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1 FINANCIAL STATEMENTS 2001 2001 FINANCIAL STATEMENTS 2001 2001 Chief Financial Officer - DFNChief Financial Officer - DFN Chief Investor Relation OfficerChief.

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Presentation on theme: "1 FINANCIAL STATEMENTS 2001 2001 FINANCIAL STATEMENTS 2001 2001 Chief Financial Officer - DFNChief Financial Officer - DFN Chief Investor Relation OfficerChief."— Presentation transcript:

1 1 FINANCIAL STATEMENTS FINANCIAL STATEMENTS Chief Financial Officer - DFNChief Financial Officer - DFN Chief Investor Relation OfficerChief Investor Relation Officer

2 2 Net Income R$ 478 Million Return on Equity 7% Proposed Dividends R$ 214 Million EBITDA R$ Million Shareholders’ Equity R$ 6,948 Million Total debt R$2.480 Million Interest and Charges R$ 221 Million Debentures R$ 625 Million Highlights on Financials

3 3 Listing New York Stock Exchange BOVESPA Corporate Governance Level I Highlights on institutional affairs cig cmig4

4 4 Industry General Agreement Industry RevitalizationExpansion Irapé Funding Structure Porto Estrela 112 MW New consumers 270 thousand connected CAPEX R$ 635 MI Highlights on strategy Revenue Losses Non controllable costs Purchase of non Regulated price energy Other Regulatory costs The MAE Energy transaction deadlock Assurance on the capacity expansion Moving along with the Industry restructuring

5 5 Incurred Costs and reimbursement on the wake of the Regulatory Agreement 2001 Values in R$ million

6 6 ECONOMIC INDICATORS

7 7 CEMIG Structure Novas agências de atendimento New Investments in Generation Capacity

8 8 Consolidated statement of income ItemsCemigGasmigInfovias Sá Carvalho IpatingaTOTAL Net Operating revenues 4, ,852.4 Operating Expenses (3,803. 8) (93.7)(6.9)(4.7)(6.0)(3,915.0) Financial income (expense) (204.5)(3.6) (195.5) Non-operating Result (89.9)---- Income before income tax (2.1) Net Income (1.4)

9 9 Assets Liabilities and Equity Values in million of Reais Balance Sheet: Holding BS reflects the industry agreement booking rules

10 10 Net Operating Revenue Operating Expenses EBITDA FX Losses Net income (Loss) Operating Margin (%) EBITDA Margin (%) Retail Sales (GWh) R$ MI in 12/31/2001 4, , , , % 19.2 % % 15.2% (0.2) % (8.3) % (7) % % change EPS growth was strong in 2001 Holding

11 11 Quartely Net income growth R$ million

12 12 Quartely EBITDA growth 19.2 %

13 13 Net Income 15% higher in 2001 Holding

14 14 Net Revenue increased 30% due to tariff readjustment Holding

15 15 Expenses Values in million of Reais Change Controllable1,4641,65513 Non controllable1,4532,14948 Total2,9173,80430 Non controllable costs increased faster Holding

16 16 Energy purchased reflects rationing adjustment Holding

17 17 Financial Result ( R$204,5 MI ) Financial Result ( R$266,0 MI ) FX Losses ( R$209,5 MI ) Expenses ( R$443,2 MI ) Revenue R$ 448,2 MI Revenue R$239,9 MI Expenses ( R$412,0 MI ) FX Losses ( R$93,9 MI ) FINANCIAL RESULTS For the whole Year Real Depreciation: Up to Dec/01: 18.67% Up to Dec/00: 9.30% FX losses were higher even with the Real appreciation Holding

18 18 Million of Reais Foreign Currency debt reduced by Eurobond retirement Holding

19 19 Debt maturity Holding

20 20 Non-operating Result ( R$89.9 MI ) Non-operating Result ( R$63.6 MI ) FORLUZ – operating expenses ( R$7.9 MI ) Write-off and Disposal losses ( 44.0 MI ) Projects write-off and others ( R$40.9 MI ) FORLUZ – operating expenses ( R$8.0 MI ) NON-OPERATING RESULTS Projects write-off and others ( R$38.0 MI ) Write-off and Disposal losses ( R$14.7 MI ) For the whole Year 2001 Year end results:guidance

21 21 Energy delivered to the transmission grid Regulated price Market Non regulated potencial market Wholesale 17,557 GWh 16,875 GWh 7,636 GWh Total Energy 43,391 GWh Losses 7,6 % 3,593 GWh ENERGY BALANCE 2001 Third party plant supply 1,323 GWh Energy for sale GWh

22 22 Rationing reduced sales Volume in 7%

23 23 PRODUCTIVITY GAINS

24 24 Electricity sales – After rationing Reference: June/2001 Growth Outlook 2002

25 25 Market growth : before and after rationing Reference: June/2001 Outlook 2002

26 26 R$3.9 billion planned for the next 5 years Economic Basis INVESTMENTS PROGRAM

27 27 Major Projects


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