0.2) -25.7%Others (includes provisions) (0.1) (0.0) 68.1%Total (15.2) (24.6) -38.4%

EBITDA per segment *

1Q09

Distribution

86.8%

Commercial.

0.8%

Generation

12.4%

*Does not consider eliminations

EBITDA - 1Q09/1Q08 - R$ Million

308

(4) 35035 11

EBITDA - 1Q08 Net Revenue Manageable Costs

(PMSO)

Provisions EBITDA - 1Q09

13,5%


17/85

EBITDA in the distribution segment grew 27.8% and therefore its share in

consolidated EBITDA rose to 86.8% of the total. The generation and

marketing segments represented 12.4% and 0.8% of EBITDA, respectively.

Distribution

EBITDA of the Distributor in 1Q09 totaled R$312.8 million, 27.8% above the same

period last year. Higher EBITDA was the result of higher energy billed and

consumption growth of 3.7% and a 7.2% decline in manageable costs. EBITDA

margin for the quarter was 22.8%, 3.0 p.p. above1Q08.

Generation

Light Energy's EBITDA fell 27.1% compared to 1Q08, totaling R$44.7 million. This

reduction is mainly a result of the reduction in net revenue of 16.4%, resulting from

the choice to follow a more linear seasonality curve for non-purchased energy this

year, compared to the strategy of increased allocation in the first quarter in 2008.

Another factor was the lower spot sales prices during the quarter, affecting revenue

in the free and spot segments. EBITDA margin for the quarter was 62.4%, 9.1 p.p.

below the amount recorded in 1Q08.

Trading

EBITDA totaled R$2.9 million this quarter, compared to the R$5.5 million

registered in 1Q08, a decline of 47.3%. The reduction can be explained

mainly by the drop in the volume of energy sold directly, according to the

lower availability of energy from Light Energy, and also lower prices for

short term operations. EBITDA margin for the quarter was 16.3%, 2.2 p.p.

less than the margin recorded in 1Q08.

Consolidated EBITDA- R$ MM 1Q09 1Q08 Var.%Distribution 312.8 244.7 27.8%Generation 44.7 61.3 -27.1%

Commercialization 2.9 5.5 -47.3%Others and eliminations (10.8) (3.6) 200.0%Total 349.6 308.0 13.5%Margem EBITDA (%) 24.3% 23.4% -


18/85

Consolidated Financial Result

Financial result in the quarter was a negative R$24.8 million, compared to a

negative R$81.9 million in the first quarter of 2008, an improvement of

69.8%. A reduction of 14.4% in financial income was more than offset by a

reduction of 47.8% in financial expenses.

Financial revenue in the quarter was R$46.3 million, 14.4% below the result

recorded in 1Q08. This decline was mainly due to lower income from

monetary variations since as of February 2008 the RTE rate adjustment was

no longer allowed.

The financial expense of R$71.0 million fell by 47.8% compared to 1Q08,

due mainly: (i) lower monetary update to Braslight liabilities, by the drop in

the rate of inflation (IGP - DI), to which the balance of our debt is indexed,

(ii) by adjusting the principal balance in dollars of the value of the collateral

(security - reducing debt) of National Treasury debt, creating a financial

income that exceeded the financial expense coming from National Treasury

gross debt caused by the recovery of the dollar in the period, and (iii) by

adjusting the present value of long-term receivables, other financial income.

Financial Result - R$ MM 1Q09 1Q08 (%)Financial Revenues 46.3 54.1 -14.4%Income - financial investments 17.4 12.8 35.7%

Monetary and Exchange variation 11.9 18.4 -35.5%

Swap Operations (1.1) 1.6 -168.6%

Others Financial Revenues 18.1 21.2 -14.9%

Financial Expenses (71.0) (136.0) 47.8%Interest over loans and financing (51.9) (54.7) 5.0%

Monetary and Exchange variation (13.9) (36.2) 61.6%

Braslight (private pension fund) (9.2) (38.8) 76.3%Swap Operations - (3.0) 100.0%

Others Financial Expenses 4.0 (3.2) 225.1%

Total (24.8) (81.9) 69.8%


19/85

Indebtedness

The Companys gross debt on March 31, 2009 was R$2,166.5 million,

similar to the amount on December 31, 2008, even though there was a debt

increase in the quarter of approximately R$22.7 million. This debt was

taken on to finance the companys investment program. However, when

compared to March 31, 2008, gross debt rose by 11.5%, or R$222.9 million

since the company took on new debt of R$273.6 million in the last 12

months whose primary purpose was to finance investment projects.

The net debt of R$1,430.2 million was

lower by 9.5% and 7.7% compared to

December 2008 and March 2008,

respectively because of strong cash

flow. The net debt / EBITDA ratio was

reduced from 1.1 x in December 2008

to 0.9 x.

Our debt position continues to be comfortable, with an average term to

maturity of 4.4 years, and reduction of the average cost of debt

denominated in dollars, which was 2.0

p.p. cheaper for December 2008, now

at 12.0% pa. The average cost of

R$ MM Short Term % Long Term % Total %

Brazilian Currency 187.8 8.7% 1,825.8 84.3% 2,013.6 92.9%

Debenture 1st Issue 15.6 0.7% 15.6 0.7%

Debenture 4th Issue 0.0 0.0% 0.1 0.0% 0.1 0.0%

BNDES Rationing 84.4 3.9% 371.5 17.1% 455.9 21.0%

Debenture 5th. Issue 53.8 2.5% 920.8 42.5% 974.6 45.0%

CCB Bradesco 26.8 1.2% 450.0 20.8% 476.8 22.0%

ABN Amro 0.9 0.0% 80.0 3.7% 80.9 3.7%

Financial operations "Swap"

Others 6.3 0.3% 3.3 0.2% 9.6 0.4%

Foreing Currency 33.6 1.6% 119.3 5.5% 152.9 7.1%

National Treasury 25.4 1.2% 117.2 5.4% 142.6 6.6%

Import Financing 6.5 0.3% 1.9 0.1% 8.4 0.4%

BNDES Import Fin. 1.8 0.1% 0.1 0.0% 1.9 0.1%Gross Debt 221.4 10.2% 1,945.0 89.8% 2,166.5 100%

Cash 736.3Net Debt (a) 1,430.2

Braslight (b) 93.8 924.2 1,018.0

Net Regulatory Asset (c) 167.5 215.1 382.6Adjusted Net Debt (a+b-c) 2,065.6

Net Debt (ex-Braslight)

(R$ million)

1,549 1,580

1,430

Mar-08 Dec-08 Mar-09

Indebtedness(Brazilian Currency x Foreign)

91.9% 92.1% 92.9%

8.1% 7.9% 7.1%

Mar-08 Dec-08 Mar-09

Brazilian Currency Foreign Currency


20/85

foreign currency debt of US$+5.3% pa remained stable when compared toDecember 2008. At the end of March, only 7.1% of total debt was

denominated in foreign currency. After the effect of foreign currency

hedging operations, our net exposure is only 3.8% of the total. Our policy is

to hedge is to protect the next 24 months of cash flow (principal and

interest) through the use of non cash swap instruments with first line

financial institutions.

