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1 Investor Relation DirectorshipInvestor Relation Directorship Financial and Energy Trade DirectorshipFinancial and Energy Trade Directorship FINANCIAL.

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Presentation on theme: "1 Investor Relation DirectorshipInvestor Relation Directorship Financial and Energy Trade DirectorshipFinancial and Energy Trade Directorship FINANCIAL."— Presentation transcript:

1 1 Investor Relation DirectorshipInvestor Relation Directorship Financial and Energy Trade DirectorshipFinancial and Energy Trade Directorship FINANCIAL STATEMENTS 3 rd Quarter 2000

2 2 HIGHLIGHTS OPERATING PERFORMANCE INCOME STATEMENT OUTLOOK AGENDAAGENDA

3 3 Cemig at the end of September/2000 Net ProfitR$ 324 million Shareholders’ EquityR$ 7,727 million DebtR$ 1,488 million CapexR$ 345 million Generating Installed Capacity 5,554 MW Own Power Facility Output 23,661 GWh Sales to final customers28,077 GWh Customers5,085,644 Cemig Today HIGHLIGHTSHIGHLIGHTS

4 4 Net Operating Revenue Operating Expenses EBITDA Net Income Operating Margin EBITDA Margin Sales ( GWh) Values in Thousands of Reals HIGHLIGHTSHIGHLIGHTS 2,666,443 2,147,882 879,802 324,067 19.4% 33.0% 32,404 Nine months ended September 30, 2000 27.6% 19.4% 41.2% 39.6% 10.7% 6.5%

5 5 INSTALLED OUTPUTCHANGE FACILITIESCAPACITY KW MWh 2000/1999 HYDROELECTRIC POWER PLANTS5,381,68422.833.778 10.9 1. SÃO SIMÃO1,710,0009.180.090 13,3 2. EMBORCAÇÃO1,192,0002.653.103 3,3 3. NOVA PONTE510,0002.079.312 7,4 4. JAGUARA424,0002.317.380 0,6 5. TRÊS MARIAS396,0001.683.208 22,4 6. VOLTA GRANDE380,0001.778.115 5,0 7. MIRANDA408,0001.800.875 19,9 8. SALTO GRANDE102,000363.188 17,2 9. OTHERS259,684978.508 THERMAL POWER PLANTS131.440622.979 59,7 WIND FARM1.000210 -68,3 TOTAL5.514.12423.456.967 12,8 IPATINGA THERMAL PLANT40.000204.899 TOTAL5.554.12423.661.866 14,0 THIRD PARTY’S POWER PLANTS OPERATED BY CEMIG379.5501.532.047 A RECORD OUTPUT HIGHLIGHTSHIGHLIGHTS

6 6 ENERGY BALANCE HIGHLIGHTSHIGHLIGHTS

7 7 ENERGY SOLD – GWh HIGHLIGHTSHIGHLIGHTS 5,4% per year 4,8% last 12 months Mercado Faturado

8 8 HIGHLIGHTSHIGHLIGHTS Residential consumers have slowed the growth 3Q/2Q 2000/% 3Q00/ 3Q99/% Jan/Sep 00/99/% Sales to end Consumers4.9 4.8 Industrial2.16.6 Residential0,51.2 Commercial(2.7)6.5 Rural25.11.0 Others2.82.41.9

9 9 Res Consumption (GWh) and Growth Rates (%) 1999 2000 Category Ind Com Rur Oth 6,5% 1,2% 6,6% 1,9% Year to Sep. HIGHLIGHTSHIGHLIGHTS 4,8% 1,0%

10 10 HIGHLIGHTSHIGHLIGHTS Consumption Increase (%) Last 12 months - Sep/00 Commercial Industrial Total Residential

11 11 SALES HIGHLIGHTSHIGHLIGHTS

12 12 PERFORMANCE RATIOS HIGHLIGHTSHIGHLIGHTS DESCRIPTION19981999 GO 2000 UP TO SET/00 EBITDA – R$ million1,033.0852.11,209.5879.8 EBITDA Margin (%)43.229.833.533.0 Expenses/MWh) – R$50.274.776.173.4 Net Operating Margin (%)20.214.119.919.4 ROE (%)6.40.46.94.5 Consumers per Employee391.3418.5447.2439.9 Energy Sold per Employee/MWh246.5254.6301.3305.0

13 13 Operating Performance CEMIG TODAY

14 14 NET INCOME GROWTH OPERATINGOPERATING

15 15 Net Income R$324 million Net Losses (R$138 million) Non-Operating Result (R$42 million) Financial Expenses (R$246 million) Operating Result R$519 million Non-Operating Result (R$52 million) Financial Expenses (R$429 million) Operating Result R$290 million 2000 1999 OPERATINGOPERATING P&L STATEMENTS NINE MONTHS ENDED SEP, 30

