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1 FINANCIAL STATEMENTS 2001 1 ST Half Investor Relations OfficerInvestor Relations Officer Chief Financial OfficerChief Financial Officer Investor Relations OfficerInvestor Relations Officer Chief Financial OfficerChief Financial Officer
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2 HIGHLIGHTS OPERATING PERFORMANCE FINANCIAL STATEMENTS OUTLOOK AGENDAAGENDA
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3 HIGHLIGHTSHIGHLIGHTS CEMIG at the end of June/2001
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4 HIGHLITGHSHIGHLITGHS 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$90.0 MI zero interest bond to finance Irapé power project Outstanding matters year to June 2001
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5 Net Operating Revenue Operating Expenses EBITDA FX Losses Net Income (Loss) Operating Margin EBITDA Margin Total Sales (GWh) R$ thousand as of June 30, 2001 HIGHLIGHTSHIGHLIGHTS 1,933,130 1,621,441 559,417 (229,964) 14,151 16.1 % 28.9 % 20,648 15.8 % 18.9 % 2.8 % (93.5) % (12.0) % (11.2) % (3.6) %
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6 Requirements Captive Market Free Customers Sale to the Interconnected System 9,791 GWh 9,253 GWh 783 GWh Total Energy Available 20,648 GWh Reduction 3.6 % Losses 8.0% 1,788 GWh Reduction 29.3 % ENERGY BALANCE 1 S T HALF/2001 Third party plant take 821 GWh Energy available for sale 22,436 GWh
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7 FACILITIES INSTALLED CAPACITY / KW OUTPUT MWh GROWTH 1st H/01–1st H/00 HYDROELECTRIC POWER PLANTS5,383,37810.671.718-29.7 1. SÃO SIMÃO1,710,0005.260.524-13.3 2. EMBORCAÇÃO1,192,000975,566-46.6 3. NOVA PONTE510,000687,280-46.0 4. JAGUARA424,0001,047,708-33.0 5. TRÊS MARIAS396,000666,660-36.5 6. VOLTA GRANDE380,000737,144-42.0 7. MIRANDA408,000642,404-43.6 8. SALTO GRANDE102,000197,546-29.4 9. OTHERS261,378456,896-36.5 THERMAL POWER PLANTS131,440495,98926.7 WIND FARM1,000344- TOTAL5,515,81811,168,051-28.3 AFFILIATES118,000325,966 CEMIG TOTAL5,633,81811,494,017-27.5 THIRD PARTY PLANTS OPERATED BY CEMIG379,550701,519 HIGHLIGHTSHIGHLIGHTS
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8 HIGHLIGHTSHIGHLIGHTS BILLED ENERGY + 4.5%
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9 Reduction of 1.2% Increase of 6% Increase of 6.9% Residential presented the first rationing effects
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10 Growth till May very positive … HIGHLIGHTSHIGHLIGHTS …but, rationing has already reduced growth in June. Drop of 3.9%
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11 PRODUCTIVITY ENHANCEMENT PDI PERFORMANCEPERFORMANCE PDV
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12 PERFORMANCEPERFORMANCE Quality of Service
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13 EBITDA + 2.8 % FINANCIALFINANCIAL EBITDA
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14 NET INCOME PROGRESSION R$ Million FINANCIALFINANCIAL
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15 Assets Liabilities and Equity Value in thousands of reais Balance Sheet
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16 Rationing already shows first impacts
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17 Rationing already shows first impacts
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18 Rationing already shows first impacts
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19 OPERATING INCOME FINANCIALFINANCIAL
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20 LABOR EXPENSE R$ MI FINANCIALFINANCIAL
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21 OPERATING EXPENSES Labor R$302.4 MI 13.0 % 22.7 % Outsourced Services R$102.0 MI 17.4 % Supplies R$33.1 MI 3.7 % Depreciation R$247.7 MI 4.0 % Provisions R$22.6 MI 196.7 % Operating expenses R$1,621.4 MI Other R$49.6 MI ( 47.1 ) % Controllable 18.4 % Non-controllable Energy Purchased R$512.1 MI 38.9 % CCC R$156.3 MI 20.0 % Royalties R$20.8 MI 19.8 % T Grid Charges R$131.8 MI 15.2 % Fuel Purchased R$36.4 MI 3.7 % Inspection Fee R$6.6 MI 20.8 % FINANCIALFINANCIAL
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22 Financial Result ( R$260.7 MI ) Financial Result ( R$214.4 MI ) FX Losses ( R$230.0 MI ) Expense ( R$201.2 MI ) Revenue R$170.5 MI Revenue R$67.0 MI 1st Half/01 1st Half/00 Expense ( R$268.1 MI ) FX Losses (R$13.3) MI Financial Result Real Devaluation: 1st Half 01: 17.87% 1st Half 00: 0.61% FINANCIALFINANCIAL
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23 Non-operating Result ( R$26.5 MI ) Non-operating Result ( R$22.8 MI ) Expense R$31.9 MI Revenue R$5.4 MI Revenue R$3.9 MI 1st Half/01 1st Half/00 Expense R$26.7 MI NON-OPERATING RESULTS FINANCIALFINANCIAL
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24 Even facing a debt growth, the financial situation is sound OUTLOOKOUTLOOK
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25 Foreign Debt increases with the Real devaluation
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26 DEBT SERVICE OUTLOOKOUTLOOK
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27 OUTLOOKOUTLOOK FUNDING AND 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 ROLLOVER
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28 OUTLOOKOUTLOOK EUROBONDS Strong correlation between Cemig’s Bond and Brazilian Treasury Bond Yield to put ( Nov 18, 2001)
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29 Cemig will invest R$3.9 billion in 5 years OUTLOOKOUTLOOK Capital Expenditure
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30 OUTLOOKOUTLOOK MAJOR PROJECTS
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31 OUTLOOKOUTLOOK CEMIG’S RESTRUCTURING
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32 The end
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