Net income

Light reported net income of $ 168.3 million this quarter, an increase of 60.6%

compared to our 1Q08 results of R$104.8 million. This is mainly the result of 13.5%

higher EBITDA and 69.8% improvement in financial results between the periods.

There were no non-recurring effects in this quarter.

Capital Expenditures

In 1Q09, the Company invested

R$79.9 million in investment projects,

with highlight to the development of

distribution networks (new

connections, capacity increases and

corrective maintenance) and quality

improvements (structural optimization

Net Income - 1Q09R$ Million

104.8

168.3

57.2

41.6

(26.1)(9.2)

1Q08 EBITDA FinancialResult Taxes Others 1Q09

60.6%

CAPEX (R$ MM)

92.9

72.0

97.3

79.92.3

2.5 4.3

2.1

1.1

0.0

1Q08 1Q09

Distribution Administration Generation Commercial.


21/85

and preventive maintenance), which absorbed R$52.8 million; and loss-prevention initiatives totaling R$19.1 million. In the generation segment,

investment totaled R$4.3 million, including the three new projects, in

addition to maintenance of the existing generation complex. The investment

plan foresees acceleration of the amounts to be invested during the year,

with a lower concentration in the first quarter of the year.

Projects to Expand Generation Capacity

During the first quarter of 2009 Light worked strongly towards its strategy

to expand in the generation segment where the following developments

occurred:

Issued by the INEA ASV - Authorization for Removal of vegetation for

the construction of PCH Paracambi. This permit is the last approval required

for the early deployment of PCH. The project will start in the first half of this

year, with a construction period of 24 months. The bidding for selection of

EPC is in its final phase;

The deployment of PCH Lajes is being initiated by the construction of

its water supply system through the civil works of the tunnel 2 and the

supply of hydromechanical equipment related to it. The required

environmental permits have been obtained, and the Basic Engineering

Design of the plant is in the process of approval with the ANEEL;

HP.P. Itaocara is in the development of Environmental Impact

Studies (EIA / RIMA) and Basic Engineering Design project that seeks to

bring the environmental demands of the region affected by the venture. The

entry into operation is planned for 2013, with construction period of 36

months;

The consortia whose contracts were signed with the constitution

Cemig in 2008, to the construction and operation of hydroelectric projects

PCH Paracambi and UHE Itaocara are in process of approval with the ANEEL.


22/85

Besides these projects, the Company is considering entry into other projectsfor generation, which together ensure the growth of installed generation

capacity of at least 50%.

Cash Flow

In 1Q09, Lights cash flow was R$146.1 million, compared to a negative

R$95.9 million in 1Q08.

The cash flow this quarter, in which no dividends were paid, was 35.9%

above the cash flow before payment of dividends in 1Q08 which had totaled

R$107.5 million. The result is R$38.6 million higher due mainly to an

increase in net income and net income on a cash basis, which grew 60.6%

and 25.0% respectively.

R $ M M 1Q09 1Q08Ca s h i n t h e Beg i nn i ng o f t h e P e r i o d ( 1 ) 590.1 490.2N e t I n c o m e 168.3 104.8

Provision for Delinquency 60.2 60.3Depreciation and Amortization 76.3 79.1

Net Interests and Monetary Variations 42.9 53.1Braslight 9.2 38.8

Atualization / provisions reversal 5.1 15.9Others 65.6 (9.8)N e t I n c o m e C a s h B a s i s 427.6 342.0Working Capital (147.9) (47.9)Regulatories (RTE, CVA e Bubble) 20.6 (5.4)Contingencies (17.2) (14.7)Taxes 28.3 41.0Others (12.9) (54.8)Ca s h f r om Ope r a t i n g A c t i v i t ie s ( 2 ) 298.6 260.2Dividends Payment - (203.5)

Finance Obtained 22.7 -Debt Service and Amortization (70.2) (62.3)F i n an c i n g A c t i v i t i e s ( 3 ) (47.5) (265.8)Share Participations - -Concession Investments (110.6) (92.0)Deferred Aplications 5.7 1.6I n ve s tm en t A c t i v i ti e s ( 4 ) (104.9) (90.4)Ca sh in th e End o f th e P e r io d (1 + 2 + 3 + 4 ) 7 3 6 .3 394 . 3

Ca sh G en e ra t io n (2 + 3 + 4 ) 1 4 6 .1 (95 . 9 )


23/85

In the financing activities, there was a decline of 82.1% between quarters,resulting from the payment of dividends of R $ 203.5 millions in March of

2008, covering the year 2007.

Net cash used in investing activities was 16.1% above the same period of

2008. This growth is explained mainly by the purchase of equipment that

has not been activated on the network, and also by the increase in capital

funding for the Companys investment plan.

Corporate Governance and the Capital Markets

On March 31, 2009, the capital stock of Light S.A. comprised 203,933,778

common shares, with no par value. The controlling group, Rio Minas Energia

(RME), retains 52.1% of the capital stock.

The Company's shares have been listed on Bovespa's Novo Mercado since

July 2005, in line with the best corporate governance practices and with the

principles of transparency and equity, in addition to granting special rights

to minority shareholders. Light S.A. shares are listed on the Ibovespa, Itag,

IGC, IEE, IBrX and ISE indexes.

Countrys biggestindividual electricitydistributor

Andrade Gutierrez Groupsdivision that invests inpublic services concession

Brazilian privateinvestors group(includes Brasligt)

Holding thatcontrols CEMAR.

AGCAndrade Gutierrez

Concesses

LUCELUCE do Brasil

Fundo de Investimento

em Participa

es

EQUATORIALEquatorial Energia

RMERio Minas Energia

Participaes S.A.

LIGHT S.A.

25% 25% 25% 25%

52.1%

BNDESPAR

MARKET

33.6%

14.3%

FreeFloat

: 47.9%

CEMIGCompanhia Energ

tica

de Minas Gerais


24/85

Lights Board of Directors is formed by 11 members, 2 of which are electedindependently. The following 5 committees support the Board of Directors:

Finance, Management, Audit, Human Resources, and Governance and

Sustainability.

In the Board of Directors meeting that took place on April 3, 2009, Mr.

Eduardo Borges de Andrade was elected to the position of President and Mr.

Aldo Floris to the position of Vice-President of the Board of Directors of Light

S.A., both with a one year mandate.

