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1 FINANCIAL STATEMENTS 2001 1 ST Half Investor Relations OfficerInvestor Relations Officer Chief Financial OfficerChief Financial Officer Investor Relations.

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Presentation on theme: "1 FINANCIAL STATEMENTS 2001 1 ST Half Investor Relations OfficerInvestor Relations Officer Chief Financial OfficerChief Financial Officer Investor Relations."— Presentation transcript:

1 1 FINANCIAL STATEMENTS ST Half Investor Relations OfficerInvestor Relations Officer Chief Financial OfficerChief Financial Officer Investor Relations OfficerInvestor Relations Officer Chief Financial OfficerChief Financial Officer

2 2 HIGHLIGHTS OPERATING PERFORMANCE FINANCIAL STATEMENTS OUTLOOK AGENDAAGENDA

3 3 HIGHLIGHTSHIGHLIGHTS CEMIG at the end of June/2001

4 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

5 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, ,417 (229,964) 14, % 28.9 % 20, % 18.9 % 2.8 % (93.5) % (12.0) % (11.2) % (3.6) %

6 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

7 7 FACILITIES INSTALLED CAPACITY / KW OUTPUT MWh GROWTH 1st H/01–1st H/00 HYDROELECTRIC POWER PLANTS5,383, SÃO SIMÃO1,710, EMBORCAÇÃO1,192,000975, NOVA PONTE510,000687, JAGUARA424,0001,047, TRÊS MARIAS396,000666, VOLTA GRANDE380,000737, MIRANDA408,000642, SALTO GRANDE102,000197, OTHERS261,378456, THERMAL POWER PLANTS131,440495, WIND FARM1, TOTAL5,515,81811,168, AFFILIATES118,000325,966 CEMIG TOTAL5,633,81811,494, THIRD PARTY PLANTS OPERATED BY CEMIG379,550701,519 HIGHLIGHTSHIGHLIGHTS

8 8 HIGHLIGHTSHIGHLIGHTS BILLED ENERGY + 4.5%

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

10 10 Growth till May very positive … HIGHLIGHTSHIGHLIGHTS …but, rationing has already reduced growth in June. Drop of 3.9%

11 11 PRODUCTIVITY ENHANCEMENT PDI PERFORMANCEPERFORMANCE PDV

12 12 PERFORMANCEPERFORMANCE Quality of Service

13 13 EBITDA % FINANCIALFINANCIAL EBITDA

14 14 NET INCOME PROGRESSION R$ Million FINANCIALFINANCIAL

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

16 16 Rationing already shows first impacts

17 17 Rationing already shows first impacts

18 18 Rationing already shows first impacts

19 19 OPERATING INCOME FINANCIALFINANCIAL

20 20 LABOR EXPENSE R$ MI FINANCIALFINANCIAL

21 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 % 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

22 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

23 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

24 24 Even facing a debt growth, the financial situation is sound OUTLOOKOUTLOOK

25 25 Foreign Debt increases with the Real devaluation

26 26 DEBT SERVICE OUTLOOKOUTLOOK

27 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

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

29 29 Cemig will invest R$3.9 billion in 5 years OUTLOOKOUTLOOK Capital Expenditure

30 30 OUTLOOKOUTLOOK MAJOR PROJECTS

31 31 OUTLOOKOUTLOOK CEMIG’S RESTRUCTURING

32 32 The end


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