16 16 GROWTH RESUMED IN 2000 NET REVENUE OPERATINGOPERATING

17 17 OPERATINGOPERATING SALES BREAKDOWN

18 18 Gross Revenue R$3,567 million Gross Sales R$3,266 million Wholesale R$127 million T Grid Revenue R$104 million Other Revenues R$70 million Year to September 30, 2000 OPERATING REVENUE RESULTSRESULTS 25.9% 21.1% 154.4% 160.2% 49.2% Deductions R$902 million Net Revenue R$2,665 million 21.3%27.6% ICMS R$698 million RGR R$76 million COFINS R$105 million PASEP + ISS R$23 million 26.8% 29.3% 24.5% 19.5%

19 19 Operating Expenses R$2,148 million Energy Purchase R$602 million Labor R$377 million Depreciation R$361 million CCC R$205 million T Grid Charges R$179 million Up to September 30, 2000 OPERATING EXPENSES RESULTSRESULTS 19.4% 11.6% 8.5% 107.2% 83.8% Outsorced services R$135 million Pension Fund Contrib. R$75 million Supplies R$49 million Royalties R$ 28 million Provisions R$19 million 29.3% 23.4% 27.1% 19.6% (80.1)% Other Expenses R$ 118 million 65.9%

20 20 Operating Expenses R$2,148 million Energy Purchase R$602 million Labor R$377 million Depreciation R$361 million CCC R$205 million T Grid Charges R$179 million Up to September 30, 2000 OPERATING EXPENSES RESULTSRESULTS 19.4% 11.6% 8.5% 107.2% 83.8% Outsorced services R$135 million Pension Fund Contrib. R$75 million Supplies R$49 million Royalties R$ 28 million Provisions R$19 million 29.3% 23.4% 27.1% 19.6% (80.1%) Other Expenses R$ 118 million 65.9% NON-CONTROLLABLE 33,6% CONTROLLABLE 9,0% 11.6%

21 21 OPERATING EXPENSES OPERATINGOPERATING

22 22 OPERATINGOPERATING R$ MILLION OPERATING EXPENSES

23 23 Financial Result (R$ 245,5 million) Income R$109,4 million Expenses (R$327,3 million) Foreign Currency Losses (R$27,7 million) Income R$229,3 million Expenses (R$269,1 million) Foreign Currency Losses (R$389,5 million) Financial Result (R$429,3 million) FINANCIAL RESULTS RESULTSRESULTS Year to Sep/00Year to Sep/99

24 24 RESULTSRESULTS FINANCIAL RESULTS Values in Thousands

25 25 UPTURN IN 2000 OUTLOOKOUTLOOK

26 26 R$ Million as of September 30, 2000 DEBT MATURITY OUTLOOKOUTLOOK LOCAL CURRENCYFOREIGN CURRENCY

27 27 OUTLOOKOUTLOOK DEBT ROLLOVER STN AUTHORIZATION DATEDESCRIPTIONUS$ 721/COREF/DIREF01/03/2000Austria II(38.400.000,00) 3092/COREF05/07/2000ABN AMRO(18.313.541,66) 4250/COREF12/09/2000Citibank(38.000.000,00) 4726/COREF13/10/2000Banco do Brasil(35.500.000,00)

28 28 OUTLOOKOUTLOOK EUROBONDS Cemig’s bonds show strong correlation with sovereign bonds

29 29 OUTLOOKOUTLOOK CAPITAL EXPENDITURE R$ MILLION UP TO SEP/2000 TOTAL345.375 1. Generation42.614 2. Transmission5.555 3. Distribution262.958 4. Other Facilities34.248

30 30 OUTLOOKOUTLOOK POWER PROJECTS % CEMIGMW CEMIG FUNDING R$ Mi ESTIMATED START-UP DATE UHE Sá Carvalho1007887Oper. UHE Porto Estrela3311224Sep/01 UHE Poço Fundo100218Mar/02 Co-generation Mannesmann49137Jun/02 UHE Pai Joquim49239Dec/02 UHE Queimado6510555Apr/03 UHE Aimorés49330151May/03 UTE Sul Minas31500300Sep/03 UHE Funil49180115Aug/04 UHE Irapé49360180Apr/05 TOTAL1722936 Infovias4988 Gasmig9613

31 31 Future structure to meet regulatory requirements Porto Estrela: work in progress OUTLOOKOUTLOOK

32 32 CRC Renegotiation Longer term : 25 to 30 years Higher interest rates Commit State dividends to repay Preserve present value OUTLOOKOUTLOOK

33 33 END


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