Lights Board of Directors has 11 members, two of them elected

independently. There are five committees to help the Board of Directors:

Finances, Management, Audit, Human Resources and Governance and

Sustainability.

At the General and Extraordinary Assembly on March 18, 2009 the

shareholders approved the financial statements related to the 2009 results

as well as the proposal for distribution of dividends in the amount ofR$499,673,756.10, or R$2.45 per share, referring to the results verified in

2008. The first payment of dividends of R$2.00 per share was realized on

April 2, 2009, and the second, of R$0.45 per share is scheduled for

November 27, 2009. Shareholders also approved the installation of a Fiscal

Council at the Company, with a one year mandate, which will terminate at

the next General Assembly where the results of 2009 will be submitted for

approval.

Note: shares quotations are dividends adjusted.

BOVESPA (spot market) - LIGT3Daily Average 1Q09 4Q08 1Q08Number of shares traded (Million) 240,59 232,41 248,56Number of Transactions 557 582 483Traded Volume (R$ Million) $5,8 $5,1 $5,8Quotation per lot of 1000 shares: $22,18 $19,82 $18,51Share Valuing 11,9% 0,3% -19,3%

IEE Valuing 9,4% -6,7% -2,6%

Ibovespa Valuing 9,0% -24,2% -4,6%


25/85

The IEE (Electric Power Index of the Bovespa) was up 9.4%, in line with the9,0% appreciation of the Ibovespa in the first quarter of the year. Lights

shares closed the quarter with an appreciation of 11.9%, with an average

daily trading volume of R$5.8 million. The graph below shows the evolution

of Lights share since RME took control on August 10, 2006.

Light x Ibovespa x IEE08/10/06 = 100 at 04/30/09

80

100

120

140

160

180

200

220

240

Aug-06

Sep-06

Oct-0

6

Nov-06

Dec-06

Jan-07

Feb-

07

Mar

-07

Apr-07

May

-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-

08

Mar

-08

Apr-0

8

May

-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-0

8

Nov-08

Dec-08

Jan-09

Feb-

09

Mar

-09

Apr-0

9

104% Light

27% Ibovespa

58% IEE

R$/share08/10/06 11.6704/30/09 23.82

2008IEE -12%

IBOV -41%

LIGT3 -14%

2009

IEE 23%IBOV 26%

LIGT3 20%


26/85

Recent Events

Payment of Dividends: the AGM held on March 18, 2009 approved

the payment of dividends related to the year 2008, in the amount of

R$499.6 million. The payment was divided into two installments, the

first of which amounting to R$407.9 million, or R$2.00/share, started

on April 2, 2009, and the second, in the amount of R$91.8 million, or

R$0.45/share, is scheduled for November 27, 2009.

Authorization for the Removal of Vegetation (ASV) for PCH

Paracambi: on April 6 the INEA issued an authorization for the

removal of vegetation for the construction of PCH Paracambi. This was

the last necessary license to execute the construction works of the

PCH, with conclusion forecasted for the end of this semester.

Disclosure Program

Teleconference

Brazil: (55) 11 - 4688-6301USA: +1(888)700 0802Other countries: +1 (786) 924-6977Access code: Light

Conference Call - Dial number:

Schedule

05/14/2009, tuesday, at 3:00 p.m. (Braslia) and at 2:00 p.m. (Eastern time),

with simultaneous translation to English

Webcast: link on site www.light.com.br (portuguese and english)Access conditions:

Disclaimer

The information on the Companys operations and its Managements expectations regarding its future

performance was not revised by independent auditors.

Forward-looking statements are subject to risks and uncertainties. These statements are based on beliefs

and assumptions of our Management, and on information currently available to the Company. Statements

about future events include information about our intentions, beliefs or current expectations, as well as of

the Company's Board of Directors and Officers. Exceptions related to statements and information about

the future also include information about operating results, likely or presumed, as well as statements that

are preceded by, followed by, or including words such as "believes", "might", "will", "continues", "expects",

"estimates", "intends", "anticipates", or similar expressions. Statements and information about the future

are not a guarantee of performance. They involve risks, uncertainties and assumptions because they refer


27/85

to future events, thus depending on circumstances that might or might not occur. Future results and

creation of value to shareholders might significantly differ from the ones expressed or suggested by

forward-looking statements. Many of the factors that will determine these results and values are beyond

LIGHT S.A.'s control or forecast capacity.

EXHIBIT I

Statement of Income by Company - R$ million

LIGHT SESA 1Q09 1Q08 %

Operating Revenue 2,242.5 1,971.3 13.8%Deductions from the operating revenue (872.7) (737.4) 18.4%

Net operating revenue 1,369.8 1,233.9 11.0%Operating expense (1,127.1) (1,061.8) 6.1%

Operating result 242.7 172.1 41.0%EBITDA 312.8 244.7 27.8%Equity equivalence - 11.7 -Financial Result (19.7) (83.4) 76.4%Other Operating Incomes 6.1 19.3 -68.4%Other Operating Expenses (0.8) (1.5) -43.4%Result before taxes and interest 228.3 118.3 93.0%Net Income 155.4 75.5 105.9%EBITDA Margin 22.8% 19.8% -

LIGHT ENERGIA 1Q09 1Q08 %Operating Revenue 82.4 97.6 -15.6%Deductions from the operating revenue (10.7) (11.9) -9.6%

Net operating revenue 71.7 85.7 -16.4%Operating expense (33.0) (30.7) 7.5%

Operating result 38.6 55.0 -29.8%EBITDA 44.7 61.3 -27.1%Equity equivalence - - -Financial Result (6.1) (10.5) 41.8%Other Operating Incomes - - -Other Operating Expenses - - -Result before taxes and interest 32.5 44.5 -26.9%Net Income 21.0 28.8 -27.2%EBITDA Margin 62.4% 71.5% -

LIGHT ESCO 1Q09 1Q08 %Operating Revenue 22.6 35.6 -36.6%Deductions from the operating revenue (4.7) (5.7) -17.7%

Net operating revenue 17.9 29.9 -40.1%Operating expense (15.2) (24.6) -38.4%

Operating result 2.8 5.3 -48.2%EBITDA 2.9 5.5 -47.3%Equity equivalence - - -Financial Result 0.2 0.2 -12.9%Other Operating Incomes - - -Other Operating Expenses - - -Result before taxes and interest 3.0 5.5 -46.0%

Net Income 1.9 3.1 -39.1%EBITDA Margin 16.3% 18.5% -


28/85

EXHIBIT II

Statement of Consolidated Income

Consolidated - R$ MM 1Q09 1Q08OPERATING REVENUE 2,325.6 2,070.6

DEDUCTIONS FROM THE REVENUE (888.1) (754.9)

