1 / 32

FINANCIAL STATEMENTS 2001 1 ST Half

FINANCIAL STATEMENTS 2001 1 ST Half. Investor Relations Officer Chief Financial Officer. HIGHLIGHTS. OPERATING PERFORMANCE. AGENDA. FINANCIAL STATEMENTS. OUTLOOK. CEMIG at the end of June/2001. HIGHLIGHTS. Outstanding matters year to June 2001.

zihna
Download Presentation

FINANCIAL STATEMENTS 2001 1 ST Half

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FINANCIAL STATEMENTS 2001 1STHalf • Investor Relations Officer • Chief Financial Officer

  2. HIGHLIGHTS OPERATING PERFORMANCE AGENDA FINANCIAL STATEMENTS OUTLOOK

  3. CEMIG at the end of June/2001 HIGHLIGHTS

  4. Outstanding mattersyear to June 2001 • Enrollment of 570 employees at the Voluntary Dismissal Program - PDV • FORLUZ: CVM nº 371 of 12/13/00 – Adjustment of Actuarial Liability, directly recorded in Shareholders’ Equity • Debt rollover : US$ 41.2 MI • Devaluation impact (debt/Itaipu): YTD 17.9% • Start of Aimorés HPP work – Capacity 330 MW • Rationing with Market and revenue losses • The State will purchase R$90.0 MI zero interest bond to finance Irapé power project HIGHLITGHS

  5. R$ thousand as of June 30, 2001 15.8 % 18.9 % 2.8 % (93.5) % (12.0) % (11.2) % (3.6) % Net Operating Revenue Operating Expenses EBITDA FX Losses Net Income (Loss) Operating Margin EBITDA Margin Total Sales (GWh) 1,933,130 1,621,441 559,417 (229,964) 14,151 16.1 % 28.9 % 20,648 H IGHL IGHTS

  6. ENERGY BALANCE 1ST HALF/2001 Energy available for sale 22,436 GWh Captive Market Requirements 9,791 GWh Total Energy Available 20,648 GWh Reduction 3.6 % Free Customers 9,253 GWh Third party plant take 821 GWh Losses 8.0% 1,788 GWh Reduction 29.3 % Sale to the Interconnected System 783 GWh

  7. H IGHL IGHTS

  8. BILLED ENERGY + 4.5% H I GHL I GHTS

  9. Residential presented the first rationing effects Reduction of 1.2% Increase of 6% Increase of 6.9%

  10. H I G H L I G H T S Growth till May very positive … Drop of 3.9% …but, rationing has already reduced growth in June.

  11. PRODUCTIVITY ENHANCEMENT PDI PDV PERFORMANCE

  12. Quality of Service P E R F ORM A NC E

  13. EBITDA EBITDA + 2.8 % F I NANC I A L

  14. NET INCOME PROGRESSION R$ Million F I NANC I A L

  15. Balance Sheet Assets Value in thousands of reais Liabilities and Equity

  16. Rationing already shows first impacts

  17. Rationing already shows first impacts

  18. Rationing already shows first impacts

  19. OPERATING INCOME F I NANC I A L

  20. LABOR EXPENSE R$ MI F I NANC I A L

  21. OPERATING EXPENSES Operating expenses R$1,621.4 MI Controllable Non-controllable 13.0 % 18.4 % 22.7 % Labor R$302.4 MI 38.9 % Energy Purchased R$512.1 MI 17.4 % 20.0 % Outsourced Services R$102.0 MI CCC R$156.3 MI F I NANC I A L 3.7 % 19.8 % Supplies R$33.1 MI Royalties R$20.8 MI 4.0 % 15.2 % Depreciation R$247.7 MI T Grid Charges R$131.8 MI 196.7 % Provisions R$22.6 MI 3.7 % Fuel Purchased R$36.4 MI ( 47.1 ) % 20.8 % Other R$49.6 MI Inspection Fee R$6.6 MI

  22. Financial Result Real Devaluation: 1st Half 01: 17.87% 1st Half 00: 0.61% 1st Half/01 1st Half/00 Financial Result ( R$214.4 MI ) Financial Result ( R$260.7 MI ) F I NANC I A L Revenue R$170.5 MI Revenue R$67.0 MI Expense ( R$268.1 MI ) Expense ( R$201.2 MI ) FX Losses ( R$230.0 MI ) FX Losses (R$13.3) MI

  23. NON-OPERATING RESULTS 1st Half/01 1st Half/00 Non-operating Result ( R$22.8 MI ) Non-operating Result ( R$26.5 MI ) F I NANC I A L Revenue R$5.4 MI Revenue R$3.9 MI Expense R$26.7 MI Expense R$31.9 MI

  24. Even facing a debt growth, the financial situation is sound OUT LOOK

  25. Foreign Debt increases with the Real devaluation

  26. DEBT SERVICE O U T L OOK

  27. FUNDING AND ROLLOVER ROLLOVER • EUROBONDS: PUT On NOV 18th, 2001 • Rollover under 4131 law facility • 1st tranche: Consortium among Citibank, Abn Amro Bank and Lloyds Bank: US$58 million • 2nd tranche: Itaú: US$30 million • FUNDING • DEBENTURE PLACEMENT: Consortium among Itaú, BBA, ING, Sudameris, Bradesco e Unibanco (lead manager) • first serie: 8 year term, put and call at year 4: R$250 million • second serie:10 year term, put and call at year 5: R$250 million OUT LOOK

  28. EUROBONDS Strong correlation between Cemig’s Bond and Brazilian Treasury Bond OUTLOOK Yield to put ( Nov 18, 2001)

  29. Capital Expenditure Cemig will invest R$3.9 billion in 5 years OU T L OOK

  30. MAJOR PROJECTS OU T L OOK

  31. CEMIG’S RESTRUCTURING O U T L O O K

  32. The end

More Related