NET OPERATING REVENUE 1,437.6 1,315.7

OPERATING EXPENSE (1,164.3) (1,086.8)Personnel (62.1) (54.1)Material (4.5) (3.9)Outsourced Services (58.8) (62.3)Purchased Energy (872.0) (785.2)Depreciation (76.3) (79.1)Provisions (65.6) (76.1)Others (25.1) (26.1)

OPERATING RESULT() 273.2 228.9

EBITDA () 349.6 308.0

FINANCIAL RESULT (24.8) (81.9)Financial Income 46.3 54.1Financial Expenses (71.0) (136.0)

Other Operating Incomes 6.1 19.3Other Operating Expenses (0.8) (1.5)

RESULT BEFORE TAXES AND INTEREST 253.7 164.8

SOCIAL CONTRIBUTIONS & INCOME TAX (33.6) (63.0)DEFERRED INCOME TAX (44.6) 10.8PLR (7.2) (7.9)

NET INCOME 168.3 104.8

() Operation Result, Administration vision = Operating Result, accounting

norms (Item 1.9.7 of Notice CVM 01/2007) + financials (net financial expenses

+ equity pick-up)

() EBITDA = Operating Result, Administration vision + depreciation and

amortization. Not reviewable by the external audit


29/85

EXHIBIT III

Consolidated Balance Sheet


30/85

Consolidated Balance Sheet - R$ MMASSETS 3/31/2009 12/31/2008Circulating 3,332.1 3,351.4Cash & Cash Equivalents 736.3 590.1Credits 2,277.0 2,251.5Inventories 19.9 18.6Others 298.9 491.2

Non Circulating 6,198.8 6,110.6Realizable in the Long Term 1,806.2 1,756.7Miscellaneous Credits 1,381.7 1,406.6Others 424.5 350.1

Permanent 4,392.6 4,353.9Investments 18.6 13.6Net Fixed Assets 4,097.2 4,059.4Deferred Charges 0.0 0.0Intangible 276.8 281.0

Total Assets 9,530.9 9,462.0

LIABILITIES 3/31/2009 12/31/2008Circulating 2,117.9 2,188.9Loans and Financing 115.3 93.7Debentures 46.0 33.6Suppliers 550.0 486.2Taxes, Fees and Contributions 145.5 230.5Dividends to pay 499.6 499.6

Provisions 174.6 184.0Others 586.8 661.3

Non Circulating 4,431.1 4,469.4Long-Term Liabilities 4,431.1 4,469.4Loans and Financing 1,024.1 1,046.6Debentures 920.9 945.5Provisions 1,010.2 998.5Others 1,475.8 1,478.8

Outcome of future performance 0.0 0.0

Net Assets 2,982.0 2,803.7Realized Joint Stock 2,225.8 2,225.8

Capital Reserve 32.4 22.5Legal Reserve 103.8 103.8Profits Retention 451.7 451.7Accumulated Profit/Loss of Exercise 168.3 0.0

0.0 0.0Total Liabilities 9,530.9 9,462.0


31/85

EXHIBIT IV

Regulatory Assets and Liabilities

Light Figures

ATIVO REGULATRIO R$ MM31/3/2009 31/12/2008 31/3/2009 31/12/2008

Consumidores, Concessionrias e Permissionrias 52,5 68,0 - -Reajuste Tarifrio - TUSD (includo na tarifa) 52,5 68,0 - -

Despesas Pagas Antecipadamente 220,9 381,6 216,4 125,1CVA 146,1 222,2 216,4 125,1Outros Regulatrios 18,0 27,5 - -Parcela A 56,8 131,9 - -

Total 273,5 449,6 216,4 125,1

PASSIVO REGULAT RIO R$ MM

Passivos Regulatrios (105,9) (160,7) (1,3) (1,7)CVA (94,9) (143,9) (1,3) (1,7)Outros Regulatrios (11,0) (16,7) - -

Total (105,9) (160,7) (1,3) (1,7)

TOTAL 167,5 288,9 215,1 123,4

Curto Prazo Longo Prazo

OPERATING INDICATORS Mar-09 Mar-08 Var. %N of Consumers (thousands) 3,946 3,901 1.1%

N of Employees 3,725 3,773 -1.3%

Average distribution tariff - R$/MWh 414.4 393.3 5.4%

Average distribution tariff - R$/MWh (w/out taxes) 282.6 267.6 5.6%

Average energy purchase cost R$/MWh 106.9 101.0 5.8%

Generation Capacity (MW) 855 855 -

Assured Energy (MW) 537 537 -

Net Generation (GWh) 1,534 1,370 12.0%

Charge Factor 66.5% 66.1% -

Includes net energy purchase/sell in the spot market


32/85

EXHIBIT V

According to CVM Rule 506, 1Q08 results are being presented again to

reflect the impacts of Law 11,638/07, for better comparison purposes with

1Q09 information. We are also presenting 1Q08 results with the

reclassification of the employee profit sharing program (PLR) after income

tax. The conciliation is as follows:

Light S.A. (R$ million)

Light SESA (R$ million)

Published Law 11.638/07 Pro Forma1Q08 Adjustment 1Q08

Operating Revenue 2,070.6 2,070.6

Deductions From The Revenue (754.9) (754.9)

Net Operating Revenue 1,315.7 1,315.7

Operating Expense (1,086.0) (0.9) (1,086.8)Operating Result 229.8 228.9

EBITDA 311.9 308.0

Financial ResultIncome 54.1 54.1Expenses (138.0) 2.0 (136.0)Total (84.0) (81.9)

Other Operational Revenues 16.8 16.8Other Operational Expenses 1.1 1.1

Result Before Taxes and Interest 163.7 164.8

IR/CS + Deferred (59.6) (0.4) (60.0)

PLR - Participations (7.9) (7.9)

Net Income 104.0 104.8


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Light S.A.

Report of independent auditors on special review ofthe Quarterly Financial Information (ITR)Quarter ended March 31, 2009

Published Law 11.638/07 Pro Forma

1Q08 Adjustment 1Q08

Operating Revenue 1,971.3 1,971.3

Deductions From The Revenue (737.4) (737.4)

Net Operating Revenue 1,233.9 1,233.9

Operating Expense (1,063.5) 1.6 (1,061.8)

Operating Result 170.5 172.1

Equity Pick - Up 11.7 11.7

EBITDA 246.1 244.7

Financial Result

Income 62.7 62.7

Expenses (148.2) 2.0 (146.2)

Total (85.5) (83.4)

Other Operational Revenues 16.8 16.8

Other Operational Expenses 1.1 1.1

Result Before Taxes and Interest 114.6 118.3

IR/CS + Deferred (34.3) (1.2) (35.5)

PLR - Participations (7.2) (7.2)

Net Income 73.1 75.5


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Review Report of Independent Auditors

To theBoard of Directors ofLight S.A.Rio de Janeiro - RJ

1. We have reviewed the accounting information included in Quarterly Financial Information

ITR of Light S.A. and the consolidated Quarterly Financial Information of this Company andits subsidiaries for the quarter ended March 31, 2009, comprising the balance sheet, thestatements of income, of changes in shareholders equity and of cash flow, the performance

report, and notes to the financial statements, prepared under the responsibility of the Companysmanagement.

2. Our review was performed in accordance with the review standards established by the

IBRACON - Brazilian Institute of Independent Auditors and the Federal Council of

Accountancy - CFC, which comprised, mainly: (a) inquiries and discussions with the persons

responsible for the Accounting, Financial and Operational areas of the Company and itssubsidiaries, as to the main criteria adopted in the preparation of the Quarterly FinancialInformation; and (b) reviewing information and subsequent events that have or may havematerial effects on the financial situation and operations of the Company and its subsidiaries.

3. Based on our review, we are not aware of any material changes that should be made to the

accounting information contained in the Quarterly Financial Information aforementioned for itto be in accordance with the accounting practices adopted in Brazil and the standards issued bythe Brazilian Securities and Exchange Commission CVM applicable to the preparation ofthe Quarterly Information.

4. As described in Note 2, as a result of the changes to the accounting practices adopted inBrazil in 2008, the statements of income and of cash flows for the first quarter ended March 31,2008, presented for comparison purposes, were adjusted and are being re-presented, as providedfor by NPC 12 Accounting Practices, Changes in Accounting Estimates and Error Correction,approved by CVM Resolution 506.

5. The financial statements of Fundao de Seguridade Social Braslight for the year ended

December 31, 2008, were examined by other independent auditors whose opinion, datedJanuary 29, 2009, includes an emphasis paragraph regarding the balance of R$130,941 thousandrelated to tax credits arising from the Entitys tax court case which was successful in obtaining afinal and non-appeasable decision, which, according to the Managements forecast, will allowthem to utilize these credits to offset taxes payable in future years. The future realization of thecredits is subject to the completion of the offset process with the Federal Tax Authority

(Secretaria da Receita Federal), which the Entity suspended in September 2005. If the Entitydoes not complete the offset process, they may eventually record a provision for this asset. Thisasset, which guarantees the Entitys actuarial reserves, was deducted from calculation of the


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subsidiaries actuarial deficit, as required by Resolution n 371/00 of the Brazilian Securitiesand Exchange Commission - CVM. Consequently, in the event that a provision is recorded forthis amount, Companys liability may be proportionally adjusted.

6. As mentioned in Note 32, due to the second periodical review of tariffs of subsidiary theLight Servios de Eletricidade S.A. as set forth in the concession agreement, the NationalRegulatory Electricity Agency - ANEEL temporarily ratified the subsidiarys tariffrepositioning on 1.96%, to be applied during the period beginning November 7, 2008.Considering the 2.30% interest on sales, the tariffs impact reaches 4.27%. Additional changesthat may result from the final review, if any, will be reflected in the equity and financial positionof the Company and its subsidiary in the following periods.

May 08, 2009

KPMG Auditores IndependentesCRC SP 14428/O-6- F -RJ

Vnia Andrade de SouzaAccountant -CRC-RJ 057.497-O-2


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A free translation of the original in Portuguese)

FEDERAL PUBLIC SERVICE

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)

STANDARDIZED FINANCIAL STATEMENTS (DFP)

COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES

March 31, 2009 Brazilian Corporation Law

01987-9 LIGHT S.A. 03.378.521/0001-75

Notes 3/31/2009 12/31/2008 3/31/2009 12/31/2008

CURRENT

Cash and Cash Equivalents 4 3,327 40,256 736,273 590,126

Consumers, concessionaires and permissionaires 5 - - 1,495,599 1,350,832

Recoverable Taxes 6 633 284 706,820 836,504

Inventories - - 19,877 18,603

Receivables from swap transactions 29 - - 6,302 6,671Dividends receivable 21 499,638 499,638 - -

Services - - 68,291 57,500

Prepaid expenses 7 91 135 224,772 383,291

Other receivables 8 182 167 74,165 107,879

503,871 540,480 3,332,099 3,351,406

NON-CURRENT ASSETS 2,979,189 2,764,479 6,198,796 6,110,559

LONG-TERM ASSETS

Consumers, concessionaires and permissionaires 5 - - 297,458 292,594

Recoverable Taxes 6 - - 1,080,068 1,109,566

Receivables from swap transactions 29 - - 4,189 4,413

Escrow deposits 121 121 196,587 194,200

Prepaid expenses 7 - - 220,019 129,435

Other receivables 8 - - 7,870 26,420

121 121 1,806,191 1,756,628

Investments 9 2,979,068 2,764,358 18,640 13,615

Property, Plant and Equipment 10 - - 4,097,180 4,059,358

Intangible assets 11 - - 276,785 280,958

Deferred charges - - -

3,483,060 3,304,959 9,530,895 9,461,965

ASSETS

Parent Company Consolidated

LIGHT S.A.

BALANCE SHEETS ON MARCH 31, 2009

(In thousands of reais)

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01987-9 LIGHT S.A. 03.378.521/0001-75

Notes 3/31/2009 12/31/2008 3/31/2009 12/31/2008

CURRENT

Suppliers 12 167 283 550,002 486,204

Payroll 4 7 1,845 2,791

Taxes 6 5 10 145,489 230,461

Loans, financing and financial charges 13 - - 152,020 116,799

Debentures and financial charges 14 - - 69,413 61,523

Dividends Payable 21 499,638 499,638 499,638 499,638

Estimated Liabilities 26 31 63,634 55,052

Regulatory charges consumer contributions 15 - - 108,727 126,733

Provision for contingencies 16 - - 2,237 2,237

Pension plan and other employee benefits 18 - - 93,780 87,744

Other Liabilities 17 1,251 1,286 431,081 519,757

501,091 501,255 2,117,866 2,188,939

NON-CURRENT LIABILITIES - - 4,431,060 4,469,322

LONG-TERM LIABILITIES

Suppliers 12 - - - -

Loans, financing and financial charges 13 - - 1,024,129 1,046,550

Debentures and financial charges 14 - - 920,911 945,549

Taxes 6 - - 327,842 324,743

Provision for contingencies 16 - - 1,010,231 998,460

Pension plan and other employee benefits 18 - - 924,219 944,417

Other Liabilities 17 - - 223,728 209,603

- - 4,431,060 4,469,322

DEFERRED INCOME - - - -

SHAREHOLDERS' EQUITY

Capital stock 20 2,225,819 2,225,819 2,225,819 2,225,819

Profits Reserve 20 555,426 555,426 555,426 555,426

Recognized Granted Options 33 32,436 22,459 32,436 22,459

Retained earnings (accumulated losses) 168,288 - 168,288 -

2,981,969 2,803,704 2,981,969 2,803,704

3,483,060 3,304,959 9,530,895 9,461,965


BALANCE SHEETS ON MARCH 31, 2009

LIGHT S.A.


LIABILITIES

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01987-9 LIGHT S.A. 03.378.521/0001-75

Parent Company Parent Company Consolidated Consolidated

Notes 1/1/09 to 3/31/09 1/1/08 to 3/31/08 1/1/09 to 3/31/09 1/1/08 to 3/31/08

OPERATING INCOME

Electric Power Supply 22 - - 2,101,390 1,821,474

Electric Power Supply 22 - - 84,151 104,626

Other Revenues 23 - - 140,094 144,530

- - 2,325,635 2,070,630

Deductions from operating revenues

ICMS - - (567,548) (503,528)

Consumer Charges 24 - - (191,230) (119,031)

PIS/COFINS - - (128,041) (131,198)

Other - - (1,264) (1,127)

- - (888,083) (754,884)

NET OPERATING REVENUE - - 1,437,552 1,315,746

ELECTRIC POWER COST

Electric Power Purchased for Resale 27 - - (871,993) (785,182)

- - (871,993) (785,182)

OPERATIONAL COST

Personnel 26 - - (32,589) (34,099)Material 26 - - (3,667) (3,206)

Outsourced services 26 - - (25,455) (27,146)

Allowances 26 - - - -

Depreciation and amortization 26 - - (67,410) (69,442)

Other 26 - - (4,699) (4,156)

- - (133,820) (138,049)

GROSS OPERATING PROFIT - 431,739 392,515-

OPERATING EXPENSES

Selling 26 - - (77,433) (78,474)

General and administrative 26 (10,841) (1,028) (81,094) (85,142)

(10,841) (1,028) (158,527) (163,616)

EQUITY ACCOUNTING 178,322 105,770 - -

FINANCIAL REVENUES (EXPENSES)

Revenues 28 835 61 46,269 54,058

Expenses 28 (23) (1) (71,021) (135,998)

812 60 (24,752) (81,940)

OTHER OPERATING REVENUES (EXPENSES)

Revenues - - 6,114 19,349

Expenses - - (833) (1,473)

- - 5,281 17,876

OPERATING INCOME 168,293 104,802 253,741 164,835

Non-operating income - - - -

Non-operating expenses - - - -

NON-OPERATING INCOME - - - -

INCOME BEFORE TAXES

AND INTEREST 168,293 104,802 253,741 164,835

Income tax and social contribution 6 - - (78,245) (52,174)

PROFIT/(LOSS) BEFORE INTEREST 168,293 104,802 175,496 112,661

Interest (5) (6) (7,208) (7,865)

INCOME/(LOSS) FOR THE YEAR 168,288 104,796 168,288 104,796

Income/(Loss) per share - R$ 0.82521 0.51506 0.82521 0.51506

No. of shares 203,933,778 203,462,739 203,933,778 203,462,739


LIGHT S.A.

STATEMENT OF INCOME FOR THE PERIOD ENDED MARCH 31, 2009 AND 2008

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01987-9 LIGHT S.A. 03.378.521/0001-75

RETAINED EARNIGNS

CAPITAL CAPITAL LEGAL RETAINED (ACCUMULATED TOTAL

STOCK RESERVES RESERVE PROFITS LOSSES)

BALANCE ON DECEMBER 31, 2008 2,225,819 22,459 103,757 451,669 - 2,803,704

Capital increase - - - - - -

Granted options - 9,977 - - - 9,977

Net income for the period - - - - 168,288 168,288

BALANCE ON MARCH 31, 2009 2,225,819 32,436 103,757 451,669 168,288 2,981,969

PROFITS RESERVE

LIGHT - S.A.

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - PARENT COMPANY


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01987-9 LIGHT S.A. 03.378.521/0001-75

1/1/2009 to 3/31/2009 1/1/2008 to 3/31/2008 1/1/2009 to 3/31/2009 1/1/2008 to 3/31/2008

From operations

Income/(loss) for the year 168,288 104,796 168,288 104,796

Revenues (expenses) not affecting cash:

Allowance for doubtful accounts - - 59,930 57,874

Provision for (reversal of) losses in the recovery of long-term RTE - - - 2,385

Restatement of regulatory and contingent assets and liabilities - - 22,478 14,802

Adjustment of receivables to present value - - (5,800) 106

Depreciation and amortization - - 76,342 79,053

Interests and monetary variations - net - - 42,850 53,104

Equity accounting ( 178 ,32 2) (10 5, 770) - -

Income/loss from write-off of property, plant and equipment - - (5,172) (17,856)

Deferred income tax and social contribution - - 44,620 (10,839)

Charges and monetary variation on post-employment benefits - - 9,192 38,797

Provision for liabilities - contingent - - 5,146 15,870

Granted options 9,977 - 9,977 -

Other - - (236) 3 ,940

(57 ) (974) 427 ,615 342 ,032

(Increase) Reduction in assets

Consumers and resellers - 22 (206,020) (18,947)

Recoverable Taxes (34 9) (16 ) 1 16 ,5 86 1 69 ,6 77

Services - - (10,791) (12,674)

Inventories - - (1,274) (4,671)

Prepaid Expenses (CVA and other) 44 59 (1,416) (604)

Regulatory assets (CVA and Bolhas) - - 73,337 20,517

Dividends received - 203,463 - -

Escrow deposits - - (2,387) (2,052)

Other (15) 16 52,857 (14,909)

(320) 203,544 20,892 136,337

Increase (Reduction) in liabilities

Suppliers (11 6) (47 ) 1 0,92 3 (38 ,4 12 )

Electric power suppliers - - 52,875 14,130

Salaries and social contributions (8) ( 3) 7,635 8, 280

Taxes and Social Contributions (5) ( 2) (88, 245) (128, 638)

Offsetting accounts - CVA - - (55,082) (44,104)

Regulatory fees - - (22,843) (7,431)

Contingencies - - (14,843) (12,687)

Post-employment benefits - - (23,354) (20,044)

Other (35 ) 2 6 (17 ,0 14 ) 1 0,78 1

(16 4) ( 26) (1 49, 948 ) ( 21 8, 125 )

Cash generated by (used in) operations (541) 202,544 298,559 260,244

Investment activities

Disposal of income property - - 5,697 1,619

Investments in property, plant and equipment - - (112,444) (92,141)

Corporate interest (36,388) (130) - -

Consumer contributions - - 1,849 147

Cash used in investment activities (36 ,388 ) (130) (104,898) (90 ,375 )

Financing activities

Paid dividends - (203,463) - (203,463)

Loans and financings - - 22,674 -

Amortization of loans and financings - - (70,188) (62,327)

Net cash generated by (used in) financing activities - (203,463) (47,514) (265,790)

Net cash variation (36,929) (1,049) 146,147 (95,921)

Statement of net cash variation

At the beginning of the year 40,256 2,536 590,126 490,211

At the end of the year 3,327 1,487 736,273 394,290

Cash variation (36,929) (1,049) 146,147 (95,921)


LIGHT - S.A.

CASH FLOW STATEMENTS


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01987-9 LIGHT S.A. 03.378.521/0001-75

11.01 NOTES TO THE FINANCIAL STATEMENTS

TABLE OF CONTENTS

1. OPERATIONS2. PRESENTATION OF THE QUARTERLY INFORMATION3. REGULATORY ASSETS AND LIABILITIES4. CASH AND CASH EQUIVALENTS5. CONSUMERS, CONCESSIONAIRES AND PERMISSIONAIRES (CLIENTS)6. TAXES7. PREPAID EXPENSES

8. OTHER RECEIVABLES9. INVESTMENTS10. PROPERTY, PLANT AND EQUIPMENT11. INTANGIBLE ASSETS12. SUPPLIERS13. LOANS, FINANCING AND FINANCIAL CHARGES14. DEBENTURES AND FINANCIAL CHARGES15. REGULATORY CHARGES CONSUMER CONTRIBUTIONS16. PROVISION FOR CONTINGENCIES17. OTHER PAYABLES18. PENSION PLAN AND OTHER EMPLOYEE BENEFITS19. RELATED-PARTY TRANSACTIONS20. SHAREHOLDERS EQUITY

21. DIVIDENDS22. ELECTRIC POWER SUPPLY23. OTHER REVENUE24. CONSUMER CHARGES (OPERATING REVENUE DEDUCTIONS)25. ELECTRIC POWER PURCHASE AND SALE TRANSACTIONS THROUGH CCEE26. OPERATING COSTS AND EXPENSES27. ELECTRICITY PURCHASED FOR RESALE28. FINANCIAL INCOME29. FINANCIAL INSTRUMENTS30. INSURANCE31. STATEMENT OF OPERATIONS BY COMPANY32. TARIFF REVIEW33. LONG-TERM INCENTIVE PLAN

34. SUBSEQUENT EVENTS

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01987-9 LIGHT S.A. 03.378.521/0001-75


NOTES TO THE QUARTERLY INFORMATIONAS OF MARCH 31, 2009(Amounts in thousands of Brazilian reais)

OPERATIONS

Light S.A.s corporate purpose is to hold equity interests in other companies, as partner orshareholder, and in the direct or indirect exploitation, as applicable, of electric power services,including electric power generation, transmission, sale and distribution systems, as well as otherrelated services.

Light S.A. is a parent company of the following companies:

Light Servios de Eletricidade S.A. (Light SESA) - Publicly-held company engaged in thedistribution of electric power;

Light Energia S.A. - (Light Energia) Closely-held company whose main activity is study,plan, construct, operate and exploit electric power generation, transmission and sales, systemsand related services;

Light Esco Prestao de Servios Ltda. - (Light Esco) Company whose main activity is to

provide services related to co-generation, projects, management and solutions, such asimproving efficiency and defining energy matrixes and sale of energy on the free market.

Itaocara Energia Ltda. - (Itaocara Energia) Pre-operating company, primarily engaged in theexploitation and production of electric power;

Lightger Ltda. (Light Ger) and Lighthidro Ltda. (Light Hidro) Pre-operating companies bothto participate in auctions for concession, authorization and permission for new plants. OnDecember 24, 2008, Light Ger obtained the installation license that authorizes the start ofimplementation works of Paracambi small hydroelectric power plant (PCH); and

Instituto Light para o Desenvolvimento Urbano e Social (Light Institute) It is engaged in

participating in social and cultural projects, has interest in the cities economic and socialdevelopment, affirming the Companys ability to be socially responsible.

Grupo Lights concessions and authorizations:

Concessions / authorizationsDate of concession /authorization Maturity Date

Generation, Transmission and Distribution (direct) July 1996 June 2026Paracambi small hydroelectric power plant (PCH)(indirect)

February 2001 February 2031

Itaocara hydroelectric power plant (indirect) March 2001 March 2036

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01987-9 LIGHT S.A. 03.378.521/0001-75


PRESENTATION OF THE QUARTERLY INFORMATION

The individual and consolidated quarterly information including the notes thereto, are presentedin thousands of reais and other currencies, except when otherwise indicated and were preparedin accordance with the accounting practices adopted in Brazil, which comprises the BrazilianCorporation Law, Pronouncements and Guidance issued by the Brazilian Committee onAccounting Pronouncements (CPC), rules issued by the Brazilian Securities and ExchangeCommission (CVM), and standards established by Brazilian Eletricity Regulatory Agency(ANEEL), pursuant to Accounting Manual for the Electric Power Public Utility, having fullymet all concepts introduced by Law nr. 11,638/07 and Provisional Measure nr. 449/08.

This quarterly information - ITR was prepared according to the principles, practices and criteriaconsistent with those adopted in the preparation of the annual financial statements as ofDecember 31, 2008, published in official newspaper on March 3, 2009. Thus, this quarterlyinformation should be read jointly with said annual financial statements.

Given that the Company is comprised primarily of interests in other corporations, the notes tothe quarterly information primarily reflect the accounting practices and breakdown of itssubsidiaries accounts.

The consolidated Quarterly Information was prepared pursuant to CVM Rule 247, of March 27,1996, which provides, among other subjects, procedures to prepare and disclose of consolidated

financial statements and in line with the accounting practices adopted in the previous year.

The Quarterly Information as of March 31, 2008 was reclassified, when applicable, forcomparison purposes, as described below:

Publi shed Rec lass ifica tion PLR

Adjustments Law

11638/07 and MP 449/08 Adjusted

Cost of goods and/or services sold

Personnel (39,054) 4,955 - (34,099)

Depreciation and amortization (72,536) - 3,094 (69,442)

Operating expenses/revenues

Selling expenses (79,025) 551 - (78,474)

General and administrative expenses (83,541) 2,359 (3,960) (85,142)Financial expenses (138,018) - 2,020 (135,998)

Other operating revenue - - 19,349 19,349

Other operating expenses - - (1,473) (1,473)

Non-ope rating revenue

Revenues 19,349 - (19,349) -

Expenses (1,473) - 1,473 -

Deferred income tax 11,231 - (392) 10,839

Interest/Statutory Contributions

Interest - (7,865) - (7,865)

(i) For most appropriate presentation, management and employee profit sharing wereclassified as profit sharing result under income tax.

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(ii) In the preparation of the financial statements for year ended December 31, 2008, theCompany and its subsidiaries adopted for the first time the changes in corporate legislationintroduced by Law 11,638/07 and Provisional Measure 449/08. The quarterly information as ofMarch 31, 2008, presented herein, was also adjusted to reflect changes resulting from theadoption of Law 11,638/07 and CPCs issued in 2008, for the comparison of the quartersresults, reconciliated as follows:


Net income for the quarter without the effects of Law 11638/07 and Provisional Measure 449/08 (published) 104,034 104,034

Adjustments to the effects resulting from initial adoption of Law 11638/07 and Provisional Measure 449/08:

Adjustments to present value - Receivables - 2,020

Deferred charges - (866)Equity accounting 762 -

Temporary differences of income tax and social contribution - (392)

Net income for the quarter pursuant to Law 11638/07 and Provisional Measure 449/08 (adjusted) 104,796 104,796

3/31/2008

1. REGULATORY ASSETS AND LIABILITIES

3/31/2009 12/31/2008 3/31/2009 12/31/2008

Assets

Consumers, Concessionaries and Permissionaires (note 5) 52,507 67,977 - -

Tariff Readjustment - TUSD 52,507 67,977 - -

Prepaid Expenses (Note 7) 220,946 381,624 216,399 125,071

Portion "A" - (a) 56,837 131,910 - -

CVA - (b) 146,061 222,245 216,399 125,071

Other Regulatories - (c) 18,048 27,469 - -

TOTAL ASSETS 273,453 449,601 216,399 125,071

Other Payables (note 17) (105,937) (160,661) (1,343) (1,719)

CVA - (b) (94,901) (143,947) (1,343) (1,719)

Other Regulatories (c) (11,036) (16,714) - -

TOTAL LIABILITIES (105,937) (160,661) (1,343) (1,719)

167,516 288,940 215,056 123,352

Consolidated

Current Non-current

a) Rationing:

The electric power distribution and generation companies revenues (free energy) for therationing period is being recovered through the Extraordinary Tariff Recovery - RTE, whichagreement only allowed for the billing related to revenue lost of Light SESA through February2008. In June 2008, Light SESA wrote off the items related to the extraordinary tariff recovery,free energy and its respective provisions, without affecting the income.

Due to the maturity of term for the RTE billing (Loss of Revenue), the Variation in Portion Aitems (from January 1, 2001 to October 25, 2001) started to be recovered from March 2008 untilthe time necessary for the amount approved by ANEEL has been fully recovered pursuant toDirective Release nr. 267/04:

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Recognition: Total Amortized

Resolutions No. Accumulated Accumulated Value Balance to

ASSETS 482/02 and 001/04 Remuneration 2009 up to 2009 Amortize

(1) (2) (3) = (1+2) (4) (5) = (3-4)

Portion A (from 01/01/2001 to 10/25/2001) 125,695 247,299 372,994 316,157 56,837

b) Memorandum account for Portion A Items Variation (CVA)

Records the variations during the period and the annual tariff adjustment based on the CentralBank overnight rate (SELIC) for: purchase of energy; the tariff for transportation of electric

power from Itaipu; the Fuel Usage Quota (CCC); the Economic Development Account

(CDE); System service charges (ESS); the tariff for the use of transmission facilities of thebasic electric network; and compensation for the use of water resources (CFURH).

The amounts recorded under current (assets and liabilities) refer to amounts already approvedby ANEEL in November 2008, when the tariff review was concluded. The amounts recordedunder non-current represent the formation of CVA to be approved in the next tariff adjustment.

Breakdown of CVA

3/31/2009 12/31/2008 3/31/2009 12/31/2008

Breakdown - CVA

Fuel Usage Quota - CCC 92,849 141,650 20,525 31,871

Transportation of electric power to basic electric network 3,173 4,830 4,282 2,756

PROINFA - - 8,680 -

Cost of electricity acquisition - - 164,251 75,419

System Service Charges - ESS 48,308 73,145 17,812 14,200

Transportation of electric power from Itaipu 1,731 2,620 849 825

TOTAL - CVA 146,061 222,245 216,399 125,071

3/31/2009 12/31/2008 3/31/2009 12/31/2008

Breakdown - CVA

Energy Development Account - CDE (20,230) (30,863) (1,343) (1,664)

PROINFA (2,065) (3,150) - (55)

Cost of electricity acquisition (72,606) (109,934) - -

TOTAL - CVA (94,901) (143,947) (1,343) (1,719)

Current Non-current

Consolidated

Assets

Non-current

Consolidated

Current

Liabilities

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c) Other Regulatory Assets/Liabilities

Finance costs transferred in the second tariff review of subsidiary Light SESA in accordancewith Normative Resolution nr. 734 of November 4, 2008, as per chart below:

Approved Values

3/31/2009 12/31/2008 10/31/2008

Other Regulatory Assets

Financial Adjustment TUSD Generating Companies 17,760 27,033 32,680

Guarantees at Auction (CCEAR) 74 113 136

Furnas Connection 115 174 210

"Luz para Todos" Program 99 149 181TOTAL 18,048 27,469 33,207

Approved Values

3/31/2009 12/31/2008 10/31/2008

Other Regulatory Liabilities

Onlending of energy overcontracting (art.38 of Decree 5,163/04) (10,393) (15,737) (18,956)

Boundary Adjustment (643) (977) (1,182)

TOTAL (11,036) (16,714) (20,138)

Consolidated

Consolidated

CASH AND CASH EQUIVALENTS

3/31/2009 12/31/2008 3/31/2009 12/31/2008

Cash available 47 50 13,246 41,029

Temporary cash investments 3,280 40,206 723,027 549,097

Total 3,327 40,256 736,273 590,126

3/31/2009 12/31/2008 3/31/2009 12/31/2008

Financial Investments: Fee Maturity Date

Overnight (subsidiaries LIR and LOI) - Daily - - 984 992

CDB CDI Daily 3,280 40,206 722,043 547,919

Other CDI Daily - - - 186

Total 3,280 40,206 723,027 549,097



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RECEIVABLES FROM CONSUMERS, CONCESSIONAIRES AND

PERMISSIONAIRIES (CLIENTS)

3/31/2009 12/31/2008

CURRENT

Billed Sales 1,710,218 1,729,885

Unbilled Sales 289,296 260,361

Debts payment by installments (a) 153,435 140,874

2,152,949 2,1

Documents

Light SA_Relatorio de Revis